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Wed, 10 Sep 2025 19:40:00 +0000 Google Admits 'Open Web' Ad Ecosystem In 'Rapid Decline'
Google Admits 'Open Web' Ad Ecosystem In 'Rapid Decline'
In an awkward court filing, Google has admitted that internet advertising in a tailspin - declaring that "the open web is already in rapid decline. Read more.....
Google Admits 'Open Web' Ad Ecosystem In 'Rapid Decline'
In an awkward court filing, Google has admitted that internet advertising in a tailspin - declaring that "the open web is already in rapid decline. " The otherwise-hidden admission, unearthed by Search Engine Roundtable , comes as Google fights to keep its ad tech empire intact against the Justice Department’s push for a breakup. Apparently, the tech giant wants to save the open web -unless, of course, it’s inconvenient for its bottom line.
The filing, as reported by The Verge , reads like a tech dystopian novel:
Finally, while Plaintiffs continue to advance essentially the same divestiture remedies they noticed in their complaint filed in January 2023, the world has continued to turn. Plaintiffs put forth remedies as if trial, the Court’s liability decision, and remedies discovery never happened—and also as if the incredibly dynamic ad tech ecosystem had stood still while these judicial proceedings continued. But the changes have been many: AI is reshaping ad tech at every level; non-open web display ad formats like Connected TV and retail media are exploding in popularity; and Google’s competitors are directing their investments to these new growth areas. The fact is that the open web is already in rapid decline and Plaintiffs’ divestiture proposal would only accelerate that decline , harming publishers who currently rely on open-web display advertising revenue. As the law makes clear, the last thing a court should do is intervene to reshape an industry that is already in the midst of being reshaped by market forces.
This doomsday vibe is a head-scratcher given Google’s earlier comments. In June, Nick Fox, Google’s senior vice president of knowledge and information, was practically waving pom-poms, telling podcasters, "From our point of view, the web is thriving. There's probably no company that cares more about the health and the future of the web than Google." Fox then doubled down, adding, "We see this in the data. People are still very actively clicking through to the web ." This was Google’s retort to studies claiming AI was gutting traffic to newsletters and other sites—studies it breezily dismissed as bunk.
In April we noted that small business owners are reeling as Google's AI-powered search is eliminating the need for people to actually go to various websites .
So what's with the new admission? Spokesperson Jackie Berté told The Verge the filings' grim line was taken out of context. "The one cherry-picked line that misrepresents [the filing]," Berté claimed, "It’s clear from the preceding sentence that we’re referring to ‘open-web display advertising’ and not the open web as a whole ."
"We are pointing out the obvious: that investments in non-open web display advertising like connected TV and retail media are growing at the expense of those in open web display advertising," she added.
Translation: Google’s not panicking about the whole internet, just the parts it doesn’t dominate - yet.
Meanwhile, Alphabet’s stock continues to move higher after a Friday ruling from U.S. District Judge Amit Mehta that sounds bad on its face, but turned out to be a massive gift. In a 230-page decision, Mehta barred Google from exclusive contracts for its Google Search, Chrome, Google Assistant, and Gemini app products , aiming to chip away at its search monopoly.
But the ruling fell far short of some of the most contentious demands from the US government.
Mehta said Google would not have to divest from Chrome or Android.
"Plaintiffs overreached in seeking forced divesture of these key assets, which Google did not use to effect any illegal restraints," Mehta wrote in the Tuesday ruling.
Additionally, Mehta ruled that Google must hand over its search results and some of its data to rival companies
Tyler Durden
Wed, 09/10/2025 - 15:40 Close
Wed, 10 Sep 2025 19:30:00 +0000 Charlie Kirk Shot In Neck At Utah College Event; Shooter Detained
Charlie Kirk Shot In Neck At Utah College Event; Shooter Detained
Critical Information We Know So Far...
Charlie Kirk Shot In Neck At Utah College Event; Shooter Detained
Critical Information We Know So Far...
Charlie Kirk was shot in the neck at a Turning Point event at Utah Valley University.
His condition is unknown (though there are reports he has been hospitalized and is critical)
The shooter has been detained (confirmed by the University)
The FBI stated it is "closely monitoring" the situation
President Trump urged, "Pray for him, God bless him."
