June 6
Bitcoin is down 159 from 60,922 Friday late close | 12:07
Bitcoin has now lost half its value since October highs (down 32% y-t-d) | CBB
AAA gasoline is down to $4.191 from $4.356 a week ago
Iran launches missiles toward Kuwait and Bahrain as US strikes radar sites | Iran
IRGC pounds US bases in Kuwait, Bahrain after drone attacks on Iranian territory | Press
Tehran says US ‘lacks will’ for stability after latest clash | AlJz
Here are summaries of the overnight activities. | Wauck
The USAF attempted to “guide” four tankers out of the Persian Gulf through the strait. The USAF “guidance” seems to involve drones flying overhead to attack Iranian positions or fast boats that interdict shipping. One ship was hit and the other three turned back. In retaliation, Iran launched significant attacks on US bases in Kuwait and Bahrain, from which drones may have been launched.
Iran Needs Escalation To Avoid The Ceasefire Trap | Moon
Iran has decided to respond to this ‘boiling-the-frog’ tactic by increasing the cost for even the slightest U.S. attack. It is no longer responding in kind. Each U.S. strike is answered by hitting back stronger and against more targets
Doug Noland Weekly
Friday was bloody. The Semiconductor (SOX) Index was hammered 10.3%.
The VIX Index popped a notable six points Friday to the highest close in two months (21.51)
High yield CDS rose seven (12 on the week) to 312 bps
After Friday’s strong jobs number, the rates market priced a full 25 bps Fed hike this year. The 3.88% rate forecast for the Fed’s December 9th meeting is up a full 85 bps since the start of the war. Out a year to June 2027, the market is pricing a 4.05% policy rate – 115 bps higher than anticipated before the war.
Two-year government yields jumped 14 bps to 4.15% (up 67bps y-t-d).
Timely resolution to the Strait of Hormuz and the buried nuclear material issues appears unlikely. This could drag on for months, at the cost of elevated energy prices, myriad supply chain issues, and accelerating global inflation.
Immigration crackdown caps the labor force. | Wolf
The labor force has shrunk after ballooning in 2021 through 2024, and there are fewer workers in the labor market than there were in 2024. The prime-age labor force participation rate rose to 83.9% in May. Inflation now exceeds wage growth.
Semiconductor Stocks Roll Over, Micron & Broadcom Tank 20% in 2 Days, Drag Rest of Market Along | Wolf
California Dethroned: Fortune 500 Crown Goes to Texas | Insta
This isn’t “California Derangement Syndrome” as Gov. Gavin Newsom claims. This is the economic reality by businesses to California’s toxic business climate, and as the Billionaire Tax threat looms
Latest Daily News Links | CBB
Stocks slump as Big Tech sinks and a strong May jobs report boosts odds for higher interest rates
Nasdaq falls 4% and suffers worst day since April 2025 as traders flee chip stocks
10-year Treasury yield surges above 4.53% as hot jobs report dents hopes for rate cuts
Bitcoin Falls Below $60,000 for First Time Since 2024 Trump Win
Chip slump erases $1.3 trillion in stock market value
Meta’s stock sinks on report company could raise tens of billions of dollars to fund AI push
Debt Rattle
Trump Softens Red Line: Iran’s Nuclear ‘Dust’ ‘Effectively ‘Entombed’
One line of Nord Stream 2 is still intact. We could start supplying gas to Germany tomorrow – just push a button. The only obstacle is a political decision by the German government. -Putin
Should you move to Argentina?
I want to pitch a piece…arguing that Thiel is right to be in Argentina, but wrong about why.
S&P Oil FX Gold 10Y CLZ6
Week Ahead: CPI, PPI, existing home sales, trade balance. and SpaceX IPO
The Rise of the UnJews
The election of fervent anti-Zionist Zohran Mamdami as mayor of New York City reflected the growing power of unJews. He won one-third of Jewish voters and as much as two-thirds of those under 45, according to exit polls.
The vast majority of big corporations screen job applications with AI platforms trained to search for specific phrases that indicate a candidate’s desirability or undesirability. It’s up to the AI to put you through to the next phase or give you the thumbs down. So my friend changed his approach, and he started getting interviews. “What did you do differently?” I asked. The answer: “Every application is now written by AI on my end before I send it.” | Insta
You cannot trust teachers or academics on a jury. | Insta
They will do all manner of mental gymnastics to view the offender as a child in need of a second chance that they can be the ones to grant
The Week in Pictures
Stronger Dollar Trade
The thesis behind the dollar short has fallen apart. The debasement thesis assumed the Fed would cut.
For the week, the U.S. Dollar Index rallied 1.1% to 100.071 (up 1.8% y-t-d) | CBB
The utter failure of the news business | Kunst
The 1987 repeal of the FCC’s “Fairness Doctrine,” which required TV stations holding federal licenses to cover controversial public issues in a “fair and balanced manner.” The other was the 2013 “modernization” (under Barack Obama) of the Smith-Mundt Act (1948), which had prohibited the US government from “propagandizing” its own citizens
The surveillance state is partnership between the state and private firms | Libt
Palantir is the purest expression of that arrangement ever built. The corporation gathers what the Constitution forbids the government to take by force, and then—under the third-party doctrine the courts invented out of thin air—hands it over, no warrant required, on the theory that you “voluntarily” surrendered it the moment you used a bank, a phone, or a doctor.
Palantir itself came into existence as the result of a sneaky spinoff of DARPA’s | Naked
Its first ever investor was In-Q-Tel, the venture capital arm of the Central Intelligence Agency. And if Thiel’s dark vision for our future becomes a reality, the State will still exist but it will be controlled, lock, stock and barrel, by private corporations like his. And it will be even more powerful and controlling.
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at 1:00 AM