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Hussman Market Comment
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The Impression of Invincibility
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John P. Hussman, Ph.D.
President, Hussman Investment Trust
July 20, 2025
When desire disagrees with judgment, there is a disease of the mind: and to make a man forget the past, and blind him to the future, is as easy as making him drunk. The impression of invincibility is disaster itself. The stronger the illusion, the greater the fall.”
– Barbara Tuchman, The March of Folly
With our most reliable stock market valuation measures at the highest extremes in U.S. history, record negative readings on our most reliable “equity risk premium” gauge (estimated S&P 500 total returns vs. Treasury yields), and the narrowest junk bond risk premiums in history, it’s useful for investors to remember that a market crash is nothing but risk-aversion meeting a market that is not priced to tolerate risk.
Emphatically, nothing in our investment discipline relies on a market collapse, or even a reversion of valuations to levels anywhere near historical norms. Particularly with the hedging implementation we introduced last September, I expect it will be enough simply for the market to fluctuate.
By definition, diagonal advances amid record valuation extremes – as we’ve seen in recent weeks – don’t provide much fluctuation. Still, we’ve been able to vary the intensity of our bearishness enough to be comfortable even if the market advances further from current extremes.
As I emphasized last month, all the adaptations we’ve made in this bubble have served one objective: to restore our strategic flexibility even amid market conditions that rivaled the most extreme instances in history. The reason for my irrepressible enthusiasm about last September’s hedging implementation was that it cleanly added a fresh degree of freedom – allowing us to systematically vary the intensity of our hedge positions even in the most extreme market conditions.
That enthusiasm has continued to be well-placed – not only since last September, but even during the roughly 3% advance in the S&P 500 since its mid-February high. For more on that hedging implementation, see Asking a Better Question, Subsets and Sensibility, and the section titled “The Martian” in The Turtle and the Pendulum.
The core of our discipline remains straightforward: to align our investment stance with prevailing, measurable, observable market conditions, and to change our investment stance as those conditions change. No forecasts or scenarios are required.
Valuation Review
You can’t possibly call a bubble or a bust to the right day, except once every several lifetimes. What you can do, though, is to identify bubbles that eventually burst.
That turns out, in the past to have been intellectually pretty straightforward. You can measure them, and all of them eventually go back to trend. And that movement from very high back to trend has always made cash look very much better for quite a few years. These are not insignificantly long periods of time. They add up to half of all the time.
In terms of a historian, I put a lot of weight on 1929, I think it’s a wonderful example. Japan of course, the mother of all of them. It would be highly unlikely for this one to not be similar, and at or around several years in the future, 5, 10, even 15, it’s highly likely – from a historical point of view – you’ll reach a point where you would have rather been in cash.”
– Jeremy Grantham, GMO, The Master Investor with Wilfred Frost, July 10, 2025
The chart below shows our most reliable gauge of market valuations in data since 1928: the ratio of nonfinancial market capitalization to gross value-added (MarketCap/GVA). Gross value-added is the sum of corporate revenues generated incrementally at each stage of production, so MarketCap/GVA might be reasonably be viewed as an economy-wide, apples-to-apples price/revenue multiple for U.S. nonfinancial corporations.
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When I say “reliable” in the context of valuation measures, risk-premium gauges, and so forth, I’m referring to their correlation with actual, subsequent market outcomes across history. Valuation gauges and risk-premium measures are a dime-a-dozen on Wall Street. What matters is whether they’re coherent from the standpoint of the underlying discounted cash flow relationships, and most important, whether they’re strongly correlated with subsequent outcomes. It’s distressing how many measures fail miserably on that basis (including the very common practice of equating the equity risk premium with the S&P 500 forward earnings yield minus the 10-year Treasury yield).
We typically use both 10-year and 12-year returns in our valuation work – the 10-year horizon is a common convention, but the 12-year horizon our preference, since statistically, that’s the point where valuations at one period tend to become uncorrelated with valuations at a later date (mathematically, it’s the point where the autocorrelation profile hits zero). So “mean-reversion” tends to have its most reliable impact on a 12-year horizon. That’s another way of saying that valuations aren’t a short-term timing tool. They have profound implications for long-term returns, but over shorter horizons, other factors, particularly investor psychology, are more important. That’s why the uniformity or divergence of market internals – unfavorable at present – is also essential to monitor.
The scatter below shows the relationship between MarketCap/GVA and actual subsequent 12-year S&P 500 average annual total returns, in data since 1928. There are certainly “outliers” where actual returns were up and away from the tighter scatter. Those “outliers” typically reflect 12-year horizons when the endpoint of the horizon occurred at speculative valuation levels like 2000 and today. Still, even a very large positive outlier in the coming years would imply weak expected returns from these levels. There’s no 12-year return associated with the current instance, because across a century of market cycles, valuations have never been this extreme.
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To put the current valuation extreme in perspective, the chart below shows our estimate of 12-year S&P 500 total returns over-and-above Treasury yields. This is the most reliable estimate of the “equity risk premium” that we have examined or developed, and is better correlated with actual subsequent outcomes than the “Fed Model” (S&P 500 operating earnings yield – the Treasury yield), the “Excess CAPE Yield” of Shiller, Black, and Jirav, and annual estimates produced by Aswath Damodaran, all whose work I admire even when I might disagree.
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The chart below shows the level of the S&P 500 that we associate with varying levels of the equity risk premium. The yellow bubbles show points when our estimate of the likely 10-year equity risk-premium has been negative (that is, expected S&P 500 nominal total returns less than 10-year Treasury yields).
Notice the brackets below prior instances when the estimated risk premium was negative. Perhaps not surprisingly, the total return of the S&P 500 lagged Treasury bonds from 1929-1950, 1968-1987, and the 22-year stretch from 1998 to 2020 (3/23/98-3/23/20: 5.27% vs 5.32% annually), among other sub-periods. That’s 62 years of the 96-year period since 1929 – nearly two-thirds of history. That’s even worse than the “half of all the time” that Grantham mentioned, because in this case we’re looking at periods where stocks simply lagged Treasury bonds, not where S&P 500 total returns fell short of an even lower bar such as T-bills, inflation, or zero.
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The mindset of investors here seems to be that “risk is a construct” rather than something that’s ever actually realized as deep and durable losses. You can see this mindset at play in the spread between junk bond yields and Treasury yields, which is at record lows.
Some part of the spread may be owed to concerns about the U.S. fiscal situation as well, so we can’t draw a pure signal, but when you’ve got equity valuations at record highs and junk spreads at record lows, the joint inference is that investors are pricing securities with little concern for risk. That’s particularly dangerous, given that our key gauge of market internals continues to suggest underlying vulnerability in investor psychology toward speculation versus risk-aversion.
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The thin, volatile blue line in the chart below essentially gauges how closely the present “cluster” of market conditions matches those observed at intermediate and major peaks and troughs in the S&P 500 across history. Both our cluster correlation and cluster proximity scores can range from -1 to 1. Perfect correlation with peaks (+1) and perfect negative correlation with troughs (-1) gives a maximum differential of 1- (-1) = 2. So the sum of these two measures ranges from -4 to +4.
The red line is the S&P 500 (right scale, log), and the thin yellow line is MarketCap/GVA (log) scaled from -4 to +4. It’s at that +4 level here.
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You’ll notice a very brief downward spike in the differential during April. The hedging implementation we introduced last September gave us a nice opportunity there, even though market conditions came nowhere close to what one would typically see at an intermediate/cyclical bottom. Presently, we’re again just shy of the most extreme levels in history.
Any widening in dispersion across breadth (advances vs declines) or leadership (new highs vs new lows) would likely push the differential to an even more extreme level. Among the things to monitor in daily data include sessions when a) the S&P 500 index is up but breadth is down, b) when both highs and lows account for more than about 2.5% of issues traded, or c) when a leadership reversal occurs, with more daily new lows than new highs.
Given the extremes that are already in place, that sort of increasing dispersion would typically be followed by a quick air-pocket on the order of a 6-12% market decline over a handful of days. The first line down tends to be vertical. Not a forecast, just an observation.
In our daily tally of warning flags, Friday generated one of my favorites – “Syndrome 74” which I discussed at length in the February comment The Government Deficits Land in the Deepest Pockets. As it happened, the February 18th instance was the day before the mid-February high. While the S&P 500 now stands about 3% above that peak, we’ve clearly been satisfied with our own discipline since then.
As usual, I view this type of syndrome as a “weak sensor” – best used in composites that include scores of them. We’ve certainly got lots of these active here, so we’re again at one of those “Motherlode” moments. Not a forecast, none required.
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Presuming profits promise permanent prosperity
My impression is that the exuberance of the moment is too strong for investors to care about history. As is true in every bubble, investors are undoubtedly convinced that we’re in a new era to which history doesn’t apply. Simply observe corporate profit margins, for example, and the fact that they haven’t eroded in years, and it’s natural to imagine that they’ve simply established permanent highs beyond all historical experience.
Nothing in our investment discipline relies on mean reversion in profit margins or valuations, but the fact is that U.S. productivity growth since 2000 has been slower, not faster, than during the previous century. Investors have conflated elevated profits with technology, innovation, and hand-wavy features of a “new era.” Yet the reality is that record U.S. corporate profits and free cash flows over the past two decades have directly relied on the distortions created by “free money” policies.
