Julian Borger writes: Trump’s belief in his own global omnipotence, and his desire to grab the territory and natural resources of other countries has been held in check until now by his fear of entanglement in foreign wars. He claimed (falsely) to have ended eight wars, and his greatest ambition in 2025 seemed to be winning the Nobel peace prize. Less than a month ago he was brandishing a hastily confected substitute, the Fifa peace prize. That act of self-abasement…
The Washington Post reports: President Donald Trump and White House leaders say that American workers are winning because of his immigration crackdown. But the data doesn’t back that up. Since the summer, Trump officials have been trumpeting the idea that job creation is booming for U.S.-born workers. Trump said so, too, during a prime-time address last month aimed at assuaging Americans’ concerns about the economy. “In the year before my election, all net creation of jobs was going to foreign…
Jeremy Hsu writes: Silicon Valley and its backers have placed a trillion-dollar bet on the idea that generative AI can transform the global economy and possibly pave the way for artificial general intelligence, systems that can exceed human capabilities. But multiple warning signs indicate that the marketing hype surrounding these investments has vastly overrated what current AI technology can achieve, creating an AI bubble with growing societal costs that everyone will pay for regardless of when and how the bubble…
PYMNTS reports: American regulators collected 61% less in money laundering/sanction breach fines in 2025. That’s according to a report Wednesday (Dec. 31) by the Financial Times (FT), which ties this decline to a more lenient approach to financial regulation under the Trump administration. Total fines levied against companies for what the FT calls “dirty money” offenses came to a little less than $1.7 billion as of Dec. 19, the report said, citing data from compliance software provider Fenergo. Last year,…
Wired reports: 2026 will be the year when US dollar dilution—the quiet erosion of its global dominance as countries trade and pay in alternatives—starts to build momentum. The more Washington uses the dollar as a weapon, the more the world builds ways to circumvent it. America’s share of global trade has fallen from one-third in 2000 to just one-quarter today. As emerging economies trade more with each other, the dollar is less central to the flow of goods. Indian and…
The New York Times reports: Billionaires including Peter Thiel, the tech venture capitalist, and Larry Page, a co-founder of Google, are considering cutting or reducing their ties to California by the end of the year because of a proposed ballot measure that could tax the state’s wealthiest residents, according to five people familiar with their thinking. Mr. Thiel, 58, who owns a home in the Hollywood Hills and operates a personal investment firm from Los Angeles, has explored opening an…
Business Insider reports: Bankruptcies aren’t just rising — they’re suddenly everywhere. From billion-dollar giants to mom-and-pop shops to everyday individuals, bankruptcies are piling up across the US this year, with large corporate bankruptcies already hitting their highest level in 15 years. The surge in bankruptcies highlights the growing financial pressures facing consumers and companies as costs climb amid a tougher borrowing environment. “Rising costs, tighter credit conditions, and ongoing geopolitical volatility continue to exert pressure on households and businesses already…
Benzinga reports: While the U.S. Bureau of Economic Analysis (BEA) reported a robust 4.3% annual increase in third-quarter real gross domestic product (GDP) on Tuesday, economist David Rosenberg is calling the headline number a “fugazi.” The president of Rosenberg Research argues that underlying economic weakness is being masked by government spending and depleted savings, calculating “true” growth at a meager 0.8%. The official BEA release shows widespread gains, with real GDP accelerating from 3.8% in the second quarter to 4.3%…
The Wall Street Journal reports: Shale drillers have turned the biggest oil field in the U.S. into a pressure cooker that is literally bursting at the seams. Producers in the Permian Basin of West Texas and New Mexico extract roughly half of the U.S.’s crude. They also produce copious amounts of toxic, salty water, which they pump back into the ground. Now, some of the reservoirs that collect the fluids are overflowing—and the producers keep injecting more. It is creating…
Patrick Wintour writes: ‘The old world is dying,” Antonio Gramsci once wrote. “And the new world struggles to be born.” In such interregnums, the Italian Marxist philosopher suggested, “every act, even the smallest, may acquire decisive weight”. In 2025, western leaders appeared convinced they – and we – were living through one such transitional period, as the world of international relations established after the second world war crashed to a halt. During such eras, Gramsci more famously wrote, “morbid phenomena…
Cory Doctorow writes: In 2026, the leaders of America’s (former) trading partners are going to have to grapple with the political consequences of tit-for-tat tariffs. A tariff is a tax paid by consumers, and if there’s one thing the past four years have taught us, it’s that the public will not forgive a politician who presides over a period of rising prices, no matter what the cause. Luckily for the political fortunes of the world’s leaders, there is a better…
The Wall Street Journal reports: Cubans are going hungry, suffering from spreading disease and sleeping outdoors with no electricity to power fans through the sweltering nights. A quarter of the population has fled during the island’s most prolonged economic crisis. And it’s about to get worse. The U.S. is ratcheting up pressure on Havana’s key benefactor, Venezuelan strongman Nicolás Maduro’s regime, which has kept the Communist-ruled nation afloat with cheap oil. Now Venezuelan oil exports are at risk thanks to…
Announcing the planned merger of Trump Media & Technology Group (TMTG) and fusion power company, TAE Technologies, Michael B. Schwab (son of Charles Schwab, who just launched “Trump Accounts”), who is expected to be the chairman of the new company said: With the infusion of TMTG’s significant capital, TAE is on the precipice of scaling its leading technology to usher in a new era of energy abundance. The world needs energy, and fusion is the clear answer. The New York…
The New York Times reports: China’s government has made fusion a national priority, marshaling resources at daunting speed. Recently, a Shanghai start-up essentially matched an engineering breakthrough by America’s best-funded fusion company, Commonwealth Fusion Systems, in much less time. Over the summer, the Chinese government and private investors poured $2.1 billion into a new state-owned fusion company. That investment alone is two and a half times the U.S. Energy Department’s annual fusion budget. The two countries’ progress could soon be…
Lila Shroff writes: Brendan Foody is 22 years old and runs a company worth billions. This August, I met the young CEO in a glass conference room overlooking the San Francisco Bay. While his peers are searching for their first jobs, Foody is pursuing a “master plan,” as he calls it, to upend the global labor market. His start-up, Mercor, offers an AI-powered hiring platform: Bots weed through résumés, and even conduct interviews. In the next five years, Foody told…
+972 Magazine reports: Since October 2023, Israel has faced a convergence of economic shocks. Tens of thousands of residents have been displaced from border regions in the south and north as a result of hostilities with Hamas and Hezbollah, while hundreds of thousands of reservists were pulled out of the workforce for extended periods, leaving key sectors short-staffed and productivity depleted. Public services, education, and healthcare have deteriorated as state spending was diverted to the war, and almost 50,000 businesses…