Elon Musk: "The Left is the party of murder"
Charli Kirk was shot from about 200 yards away, according to a Spokeswoman for Utah Valley University - NYT
Trending on X ...
* * *
Charlie Kirk's last post on X before he was shot:
Shocking videos.
Here's the heavily censored video of the shooting:
Alleged shooter.
"I am tracking the situation at Utah Valley University closely. Please join me in praying for Charlie Kirk and the students gathered there," Republican Senator Mike Lee of Utah wrote on X.
FBI Director Kash Patel has just made a statement: "We are closely monitoring reports of the tragic shooting involving Charlie Kirk at Utah Valley University. Our thoughts are with Charlie, his loved ones, and everyone affected. Agents will be on the scene quickly and the FBI stands in full support of the ongoing response and investigation."
Trump responds:
Unbelievable!
Elon Muks responds:
*Developing...
Tyler Durden
Wed, 09/10/2025 - 15:30 Close
Wed, 10 Sep 2025 19:20:00 +0000 Border Czar Strikes Back, Leaves Fake News Host Stuttering
Border Czar Strikes Back, Leaves Fake News Host Stuttering
Border Czar Strikes Back, Leaves Fake News Host Stuttering
Via VigilantFox.com ,
Tom Homan just walked into MSNBC’s lion’s den. Mika Brzezinski SCOFFED at his claim that 70% of ICE arrests are criminals… So he read off the rap sheets of violent THUGS just arrested in Boston, LIVE on her own show. And when Brzezinski accused ICE of “disappearing” people—Homan dropped the HAMMER on her FAKE narrative.
Behind enemy lines.
It’s not every day the Border Czar shows up on MSNBC.
But today, Tom Homan walked straight into the lion’s den…a network known for pushing anti-ICE narratives and attacking the very operations he oversees.
Still, Homan didn’t waver.
He stood firm and let the MSM waves crash right into him.
Host Jonathan Lemire wasted no time.
Right out of the gate, he hit Homan with spin.
Referring to a recent U.S. Supreme Court ruling that allows ICE to resume immigration enforcement in Los Angeles, Lemire asked:
“With this ruling… will federal officers working for the Trump administration be racially profiling?”
Homan saw it coming.
“First of all, it’s a false narrative. We don’t racially profile people to arrest them.”
Then he went after another media falsehood…that 70% of ICE arrests are non-criminals.
“In the soundbite she just said, 70% of people we arrest are not criminals? It’s the opposite.”
And he would know. He’s the one reading the data.
“Every morning I come to work, I go through 22 pages of data showing what’s happened in the past 24 hours.”
“Here are the facts. 70% of everybody we arrest is a criminal. But the Left says, well not criminal enough. No. They’re criminals.”
“And the other 30%? They are national security threats.”
Homan had the receipts and he wasn’t afraid to use them.
That’s when Mika Brzezinski jumped in, clutching pearls and pushing spin.
She tried to accuse ICE…right to Homan’s face…of “disappearing” people.
It was a tired old narrative from the same people who brought you “Maryland Dad” when describing the violent MS-13 gangbanger, Kilmar Abrego Garcia.
Homan shut it down in seconds.
Brzezinski: “I’d love some transparency as to why a lot of these people have been disappeared.”
Homan fired back: “You just mentioned disappeared. That is a RIDICULOUS thing to say… because ICE is doing the same thing we’ve done for decades.”
Then he did something few do on live TV…he held the media accountable for their dangerous rhetoric.
He was calling Brzezinski out directly for pushing the fiction that has put ICE agents and their families in danger.
“And the comments that you just made is one of the reasons why these men and women are under threat every day—not just the men and women in ICE, but their spouses and their children.”
“They’re NOT disappearing people. They’re enforcing the law. And the data proves that 70% of these people are criminals.”
But instead of backing off, Brzezinski was about to double down.
This is where things got interesting.
Still clinging to the narrative, Brzezinski demanded to see the numbers herself.
She was getting heated.
“I want to know the DATA that you say you have about 70% of these people. Show it to us!”
She clearly thought she was cornering Homan.
