On this final day of 2024, we bring you a special video edition to help prime your portfolio for 2025.
Welcome to your post-holiday video edition of the 5 Bullets!
As you ease into your day, you won&rsquo;t want to miss some never-before-seen content forecasting one of the biggest investment trends for 2025.
In fact, exactly two weeks ago, Paradigm&rsquo;s top minds convened in Baltimore &mdash; where trading pro and former hedge fund manager Enrique Abeyta issued a monumental New Year&rsquo;s prediction.
He posed one intriguing question: Which Mag 7 mainstay will lose over 30% in market cap?
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In fact, Enrique believes, a major tech player&rsquo;s meteoric rise might be coming to an end.
And he&rsquo;s here to outline how this company will shock investors and financial media alike as he compares this scenario to a well-known plunge during the dot-com crash.
However, Enrique remains optimistic about this tech giant&rsquo;s long-term future, suggesting its value could eventually double. Or even increase tenfold.
Click above to view Enrique&rsquo;s surprise 2025 forecast&hellip; While you enjoy a lazy day in your pajamas (if you&rsquo;re into that sorta thing).
Best regards,
Emily Clancy Paradigm Pressroom&rsquo;s 5 Bullets

Enrique-marketcap

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Paradigm Pressroom’s 5 Bullets is a daily e-letter covering the economy and the markets, reaching 120,000 paying subscribers of the renowned financial publishing firm Paradigm Press.

Paradigm Pressroom's 5 Bullets

Paradigm’s top minds convened in Baltimore — where trading pro and former hedge fund manager Enrique Abeyta issued a monumental New Year’s prediction. 


Mega-Cap Meltdown in 2025

<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-1-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-1_2x-new.png 2x" alt="1" width="37" />Countdown to Liberation Day 2.0
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Three down, 54 to go. And only six days remaining.
As you&rsquo;ll recall, Donald Trump announced a series of sweeping tariffs on &ldquo;Liberation Day,&rdquo; April 2. They included what he called &ldquo;reciprocal tariffs&rdquo; against 57 countries.
"Whatever they tariff us, other countries, we will tariff them,&rdquo; is how he explained it in March. &ldquo;That's reciprocal - back and forth. Whatever they tax us, we will tax them.&rdquo;
After the bond market freaked out in reaction to the announcement, Trump declared a 90-day pause to the reciprocal tariffs on April 9.
The plan was to launch negotiations with each of those 57 countries, with an eye toward reaching new comprehensive trade deals by the end of that 90-day window.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />That 90-day window closes next Wednesday, July 9. To date, the Trump administration has come to terms with exactly&hellip; three countries.
An agreement with the United Kingdom was reached in May. An agreement with Vietnam was reached just yesterday &mdash; perhaps one reason the S&amp;P 500 rallied to a record close.
There&rsquo;s also a kinda-sorta deal with China &mdash; but it&rsquo;s only a tentative agreement while the details are hammered out ahead of a separate 90-day deadline on Aug. 11.
Really, that total of three countries is just two.

What will Trump do next week? In the estimation of Paradigm&rsquo;s macroeconomics maven Jim Rickards, Trump is about to &ldquo;go nuclear.&rdquo;
[Readers of Jim&rsquo;s premium advisory The Situation Report are already up to speed on this developing story the mainstream doesn&rsquo;t see coming. If you&rsquo;re not among them, <a href="https://pro.paradigm-press.info/m/2456626">please heed Jim&rsquo;s urgent warning at this link</a>.]

So what is it that&rsquo;s been taking so long?
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> The answer, perhaps, lies with the country that many experts thought would be the one most eager to sign a deal &mdash; Japan.
After all, Japan is a close U.S. ally. Exports are a cornerstone of Japan&rsquo;s economy &mdash; especially cars. A deal would be an early win for Prime Minister Shigeru Ishiba, in office less than a year.
At the start it looked promising. Japanese officials were among the first to pay a call on the White House only days after Trump announced the 90-day pause.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> But something went off the rails &mdash; quickly.
We still don&rsquo;t know what exactly &mdash; but Bloomberg News gave us hints a few days after the meeting when it reported that &ldquo;Japan intends to push back against any U.S. effort to bring it into an economic bloc aligned against China because of the importance of Tokyo&rsquo;s trade ties with Beijing, according to current and former Japanese government officials.&rdquo;
In early May, Japan&rsquo;s chief negotiator Ryosei Akazawa dug in his heels: &ldquo;We have been telling them that the entire series of tariffs are regrettable and have strongly insisted they be revised. Unless this demand is acknowledged in an ultimate package, there is no way we can agree to a deal.&rdquo;
By early June, Prime Minister Ishiba himself was saying his government was in no mood to compromise. Yesterday, he reinforced that stance: "Japan is different from other countries as we are the largest investor in the United States, creating jobs.&rdquo;
And if the lack of a deal means fewer exports of Japanese autos to America, Ishiba says Japan will get by: "If auto sales to the U.S. are bound to drop, we will boost domestic demand and diversify export destinations to protect Japanese industries.&rdquo;
If Team Trump can&rsquo;t reach a deal with Japan, how likely is it they&rsquo;ll come to terms with the other 53 remaining countries before next Wednesday?
Liberation Day 2.0, anyone?

<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> That&rsquo;s why Jim Rickards thinks the trade war is on the verge of &ldquo;going nuclear.&rdquo;
&ldquo;Trump&rsquo;s great &lsquo;Tariff Reckoning&rsquo; has begun,&rdquo; he says.
&ldquo;The ones who see it coming have the chance to reap a fortune. The ones who don&rsquo;t could be in for a lifetime of financial ruin. I don&rsquo;t want you to get left behind.&rdquo;
Jim recorded an urgent message from Pentagon City to help you be among the prepared. <a href="https://pro.paradigm-press.info/m/2456626">Click here to watch it now</a>. This is information the mainstream still hasn&rsquo;t figured out &mdash; <a href="https://pro.paradigm-press.info/m/2456626">and won&rsquo;t figure out until it&rsquo;s too late</a>.

<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-2-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-2_2x-new.png 2x" alt="2" width="37" />How Strong Is the Job Market, Really?
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> What&rsquo;s all the excitement about with the job numbers?
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/30ieMpiLetOJwCC0kw8Mvo/a796b2296f958f71f09659074cecb620/BreakingNEws.png" alt="breaking news" width="540px" />
OK, so yes, the wonks at the Bureau of Labor Statistics conjured 147,000 new jobs for June. And yes, that&rsquo;s more than the typical Wall Street economist&rsquo;s expectation for 110,000.
But so what? As we&rsquo;ve been saying for several months now, it takes a bare minimum of 150,000 new jobs each month just to keep up with population growth. And the monthly average going back a year now is 149,000. Hardly a &ldquo;robust&rdquo; job market.
The official unemployment rate ticked down to 4.1%. The last time it was under 4% was April of last year.
<blockquote>➢ For the record: Since January, the total number of federal government job losses is 69,000 &mdash; about 2.8% of the federal workforce. It does seem as if DOGE is having a measurable impact on the federal payroll, even if its impact on federal spending is nil.</blockquote>
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> As always, Mr. Market views these numbers not through the prism of &ldquo;Is it good for American prosperity?&rdquo; &mdash; but rather &ldquo;What does it mean for Fed rate cuts?&rdquo;
It&rsquo;s not just Donald Trump who wants lower interest rates; so does Wall Street. Easy money is the lubricant that&rsquo;s kept financial markets humming ever since the 2008 bank bailouts.
Today&rsquo;s jobs report will be the last one before the Federal Reserve holds its next policy-setting meeting at the end of this month. On the theory that there&rsquo;s no big, sudden deterioration in the labor market, futures traders now assess a less than 5% probability the Fed will cut interest rates on July 30.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> U.S. markets closed at 1:00 p.m. today ahead of the Independence Day holiday tomorrow. The biggest reaction to the job numbers showed up in the bond market.
Bonds sold off big, pushing yields higher. The yield on a 10-year Treasury note jumped to 4.34%, the highest in nearly two weeks. The thinking is that if the Fed won&rsquo;t be lowering short-term rates soon, then long-term rates won&rsquo;t be coming down either.
The stock market shook off any no-rate-cut concerns: The S&amp;P 500 jumped over three quarters of a percent to close at 6,279, another record. The Nasdaq also closed at a record high; the Dow will have to wait till next week.
Gold sold off modestly to $3,332 while silver rallied to $36.83. Crude slipped back below $67. Bitcoin has pushed back $109,000.
Meanwhile in Washington, the House is debating the 887-page Senate version of the &ldquo;Big Beautiful Bill.&rdquo; Well, they would be debating it were it not for House Minority Leader Hakeem Jeffries (D-New York).
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/HCfXwGa8DfdefXfDLQFMi/0a0dd991fc3c9d36ea9ed94138ff78fe/Michael.png" alt="michael tweet" width="540px" />
&ldquo;In any sane era, this bill would be laughed out of Congress,&rdquo; colleague Sean Ring writes in today&rsquo;s Rude Awakening. &ldquo;But this is not a sane era. This is the age of Elastic Money and Infinite Excuses. The MAGA crowd used to chant &lsquo;Drain the Swamp.&rsquo; Now they&rsquo;re filling it back up with tax credits, unfunded mandates and Musk&rsquo;s salty tears.&rdquo;
The whole thing is filled with pithy lines I wish I&rsquo;d written myself &mdash; <a href="https://rudeawakening.info/posts/trumps-big-bloated-budget-boondoggle">go read</a>.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-3-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-3_2x-new.png 2x" alt="3" width="37" />Tesla: The Technology vs. the Stock
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> For all of Tesla&rsquo;s many woes this year, Paradigm trading pro Enrique Abeyta says the company has achieved real breakthroughs with self-driving vehicles: &ldquo;It changed my life.&rdquo;
The company announced more bad news just yesterday: Global vehicle sales in the second quarter were down 13.5% from a year earlier.
Enrique would have added to the sales total this spring &mdash; but after shopping around he opted for a used 2024 Model Y.
Still, he was blown away. &ldquo;I started using it on real roads, during real commutes, with my kids in the back seat. That&rsquo;s when it sank in that self-driving cars aren&rsquo;t some faraway technology. It&rsquo;s here, it&rsquo;s real, and it&rsquo;s going to change your life soon &mdash; if it hasn&rsquo;t already.&rdquo;
Enrique published a groundbreaking report on &ldquo;autonomous&rdquo; vehicles more than five years ago. For him, the proverbial rubber just hit the road.
He started out with an easy 15-minute trip to the gym, driving solo as he put the FSD &ldquo;full self-driving&rdquo; feature to use.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> The first big test came when he took his 8-year-old daughter to New Jersey for a meeting, and then a Yankees game.
&ldquo;Driving down there can be brutal, so I was interested to see how FSD would handle it. We got in the car, set the destination in northern New Jersey and let it go.
&ldquo;I only touched the steering wheel twice during the entire 2&frac12;-hour drive, so we could get some water and go to the bathroom.
&ldquo;Sure, you still need to pay attention to the road in the Tesla (it is &lsquo;supervised&rsquo; self-driving). You can&rsquo;t be on your phone or anything. But the stress levels were a fraction of what they normally would have been.
&ldquo;Over the next 18 months, millions of people will go through the same shift I just did.
And when they do, everything about how we move, commute and think about cars will start to change forever.&rdquo;
To be clear, Enrique&rsquo;s enthusiasm for his Tesla vehicle does not necessarily translate to enthusiasm for TSLA shares. &ldquo;I would wait for the earnings forecasts to stabilize,&rdquo; he said yesterday during the Paradigm editorial team&rsquo;s monthly Zoom call. &ldquo;Until then, I&rsquo;d stay away.&rdquo;
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-4-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-4_2x-new.png 2x" alt="4" width="37" />Comic Relief
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> We haven&rsquo;t had much to say in this space about the mayor&rsquo;s race in New York &mdash; but your editor did get a chuckle when encountering the following today.
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/ohw4BFXtuqniWgxESXurz/6b7f33858341fb413e5e30f2b58313ec/florida.png" alt="florida" width="450px" />
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-5-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-5_2x-new.png 2x" alt="5" width="37" />Mailbag: AI and Electricity
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />&ldquo;Data Centers and Crypto Mining&rdquo; says the subject line of a reader&rsquo;s email reacting to portions of <a href="https://paradigmpressroom.com/post/one-billion-users">Monday&rsquo;s</a> and <a href="https://paradigmpressroom.com/post/the-end-of-visa-and-mastercard">Tuesday&rsquo;s</a> editions.
&ldquo;If the data centers and crypto miners want more power, let them buy land from willing sellers at the current market prices. Make sure they buy enough land to put up wind generator towers and let them produce their own power, rather than put additional strains on the current power grid.&rdquo;
Dave responds: Hear, hear.
At first, it seemed Elon Musk&rsquo;s xAI venture took this message to heart &mdash; installing nearly three dozen dedicated natural gas turbines to power its huge data center in Memphis.
But last month, the Memphis Chamber of Commerce issued a statement saying an undisclosed number of those turbines have been taken offline. And the rest will be used only for backup power now that xAI has been able to hook up to a new substation operated by Memphis Light, Gas and Water.
Then there&rsquo;s the newest announcement from OpenAI on Tuesday &mdash; agreeing to lease 4.5 gigawatts of computing power from Oracle for $30 billion a year. Supposedly it&rsquo;s the next phase in the much-ballyhooed &ldquo;Stargate&rdquo; project between OpenAI, Oracle and Japan&rsquo;s SoftBank Group.
For the record, 4.5 gigawatts equals about one-quarter of all the juice currently consumed by data centers in this country.
&ldquo;Potential locations for new data center sites include Texas, Michigan, Wisconsin, Wyoming, New Mexico, Georgia, Ohio and Pennsylvania,&rdquo; says the Financial Times. &ldquo;Oracle will also expand a 1.2 GW Stargate facility in Abilene, Texas, which is being developed and financed by data center start-up Crusoe.&rdquo;
The deal sent ORCL&rsquo;s share price to a record. But there&rsquo;s absolutely nothing in the FT&rsquo;s story that says where the electricity for these projects is supposed to come from.
Which only reinforces our skepticism that Stargate will ever come to fruition &mdash; <a href="https://paradigmpressroom.com/post/stargate">at least in the form touted at the White House the day after Trump&rsquo;s inauguration</a>.
Thanks for keeping the conversation going. There will be new investment possibilities emerging from the AI-and-electricity story &mdash; in all likelihood before Donald Trump&rsquo;s scheduled &ldquo;AI Action Plan&rdquo; on July 23. Stay tuned&hellip;
Happy Independence Day,
<img class="aligncenter" src="https://media.paradigmpressgroup.com/signatures/dave-gonigam.png" alt="Dave Gonigam" width="250px" align="left" />
Dave Gonigam Managing editor, Paradigm Pressroom's 5 Bullets

