Philip Pilkington

Chief Strategist @Dprivatinvestor. Author: ‘The Collapse of Global Liberalism’ and ‘Bust’. Host of the Multipolarity podcast, @MultipolarPod.

[Philip Pilkington @philippilk]

Did YOU follow the bullshit @JensenHuang meme war yesterday? Perhaps you thought the whole thing seemed really suss and there were bigger issues at play? Well, here are those bigger issues! 📺👇

[Mario Nawfal @MarioNawfal]

🇺🇸 Jensen Huang's scandal could trigger an AI meltdown, and a bigger war is brewing inside Washington

Economist Philip Pilkington believes the controversy is part of a much bigger battle over who controls the future of AI, and whether America should be competing with China or trying to shut it out.

And he suspects powerful interests are using it to settle that fight.

At the centre of the dispute is a fundamental disagreement over how America wins the AI race.

Jensen has argued that Nvidia should be allowed to sell advanced chips to China, maintaining its global market share and funding the next generation of technology.

But Philip says China hawks inside Washington want the opposite: tighter restrictions designed to keep Beijing behind.

Meanwhile, American AI companies are betting heavily on proprietary, closed-source models, while China is pursuing an increasingly open-source approach.

Philip believes Washington is backing the wrong strategy.

And the timing couldn't be worse.

A renewed U.S-China trade war could trigger Chinese restrictions on rare earth minerals, further pressure American technology companies and complicate Washington's position in the Middle East.

And Philip believes the wider AI market is already dangerously exposed.

And for Trump, the danger is that a fight intended to weaken China could end up damaging America's most important technology industry.

@philippilk

[Philip Pilkington @philippilk]

I didn’t highlight @owenjonesjourno for no reason: there was a cabal of LGBT activists in the mid-2010 that were promoting and enabling predators in British culture and politics. Owen can’t help himself: he keeps defending them. This culture is NORMAL to him. Sick. 🥴

[Owen Jones @owenjonesjourno]

Douglas Murray is a supporter of Donald Trump.

27 women have publicly accused Trump of sexual misconduct.

Trump was found liable for the sexual abuse of E. Jean Carroll by a New York civil trial.

Murray championed Trump after this was all in the public domain.

[Philip Pilkington @philippilk]

It was today when I found out that the Hungarian Prime Minister staged a suicide attempt in front of his then-wife. The guy is totally mental. It’s amazing he’s leading a European country. 🇭🇺

[Balázs Orbán @BalazsOrban_HU]

🚨 BREAKING: Hungarian PM Péter Magyar’s ex-wife delivers a powerful message: “The first step is not being afraid of Péter Magyar!”

Judit Varga, Hungary’s former Minister of Justice under Viktor Orbán, broke her silence today ahead of her hearing before the parliamentary investigative committee, delivering a striking message.

Let’s not forget: Magyar’s political rise was propelled by a secretly recorded conversation with his then-wife, captured in their family home and released publicly in March 2024. The recording was manipulated, and Magyar had used it to blackmail and intimidate her long before making it public. She has accused him of years of threats, humiliation and psychological abuse, even recalling that he staged a suicide attempt to terrorize her.

Varga was summoned as part of a parliamentary investigation into alleged corruption and abuses within Hungary’s judicial enforcement system. Varga has firmly rejected allegations linking her to wrongdoing, while a former chief prosecutor recently testified that investigators had found she can’t be linked to the alleged corruption.

Speaking out amid renewed political scrutiny, Varga urged Hungarians not to lose hope and delivered a deeply personal message:

“Sooner or later, a great many lies come crashing down. (…) And to those who are discouraged, I’d like to say: wait and hold on to hope. (…) Don’t let the hate emanating from [Péter Magyar] take the place of love in your hearts.”

Varga Judit’s testimony also casts a revealing light on Brussels’ preferred choice for Hungary’s prime minister. According to his former wife, Péter Magyar threatened her with criminal charges and imprisonment, repeatedly humiliated and verbally abused her at home, and manipulated a secretly recorded conversation. Her statements add another perspective to the public debate about who ultimately rose to power in Budapest and the political forces that supported his rise: „He humiliated and insulted me at home” - she added.

[Philip Pilkington @philippilk]

Japanese bonds getting blown out again. The US-Japan bankruptcy cycle continues to continue. 🇯🇵

[Lukas Ekwueme @ekwufinance]

Japanese interest rates are surging as it's becoming clear the Iran war isn't ending soon

Japan wanted inflation for decades...