Instead, she opened the door for him to obliterate her entire argument.
Without missing a beat, Homan pulled out a sheet of paper…and started listing off just a few of the criminals ICE had arrested in Boston over the past few days.
“Let me tell you, in the last couple of days what’s happened in Boston,” he began.
And what followed made it impossible for the MSNBC audience to look away.
“These are real people we’ve taken off the streets.”
“Victor Gomez Perez, 33, from Guatemala..charged with aggravated rape, assault and battery with a dangerous weapon, indecent assault and battery on a victim 14 years or younger.”
Next up: “Calley Espinosa, 33, from Colombia…aggravated assault on a pregnant victim.”
Then: “Joshua Gonzalez, 24, from the Dominican Republic…trafficking heroin, morphine, opium, resisting police, and more.”
And finally: “Samuel Armando Barrera, 20, from Guatemala…pending charges for assault and battery on a child.”
It was a devastating moment.
The very data Brzezinski had demanded was now being read aloud on her own show.
And it left no room for spin.
Homan turned to the elected officials who’ve been enabling this mess.
“So Mayor Wu and Governor Healey,” he said, “they oughta be calling ICE and thanking them for making their streets safer, for protecting their communities, and taking these people off the street.”
There was no way to twist what just happened.
Brzezinski had tried to frame ICE as a rogue agency operating in the shadows.
Instead, she gave Tom Homan a platform to reveal the reality: ICE is arresting violent, dangerous criminals who pose a direct threat to American communities.
But just when it seemed like the narrative had finally crumbled, Brzezinski took one last shot.
Trying to stoke more fear, Brzezinski brought up an ICE vehicle parked outside a Spanish mass.
“I would argue that actually, that the ICE vehicle parked outside a Spanish mass is a frightening sight, given what has happened in this country.”
Then she tried to suggest that Homan was still withholding data.
“With respect, sir, thank you for the information you have shared on this show, but we would appreciate ALL of the information, ALL of it, all of the data that you say you have.”
Homan had heard enough.
He was about to rain down fire on the MSNBC narratives he had been forced to sit and listen to.
“I’ve done this show several times. Every time I speak with integrity, I speak with honesty, and I speak with facts.”
Then came the moment that ended it all.
“The bottom line is, because all of this false narrative and you using the term ‘disappearing people’ is disgusting.”
“U.S. citizens get arrested by police every day. Are they being disappeared?!”
And finally:
“We’re enforcing the law and arresting people here in violation of law that are public safety threats. That’s not disappearing people. That’s enforcing the laws of this country and making this country safer.”
Brzezinski tried to save face with a smug closer, but it didn’t matter.
Homan had already torched the narrative…and walked off with the last word.
Brzezinski’s narrative spin did not work…and she knew it. Homan had shattered for all of MSNBC to see.
Tyler Durden
Wed, 09/10/2025 - 15:20 Close
Wed, 10 Sep 2025 18:25:00 +0000 Tucker Carlson Exposes Mark Cuban's Hypocrisy On Ukraine Aid
Tucker Carlson Exposes Mark Cuban's Hypocrisy On Ukraine Aid
Tucker Carlson Exposes Mark Cuban's Hypocrisy On Ukraine Aid
Authored by Luis Cornelio via Headline USA ,
Tucker Carlson confronted billionaire Mark Cuban over his hypocrisy on Ukraine, blasting him for backing taxpayer funding while refusing to spend any of his own fortune.
The viral clash took place Monday at the 2025 All-In Summit during a seminar titled “How to Save America ,” hosted by David Sacks and others.
When asked about U.S. funding for Ukraine, Cuban voiced partial support, saying:
“Half my family is Ukrainian … and so, you know, personally, I think we should help. But I don’t have a studied answer for you.”
That prompted Carlson to ask bluntly:
“How much money have you sent to Ukraine?”
“None,” Cuban admitted.
“Oh, so what do you mean by we? You’re the one whose family’s from Ukraine. Why don’t you send them a billion dollars? ” Carlson shot back.
Cuban then tried to pivot, claiming that he was trying to “fix healthcare.”
