Cuban President Miguel Díaz-Canel Bermúdez insisted Cuba “poses no threat” to the United States and doesn’t have “aggressive plans or intentions against any country,” CBS News reports.
Trump Turns Up the Heat on Cuba
Financial Times: “The Trump administration is sharply escalating its pressure campaign to get Cuba to open up its economy and allow greater political freedoms.”
“Even as the conflict in Iran continues, the US is using a mix of threats and inducements — including new sanctions, potential indictments and offers of aid — to force the issue in the coming weeks.”
Justice Department Sets Up Slush Fund for Trump Allies
New York Times: “The Trump administration announced on Monday the establishment of a $1.776 billion fund to compensate people who claim they were targeted by the Biden Justice Department, creating a potential pipeline to funnel taxpayer money to his allies and supporters.”
“The highly unusual plan — slammed by critics as a political slush fund — came after President Trump withdrew his lawsuit demanding at least $10 billion against the Internal Revenue Service, an apparent effort to skirt oversight by the judge in the case as he moves toward arranging a fund to funnel taxpayer money to his allies and supporters.”
Big Majority Say the U.S. Is In Decline
A new Pew Research survey finds 59% of Americans say the country’s best years are behind us, while 40% say its best years are ahead.
The Republican Collapse Has Begun
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Trump Flexes His Muscles with Republicans
Wall Street Journal: “If the past couple of weeks have shown anything, it’s that President Trump has still got it.”
“And the ‘it’ is his ability to clean house in the GOP, tossing overboard party members who he alleges aren’t loyal to his brand of conservatism.”
Franklin Graham Denounces the U.S. as ‘Sick With Sin’
“Evangelical preacher Franklin Graham claimed America is a morally bankrupt nation that is headed down the tubes because it has shunned the Bible in favor of ‘sick’ modern trends like transgenderism and gay marriage,” Mediaite reports.
Tech Millionaire Wants to Turn the Democrats Upside Down
Wall Street Journal: “Saikat Chakrabarti wants to turn the Democratic Party upside down.”
“The self-described class traitor made his fortune as a founding engineer at payment processor platform Stripe. He is now mobilizing his millions to try to win the congressional seat being vacated by former House Speaker Nancy Pelosi (D-CA). Chakrabarti has spent the past year trying to build a name as an insurgent who will overhaul the Democratic Party, which he says isn’t fighting for working-class Americans.”
Said Chakrabarti: “I’m running to change the system. The party is ready for a full-scale revolution.”
Trump Settles $10 Billion Lawsuit Against the IRS
“President Trump and the Justice Department reached a settlement regarding the president’s $10 billion lawsuit against the Internal Revenue Service and Treasury Department, according to documents filed with the court Monday,” CBS News reports.
“In a footnote at the bottom of Monday’s filing, Trump’s lawyers argued that the motion to dismiss is ‘self-executing’ and does not require a judge to sign off on the apparent settlement — or the motion to dismiss — effectively bypassing U.S. District Judge Kathleen M. Williams, who was assigned the case in the Southern District of Florida.”
Three Indicators for the Next Global Economic Shock
Robert Pape looks at the likelihood of the next global economic shock
“First, inventories. Watch U.S. East Coast diesel inventories, European LNG storage levels, and Asian jet fuel reserves. U.S. distillate inventories are already running roughly 11–18 percent below seasonal norms, while European gas storage remains near 30–35 percent full — far below the roughly 55 percent level Europe normally enters summer with. Historically, once inventories fall below roughly 20–25 days of forward demand coverage, governments begin losing the ability to stabilize shortages through temporary releases and subsidies alone.”
“Second, industrial slowdown. Watch for refinery utilization cuts in India and South Korea, fertilizer shutdowns tied to LNG shortages, falling container freight volumes, and airline route reductions across Asia and Europe. If major Asian refiners begin reducing throughput by 10–15 percent, or if airlines begin cutting summer schedules by another 5–10 percent because of jet fuel shortages rather than weak demand, the crisis has likely entered synchronized contraction.”
“Third, political intervention. Export controls, diesel allocation programs, anti-price-gouging measures, emergency food subsidies, and fuel rationing indicate governments are entering the political phase of the crisis. Early warning signs include limits on diesel purchases, restrictions on fertilizer exports, government fuel-allocation orders, and emergency price caps spreading across multiple countries simultaneously.”
China’s Economy Succumbs to Slowdown
Bloomberg: “China’s growth slowed across the board in April with investment resuming declines, calling into question the government’s reluctance to add stimulus to the economy as a global energy crisis hits factories and consumers across the world.”
Quote of the Day
“When you look at the odds, China is a very, very powerful, big country. That’s a very small island. Think of it; it’s 59 miles away. We’re 9,500 miles away. That’s a little bit of a difficult problem.”
— President Trump, speaking to Fox News about Taiwan after returning from China.
Supreme Court Rejects Big Pharma Appeals
“The U.S. Supreme Court on Monday rejected a series of appeals from several of the nation’s largest drugmakers challenging a program that is expected to save taxpayers and the federal government billions of dollars by requiring the companies to negotiate with Medicare on the prices for some of their most popular drugs,” CNN reports.
“The court’s decision to deny the appeals, which it made without explanation, leaves in place several lower court rulings upholding the program that Congress enacted in 2022.”
A Different Kind of Fading President
Jonathan Lemire: “Joe Biden became quieter, while Donald Trump grows even louder.”
GOP Lawmaker Accused of Trying to Trigger a Brawl
New York Post: “Rep. Max Miller has been accused of attempting to bait his estranged wife’s attorney, Andrew Zashin, into a fight during a shocking courthouse encounter earlier this month.”
Hegseth to Campaign for a Republican House Candidate
New York Times: “Defense Secretary Pete Hegseth, in a highly unusual move, is scheduled to campaign in Kentucky on Monday alongside Ed Gallrein, a former member of the Navy SEALs who is challenging Representative Thomas Massie in Tuesday’s Republican primary.”
“Even for Mr. Hegseth, who has stretched the boundaries of partisan politics in his job leading the Pentagon, it would be an extraordinary breach of decorum for a serving defense secretary to campaign for a political candidate. Pentagon officials typically stay far away from such activities to maintain the military’s apolitical image.”
Trump Withdraws His $10 Billion Suit Against the IRS
New York Times: “President Trump withdrew his lawsuit demanding at least $10 billion against the Internal Revenue Service, which could allow his private lawyers and the Justice Department to enter into a settlement agreement without feedback from the judge overseeing the case.”
“The dismissal is the latest legal turn in an extraordinary attempt by Mr. Trump to win billions of dollars in damages from a government agency he controls, and it appears to be part of his administration’s plan to effectively settle the case.”
U.S. and Iran Far From Deal
Bloomberg: “The U.S. and Iran remained far apart on a deal to end weeks of war and reopen the Strait of Hormuz, with President Trump expressing renewed frustration with Tehran as a selloff in global bonds heightened concern about the conflict’s economic fallout.”
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