“There is not much worse than stealing food from hungry people…”
USDA Employee And Five Others Charged In Multimillion-Dollar Food Stamp Fraud And Bribery Scheme
Perry Carbone, Attorney for the United States, Acting under Authority Conferred by 28 U.S.C. § 515; Charmeka Parker, the Special Agent in Charge of the U.S. Department of Agriculture, Office of Inspector General (“USDA-OIG”); and Christopher G. Raia, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced the unsealing of a Superseding Indictment charging six individuals in connection with a sprawling fraud and bribery scheme that generated over $66 million in unauthorized transactions under the Supplemental Nutrition Assistance Program (“SNAP”)—colloquially known as food stamps. This is one of the largest food stamp frauds in U.S. history. The defendants—MICHAEL KEHOE, MOHAMAD NAWAFLEH, OMAR ALRAWASHDEH, GAMAL OBAID, EMAD ALRAWASHDEH, and ARLASA DAVIS—are charged with conspiracy to steal government funds and to misappropriate U.S. Department of Agriculture (“USDA”) benefits, among other charges. DAVIS, a USDA employee, is additionally charged with bribery and honest services fraud. The case is assigned to U.S. District Judge Jed S. Rakoff.
Trump administration prepares to ease big bank rules
The Trump administration is gearing up to deliver a major win to Wall Street banks: Easing rules imposed on megabanks in response to the 2008 financial crisis.
Trump-appointed regulators are nearing completion of a proposal that would relax rules on how much of a capital cushion the nation’s largest banks must have to absorb potential losses and remain solvent during periods of economic stress.
“You mean God, guns, and grub really is a good idea after all?”
Big Bank Boss Urges America To ‘Stockpile Bullets, Not Bitcoin’
JPMorgan Chase CEO Jamie Dimon argued at the inaugural Reagan National Economic Forum in California that the U.S. should should stockpile guns, ammunition and drones rather than Bitcoin.
“We should stockpiling guns, bullets, tanks, planes, drones, you know, rare earths. We know we need to do it. It’s not a mystery,”Dimon said, referencing President Donald Trump’s executive order in March that established a Bitcoin reserve.
Dimon is by now well known for his dislike/disapproval of cryptocurrencies (even though his own bank now allows clients to trade them); which should come as no surprise since the concept of sovereignty and democratizing finance is the nemesis of the established ‘trust us with your cash’ regime of banking rent-seekers.
“The day prior to peace talks? Maybe we will soon see whether US Treasuries et al are the safe haven or…rather gold? If Russia retaliates with equal or greater force, is that THE dollar collapse?”
Swarms of drones from parked trucks destroy Putin’s bombers
The FDA, CDC, and HHS are aggressively violating human clinical safety standards and their promises by approving a next-generation Moderna mRNA C19 shot, mNEXSPIKE – no placebo, no blinding. The observer-blinded term is nonsense. The patients and study investigators were unblinded, so that damning data can easily be distorted or discarded. Thank you Nicolas Hulscher for this excellent article.
This move directly contradicts a recent HHS statement: “All new vaccines will undergo safety testing in placebo-controlled trials prior to licensure — a radical departure from past practices.”
It just approved Moderna’s newest COVID-19 mRNA shot—mNEXSPIKE—without a single placebo-controlled trial, directly contradicting recent public assurances from HHS that “all new vaccines will undergo safety testing in placebo-controlled trials prior to licensure.”
However, this authorization appears to align with their so-called “evidence-based approach to COVID-19 vaccination” published in NEJM —a policy that permits the continuation of mass experimentation on many Americans without clinical proof of benefit:
The U.S. Food and Drug Administration (FDA) has approved mNEXSPIKE® (mRNA-1283), a new vaccine against COVID-19, for use in all adults 65 and older, as well as individuals aged 12-64 years with at least one or more underlying risk factor as defined by the Centers for Disease Control and Prevention (CDC).