Carlson swiftly countered: “Why don’t you fix their healthcare? If you’re, like, so deep, if you think we need to help, why don’t you start? How about you first? ”
“I noticed that’s never even an option for anybody. It’s like we need to help. That’s not what charity is. Forcing other people to help is not charity, ” Carlson added.
The exchange has since gone viral, coming amid ongoing debate over foreign funding while Americans continue to struggle at home.
A growing bloc of Republicans has opposed sending more money to Ukraine, a country long plagued by corruption and mismanagement.
Despite this, the U.S. has spent a staggering $130 billion on the Eastern European country, according to the German Kiel Institute.
Watch the full exchange below:
VIDEO
Tyler Durden
Wed, 09/10/2025 - 14:25 Close
Wed, 10 Sep 2025 18:05:00 +0000 Main Street Optimism Ticks Higher; Tariff Inflation Expectations Tumble
Main Street Optimism Ticks Higher; Tariff Inflation Expectations Tumble
Main Street optimism edged higher in August, as the NFIB Small Business Optimism Index rose to 100.8.
Read more.....
Main Street Optimism Ticks Higher; Tariff Inflation Expectations Tumble
Main Street optimism edged higher in August, as the NFIB Small Business Optimism Index rose to 100.8.
As RealInvestmentAdvice.com reports, that reading sits above the long-term average of 98 but missed the consensus estimate of 101.
Stronger sales expectations led the improvement, with a net 12% of owners anticipating higher real sales volumes. This represents a six-point jump from July.
The Uncertainty Index also declined by four points, showing less concern around financing and capital expenditures.
Business health improved as 68% of owners rated conditions “good” or “excellent.”
Profit trends notched their best level since March 2023, while fewer firms raised prices, and financing costs eased. The average short-term loan rate fell to 8.1%, the lowest since May 2023, providing some relief for Main Street borrowers.
On the brighter side, the much feared impact of Trump's tariffs appears to be evaporating rapidly as fewer and fewer small businesses plan price hikes in the next three months...
Still, Main Street challenges remain.
Owners have consistently cited labor quality as the top issue, with 32% of Main Street reporting unfilled job openings.
While this marks the lowest share since 2020, it still reflects persistent hiring difficulties, especially in construction and manufacturing.
The bottom line: For investors, the survey results are a welcome contrast to broader signs of economic cooling. Main Street is becoming more optimistic again, but the miss relative to expectations and ongoing labor shortages temper the headline.
Tyler Durden
Wed, 09/10/2025 - 14:05 Close
Wed, 10 Sep 2025 17:45:00 +0000 'Delete This': New Smoking Gun Emails Reveal Fauci COVID Coverup
'Delete This': New Smoking Gun Emails Reveal Fauci COVID Coverup
The infamous autopen-pardoned Dr. Anthony Fauci lied under oath while testifying before Congress, and Rand Paul just dropped the receipts.
Read more.....
'Delete This': New Smoking Gun Emails Reveal Fauci COVID Coverup
The infamous autopen-pardoned Dr. Anthony Fauci lied under oath while testifying before Congress, and Rand Paul just dropped the receipts.
"Emails obtained by the Committee appear to contradict your testimony," wrote Paul - referring to Fauci declaring under oath that he never 'engaged in attempts to obstruct the Freedom of Information Act and the release of public documents.'
"In an email dated February 2, 2020, you directed then-NIH Director Dr. Francis Collins to "Please delete this e-mail after you read it."
Paul's letter continues;
I have reason to believe that you may be in possession of additional records related to the Committee’s ongoing investigation. These records are necessary for the Committee to fully understand the federal government’s actions to identify the origins of COVID-19, and the extent to which taxpayer dollars were used to conduct risky virological research, as well as to weigh potential legislative reforms.
For this reason, I request that you provide the following, in complete, original, and unredacted form, no later than 5:00 PM on September 23, 2025 :
1. A list of all email addresses, phone numbers, and messaging application usernames you used at any point between January 1, 2018 , and January 1, 2023 .