Those “free money” policies include not only fiscal deficits, but monetary policy that – for much of the past decade – funded those deficits by flooding the economy with zero-interest cash, which also significantly reduced corporate interest costs. That’s where the record profits have come from. It’s not a theory. It’s an accounting identity.
The expansion in corporate free cash flow (profits minus net investment) in recent decades is the mirror image of expanding deficits in other sectors – mainly larger deficits of government, and deficits among working families who find it difficult to save as labor compensation has increasingly lagged labor productivity. That’s how the accounting works. When we look at record corporate profits, we have to remember that the “deficit” of one sector (consumption and net investment in excess of income) always emerges as the “surplus” of another.
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Likewise, as I observed last month (see the section titled “The deficits of one sector emerge as the surplus of another”) the main drivers of the record U.S. federal debt/GDP ratio haven’t been Medicaid, or supplementary nutrition programs, or aid to the most vulnerable among us. No – the debt has advanced in clear, discrete spikes, driven by repeated “one off” government crisis responses and fiscal free-for-alls.
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Notice that despite growing corporate profits as a share of GDP, net domestic business investment has been progressively shrinking as a share of GDP. At best, we’ve seen a nice little pop in net investment over the past few years. It’s not earth-shaking, but it’s not nothing. Investment in AI, chips, and related infrastructure has been running about 1% of GDP annually – roughly $300 billion annually in recent years. When you hear about the frenzy of investment driven by AI, that’s roughly the scale. It’s important, but corporate investment is still far smaller as a share of GDP than historical norms.
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It’s true that a disproportionate share of U.S. corporate profits currently benefit a handful of large companies, but the entire history of U.S. economic growth is made of no other substance than the constant introduction of “new eras.” For more on this point, see The Turtle and the Pendulum.
Remember also that despite the emergence of the internet, smart phones, networking, cloud computing, and countless other technological breakthroughs in recent decades, S&P 500 revenues, corporate profits, and GDP have grown slower, not faster, than in the decades prior to 2000. We forget. In the exuberance of this moment, the S&P 500 information technology index is priced at valuations that embed, and now require, a permanently high plateau in profit margins and growth rates.
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Yet even for market leaders, the boom in AI investment will have consequences that will likely disappoint the extrapolation of profits that investors seem to rely on. As Grantham recently observed, “The spending programs of the seven great companies – each company is like a medium sized country. AI has sucked all seven in, and that means competition. The history of the Mag-7 is divided into two halves. The half up until now where basically they each individually owned an area, and the half going forward, where they increasingly fight it out tooth and nail to see who is the biggest and best in AI. Their paths will not be as smooth as they were in the past.”
Investors have conflated elevated profits with technology, innovation, and hand-wavy features of a ‘new era.’ Yet the reality is that record U.S. corporate profits and free cash flows over the past two decades have directly relied on the distortions created by ‘free money’ policies.
Those ‘free money’ policies include not only fiscal deficits, but monetary policy that – for much of the past decade – funded those deficits by flooding the economy with zero-interest cash, which also significantly reduced corporate interest costs. That’s where the record profits have come from. It’s not a theory. It’s an accounting identity.
From an economic perspective, neither the extension of low corporate tax rates, nor a redistribution of wealth favoring the highest 10% of income earners is likely to do much for U.S. economic growth prospects. The reason is simple – they don’t relieve any constraint that was previously binding. Even as corporate profit margins have pushed to record levels, corporations have devoted progressively less of those earnings to net capital formation, aside from the recent, fairly modest AI-related pop.
As I’ve often noted over the years, the best economic policies act to ease some binding constraint on productive economic activity, address coordination failures, or create incentives or disincentives toward activities that have positive or negative spillovers for the nation as a whole. Otherwise, the policy effect is purely distributional – someone benefits at a loss to someone else.
The same argument holds for deregulation: if it reduces binding constraints, and enhances competition and reduces deadweight losses, there can be clear benefits. In contrast, if deregulation simply removes protections in a way that allows individuals or companies to engage in activities that have negative spillovers on others without bearing the cost – the impact of deregulation is purely distributional. Since monopolies create deadweight losses except when the monopolies can price-discriminate between consumers (in which case the monopoly gets all the surplus) or are regulated to “simulate” competitive outcomes, deregulation that encourages monopoly is net negative – any benefits are distributional.
Equally important, the effect of a one-dollar shift in the wealth distribution isn’t actually one-for-one. Since the incremental benefit of an extra dollar to a very wealthy individual is far smaller than the incremental benefit of an extra dollar to someone who has very little, a redistribution toward those who are well-off imposes a pure loss to the aggregate well-being of the country. The wider the distribution of wealth was originally, the larger that aggregate loss will be.
That’s not an argument for policies that target income equality, but it’s certainly a consideration when the redistribution worsens the condition of the working poor and those who already bear the greatest burdens of our shared humanity.
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The budget legislation passed in recent weeks is scored by the nonpartisan Congressional Budget Office as providing $3.1 trillion in tax cuts and refundable credits over the coming decade, partially funded by $1 trillion in cuts to Medicaid, SNAP (supplementary nutrition assistance for the poor) and related programs. About $1.4 trillion of that net $2.1 trillion benefits the wealthiest 10% of households, while the bottom 10% will lose about $187 billion over the coming decade (each group about 13 million households).
The provision in recent legislation that’s most friendly to net capital formation is the expansion of bonus depreciation, scored by the Congressional Budget Office with an expected cost of $184.5 billion over the coming decade. As always, I tend to be very supportive of provisions that encourage net capital formation, because it has important spillover benefits for the economy. But relative to the overall impact, it’s a minor feature of the recent bill.
Overall, our economic outlook is largely unchanged. Our most reliable economic measures continue to hover at levels that have historically defined the threshold of recession. That’s not a forecast, and nothing in our discipline relies on an economic downturn, but we can’t clearly rule that out even during 2025.
Brief update – Treasury bonds and precious metals
In my view, Treasury bond yields continue to be adequate relative to even simple benchmarks that have historically been useful in identifying periods when Treasury bonds have outperformed T-bills over time, on average.
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Likewise, our view regarding precious metals stocks continues to be relatively positive, though we would be more aggressive if the relatively tepid condition of the economy was coupled with explicitly falling Treasury yields (even, say, on a 6-month lookback). Meanwhile, remember that precious metals shares tend to have significant short-term volatility. We use them largely as a complement to Treasury securities, as a limited share of our bond-focused investment discipline. That’s served us quite well for decades.
Overall, then, the stock market stands at the highest level of valuations in U.S. history, easily eclipsing the extremes of 1929 and 2000. Investors have clearly placed a great deal of confidence in these elevated valuations as a result of elevated corporate profits (a historically disastrous form of double-counting). Yet from the standpoint of economic accounting, these profits inherently reflect the impact of two decades of “free money,” largely driven by crisis-related spending free-for-alls that produced discrete spikes in the debt/GDP ratio.
It’s tempting to paraphrase Herbert Stein – “things that are unsustainable tend not to be sustained.” Then again, I suspect many of us thought this dumpster fire was unsustainable a long time ago.
As usual, we don’t need to rely on any directional forecast at all. It’s enough to observe that the likely return investors can expect for taking risk, both in stocks and low-grade bonds, stands at the lowest level in history – based on measures that we find best correlated with returns across a century of market cycles.
A market crash is nothing but risk-aversion meeting a market that’s not priced to tolerate risk. Still, we don’t need that sort of outcome. For our part, I expect that our investment discipline will be perfectly content simply for the market to fluctuate over time.
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Estimates of prospective return and risk for equities, bonds, and other financial markets are forward-looking statements based the analysis and reasonable beliefs of Hussman Strategic Advisors. They are not a guarantee of future performance, and are not indicative of the prospective returns of any of the Hussman Funds. Actual returns may differ substantially from the estimates provided. Estimates of prospective long-term returns for the S&P 500 reflect our standard valuation methodology, focusing on the relationship between current market prices and earnings, dividends and other fundamentals, adjusted for variability over the economic cycle. Further details relating to MarketCap/GVA (the ratio of nonfinancial market capitalization to gross-value added, including estimated foreign revenues) and our Margin-Adjusted P/E (MAPE) can be found in the Market Comment Archive under the Knowledge Center tab of this website. MarketCap/GVA: Hussman 05/18/15. MAPE: Hussman 05/05/14, Hussman 09/04/17.
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July 21, 2025
“Wrecking Ball” Trump Demands Jail For “The Shady Bunch” Coup Plot Leader Obama
By: Sorcha Faal, and as reported to her Western Subscribers
A compelling new Security Council (SC) report circulating in the Kremlin today first noting President Donald Trump stunned the world last evening when he posted mugshots of what he branded “The Shady Bunch”, who are the coup plotters still trying to destroy him, says he then set the internet on fire by posting an AI video of FBI agents arresting and throwing in jail former President Barack Obama.
Three days ago on Friday, this report notes, Director of National Intelligence Tulsi Gabbard declassified Russia hoax documents then announced that “The Shady Bunch” coup plotters were all refereed to the Department of Justice for criminal prosecution, and it was revealed: “The declassified documents proved Barack Obama worked with his national security team and Deep State hacks such as Susan Rice, John Brennan, James Comey, Clapper and others to manufacture intelligence and push the lies through the fake news media”.
