Thursday, September 3, 2026

Ken Klippenstein: Nonbinary Gender Extremism?

 Nonbinary Gender Extremism?

The White House has a new target. But who’s the real extremist? Ken Klippenstein Sept 3 2026

Sebastian Gorka

Fundraising fell off a cliff this summer. Not accepting a dime in corporate ad money allows me to be genuinely independent; but it also means I’m ENTIRELY dependent on readers like you to survive. Please become a paid subscriber (or chip in via my GoFundMe here) to keep this newsletter going — Ken

I am baffled that White House counterterrorism czar Sebastian Gorka gets so little attention from the media.

It isn’t for lack of material, which is a rare blend of both cry-laugh funny and substantively alarming. Gorka is like a theater kid version of Henry Kissinger, the same inflated ego but with a flair for the flamboyant: bragging he’s stacking terrorist bodies “like cordwood” after receiving "eternal justice" from the Trump admin’s "hammers of hell”; his convertible with a vanity plate “ART WAR” in reference to Sun Tzu; the Hercule Poirot pocket squares and mustachios. 

Amusing as it all is, the theatrics are in service of a worldview that regards just about anyone who might look out of place in his beloved Hungary (where his parents are from) as some kind of threat to Western civilization. 

The Trump administration has already sought to stigmatize transgender people as a hotbed of violent extremism, as I reported on last year. The U.S. government’s official national counterterrorism strategy, authored by Gorka earlier this year, explicitly mentions “extreme gender ideologies” as an example of a “violent secular political groups” that will be prioritized for “identification and neutralization,” as shown below.

Screenshot of pages 5-6 of the National Counterterrorism Strategy

Gorka’s fingerprints are also on Trump’s national security order NSPM-7, which directed federal agencies to root out extremism on “gender,” among other things deemed hostile to “traditional American views on family, religion and morality.” But the document does not explain how exactly it defines extremism on gender, leading some to think it was just a war on trans people. 

Gorka recently suggested that it goes farther than that.

In a little-noticed interview on Rabbi Michael Barclay’s podcast last month, Gorka warned of the “internal threat” to America, listing “mentally imbalanced transgender, nonbinary extremists” among them. (Nonbinary refers to people who identify as neither male nor female.) 

That is the first ever reference to non-binary extremism by a national security official, as far as I can tell.

Here’s Gorka’s full remark in context:

“Whether it’s jihadists, whether it’s cartels bringing in fentanyl, killing, you know, hundreds of thousands of Americans, whether it’s members of the DSA who wish to get rid of the presidency, the Senate, the Supreme Court. You know, whether it’s the external threat or the internal threat, whether it’s the mentally imbalanced transgender, non-binary extremists who literally walk into a Catholic church and murder little children at the Annunciation Church.”

Gorka is referring to the August 27, 2025 attack on Annunciation Catholic Church in Minneapolis. Robin Westman, 23, fired more than a hundred rifle rounds through the church’s windows during an all-school Mass held to mark the first week of classes, killing two young children — before dying of a self-inflicted gunshot wound. The FBI investigated it as an act of domestic terrorism.

But the shooter was transgender, not non-binary. Westman, who had legally changed names in 2019, left behind videos and writings that prosecutors said expressed hatred toward nearly every group imaginable. The acting U.S. attorney put it more bluntly: the shooter “appeared to hate all of us.” I’m hard pressed to see how Westman’s gender identity had anything to do with it. 

In fact, I tried to find any evidence of a record of non-binary violence, and the only case I could come up with is the Zizians.

The Zizians are a small offshoot of the Bay Area “rationalist” cult that formed around the writings of Jack “Ziz” LaSota, and they have been linked by prosecutors to six killings across California, Pennsylvania and Vermont — among them a Border Patrol Agent shot during a Vermont traffic stop in January 2025. Maryland prosecutors last year described LaSota as the leader of an extremist group. Many of the group’s members are transgender or other nonconforming genders.

The group is definitely dangerous and extreme in their views; but those views are fixated on things like veganism, artificial intelligence and theory of mind stuff — not gender.

The Williams Institute at UCLA estimates roughly 2.1 million American adults as transgender — about 0.8 percent of the country — and puts nonbinary adults at around 1.2 million. This is the population Gorka has folded into a category alongside cartels and jihadists.

Gorka and company are obsessed with any sexual (and political) identities that don’t embrace guns, God (his God), and a Czarist love of the old world. 