Now that they've got it, they can't deal with it.

They can hike rates aggressively and blow up the yen carry trade.

Do nothing, or even lower rates, and blow up the yen.

Or sell USTs and drive up US rates and inflation.

With such a high debt-to-GDP ratio, there are no easy choices left.

The least painful option is to let inflation run hot.

We don't own enough gold for what's coming.

[Philip Pilkington @philippilk]

Iran are claiming to have captured a JASSM cruise missile and reverse engineered it. If true, how long before budget Temu versions are being sold on global markets? 🇺🇸🇮🇷

[Mason Letteau Stallings @masonls1066]

Rare Mark Levin gem

[Philip Pilkington @philippilk]

These people are amateurs who are fooled by EU NGOs. They think they are anti-EU but they are being bamboozled with half-understood statistics. Look at this chart. Without mining Serbia's external account would be grossly imbalanced and the dinar would collapse. 🇷🇸

[Zoran Ljubinković @zoran10A]

You quoted my post, yet couldn't refute a single number in it, so you just slapped an "EU NGO" label on Serbia's own official data and told people to "ignore" it.

Nobody said mining isn't important. Pointing out that ~3% of GDP isn't the "core" of the entire economy - and shouldn't operate without oversight - is basic economics, not NGO propaganda.

Calling Serbia's own Ministry of Mining data, a Serbian court conviction for illegal arsenic and lead emissions (€8,500 fine on €1.66B in 2025 net profit), and Serbia's State Public Health Institute "manipulation" shows you aren't defending Serbia - you're just running PR.

And trying to slap a pro-EU label on me is an even bigger joke than your claims about the mine! 😂

[Philip Pilkington @philippilk]

There are some people out there that really want to convince Serbian people that mining is not an important sector in the Serbian economy. Many are just dupes manipulated by EU environmental NGOs who don't want Chinese investment in the country. Hopefully they are ignored. 🇷🇸

[Zoran Ljubinković @zoran10A]

Calling official Serbian data "European NGO propaganda" doesn't change the math.
Notice your unattributed chart stops in 2021-2022, a temporary CAPEX spike during mine construction.

Look at what Serbia's own institutions report:

Not the "core" of the economy: Mining accounts for only 2.4% to 3% of Serbia's GDP (97% of the economy is elsewhere).

Profits vs. Royalties: In 2025 alone, the two Zijin companies in Bor made €1.66 billion in combined net profit. Meanwhile, total mineral royalties collected across ALL of Serbia in H1 2026 were just €99 million (~€200M/year pace). Even with corporate tax, the state gets a tiny fraction while raw concentrate leaves for China.

Taxpayer subsidies: Before Zijin paid $350M for 63% of RTB Bor, Serbian taxpayers absorbed/wrote off nearly €1 billion of its €1.2B debt.

Zero accountability: In Oct 2026, a Serbian court found Zijin Copper guilty of illegally emitting arsenic, cadmium, lead, and nickel for a full year.
The fine? 1 million RSD (~€8,500) - pocket change for a company netting €500M+ a year, while Serbia's own State Public Health Institute ("Batut") documented elevated cancer rates in Bor and water tests found 3.5x excess arsenic and 17x copper in the local river.

Demanding oversight and fair terms isn't "NGO propaganda" - it's basic economics and sovereignty.

[Philip Pilkington @philippilk]

Europeans being mocked as having no leadership and so no capacity to engage in international diplomacy. The continent is a sad mess. Mocked as fundamentally amateurish and incompetent on the world stage. It's leaders engage in coups and authoritarian repression at home instead.

[Clash Report @clashreport]

Jared Kushner:

If Europe could identify one person to speak on their behalf, that would be a bigger achievement than getting the Russians to include them in the negotiations.

[Philip Pilkington @philippilk]

The Russians threw the Europeans out of the Ukraine negotiations in Abu Dhabi and told them to wait in the lobby. The Europeans are completely locked out of international diplomacy. They do not even get a seat at the table on issues that immediately impact them. Incompetents. 🇪🇺

[Megatron @Megatron_ron]

JUST IN: 🇷🇺🇪🇺 The Russian leader of the Russian negotiating team Medinsky expelled the Europeans from the meeting:

“We have no idea what europeans are doing here, this is a trialateral meating, they can hang out in the lobby if they want”

[Philip Pilkington @philippilk]

Worth paying close attention to this. The Chinese are not manipulating energy prices like Western countries. This may be a good proxy for what the actual inflationary pressures are going to look like. It's already half way to the 2021-22 shock. 🇨🇳

[The Kobeissi Letter @KobeissiLetter]

BREAKING: China’s PPI inflation rose +5.7% YoY in October, its largest YoY increase since June 2022.

