Vance & Zelensky Repair Relationship In ‘Good’ Vatican Meeting Amid ongoing efforts to reset the relationship between Washington and Kiev, US Vice President JD Vance met with Ukraine’s President Volodymyr Zelensky and his top aides in Rome on Sunday. Crucially, this is the first time Zelensky and Vance have met since their blow-up in the White House in February. The pointed exchange had even led to Trump very briefly suspending weapons deliveries and intelligence-sharing with Ukraine. Via FT/X But both of them this weekend were in Rome for the newly installed Pope Leo XIV’s inauguration mass at the Vatican. Zelensky had also met with the Pope after the Sunday service at St. Peter’s. As for the Zelensky-Vance encounter, the Ukrainian leader hailed that it was a “good meeting”. US Secretary of State Marco Rubio was also present. “We discussed the negotiations in Istanbul, where the Russians sent a low-level delegation with no decision-making authority,” Zelensky said. “I reaffirmed Ukraine’s readiness for real diplomacy and stressed the importance of a full and unconditional ceasefire as soon as possible,” he added. “We also touched on the need for sanctions against Russia, bilateral trade, defense cooperation, the situation on the battlefield, and the future exchange of prisoners. Pressure on Russia must continue until it is ready to stop the war,” Zelensky’s description of the meeting continued. “And, of course, we discussed our joint steps to achieve a just and sustainable peace.” The Trump White House has indeed been dangling the prospect of more anti-Moscow sanctions, in the scenario that the US deems Putin’s engagement in peace negotiations insufficient.  So far, Zelensky is trying to make the case that the Kremlin is just stringing Trump along, playing the peace game just enough to buy more time as it makes slow gains on the battlefield. Via FT/X The Pope himself has meanwhile been urgently calling for peace in Ukraine, among other global hotspots. Interestingly, Washington could be eyeing Rome as a venue for more talks to achieve peace: A day before the event, Rubio said that the Vatican could serve as a neutral venue for future peace negotiations between Kyiv and Moscow. Speaking in Rome before his meeting with Cardinal Matteo Zuppi, the Vatican’s envoy on Ukraine, Rubio noted that “both sides would be comfortable” holding talks there. Below: most analysts agree that the Istanbul talks resulted in no breakthrough, and that the process is still largely at a ‘stalled’ point. This analysis captures the unfortunate result of the US letting Russia deflect the drive for a ceasefire. Tomorrow’s phone calls – Trump-Putin, Trump-Zelenskyy, & possibly Trump/Zelenskyy with key Europeans – could improve the trajectory, if the Trump pushes Putin. https://t.co/6n4yFVRC70 — Daniel Fried (@AmbDanFried) May 18, 2025 The pope last week appeared to be very open to this, telling an audience in some of his first public words since becoming Pontiff that he carries the “suffering of the beloved people of Ukraine” in his heart and called for an “authentic and lasting peace.” Tyler Durden Sun, 05/18/2025 – 11:05

Two Dead After Mexican Navy Smashes Into Brooklyn Bridge Update (1102ET): Two people were killed in last night’s collision between a Mexican navy ship carrying 277 people on board and the Brooklyn Bridge. Nelson Slinkard/X Mayor Eric Adams confirmed that two out of the 19 injured died. Police believe a “mechanical malfunction” and power cut had caused the collision. Mexican President Claudia Sheinbaum said she was deeply saddened by the loss of the crew members. The Cuauhtémoc, which measures 297 feet long and 40 feet wide, sailed for the first time in 1982. The ship’s masts were 158ft tall, while the Brooklyn Bridge has a 135 foot clearance. *  *  * Approximately 20 people were injured when a Mexican navy ship carrying at least 200 people collided with the Brooklyn Bridge Saturday night, snapping its three masts and sending crew members flying through the air – with some left swinging in harnesses for ‘at least like 15 minutes’ according to an eyewitness. The vessel, the Cuauhtémoc, is a sail training vessel that was about to leave New York for a goodwill tour to Iceland when the incident occurred. Video showed heavy traffic on the bridge during the collision. On the scene was 23-year-old Nick Corso, who whipped his phone out to capture the action – telling AP it sounded like a “big twig” had snapped, and that the scene was “pandemonium.” “I didn’t know what to think, I was like, is this a movie?” he told the outlet. A massive pirate ship just hit the Brooklyn Bridge pic.twitter.com/eWRvh8Ognn — Corso (@Corso52) May 18, 2025 The Mexican Navy tall ship Cuauhtémoc sailed into New York Tuesday, with 277 sailors aboard. This is the same ship that crashed into the Brooklyn Bridge tonight. More:pic.twitter.com/nflRPALTTW — Marla Hohner (@marlahohner) May 18, 2025 Just