Yesterday, this report continues, DNI Gabbard declared to Fox News host Maria Bartiromo about “The Shady Bunch” coup plot: “We will be releasing more detailed information about how exactly this took place, and the extent to which this information was sought to be hidden from the American people, hidden from officials who would be in a position to do something about it...Accountability is essential for the future of our country, for the American people to have any sense of trust in the integrity of our democratic republic”, and it was also revealed in the interview:
Maria Bartiromo:
Do you believe that we will see prosecutions? Our audience wants to know where this story goes from here. Will we ever see anyone held accountable for this incredible lie on the American people?
Tulsi Gabbard:
I will do all that I can. We have whistleblowers, actually, Maria, coming forward now after we release these documents, because there are people who were around—who were working within the intelligence community at this time—who were so disgusted by what happened. We’re starting to see some of them come out of the woodwork here because they, too, like you and I and the American people, want to see justice delivered.
We’re going to provide everything that we have—everything that we will continue to gather—to the Department of Justice for that direct intent and that direct purpose. There must be indictments. Those responsible, no matter how powerful they are or were at that time, no matter who was involved in creating this treasonous conspiracy against the American people—they all must be held accountable.
Maria Bartiromo:
So do you expect—just to be clear—do you expect indictments and prosecutions?
Tulsi Gabbard:
I’m not a lawyer. In my view, we have the evidence to be able to move forward and bring about justice. Yes—to prosecute and indict those responsible.
Also yesterday, this report details, socialist Democrat Party lawmaker Congressman Jim Himes raged to leftist CBS News in sheer panic: “What you saw from the Director of National Intelligence, Tulsi Gabbard, was not just a lie, but a very dangerous lie, because when you start throwing around language like sedition and treason, somebody is going to get hurt...And right now, you know, the mouth-breathers on MAGA online are just going out of their minds based on a lie”—but was a panicked attack against MAGA “mouth-breathers” followed by top socialist Democrat Party strategist James Carville observing in shame today: “Constipated...Leaderless...Confused...A cracked-out clown car...Divided...These are the words I hear my fellow Democrats using to describe our party as of late...The truth is they’re not wrong...The Democratic Party is in shambles”.
On Saturday evening, this report concludes, American political analyst Ada Nestor released his open letter “The Desperation To Stop Trump Wasn't Political, It Was Survival”, wherein he most factually observed: “The effort to sabotage Trump’s presidency—before he even took office—was not about protecting democracy...It was about protecting the machine...It’s not enough to say they hated Trump...That’s the surface-level distraction they fed the public - tweets, tone, ego...But behind closed doors, the political elite weren’t clutching their pearls over Trump's behavior...They were panicking over what he might expose” and truthfully documented:
Bush Sr.: The Architect
George H.W. Bush didn’t just serve as CIA Director, he was one of the architects of modern intelligence-led shadow governance. Under his watch, the United States expanded covert operations globally, often under the guise of national security. These operations weren’t just about foreign policy. They included drug trafficking (see: Iran-Contra), money laundering, and manipulation of foreign elections. They funded black budget programs and off-the-books deals.
The Bush family’s ties to global banking, oil, and weapons aren’t speculation, they’re documented. But scrutiny was always dismissed as conspiracy theory. Why?
Because the machine controlled the narrative.
Clinton: The Cleaner
Bill Clinton’s administration refined the art of corruption and cover-up. From the Mena Airport drug running scandal to the Chinagate campaign finance scandal, corruption was a feature—not a bug—of his presidency. The Clintons cashed in on global influence and built the Clinton Foundation into a pay-to-play leviathan.
Meanwhile, the intelligence community continued to expand its reach, especially into domestic surveillance—setting the stage for what would come next.
Bush Jr.: The Enabler
Under George W. Bush, 9/11 became the catalyst for exponential growth in surveillance, control, and unaccountable government authority. The Patriot Act opened the door to mass data collection on Americans. Wars were launched on false pretenses. Trillions disappeared. And no one was held accountable.
Cheney’s shadow presidency empowered defense contractors and intelligence contractors like never before. Black sites. Torture programs. Secret kill lists.
The Constitution was paper to these people. The machine kept rolling, unchecked.
Obama: The Cover
Barack Obama ran on transparency and hope. What he delivered was the most refined form of managed decline in U.S. history. Whistleblowers were prosecuted. The IRS was weaponized. The media was co-opted. And the intelligence community was turned inward, not to protect Americans, but to protect itself.
Obama didn’t just look the other way on corruption, he institutionalized it. The “scandal-free” administration was anything but. Benghazi. Fast and Furious. Unmasking of political enemies. Spygate. The Steele Dossier. All of it swept under the rug by a complicit press corps and weaponized DOJ.
Enter Trump: The Wrecking Ball
Then came Trump. He wasn’t in their club. He didn’t play by the rules. Worse, he didn’t need them. And that made him dangerous.
Trump wasn’t just another politician. He was a liability to their entire system. He talked openly about child trafficking, shadowy networks, corrupt intelligence officials, and globalist agendas. He signed executive orders freezing assets of human rights abusers. He bypassed traditional media. He disrupted the military-industrial complex.
The machine couldn’t afford to let that continue.
So they deployed everything—illegal surveillance, fabricated dossiers, coordinated leaks, a media smear campaign, a weaponized intelligence community, and, eventually, a multi-year lawfare operation.
This wasn’t politics. This was survival for them.
[Note: Some words and/or phrases appearing in quotes in this report are English language approximations of Russian words/phrases having no exact counterpart.]
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July 21, 2025 EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition it is linked to its original source at WhatDoesItMean.Com. Freebase content licensed under CC-BY and GFDL.
[Note: Many governments and their intelligence services actively campaign against the information found in these reports so as not to alarm their citizens about the many catastrophic Earth changes and events to come, a stance that the Sisters of Sorcha Faal strongly disagree with in believing that it is every human being’s right to know the truth. Due to our mission’s conflicts with that of those governments, the responses of their ‘agents’ has been a longstanding misinformation/misdirection campaign designed to discredit us, and others like us, that is exampled in numerous places, including HERE.]
[Note: The WhatDoesItMean.com website was created for and donated to the Sisters of Sorcha Faal in 2003 by a small group of American computer experts led by the late global technology guru Wayne Green (1922-2013) to counter the propaganda being used by the West to promote their illegal 2003 invasion of Iraq.]
[Note: The word Kremlin (fortress inside a city) as used in this report refers to Russian citadels, including in Moscow, having cathedrals wherein female Schema monks (Orthodox nuns) reside, many of whom are devoted to the mission of the Sisters of Sorcha Faal.]
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“Wrecking Ball” Trump Demands Jail For “The Shady Bunch” Coup Plot Leader Obama
By: Sorcha Faal, and as reported to her Western Subscribers
A compelling new Security Council (SC) report circulating in the Kremlin today first noting President Donald Trump stunned the world last evening when he posted mugshots of what he branded “The Shady Bunch”, who are the coup plotters still trying to destroy him, says he then set the internet on fire by posting an AI video of FBI agents arresting and throwing in jail former President Barack Obama.
Three days ago on Friday, this report notes, Director of National Intelligence Tulsi Gabbard declassified Russia hoax documents then announced that “The Shady Bunch” coup plotters were all refereed to the Department of Justice for criminal prosecution, and it was revealed: “The declassified documents proved Barack Obama worked with his national security team and Deep State hacks such as Susan Rice, John Brennan, James Comey, Clapper and others to manufacture intelligence and push the lies through the fake news media”.
Yesterday, this report continues, DNI Gabbard declared to Fox News host Maria Bartiromo about “The Shady Bunch” coup plot: “We will be releasing more detailed information about how exactly this took place, and the extent to which this information was sought to be hidden from the American people, hidden from officials who would be in a position to do something about it...Accountability is essential for the future of our country, for the American people to have any sense of trust in the integrity of our democratic republic”, and it was also revealed in the interview:
Maria Bartiromo:
Do you believe that we will see prosecutions? Our audience wants to know where this story goes from here. Will we ever see anyone held accountable for this incredible lie on the American people?
Tulsi Gabbard:
I will do all that I can. We have whistleblowers, actually, Maria, coming forward now after we release these documents, because there are people who were around—who were working within the intelligence community at this time—who were so disgusted by what happened. We’re starting to see some of them come out of the woodwork here because they, too, like you and I and the American people, want to see justice delivered.
We’re going to provide everything that we have—everything that we will continue to gather—to the Department of Justice for that direct intent and that direct purpose. There must be indictments. Those responsible, no matter how powerful they are or were at that time, no matter who was involved in creating this treasonous conspiracy against the American people—they all must be held accountable.
Maria Bartiromo:
So do you expect—just to be clear—do you expect indictments and prosecutions?
Tulsi Gabbard:
I’m not a lawyer. In my view, we have the evidence to be able to move forward and bring about justice. Yes—to prosecute and indict those responsible.
Also yesterday, this report details, socialist Democrat Party lawmaker Congressman Jim Himes raged to leftist CBS News in sheer panic: “What you saw from the Director of National Intelligence, Tulsi Gabbard, was not just a lie, but a very dangerous lie, because when you start throwing around language like sedition and treason, somebody is going to get hurt...And right now, you know, the mouth-breathers on MAGA online are just going out of their minds based on a lie”—but was a panicked attack against MAGA “mouth-breathers” followed by top socialist Democrat Party strategist James Carville observing in shame today: “Constipated...Leaderless...Confused...A cracked-out clown car...Divided...These are the words I hear my fellow Democrats using to describe our party as of late...The truth is they’re not wrong...The Democratic Party is in shambles”.