2. All email communications, including attachments, sent or received by you between January 1, 2018 , and January 1, 2023 , whether on government-issued or personal accounts/devices, that refer or relate in any way to:
NIH, HHS, CIA, FBI, DOD, COVID-19
The “Proximal Origins” paper, The Wellcome Trust, Jeremy Farrar, The P3CO Review Group, Gain-of-function research, Dual-use research of concern, EcoHealth Alliance, Peter Daszak , The Wuhan Institute of Virology , Ian Lipkin, Ralph Baric, Zhengli Shi , The DEFUSE proposal , DARPA, DTRA, USAID PREDICT, The Rocky Mountain Laboratory, Vincent Munster, Fort Detrick, The Integrated Research Facility, The U.S. Army Medical Research Institute of Infectious Diseases (USAMRIID ), The National Biodefense Analysis and Countermeasures Center (NBACC )
3. All email communications, including attachments, created, sent, received, copied, or otherwise transmitted between January 1, 2018 , and January 1, 2023 , whether on government-issued or personal accounts/devices, between or among you and :
Jeremy Farrar, Francis Collins, Hugh Auchincloss, Ian Lipkin, Ralph Baric, Vincent Munster, Kristian Andersen, Andrew Rambaut, Edward Holmes, Robert Garry.
Including communications in which you appear in any field (to, from, cc, bcc ) or in forwarded chains.
4. All records of calls and voicemails, whether on government-issued or personal devices/accounts, between January 1, 2018 , and January 1, 2023 , between you and :
Jeremy Farrar, Francis Collins, Hugh Auchincloss, Ian Lipkin, Ralph Baric, Vincent Munster, Kristian Andersen, Andrew Rambaut, Edward Holmes, Robert Garry, Samantha Power, Including call logs, voicemail transcripts, and audio recordings.
5. All text messages, iMessages, and communications conducted through encrypted or third-party messaging applications , including but not limited to Signal, WhatsApp, Telegram, and WeChat , sent or received by you between January 1, 2018 , and January 1, 2023 , whether on government-issued or personal accounts/devices, that refer or relate in any way to:
NIH, HHS, CIA, FBI, DOD, COVID-19, The “Proximal Origins” paper, The Wellcome Trust, Jeremy Farrar, The P3CO Review Group, Gain-of-function research, Dual-use research of concern, EcoHealth Alliance, Peter Daszak, The Wuhan Institute of Virology, Ian Lipkin, Ralph Baric, Zhengli Shi, The DEFUSE proposal, DARPA, DTRA, USAID PREDICT, The Rocky Mountain Laboratory, Vincent Munster, Fort Detrick, The Integrated Research Facility, The U.S. Army Medical Research Institute of Infectious Diseases (USAMRIID )
Where are we on the validity of autopen pardons?
* * *
Tyler Durden
Wed, 09/10/2025 - 13:45 Close
Wed, 10 Sep 2025 17:41:15 +0000 Blowout 10Y Auction: Lowest Yield Since Last September's 50bps Jumbo Cut; Near-Record Foreign Demand
Blowout 10Y Auction: Lowest Yield Since Last September's 50bps Jumbo Cut; Near-Record Foreign Demand
After yesterday's remarkably strong 3Y auction, which in our view was one of the "top 3" best 3Y sales in
Read more.....
Blowout 10Y Auction: Lowest Yield Since Last September's 50bps Jumbo Cut; Near-Record Foreign Demand
After yesterday's remarkably strong 3Y auction, which in our view was one of the "top 3" best 3Y sales in history, moments ago the US Treasury sold 10Y paper (in a 9-Year 11-Month reopening) in what may well be one of the "top 3" 10Y auctions too.
Starting at the top, the auction priced at a high yield of 4.033%, down significantly from 4.255% last month, and the lowest since last September, when the market suffered another growth scare and the Fed ended up cutting by 50bps just a week after a similar 10Y auction priced. And just like the Sept 2024 auction, this one also stopped through the When Issued by a solid 1.3bps: this was the highest stop through since the market chaos in April.
The bid to cover was a solid improvement, from 2.351 to 2.650: the highest since April's 2.665% and above the six auction average of 2.556.
However, like yesterday's 3Y auction, it was the internals that were most notable, and specifically Indirects: yes, foreigners just couldn't get enough of today's reopening, and took down a near record 83.1%, ghe second highest on record, and just April's 87.9% market panic/basis trade collapse was higher.