He put this bluntly in his appearance on Barclay’s podcast, saying: 

“The question of our age is very simple: Does the West have the will to fight and defeat those who wish to destroy our civilization?”

The “West” that he’s referring to is threatened, Gorka says, not just by those who believe things he doesn’t agree with, but also by those who don’t believe in anything. That’s Gorka’s definition of groups like sexual predators, not as criminals, but as another extremist group invented under Trump: the “nihilist violent extremist,” which I reported on last year.

Just this week, the FBI announced the first-ever minor to be federally charged for “nihilistic violent extremism” — a 17-year-old from Maine, found to have committed acts of juvenile delinquency including conspiring to sexually exploit a child, distributing child sexual abuse material, cyberstalking and interstate threats. The Bureau says it is now investigating more than 500 “NVE” operatives nationwide, a number it says is on the rise, up from 350 investigations last December.

FBI press release

While the teenager’s crimes obviously merit criminal prosecution, does this really rise to the level of a terroristic threat to national security? 

Gorka thinks so. What is bizarre about this official with President Trump’s ear is that this extremist can chatter on without anyone in the press noticing. He’s a high-level government official!

Society, Gorka says, is in “a war to the death where only one side can win: the forces of light and goodness, or those who really are working for the destruction of our civilization.”

It’s pretty obvious who the real extremist is here.

Wednesday, September 2, 2026

The Epstein Files: Thomas Massie, the Fourteen Names


THE FOURTEEN NAMES

What Thomas Massie Said — and What the Public Record Actually Shows

White Rose: September 1, 2026

 

When Rep. Thomas Massie stood on the House floor on August 31 and named fourteen people he described as Jeffrey Epstein “co-conspirators,” he did something politically explosive. He also created an evidentiary problem, because those fourteen names do not all belong in the same category.

 

Some were deeply embedded in Epstein’s financial or social world. Some have been directly accused by victims. Some appear in records involving recruitment or introductions of young women. One was actually charged in France. Another was specifically identified as a potential co-conspirator in Epstein’s notorious non-prosecution agreement. Others, based on what the public can currently see, have considerably more ambiguous connections.

 

Massie said these people should be investigated and potentially prosecuted. That is an allegation by a member of Congress, not a judicial finding. So the useful question is not, “Are all fourteen guilty?” It is, “What does the public record actually show about each one?”

 

Jes Staley

Jes Staley was one of the most powerful bankers in the world, eventually becoming CEO of Barclays after holding senior positions at JPMorgan Chase. His relationship with Epstein was extensive, involving repeated visits, travel and years of communication.

 

Recent congressional testimony revealed that Staley visited Epstein’s Manhattan townhouse many times and traveled to Epstein’s private island. He also admitted sharing confidential JPMorgan information with Epstein, including internal information concerning the Federal Reserve, bank transactions and client matters. Staley has maintained that he did not know Epstein was continuing to abuse girls and women.

 

That does not prove Staley participated in sex trafficking, but it establishes something far more substantial than his name appearing in an address book.

 

Assessment: Serious scrutiny warranted.

 

Leon Black

Leon Black, billionaire co-founder of Apollo Global Management, had a major financial relationship with Epstein and paid him enormous sums for tax, estate and financial advice. Their relationship continued well after Epstein’s 2008 conviction, which raises an obvious question: why would an extraordinarily sophisticated financier continue entrusting such sensitive and lucrative work to a convicted sex offender?

 

Black has also faced sexual-assault allegations, which he has denied. Extraordinary financial intimacy with Epstein does not itself prove participation in trafficking, but it puts Black in a very different category from someone who simply attended a dinner or appeared in a contact book.

 

Assessment: Serious allegations and unusually deep financial relationship, but no Epstein-related criminal conviction.

 

Les Wexner

Few relationships are more important to understanding Jeffrey Epstein’s rise than Les Wexner’s. The billionaire founder of L Brands gave Epstein extraordinary access to his finances, including power of attorney, and Epstein managed substantial portions of Wexner’s wealth and property.

 

That relationship helped transform Epstein from a relatively obscure financier into someone with money, mansions, prestige and access to elite society. Wexner says Epstein deceived him and misappropriated money from him, and he denies knowing about Epstein’s sexual crimes.

 

A previously unreleased FBI document reportedly identified Wexner as a “co-conspirator,” while Wexner’s representatives have said prosecutors told his attorneys he was neither a target nor a co-conspirator. That contradiction alone deserves clarification.