watched the Brooklyn Bridge get smoked live by a boat with a massive Mexican flag pic.twitter.com/R8eJKwJaJ2 — Nelson Slinkard (@TheWillieNelson) May 18, 2025 The ship was secured by a tugboat between the Brooklyn and Manhattan bridges following the collision. At least 19 people were injured, including four with “serious” injuries, according to New York City Mayor Eric Adams – while the Mexican navy puts the count at 22 injured, 19 of whom needed medical treatment. NEW: Video shows sailors on the masts of the Mexican Navy ship Cuauhtémoc before it hit the Brooklyn bridge. #PuenteDeBrooklyn #Barco #boat pic.twitter.com/gW5GXBfp1a — Noteworthy News (@newsnoteworthy) May 18, 2025 “We saw someone dangling, and I couldn’t tell if it was just blurry or my eyes, and we were able to zoom in on our phone and there was someone dangling from the harness from the top for like at least like 15 minutes before they were able to rescue them,” a bystander, Lily Katz, told AP. Opened in 1883, the Brooklyn Bridge has a main span of nearly 1,600 feet, supported by two masonry towers. Over 100,000 vehicles and an estimated 32,000 pedestrians use the bridge every day, according to the city’s transportation department.   Tyler Durden Sun, 05/18/2025 – 11:02

Schiff On Metals & Miners: Dollar Bubble Burst Will Humble The Economy Via SchiffGold.com, Peter recently joined Metals and Miners host Gary Gohm to discuss a range of economic topics, from consumer debt to the fragility of the U.S. dollar and the shifting global reserve landscape. He explains how reckless borrowing—by both consumers and governments—ties into the bigger story of unsustainable dollar dominance and its consequences for economic security, inflation, and the gold market.  Peter opens with a candid take on the psychology of U.S. consumers facing mounting financial strain. He notes that for many deeply in debt, there’s little incentive to curb borrowing when bankruptcy feels inevitable: And I think that the people who are trying to borrow more money out of desperation, they probably don’t even care that they can’t pay the money back.  They just want to borrow more. And in fact, once you’ve already borrowed more than you can possibly repay, and you know it’s just a matter of time before you file for bankruptcy, you may as well go out with a real bang. I mean, so you might as well just take out as much additional credit. So the consumer has no qualms about refinancing a house that is going to go into foreclosure anyway, or maxing out a credit card that he has no intention of paying, or signing up for buy now, pay later, when in his mind it’s ‘buy now, pay never.’ Steering the conversation to the foundation of this unchecked borrowing, Peter highlights the even larger bubble inflating quietly in the background: the U.S. dollar and Treasury markets. He argues that it’s this inflation that fuels trade imbalances and the erosion of American manufacturing—not foreign “cheating” or tariffs as some officials claim: Well, first of all, the biggest bubble of them all is the one in the US dollar and in US treasuries.  And that’s what’s been enabling these massive trade deficits that Secretary Bessent said are responsible for hollowing out our industrial base, decimating our supply chains, sacrificing our economic security.  All that stuff is true as to what’s happened, but he’s got the cause wrong. He’s blaming all these problems on foreigners cheating through tariffs and non-tariff barriers. But that’s got nothing to do with it. Peter then zeroes in on a risk most policymakers won’t acknowledge: the vulnerability of American banks if confronted with a stagflation scenario. He explains that stress tests run by the Federal Reserve ignore the one scenario that could truly expose the banking system’s weaknesses: Well, it’s extremely exposed. And in fact, you know, stagflation, a combination of a weak economy and rising interest rates, is the one scenario that the Fed never stress tested any of the banks for.  The Federal Reserve, in its most worst case adverse scenario, where there is a massive recession with high unemployment, they assume that interest rates go back down to zero, and that treasury bonds yields collapse.  They did not run a stress test where you have a recession with high unemployment, but inflation and interest rates go up, not down. … They’d all fail under a really adverse scenario. Shifting the focus to where big players are moving their assets, Peter notes that central banks are already well into the process of selling dollars and U.S. government debt in favor of gold. He argues that this transition is still in its early stages, with gold’s price set to climb much higher as a result: We’re just headed higher to 4,000 and beyond. But gold is what central banks are buying as they are selling dollars.  They are moving reserves from dollars to gold, which means they’re not buying treasuries either or mortgage backed securities.  