image (105)

That 90-day tariff pause closes next Wednesday, July 9. To date, the Trump administration has come to terms with exactly… three countries.

Countdown to Liberation Day 2.0

<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-1-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-1_2x-new.png 2x" alt="1" width="37" /> When Trump Doubled Down on Crypto
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />July 2024: Trump&rsquo;s Crypto Pivot in Nashville
Last July, Donald Trump took the stage at the <a href="https://paradigmpressroom.com/post/trumps-bitcoin-pledge">Bitcoin 2024</a> conference in Nashville and declared: &ldquo;I will be the pro-Bitcoin president.&rdquo;
This was a dramatic shift from his post-presidency skepticism &mdash; remember, in 2021 he called Bitcoin &ldquo;a scam&rdquo; and complained it was &ldquo;another currency competing against the dollar.&rdquo;
Now, Trump was all-in, warning: &ldquo;If we don&rsquo;t embrace crypto and Bitcoin technology, China will&hellip; and we cannot let China dominate.&rdquo;
Trump promised to:
<ul>
<li>Make the U.S. the &ldquo;crypto capital of the world&rdquo;</li>
<li>Stockpile Bitcoin seized by the government</li>
<li>Fire SEC Chair Gary Gensler on Day 1</li>
<li>Block any move toward a central bank digital currency (CBDC)</li>
<li>Ensure crypto is &ldquo;mined, minted and made in the USA.&rdquo;</li>
</ul>
The crowd went wild, but details were thin. Trump&rsquo;s embrace of crypto was less about libertarian ideals and more about government muscle &mdash; an odd twist for an asset built on decentralization.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> October 2024: Sherrod Brown vs. the Crypto Lobby
By October, the crypto industry had zeroed in on a new target: Ohio Sen. Sherrod Brown, one of crypto&rsquo;s fiercest critics and a major obstacle to industry-friendly legislation.
The race between Brown and Republican challenger Bernie Moreno became the most expensive Senate contest in Ohio&rsquo;s history, thanks to a flood of crypto cash.
<ul>
<li><a href="https://paradigmpressroom.com/post/crypto-playing-politics">Crypto PACs,</a> led by Fairshake and Defend American Jobs, spent over $40 million backing Moreno and attacking Brown.</li>
</ul>
<ul>
<li>Moreno, a longtime blockchain enthusiast, was painted as the pro-innovation, pro-crypto candidate. Brown, meanwhile, was hammered as anti-crypto and out-of-touch.</li>
</ul>
The crypto lobby&rsquo;s strategy: Use big money to oust opponents and elect allies. As one Fairshake spokesman put it: &ldquo;Sherrod Brown was a top opponent of cryptocurrency and thanks to our efforts, he will be leaving the Senate.&rdquo;
Meanwhile, Tyler Winklevoss, co-founder of Gemini, crowed: &ldquo;The crypto army is striking!&rdquo;
Election Day 2024 was a dream come true for crypto. The crypto lobby&rsquo;s $40 million gamble paid off, sending a message to D.C.: &ldquo;Support us, or we&rsquo;ll support your opponent.&rdquo;
Crypto PACs claimed credit for Moreno&rsquo;s win, calling it a &ldquo;bold&rdquo; move that resonated with lawmakers everywhere.
In total, according to The New York Times, crypto groups across the country spent more than $130 million to elect pro-crypto candidates, helping put at least 18 new crypto-friendly senators and 263 House members in office.
In the aftermath of Nov. 5, Bitcoin and crypto stocks surged with Trump&rsquo;s victory, and Bitcoin hit new highs.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> December 2024: Paul Atkins Tapped for SEC
With victory in hand, Trump nominated <a href="https://paradigmpressroom.com/post/closer-to-crypto-capital-of-the-world">Paul Atkins</a> &mdash; a longtime crypto advocate and former SEC commissioner &mdash; to replace Gary Gensler as SEC chair.
Atkins is a known quantity in D.C. and a favorite with the crypto crowd, having co-chaired the Token Alliance, a major blockchain lobbying group. He&rsquo;s promised to focus on &ldquo;free markets, capital formation, investor choice and innovation&rdquo; &mdash; music to the industry&rsquo;s ears.
Atkins&rsquo; arrival marks a sharp pivot from Gary Gensler&rsquo;s regulatory clampdown. Atkins openly slammed Gensler&rsquo;s approach as &ldquo;a direct threat to innovation.&rdquo; Instead, he calls for clear, straightforward rules to help the crypto market reach its potential. He&rsquo;s even got skin in the game: over $6 million in crypto-related investments

[URGENT: The SEC is poised to unleash a $30 trillion market shakeup TODAY &mdash; an event that could instantly affect your 401(k) and IRA.
If you do just one thing today, make sure it&rsquo;s this: <a href="https://pro.paradigm-press.info/m/2456221">Click here now</a> to watch a critical briefing and discover the steps to amplify your retirement savings from this unprecedented, fast-moving development.]

Did the crypto lobby get Trump over the finish line? Indeed, crypto played a significant role in Trump&rsquo;s win. According to Trump campaign strategist Chris LaCivita, crypto issues were key to engaging diverse voters &mdash; including young people and Black and Asian voters &mdash; all of whom have higher rates of crypto ownership and have been historically tough to reach.
Crypto became a bridge to new constituencies, and massive spending by crypto PACs didn&rsquo;t just help Trump; it reshaped the political landscape, ousting high-profile skeptics like Sherrod Brown and ushering in a wave of pro-crypto lawmakers.
As Kristin Smith of the Blockchain Association put it: &ldquo;This is a huge victory for crypto&hellip; we&rsquo;ve got the right folks in place to get the policy settled once and for all.&rdquo;
In short, crypto didn&rsquo;t just help propel Trump to victory &mdash; it triggered a political earthquake, blasting old alliances and redrawing the very blueprint of power in Washington.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-2-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-2_2x-new.png 2x" alt="2" width="37" />Documenting the Danger of FOMO
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> The S&amp;P 500&rsquo;s 22% surge in under three months is &ldquo;the kind of move that turns cautious investors into aggressive buyers,&rdquo; says Paradigm editor Davis Wilson at The Million Mission. 
While individual stocks like Nvidia (+62%), Meta (+42%) and Palantir (+68%) have posted &ldquo;incredible short-term gains,&rdquo; Wilson warns against letting FOMO (fear of missing out) drive investment decisions.
He notes: &ldquo;FOMO isn&rsquo;t just a casual phrase investors throw around. It&rsquo;s one of the most well-documented behavioral traps in finance.&rdquo;
Citing studies by Barber and Odean (2000) and Kaniel, Saar and Titman (2008), Wilson explains that &ldquo;investors who chase recent winners tend to underperform&hellip; not because they&rsquo;re wrong about the business, but because they&rsquo;re late.
&ldquo;Go back over the last decade and you&rsquo;ll see it clearly:
<ul>
<li>&ldquo;August 2015: China devaluation scare &mdash; followed by a quick 15% rebound</li>
<li>December 2018: Powell panic and a sharp sell-off &mdash; followed by a monster 2019 rally</li>
<li>March 2020: COVID crash &mdash; followed by one of the strongest bull runs in history</li>
<li>October 2022: Fed tightening peak &mdash; right before a huge multimonth rally</li>
<li>April 2025: Tariff-driven dip &mdash; now up 22% in under three months.</li>
</ul>
&ldquo;Every one of those was a time of fear,&rdquo; Davis says. &ldquo;Headlines were screaming &lsquo;sell.&rsquo; Yet every one of them turned out to be an incredible time to buy.&rdquo;
He cautions that the real opportunity rarely feels obvious in the moment: &ldquo;Back in April, sentiment was weak. The market was in a slump. Trump was making noise about tariffs. Uncertainty was high. And great companies were quietly trading at a discount.
&ldquo;That was the opportunity,&rdquo; says Davis. &ldquo;But of course, it didn&rsquo;t feel like one at the time. It never does.&rdquo;
Evidence from past market slumps highlights the importance of patience and resisting FOMO. &ldquo;Patience pays,&rdquo; he concludes, &ldquo;it always does.&rdquo;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> The S&amp;P 500 and Nasdaq are rebounding &mdash; up 0.30% and 0.80% respectively &mdash; as tech shares rally after a recent pullback; notably, tech names like Nvidia and AMD are up about 2% today. In contrast, the Dow Jones Industrial Average is barely treading water.
Commodities are in lockstep: Oil&rsquo;s up 0.75%, just under $66 for a barrel of WTI. Silver, similarly, is up 0.70% to $36.66, but gold&rsquo;s barely in the green at $3,351.90 per ounce. At last check, the crypto market is in fine fiddle, with Bitcoin up 3% to $108,740; simultaneously, Ethereum&rsquo;s up 3.60% to $2,500.
The ADP employment report surprised with a loss of 33,000 private-sector jobs in June, sharply missing consensus expectations of a 103,000 gain. While ADP&rsquo;s track record as a predictor for the official Labor Department numbers (due tomorrow) is weak, the negative result signals a note of caution.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-3-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-3_2x-new.png 2x" alt="3" width="37" />The Doctor (Copper) Is In
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />&ldquo;Foreign central bankers foresee inflation, inflation and more inflation,&rdquo; says Paradigm&rsquo;s acclaimed geologist Byron King. &ldquo;Don&rsquo;t take my word for inflation; ask the estimable &lsquo;Dr. Copper,&rsquo; with its Ph.D. in economic forecasting and a long history of being right,&rdquo; he says.
&ldquo;That is, the price of copper is up over 15% year-over-year, reflecting growing demand and tighter supply.&rdquo;

<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/3K2Ghkp2p2KzYSrSkHjqct/f59f24dbd12eabccada493117c8381f4/copper.png" alt="copper" width="400px" />

Ingot and elemental metal from Keweenaw Peninsula, Michigan. (BWK collection)
Copper demand is surging due to ongoing economic growth in developing countries and the global expansion of electric vehicles (EVs), which require significant copper for manufacturing.
Byron notes that while Americans may not notice, &ldquo;There&rsquo;s a global EV glut out of China that&rsquo;s happening everywhere else on the planet except here.&rdquo;
In developed nations, demand is also being driven by efforts to modernize outdated power grids and the rapid construction of AI data centers, which &ldquo;use large amounts of copper for wiring, as well as radiators to cool things down,&rdquo; Byron explains.
At the same time, copper supply is tightening. Byron highlights a remarkable recent deal: &ldquo;Just last week a consortium of Chinese copper smelters agreed to process copper concentrate from Chilean miner Antofagasta (ANFGF) for free, as in $0.00.&rdquo;

<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/44pVCeIxypiXXDrVhkBCFQ/6b1562517430eca0230f1597c98b0a0a/railcar.png" alt="railcar" width="400px" />

Copper concentrate fills a railcar in Peru
This unprecedented agreement &mdash; where Chinese refiners &ldquo;are giving away their refining services&hellip; for zero, zippo, nada&rdquo; &mdash; underscores how acute the shortage has become.
Byron points out that this &ldquo;sets a new low&rdquo; for refining charges and signals &ldquo;the absolute, real and growing scarcity of copper concentrate.&rdquo; While other analysts call this outcome &ldquo;better than expected&rdquo; &mdash; revealing just how imbalanced the copper market is today.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-4-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-4_2x-new.png 2x" alt="4" width="37" />Sabotage: Oil Tankers Targeted
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />A string of mysterious explosions has rocked oil tankers in the Mediterranean and Baltic Seas, with five vessels hit by suspected limpet mines in 2025. 
The attacks have targeted ships soon after they visited Russian ports, fueling speculation that this is not random but a coordinated sabotage campaign.