This also marks its 3rd consecutive monthly acceleration.

By comparison, PPI stood at -3.6% in both June and July 2025.

The surge was driven by higher energy and non-ferrous metal prices, alongside growing demand for AI-related hardware, pushing factory costs higher.

Meanwhile, producer purchasing prices, which measure what factories pay for raw materials, energy and other production inputs, jumped +7.9% YoY, the largest increase since June 2022.

Inflation is back in China.

[Philip Pilkington @philippilk]

Yesterday's bond market selloff was way worse than I initially thought. Liberation Day tier. Worse than anything we've seen since the start of the war in Iran. 🇺��

[Philip Pilkington @philippilk]

We could be on the brink of another bout of food inflation. But the real food crisis hits next year as the fertiliser shortages bite. 🌽📈

[Mario Nawfal @MarioNawfal]

🇺🇸🇨🇳 Could Jensen Huang's scandal trigger a devastating new trade war with China, and BURST America's AI bubble?

Economist Philip Pilkington warns that powerful forces inside Washington are pushing America towards an economic confrontation that could backfire spectacularly:

"This will evolve into the reimposition of the chip ban, unless Jensen Huang fights his corner like crazy, Trump backs him, etc.

But if that doesn't happen, the chip ban's back on the menu. Number one.

And number two, the Chinese trade war is back on the menu.

There is this faction in DC that is fanatical about this chip war, trade war, tech war with China.

They don't have a clue about technology. They don't have a clue about economics.

What's China's response if they restart the trade war? Restrict rare earth metals and these magnets like they did last year.

And if they do that, if you think the AI bubble's popping now, wait till you see what happens."

@philippilk

[Philip Pilkington @philippilk]

@Dusan05954354 Yes, you are being manipulated by other people. Sorry to say. They often use "credentialed networks" to do this. You really need to read up on this stuff.

[Philip Pilkington @philippilk]

Mining in Serbia accounts for 13-19% of the Serbia’s overall investment growth in recent years. It is core to the Serbian development strategy.

Students List supporters cannot govern based on propaganda fed to them from European NGOs. If they do they’ll be eaten alive. 🇷🇸

[Baya Thunder @Jakubovbrat]

@philippilk Hahahahaha, foreign loans and heavy public spending on projects of dubious worth through unfathomable corruption schemes have been at the core of Serbia's "miraculous growth".

[Philip Pilkington @philippilk]

@PrometheanPrt I work in investment, dude. Not everyone who disagrees with you is paid. If you think like that you are a complete retard.

[Philip Pilkington @philippilk]

🇷🇸🗳️Student List in Serbia are now shutting down a Chinese-Serbian mine. Mining has been at the core of the miraculous Serbian growth model in the past few years but the EU has viewed Chinese involvement with suspicion. Hard to see Serbia’s economy surviving these assaults.

[Philip Pilkington @philippilk]

🇷🇸🗳️ The Student List in Serbia getting a very hard lesson in international business very fast: either a local oligarchy will own your companies or a foreign oligarchy will. Anti-corruption is fun until one of your key rivals starts poaching your companies...

[Philip Pilkington @philippilk]

Carney is really ramping things up after the midterms... 🇨🇦

[Alexandra Lavoie @ThevoiceAlexa]

🚨BREAKING: Carney claims the U.S. is a significantly greater national security threat to Canada than the Chinese Communist Party.

“In terms of the security risks for our partnership, they’re much much much less than the security risks, for example, of the United States.”

[Philip Pilkington @philippilk]

@Dusan05954354 I am sure you have all sorts of stats fed to you by Western NGOs to sabotage Serbian-Chinese relations. Useful idiot.

[Philip Pilkington @philippilk]

@PrometheanPrt You are being used, my friend. Sad to see.

[Philip Pilkington @philippilk]

@Dusan05954354 You guys got played by EU environmental NGOs. Embarrassing.