And we’re still early in that process. It’s been going on for a couple of years, but it’s still got a long way to go. Peter ties his argument together by recalling how the U.S. has used the dollar’s global reserve currency status as a crutch to maintain lifestyles that outstrip domestic production and savings. As the world moves away from the dollar, he warns, Americans will be forced to return to more sustainable habits—producing and saving rather than consuming and borrowing: The changes that I am referring to have to do with the fact that we’ve been able to get a free ride on the global gravy train.  We’ve been able to exploit the reserve status of the US dollar to live beyond our means. We’re able to consume as a nation more than we collectively produce, and we’re able to borrow a lot more than we collectively save.  And so our standard of living, right, our ability to buy stuff, has been enhanced by taking advantage of the dollar’s role. Without the dollar as a reserve currency, we’d have to produce more, which means we’d have to save more. For more of Peter’s insight, check out his other recent interview on the Mining Network! Tyler Durden Sun, 05/18/2025 – 10:30

Hamas Planned Oct. 7 To Prevent Israel-Saudi Normalization, Documents Confirm Newly uncovered internal Hamas documents confirm a longtime theory explaining the motives behind the Oct.7, 2023 terror attack which kicked off the bloody and grinding Gaza war, which still shows no signs of abating and has resulted in unprecedented death and destruction in the Gaza Strip. The documents, published by The Wall Street Journal, demonstrate that Hamas leaders had a specific aim of preventing a potential peace agreement between Israel and Saudi Arabia based on the US-backed Abraham Accords. This was speculated about soon after the horrific attacks that also kicked off the hostage crisis. Yahya Sinwar signaling ‘victory’ at a 2021 rally, via Shutterstock. This is according to minutes from a high-level meeting which cite now slain Hamas leader Yahya Sinwar and which were reportedly discovered by Israeli forces in Gaza tunnels. Sinwar was quoted in the internal papers, which are dated Oct. 2, 2023 – as saying, “There is no doubt that the Saudi-Zionist normalization agreement is progressing significantly.” He expressed alarm that a deal would “open the door for the majority of Arab and Islamic countries to follow the same path.”  Indeed the Palestinians have long feared that broad acceptance of the Abraham Accords in the region would leave the cause of a statehood permanently forgotten and sidelined. It would allow for Israeli expansion with impunity, and with no powerful Arab block to resist or raise a voice. It would also likely dry up any funding or weapons support for armed groups like Hamas or Islamic Jihad. The Wall Street Journal presents the following, quoting notes from the meeting further: For Sinwar and Hamas, who have called for total destruction of Israel and the creation of a Palestinian state between the Jordan River and the Mediterranean Sea, this was unacceptable. Sinwar said it was time to unleash an attack that had been in the planning stages for two years. The goal, he said, is “to bring about a major move or a strategic shift in the paths and balances of the region with regard to the Palestinian cause.” He expected to get help from the other Iranian-backed forces of the so-called axis of resistance to Israel. He called for an “extraordinary act” in order to halt the move toward Israeli-Saudi normalization. WSJ: “The Israeli military says it found minutes from an Oct. 2, 2023 meeting of Hamas leadership where Yahya Sinwar said an ‘extraordinary act’ was needed to confront Israeli-Saudi normalization.” Hamas has not commented on the documents’ authenticity, but again, their contents appear fully consistent with concerns voiced by some Palestinian officials long prior to Oct. 7 – that the Palestinian cause would suffocate and die if the Arab Gulf states, especially Saudi Arabia, achieve full diplomatic normalization with Israel. One year ago, at the tail-end of the Biden administration, the US was still trying to entice the Saudis to sign a deal – even offering help with developing a civilian nuclear program and fewer restrictions on arms purchases in exchange for normalizing ties with Israel. The US position has long been that a Palestinian state must be born out direct negotiations between the Israelis and Palestinians, and not accomplished superficially within an external forum like the UN. But powerful Arab states like Saudi Arabia would theoretically apply immense pressure on the Palestinian side. Israel for its part has clearly rejected that it will allow for a Palestinian state so long as Hamas still exists, and PM Netanyahu has even linked the more secular-leaning Palestinian Authority in the West Bank to ‘terrorism’. He has also rejected a prior US call to allow the