<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/612oqq9q3oHukW8hvW2LUe/55a41287488c73aeeae5c72dbefae322/map.png" alt="map" width="540px" />

Courtesy: Lloyd&rsquo;s List Intelligence, Seasearcher, FT
Some security experts are pointing the finger at Ukraine, given its history of covert operations against Russian interests, though Kyiv has neither confirmed nor denied involvement.
Ukrainian military intelligence, however, labeled one of the attacked ships, the Vilamoura, as part of Russia&rsquo;s &ldquo;shadow fleet,&rdquo; hinting at deeper intrigue.
But not all the attacks fit the same pattern. For example, the Vilamoura was hit on its hull, not its side, leading some to suspect other actors might be involved &mdash; possibly Libyan groups or other state-backed saboteurs.
Four of the targeted tankers also called at Libyan ports, a country rife with rival factions and oil smuggling, and all five had stopped off Malta for supplies.
The vessels involved are owned by prominent Greek and Cypriot shipping interests, and there&rsquo;s no evidence they breached Western oil price caps.
The attacks have heightened maritime security fears, with the U.N.&rsquo;s International Maritime Organization pledging to monitor the situation closely.
Still, the timing and location of the attacks, plus the use of Soviet-era mines, suggest a deliberate campaign tied to fallout from sanctions on Russian oil. The shipping world is on edge, wondering who&rsquo;s really behind these shadowy blasts &mdash; and who might be next.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-5-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-5_2x-new.png 2x" alt="5" width="37" />Urban Safari, Rodent Edition
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> Suzanne Reisman, NYC&rsquo;s self-appointed &ldquo;rat whisperer,&rdquo; is leading the creepily curious on a $40 Garbage &amp; Rats walking tour through Manhattan&rsquo;s aromatic alleys. 
Donning fuzzy rat ears, Reisman reveals the secret lives of Norway rats (spoiler: they&rsquo;re from Asia, not Oslo), who arrived centuries ago and decided Manhattan&rsquo;s trash was a five-star buffet.

<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/48cBskO0FuYaUjjXhkGG6w/88da0f3d80ad385f1bd4b673c56be928/rat-whisperer.png" alt="rat whisperer" width="540px" />

NYC&rsquo;s &ldquo;rat whisperer&rdquo; Courtesy: X
Tour-goers learn that rats are basically the Casanovas of the animal kingdom &mdash; with up to 20 romantic encounters per day. Meanwhile, sightings of lap dog-sized rats elicit the kind of excitement usually reserved for rare birds, while stops at historic rat-fighting venues add a dash of the grisly.
Reisman, a graduate of the Rat Academy &mdash; a free program run by New York City&rsquo;s sanitation and health departments &mdash; delivers history and trash etiquette with the flair of a stand-up comic. And her tours sell out to everyone from rat-curious tourists to locals nostalgic for old-school grime.
The real lesson: Entrepreneurship creates opportunity, even turning rat watching into a moneymaking venture.
Well, that&rsquo;s a rat &mdash; er,wrap &mdash; today. We&rsquo;ll be back with a fresh episode tomorrow. Take care!
Best regards,
<img class="aligncenter" src="https://media.paradigmpressgroup.com/signatures/emily-clancy.png" alt="Emily Clancy" width="250px" align="left" />
Emily Clancy Associate editor, Paradigm Pressroom's 5 Bullets

Trump-Bitcoin

Did the crypto lobby help get Trump over the finish line on Election Day? 

Trump’s Crypto Pivot

shutterstock 1795360600 (1)

What’s the advantage of using stablecoins versus actual dollars?

The End of Visa and Mastercard

<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-1-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-1_2x-new.png 2x" alt="1" width="37" />Mark This Date: May 14, 2027
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Assuming you&rsquo;re old enough&hellip; do you remember the first time you had regular internet access?
If you do, make a mental note.
For all intents and purposes, the dawn of the internet can be dated to 1969 &mdash; when the U.S. government first switched on ARPANET, connecting users at four universities.
Of course, it didn&rsquo;t really take off in the United States until the mid-1990s &mdash; roughly the same time frame as Microsoft&rsquo;s launch of Windows 95 and AOL&rsquo;s relentless mailings of CD-ROMs. (Remember that?)
By 2005, the internet reached 1 billion people worldwide. It took 36 years.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Cryptocurrency is on track to achieve the same feat in less than 20 years.
Already, 16&frac12; years after Bitcoin&rsquo;s launch, the number of worldwide users totals roughly 580 million.
The 1 billion number is easily in reach given the current path.
&ldquo;In 2020, only five years ago, it was around 100 million,&rdquo; says Paradigm senior crypto analyst Chris Campbell. &ldquo;That&rsquo;s over a 5x explosion in just five years &mdash; and it&rsquo;s still picking up speed.&rdquo;
As you might already know, James Altucher is our resident crypto evangelist at Paradigm. He had the foresight to recommend Bitcoin in 2013 when it was a mere $114. (Checking our screens this morning, it&rsquo;s $107,543.)
James sees the crypto big picture. Complementing his skill set is Chris. Chris gets deep in the weeds &mdash; reading white papers, attending conferences, dissecting which cryptos are trash and which have the potential for life-changing gains.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> Just to put that 580 million user figure in perspective, Chris says &ldquo;that&rsquo;s 6.8% of the entire world&rsquo;s population now dabbling in cryptocurrency. More than the number of people who hold American Express or use PayPal.&rdquo;
The adoption rate is especially steep in places we once called the &ldquo;Third World.&rdquo; We&rsquo;re talking about folks who leapfrogged the landline era, going straight to inexpensive smartphones. For many of them, crypto is how they preserve purchasing power while governments debase their official fiat currencies.
&ldquo;Nigeria has one of the highest crypto adoption rates in the world,&rdquo; says Chris &mdash; about 40%. And Vietnam, about 30%.
Compare that with about 65 million Americans, or 28% of the adult population.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />&ldquo;If adoption continues on its current trajectory, conservative estimates say we&rsquo;ll see 1 billion crypto users by May 14, 2027 &mdash; two decades faster than the internet,&rdquo; says Chris.
Other estimates suggest it could happen as early as next year.
What&rsquo;s more, the growth only accelerates from there: One billion internet users in 2005 became 4.5 billion by 2020.
With crypto, that 4.5 billion threshold could happen even faster: &ldquo;Growth isn&rsquo;t being slowed down by hardware, broadband or mobile rollouts,&rdquo; Chris points out. &ldquo;The infrastructure is already built. An estimated 5.5 billion people have smartphones. Around 70% of them use those phones for payments.
&ldquo;At that point, crypto wouldn&rsquo;t just be a new part of the financial system &mdash; it would be a full-blown parallel financial system with incredible influence over the world.&rdquo;
Which means the present moment abounds with possibility: &ldquo;Just like with the internet, the smartphone or the early days of stock investing, the most asymmetrical gains go to those who act before the crowd even knows there&rsquo;s a line.&rdquo;

<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> Don&rsquo;t get the wrong idea: The U.S. market matters. It matters enormously &mdash; simply because the United States still dominates traditional finance. The real breakthrough comes when crypto gets the U.S. government&rsquo;s blessing.
And as we&rsquo;ve been saying for several months now, the Trump 47 administration is much more crypto-friendly than any U.S. administration that&rsquo;s come before, including Trump 45.
In particular, Securities and Exchange Commission chair Paul Atkins says Washington must adapt to the crypto landscape. Otherwise, innovators overseas will leave Americans eating their dust.
Which is why James Altucher &mdash; the guy who recommended Bitcoin at $114 &mdash; says this Wednesday will be a crucial day. According to his Wall Street connections, Wednesday is when Atkins and the SEC will unleash a $30 trillion disruption to the crypto space.
Some coins will stumble as a result&hellip; while James says five tiny cryptos are set to soar &mdash; potentially rising 10x in the next 12&ndash;18 months.
<a href="https://pro.paradigm-press.info/m/2454987">Follow this link and James will show you exactly</a> what he expects to be announced on Wednesday &mdash; and how you can position yourself to profit.