On Saturday evening, this report concludes, American political analyst Ada Nestor released his open letter “The Desperation To Stop Trump Wasn't Political, It Was Survival”, wherein he most factually observed: “The effort to sabotage Trump’s presidency—before he even took office—was not about protecting democracy...It was about protecting the machine...It’s not enough to say they hated Trump...That’s the surface-level distraction they fed the public - tweets, tone, ego...But behind closed doors, the political elite weren’t clutching their pearls over Trump's behavior...They were panicking over what he might expose” and truthfully documented:
Bush Sr.: The Architect
George H.W. Bush didn’t just serve as CIA Director, he was one of the architects of modern intelligence-led shadow governance. Under his watch, the United States expanded covert operations globally, often under the guise of national security. These operations weren’t just about foreign policy. They included drug trafficking (see: Iran-Contra), money laundering, and manipulation of foreign elections. They funded black budget programs and off-the-books deals.
The Bush family’s ties to global banking, oil, and weapons aren’t speculation, they’re documented. But scrutiny was always dismissed as conspiracy theory. Why?
Because the machine controlled the narrative.
Clinton: The Cleaner
Bill Clinton’s administration refined the art of corruption and cover-up. From the Mena Airport drug running scandal to the Chinagate campaign finance scandal, corruption was a feature—not a bug—of his presidency. The Clintons cashed in on global influence and built the Clinton Foundation into a pay-to-play leviathan.
Meanwhile, the intelligence community continued to expand its reach, especially into domestic surveillance—setting the stage for what would come next.
Bush Jr.: The Enabler
Under George W. Bush, 9/11 became the catalyst for exponential growth in surveillance, control, and unaccountable government authority. The Patriot Act opened the door to mass data collection on Americans. Wars were launched on false pretenses. Trillions disappeared. And no one was held accountable.
Cheney’s shadow presidency empowered defense contractors and intelligence contractors like never before. Black sites. Torture programs. Secret kill lists.
The Constitution was paper to these people. The machine kept rolling, unchecked.
Obama: The Cover
Barack Obama ran on transparency and hope. What he delivered was the most refined form of managed decline in U.S. history. Whistleblowers were prosecuted. The IRS was weaponized. The media was co-opted. And the intelligence community was turned inward, not to protect Americans, but to protect itself.
Obama didn’t just look the other way on corruption, he institutionalized it. The “scandal-free” administration was anything but. Benghazi. Fast and Furious. Unmasking of political enemies. Spygate. The Steele Dossier. All of it swept under the rug by a complicit press corps and weaponized DOJ.
Enter Trump: The Wrecking Ball
Then came Trump. He wasn’t in their club. He didn’t play by the rules. Worse, he didn’t need them. And that made him dangerous.
Trump wasn’t just another politician. He was a liability to their entire system. He talked openly about child trafficking, shadowy networks, corrupt intelligence officials, and globalist agendas. He signed executive orders freezing assets of human rights abusers. He bypassed traditional media. He disrupted the military-industrial complex.
The machine couldn’t afford to let that continue.
So they deployed everything—illegal surveillance, fabricated dossiers, coordinated leaks, a media smear campaign, a weaponized intelligence community, and, eventually, a multi-year lawfare operation.
This wasn’t politics. This was survival for them.
[Note: Some words and/or phrases appearing in quotes in this report are English language approximations of Russian words/phrases having no exact counterpart.]
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July 21, 2025
EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition it is linked to its original source at WhatDoesItMean.Com. Freebase content licensed under CC-BY and GFDL.[Note: Many governments and their intelligence services actively campaign against the information found in these reports so as not to alarm their citizens about the many catastrophic Earth changes and events to come, a stance that the Sisters of Sorcha Faal strongly disagree with in believing that it is every human being’s right to know the truth. Due to our mission’s conflicts with that of those governments, the responses of their ‘agents’ has been a longstanding misinformation/misdirection campaign designed to discredit us, and others like us, that is exampled in numerous places, including HERE.]
[Note: The WhatDoesItMean.com website was created for and donated to the Sisters of Sorcha Faal in 2003 by a small group of American computer experts led by the late global technology guru Wayne Green (1922-2013) to counter the propaganda being used by the West to promote their illegal 2003 invasion of Iraq.]
[Note: The word Kremlin (fortress inside a city) as used in this report refers to Russian citadels, including in Moscow, having cathedrals wherein female Schema monks (Orthodox nuns) reside, many of whom are devoted to the mission of the Sisters of Sorcha Faal.]
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Modern "Leadership": A Perfect Blend Of Delusion, Dishonesty, & Distraction | ZeroHedge
Modern "Leadership": A Perfect Blend Of Delusion, Dishonesty, & Distraction
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BY TYLER DURDEN
TUESDAY, MAR 12, 2024 - 05:00 PM
Authored by Matthew Piepenburg via VonGreyerz.gold,
As is historically typical of all corrupted and objectively bankrupt nations, the truth is often as hard to find as an honest man in parliament.
https://assets.zerohedge.com/s3fs-pu...?itok=kp39eskJ
Thus, if you want to see what’s most true, and embarrassing (and directly linked) to desperately cornered power-brokers increasingly enamored by the centralizing marriage of corporate influence and government opportunists (currently masquerading as “democracy”), the best evidence of genuine reality often lies in what is deliberately omitted from the headlines and public discussion.
Stated otherwise, the devil doesn’t just lie in the details, it lies in what is deliberately ignored, omitted or censored.
As any serious devotee of history (now increasingly cancelled as “elitist”) already knows, there’s no greater power than the power to control the two key levers of society, namely: 1) information and 2) money.
Unfortunately, even in the land of the free, neither of these forces (from genuine capitalism to the fourth estate) serve its deliberately “tribalized” citizenry. Our so-called free press (aka “legacy media”) is anything but free, and our “independent” Federal Reserve is anything but Federal, a reserve or independent.
The ironies just abound.
Between the corporate media and the central bank, it’s fairly clear that both of these time-honored institutions are now openly in bed with big government.
This is not fable, but fact. It’s also ominous.
How Information is Controlled
Note, for example, how the obvious blunders of the “safe and effective” COVID policies/failures of late (from hysterical and global mandates, lab-leak denials, and excess-death math to the global gaslighting of the un-vaxed) have been curiously absent from the headlines or public debate, when just over a year ago this “crisis” was the center of all our lives.
Attempts by the French legislature were even made to fine or jail those criticizing the vaccine. It seems, for some, at least, that Liberté, Égalité, Fraternité has become a convenient phrase rather than guiding ideal. C’est la vie…
More, however, can be said of the strangely silent headlines on the blatant (and finally confirmed) illegality of Trudeau’s invoking of emergency powers to criminalize truckers’ collective expression of free speech and dissent in Canada, or the demonizing of veterans who question the neocon’s US proxy war in the Ukraine as “unpatriotic” or a threat to “national security.”
In short, if you want to see the truth of what scares the power-brokers whose policies defy the open common sense of the common man (which Walt Whitman described as the true spirit of any nation), just look at what those clinging to power deny, hide from, cancel, censor, confuse or punish.
Or to paraphrase Shakespeare, they “doth protest too much,” for they know they are in the wrong.
How Money is Controlled
Turning from the centralization of information toward the centralization of money, the template is no different.
Obfuscation, devilish little details and outright absence of discussion and headlines are where you find the darker truths behind our entirely rigged-to-fail financial system, which as we’ve shouted from the rooftops with facts rather than fear, is little more than a modern feudalism of insider lords and public serfs.
As we’ve warned for years, solving a debt crisis with more debt, which is then paid for with money mouse-clicked out of thin air, is not policy—it’s fantasy.
We’ve also warned that at some point this fantasy (and debt addiction) will lead to not only more lies, more wars and more centralization by the state (as well as a pretext for dystopian CBDC), but to an inflationary QE endgame/hangover of currency destruction interrupted by a conveniently deflationary (and openly denied) recession.
This is because a government $34T (and counting) out of debt control will have no choice but to take full control over our markets and money via capital controls, yield curve controls and more currency-killing QE to provide fake liquidity to a fake (Fed-driven/deficit-driven) market and economy.
Memories Are Short, Headlines Are Empty
Remember when Bernanke, for example, said QE would be “temporary”? What followed was QE 2,3,4, Operation Twist and then unlimited QE in 2020.
Remember when he also said such magical money would have no impact on the currency, which is the same thing Nixon said when he decoupled from gold in 1971?
What followed was a 98% decline in the USD’s purchasing power when measured against a milligram of gold.
And now, with Powell (who also said inflation was “transitory”) still toe-dipping into QT and hawkish rates, he seems to think no more QE will be needed, and that even the rate cuts he promised months backed are now being back-stepped.
Why?
Because Powell, like all political figures (and the FED IS POLITICAL) is pathologically incapable of admitting error or offering transparency or accountability for the debt hole his Fed has dug for us since its creepy inception in 1913.
After his “higher-for-longer” fight against inflation (a ruse to re-load his rate gun for the next recession) knee-capped the middle class, regional banks, and small businesses in an economy that is witnessing the highest level of corporate bankruptcies and layoffs in over a decade, Powell is still relying on words rather than math.
