95 Comments

1. FYI : world fertility – annual increase %
   https://www.worldometers.info/world-population/world-population-by-year/
   2019 0.0104196462387324
   2020 0.0105619209273486
   2021 0.0084791673394113
   2022 0.0083475130232486
   2023 0.0086913052155553
   2024 0.00860547390724557
   2025 0.00846012773046924

2. As far as when the Russia are going to take Odessa. The offensive to take the south is already underway. The line of contact has been held almost since the beginning of the war along the Dneiper River outside of Kherson. They Russian have already started crossing the Dneiper with advance force and massing troops for what looks like may be an amphibious crossing to just outside of Odessa. The whole front has been rolling forward faster and faster now.

   https://youtu.be/zo1stB7W_SE

   1. Be careful of Dima at Military Summary. I suspect that he is working for Ukraine. He has a great tendency to build up unreasonable expectations for the Russians while emphasizing video evidence of supposed effective Ukrainian strikes against the Russians. The game seems to be to create despair by trying to show the Russians as always struggling to advance. Advance is not Russia’s strategy. Their strategy is to render the enemy incapable. I haven’t listened to him in over a year. I suspect that he may have helped Ukraine capture Gonzalo Lira. Lira himself mentioned in a video that he had, credulously and in desperation, reached out to Dima for help, which was refused, just before his attempted flight.

3. Interesting on the private equity now running into issues after so much pillage. There has been this ongoing thesis of taking apart chain restaurants for their real estate portfolios. I always wondered who are the people who going to buy this restaurant real estate because all of the other chains are being gutted too.

   I am wondering if you can get some chart data on the profitability of the private equity funds. I was shown some charts when I studied this in 2019 and many of the private equity guys were already saying the times of decent returns had ended then because the model was saturated. If there is some data (especially with news of which sector funds are in trouble), it would likely provide good data on which sectors of the economy are going to pop next.

   If I didn’t already have a decent business, I would be looking to do buyout/turnaround of the Delaware hospital. The building is still there, likely most of the staff is still around. Probably most everything is there for the right person to setup a non-profit and raise some money. This seems like a fantastic time for entrepreneurs who can do turnarounds to put the screws to the plunder guys.

   1. Not quite sure how this fits into the conversation but the men in this podcast address the Dental Service Organizations taking over dentistry. I’ve listened to some of the podcasts and they really understand how the numbers work. Podcasts are: Just Say No to the DSO
      https://podcasts.apple.com/us/podcast/just-say-no-to-the-dso/id1704010957

   2. I agree. Will see what data I can find.

4. The Fed has been taking land from the states for 100 years. I gave up on trying to alert people about it decades ago. Of course it’s being privatized. They’ll get away with it and do even more next time with the people they put in next by leveraging by the current Trump-derangement and Trump-hatred.

   1. My focus is on adding as much friction. You never know what can be stopped.

      1. I think you’re right; that’s all we can do at this point. My opinion is that at this point all we can do is crash. But how we prepare for it makes all the difference in how we recover from it. We want big pieces in-tact that can function as we put the free world back together again.

5. Catherine, are you seriously worried we won’t be able to buy enough stuff from China for Christmas? Sounds like the most genuine Christmas in 50 years. I think we need to be forced into thinking beyond instant gratification and convenience.

   1. Agreed. Beginning to wonder if we should call these the NY Fed Member Bank negotiating tarriffs:
      You said:
      When Secretary Bessant says he wants china to open their financial markets to american financial institutions, what specific changes does he want?
      ChatGPT said:

      When Secretary Bessant (assuming you mean a U.S. government or financial official—though there’s no known high-ranking official named “Secretary Bessant” as of May 2025) says he wants China to open its financial markets to American financial institutions, the specific changes typically sought include:
      1. Greater Market Access

      Ownership Limits: Removal or relaxation of foreign ownership caps in Chinese financial firms (e.g., banks, asset management companies, insurance firms).

      Licensing: Simplifying and speeding up the process for U.S. firms to obtain licenses to operate independently in China.

      2. Fair Regulatory Treatment

      Level Playing Field: Ensuring that U.S. financial institutions are regulated in the same way as domestic Chinese firms, including in areas such as capital requirements and reporting standards.

      Transparency: Improving regulatory transparency so U.S. firms can better understand and comply with local rules.

      3. Capital Flow Liberalization

      Repatriation of Profits: Making it easier for U.S. firms to move capital in and out of China.

      Investment Restrictions: Easing rules that limit where and how foreign firms can invest within the country.

      4. Legal Protections and IP Rights

      Legal Recourse: Establishing clearer legal protections for foreign firms, including dispute resolution mechanisms.

      Data Privacy & IP: Ensuring that financial data and intellectual property (e.g., algorithms, client data) are protected and not forcibly transferred to local partners.