<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-2-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-2_2x-new.png 2x" alt="2" width="37" />Weak Dollar, Strong Stocks
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> The U.S. stock market is set to end the first half of the year at an all-time high.
With a few trading hours left in the month of June the S&amp;P 500 sits at 6,182. Its performance during the second quarter of 2025 will be the best since the fourth quarter of 2023.
Perhaps not coincidentally, the U.S. dollar is on track for its worst start to a year, relative to other major currencies, since 1973.
All else being equal, American multinationals benefit when the dollar is weak. As Paradigm&rsquo;s value-investing pro Zach Scheidt explained it to us in 2018, &ldquo;The weak U.S. dollar makes it easier for companies to sell their products overseas for cheaper prices.
&ldquo;You see, a weak U.S. dollar naturally corresponds to stronger other currencies. And if international currencies are stronger, it means consumers overseas can more easily afford the products sold by U.S. companies.
&ldquo;It also helps that when corporations generate profits in euros, yen or British pounds, those profits get reported to investors in dollar terms. And again, profits generated in euros naturally translate to more &lsquo;weak&rsquo; U.S. dollars.&rdquo;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />That said, you can be forgiven for wondering if the stock market&rsquo;s looking a little &ldquo;toppy&rdquo; right now.
&ldquo;There&rsquo;s a lot of euphoria out there as we take back those all time-highs,&rdquo; Paradigm chart hound Greg Guenthner writes his Trading Desk subscribers. &ldquo;This short week would be the perfect time for the market to experience a hiccup or two.&rdquo;
One potential cause for concern is that small-cap stocks are lagging their bigger brethren.
Only last week did the Russell 2000 small-cap index rise back above its 200-day moving average. &ldquo;That looks bullish on the surface,&rdquo; Greg says. &ldquo;Can it survive and continue higher if the broad market runs into trouble? I&rsquo;m not so sure.&rdquo;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> Precious metals got whacked in Sunday night trading, but they&rsquo;re gamely staging a recovery as the first half of the year winds down.
At last check, the bid on gold is up $16 to $3,289. Yes, that&rsquo;s well below the $3,500 peak in April &mdash; but still up smartly from $2,625 at the start of the year. Silver took its sweet time catching up with gold &mdash; but it started the year under $29 and as we write is back within reach of $36. Not bad.
Copper is on track to end the first half of 2025 over $5 a pound, after starting around $4. Speaking of copper, congratulations are in order for Rickards&rsquo; Insider Intel readers who bagged an 88% gain on Friday playing options on a major copper-and-gold producer.
Crude starts the week down over 1% at $64.74 &mdash; a considerable drop after starting the year close to $72.
That $107k Bitcoin price we mentioned earlier? A modest gain from roughly $100k at the start of the year. The really big gain came last November and December.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-3-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-3_2x-new.png 2x" alt="3" width="37" />Trump&rsquo;s AI Power Play
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Looking ahead to the second half of the year, it appears the Trump administration is getting serious about addressing &ldquo;the monster that ate the power grid.&rdquo;
Since early 2024, we&rsquo;ve been <a href="https://paradigmpressroom.com/post/the-monster-that-ate-the-power-grid-ai">pounding the table</a> about AI&rsquo;s enormous demand for electricity &mdash; and the fact the U.S. power grid has no more capacity now than it did in 2011. Last week amid a heat wave, large swaths of the nation were at risk of rolling blackouts.
Now CNBC reports the Trump administration &ldquo;is readying a package of executive actions aimed at boosting energy supply to power the U.S. expansion of artificial intelligence, according to four sources familiar with the planning&hellip;
&ldquo;The moves under consideration include making it easier for power-generating projects to connect to the grid, and providing federal land on which to build the data centers needed to expand AI technology, according to the sources.&rdquo;
When he took office in January the president ordered his administration to come up with an &ldquo;AI Action Plan.&rdquo; CNBC&rsquo;s sources say the report is due by Wednesday, July 23. &ldquo;The White House is considering making July 23 &lsquo;AI Action Day&rsquo; to draw attention to the report and demonstrate its commitment to expanding the industry, two of the sources said.&rdquo;
A few days earlier, the president is set to speak at an AI-and-energy event in Pennsylvania on Tuesday July 15.
Here at Paradigm, we&rsquo;re already on the case identifying the best-in-class investments in this space ahead of these dates &mdash; so watch this space.
Hopefully you took advantage of our unofficial recommendation back <a href="https://paradigmpressroom.com/post/blackout-nation">on May 7</a> &mdash; Constellation Energy (CEG) is up nearly 20% since then.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-4-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-4_2x-new.png 2x" alt="4" width="37" />Tesla&rsquo;s Edge on Detroit
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Tesla rolled out its &ldquo;robotaxi&rdquo; a few days ago &mdash; and in the process started running Detroit off the road.
The debut of a dozen or so vehicles in Austin, Texas came with some expected glitches &mdash; one of the vehicles briefly veering into oncoming traffic, for example &mdash; but as Tesla sees it, that&rsquo;s essential to the process of perfecting the technology.
Longer term, &ldquo;Tesla is about to have a live, learning network of autonomous vehicles generating data, revenue and operational experience 24/7,&rdquo; says Paradigm tech-investing maven Ray Blanco.
&ldquo;Every mile driven, every edge case encountered, every successful pickup will feed back into Tesla's neural network. This creates a compounding advantage that traditional automakers simply cannot match.&rdquo;
We&rsquo;ll come back to the traditional automakers in a moment. Right now, ponder this: &ldquo;Goldman Sachs projects Tesla's robotaxi revenue could reach $115 million by 2027,&rdquo; says Ray, &ldquo;scaling rapidly from there. But that could just be the beginning.
&ldquo;The real disruption comes when Tesla's manufacturing machine turns toward robotaxis. Imagine hundreds of thousands or even millions of Tesla robotaxis offering rides at a fraction of current Uber/Lyft prices.&rdquo;
As for General Motors and Ford, they&rsquo;re &ldquo;caught in a tough spot,&rdquo; Ray goes on. &ldquo;They're spending billions trying to develop autonomous technology while their core business &mdash; selling cars to individual consumers &mdash; faces potential obsolescence.
&ldquo;But for a lot of potential customers, the question remains: Why buy a car when you can summon a robotaxi for 20 or 25 cents per mile?&rdquo;
No, it&rsquo;s not the death of Detroit. But for GM and Ford, &ldquo;their growth prospects have fundamentally changed,&rdquo; Ray says.
&ldquo;Instead of investing billions in traditional vehicle manufacturing, they're now going to be forced to spend on autonomous technology they may never successfully monetize.&rdquo;
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-5-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-5_2x-new.png 2x" alt="5" width="37" />A Million Ain&rsquo;t What It Used to Be
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />On the subject of <a href="https://paradigmpressroom.com/post/not-since-1980#4">&ldquo;everyday millionaires&rdquo;</a> &mdash; a quadrupling in the number of people with a net worth between $1&ndash;5 million since 2000 &mdash; a reader writes&hellip;
&ldquo;Sixty years ago I bought the farm from my dad and with a factory job I was able to keep my home and the land and now I am a millionaire because the dollar is worth less and getting close to worthless. A paper value of paper money means nothing.
&ldquo;The Carter inflation was worse than the Biden inflation, but every year the dollar is worth less. When I was in the Army I was paid $90 a month.&rdquo;
Dave responds: On further reflection, there&rsquo;s more to this proliferation of millionaires than just the aging population, the falling value of the dollar and the insane ramp-up in home prices.
It&rsquo;s also that this &ldquo;wealth&rdquo; is frighteningly illiquid. The bulk of these paper millionaires&rsquo; wealth is tied up in home equity and tax-advantaged retirement accounts.
Little wonder many of them are living paycheck to paycheck, right?
Best regards,
<img class="aligncenter" src="https://media.paradigmpressgroup.com/signatures/dave-gonigam.png" alt="Dave Gonigam" width="250px" align="left" />
Dave Gonigam Managing editor, Paradigm Pressroom's 5 Bullets

users

In 2005, the internet reached 1 billion users — 36 years after its launch. Cryptocurrency is on track to achieve the same feat in less than 20 years.

One Billion Users

<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-1-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-1_2x-new.png 2x" alt="1" width="37" />Atomic IPO
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />One of our major themes of the last 18 months just intersected with one of our major themes of this week.
&ldquo;Holtec International, a key player in the nuclear industry, plans to go public within several months,&rdquo; reports Barron&rsquo;s.
&ldquo;The IPO would almost certainly be the largest nuclear-energy offering in years, giving investors one of the few pure-play ways of buying into the industry&hellip; The company could be worth more than $10 billion.&rdquo;
Since early 2024 we&rsquo;ve been sounding the alarm in these virtual pages about the enormous demands that AI is making on the U.S. power grid &mdash; a grid whose capacity hasn&rsquo;t grown for over a decade.
To illustrate, Elon Musk posted the following just this morning&hellip;
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/2kqsUPKCAoH9nCkZCx23bf/41fbe12f3b3917a1a136c53464e9e42b/ElonTweet.png" alt="elon tweet" width="540px" />
Result: During a heat wave this week, large swaths of the eastern and central United States were at risk of rolling blackouts. Fortunately, it didn&rsquo;t come to that. This time.
Amid that backdrop, Holtec is in the process of restarting a shuttered nuclear power plant &mdash; a first for the industry. The Palisades plant in southwest Michigan was mothballed in 2022.
Holtec also plans to beef up Palisades&rsquo; capacity with the installation of two SMRs or &ldquo;small modular reactors&rdquo; at the site. (SMRs are still a fledgling technology; none has yet been deployed in the United States.)
If all goes according to plan, Palisades should be up and running again this fall &mdash; a few months before Holtec starts trading publicly in early 2026.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> It&rsquo;s been a good year for IPOs in the United States. With an asterisk.
As of Wednesday, Bloomberg says the share price of companies that started trading in 2025 are up by a weighted average of 53%.
But hold on: That number&rsquo;s been pulled artificially higher by the blockbuster performance of crypto phenom Circle Internet Group &mdash; spotlighted in this space yesterday &mdash; as well as the cloud computing firm CoreWeave.
And even for the rare exceptions that deliver blockbuster performance, the problem remains for retail investors: The biggest gains, by far, are had before a company goes public.
Unfortunately those gains are limited to investors with deep pockets.
That&rsquo;s a situation that Paradigm&rsquo;s venture capital veteran James Altucher has been out to remedy this week. His contacts have clued him into a rare loophole in the IPO market &mdash; affording everyday folks like you the chance to buy into an up-and-coming quantum computing firm before it goes public.
As you might already know, quantum computing stocks have been on a hot streak at times this year &mdash; leaping as high as 2,798% in just months.
But this isn&rsquo;t just any quantum-computing company. &ldquo;I have reason to believe that every business on Earth will need this company&rsquo;s products,&rdquo; James tells us &mdash; &ldquo;real soon.&rdquo;
Readers of James&rsquo; Microcap Millionaire service already know he plans to buy in next week &mdash; and he&rsquo;s giving them the chance to do so first.

If you&rsquo;re not among them, and we&rsquo;ve piqued your curiosity, time is running out: <a href="https://pro.paradigm-press.info/m/2454614">You&rsquo;ll want to click here and check out James&rsquo; presentation</a> before the market closes at 4:00 p.m. EDT.
<a href="https://pro.paradigm-press.info/m/2454614">Give it a look now</a>. You can always come back to the rest of our 5 Bullets later.