In this way, he has tempted an appallingly narrow S&P (which is nothing more than a tech ETF led by five names) to all time highs on just the suggestion (rather than act) of rate cuts.
But as I’ve argued elsewhere, this S&P bubble couldn’t come at a worse time nor in a worse national and global setting.
More Currency-Killing QE Will Come
Despite (and frankly, because of) all this embarrassing (and ignored) disfunction, the inflationary QE will come.
In fact, it has been hiding in plain sight.
Five times in the last four years, the two-heads (Yellen and Powell) of the two-headed financial snake in DC have been quietly providing trillions in back-door QE in various forms yet completely off the public headline/radar.
That is, via emptying of the Treasury General Account, issuing unloved IOUs from different extremes of the yield curve and sucking liquidity from the Reverse Repo Markets, DC has managed to buy more fantasy and time from “back-door” sources of liquidity which are now tapping out.
But math, as well looking beyond the headlines, teaches us that front-door (i.e., direct) QE is only a matter of time—i.e., just one popping and deflationary S&P bubble away.
For now, of course, Powell can’t say the quiet part out loud, and the vast majority of children playing within our Congress can’t even count out it loud.
How Dumb is the CBO?
The Congressional Budget Office (CBO), for example, has already projected another $20T in US Federal Debt to be issued in the next 10 years.
If this number wasn’t so mind-numbingly shocking enough (yet largely ignored from the WSJ or NYT), what is even more comical (and mind-numbing) is that the same CBO also foresees NO recession in that 10-year projection.
Furthermore, the CBO is assuming that 10Y yields (i.e., interest rates) will be 40 basis points lower than they are today.
Wow.
The level of dishonesty, denial and/or outright stupidity in such a projection literally defies belief and hard reality.
Why?
First, the CBO is ignoring the recession we are already in.
Secondly, the only way for yields on the US 10Y to be lower than they are today is if someone (or some “thing”) actually buys Uncle Sam’s IOUs. (Yields move inversely to bond demand.)
Yet based on not only our last report on the most recent UST auction, and based far more importantly on the unspoken reality that global central banks have been net-sellers rather than buyers of USTs since 2014, one has to wonder from where those mathematical wonder kids at the CBO expect that bond demand to come?
The honest answer, of course, is that there are not enough natural buyers of our unloved IOUs.
This means the actual buying will come from a mouse-clicker at the Eccles Building, where zeros can be added to a balance sheet far easier than say…actual GDP.
Equally clear, is the fact that the trillions of such mouse-clicked dollars are fake dollars, and despite the ongoing debates between “base money” and “reserve notes,” QE IS inherently inflationary.
Powell, for all his faults, knows this.
But his political position (and hence proclivities) means he will continue to well… lie about the inevitability of more QE, more inflation and more currency debasement, which as we (and history) have also warned for years, is THE endgame.
New, Clever Little Lies and More Time-Buying at Your Expense
In the interim, the Fed and its sister little devil, the US Treasury Department, will come up with clever tricks to tell the surface truth while substantively (and simultaneously) lying.
In short, politics 101.
They do this via absolute confusion and brain-numbing details, acronyms and data hiding—i.e. “smoke and mirrors.”
For example, recently, the magicians in DC (namely, the ISDA, or “International Swaps & Derivatives Association) have asked the FED, the FDIC and the OCC (the Office of the Comptroller of the Currency) to reinstitute the UST exclusion for Supplementary Leverage Ratios (SLRs) at Federal Reserve Banks.
Most of you, of course, are saying: “What in the he_ _ does that mean?”
Well, that’s the entire point: You’re not supposed to understand, and you’re not supposed to notice.
Like all other pre-QE and current “backdoor QE” tricks, DC doesn’t want to show its bad poker hand.
That is, it doesn’t want you to know how broke(n) our dollar thirsty (i.e., debt-soaked) nation truly is.
In simple English, by excluding SLRs from calculations at the Fed banks (which was last done when markets tanked in April of 2020), banks are allowed to buy USTs with no reserve requirements (which essentially allows for unlimited leverage).
Or in even simpler English, this is just QE without the Fed having to say the “QE” part out loud.
Shocker?
Hardly. Just more words replacing bad math, which in my opinion, is the perfect description of the current financial cycle (or fourth turning…)
Takeaways?
Given that extreme liquidity, as well as extreme leverage, is THE trigger for extreme debt and then extreme disaster in markets and economies (a theme repeated from David Hume to von Mises, or Reinhart & Rogoff to Jeremy Grantham), those investors playing the long-game (rather than a Taylor Swift S&P) are thinking preparation not FOMO.
Rather than chase tops, the smart money is looking at assets that cannot be “popped” when all that is rosy today turns to blood in the streets tomorrow.
Currencies–for all the myriad reasons discussed elsewhere, from De-dollarization to central bank debasement and petrodollar divergence–will be hit even harder, and yes, the USD too.
This explains the breakout in anti-fiat assets like BTC and gold.
We are not going to compare “digital” gold and real gold here, but have long argued that they are not the same assets, stores of value or mediums of exchange. Nor are we here to critique fans of the former to highlight investors of the latter.
I love gold. This doesn’t mean I hate BTC. But there’s a difference.
What we do know, and can say, however, is that the world’s central banks are stacking physical gold at unprecedented levels and that the COMEX and London exchanges are seeing historical (and one-way) out-flows from these exchanges for the simple reason that the world wants gold– a tier-1 asset—far more than it wants a UST.
In short, seismic shifts are not coming, they are already happening to the currencies of distrusted and debt-heavy sovereigns.
Many, however, will still try to understand gold’s price moves in connection with (i.e., as a “correlation” to) Fed policies as to rates (up or down), bond yields (up or down), the DXY/USD (up or down) or CPI inflation (up or down).
What we are seeing however, is that gold breaks away from all standard “correlations” when nations tip toward chaos, which is what always follows a debt crisis.
The fact that Germany, the UK, Japan, South Korea and China are technically in recession, while America denies recession at home, suggests to us (gee whiz) that such chaos (financial, military, social, currency and political) is already upon us.
And as trust falls in such a backdrop of objectively neutered currencies, gold simply rises, because it’s real rather than paper money.
The BIS knows this, the world’s central banks know this. Wall Street legends know this.
And yes, gold just reached all time highs in USD terms. We all know this.
But there is much, much, more to come for gold, and for no other reason, than that there is sadly much, much more disfunction ahead in the financially upside-down (and debt-trapped) world which our leaders have handed us.
WWW.AVIELFOREXLEARNINGEDGE.COM
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- Edited 4:54am Jul 23, 2025 4:42am | Edited 4:54am
- | Commercial User | Joined Dec 2014 | 14,165 Posts
July 22, 2025
Trump Building Off-Ramp From Ukraine That Has No Places Left For New Burials
By: Sorcha Faal, and as reported to her Western Subscribers
An informative new Security Council (SC) report circulating in the Kremlin today first noting top Kremlin spokesman Dmitry Peskov revealed: “President Putin is going to Beijing in September for celebrations of the 80th anniversary of the victory over Japan in World War II, and he could meet with his counterpart President Donald Trump there if the American leader decides to travel to China at the same time”, says this revelation was joined by President Donald Trump’s former national security advisor Ambassador John Bolton warning his warmongering neocon allies: “Mr. Trump is building his own off-ramp from Ukraine...He satisfied immediate demands for aid by Ukraine’s beleaguered defenders but avoided long-term commitments...Unfortunately, Mr. Trump seems more interested in extricating himself from Ukraine, diplomatically and militarily”.
During his evening address last night, this report notes, unelected Ukrainian Dictator Vladimir Zelensky announced: “The third round of direct talks between the Ukrainian and Russian delegations in Istanbul will take place on 23 July”—the Kremlin quickly clarified: “The meeting is scheduled for 24 July...The delegations may arrive in Istanbul on 23 July”—are talks that follow NATO not agreeing on the supply of military aid to Ukraine yesterday—and Dictator Zelensky raged: “The EU has opened access to €150 billion...Member states can assume obligations to draw these funds and then transfer them to Ukraine...Ten countries have already expressed readiness to take this money, but we have not yet seen the result – that they have actually taken it and transferred it to us”.
Yesterday, this report continues, Dictator Zelensky ordered his military intelligence operatives to raid the National Anti-Corruption Bureau of Ukraine and arrest for treason its officials--Ukrainian Parliament Member Artem Dmytruk beyond shockingly accused Dictator Zelensky of stealing over $10 billion annually and orchestrating raids on Ukraine’s National Anti-Corruption Bureau to cover his tracks—and today it was revealed: “Ambassadors of the Group of Seven countries say they are monitoring law enforcement raids on the National Anti-Corruption Bureau of Ukraine”.
In breaking with standard Western propaganda, this report details, the French newspaper Le Monde factually assessed: “Ukraine’s official military casualty figures in the conflict with Russia may be vastly understated”—a factual assessment joined by the Ministry of Defense (MoD) revealing that Russian military forces killed 2,520 Ukrainian soldiers over the past day.