 

Assessment: An extraordinarily important enabling relationship; criminal knowledge remains unproven publicly.

 

David Copperfield

David Copperfield’s appearance in the Epstein story has often been treated as another celebrity association, but the record deserves more care than that. Testimony connected to Epstein’s victims places Copperfield in Epstein’s social environment and includes an allegation that he asked one young woman whether she knew girls were being paid to recruit other girls.

 

Copperfield has denied knowing about Epstein’s criminal operation and has denied separate allegations of sexual misconduct. Testimony describing troubling conversations deserves investigation, but it does not automatically establish participation in trafficking.

 

Assessment: Significant questions, but Massie’s “co-conspirator” description currently exceeds what has been publicly proved.

 

Lapo Elkann

Italian businessman Lapo Elkann appears in Epstein-related material, but that alone tells us very little. One of the worst habits surrounding the Epstein files has been treating every person appearing in an email, photograph, telephone book or flight record as though the record itself proves sexual wrongdoing.

 

Based on the presently available public evidence, Elkann’s connection appears substantially weaker than those involving Staley, Brunel, Andrew or Groff. If Massie possesses evidence establishing something more serious, that is precisely why the underlying files should be released.

 

Assessment: Association documented; evidence of participation in trafficking presently weak.

 

Tom Pritzker

Hyatt chairman Thomas Pritzker occupies a different category because Virginia Giuffre testified that she believed Epstein sent her to Pritzker on one occasion. That is a direct allegation from one of Epstein’s best-known accusers.

 

Epstein also maintained relationships within Pritzker’s financial and social world, and Pritzker has acknowledged that maintaining contact with Epstein and Maxwell reflected terrible judgment. A victim allegation is not a conviction, but it is considerably more important than simply appearing in Epstein’s contact list.

 

Assessment: Direct victim allegation plus documented association. Serious enough to warrant investigation; not adjudicated.

 

Glenn Dubin

Billionaire hedge-fund manager Glenn Dubin and his wife, Eva Andersson-Dubin, were longtime associates of Epstein. Virginia Giuffre alleged that Epstein directed her to have sex with Dubin, an allegation Dubin has strongly denied.

 

A direct accusation by a trafficking victim is not the same thing as proof beyond a reasonable doubt. It also should not be dismissed as meaningless simply because no prosecution followed.

Assessment: Serious victim allegation; no Epstein-related criminal conviction.

 

Frédéric Fekkai

Celebrity hairstylist and businessman Frédéric Fekkai appears in Epstein flight records and other material surrounding Epstein and Maxwell. More significantly, allegations involving Fekkai have surfaced through testimony and congressional review of Epstein-related material.

 

He has denied wrongdoing. That makes his situation substantially different from somebody whose sole connection is being photographed at a social event, although the public record still does not establish beyond dispute that he participated in Epstein’s trafficking enterprise.

 

Assessment: Meaningful documentary and testimonial basis for investigation; criminal involvement not established.

 

Edoardo Teodorani

Edoardo Teodorani appears in Epstein-related records, but at present the publicly visible evidence tying him directly to trafficking appears much thinner than that involving several other names on Massie’s list.

 

That illustrates exactly why releasing names without releasing evidence creates problems. If the Justice Department possesses significant evidence regarding Teodorani, Congress and investigators should see it. If it does not, his name should not simply become permanently fused with the words “Epstein co-conspirator” through repetition.

 

Assessment: Association exists; public evidence of criminal participation remains limited.

 

Jean-Luc Brunel

Jean-Luc Brunel does not belong in the “merely associated with Epstein” category. The French modeling agent was accused by numerous women of sexual misconduct and of helping procure young women and girls for Epstein.

 

French authorities eventually arrested Brunel and charged him with offenses including rape of minors. He died in a Paris jail in 2022 before trial, so he cannot accurately be described as having been convicted of those charges.

 

Still, there was enough evidence for authorities to arrest and formally prosecute him. That puts Brunel miles away from somebody whose name merely appears in Epstein correspondence.

 

Assessment: One of the strongest documented cases connecting a person on Massie’s list to Epstein’s recruitment network.

 

Daniel Siad

Daniel Siad operated within the modeling industry and maintained correspondence with Epstein over many years involving models and young women. Material released from Epstein records indicates discussions of introductions and photographs.

