The Potemkin Ballot Authored by Spyridon Andrews via American Greatness, The only completely predictable result of an election in a Western democracy is election fraud. Fraud is so fundamental to Western democracies that it is fair to say that democracies exist in name only. In fact, elections have become so essential to illegitimate power that they are almost the surest path to subvert the will o...
The Potemkin Ballot Authored by Spyridon Andrews via American Greatness, The only completely predictable result of an election in a Western democracy is election fraud. Fraud is so fundamental to Western democracies that it is fair to say that democracies exist in name only. In fact, elections have become so essential to illegitimate power that they are almost the surest path to subvert the will of the people. Potemkin elections are essential ways for the ruling class to mask that they are truly in control. The notion of the divine right, or right of the aristocracy to rule, died a relatively quick death after the Renaissance. And the 14th-century political Renaissance led by figures such as Leonardo Bruni, the brilliant Renaissance historian who later became chancellor of Florence, brought back the notion of the Roman Republic to the modern era. Florence reinvented free elections of the citizenry; however, the notion of citizenry was limited compared to today. Palazzo Vecchio, the town hall of Florence, which sits on the Piazza della Signoria. Uniquely, Florence had no king, duke, or hereditary monarch during much of the Renaissance. Power was vested in the city’s executive governing council, or the signoria. The Council was led by a chief magistrate, known as the Gonfaloniere di Giustizia or justice . There were various legislative and advisory councils, as well as guilds that represented merchants, banks, craftsmen, and professionals. In order to avoid “corruption,” the Florentines used the lottery system. When a government position opened, names were drawn from bags. As a further precaution, terms were short, only two months, and rotations were constant. Cosimo the Elder or “Father of the Fatherland.” Posthumous portrait attributed to unknown 16th-century Florentine workshop artists. Enter the Medici. It was Cosimo de’ Medici who transformed the system into the dynasty that is famous in history. The Medici controlled the largest banking network in Europe and, co...
The S&P 500 Index ($SPX ) (SPY ) on Wednesday closed down -1.62%, the Dow Jones Industrial Average ($DOWI ) (DIA ) closed down -1.87%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -1.98%. June E-mini S&P futures (ESM26 ) fell -1.62%, and June E-mini Nasdaq futures...
The S&P 500 Index ($SPX ) (SPY ) on Wednesday closed down -1.62%, the Dow Jones Industrial Average ($DOWI ) (DIA ) closed down -1.87%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -1.98%. June E-mini S&P futures (ESM26 ) fell -1.62%, and June E-mini Nasdaq futures...
Andrew Yang’s 2020 presidential campaign was based on a warning that automation and AI would hollow out the labor market and concentrate wealth in the hands of a few. At the time, ideas like Universal Basic Income felt fringe. Now Dario Amodei, Sam Altman, and Bernie Sanders are all saying versions of the same thing. An entrepreneur at heart, […]
Andrew Yang’s 2020 presidential campaign was based on a warning that automation and AI would hollow out the labor market and concentrate wealth in the hands of a few. At the time, ideas like Universal Basic Income felt fringe. Now Dario Amodei, Sam Altman, and Bernie Sanders are all saying versions of the same thing. An entrepreneur at heart, […]
Jeff Swensen/Getty Images News Alcoa ( AA ) sank 9.4% on Wednesday, its biggest one-day drop in 14 months, after CFO Molly Beerman warned the company expects its a lumina segment to incur an unfavorable hit of ~$60M in Q2 from energy disruptions and the near-closure of the Strait of Hormuz. "Our alumina segment is very pressured right now," Beerman said at the Wells Fargo Industrials & Materials C...
Jeff Swensen/Getty Images News Alcoa ( AA ) sank 9.4% on Wednesday, its biggest one-day drop in 14 months, after CFO Molly Beerman warned the company expects its a lumina segment to incur an unfavorable hit of ~$60M in Q2 from energy disruptions and the near-closure of the Strait of Hormuz. "Our alumina segment is very pressured right now," Beerman said at the Wells Fargo Industrials & Materials Conference. "The segment as a whole will be underwater." In an investor presentation , Alcoa ( AA ) attributed the $60M impact to $30M in higher production costs at the Pinjarra refinery in Western Australia due to continued instability following Cyclone Narelle, $20M in higher prices of fuel oil and diesel associated with the Middle East conflict, and $10M in lower price and volume impacts from bauxite offtake agreements. Alcoa's ( AA ) alumina segment contributed nearly half of the company's adjusted EBITDA in FY 2025, and the company has been helped by soaring aluminum prices this year, but it is also one of the world's largest suppliers of seaborne alumina, a commodity that is particularly exposed to the disruption caused by the Iran war. The company's alumina refineries typically ship the raw material to aluminum smelters in the Persian Gulf; the refineries also consume large amounts of fuel and electricity, whose prices have surged since the start of the conflict. More on Alcoa Downgrading Alcoa As Aluminum Nears Prior Peak Alcoa: I Remain Bullish After The Massive Rally Alcoa Can See Tailwinds Driven By Geopolitical Risk
mtcurado/iStock Unreleased via Getty Images Not long ago, Oracle Corporation ( ORCL ) was the market's darling. The narrative that Oracle was very well positioned to be one of the leading AI infrastructure companies was strong, not to mention the good relationships with the government (which are still bearing fruit, as the new contract for a cloud-based HR platform illustrates). But if you look at...