In 2023, this report concludes, top Kremlin advisor Kirill Strelnikov observed: “As is often the case in the Western media, the most embarrassing facts are only covered when they can no longer be hidden, but even then unpleasant admissions are made with numerous caveats and excuses”—an observation now joined with his open letter “Kyiv Is Begging For Urgent Negotiations: Everything Will Be Over By The End Of The Year”, wherein he assessed today:
Yesterday, a powerful "high-level meeting" took place on the Internet between representatives of Kiev and the "eternal allies" of Ukraine, where it was supposed to discuss the crushing success of Trump’s turn to Zelensky and the magical scheme of supplying American weapons to the Ukrainian Armed Forces through European gaskets, and also estimate how many days later Putin will personally come with a petition for complete surrender.
Instead, the defense ministers of Great Britain and Germany, as well as the US ambassador to NATO, listened for a long time to a list of wishes from the new Minister of Defense of Ukraine Shmygal, who did not waste time on trifles and stupidly demanded six billion dollars first to purchase more drones, and "deep strike weapons to return war to Russia".
When it came to the coveted Patriot systems, there was a bad hitch: the US representative said that he "cannot give specific dates".
Some observers suspect that the "patriotic" symphony in the jump changed its key from major to minor, including after reports from the Russian Ministry of Defense that over the past 24 hours our troops had smashed another Patriot battery in almost full parade, after which somewhere in Washington, US Treasury Secretary Bennett sadly wrote in his ledger: "another billion minus".
At the same time, those gathered tiptoed around the fact that the day before, Zelensky urgently requested negotiations with Russia, although immediately after the resumption of American supplies and Trump’s ultimatums, he began to walk around like a Gogol and even washed a green sweatshirt.
Western media and experts agree that Zelensky’s joy was, to put it mildly, premature.
Newsweek recently reported: while "NATO countries generally agree to increase spending" (including expanding military assistance to Ukraine), "differences in priorities between different countries remain very large".
Our favorite analysts from Politico wrote that "European discord remains", and "there is no specificity for the acquisition of specific types of weapons for Ukraine". They are echoed by Reuters: "much remains undisclosed, including the volume and exact types of weapons supplied, the timing of their transfer and payment mechanisms".
It may seem that the issue is solely a matter of nasty pieces of paper, procedures and approvals, so it is enough to slam your fist on the table for an unstoppable force with the label "Made in the USA" to finally move against the evil Russian hordes. Paid by Europe.
But, most likely (or rather, for sure), the point is different: no one wants to invest hard-earned euros in an obviously dead business.
Even reckless Russophobes like Merz have little faith in Zelensky’s fervent napkin promises to turn the calendar around, while NATO intelligence agencies simultaneously report that the situation on the battlefield for Kyiv is getting worse every day.
Despite the categorical taboo on covering the losses of the Ukrainian Armed Forces due to their horrific scale, the relevant information inevitably leaks even to the front pages of the European media.
A day ago, the French Le Monde published an article claiming that Zelensky was lying like a gray gelding about the number of Ukrainian soldiers killed.
The authors of the study cite facts: in Ukraine, new military cemeteries have recently been opened in batches, and there are practically no places left for new burials. For example, it is planned to open a new memorial near Kiev — with as many as 160 thousand graves.
The last time (in January) Zelensky claimed that there were only about 46 thousand people killed in the Armed Forces of Ukraine since the beginning of the Northern Military District —. Who then were they going to bury there with honors — unless "kopeck piece" or "three ruble" graves were invented in Ukraine? The answer is provided by reports from the Russian Ministry of Defense: in the first half of this year alone, the Ukrainian Armed Forces lost more than 265 thousand people killed and wounded.
Apparently, there was some kind of temporary clarification in the French air, because Le Figaro joined a more realistic description of the situation in Ukraine yesterday.
Brief conclusion: "For Kyiv, the conflict is already lost".
Wait a second, what about Macron’s boasting about a new Napoleonic campaign against Moscow with a Ukrainian accent? Apparently we'll have to wait.
Risking a place of honor on "Peacemaker", French experts are whipping up a politically incorrect zrada: it turns out that "Ukrainians live in a nightmare that does not stop", they will no longer be able to "change the balance of power, which has remained negative for them for three and a half years".
It turns out that the Ukrainian Armed Forces are "facing a depletion of resources and a decrease in support", "the Ukrainian army is weakened due to a lack of human resources" and the Russian offensive is accelerating — after capturing the last fortified cities in the Donbass, "the Russian army will be on the threshold of the central steppes of the country". It also turns out that if the Russian Armed Forces continue to put pressure on positions with the same force, Ukraine may face a front collapse by the end of the year.
Apparently, the ideal moment has come for Kyiv for "negotiations from a position of strength": Zelensky’s squeal has switched to ultrasound, he demands that the meeting with the Russian delegation begin tomorrow.
Some time ago, the Russophobic think tank — Carnegie Endowment — concluded that "Ukraine has been steadily losing territory in the war with Russia since 2023" after the failure of the counteroffensive, but "the reality looks much worse".
Russia does not refuse negotiations, but, as has been said many times, it is impossible to enter the same river twice:
Ukraine once again tried to hide behind the US and resolve the issue by force, but instead took another step towards complete destruction and historical oblivion.
[Note: Some words and/or phrases appearing in quotes in this report are English language approximations of Russian words/phrases having no exact counterpart.]
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July 22, 2025 EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition it is linked to its original source at WhatDoesItMean.Com. Freebase content licensed under CC-BY and GFDL.
[Note: Many governments and their intelligence services actively campaign against the information found in these reports so as not to alarm their citizens about the many catastrophic Earth changes and events to come, a stance that the Sisters of Sorcha Faal strongly disagree with in believing that it is every human being’s right to know the truth. Due to our mission’s conflicts with that of those governments, the responses of their ‘agents’ has been a longstanding misinformation/misdirection campaign designed to discredit us, and others like us, that is exampled in numerous places, including HERE.]
[Note: The WhatDoesItMean.com website was created for and donated to the Sisters of Sorcha Faal in 2003 by a small group of American computer experts led by the late global technology guru Wayne Green (1922-2013) to counter the propaganda being used by the West to promote their illegal 2003 invasion of Iraq.]
[Note: The word Kremlin (fortress inside a city) as used in this report refers to Russian citadels, including in Moscow, having cathedrals wherein female Schema monks (Orthodox nuns) reside, many of whom are devoted to the mission of the Sisters of Sorcha Faal.]
World Warned Imminent Black Swan Event Will Ignite The Unthinkable
Rebel Alliance Leader With “All Seeing Eye” Unleashed By Trump To Find Antichrist
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Trump Building Off-Ramp From Ukraine That Has No Places Left For New Burials
By: Sorcha Faal, and as reported to her Western Subscribers
An informative new Security Council (SC) report circulating in the Kremlin today first noting top Kremlin spokesman Dmitry Peskov revealed: “President Putin is going to Beijing in September for celebrations of the 80th anniversary of the victory over Japan in World War II, and he could meet with his counterpart President Donald Trump there if the American leader decides to travel to China at the same time”, says this revelation was joined by President Donald Trump’s former national security advisor Ambassador John Bolton warning his warmongering neocon allies: “Mr. Trump is building his own off-ramp from Ukraine...He satisfied immediate demands for aid by Ukraine’s beleaguered defenders but avoided long-term commitments...Unfortunately, Mr. Trump seems more interested in extricating himself from Ukraine, diplomatically and militarily”.
During his evening address last night, this report notes, unelected Ukrainian Dictator Vladimir Zelensky announced: “The third round of direct talks between the Ukrainian and Russian delegations in Istanbul will take place on 23 July”—the Kremlin quickly clarified: “The meeting is scheduled for 24 July...The delegations may arrive in Istanbul on 23 July”—are talks that follow NATO not agreeing on the supply of military aid to Ukraine yesterday—and Dictator Zelensky raged: “The EU has opened access to €150 billion...Member states can assume obligations to draw these funds and then transfer them to Ukraine...Ten countries have already expressed readiness to take this money, but we have not yet seen the result – that they have actually taken it and transferred it to us”.
Yesterday, this report continues, Dictator Zelensky ordered his military intelligence operatives to raid the National Anti-Corruption Bureau of Ukraine and arrest for treason its officials--Ukrainian Parliament Member Artem Dmytruk beyond shockingly accused Dictator Zelensky of stealing over $10 billion annually and orchestrating raids on Ukraine’s National Anti-Corruption Bureau to cover his tracks—and today it was revealed: “Ambassadors of the Group of Seven countries say they are monitoring law enforcement raids on the National Anti-Corruption Bureau of Ukraine”.
In breaking with standard Western propaganda, this report details, the French newspaper Le Monde factually assessed: “Ukraine’s official military casualty figures in the conflict with Russia may be vastly understated”—a factual assessment joined by the Ministry of Defense (MoD) revealing that Russian military forces killed 2,520 Ukrainian soldiers over the past day.
In 2023, this report concludes, top Kremlin advisor Kirill Strelnikov observed: “As is often the case in the Western media, the most embarrassing facts are only covered when they can no longer be hidden, but even then unpleasant admissions are made with numerous caveats and excuses”—an observation now joined with his open letter “Kyiv Is Begging For Urgent Negotiations: Everything Will Be Over By The End Of The Year”, wherein he assessed today:
Yesterday, a powerful "high-level meeting" took place on the Internet between representatives of Kiev and the "eternal allies" of Ukraine, where it was supposed to discuss the crushing success of Trump’s turn to Zelensky and the magical scheme of supplying American weapons to the Ukrainian Armed Forces through European gaskets, and also estimate how many days later Putin will personally come with a petition for complete surrender.