 

Siad died near Paris in July 2026. His death does not settle anything, and the record does not establish criminal guilt, but the modeling industry was one of the mechanisms through which Epstein and people around him gained access to young women. Communications involving recruiting and introductions therefore deserve considerably more scrutiny than an ordinary social relationship.

 

Assessment: Documented activity involving introductions of young women; criminal knowledge or intent was never adjudicated.

 

Ramsey Elkholy

Ramsey Elkholy’s connection is particularly interesting because the documentary trail is extensive. More than one hundred emails reportedly span roughly a decade and include discussions concerning women, models and introductions to Epstein.

 

Elkholy has acknowledged communications while denying criminal wrongdoing, and he has said some of what he wrote was exaggerated or intended to impress Epstein. That defense may be true, but it also illustrates why investigators need the complete record.

 

When communications repeatedly concern introducing women to a known sexual predator, the legitimate question becomes not simply whether introductions occurred, but what the intermediary knew about why Epstein wanted them.

 

Assessment: Substantial documentary basis for investigation; knowledge of trafficking remains the crucial unresolved question.

 

Prince Andrew

Andrew Mountbatten-Windsor, formerly Prince Andrew, occupies perhaps the most familiar category on Massie’s list. Virginia Giuffre alleged that Epstein and Maxwell trafficked her to Andrew while she was seventeen.

 

Andrew denied the accusation. Giuffre later sued him in the United States, and Andrew settled the lawsuit in 2022 without admitting liability. His friendship with Epstein is extensively documented, including his continued association with Epstein after Epstein’s 2008 conviction.

 

A civil settlement does not equal criminal guilt, but this is not guilt by association either. There was a specific accuser, a specific allegation and extensive evidence establishing Andrew’s relationship with Epstein.

 

Assessment: One of the strongest direct victim allegations connected with Epstein’s network, although never criminally adjudicated.

 

Lesley Groff

 

Lesley Groff was not merely an acquaintance. She worked for Epstein for years as an executive assistant and was among the individuals explicitly covered as a potential co-conspirator by Epstein’s extraordinary 2007 federal non-prosecution agreement.

 

That agreement did not simply give Epstein himself an extraordinarily favorable deal. It extended protection to potential co-conspirators, and Groff’s inclusion demonstrates that federal investigators were examining her role long before today’s political controversy.

 

Groff has denied knowingly participating in trafficking. Even so, her position inside Epstein’s organization makes her one of the more consequential names on Massie’s list because the Epstein story was never only about wealthy men. It was also about the infrastructure around him: scheduling, recruiting, transportation, introductions, money and access.


Assessment: Significant documentary basis for scrutiny; one of the most consequential names Massie mentioned.

 

Look at the list again and the central problem becomes obvious. These are not fourteen equivalent cases. Brunel is not Elkann. Andrew is not Teodorani. Groff is not someone who happened to attend a party with Epstein, and Staley’s years of visits, financial dealings and confidential communications are not equivalent to appearing once in a telephone directory.

 

Flattening all those differences actually weakens the Epstein case. The strongest criticism of the Justice Department does not require exaggeration because Congress already knows that substantial portions of the record have been withheld or redacted. Massie and other lawmakers are arguing that the government still possesses evidence the public has not been permitted to evaluate.

 

That is why the proper response to Massie’s fourteen names is neither “They are all guilty” nor “Nothing has been proved, so ignore them.” The proper response is much simpler: show us what you have.

 

Some of these names already sit beside disturbing evidence. Others sit beside serious allegations, unanswered questions or comparatively thin association. The Justice Department possesses records that could help distinguish among them, which is exactly why those distinctions should be made by evidence rather than secrecy, prosecution rather than rumor, and courts rather than social-media memes.

 

The Epstein scandal was never simply about who knew Jeffrey Epstein. Thousands of people may have crossed paths with him. The darker and far more important question is who knew what he was doing, who helped him do it, who benefited from it, and whether powerful institutions protected anyone afterward.

 

That is the list America still does not have.

Tuesday, September 1, 2026

Michael Roberts: AI and the profits boom

 

AI and the profits boom

by Michael Roberts

As the central bankers of the world met at Jackson Hole, Wyoming for their annual get together to discuss issues affecting the world financial sector and monetary policy, US statistics for corporate profits for the second quarter of 2026 were released. The figures were truly startling. US corporate profits surged by $401 billion in the second quarter of 2026. This pushed total corporate profits to a historic high of $4.3 trillion, or up nearly 23% since Q2 2025.

and pushed gross profit margins (ratio of profits to sales) to 19.4%—the highest recorded in the US since the 1940s!