<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-2-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-2_2x-new.png 2x" alt="2" width="37" />Inflation: Can&rsquo;t Catch a Break
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> Uh-oh &mdash; another sign that inflation is moving in the wrong direction.
Earlier this month, the consumer price index from the Labor Department showed that the annual inflation rate inched up from 2.4% to 2.5%.
This morning the Commerce Department delivered &ldquo;core PCE,&rdquo; which is the Federal Reserve&rsquo;s preferred inflation gauge. This too inched up &mdash; from 2.6% to 2.7% &mdash; confounding the expectations of Wall Street economists.
Zooming out, it&rsquo;s apparent that over the last year this particular inflation measure has bottomed out in a range between 2.6&ndash;3.0%. That&rsquo;s nowhere near the Fed&rsquo;s desired 2% inflation target.
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/4RhKudzwTEUjb56oFNktBl/84306ba96ff951365927ada3584aeae8/6.27_5Bullets_Chart_2.png" alt="chart" width="540px" />
If you&rsquo;ve been with us for the last year or two, this should be no surprise: More than once, we&rsquo;ve pointed to <a href="https://paradigmpressroom.com/post/declare-your-independence-from-inflation">powerful evidence</a> that once inflation sails beyond 5% &mdash; as it did in 2022 &mdash; it typically takes a decade to return to &ldquo;normal&rdquo; 2% inflation.
How will this number affect the Fed&rsquo;s path on interest rates? Looking at the futures markets this morning, traders are pricing in a 79% probability the Fed will stand pat at its next meeting on July 30 &mdash; keeping the fed funds rate at 4.5%.
If true, the first rate cut of 2025 won&rsquo;t come until mid-September.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> No doubt this development is a disappointment for Mr. Market &mdash; but so far he&rsquo;s taking it in stride today.
At last check, the S&amp;P is up half a percent on the day at 6,174. If that holds by day&rsquo;s end, the index will have surpassed its previous record close four months ago.
The Nasdaq is likewise up about a half percent, the Dow about three-quarters of a percent.
Among the other cross-currents that have traders chattering today &mdash; the possibility Donald Trump will name a replacement for Fed chair Jerome Powell this fall, even though Powell&rsquo;s term isn&rsquo;t up till May 15 next year.
In addition, U.S. and Chinese negotiators have supposedly come to terms on a &ldquo;trade framework&rdquo; &mdash; although the details from both sides are, to say the least, vague.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> &ldquo;Mr. Slammy&rdquo; showed up for the precious metals today. The shadowy forces that depress prices every now and then have crushed gold by nearly 2%, the bid down to $3,264.
In addition, silver is losing its grip on the $36 level. And platinum, which hit its highest level since 2014 yesterday, is down 5.5% to $1,341.
Crude is up about 1% as its bounce from oversold levels earlier this week continues. At last check a barrel of West Texas Intermediate was fetching $65.87.
Bitcoin is stuck in the mud at $106,585.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-3-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-3_2x-new.png 2x" alt="3" width="37" />Bonds: An Orderly Race for the Exits
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />The speedy whoosh in the bond market is in the rear-view. Now comes the slow-motion sell-off.
In April, amid the market panic surrounding Donald Trump&rsquo;s &ldquo;Liberation Day&rdquo; announcement, a funny thing happened: While stocks were selling off hard, so were bonds.
Usually at times like that, scared money floods into bonds as a safe haven. But not then: Bond prices fell hard and yields rose sharply. The yield on a 10-year U.S. Treasury note soared past 4.5%.
It was this panic in the bond market that prompted the president to announce a 90-day pause on his tariff regime. (Those 90 days are up on July 8, by the way.)
The mainstream was quick to chalk up the bond market panic to a lack of confidence in Trump&rsquo;s tariff policy. <a href="https://paradigmpressroom.com/post/the-real-reason-for-the-tariff-pause">But as we said at the time</a>, there was more to it than that.
There was Joe Biden&rsquo;s radical step of freezing the U.S. Treasuries held by Russia&rsquo;s central bank. And there was the lingering unease with Uncle Sam&rsquo;s debt burden &mdash; already steep going into the 2020 pandemic, and growing at an even faster pace since.
The initial bond-market panic in April has eased. The yield on a 10-year Treasury today is 4.27%.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> But that doesn&rsquo;t mean confidence in Uncle Sam&rsquo;s debt has returned: &ldquo;Investors are fleeing long-term U.S. bond funds at the swiftest rate since the height of the COVID-19 pandemic five years ago,&rdquo; says the Financial Times &mdash; &ldquo;as America&rsquo;s soaring debt load tarnishes the appeal of one of the world&rsquo;s most important markets.&rdquo;
From early 2022 through early 2025, long-term bond funds took in about $20 billion every quarter. But during the second quarter of this year, $11 billion has fled these funds.
It&rsquo;s not a panic &mdash; more like an orderly race for the exits.
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/1RadhujsTDNE0z8tsiD4C6/9a604721db33b2819aad155f7bced4cd/6.27_5Bullets_Chart.png" alt="chart 2" width="540px" />
Bond funds are only a slender portion of the enormous bond market &mdash; but they&rsquo;re a valuable snapshot of the market vibe.
&ldquo;It&rsquo;s a symptom of a much bigger problem,&rdquo; DoubleLine Capital&rsquo;s Bill Campbell tells the FT. &ldquo;There is a lot of concern domestically and from the foreign investor community about owning the long end of the Treasury curve.&rdquo;
Those jitters have only grown as the &ldquo;Big Beautiful Bill&rdquo; takes shape in Washington. (The Senate might vote on its version of the bill as early as today.) Now that the promised budget savings from DOGE have turned out to be a bust, the bill is likely to accelerate the national debt&rsquo;s growth trajectory.
The Trump administration insists its policies will in fact slow the growth of Uncle Sam&rsquo;s debt load &mdash; but we&rsquo;ve heard those promises from Republican administrations before and they never pan out. (That&rsquo;s not to let spendthrift Democrats off the hook, to be clear.)
The stakes couldn&rsquo;t be higher: Shrinking demand for U.S. Treasury debt translates over time to higher interest rates &mdash; which makes the government&rsquo;s debt burden only worse.
Imagine taking on new credit card debt just to keep up the minimum payments on your existing debt.
That&rsquo;s bad for a household. It&rsquo;s way worse for a country&hellip;
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-4-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-4_2x-new.png 2x" alt="4" width="37" />Comic Relief (and Some Myth-Busting)
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />For whatever reason, this tweet from last year is making the rounds now &mdash; and people are taking it seriously.
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/4kuFKW9yYrGc8xSvbqXBdd/14e739608d81f7b07ee9eb7d307e2748/TheClimate.png" alt="the climate" width="540px" />
&ldquo;Who&rsquo;s gonna tell him?&rdquo; says a post this week on the alt-right social media platform Gab. And there&rsquo;s more where that came from.
Looking at the account of the individual behind this tweet, it&rsquo;s definitely satire. The account is run by a Canadian who routinely skewers the climate-obsessed control freaks and power trippers in his country and elsewhere. Now you know&hellip;
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-5-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-5_2x-new.png 2x" alt="5" width="37" />Politics and Investing
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> We heard from another reader after our inquiry on Wednesday: Have you ever let your politics drive your investing decisions? 
&ldquo;Thanks to turmoil/volatility created by the current administration the &lsquo;playtime&rsquo; part of my portfolio has increased 5x, mostly via put options. About to pay off the five-year car loan I signed up for last December. Not happy but making bank.&rdquo;
Dave responds: Sounds like it. Interesting contrast with the fellow yesterday who sold California municipal bonds and bought shares of the Big Oil firm Chevron. He&rsquo;s happy too.
Probably not the last we&rsquo;re going to hear of this theme &mdash; <a href="https://paradigmpressroom.com/post/its-a-rigged-game#4">the growing partisan divide</a> reflected in attitudes toward future stock market performance. It&rsquo;s been interesting exploring it this week.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> All of which brings up a paradox for our firm and many of our readers.
It&rsquo;s safe to say, based on our various marketing campaigns of the last several years, that the overwhelming majority of Jim Rickards&rsquo; readers lean Republican.
Which means, if the Gallup polling data is accurate, that they&rsquo;re by and large optimistic about the stock market&rsquo;s near-term prospects because a Republican occupies the White House.
Of course, Jim is not optimistic about the stock market&rsquo;s near-term prospects.
Yes, he&rsquo;s keen on Individual names tied to <a href="https://pro.paradigm-press.info/m/2454619">his &ldquo;American Birthright&rdquo; thesis</a>. But the broad market dominated by the Magnificent 7? Not so much.
So if you&rsquo;re having trouble squaring that circle, let me try to help.
Jim spent a long time on Wall Street &mdash; long enough to be completely jaded by Wall Street firms&rsquo; relentless pressure on their clients to buy stocks. That&rsquo;s just how he rolls.
Even before he joined our firm, I remember sitting in a Vancouver hotel conference room in 2013 watching him describe his preferred asset mix &mdash; gold, cash, land, fine art, private equity.
Notice that stocks are absent. Unlike most entry-level newsletters, there&rsquo;s no portfolio on the back page of Strategic Intelligence, and there never has been.
Jim is always on alert for something to go wrong in the stock market because it is inextricably linked to the banks and the financial system. You would be too if you had a front-row seat to the near-calamity that was the collapse of Long Term Capital Management in 1998. It&rsquo;s a lived experience and a worldview that commands a loyal following.
Do we have other experts in our stable who disagree with Jim&rsquo;s outlook? Absolutely.
We don&rsquo;t enforce a &ldquo;company line&rdquo; around here. True to our name, we ask only that our editors bring a rigorous paradigm to their work &mdash; a model of how the markets and the economy operate.
They don&rsquo;t have to agree &mdash; as anyone who&rsquo;s witnessed one of our rollicking Whiskey Bar panel discussions can attest &mdash; but they have to have a systematic outlook and the ability to defend it.
That&rsquo;s how they can build a following &mdash; and we can maintain a sustainable business.
It&rsquo;s not easy &mdash; but with informed and engaged readers, it&rsquo;s more than worthwhile!
Have a good weekend,
<img class="aligncenter" src="https://media.paradigmpressgroup.com/signatures/dave-gonigam.png" alt="Dave Gonigam" width="250px" align="left" />
Dave Gonigam Managing editor, Paradigm Pressroom's 5 Bullets

dap-img3-robotic-arm-atomic-energy-square-200-shutterstock 2278571463

One of our long-standing themes (the demands of AI on the power grid) is intersecting with one of our themes this week (the resurgence of IPOs).

Atomic IPO

<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-1-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-1_2x-new.png 2x" alt="1" width="37" />Circle Gets the Square
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Circle Internet Group (CRCL), the company behind the USDC stablecoin, just pulled off one of the most explosive IPOs in decades. 
On June 5, 2025, the company priced its IPO at $31 per share, then watched as shares more than doubled on their first day of trading, soaring as high as $103.75 at one point before closing at $83.23 &mdash; a 168% pop above the IPO price
The next day, the stock jumped another 30% to close at $107.70, and demand hasn&rsquo;t let up since. At latest check, shares have surged over 600% from the IPO price. A meteoric rise by any metric.
<ul>
<li>Jay Ritter, a leading IPO expert, confirmed that Circle&rsquo;s two-day moonshot was the biggest for any major IPO since 1980. That&rsquo;s the kind of windfall most retail investors only dream about.</li>
</ul>
It&rsquo;s not every day a company comes out of nowhere and shakes up Wall Street and crypto in one fell swoop. But that&rsquo;s exactly what Circle did &mdash; and if you blinked, you might have missed it.
What&rsquo;s fueling this frenzy? Circle is at the center of the fast-growing stablecoin market, with USDC now the seventh-largest cryptocurrency by market cap, pegged at about $61 billion.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Circle now stands alongside Coinbase as one of the few pure-play crypto firms to list in the U.S., and its success is seen as a bellwether for the entire sector.
The IPO itself was a blockbuster. Clearly, the appetite for digital assets and fintech is back&mdash;and it&rsquo;s stronger than ever. Circle&rsquo;s vision, according to CEO Jeremy Allaire, is to &ldquo;create a new financial infrastructure based on the internet that could fundamentally transform the use of money.&rdquo;
But this isn&rsquo;t just about Circle. The company&rsquo;s success is a signal. According to Lynn Martin, president of the NYSE Group: &ldquo;I see the Circle IPO as a bellwether for the IPO markets this year, not just for crypto listings.&rdquo;&nbsp;
Which brings us to an important point: If you&rsquo;re a regular investor, you probably missed out on the &ldquo;ground floor&rdquo; opportunity. The real winners in this story were the insiders and big-money investors who got in before the IPO.
By the time shares hit the open market, the price had already rocketed. That&rsquo;s the reality of the IPO game &mdash; the biggest gains are reserved for those who get in early, before the company goes public.
So what&rsquo;s next? Circle&rsquo;s story is a reminder that the best opportunities often come before the headlines. If you want a shot at the next big thing, you need to be in the know &mdash; and sometimes, you need to act before the rest of the world catches on.

Now, Paradigm&rsquo;s venture capital veteran James Altucher says this week you have a chance to invest in the next &ldquo;SUPER IPO&rdquo;&hellip; Before shares trade on a major U.S. exchange.
James has identified a company that is developing one of the most mission-critical products since the birth of the internet.
As we speak, it&rsquo;s preparing to go public on America&rsquo;s premier tech exchange. And unlike most &ldquo;IPO&rdquo; setups&hellip;
You can buy shares today BEFORE the company officially goes public, maybe in a matter of days. And you don&rsquo;t need to have millions of dollars or any special connections.
There is a secret backdoor in the IPO market &mdash; and through it, you can invest in this company now while it&rsquo;s trading for just $3 per share.
<a href="https://pro.paradigm-press.info/m/2454281">James explains everything here.</a> But he highly recommends you take action today &mdash; before the backdoor on this offer closes Friday at 4 p.m. ET.
<a href="https://pro.paradigm-press.info/m/2454281">Click here</a> to see why James is so bullish on this company.