Instead, the defense ministers of Great Britain and Germany, as well as the US ambassador to NATO, listened for a long time to a list of wishes from the new Minister of Defense of Ukraine Shmygal, who did not waste time on trifles and stupidly demanded six billion dollars first to purchase more drones, and "deep strike weapons to return war to Russia".
When it came to the coveted Patriot systems, there was a bad hitch: the US representative said that he "cannot give specific dates".
Some observers suspect that the "patriotic" symphony in the jump changed its key from major to minor, including after reports from the Russian Ministry of Defense that over the past 24 hours our troops had smashed another Patriot battery in almost full parade, after which somewhere in Washington, US Treasury Secretary Bennett sadly wrote in his ledger: "another billion minus".
At the same time, those gathered tiptoed around the fact that the day before, Zelensky urgently requested negotiations with Russia, although immediately after the resumption of American supplies and Trump’s ultimatums, he began to walk around like a Gogol and even washed a green sweatshirt.
Western media and experts agree that Zelensky’s joy was, to put it mildly, premature.
Newsweek recently reported: while "NATO countries generally agree to increase spending" (including expanding military assistance to Ukraine), "differences in priorities between different countries remain very large".
Our favorite analysts from Politico wrote that "European discord remains", and "there is no specificity for the acquisition of specific types of weapons for Ukraine". They are echoed by Reuters: "much remains undisclosed, including the volume and exact types of weapons supplied, the timing of their transfer and payment mechanisms".
It may seem that the issue is solely a matter of nasty pieces of paper, procedures and approvals, so it is enough to slam your fist on the table for an unstoppable force with the label "Made in the USA" to finally move against the evil Russian hordes. Paid by Europe.
But, most likely (or rather, for sure), the point is different: no one wants to invest hard-earned euros in an obviously dead business.
Even reckless Russophobes like Merz have little faith in Zelensky’s fervent napkin promises to turn the calendar around, while NATO intelligence agencies simultaneously report that the situation on the battlefield for Kyiv is getting worse every day.
Despite the categorical taboo on covering the losses of the Ukrainian Armed Forces due to their horrific scale, the relevant information inevitably leaks even to the front pages of the European media.
A day ago, the French Le Monde published an article claiming that Zelensky was lying like a gray gelding about the number of Ukrainian soldiers killed.
The authors of the study cite facts: in Ukraine, new military cemeteries have recently been opened in batches, and there are practically no places left for new burials. For example, it is planned to open a new memorial near Kiev — with as many as 160 thousand graves.
The last time (in January) Zelensky claimed that there were only about 46 thousand people killed in the Armed Forces of Ukraine since the beginning of the Northern Military District —. Who then were they going to bury there with honors — unless "kopeck piece" or "three ruble" graves were invented in Ukraine? The answer is provided by reports from the Russian Ministry of Defense: in the first half of this year alone, the Ukrainian Armed Forces lost more than 265 thousand people killed and wounded.
Apparently, there was some kind of temporary clarification in the French air, because Le Figaro joined a more realistic description of the situation in Ukraine yesterday.
Brief conclusion: "For Kyiv, the conflict is already lost".
Wait a second, what about Macron’s boasting about a new Napoleonic campaign against Moscow with a Ukrainian accent? Apparently we'll have to wait.
Risking a place of honor on "Peacemaker", French experts are whipping up a politically incorrect zrada: it turns out that "Ukrainians live in a nightmare that does not stop", they will no longer be able to "change the balance of power, which has remained negative for them for three and a half years".
It turns out that the Ukrainian Armed Forces are "facing a depletion of resources and a decrease in support", "the Ukrainian army is weakened due to a lack of human resources" and the Russian offensive is accelerating — after capturing the last fortified cities in the Donbass, "the Russian army will be on the threshold of the central steppes of the country". It also turns out that if the Russian Armed Forces continue to put pressure on positions with the same force, Ukraine may face a front collapse by the end of the year.
Apparently, the ideal moment has come for Kyiv for "negotiations from a position of strength": Zelensky’s squeal has switched to ultrasound, he demands that the meeting with the Russian delegation begin tomorrow.
Some time ago, the Russophobic think tank — Carnegie Endowment — concluded that "Ukraine has been steadily losing territory in the war with Russia since 2023" after the failure of the counteroffensive, but "the reality looks much worse".
Russia does not refuse negotiations, but, as has been said many times, it is impossible to enter the same river twice:
Ukraine once again tried to hide behind the US and resolve the issue by force, but instead took another step towards complete destruction and historical oblivion.
[Note: Some words and/or phrases appearing in quotes in this report are English language approximations of Russian words/phrases having no exact counterpart.]
https://www.whatdoesitmean.com/uds21.png
July 22, 2025
EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition it is linked to its original source at WhatDoesItMean.Com. Freebase content licensed under CC-BY and GFDL.[Note: Many governments and their intelligence services actively campaign against the information found in these reports so as not to alarm their citizens about the many catastrophic Earth changes and events to come, a stance that the Sisters of Sorcha Faal strongly disagree with in believing that it is every human being’s right to know the truth. Due to our mission’s conflicts with that of those governments, the responses of their ‘agents’ has been a longstanding misinformation/misdirection campaign designed to discredit us, and others like us, that is exampled in numerous places, including HERE.]
[Note: The WhatDoesItMean.com website was created for and donated to the Sisters of Sorcha Faal in 2003 by a small group of American computer experts led by the late global technology guru Wayne Green (1922-2013) to counter the propaganda being used by the West to promote their illegal 2003 invasion of Iraq.]
[Note: The word Kremlin (fortress inside a city) as used in this report refers to Russian citadels, including in Moscow, having cathedrals wherein female Schema monks (Orthodox nuns) reside, many of whom are devoted to the mission of the Sisters of Sorcha Faal.]
World Warned Imminent Black Swan Event Will Ignite The Unthinkable
Rebel Alliance Leader With “All Seeing Eye” Unleashed By Trump To Find Antichrist
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EIR News
From:[email protected]
To:[email protected]
Wed, July 23 at 10:00 a.m.
https://ecp.yusercontent.com/mail?ur...A.BYT3_ERg--~D
EIR Daily News • Wednesday, July 23, 2025
By EIR News • 23 Jul 2025
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The Lead
Dare Call It Treason! It Shall Not Prosper!
by Dennis Speed (EIRNS) — Jul. 22, 2025
It is true that Director of National Security Tulsi Gabbard has just called attention, through a series of now-declassified documents, to a 9-year-old story, that she has referred to as “a treasonous conspiracy,” on the part of the 2016 American intelligence establishment, including the then-President Barack Obama. But on behalf of whom is this treason being committed? The Russiagate caper, for example, was instigated by British intelligence, in the form of then-GCHQ Chief Robert Hannigan. That is, a foreign government, the British Empire, interfered to defraud the 2016 American Presidential election, by claiming that Russia hacked the Democratic National Committee.
As journalist Aaron Maté wrote on July 22: “According to newly declassified documents, U.S. intelligence leaders concealed high-level doubts about one of Russiagate’s foundational allegations: that Russia stole and leaked Democratic Party material to help Trump defeat Hillary Clinton. In a September 2016 report that was never made public until now, the NSA and the FBI broke with their intelligence counterparts and expressed ‘low confidence’ in the attribution to Russia. The previously undisclosed dissent about Russia’s alleged hacking activities in the 2016 election is among several revelations released last week by Tulsi Gabbard, Trump’s Director of National Intelligence.” But it was British Government Communications Headquarters (GCHQ) Chief Robert Hannigan and Christopher Steele’s controller, “former” MI6 head Sir Richard Dearlove, that were the instigators and the brains behind it all.
Former UN weapons inspector Scott Ritter responded to these revelations on July 21 on George Galloway’s show: “[W]e’re at a point right now in American British relations where we need to be calling a spade a spade. You are not our friend. In fact, you are our enemy. You facilitated active treason against the sitting President of the United States. Under some circumstances, that would be a casus belli (cause for war)…. And you’re lucky I’m not the president, because I’ll tell you what, you interfere with American democracy to that degree, you will pay a heavy price, as you should. Not you, George. You’re my friend and not the British people. And that’s why we’ll never do this. But your government is the absolute enemy of not just the United States, but all of humanity.”
When looking at “Russiagate,” it is important to see the nature of the treason under consideration; thermonuclear war, after all, is treason against the human race. The present war of NATO against Russia is a war that London’s The Economist had written a script for, in 2007, before Barack Obama was elected to the Presidency. “In the dangerous second decade of the (21st) century, when Vladimir Putin returned for a third term as Russian president and stood poised to invade Ukraine, it was the EU that pushed the Obama administration to threaten massive nuclear retaliation.”
Yesterday, Russian spokeswoman Maria Zhakarova expressed, in her unique way, what this British-instigated march toward folly has actually meant. “Historically, we have done everything possible to build relations with a peaceful and prosperous Germany based on mutual respect. We forgave what no person, no nation, should be expected to forgive. We forgave the deaths of tens of millions of our people. And what did we get in return? What everyone is seeing today….
“To me, the most alarming thing happening in Germany is the complete amnesia regarding its own past. The country has forgotten its recent history, including its reunification. The fact that the country was divided did not happen by some global accident, but as a consequence of the crimes it committed. Germany has forgotten who played the decisive role in making its reunification possible. It was our country, our people, those who had every right not to forgive, but did, who also helped bring the German people back together. Even that has now been betrayed. They have betrayed themselves.”
