French President Emmanuel Macron expressed grave concern over the US’s potential seizure of Greenland from Denmark, stating that such an action would trigger “unprecedented” consequences. Macron’s remarks were in response to US President Donald Trump’s insistence that US control of the Arctic island was crucial for his planned missile defense system, the Golden Dome, and national security. Denmark’s government and Greenland’s leadership have staunchly opposed Trump’s intentions, with Greenland’s Prime Minister clearly stating the island’s refusal to be under US control. Trump has intensified his push for ownership, despite the existing agreement allowing the US to station soldiers there.
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Reports confirm Iran was plunged into a complete internet blackout on Thursday night amid escalating nationwide protests sparked by economic grievances. Demonstrations erupted across all 31 provinces, with authorities responding violently, including reported killings and arrests. Calls for a general strike were heeded in Kurdish regions and other cities, and protests saw the toppling of a statue of Qassem Suleimani in Fars province. While the government has called for restraint, the US and other countries have issued warnings against violence and criticized Iran’s actions, while threatening further action.
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Amid mounting economic turmoil and crackdowns, widespread anti-government protests have swept across Iran, leading to a nationwide internet blackout. Demonstrations have erupted in over 100 cities, with protesters voicing anger against the ruling theocratic regime and authorities resorting to suppressing the unrest. These recent events have been marked by violent clashes, resulting in casualties and mass arrests, while the protests have escalated to become the largest challenge to the regime since 2022. The protests are fueled by economic hardship, challenging the government’s ability to maintain control, and the ongoing unrest underscores the deep-seated crises facing Iran’s leadership.
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In a stark warning, Iran’s president emphasized the urgent need to resolve the public’s grievances amid a dramatic economic downturn. The Iranian rial’s value has plummeted significantly against the dollar, fueling widespread unrest. This economic crisis has triggered protests across the nation, drawing participation from shopkeepers, students, and citizens from various backgrounds. The president’s statement underscores the severity of the situation and the critical need for governmental action.
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Protests and strikes in Iran, triggered by the Iranian rial hitting a record low, spread to multiple cities for a third day. The government acknowledged the demonstrations, with President Pezeshkian instructing the interior minister to engage with protesters. In response to the unrest, the central bank governor was replaced. Demonstrations included anti-government slogans and support for exiled figures, prompting statements of solidarity from both the US State Department and a figure from the former regime.
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Yakutia has temporarily suspended payments to Russian military personnel due to regional budget shortfalls and the inability to accurately forecast demand. Finance Minister Ivan Alekseev confirmed the pause, citing difficulties in predicting the number of individuals requiring funds, but assured that the government had secured the necessary funds. The republic had previously allocated significant funds per contract soldier, including federal, regional, and municipal contributions. This action follows a trend of regional governments across Russia, including Tatarstan and Saint Petersburg, reducing or eliminating enlistment bonuses due to increasing budget deficits.
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In a shift to address budgetary demands, Russia’s Central Bank has initiated the sale of physical gold from its reserves. This change involves “mirroring” Finance Ministry transactions within the National Wealth Fund, moving from paper-based operations to actual sales on the domestic market. The National Wealth Fund’s gold holdings have significantly decreased since the invasion of Ukraine, indicating a reliance on these assets to fund wartime spending. These gold sales, along with similar yuan transactions, aim to inject foreign currency into the domestic market and stabilize the ruble amid declining oil and gas revenues.
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Representative Alexandria Ocasio-Cortez has stated the federal government should not bail out the artificial intelligence industry, citing potential economic instability mirroring the 2008 financial crisis. Echoing industry concerns, she noted the AI investment boom may be a bubble, and a bailout would be unconscionable while denying essential resources to everyday Americans. Similar concerns were raised by Senator Elizabeth Warren regarding potential plans to use taxpayer funds to support AI companies. There are worries the Trump administration may be favoring AI executives with regulatory changes and public funds.
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The Ukrainian Foreign Intelligence Service reports a crisis of confidence in Russia’s banking system, marked by a shift towards short-term deposits and dwindling demand for longer-term investments. Three-month deposits have surged in popularity, while those exceeding a year have plummeted, reflecting widespread distrust in the unstable Russian economy. This trend suggests a deepening economic crisis, as banks struggle to attract clients and key sectors falter. The situation is further compounded by the ongoing war in Ukraine, international sanctions, and predictions of long-term economic stagnation.
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A significant portion of the U.S. economy, representing about one-third of the nation’s GDP, is facing recessionary pressures, exacerbated by the ongoing government shutdown. According to Moody’s Analytics, 22 states are either in a recession or at serious risk, with states like Maine, Oregon, and Illinois already experiencing downturns. The shutdown, coupled with pre-existing economic challenges like rising food prices and tariff impacts, is intensifying economic distress, potentially leading to further job losses and reduced benefits for millions of Americans. Economists caution that a prolonged shutdown could have severe repercussions, potentially pushing the U.S. economy into a recession.
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John Q. Hosedrinker