June 12
Crude oil fell more than 3% to below $85 per barrel on Friday, reaching an eight-week low as hopes increased that the US and Iran could be close to an interim peace agreement, despite remaining uncertainties. Officials said both sides are moving toward a deal to reopen the Strait of Hormuz, potentially in time for the upcoming G7 meeting. Iran’s Foreign Minister Abbas Araghchi said a Memorandum of Understanding between the two countries had never been closer, supporting expectations that the prolonged conflict could be nearing an end.
S&P Oil FX Gold 10Y CLZ6
S&P is up 0.05% | 12:03
Gold is down $2
Oil is down $3.12
Dollar index is down 0.09%
10Y is higher by 1.4bp
Elon Musk’s rocket maker debuted on the Nasdaq at $150 per share, trading under the symbol SPCX.
The SpaceX IPO Isn’t Overpriced. The Future Is Underpriced.
SpaceX Is a Generational Opportunity. SpaceX looks expensive because the market can't yet value the economy it's about to create. The market is going to spend the next few days asking whether SpaceX is worth $1.75 trillion today. That’s the wrong question. The right question is whether any other company on Earth is remotely positioned to own the transportation layer between this planet and the rest of an inhabited, productive, militarily contested Solar System.
Elon Musk Becomes the World’s First Trillionaire (as in 1,000 billions)
If Elon could spend $1 per second, it would take over 32,000 years to do itThe SpaceX IPO Isn’t Overpriced. The Future Is Underpriced.
Trump’s Groundhog Day
This is not leadership; it is a psychiatric emergency in the White House. Trump’s delusion that he controls reality by speaking it -- like a god -- mirrors the arrogance of dictators who order non-existent armies into battle. The MAGA coalition that swept him into office in 2024 is now shattered. As I wrote in “The Implosion of MAGA,” the movement was built on anti-war libertarians and working-class patriots who believed Trump would end foreign entanglements [4]. Instead, he has given us a permanent war with Iran, funded by endless money printing and justified by fairy tales.
PPI: surge in energy costs is bad, but there’s a lot of inflation from other sources | Wolf
AAA gasoline is down to $4.108 vs $4.504 a month ago
AAA attributed the three-week decline to oil prices remaining below the $100
Cleveland Fed sees a big CPI slowdown in June to only 0.07 m/m increase
Fed rate hikes by yearend: 18 bp | Forex
BoJ is expected to raise interest rates to 1% next week to 31-yr high
ECB raised interest rates on Thursday for the first time since 2023
New Fed Chair Is Intentionally Silent | PWire
Warsh has strongly criticized Fed communications, saying they have led to policy errors and placed the Fed more at the center of market decisions and the economy than it should be. His plans for ‘regime change’ include a rethink of how the Fed forecasts and talks about its plans for monetary policy. That appears to include both quantity and frequency.
John Thune's Real Constituents Don't Live in South Dakota | A.Muse
He is elected by the Senate Republican Conference, by secret ballot, by simple majority. With 53 Republican senators, the threshold is 27 votes. Those 27 colleagues hired Thune, and only those colleagues can fire him from the leadership. The conference that hired Thune by secret ballot can replace him by secret ballot, and the precedent is recent.
Debt Rattle
* Trump’s 3 Bad Options in Iran (James Rickards)
* After SpaceX IPO, Jefferies Lays Out Five Takeaways For Space Boom Into 2030s
* US will SANCTION Keir Starmer and Britain if the government dares to ban X.
USPS Proposes Halting Delivery of Unverified Mail Ballots | Peak
The U.S. Postal Service proposed requiring states to share mail-in and absentee voter data to match ballots with verified lists via barcodes. Only listed voters would receive ballots. The plan follows a March executive order on election integrity.
Additionally, DHS General Counsel James Percival directed ICE to pursue the deportation of noncitizens who vote or falsely claim citizenship under the Immigration and Nationality Act. The directive aligns with the same executive order and an August USCIS policy affecting green card holders. The measures have elicited praise for bolstering election integrity alongside criticism regarding potential federal overreach into state processes.
You’ll just have to stand by on whether this war with Iran is over or not | Kunst
Shia true believers’ practice of Taqiyya which is a permission structure for lying to infidels (us) when necessary — like, to advance global chaos that will bring the return of the Hidden Imam (Mahdi) to fill the world with justice, and establish Islamic rule. (Got that?)
The Lefty-left now is the Democratic Party.
It has nothing whatsoever to do with what we used to call Liberalism. It’s a party of envy-driven, sadistic fanatics. And it is no accident that such a mind-set leads them to construct a permission structure for lying about everything they do.
"The Mirage of the Gifted Child?" | Sail
White children are only around 40 percent of the total public-school population
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