mtcurado/iStock Unreleased via Getty Images Not long ago, Oracle Corporation ( ORCL ) was the market's darling. The narrative that Oracle was very well positioned to be one of the leading AI infrastructure companies was strong, not to mention the good relationships with the government (which are still bearing fruit, as the new contract for a cloud-based HR platform illustrates). But if you look at the chart below, this has already normalized quite a bit. Although the market has not made drastic revisions to EPS/revenue over the last quarters, the P/E is much more reasonable than before. Data by YCharts In fact, as the stock is falling almost 7% in the after hours (at the moment I am writing this article, ORCL reached $187), the multiples are even lower. And even so, the result Oracle delivered is far from bad. Therefore, I am starting my coverage on Oracle with a Buy rating. Oracle Q4 Earnings Were Solid Oracle's Q4 earnings were quite solid. Even considering the market's expectations, what the company managed to deliver was a beat and raise. Non-GAAP EPS was a beat by $0.15, while revenue was a slight beat of $110 million. Looking at the full year 2027 guidance, Oracle confirmed something close to $90 billion for the top line and raised adj. EPS to $8.05. The market expected revenue of $88.5 billion (in other words, the company confirmed that it will deliver something slightly above that) and estimated EPS of exactly $8.05 . The latter may be one of the reasons for the sell-off, as there is very strong momentum around AI, even though $8.05 is already a very appealing number and consistent with the company's valuation. The ideal scenario (thinking like the market in general) would be for Oracle to provide an outlook exceeding those estimates. Seeking Alpha Going back to Q4, although the narrative is not as hot as before, Oracle continues with very interesting momentum. The company mentioned that there was very solid demand for its "industry-leading cloud technology....
(Bloomberg) -- Microsoft Corp.’s Xbox division is planning major job cuts next month as new Chief Executive Officer Asha Sharma overhauls the video game unit to stem declining revenue.Most Read from BloombergHouse Republican Says Hegseth’s D-Day Remarks ‘Inappropriate’Tech Stocks Sink as Oil Jumps on US-Iran Jitters: Markets WrapXbox Plans Significant Layoffs as New CEO Plans OverhaulCuba Poised f...
(Bloomberg) -- Microsoft Corp.’s Xbox division is planning major job cuts next month as new Chief Executive Officer Asha Sharma overhauls the video game unit to stem declining revenue.Most Read from BloombergHouse Republican Says Hegseth’s D-Day Remarks ‘Inappropriate’Tech Stocks Sink as Oil Jumps on US-Iran Jitters: Markets WrapXbox Plans Significant Layoffs as New CEO Plans OverhaulCuba Poised for Biggest US Fuel Shipment Since Cold War EmbargoUS Launches Strikes Against Iran After Helicopter
The US-Israel war with Iran is now largely responsible for the highest level of US inflation in three years . After more than three months of conflict, the Strait of Hormuz remains mostly shut while the Trump administration — faced with an Iranian government unwilling to concede and an Israeli ally that has expanded its invasion of Lebanon — struggles to find a way out. And even when it does, ener...
The US-Israel war with Iran is now largely responsible for the highest level of US inflation in three years . After more than three months of conflict, the Strait of Hormuz remains mostly shut while the Trump administration — faced with an Iranian government unwilling to concede and an Israeli ally that has expanded its invasion of Lebanon — struggles to find a way out. And even when it does, energy prices are expected to stay elevated for some time to come . Right now, those prices are taking more of a toll on American consumers , and Donald Trump’s approval rating , as each day passes. A Trump administration report Wednesday revealed the rising inflation figures while a separate report combined them with recent wage data to show real average hourly earnings fell 0.7% from a year earlier, the biggest drop in more than three years. “Inflation remains a serious problem for consumers and they’re paying more for energy, but also for other items — which will be a drag on consumer spending growth later this year,” said Gus Faucher, chief economist at PNC Financial Services Group. When asked Wednesday about the inflation report, Trump said the numbers were “great” and that “I love the inflation,” because once the war is over, “it’s going to come down like a rock.” What You Need to Know Today By the looks of things , any such cessation of hostilities is a ways off. This according to Trump himself , who on Wednesday issued new threats against Iran amid recent skirmishes. Late in the day, he followed through, ordering fresh attacks on Iran . US Launches More Strikes Against Iranian Targets Read more For months, Trump has vacillated between threats of intensified attacks and boasting that a peace deal is within reach , with the latter claims repeatedly proving exaggerated. That dynamic has prolonged the conflict, one in which the US has expended large amounts of expensive armaments in pummeling Iran, killing thousands of people while failing to achieve any definable goal. Ira...
Investing.com -- Short seller Jim Chanos criticized the upcoming SpaceX initial public offering on Wednesday, stating the company’s $1.75 trillion valuation relies on unrealistic expectations rather than solid fundamentals.
Investing.com -- Short seller Jim Chanos criticized the upcoming SpaceX initial public offering on Wednesday, stating the company’s $1.75 trillion valuation relies on unrealistic expectations rather than solid fundamentals.
Amid intense backlash, the head of the American Diabetes Association posted a video Wednesday apologizing for the organization's decision on Friday to forcefully remove five leading diabetes scientists from the association's annual meeting. The scientists were ejected for handing out copies of an April editorial—published in the ADA's own journal Diabetes Care—that sharply criticizes the Trump adm...
Amid intense backlash, the head of the American Diabetes Association posted a video Wednesday apologizing for the organization's decision on Friday to forcefully remove five leading diabetes scientists from the association's annual meeting. The scientists were ejected for handing out copies of an April editorial—published in the ADA's own journal Diabetes Care—that sharply criticizes the Trump administration for the damage and destruction it's wreaking on biomedical research. The five scientists included Steven Kahn, professor of medicine at the University of Washington, who is the editor-in-chief of Diabetes Care and a co-author of the editorial. It also included former ADA President Desmond Schatz of the University of Florida. The scientists were distributing the editorial outside the conference's opening speech, which was originally scheduled to be given by Jay Bhattacharya, head of the National Institutes of Health under Trump. Bhattacharya canceled at the last minute, and senior NIH official Rick Woychik took his place. Read full article Comments