PA to take over and administer the Gaza Strip. The reality is that the current Gaza war makes the prospect of achieving a Palestinian state more distant than ever. Israeli military in Hamas tunnels and commander bunkers under Gaza, via IDF. And the prospect of Palestinian statehood resulting from some kind of Israel-Saudi normalization agreement based on Trump’s Abraham Accords (conceived during his first administration) – which US media reports previously hailed as ‘deal of the century’ – also clearly seems a pipe dream at this point. In this regard at least, Sinyar’s ‘extraordinary act’ served its purpose, but the bloody aftermath is thousands of Israelis killed, many tens of thousands of Palestinians dead and wounded, and a region on fire. Tyler Durden Sun, 05/18/2025 – 09:55

From Debanking To Banking Arms-Race – The Rise Of Stablecoins Authored by Megan Knab via CoinTelegraph.com, There are few historical examples of such a massive about-face for an industry, from banks debanking crypto businesses to now embracing stablecoins. If you talk to most crypto startup founders or companies with crypto on the balance sheet, they will all have war stories about finding, applying for and maintaining bank accounts.  Over the past three years, over half of debanking complaints have been lodged against four American banks — Bank of America, JPMorgan, Wells Fargo and Citibank. Now, as the policies that discriminated against the crypto industry, like “Operation Chokepoint 2.0” and the recision of controversial accounting rule SAB 121, have been repealed, a new openness to blockchain technology from the finance sector is possible.  It is imperative that the banking industry stop shunning crypto and start — at least understanding it — to stay competitive. How stablecoins are deployed will separate the banking winners and losers.  From debanking to stablecoins  Of course, stablecoins are not a new concept. For years, large institutions like JPMorgan and Santander have experimented with stablecoins and blockchains. Those experiments were around small functions like internal treasury reconciliation and interbank settlement. Much of this was also on private blockchains created by those banks. Implementing digital dollars on private chains, however, misses out on the core innovation of stablecoins. While the use case of stablecoins for international remittances is clear, we are just scratching the surface of the power of stablecoins on public networks. For example, stablecoins eradicate unauthorized payment disputes and enable far faster pay cycles.  Payroll payments are also complex. Payday is a web of thousands of automated clearing houses, wires, comma-separated values and PDFs. The programmability of stablecoins enables companies to create efficiency among all these data structures, processing times, reconciliations and paycheck reporting.  Many smaller banks are just now waking up to the opportunity to incorporate permissionless, public network stablecoins into their workflows. Similar to how many businesses started to investigate how AI might change their businesses with the 2022 release of ChatGPT, so too are banks needing to look at how stablecoins will upend money movement.  Recently, Custodia Bank issued its own stablecoin, Avit, on Ethereum. Custodia’s users can access quick, cheap banking services that are hard to beat. This is an excellent example of implementation for other financial institutions to follow. Stablecoin adoption is increasing as the tech keeps improving Active stablecoin wallets increased from 19.6 million in February 2024 to over 30 million in February 2025, according to Artemis and Dune. US President Donald Trump hopes to have stablecoin legislation on his desk by August 2025. Wyoming already did so in late March 2025. Stablecoin infrastructure has improved significantly, and there is increased confidence in the security of stablecoins. 91% of the supply of stablecoins is fiat-backed, and only 8.5% are backed by collateralized crypto assets. Riskier algorithmic stablecoins have gone out of vogue. Incremental changes also make it easier for non-crypto businesses to use stablecoins. There are now simple solutions for many of the original UX problems with stablecoins. Additionally, more assets are moving onchain. Using stablecoins on public networks like Ethereum, payment companies will be better prepared to serve the future financial system. It’s not just stablecoins that are updating the financial system, either. Earlier this year, BlackRock CEO Larry Fink said on Squawk Box he wants the SEC to “rapidly approve the tokenization of bonds and stocks.” For banks looking for a competitive advantage in a world of powerful fintechs, shifting interest rates and lower consumer savings, using the power of stablecoins to improve their products and their internal operations might be the most powerful decision they make.  Tyler Durden Sun, 05/18/2025 – 09:20