JD Vance Is Not Our Guy

US Industrial Production Surged In April Despite record low consumer sentiment (if you believe UMich), this morning saw the Empire Fed survey show New York state factory activity expanded in May at the fastest pace in four years, and firms grew more optimistic about the outlook. That was followed by a much hotter than expected Industrial Production print (up 0.7% MoM vs +0.3% MoM exp and higher than the highest estimate) for April (and March's decline revised stronger), lifting annual growth up to +1.35% YoY... Source: Bloomberg April's gain for US industrial production was...

Two Robinhood Engineers Accused Of Making $50,000 By Front-Running Crypto Listings Federal prosecutors have accused two former Robinhood engineers of turning their access to the company’s crypto plans into personal trades, according to Bloomberg. Hefu Chai, 36, and Huaisong Xiang, 30, are accused of learning in advance which digital assets Robinhood intended to add to its platform. Rather than simply keeping that information inside the company, prosecutors allege they positioned themselves in derivatives tied to those tokens before the news reached the public. Bloomberg writes that the trades were placed through Hyperliquid,...

Schiff: "Real Rates Are Going To Collapse"; Dollar Confidence Crisis Gold or Bitcoin: which can anchor the next reserve system?  Last night, in a ZH debate hosted by Real Vision's Ash Bennington, Peter Schiff argued for gold’s role as the future global reserve currency, while Mark Moss made the case for Bitcoin, arguing that it is gaining traction on sovereign balance sheets as of 2025. They covered America's dwindling reserve status, fundamental monetary properties, and the nature of governments. Here were some highlights for those short on time: Gold: Tried and True Schiff argued that...