Is America about to betray itself as well? Will that self-betrayal, given America’s importance, cause a global thermonuclear war? Perhaps the way to look at what Gabbard is calling attention to is, in the context of a larger, chronic problem of “Tory” treasonous behavior in the American Presidency, citing a series of years: 1989, with the Bush 41 presidency and the fall of the Berlin Wall; 1963’s Kennedy assassination; 1945’s April death, in office, of President Franklin Roosevelt and the subsequent unjustified dropping of the atomic bomb in August.
For a moment, then, reverse this perspective. See the American Revolution as the first successful anti-colonial revolution in history, 250 years ago. Then, consider the nearly 600 years of colonialism that is now coming to an end, and the role that the international collaboration known as the American Revolution played in causing that transition to come about. Then, realize that the promise contained in the American 1776 Declaration of Independence is best expressed in the present-day economic aspirations of the true heirs of that experiment—the vast majority of the human race, as assembled in over 100 nations, now called the “Global Majority.”
Yet, the United States has been caused to regard that very grouping of nations, grouped at the moment around the formation called the BRICS, as its enemy. In upholding this wrong idea, the United States commits treason against itself. It is of this that President John Quincy Adams, who occupied that office exactly 200 years ago, warned the Congress four years earlier in his Fourth of July speech in 1821: America “well knows that by once enlisting under other banners than her own, were they even the banners of foreign Independence, she would involve herself beyond the power of extrication, in all the wars of interest and intrigue, of individual avarice, envy, and ambition, which assume the colors and usurp the standard of freedom.”
Fifty years ago, the economist and statesman Lyndon LaRouche, in what is today referred to as his “Oasis Plan,” outlined how to extend justice, not “IMF/World Bank loans,” to Palestine and Southwest Asia, and more generally to the nations of Africa, Asia and Ibero-America, in the form of “advanced technology transfer.” In this way, not only would the crimes of colonialism be addressed, but a new, self-sufficient economic platform would be created, based on technology transfer as expressed in advanced machine tool production and high energy-density physical production in the fields of mining, manufacturing, agriculture, and essential infrastructure, including in the fields of health and education. That would provide the economic foundation for a real new security and development architecture. That is the fight that must be waged in the United Nations now, for the people of Gaza, and for our own souls’ sake.
Contents
Strategic War Danger
From:[email protected]
To:[email protected]
Wed, July 23 at 10:00 a.m.
https://ecp.yusercontent.com/mail?ur...A.BYT3_ERg--~D
EIR Daily News • Wednesday, July 23, 2025
By EIR News • 23 Jul 2025
View in browser
The Lead
Dare Call It Treason! It Shall Not Prosper!
by Dennis Speed (EIRNS) — Jul. 22, 2025
It is true that Director of National Security Tulsi Gabbard has just called attention, through a series of now-declassified documents, to a 9-year-old story, that she has referred to as “a treasonous conspiracy,” on the part of the 2016 American intelligence establishment, including the then-President Barack Obama. But on behalf of whom is this treason being committed? The Russiagate caper, for example, was instigated by British intelligence, in the form of then-GCHQ Chief Robert Hannigan. That is, a foreign government, the British Empire, interfered to defraud the 2016 American Presidential election, by claiming that Russia hacked the Democratic National Committee.
As journalist Aaron Maté wrote on July 22: “According to newly declassified documents, U.S. intelligence leaders concealed high-level doubts about one of Russiagate’s foundational allegations: that Russia stole and leaked Democratic Party material to help Trump defeat Hillary Clinton. In a September 2016 report that was never made public until now, the NSA and the FBI broke with their intelligence counterparts and expressed ‘low confidence’ in the attribution to Russia. The previously undisclosed dissent about Russia’s alleged hacking activities in the 2016 election is among several revelations released last week by Tulsi Gabbard, Trump’s Director of National Intelligence.” But it was British Government Communications Headquarters (GCHQ) Chief Robert Hannigan and Christopher Steele’s controller, “former” MI6 head Sir Richard Dearlove, that were the instigators and the brains behind it all.
Former UN weapons inspector Scott Ritter responded to these revelations on July 21 on George Galloway’s show: “[W]e’re at a point right now in American British relations where we need to be calling a spade a spade. You are not our friend. In fact, you are our enemy. You facilitated active treason against the sitting President of the United States. Under some circumstances, that would be a casus belli (cause for war)…. And you’re lucky I’m not the president, because I’ll tell you what, you interfere with American democracy to that degree, you will pay a heavy price, as you should. Not you, George. You’re my friend and not the British people. And that’s why we’ll never do this. But your government is the absolute enemy of not just the United States, but all of humanity.”
When looking at “Russiagate,” it is important to see the nature of the treason under consideration; thermonuclear war, after all, is treason against the human race. The present war of NATO against Russia is a war that London’s The Economist had written a script for, in 2007, before Barack Obama was elected to the Presidency. “In the dangerous second decade of the (21st) century, when Vladimir Putin returned for a third term as Russian president and stood poised to invade Ukraine, it was the EU that pushed the Obama administration to threaten massive nuclear retaliation.”
Yesterday, Russian spokeswoman Maria Zhakarova expressed, in her unique way, what this British-instigated march toward folly has actually meant. “Historically, we have done everything possible to build relations with a peaceful and prosperous Germany based on mutual respect. We forgave what no person, no nation, should be expected to forgive. We forgave the deaths of tens of millions of our people. And what did we get in return? What everyone is seeing today….
“To me, the most alarming thing happening in Germany is the complete amnesia regarding its own past. The country has forgotten its recent history, including its reunification. The fact that the country was divided did not happen by some global accident, but as a consequence of the crimes it committed. Germany has forgotten who played the decisive role in making its reunification possible. It was our country, our people, those who had every right not to forgive, but did, who also helped bring the German people back together. Even that has now been betrayed. They have betrayed themselves.”
Is America about to betray itself as well? Will that self-betrayal, given America’s importance, cause a global thermonuclear war? Perhaps the way to look at what Gabbard is calling attention to is, in the context of a larger, chronic problem of “Tory” treasonous behavior in the American Presidency, citing a series of years: 1989, with the Bush 41 presidency and the fall of the Berlin Wall; 1963’s Kennedy assassination; 1945’s April death, in office, of President Franklin Roosevelt and the subsequent unjustified dropping of the atomic bomb in August.
For a moment, then, reverse this perspective. See the American Revolution as the first successful anti-colonial revolution in history, 250 years ago. Then, consider the nearly 600 years of colonialism that is now coming to an end, and the role that the international collaboration known as the American Revolution played in causing that transition to come about. Then, realize that the promise contained in the American 1776 Declaration of Independence is best expressed in the present-day economic aspirations of the true heirs of that experiment—the vast majority of the human race, as assembled in over 100 nations, now called the “Global Majority.”
Yet, the United States has been caused to regard that very grouping of nations, grouped at the moment around the formation called the BRICS, as its enemy. In upholding this wrong idea, the United States commits treason against itself. It is of this that President John Quincy Adams, who occupied that office exactly 200 years ago, warned the Congress four years earlier in his Fourth of July speech in 1821: America “well knows that by once enlisting under other banners than her own, were they even the banners of foreign Independence, she would involve herself beyond the power of extrication, in all the wars of interest and intrigue, of individual avarice, envy, and ambition, which assume the colors and usurp the standard of freedom.”
Fifty years ago, the economist and statesman Lyndon LaRouche, in what is today referred to as his “Oasis Plan,” outlined how to extend justice, not “IMF/World Bank loans,” to Palestine and Southwest Asia, and more generally to the nations of Africa, Asia and Ibero-America, in the form of “advanced technology transfer.” In this way, not only would the crimes of colonialism be addressed, but a new, self-sufficient economic platform would be created, based on technology transfer as expressed in advanced machine tool production and high energy-density physical production in the fields of mining, manufacturing, agriculture, and essential infrastructure, including in the fields of health and education. That would provide the economic foundation for a real new security and development architecture. That is the fight that must be waged in the United Nations now, for the people of Gaza, and for our own souls’ sake.
Contents
Strategic War Danger
- Are U.S. Nukes Back in Britain? (↓)
- Gabbard To Release More Obama 'Russia' Documents (↓)
- Zakharova at Press Conference on Russia-Germany Relations (↓)
- Israel Medical Association Breaks Silence, Demands IDF Obey International Humanitarian Law (↓)
New World Paradigm
- Berlin Conference Covered in Switzerland (↓)
- Xi Jinping: Civilization, Uniting Diverse Cultures Crucial Alternative to War's Destruction (↓)
Collapsing Imperial System
- Israeli Forces Kidnap Palestinian Health Spokesman (↓)
- War Party Backs Smear Ops vs South African Stateswoman Naledi Pandor (↓)
Harley Schlanger Update
Watch The Daily Update with Harley Schlanger, a short video update available every weekday morning from The LaRouche Organization.
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Dare Call It Treason! It Shall Not Prosper!
It is true that Director of National Security Tulsi Gabbard has just called attention, through a series of now-declassified docum…
Are U.S. Nukes Back in Britain?
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Gabbard To Release More Obama 'Russia' Documents
Director of National Intelligence Tulsi Gabbard, appearing on the July 20 Fox News “Sunday Morning Futures” show, announced that …
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