And with Directs taking 12.66%, the lowest since April, Dealers were left with 4.2%, the lowest on record.
Overall, this was another stellar auction, one which dragged yields to a session low of 4.03% from an earlier high of 4.10%, which was to be expected after today's huge PPI miss, and now the question is whether tomorrow's CPI will reaffirm the deflationary glideslope and prompt Powell to cut 50bps next week.
Tyler Durden
Wed, 09/10/2025 - 13:41 Close
Wed, 10 Sep 2025 17:20:00 +0000 Elon Musk Commits $1 Million To Murals Of Iryna Zarutska Nationwide, Turning Public Spaces Into Culture War Battlegrounds
Elon Musk Commits $1 Million To Murals Of Iryna Zarutska Nationwide, Turning Public Spaces Into Culture War Battlegrounds
Americans are learning this week about the urgent need to rebuild insane asylums and expand prison capacity, g
Read more.....
Elon Musk Commits $1 Million To Murals Of Iryna Zarutska Nationwide, Turning Public Spaces Into Culture War Battlegrounds
Americans are learning this week about the urgent need to rebuild insane asylums and expand prison capacity, given the Democratic Party's nation-killing progressive mass-release policies that have flooded city streets and communities with violent criminals, such as the one who brutally murdered a young Ukrainian refugee woman in broad daylight on public transit in North Carolina.
With the Overton Window having shifted last year, what was once socially acceptable, such as bending the knee to woke policies cut from Marxist cloth (defund the police, etc.), is no longer popular as the dominant narrative across the land. Instead, Americans are demanding law and order, especially in the era of the Trump administration.
A significant inflection point, and what is being considered as politically disastours for Democrats ahead of the Midterms, has been the horrifying murder of Iryna Zarutska, a Ukrainian refugee, on a commuter train in Mecklenburg County. Her killer, Decarlos Brown, who was previously arrested 14 times in North Carolina for crimes ranging from assault to firearms possession, and whose own mother admitted he had schizophrenia and should never have been allowed back on the streets, was recently released on cashless bail by a progressive magistrate judge despite a two-decade violent crime spree.
"Watching her cry alone with her hands holding her face is one of the saddest things I have ever seen," one X user wrote.
Christopher Rufo noted, "We need more police, more prisons, and more asylums. And yes, we can arrest our way out of the psychotic-criminals-murdering-people-in-the-streets problem."
The optics for the Democratic Party get worse, as their dark-money, billionaire-funded NGO network appears partly responsible...
What seems to be emerging this week could be the early innings of a cultural and political moment reminiscent of the one seen with George Floyd - though not as part of a Marxist takeover. This time, it is driven by the 'America First' crowd, with their first move being the use of public spaces as the battleground, much like in 2020.
The first evidence of this comes from an Intercom CEO, Eoghan McCabe, who just offered $500,000 to artists nationwide, $10,000 per grant, to paint murals of Iryna Zarutska's face in prominent US metro areas.
Just like the murals of Floyd, McCabe's taking the playbook from the left and turning public spaces into battleground areas with highly visible art of Zarutska's face to communicate to everyday folks how the death of this young and innocent woman was due to nation-killing progressive policies.
And Elon Musk commits $1 million.
Why should McCabe stop with Zarutska? The America First crowd may soon realize that the next battleground is public space. Recall that dark-money-funded anti-Trump Indivisible group understands this space very well.
Tyler Durden
Wed, 09/10/2025 - 13:20 Close
Wed, 10 Sep 2025 17:00:00 +0000 "Shock To Global Seaborne Gas Trade": China-Russia Pipeline Seen Displacing One-Third Of LNG Imports
"Shock To Global Seaborne Gas Trade": China-Russia Pipeline Seen Displacing One-Third Of LNG Imports
"Shock To Global Seaborne Gas Trade": China-Russia Pipeline Seen Displacing One-Third Of LNG Imports
By Charles Kennedy of OilPrice.com
China’s planned Power of Siberia 2 pipeline with Russia could displace the equivalent of one-third of the country’s LNG imports and deliver a “shock” to the global seaborne gas trade, according to analysts cited by the South China Morning Post (SCMP).