<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-2-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-2_2x-new.png 2x" alt="2" width="37" />A Market Memo: &ldquo;Headlines Fade&rdquo; 
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />&ldquo;If you turn on the mainstream media right now, the Israel/Iran conflict is dominating the headlines,&rdquo; says editor Davis Wilson at our sister e-letter The Million MIssion. 
For instance, when the story first hit the news cycle: &ldquo;Oil prices spiked. The S&amp;P 500 pulled back. And naturally, people [asked]: Is this the start of something bigger? 
&ldquo;However, we&rsquo;ve seen this playbook before,&rdquo; Davis notes. &ldquo;It starts with breaking news: a drone strike, a missile launch, a shocking assassination. Oil rallies. Defense stocks surge. Broader equities pull back as headlines scream about escalation and global instability.
&ldquo;But zoom out,&rdquo; he says, &ldquo;and the pattern becomes clear: These dips have consistently turned into buying opportunities.&rdquo; Here&rsquo;s a sketch of a few major geopolitical events from the past decade&hellip;
<ol>
<li>Russia invades Crimea (2014): &ldquo;Russia&rsquo;s annexation of Crimea in early 2014 was met with global outrage,&rdquo; David notes. &ldquo;Sanctions were imposed. Markets dipped. But the S&amp;P 500? It was down briefly in March, then went on to finish the year up over 11%. Investors who bought the fear were rewarded within months&rdquo;</li>
<li>U.S.-China trade war (2018&ndash;2019): &ldquo;While not a kinetic conflict, the trade war was a geopolitical standoff with real economic consequences. Tariffs were slapped on billions in goods. Markets dropped several times on tweets alone. But the trade war didn&rsquo;t break the bull market,&rdquo; he says, &ldquo;it merely created volatility within a broader uptrend&rdquo;</li>
<li>Russia invades Ukraine (2022): &ldquo;This was the biggest geopolitical shock since 9/11,&rdquo; Davis emphasizes. &ldquo;Markets initially dropped &mdash; especially European and global names. But by the end of 2022, U.S. stocks had largely priced in the new reality. Energy prices spiked and then fell back. Defense stocks rallied. The S&amp;P 500 found its footing and moved on.&rdquo;</li>
</ol>
Not to mention multiple &ldquo;periods of heightened conflict in the Middle East [often] cause brief market wobbles, especially in energy,&rdquo; says Davis. &ldquo;But they rarely create lasting damage to U.S. equities. Unless oil prices remain elevated for months (which is rare), these are noise in the long run.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> &ldquo;So why does the market keep bouncing back?&rdquo; Davis posits: &ldquo;Three reasons&hellip;
&ldquo;Markets price in worst-case scenarios quickly,&rdquo; he says. &ldquo;When geopolitical news breaks, traders often assume escalation. But once the situation de-escalates (or fails to spiral) stocks rebound as uncertainty fades.&rdquo;
Next: &ldquo;U.S. companies are resilient. Most geopolitical issues don&rsquo;t directly affect corporate earnings. Even during oil shocks or military conflicts, consumer spending and business operations often go untouched.&rdquo;
Last: &ldquo;&lsquo;Buy the dip&rsquo; is embedded. Investors have been rewarded for 15 years for stepping in on weakness.&rdquo;
Davis&rsquo; key takeaway: &ldquo;Don&rsquo;t panic. Don&rsquo;t chase headlines. Watch sentiment &mdash; not news anchors. If geopolitical tensions rise and stocks dip sharply, that&rsquo;s often the setup for a sharp rebound.
&ldquo;Avoid piling into defense stocks after they&rsquo;ve run. Instead, buy what&rsquo;s unfairly punished: the high-quality stocks I highlight &mdash; Nvidia, Meta, Uber &mdash; not because they&rsquo;re immune to news cycles, but because they rebound the fastest when the fear fades.
&ldquo;Remember: Fear drives short-term volatility. Fundamentals drive long-term gains.&rdquo; Davis advises: &ldquo;Stay calm. Stay patient. And when others panic &mdash; get ready to strike.&rdquo;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> Taking a look at my screen this afternoon: The Big Board is up 0.80% to 43,320. As for the other two major U.S. indexes, the techie Nasdaq is up 0.70% to 20,110 while the S&amp;P 500 is up 0.65% to 6,130.
Turning to the commodities complex, the price of oil is up 1.50% to $65.90 for a barrel of WTI. Precious metal? Gold&rsquo;s barely hanging out in the green territory: up 0.10% to $3,346.40 per ounce. But silver&rsquo;s up 1.60% to $36.58.
The crypto market&rsquo;s hit a speedbump today: Bitcoin&rsquo;s down 0.40% to $107,320, but Ethereum&rsquo;s taking a breather at $2,430.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-3-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-3_2x-new.png 2x" alt="3" width="37" />DeFi: Code, Crypto and Clarity
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> &ldquo;In the 1990s, the U.S. government classified encryption &mdash; or &lsquo;crypto&rsquo; &mdash; as a weapon,&rdquo; says James Altucher&rsquo;s chief analyst Chris Campbell. &ldquo;If you were writing strong encryption code &mdash; PGP, RSA &mdash; you were, legally speaking, an arms dealer,&rdquo; he adds.
&ldquo;It was America&rsquo;s first crypto war,&rdquo; says Chris. &ldquo;At its core was one question: Is code speech? The people building encryption said yes. The government said no.
&ldquo;The turning point was the Bernstein v. U.S. Department of Justice case (1995&ndash;1999) &mdash; a landmark legal battle that established code as protected speech under the First Amendment.
&ldquo;Fast-forward 30 years and we saw crypto wars 2.0,&rdquo; Chris notes. DeFi platforms were investigated, and Coinbase, for example, was threatened regularly. Even self-custody was under attack.
&ldquo;That was the Gary Gensler era,&rdquo; says Chris. &ldquo;Gensler didn&rsquo;t believe in clarity. He believed in ambiguity. Not because he was stupid. But because ambiguity is a tool. If nobody knows the rules, everyone&rsquo;s guilty.&rdquo;
But that all changed this month&hellip;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> The SEC&rsquo;s &ldquo;DeFi and the American Spirit&rdquo; roundtable was &ldquo;the most important crypto discussion to ever take place in America,&rdquo; Chris emphasizes.
&ldquo;SEC Chairman Paul Atkins said it plainly: &lsquo;DeFi is as American as apple pie.&rsquo; He said self-custody is a right. He said code is speech. He said your constitutional freedoms don&rsquo;t vanish when you log on to the internet.
&ldquo;He even floated an &lsquo;innovation exemption,&rsquo;&rdquo; Chris continues, &ldquo;a fast-track for blockchain projects that play by some basic rules but don&rsquo;t want to die in paperwork hell.
&ldquo;For the first time publicly, the SEC acknowledged:
<ul>
<li>Bitcoin mining is not a security (already assumed, now confirmed)</li>
<li>Staking is also not a security, including staking-as-a-service.</li>
</ul>
[FYI: Staking is the process of locking up cryptocurrency in a blockchain network to help validate transactions and earn rewards, while staking-as-a-service allows users to delegate their tokens to a third party that handles the technical requirements of staking on their behalf.]
&ldquo;This clears a major cloud over Bitcoin, Ethereum, Solana and basically all major blockchains,&rdquo; Chris says.
&ldquo;Crypto is finally on track to get what we&rsquo;ve needed all along: clarity. Staking clarity. Token clarity. Self-custody protection. And actual, written laws &mdash; so builders can stop looking over their shoulder and start shipping code.
&ldquo;This isn&rsquo;t bullish. It&rsquo;s nuclear&hellip;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> &ldquo;But how do we find the real hidden gems? Here&rsquo;s one strategy James and I are using right now,&rdquo; says Chris.
&ldquo;First, don&rsquo;t follow the noise. Follow the fees,&rdquo; he says. &ldquo;The real plays right now aren&rsquo;t the ones trending on Twitter &mdash; they&rsquo;re the ones printing cash in the background.
&ldquo;They&rsquo;re small, often overlooked, but they&rsquo;re raking in millions in protocol revenue from trading, lending, staking and stablecoin systems.
&ldquo;And the kicker: A lot of that revenue is flowing directly back to token holders. Real yield. Not inflation.
<a id="4"></a>
&ldquo;To find the real under-the-radar plays,&rdquo; Chris concludes, &ldquo;look for rising usage, sticky users and weird new niches &mdash; like tokenized yield or DeFi-native forex &mdash; that the big names haven&rsquo;t fully claimed.
&ldquo;If you can catch these before they go mainstream, you&rsquo;re not just early. You&rsquo;re ahead of the curve, while everyone else is still trying to figure out what&rsquo;s happening.&rdquo;
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-4-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-4_2x-new.png 2x" alt="4" width="37" />Why Millionaires Feel &ldquo;Meh&rdquo;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> Forget caviar and Champagne &mdash; millionaires are living downright ho-hum lives these days. 
The world now boasts about 52 million &ldquo;everyday&rdquo; millionaires, folks with between $1&ndash;5 million in net worth, according to a recent UBS report. That&rsquo;s four times more than in 2000. (Adjusting for inflation? The number of millionaires has more than doubled.)
In the U.S. alone, new millionaires are being minted at a rate of about 1,000 per day. The country is home to nearly 24 million millionaires, accounting for about 40% of the global total &mdash; four times more than runner-up China.
But here&rsquo;s the twist: Most of these folks don&rsquo;t feel rich. &ldquo;Millionaires are no longer Monopoly caricatures,&rdquo; says Paul Donovan, chief economist at UBS Global Wealth Management. &ldquo;It&rsquo;s shifted to encompass a very large portion of the population.&rdquo;
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/4BdwhuHRDNgdeTJqgZ2LQV/ea4ff445ac961d3faa5c02a9e6832a99/hotdogs.png" alt="hotdog" width="540px" />
Much of this wealth surge comes from soaring home prices and an aging population. A record 39.3% of Americans own their homes outright, and over half of these are at retirement age.
Boomers, in particular, have benefited from tax perks like the mortgage-interest deduction and tax-free 401(k) contributions.
Yet many U.S. millionaires are surprised to learn about their status. &ldquo;I know we&rsquo;re technically &lsquo;millionaires&rsquo; with our home equity but it isn&rsquo;t really helpful for monthly expenses,&rdquo; says Alisha Ard, a stay-at-home mom in Ventura County, California, where the median home costs more than $800,000.
&ldquo;It&rsquo;s honestly hard to describe how incredibly pedestrian and normal our lives are,&rdquo; says Glen Czaplewski of Denver, echoing a common sentiment among this new class of millionaires.
&ldquo;Everyone is a lot better off,&rdquo; Donovan notes, &ldquo;but relatively speaking, people don&rsquo;t necessarily feel that.&rdquo;
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-5-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-5_2x-new.png 2x" alt="5" width="37" />Mailbag: Speaking of &ldquo;Meh&rdquo;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> &ldquo;When Trump won the election, I sold California muni bonds, put 90% into &lsquo;drill baby drill&rsquo; Chevron and 10% into Barrick Gold; dividend reinvest on both. Happy, happy,&rdquo; responds an optimistic contributor to our question yesterday: To what extent do you let politics drive your investing decisions?
Emily: Thank you to the one reader who responded&hellip; Where is everyone? Enjoying an afternoon siesta? Summer vacay?
Nonetheless, our reader&rsquo;s response reflects the <a href="https://paradigmpressroom.com/post/its-a-rigged-game#4">partisan gap</a> in market optimism we mentioned yesterday &mdash; now the widest gap ever recorded, with Republicans far more bullish than Democrats
As Dave mentioned, investors are increasingly letting politics guide their choices. But beware, write Neil Howe and associate Christian Ford at the Demography Unplugged Substack page&hellip;
&ldquo;According to Bespoke Investment Group, $1,000 invested only during Republican presidencies since 1953 would be worth about $29,000 today,&rdquo; versus $60,000 if invested only during Democratic presidencies &mdash; but $1,000 left invested continuously would have grown to $1.9 million.
This suggests that a disciplined, long-term strategy beats betting on political outcomes.
That seems to be the prevailing sentiment in these 5 Bullets&hellip; Until next time, take care!
Best regards,
<img class="aligncenter" src="https://media.paradigmpressgroup.com/signatures/emily-clancy.png" alt="Emily Clancy" width="250px" align="left" />
Emily Clancy Associate editor, Paradigm Pressroom's 5 Bullets

1980

Circle Internet Group (CRCL), the company behind the USDC stablecoin, just pulled off one of the most explosive IPOs in decades. 


Not Since 1980… 

Poker

The problem we’ve lamented in these daily missives for years: The best time to get into an IPO… is before it goes public.

It’s a Rigged Game

Minerals0624

A recent Senate proposal is a small part of the Trump administration’s plan to tap into the mineral wealth on federal lands, valued at up to $150 trillion.