      5. Participation in Chinese Markets

      Bond and Stock Markets: Expanding foreign investor access to Chinese capital markets (e.g., through programs like Bond Connect and Stock Connect), with fewer restrictions and more operational transparency.

      Would you like a real-world example of a U.S. financial institution that has faced these barriers in China?
      You said:
      YES, PLEASE
      ChatGPT said:

      A prominent real-world example is JPMorgan Chase.
      Background:

      For years, JPMorgan—and other major U.S. financial institutions—were limited in how they could operate in China due to rules requiring joint ventures with Chinese partners and caps on foreign ownership.
      Specific Barriers Faced by JPMorgan:

      Ownership Limits:

      Until recently, JPMorgan could not own more than 49% of any securities firm in China. This limited control, decision-making, and profit potential.

      In 2020, after regulatory changes, JPMorgan became the first foreign firm allowed to fully own a securities firm in China, called J.P. Morgan Securities (China) Co., Ltd.

      Slow Licensing Process:

      It took JPMorgan years of regulatory navigation and negotiations to secure licenses for investment banking, asset management, and futures trading in China.

      Restricted Scope of Business:

      Even after obtaining licenses, JPMorgan’s ability to expand into certain business lines (e.g., retail banking or wealth management) was more constrained than for domestic firms.

      Data and Compliance Issues:

      Chinese regulators have strict rules around data localization, which can conflict with the global compliance systems U.S. firms use to monitor risk and fraud.

      JPMorgan had to build localized infrastructure in China to comply, which raised costs and operational complexity.

      Why It Matters:

      These restrictions illustrate why U.S. officials and firms want broader “opening up” of China’s financial markets—to allow firms like JPMorgan to compete fairly, operate independently, and invest more freely.

      Would you like a breakdown of how China has recently changed some of these rules—or how they compare to U.S. policies toward Chinese firms?

      1. Ha! The one thing ChatGPT forgot to mention is taking over China’s farmland.

6. Jack Kruse on Casey Means:
   https://lindelltv.com/dr-jack-kruse-reveals-stunning-research-on-casey-and-calley-means/?channel=4722&utm_source=substack&utm_medium=email

   1. Can’t get the video to work on two different devices. Is there more to this than silence about the injection? Frustrating to not get the. ideo to work.

      1. He had another discussion with the brother a while back and goes into the family background. It very much looks like Calley and Casey were plants to bring RFK Jr. onboard. They clearly have no interest in attacking mRNA technology and prefer to talk about nutrition.
         https://www.youtube.com/watch?v=gXjj2EoElFg

         I have some questions about Jack Kruse too. He’s pushing Bitcoin. Having said that, I think he exposes the Means for who they really are.

      2. https://thehill.com/policy/healthcare/5289932-nicole-shanahan-kennedy-jr-casey-means/

         Is that a distraction from the Assistant Secretary and Deputy Secretary of Health nomination?

         https://x.com/annarmatson/status/1920912335494959227

         https://nitter.poast.org/annarmatson/status/1920912308122824732

         1. Rich,

            I am reading One Nation Under Blackmail and I tell you I see no hope with these people. Maybe, a miracle will happen but I think it is up to the people to just walk away from all the corruption, poisoning and politics.
            Perhaps a reconsiliation effort would help…give all the blackmailed individuals a chance to come clean…nah, not holding my breath on that one.
            BC is very strange. I knew him in LA. A very cold/fake individual. I’m sure he will be entering that revolving door to big pharma eventually.

            1. Definately need a revolutionary walk away.

         2. Shannahan needs to primary Cassidy.

         3. From Anna Matson:

            Senator Bill Cassidy just went to the senate floor to disclose the deals he made in exchange for a yes vote on RFK Jr.

            Read below and let me know if it was worth it.

            -RFK Jr will have a close working relationship with Cassidy with multiple meetings a month.
            -Cassidy will help hire for the health agencies.
            -Kennedy will work with current safety monitoring systems and not establish parallel systems.
            -Maintain the CDC’s advisory committee on immunization practices recommendations without changes.

            -CDC will not remove statements on their website pointing out that vaccines do not cause autism.
            -Will not use “sue and settle” techniques to change policies without Congress.
            -Kennedy will come in front of the HELP committee on a quarterly basis if requested.

            -The HELP committee chair may choose a representative for any board or commission formed to review vaccine safety.
            -A 30 day notice much be given to the committee if the agency seeks to make changes to any of the federal vaccine safety monitoring programs and the committee can review it.

            -Cassidy will use his authority to rebuff any attempt to remove the public’s access to life saving vaccines without iron clad evidence that says otherwise.
            -Cassidy will watch for any effort to wrongfully sew confusion about vaccines.

            1. Is RFK equally agreement-capable with BC as MAHA?

7. Medvedev’s comments from the Victory Museum pretty chilling. Sorry can’t link.

   1. Looked them up. THanks.

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