The 50-billion-cubic-meter-per-year conduit, slated to run through Mongolia, would lock in long-term Russian pipeline supply and sharply cut China’s need for LNG cargoes just as global exporters scale up capacity.
The warning follows Sunday’s signing of a binding memorandum between Moscow and Beijing. Russian President Vladimir Putin and Gazprom chief Alexei Miller presented the deal in Beijing as a centerpiece of their energy partnership.
While intent has been formalized, key commercial details such as pricing and financing remain unsettled, with analysts describing the accord as a demonstration of strategic alignment between the two nations, underscoring Russia’s eastward pivot after Europe halted most pipeline purchases.
Chinese media continue to emphasize the sheer scale of the shift. Sina Finance reported Gazprom’s plans to expand existing Power of Siberia flows from 38 to 44 bcm annually, and Far East volumes from 10 to 12 bcm, alongside the new Mongolian line. QQ.com highlighted Beijing’s view of the project as insurance against volatile LNG markets and leverage in negotiations with U.S. and Qatari suppliers.
The initiative is part of a “new gas world order,” with pipeline deals reinforcing China’s long-term bargaining power in energy.
Analysts from Barron’s and Columbia University’s Center on Global Energy Policy have warned that U.S. LNG exporters could lose market share in Asia if China secures more Russian volumes, with the pipeline reducing spot demand and softening growth trajectories for American cargoes.
If Power of Siberia 2 is built on schedule, it would provide China with fixed-price, long-distance pipeline gas at volumes comparable to major LNG supply deals.
That shift could cap demand growth for new liquefaction projects targeting Asia, forcing U.S., Qatari, and Australian exporters to compete more aggressively for the remaining market.
Traders told Bloomberg that such a rebalancing would ripple through long-term contract negotiations now underway, reshaping LNG investment decisions well into the 2030s.
Tyler Durden
Wed, 09/10/2025 - 13:00 Close
Wed, 10 Sep 2025 16:20:00 +0000 What's The Opposite Of "Quiet Day"?
What's The Opposite Of "Quiet Day"?
By Michael Every of Rabobank
There haven’t been any ‘quiet days ’ in 2025 in global strategy, just a constant flow of conflating developments across geopo
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What's The Opposite Of "Quiet Day"?
By Michael Every of Rabobank
There haven’t been any ‘quiet days ’ in 2025 in global strategy, just a constant flow of conflating developments across geopolitics and geoeconomics. The last 24 hours have been no exception.
Israel struck Hamas leaders in Doha, Qatar, which may -- unconfirmed -- have killed their negotiating team; or at least the hardline ones who yesterday refused Trump’s ‘final’ deal, 24 hours after he had warned there’d be consequences if it was rejected. This has seen fears of regional contagion, but Qatar --already attacked by Iran earlier in the year-- has no real armed forces of its own, just the largest US airbase in the Middle East.
International condemnation has been swift. Even Trump posted in opposition, stating he hadn’t known about the attack until the last moment and had tried to warn Qatar (which should have been able to detect it itself; and Turkish sources are claiming they tipped Doha, and Hamas, off). Trump added it should be used as a platform for peace and that he will be deepening defence relations with Qatar ahead. There are layers of misperceptions, misstatements, and potential missteps in all this, but it suggests further shifts in the region – we shall see if it’s towards peace or more conflict.
Meanwhile, while Europe then slept, Russian (Iranian-designed) drones made a mass attack on Ukraine and also entered Polish airspace, seeing several EU states’ F-35s scrambled and Polish airports close as far as Warsaw. One US Representative posted:
“Russia is attacking NATO ally Poland… This is an act of war, and we are grateful to NATO allies for their swift response to war criminal Putin’s continued unprovoked aggression against free and productive nations. I urge President Trump to respond with mandatory sanctions that will bankrupt the Russian war machine and arm Ukraine with weapons capable of striking Russia. Putin is no longer content just losing in Ukraine while bombing mothers and babies, he is now directly testing our resolve in NATO territory. Putin stated that “Russia knows no borders.” Free and prosperous nations will teach Russia about borders.”
