“Federal Reserve Chair Jerome Powellsaid Sunday the Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony this summer about the Fed’s building renovations.
The move represents an unprecedented escalation in President Donald Trump’s battle with the Fed, an independent agency he has repeatedly attacked for not cutting its key interest rate as quickly as Trump prefers. The subpoena relates to his testimony before the Senate Banking Committee in June, Powell said, regarding the Fed’s $2.5 billion renovation of two office buildings, a project that Trump criticized as excessive.
Powell on Sunday cast off what has up to this point been a restrained approach to Trump’s criticisms and personal insults, which he has mostly ignored. Instead, Powell issued a video statement in which he bluntly characterized the threat of criminal charges as simple “pretexts” to undermine the Fed’s independence when it comes to setting interest rates.
“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation,” Powell said.”
“Exxon’s chief executive Darren Woods said: “We have had our assets seized there twice and so you can imagine to re-enter a third time would require some pretty significant changes from what we’ve historically seen and what is currently the state.”
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Trump signed an executive order that seeks to prohibit US courts from seizing revenue that the US collects from Venezuelan oil and holds in American Treasury accounts.
Any court attempt to access those funds would interfere with US foreign relations and international goodwill, the executive order states.
“Greenland’s party leaders rejected President Trump’s repeated calls for the U.S. to take control of the island, saying that Greenland’s future must be decided by its people.
“We don’t want to be Americans, we don’t want to be Danes, we want to be Greenlanders,” Greenland Prime Minister Jens-Frederik Nielsen and four party leaders said in a statement Friday night.
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Eighty-five percent of Greenlanders say they oppose a takeover by the U.S., the BBC reported. Most also say they favor independence from Denmark, though the Nordic country provides subsidies, military support and more for the autonomous territory.”
While Venezuela has a lot of oil, they don’t produce that much, and it will take a decade to really ramp up their production. The US doesn’t need Venezuelan oil and it’s probably not worth the risk of destabilizing the country just for oil. Cutting off China and Cuba from Venezuelan oil may have more value, but, China can get oil from elsewhere.
“Cártel de los Soles “is actually a slang term, invented by the Venezuelan media in the 1990s, for officials who are corrupted by drug money.” As Savage explained in November, citing “a range of specialists in Latin American criminal and narcotics issues,” Cártel de los Soles “is not a literal organization” but rather “a figure of speech in Venezuela.”
In 2020, in other words, the Justice Department made a pretty embarrassing mistake, which it has sought to rectify in the revised indictment. Yet the Treasury Department and the State Department are still listing Cártel de los Soles, which federal prosecutors now say refers to “a patronage system” created by a bunch of corrupt government officials, as an FTO, which under federal law means “a foreign organization” that “engages in terrorist activity” threatening “the security of United States nationals or the national security of the United States.””
“Large institutional investors have gone from buying effectively zero single-family homes before the Great Recession to being responsible for a small but non-negligible percentage of home purchasers in recent years.
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any real federal effort to squeeze institutional investors out of the single-family housing market is bound to make shelter more expensive and less plentiful.
For all the political attention paid to larger institutional investors, they make up a small percentage of home purchasers and own an even smaller share of the country’s single-family homes.
According to The Wall Street Journal’s parsing of the data, investors were responsible for about 25 percent of single-family home purchases in the first quarter of 2024. That is up from 20 percent in 2016, and the increase is almost totally driven by larger investors who own upward of 100 homes.
Over the past few years, companies owning 1,000 or more homes have accounted for only about 1 percent of all single-family purchases, but in 2024, their purchases appear to have dropped to effectively zero.
Purchases by entities that own more than 10 homes have ranged from 2 percent to 6 percent in recent years. That means that the 20 percent or so of homes being bought by investors are predominantly being sold to smaller landlords who own 10 or fewer homes.
And the bulk of home sales (some 75–80 percent) continue to be owner-occupiers.
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An owner-occupier doesn’t need to argue with a landlord about replacing an old appliance. They don’t need to worry about a tenant not paying rent, damaging the property, or moving and leaving them with a vacancy to fill.
As such, owner-occupiers are willing to pay a higher purchase price for a home. Landlords who do have to absorb all the risks and costs of their business demand a higher offsetting yield from owning a home, says Erdmann, which means demanding a lower purchase price.
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The only growth in home production to be squeezed is from expanding build-to-rent construction. While politicians are interpreting this activity as homes taken from homeowners, they are, in fact new supply that would go away under any ban on institutional investors.”
“here’s the most important thing about free trade that Trump fails to grasp: It is voluntary and consensual.
Rolling into Greenland with guns blazing—or making enough threats that Denmark eventually hands the island over to avoid that possibility—is the exact opposite of that. Trump’s centralized, nationalistic view of the world has no room for individuals or their consent. What do the people of Greenland want? What do the people of Denmark want? Heck, most Americans are not very keen on the idea of their government seizing Greenland. It’s not quite accurate to say that no one wants this—some very powerful people unfortunately do—but this would be something that the U.S. government would be doing against the will of most of the individuals involved in the transaction. That should matter—a lot.
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it is encouraging to see that the Trump administration is putting together an offer that will reportedly be presented directly to the semiautonomous government of Greenland. The Economist reports that the deal includes giving Greenland the same status as the Marshall Islands and some other small Pacific islands.
The people of Greenland have the right to vote on their own future. If Trump’s deal is accepted, then Denmark (and others) should stand aside. But it certainly seems like that deal would have had a better chance of being accepted without all the bellicosity that has gone along with it.
Again, one of the glorious things about free trade is that no one points a gun (or the whole U.S. military’s terrifying arsenal) at you to make a deal happen. Individuals buy and sell things when and how it makes sense for them to do it. Yes, it is impossible to apply that logic to every aspect of international geopolitics, but presidents ought to nudge the world toward more trade and less war whenever possible. Trump is doing the opposite.”
It’s not clear how long Venezuela will remain stable. There is a careful political balance to maintain stability. It’s also not clear how long the powers in Venezuela will put up with the US domineering over them. The US can destroy shit, but the Venezuelans can release chaos within Venezuela. Gangs in Venezuela are very powerful. The Venezuelan military doesn’t fully control the country.
Oil companies don’t want to invest in a country that requires huge investment and may not be stable, so their investment will likely need to be subsidized by the taxpayer.
The US is in its weakest position compared to China. The US’s global trade war makes it less able to threaten China with a coalition of countries working together to counter it economically, and the US’s trade war with China revealed America’s severe weaknesses, which is why the US keeps backing down when the bilateral trade war reaches extremes. China was starting to understand and respond to a more coalitional strategy when that got blown up with a change of president.
The uncertainty of Trump’s tariffs have hurt small businesses and people who buy from them. If people can’t be sure how much something will cost, sometimes they just hold off on that economic activity.
“It’s not hard to find examples of this rotten agency culture in practice. In late October 2025, ICE officers broke out the window of a U.S. citizen’s car and detained her for seven hours after she followed and photographed their unmarked vehicles. DHS accused her of reckless driving, attempting to block in officers with her car, and resisting arrest—all claims that she and her lawyer deny. Prosecutors did not charge the woman with a crime.
Recording government agents is one of the few tools citizens have to hold state power accountable. Any attempt to redefine observation as “violence” is not only unconstitutional—it’s authoritarian gaslighting. When a government fears cameras more than crimes, it isn’t protecting the rule of law. It’s protecting itself.”