3 Million Acres

<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-1-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-1_2x-new.png 2x" alt="1" width="37" />Gold Resilient
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />The market reaction to Washington&rsquo;s entry into the Israel-Iran war on the side of Israel began&hellip; quietly. Too quietly.
The reaction in stocks&hellip; bonds&hellip; commodities&hellip; the dollar&hellip; all muted. The price of crude spiked 4% when trading opened for the week last night, only to give it all up.
Gold is up $15 as we write to $3,383 &mdash; a very modest move, especially by recent standards.
In a dispatch to a select group of his subscribers on Friday, Paradigm&rsquo;s macro maven Jim Rickards passed along a chart from the Financial Times.
&ldquo;What do you think is the highest-performing major asset this year so far?&rdquo; he asked rhetorically. &ldquo;It&rsquo;s gold!&rdquo;
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/4d2XFUrOU4D03MzKKw47aO/f491bea620584e5f62c8d92084f68676/GoldChart.png" alt="gold chart" width="540px" />
Gold&rsquo;s jump in the first half of 2025 reflects what was already a world full of uncertainty going into this past weekend.
&ldquo;Relax if you don't own gold yet,&rdquo; Jim advises. &ldquo;This rally is just getting started. Central banks are the big buyers. The retail frenzy stage is still $5,000 away. So there is still time to get involved if it suits you.
&ldquo;Remember &mdash; I recommend 10% allocation to gold in your portfolio but higher or lower percentages have a place depending on risk tolerance. So season to taste.&rdquo;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> Lately, gold mining stocks have been outperforming the metal itself. 
The gold price has moved sideways for the last two months. Meanwhile, the HUI index of mining stocks jumped 10.3% during the same time span. This outperformance continues today &mdash; gold up a third of a percent while the HUI is up 1.6%.
Individual names in the sector have exploded far higher than that during 2025. Year-to-date, Helius Minerals grew 509%... Goldgroup Mining has done even better, rising 523%... while BCM Resources leaped 660%.
Little-known names like these are already moving partly in response to the Trump administration&rsquo;s plans to tap the vast mineral bounty lying beneath federal lands, valued at up to $150 trillion. Those plans lie at the heart of Jim&rsquo;s &ldquo;American Birthright&rdquo; thesis.
That said, Jim believes the real mining boom &ldquo;hasn&rsquo;t even started yet.&rdquo;
As readers of Jim&rsquo;s Situation Report already know, Jim believes Donald Trump will make a decisive move tomorrow. &ldquo;And when this event unfolds, it will unleash Phase II of the American Birthright.&rdquo;
See, when natural-resource stocks go on a tear, the most lucrative gains usually come during Phase II.
<a id="2"></a>
Jim&rsquo;s seen it more than once during his career: &ldquo;I&rsquo;m talking about gains that could be 10X&hellip; 20X&hellip; and I&rsquo;m not kidding, even 100X bigger&rdquo; than the examples we just cited.
Readers of The Situation Report are already clued in to three specific investments Jim believes will generate those Phase II gains &mdash; starting when the president makes his move tomorrow. If you&rsquo;re not among them, <a href="https://pro.paradigm-press.info/m/2452715">you can follow this link and Jim will start getting you up to speed</a>.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-2-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-2_2x-new.png 2x" alt="2" width="37" />Make IRAN Great Again?!
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Seems an awful lot of Orwell references are flying around the interwebz the last 48 hours&hellip;
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/3vQLPBqVhiOB52uBm4Zwj0/64c06f95ef157eeddfbd34747e872932/SeanTweet.png" alt="sean tweet" width="540px" /> <img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/5Z6RAzxG13TfoNKY3O6B51/933a1c33f864dbd51231fe19b08a0b1f/MichaelTweet06-23.png" alt="michael tweet" width="540px" /> <img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/vWLqTaKfQZOLxyeA2YUlL/9457ad252fd40144a4d7a23c2a3fc47a/Iran.png" alt="iran" width="540px" />
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> Then again, maybe Kafka is more appropriate? 
After the U.S. airstrikes on Saturday night, the president said Iran&rsquo;s nuclear program was &ldquo;completely and totally obliterated.&rdquo;
Which sounds like the objectives of the airstrikes were met. War&rsquo;s over before it began, right?
But then he also said Iran &ldquo;must now make peace.&rdquo; And he didn&rsquo;t lay out what he envisioned as the terms of a peace.
On the Sunday morning talk show circuit, Vice President Vance went out of his way to say &ldquo;we&rsquo;re not at war with Iran, we&rsquo;re at war with Iran&rsquo;s nuclear program.&rdquo;
But if the program has been &ldquo;completely and totally obliterated&rdquo;... war&rsquo;s over before it began, right?
Vance and Defense Secretary Pete Hegseth both emphasized that Washington&rsquo;s issue is with Iran&rsquo;s nuclear program and the objective is not &ldquo;regime change.&rdquo;
And then the president beclowned both of them late in the afternoon&hellip;
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/5G0uPs9SdEF4ypUY7yxCSK/efe28e40795337c29b6a9f990f51cf1e/TrumpTweet-06-23.png" alt="trump tweet" width="540px" />
Wow.
Does it seem to you as if America is great again (MAGA)? Or healthy again (MAHA)?
No? Well, too bad, so sad. Donald Trump has bigger fish to fry than your well-being, peasant.
What&rsquo;s old is new again: &ldquo;To wage war on Iran,&rdquo; writes the independent journalist Aaron Mate, &ldquo;Trump and his allies have employed the traditional Iraq WMD playbook of ignoring or manipulating the available evidence to fear-monger about a foreign state marked for regime change.&rdquo;
However, there are a couple of new twists&hellip;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> &ldquo;Unlike the Iraq war, where the fraudulent case for invading was mostly concocted in-house, Trump has outsourced the job to Israel, while not even pretending to care about public opinion or congressional approval,&rdquo; Mate continues.
There&rsquo;s a lot to unpack in that one sentence.
We said <a href="https://paradigmpressroom.com/post/can-russia-halt-trumps-war#2">in Friday&rsquo;s edition</a> it seemed the White House put more stock in the assessment of Israel&rsquo;s Mossad intelligence agency than of its own intelligence services.
That impression has since been confirmed by independent reporters, both left- and right-leaning.
At the leftist Grayzone site, the fearless husband-and-wife team of Max Blumenthal and Anya Parampil report: &ldquo;An official in the administration of President Donald Trump has told The Grayzone that CIA Director John Ratcliffe and U.S. CENTCOM Commander Gen. Michael Kurilla have become vehicles for Israel&rsquo;s Mossad and military as they seek to manipulate the U.S. into attacking Iran. The Trump official referred to Ratcliffe as &lsquo;Mossad&rsquo;s stenographer.&rsquo;
&ldquo;According to the official, Ratcliffe and Kurilla have pressured Trump to join Israel&rsquo;s war more directly by regurgitating overblown briefings they received from the Israeli military and Mossad director David Barnea &mdash; but without informing the president that the intelligence was derived from a foreign third party.&rdquo;
Concurs Sean Davis at the conservative Federalist site: &ldquo;I have also been told by current and former senior national security officials that CIA claims about Iran&rsquo;s nuclear progress come directly from Mossad &mdash; &lsquo;verbatim talking points&rsquo; was one phrase I heard &mdash; and don&rsquo;t include U.S. intelligence on the matter.&rdquo;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> Meanwhile, the American people and their representatives in Congress just don&rsquo;t count.
This isn&rsquo;t the first time a U.S. president has cut out Congress from having any say in a major military campaign &mdash; not even a mealymouthed &ldquo;resolution&rdquo; or &ldquo;authorization.&rdquo; Barack Obama did the same with Libya &mdash; a regime-change op, we&rsquo;ll remind you &mdash; in 2011.
Trump apologists who objected to an American air campaign last week are justifying it this week by making the excuse that no ground troops are involved. &ldquo;One and done,&rdquo; tweeted former Rep. Matt Gaetz (R-Florida). &ldquo;Trump the Peacemaker!&rdquo;
Whatever you need to say to feel better about yourself, dude&hellip;
As for the public, this much is clear: It&rsquo;s not 2001 or 2003 anymore.
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/3HCpJmZTgpZ5c7yPtCVq8b/57aa1a595cc055ce189db9dd2eeb3f66/PollingUSA.png" alt="polling usa" width="540px" />
We conclude this foray into Orwell (and/or Kafka) with an observation from historian and author Stephen Wertheim. Apparently we&rsquo;re supposed to believe that Iran&rsquo;s leaders are so crazy that they&rsquo;d try to nuke a nuclear-armed Israel&hellip; but also so rational that they won&rsquo;t retaliate against American targets after an American bombing.
Which brings us to whatever&rsquo;s next&hellip;
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-3-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-3_2x-new.png 2x" alt="3" width="37" />Blockade the Strait of Hormuz?
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Understandably there&rsquo;s much buzz about whether Tehran will move to blockade the Strait of Hormuz &mdash; the slender waterway through which about 20% of global oil trade moves.
Iran&rsquo;s parliament voted yesterday in favor, but the final decision lies with the country&rsquo;s supreme national security council.
Yesterday Secretary of State Marco Rubio pleaded with Beijing to lean on Tehran to prevent that outcome. "I encourage the Chinese government in Beijing to call them [Iran] about that, because they heavily depend on the Strait of Hormuz for their oil."
Someone needs to inform Rubio of what we mentioned three weeks ago: A rail line just opened for business linking China to Iran by way of four other countries.
No, it can&rsquo;t fully substitute for China&rsquo;s seaborne oil imports from Iran: The line runs through several of the central Asian &ldquo;stan&rdquo; countries &mdash; &ldquo;prone to instability, conflict and terrorism,&rdquo; says the South China Morning Post. Also, not all of the tracks are the same width &mdash; which adds up to &ldquo;time-consuming and expensive cargo transfers.&rdquo;
Still, all told, Iran accounts for about 7% of China&rsquo;s oil consumption. China can probably handle the hit from a closure of the Strait.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" /> As the day wears on, the Iranian military has lobbed missiles at the giant U.S. airbase in Qatar.
Qatar&rsquo;s defense ministry says there&rsquo;ve been no injuries. The oil price has tumbled 4.4% from Friday&rsquo;s levels &mdash; back to $70.59 at last check.
At this time, the narrative seems to be that Tehran sought to stage a performative retaliation that didn&rsquo;t really put anyone at risk &mdash; much as it did in early 2020 after Trump ordered the drone assassination of Gen. Qasem Soleimani.
By the same token the major U.S. stock indexes are all in the green &mdash; the S&amp;P 500 up two-thirds of a percent and back over 6,000.
Gold is holding onto its modest gains; silver is outperforming, up 20 cents and back over $36.
We daresay the story isn&rsquo;t over yet. As Trita Parsi of the Quincy Institute tweets, &ldquo;Israel will continue to strike Iran and vice versa, and as long as that is the case, the Israelis will continue to put relentless pressure on Trump to join the war in various ways.&rdquo;
The bottom line is what I&rsquo;ve said more than once this month: However many hedges against geopolitical risk you hold in your portfolio, it&rsquo;s probably not enough.
That means oil, gold, silver, copper, uranium &mdash; tangible wealth and the companies that produce it.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-4-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-4_2x-new.png 2x" alt="4" width="37" />Grim Chuckle
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />The meme-o-verse has obliged with a visual representation of what your editor was describing earlier&hellip;
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/5DU7ks7U5XulAmTEDFfgop/5e09561f11de324d9e9331c4aba3b141/Comic-trump-iran.png" alt="comic trump iran" width="540px" />
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-5-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-5_2x-new.png 2x" alt="5" width="37" />Mailbag: MAGA Betrayal
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />As an expanded war loomed Friday &mdash; <a href="https://paradigmpressroom.com/post/can-russia-halt-trumps-war">we cited</a> the legendary journalist Seymour Hersh as saying Washington would enter the fray over the weekend &mdash; a reader wrote in&hellip;
&ldquo;One is reminded of the quote, attributed to Emma Goldman, as Trump&rsquo;s betrayal of his MAGA voters seems nigh: &lsquo;If voting changed anything, they would make it illegal.&rsquo;&rdquo;
Dave responds: Key word there is &ldquo;attributed.&rdquo; We did the research on the eve of the 2020 election and as near as we can tell, neither Emma Goldman nor Mark Twain ever said it.
Doesn&rsquo;t make it any less true. Or as the economist and podcaster Tom Woods is wont to quip: No matter who you vote for, you always end up with John McCain.
Best regards,
<img class="aligncenter" src="https://media.paradigmpressgroup.com/signatures/dave-gonigam.png" alt="Dave Gonigam" width="250px" align="left" />
Dave Gonigam Managing editor, Paradigm Pressroom's 5 Bullets

Iran

Does it seem to you as if America is great again (MAGA)? Or healthy again (MAHA)? How priorities have changed only five months into the Trump 47 term.

Make IRAN Great Again? 