Indeed, while Trump had earlier continued US-India online détente in posting he still expects a trade deal to be agreed, he then told Europe it must put 100% tariffs on China and India to stop Putin, which he would follow. To say that this has major consequences is an understatement: most so if this is done, but also if it isn’t - because that would makes clear the EU (and US) are not prepared to use sufficiently strong economic statecraft, which leaves them with either military statecraft or nothing. Run the fat tail risks on both.
At the same time, Nepal just lost its PM after violent public protests seeing its parliament burned - the tiny state sandwiched between giant India and China is a focus of their (and others) attention.
French President Macron appointed 39-year-old Defence Minister Lecornu as his latest prime minister… how long will he last as French borrowing costs now top Italy’s in what Bloomberg calls ‘an historic market shift ’? And who is left as the Eurozone ‘core’ now vs the ‘periphery’, and what percentage of Eurozone GDP do they represent? I’m asking for a central bank friend.
Indonesia, also facing large public protests --the finance minister’s house was burned down before they stepped down-- has seen its president ask the central bank to directly lower the cost of borrowing for his admin’s key projects, via “burden sharing”. At least it answers the question, “What is GDP for?”
In this geoeconomic maelstrom, China is aiming to shore up ASEAN ties, the SCMP reporting that “Ahead of next week’s 22nd China-ASEAN Expo, commerce ministry official says the trade partners could formally secure closer economic ties this year”. So, larger ASEAN trade deficits with China it will be then; and the US won’t allow any transshipment to send those goods their way. Yet Europe doesn’t have any such barriers in place, and if it raises them, it’s again moving into a US trade bloc, as we had projected.
In purely economic news, as if there can be any such thing nowadays, the FT says Rachel Reeves is to tell ministers to prioritize the fight against UK inflation as Labour MPs are instead “increasingly concerned about the ‘straitjacket’ imposed on economic policy.” Aren’t we already seeing “rate cuts!”?
Similarly, the WSJ reports that ‘Inflation Erased US Income Gains Last Year’ as “High-income households fared better than others, while women lost ground to men.” That doesn’t sound like Main Street is beating Wall Street.
Neither did the -911K downward revision of US payrolls data in the year to March 2025, which presents a very different outlook for the economy than previously seen and, as I noted a few weeks ago, leaves one wondering why we bother to look at those data - besides the monthly casino routine of higher/lower than that is. Bloomberg also says 1/3 of the top jobs at the BLS are currently unfilled, which doesn’t suggest data quality is going to get any better soon - but, hey, a wider, wilder range of outcomes in the monthly casino, right? VP Vance posted: “It’s difficult to overstate how useless BLS data had become. A change was necessary to restore confidence.” But change to what?
Moreover, a US judge ruled allegations of mortgage fraud sent to the DOJ do not apparently constitute necessary “for cause”, or notice, for Trump to have fired her, hence Governor Cook can remain in the job for next week’s FOMC meeting. Again, expect this to be appealed and/or end up at the Supreme Court, where some suspect it will be reversed as part of an extension of executive power over civil servants (the so-called Humphrey’s Executor). In the meantime, is Cook, a dove, going to vote for a rate cut or suddenly become a hawk despite the payrolls revisions? Who knows… but politics and personality politics in central banking? Whocouldanooed ?!
Moreover, the US Supreme Court also agreed to hear Trump’s IEEPA tariff appeal in November.
In markets, Anglo American and Teck are to merge, creating a copper mining giant with a market value of more than $53bn, which given how crucial copper is to energy systems, which are crucial to AI, which is crucial to national security and any hopes to get us out of our high debt, high inflation, low productivity slump, obviously won’t be subject to any economic statecraft pressure from either the US or China. Honest . It’s all going to be “because markets.”
Lastly, the SCMP says ‘China offers funding for stablecoin research as global interest grows’ where “The country’s largest state research bureau is offering grants for the study of the digital assets - and how to monitor their movements .” Might that have something to do with the looming introduction of USD stablecoins, and their ability to de facto dollarize other economies?
Like I said, it’s far from quiet. Some messages are being screamed as loudly as they can, even if they are then distorted by their volume.
Tyler Durden
Wed, 09/10/2025 - 12:20 Close