Celeron

[Barchart @Barchart]

Investors have given up on U.S. Treasuries 🚨 Allocations at all-time lows 📉📉

[Steve Hanke @steve_hanke]

Today, in a 50-48 vote, the U.S. Senate voted to limit Pres. Trump’s ability to conduct military operations against Iran without congressional authorization.

IT'S ABOUT TIME.

CONGRESS HAS FINALLY REALIZED THAT THE AMERICAN PUBLIC IS STRONGLY AGAINST THE US-ISRAELI WAR ON IRAN.

[Luke Gromen @LukeGromen]

Up 4x in 3 years, to a statistically significant % of global trade finance.

Via @WSJ

[Luke Gromen @LukeGromen]

Bessent just said on CNBC that the dollar invoicing of oil was a factor in Venezuela, Iran, and Ukraine/Russia policy decisions.

Such wrongthink was previously considered solely the purview of “conspiracy theorists.” 🤔

[Luke Gromen @LukeGromen]

18 years after socialist bailouts for TBTF banks, the political bill for those bailouts continues to grow.

Hard to make the case “the bailouts saved the system” and “socialism never works” without revealing some uncomfortable political truths about western social democracies.

[Edward Hirs @edhirs]

Just published today—a reminder that the U.S. is not “energy independent.”

[The Kobeissi Letter @KobeissiLetter]

US commercial crude oil inventories are reaching critical levels:

Crude inventories at Cushing, Oklahoma, the largest commercial storage hub in the US and the pricing point for WTI Crude, dropped -1.6 million barrels last week, to 20 million barrels, the lowest since 2014.

This marks the 8th consecutive weekly decline, totaling -8.3 million barrels.

As a result, Cushing now holds less than 2 days worth of US crude production, approaching the minimum level at which the facility can continue pumping oil efficiently.

Once inventories fall below ~20 million barrels, extracting crude becomes technically difficult and more costly, while oil quality can deteriorate due to water and sediment.

Meanwhile, the Strategic Petroleum Reserve is down to ~340 million barrels, the lowest since 1983, after 172 million barrels were released to contain war-driven fuel price increases.

US oil inventories down to levels rarely seen in modern energy markets.

[David Stockman @DA_Stockman]

Well, here's some math. Starlink is a profitable business with about $11 billion of sales and $3 billion of free cash flow. It might be worth $75 billion at a frisky multiple of 25X free cash flow.

The balance----the space launch business and the AI/data centers in space fantasy----has $7 billion of sales and NEGATIVE -$17 billion of free cash flow. So why is it worth anything, unless you are pricing a dream peddled by sell-side hucksters?!

In short, after trading up to $2 trillion based on $75 billion of tangible Starlink value, where's the remaining $1.925 trillion of it?

This isn't just the classical mania of the crowds. This is sui generis--- mass insanity in a casino that has been giving a lobotomy by three decades of money-printing madness at the Fed and its fellow-traveling central banks around the planet.

[Eric Nuttall @ericnuttall]

MOU confirms prior suspicions held by my best geopolitical friends: Iran will remain in control of the Strait, deciding who, how much, and at what cost oil will flow. Total US capitulation. SofH to never regain pre-war levels = tighter 🛢️market than optimistic consensus.

[Charlie Bilello @charliebilello]

SpaceX's market cap crossed above $3 trillion today in after hours trading.

That's higher than the market cap of Amazon ($2.65 trillion) & Microsoft ($2.97 trillion).

Microsoft Sales: $318 billion
Microsoft Net Income: $125 billion

Amazon Sales: $743 billion
Amazon Net Income: $91 billion

SpaceX Sales: $19 billion
SpaceX Net Income: -$9 billion

[Stephanie Kelton @StephanieKelton]

Creating trillionaires the old-fashioned way. One rate hike at a time.

[Ben Norton @BenjaminNorton]

Trump, a billionaire, did a meme coin rug pull to his own supporters, transferring $600-700 million of wealth from the MAGA base to his already wealthy family.

Argentina's right-wing President Javier Milei did the same to his supporters, promoting the Libra crypto pump-and-dump scheme.

They don't care a bit about their supporters. They see them as stupid losers -- which, honestly, they are, if they still support these crooks.

[Chief Nerd @TheChiefNerd]

KIRIAKOU: “The Israelis have always spied on the United States.”

THEO: “Do we spy on them also?”

KIRIAKOU: “No, that's written in stone at the CIA.”

THEO: “Why can't we spy on them?”

KIRIAKOU: “It's a political decision that's been made in the White House.”

[Steve Hanke @steve_hanke]

It’s been 44 years since Israel first invaded Lebanon and gave birth to Hezbollah.

Israel has tried to crush the Palestinians in Lebanon on 2 other occasions. All failed.

Now, Israel is at it again.

Lebanon reports that 9 Lebanese have been killed in the past 24 hrs. 

[Bloomberg @business]

China’s central bank extended its gold-buying streak in May, adding to holdings as prices of the precious metal remained under pressure https://t.co/szMR1a5Kxa

[Thomas Massie @RepThomasMassie]

On June 8, 2026, I’ll speak on the floor of the House to honor and memorialize the brave crew of the 🇺🇸 USS Liberty who died and were wounded in an unprovoked attack by 🇮🇱 Israel on June 8, 1967. Catch my speech on @cspan.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Global central banks acquired +17 tonnes of gold in April, the 2nd monthly purchase this year.

This marks a sharp reversal from March, when central banks sold -30 tonnes of gold driven by Turkey and Russia.

Poland led purchases at +14 tonnes, bringing its year-to-date total to +45 tonnes, with gold reserves now at 595 tonnes.

China added +8 tonnes, the biggest monthly addition since December 2024, bringing official gold reserves to a record 2,322 tonnes, or ~9% of total reserves.

China has now purchased gold for 18 consecutive months.

Central bank demand for gold remains incredibly strong.

[The Kobeissi Letter @KobeissiLetter]

American works are taking home a smaller percentage of corporate profits than ever before.

Employee compensation as a % of corporate GDP has fallen to ~54%, the lowest since records began in 1948.

In other words, workers are receiving ~54% of the income generated by corporations, while the remaining ~46% goes to profits, interest, taxes, depreciation, and other corporate income components.

At the same time, US corporate profits as a % of GDP are up to ~11.5%, the highest on record.

Since 2001, employee compensation as a % of corporate GDP has declined -10 points.

Over the same period, the corporate profits proportion of GDP has doubled.

Workers are keeping less of what they produce than at any point in history.

[Ounka @OunkaOnX]

Jimmy Dore: "We preach democracy to China. But we don't have democracy here - the oligarchs run everything. The Princeton study proved 90% of people's wishes never become law. Only the top 10% of wealthy matter.

In China, the government sits above capital. The economy works for the people. Here, capital sits above government. The economy works for billionaires"

[Murray Rothbard @MurraySuggests]

The Iranian navy, which has been destroyed eight times, has apparently closed the Strait of Hormuz again, because the United States, for the seventh time, won the war that wasn’t a war, so now the United States has to open the Strait of Hormuz that was already open before the not-war began.

The not-war began because Iran had uranium that was totally, completely, beautifully obliterated, so they can’t build the nuclear bomb they weren’t building, which is why the United States had to start the not-war it definitely didn’t start.

Now the United States, which has nuclear weapons, is threatening to use nuclear weapons to stop Iran from getting nuclear weapons, because nuclear weapons are far too dangerous for countries with nuclear weapons to allow other countries to have.

If the United States saw the United States doing what the United States does in other countries, the United States would invade the United States to liberate the United States from the tyranny of the United States.