Both capitalists and Marxists agree: profits matter; they are the driving force for investment in a capitalist economy.  When profits are rising, investment follows and eventually employment even if the investment is labour-saving like AI supposedly is.  So these figures tell you that a recession in the US is not yet on the agenda.

What is happening here to deliver such a revival in US corporate profits?  It appears to be a combination of aggressive corporate price hikes following the end of the pandemic, massive AI infrastructure spending leading to huge profits for those building the datacenters, making chips and other facilities for the AI boom; and Trump’s corporate profit tax cuts. These tax cuts have added nearly $50bn to corporate profits after tax for the top 100 US companies, while hardware and chip makers (the AI “sellers”) have experienced explosive earnings, with tech sector earnings rising more than 65% year-over-year.

But a key factor in driving up profits has been the general suppression of workers’ wages. While pre-tax profits as a share of national income hit 18%, the highest share since the aftermath of the second world war, employees’ share from wages and benefits fell to 60 per cent, the lowest level since the 1950s.  Inflation has outpaced wage growth, causing real hourly earnings to fall by 0.2 per cent in July versus a year earlier.

Chief executives at America’s largest low-wage employers have seen their pay rise by 41 per cent between 2019 and 2025, while the average worker took home only 21 per cent more — that’s below the 26 per cent increase in prices over the period. As the FT put it“Workers have been gradually losing sway in corporate America since the early 1980s as union membership has declined and companies increasingly outsource jobs to external contractors.” But the decline in labour’s share of income has gained pace since the end of the COVID pandemic and especially over the past 12 months.

The boom in profits is still concentrated in the Magnificent Seven tech companies. They have raised revenue by 36%, but profit even more by 67%, according to work by Brian Green“This increase in the mass of profits of two thirds in just one year which goes a long way to explain why Wall Street has been so buoyant.”

But there are some caveats to these headline figures. It seems that the tech giants have heavily padded their headline profit figures via “other income” accounting items, capturing massive unrealized investment gains from their stakes in private startups and AI ventures. The big tech companies booked more than $160bn in gains from investments in owning the shares of other AI companies last quarter. Alphabet, Amazon, Nvidia and Microsoft all recorded significant boosts to pre-tax profits through valuation gains on equity stakes, including investments in OpenAI, Anthropic and SpaceX. Alphabet recorded $97.9bn in “other income” in the three months to June 30, while Amazon reported $53.4bn. Nvidia recorded a further $7.7bn in the three months to the end of July.

Moreover, the massive investment into AI models and data centres by the Big Tech ‘hypescalers’ looks secure only because the AI companies like OpenAI and Anthropic have a very dubious way of calculating their revenue from AI users, called annual recurring revenue (ARR). They take a recent month’s revenue and multiply it by 12 to set an expectation for the year to come. As Ed Zitron, the top analyst on AI business models, put it “ARR can mean everything from “[actual month] x 12” to“[30 day period of revenue] x 12” and in most cases it’s a number that doesn’t factor in churn. If you use ARR, you’re essentially taking one month and treating it as representative of the entire calendar year, when it isn’t.”  Subscription revenues aren’t enough to justify a more than 600 per cent increase in annualised revenue in less than a year. That assumes that non-subscription revenue will stay high even as the industry enters a price war and is struggling to get customers to pay for the most advanced models.

Moreover, the AI companies and the hyperscalers are increasingly raising credit to pay for their investments. Companies had already tapped debt markets for $217 billion last year, according to Morgan Stanley. By mid-August, they had already smashed past this total, with $445 billion of debt issued and the overall debt splurge will reach nearly $600 billion for 2026. That is more than the combined 2026 budgets for the US Departments of Justice, Transportation and Education. Future capital expenditure plans amount to roughly 3% of US GDP a year up to 2030, more than the annual real GDP growth of the whole economy.  

In the dot-com bubble and bust, the US stock market lost almost half its value between the 2000 peak and the 2003 trough, but the economy suffered only a mild and brief setback. But this time, technology companies are sucking up all their cash and more to invest in the AI boom. Google’s free cash flows went negative for the first time ever in the second quarter of 2026, after cumulatively generating almost $600 billion since the listing in 2004.