<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-1-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-1_2x-new.png 2x" alt="1" width="37" />Can Russia Halt Trump&rsquo;s War?
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />OK, so Donald Trump did not formally enter the Israel-Iran war on the side of Israel yesterday. It&rsquo;s looking more like this weekend.
When we left you on Wednesday ahead of the Juneteenth holiday, we anticipated a high risk that U.S. airstrikes would begin while the markets were closed. That&rsquo;s how it&rsquo;s gone several times in the last couple of years with U.S. military action in the Middle East.
Instead, the president made headlines yesterday with a prepared statement saying, &ldquo;Based on the fact that there is a substantial chance of negotiations that may or may not take place in the near future, I will make my decision of whether or not to go within the next two weeks.&rdquo;
A lot of people misinterpreted the statement and said there&rsquo;s now a two-week pause.
Not so: &ldquo;Within the next two weeks&rdquo; means anytime inside that two-week span. He could give up on the prospect of negotiations&hellip; today.
Around the same time the White House released that statement, the legendary investigative journalist Seymour Hersh reported a U.S. attack will come &ldquo;as early as this weekend.&rdquo;
&ldquo;I have been told that the White House has signed off on an all-out bombing campaign in Iran,&rdquo; he wrote, &ldquo;but the ultimate targets, the centrifuges buried at least 80 meters below the surface at Fordow, will, as of this writing, not be struck until the weekend.
&ldquo;The delay has come at Trump&rsquo;s insistence because the president wants the shock of the bombing to be diminished as much as possible by the opening of Wall Street trading on Monday.&rdquo;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />If there&rsquo;s any chance of heading off U.S. entry into the war at this late stage, it&rsquo;s up to Moscow.
You read that right: &ldquo;The key to settling the war in Iran lies in Ukraine,&rdquo; Jim Rickards wrote his Strategic Intelligence readers this week.
&ldquo;Russian President Putin spoke with President Trump last Saturday. Putin offered Trump a kind of off-ramp for U.S. involvement in Iran. If the U.S. and Russia can reach a rapprochement on Ukraine that satisfies Putin, then Russia would be able exert pressure on Iran to satisfy the U.S. (and, by extension, Israel). That approach opens the door to stopping two wars at once &mdash; Ukraine and Iran.&rdquo;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />This proposition isn&rsquo;t as far-fetched as you might think. Earlier this month, Russia&rsquo;s deputy foreign minister Sergei Ryabkov offered his country&rsquo;s help &ldquo;through the export of excess nuclear material produced by Iran and its subsequent adaptation to the production of fuel for reactors.&rdquo;
In other words, Iran&rsquo;s uranium would be shipped to Russia, enriched in Russia to levels far below that required for a weapon, and shipped back to Iran. Actually, Russia has extended this offer from time to time as far back as 2009.
Too, Russia is one of the few countries on mostly friendly terms with both Iran and Israel.
But the odds of success are admittedly slim &mdash; and the window of opportunity is closing fast.
<a id="2"></a>
&ldquo;Trump is smart but he&rsquo;s surrounded by neocon warmongers,&rdquo; says Jim. &ldquo;If Trump takes the Russian off-ramp, two wars may be resolved quickly. If not, both wars will continue indefinitely with a material risk of escalation to the point of a nuclear war that would end human life on Earth.
&ldquo;Putin opened the door. The next move is up to Trump.&rdquo;
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-2-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-2_2x-new.png 2x" alt="2" width="37" />Talks? What Talks?
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />As was the case Wednesday, markets are on tenterhooks waiting for whatever&rsquo;s the next shoe to drop.
We&rsquo;ll get to the numbers shortly &mdash; but first, more on the state of play going into the weekend.
We&rsquo;re not sure what the president considers a &ldquo;substantial chance&rdquo; of new talks &mdash; but it sure seems as if he&rsquo;s already given up on them.
After all, the previous round of negotiations turned out to be a ruse engineered in Washington and Tel Aviv &mdash; designed to keep Tehran off-guard while the Israeli military prepared its attack.
And once the attack was underway last Friday, one of the first Israeli targets was Ali Shamkhani &mdash; a senior adviser to the ayatollah and perhaps the Iranian official most eager to come to terms with Washington.
Put yourself in the mullahs&rsquo; shoes for a moment: How likely would you be to start new talks under those circumstances?
Oh, and just for old times&rsquo; sake&hellip;
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/6sRGXWCvOYngp0nRjNdHUt/48e08d50ae7e982c71158a91f05c14b8/djt_tweet.png" alt="DJT Tweet" />
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Whatever happens, it&rsquo;s now clear the president has no compunctions about throwing the non-interventionist wing of MAGA under the bus.
It&rsquo;s not just labeling Tucker Carlson as &ldquo;kooky&rdquo; the other day. There&rsquo;s also this&hellip;
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/2ZIiPEyRj1rfDSuCzRNcbm/07178787d51bb5c8b3ad78b9167efd5c/djt-tweet-2.png" alt="DJT Tweet 2" width="400px" />
If the name isn&rsquo;t familiar, Marc Thiessen was the speechwriter for Defense Secretary Donald Rumsfeld at the time of the Iraq War &mdash; and later the speechwriter for George W. Bush.
In other words, he was one of the worst propagandists for the &ldquo;forever wars&rdquo; Trump denounced on the campaign trail.
This is the guy Trump is citing favorably now, even invoking the &ldquo;isolationist&rdquo; smear.
<a href="https://paradigmpressroom.com/post/the-wars-we-never-get-into" target="_blank" rel="noopener">A week ago today</a> I quoted Mollie Hemingway from The Federalist: Escalation against Iran, she said, &ldquo;would be seen as an unforgivable betrayal by millions of American voters. It would cost him real polling support that would be permanent.&rdquo;
And yet, Trump just dissed them in a way that&rsquo;s even more insulting than calling Tucker Carlson &ldquo;kooky.&rdquo;
The reaction on social media has been equally savage&hellip;
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/1dJ8O6pwhLLA0RYxcoVwIs/d1a235927c0208e2688fb6b598f4bbc2/trump-bush-meme.png" alt="trumpbush" width="350px" />
Speaking of historical parallels&hellip;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />&ldquo;I&rsquo;m so old, I remember when Germany gave the U.S. &lsquo;airtight&rsquo; intel from a source named Curveball that Saddam Hussein had WMD and was moving it around Iraq in mobile units,&rdquo; tweets the aforementioned Mollie Hemingway.
&ldquo;Let&rsquo;s be very clear,&rdquo; said White House press secretary Karoline Leavitt yesterday: &ldquo;Iran has all that it needs to achieve a nuclear weapon. All they need is a decision from the supreme leader to do that and it would take a couple weeks to complete the production of that weapon.&rdquo;
As The New York Times points out (yeah, I know, just hang with me here), &ldquo;Some American officials said those new assessments echoed material provided by Mossad, Israel&rsquo;s intelligence agency, which believes that Iran can achieve a nuclear weapon in 15 days.&rdquo;
It seems the White House puts more stock in the assessment of Mossad than of its own intelligence community.
&ldquo;The IC continues to assess that Iran is not building a nuclear weapon and Supreme Leader Khamenei has not authorized the nuclear weapons program he suspended in 2003,&rdquo; Trump&rsquo;s Director of National Intelligence Tulsi Gabbard told a Senate committee in March.
&ldquo;I don&rsquo;t care what she said,&rdquo; Trump told reporters on Air Force One this week. &ldquo;I think they were very close to having one.&rdquo;
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />&ldquo;What they had all along is a latent nuclear deterrent,&rdquo; explained the Libertarian Institute&rsquo;s Scott Horton in a recent interview on the NewsNation network.
&ldquo;It&rsquo;s the same as Germany, Japan or Brazil, where they had shown they perfected the fuel cycle, they know how to make nuclear weapons fuel, but they&rsquo;re not making it.&rdquo;
Of course, now that Iran is under attack from Israel, &ldquo;they&rsquo;re actually more likely to pursue nuclear weapons now, whereas before they actually were not pursuing them.&rdquo;
Yep &mdash; and not to launch against anyone, but rather as the ultimate insurance against regime change (which the Israelis are already clear is their objective).
Hey, it&rsquo;s worked for the Kim family in North Korea. They&rsquo;ve had nukes for 20 years now &mdash; not an ideal situation, for sure, but we&rsquo;re all still here.
More important from their standpoint, they&rsquo;re still here.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-3-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-3_2x-new.png 2x" alt="3" width="37" /> Silver Smacked
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />All that said, if U.S. entry into the war is imminent, the precious metals markets weren&rsquo;t sniffing it out last night&hellip;
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/7EhfETPGRqCELbwShtFEp9/ee0835c43e073408467e9d66b6e32692/mouse-tweet.png" alt="mouse tweet" />
Silver posted a weekly close last Friday over $36 for the first time since 2012. Then it sailed past $37 earlier this week.
But this morning the bid is down 51 cents or 1.4% &mdash; back below $36.
This is one of those Fridays when options on the precious metals expire. Beat-downs on these days are not unusual. That said, gold is holding up better than silver today &mdash; down less than five bucks at $3,367.
<a id="4"></a>As for stocks, it&rsquo;s a &ldquo;quadruple witching&rdquo; day. That&rsquo;s when four types of derivatives expire all at once &mdash; stock options, stock futures, index options and index futures.
Strange things can happen on these days, but there&rsquo;s nothing showing up in the major averages so far today. The S&amp;P 500 is down less than a quarter-percent at 5,970.
That means there&rsquo;s still time to act on our Mason Sexton&rsquo;s guidance ahead of what he sees as a 30&ndash;40% drop in the market in the months ahead. Based on the techniques he&rsquo;s refined over a 40-plus-year career, he believes today is the first day of the window in which that drop can begin.
Not surprisingly amid the war drums, crude is set to end the week over $75 for the first time since January.
Bitcoin is stuck in neutral, a little over $104,000.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-4-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-4_2x-new.png 2x" alt="4" width="37" />This Is Getting Ridiculous (Social Security)
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Social Security is fixable &mdash; assuming there&rsquo;s any will in Washington to fix it.
This week the trustees of the Social Security system issued their annual update about how much time remains before the Social Security trust fund is depleted.
They say the portion of the fund devoted to retirement benefits will likely run out in 2033. The combined trust fund including disability insurance would be exhausted in 2034. Beyond that point, the system would be funded only by incoming FICA taxes &mdash; and benefits would have to be cut by up to 23%.
For anyone paying attention to these matters, this drop-dead date isn&rsquo;t alarming. It&rsquo;s oscillated between 2033&ndash;2035 for over a decade.
And yet, the politicians have taken no action since 2015.
As I&rsquo;ve said for several years now, there&rsquo;s nothing about Social Security that can&rsquo;t be fixed with some combination of higher taxes and a higher retirement age.
It would still be a Ponzi scheme in the sense that revenue coming in the door from working-age folks goes out the door instantly to retirement-age folks &mdash; and that&rsquo;s problematic on any number of levels &mdash; but it could be made a sustainable Ponzi scheme for another 50&ndash;75 years.
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Major Social Security reforms tend to come when there&rsquo;s a president of one party and the House of Representatives is controlled by the other party &mdash; so that no single party takes the political heat.
A huge overhaul came in 1983 under President Reagan and Democratic House Speaker Thomas &ldquo;Tip&rdquo; O&rsquo;Neill. Smaller tweaks also occurred under &ldquo;divided government&rdquo; in 2000 and 2015.
But there&rsquo;s been nothing since. We had divided government again in 2019&ndash;2020 and 2023&ndash;2024&hellip; but no progress on Social Security. The atmosphere in Washington has become too toxic. And there&rsquo;s no way the Republicans are going to take it all upon themselves this year or next.
But none of that alters the fact the clock&rsquo;s still ticking&hellip;
➢ Worth noting: The parlous state of the Social Security trust fund is one reason that Social Security benefits are still subject to income tax under the &ldquo;Big Beautiful Bill&rdquo; in Washington &mdash; Donald Trump&rsquo;s campaign promises notwithstanding. Instead, the bill features a senior tax credit &mdash; which would expire after Trump&rsquo;s term is over.
<img src="https://media.paradigmpressgroup.com/fmf-assets/bullet-5-new.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/bullet-5_2x-new.png 2x" alt="5" width="37" />A Final Thought
<img class="infinity-bullet" src="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left.png" srcset="https://media.paradigmpressgroup.com/fmf-assets/Paradigm_Logomark_left_2x.png 2x" align="left" />Deadline approaches and there&rsquo;s only time to pull up an oldie but a goodie &mdash; albeit with new relevance&hellip;
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/6ezCyTkEoa6vQGwwiwKEOp/6bf241f4a5e4f5d9f0bb4c1d69825eeb/epstein_meme.png" alt="Epstein meme" width="350px" />

fmf-putin-hero

If there’s any chance of heading off U.S. entry into the Israel-Iran war at this late stage, it’s up to Moscow. Yes, you read that right.