Then there is the issue of more obscure liabilities. The hyperscalers are increasingly keeping debt off their books by structuring their data center investments as ‘lease commitments’. Meta’s Hyperion data center project in Louisiana is not supposedly financed by debt. The company secured most of the financing money by promising to ‘rent’ the data center itself for 20 years. As a result, the $27.3 billion loan appears nowhere on Meta’s balance sheet. Goldman Sachs analysts recently tallied $1.5 trillion in these ‘lease commitments’ by the AI hyperscalers: “this treatment can understate leverage and future liquidity needs as these obligations are eventually recognized and contractual payments come due.”  And then there is another estimated $1.5 trillion of “purchase commitments” —promises to buy chips and electricity. Those promises don’t appear on balance sheets either. So while corporate profits have rocketed up, it is being partly driven by the huge financing of AI by hyperscalers in a circular financing model.  

Nvidia is increasingly using its own balance sheet to keep the AI boom running. Nvidia is not only selling the GPUs powering the AI buildout, it is also helping finance the infrastructure and customers buying them, including nearly $50 billion invested in AI labs and a planned $105 billion backstop for the Ohio data-center project tied to OpenAI and SB Energy.  Nvidia is also working with Wall Street firms on up to $500 billion of financing for AI chip purchases, while OpenAI could purchase roughly $350 billion of Nvidia chips for the full Ohio buildout.

The strategy can supercharge Nvidia’s revenue as long as AI demand keeps accelerating, but it also increases Nvidia’s exposure if AI spending starts to slow. If AI labs and data-center developers cannot fund the buildout themselves, Nvidia may increasingly have to support the customers generating demand for its own chips. The bigger the commitments become, the more painful a demand slowdown could be, because Nvidia would be exposed not only through weaker chip sales, but also through the financing and guarantees supporting the AI boom.

Meanwhile AI model usage prices are collapsing as competition from Chinese models intensifies and yet the cost of GPUs, memory, servers and power remains extremely high. This is creating a growing gap between what customers pay and what it costs to build the infrastructure behind AI.

Cheaper AI could drive massive growth in usage, but the bigger question is whether that growth translates into real profits. BCA reckons that AI companies will need to generate $10 trillion a year in revenue just to justify the capex being spent, roughly equivalent to annual global spending on food or healthcare!  AI may be getting dramatically cheaper to use, but if the payoff fails to catch up with the cost of building it, investors could soon discover that the AI boom is generating plenty of revenue without nearly enough profit.

Indeed, in Marxist terms, this huge rise in capital investment leads to a rise in the organic composition of capital (the ratio of investment in means of production to the cost of employing workers). That would drive down profitability.  So far this has been counteracted by the rise in the rate of exploitation of workers. So corporate profitability (profit per capital invested) is up, if not nearly as much as corporate profits. Since the pandemic, US corporate profitability has risen over 20%, but is still well below the level achieved in the 2010-14 recovery from the Great Recession (but note Q2 2026 profitability data are not available yet).  And see Brian Green’s estimates.

Source: Federal Reserve, author calculation.

So the jury is still out on the success of the AI boom; and the likelihood of an AI stock market bust remains high.  Nevertheless, optismism prevails, not only among AI companies; hyperscalers and stock market investors, but also among the international powers that be. Indeed, according to Kristalina Georgieva, the head of the IMF, the boom in AI investment is spreading from the US to power the world economy, and is likely to boost global growth this year. “What started out as a US phenomenon with AI is now becoming a growth engine for the global economy, with other countries ramping up construction of data centres and other infrastructure.” Other countries were now “plugged into the supply chain” and exporting AI hardware to the US.

It’s true that global corporate profits (my estimates) have risen sharply since the beginning of 2025 as the AI boom has gathered strength.

But US real GDP growth slowed to 2.1% yoy in Q2 from 2.7% yoy in Q1 and inflation is rising at over 4% a year, with forecasts suggesting it could reach 5% by year end if the Iran war is not resolved.  If the Federal Reserve decides to raise its policy interest rate to try and curb inflation, that could trigger a sharp drop in borrowing and a stock market ‘correction’.

Let me end by quoting Ed Zitron on the wider AI picture. “Everyone seems so obsessed with sinking billions of dollars into the theoretical chance that machine learning might be able to replace human beings, and that more money makes it “smarter” and “better” at tasks. Surely investing real money in actual workers — making their lives better, improving their working conditions, teaching them new things, sharpening their existing skills, rewarding them for their hard work, and so on — would have better effects than fastballing hundreds of billions of dollars into a machine that does an impression of work?”