The FDA’s approval of mNEXSPIKE is based on results from a randomized, observer-blind, active-controlled Phase 3 clinical trial (ClinicalTrials.gov Identifier: NCT05815498), which enrolled approximately 11,400 participants aged 12 years and older. The primary efficacy objective in this study was to demonstrate the non-inferior vaccine efficacy against COVID-19 starting 14 days after mNEXSPIKE compared to that after the comparator vaccine, mRNA-1273 (Spikevax®), Moderna’s original COVID-19 vaccine.
Moderna expects to have mNEXSPIKE available for eligible populations in the U.S. for the 2025-2026 respiratory virus season, alongside Spikevax and mRESVIA®, the Company’s approved respiratory syncytial virus (RSV) vaccine.
mRNA-1283 is Moderna’s next-generation COVID-19 mRNA vaccine, designed to encode the receptor-binding domain (RBD) and N-terminal domain (NTD) of the SARS-CoV-2 spike protein—unlike the original mRNA-1273 vaccine, which encodes the full-length spike protein.
But buried in the FDA’s May 30 approval letter is a concerning admission: the critical placebo-controlled trial that would actually assess the safety and efficacy of this new mRNA injection hasn’t even started yet.
According to the FDA, Moderna is only planning to begin a Phase 4, randomized, observer-blind, placebo-controlled study in adults aged 50–64 years without high-risk conditions on November 30, 2025—with final results not expected until January 2027.
Meanwhile, the trial used to justify this approval—NCT05815498—was not placebo-controlled. Instead, it merely compared mNEXSPIKE to Moderna’s previous COVID-19 shot (mRNA-1273/Spikevax)—a product already linked to serious adverse events and mass death.
This means the FDA fully licensed mNEXSPIKE for broad use without ever having seen placebo-controlled safety data in the exact population now being targeted.
This approval directly contradicts a recent public statement by an HHS spokesperson, who told The Washington Post:
“All new vaccines will undergo safety testing in placebo-controlled trials prior to licensure — a radical departure from past practices.”
Based on this extremely disappointing and dangerous development, it can be assumed that the Bio-Pharmaceutical Complex still exerts majority control over our regulatory agencies:
If we truly want to Make America Healthy Again, this global syndicate has to be properly dealt with.
Trump’s Monetary Reset: Is a Gold-Backed Dollar on the Horizon?
“More and more people are asking if a gold standard will end the financial crisis in which we find ourselves. The question is not so much if it will help or if we will resort to gold, but when.
All great inflations end with the acceptance of real money—gold—and the rejection of political money—paper.” –Ron Paul
Two powerful catalysts are driving the coming monetary reset.
First, the federal debt crisis has reached a breaking point, with skyrocketing interest payments now surpassing defense spending and on track to become the largest single budget item. This trajectory is unsustainable, signaling that a major financial reckoning is imminent.
“What does this say about Trump’s opinion of the dollar?”
Trump Media Raises Money to Buy $2.5 Billion in Bitcoin
Trump Media & Technology Group, the parent company of Truth Social, said on Tuesday that it would raise $2.5 billion from institutional investors to invest in Bitcoin, continuing its transformation from a social media company into a financial services and crypto play.
Trump Media, whose largest shareholder is President Trump, said it would raise $1.5 billion from about 50 institutional investors by selling roughly 58 million shares. The company is planning to raise an additional $1 billion from the sale of bonds that can also be converted into shares at a later date.
“So, the US Treasury defaults, and these morons who buy CDS (credit default swaps) on US Treasuries believe they will actually get paid? In what medium may I ask? And what bank or broker will still be open? …Gold instead maybe?”
Credit default swaps are back in fashion — even if the panic might be overblown
Investors are getting nervous the U.S. government might struggle to pay its debt — and they are snapping up insurance in case it defaults.
The cost of insuring exposure to U.S. government debt has been rising steadily and is hovering near its highest level in two years, according to LSEG data.
Spreads or premiums on U.S. 1-year credit default swaps were up at 52 basis points as of Wednesday from 16 basis points at the start of this year, LSEG data showed.
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me… about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
Bill’s Commentary:
“It was a problem then, and a bigger problem now… the math only gets worse.”
Why Obama’s former budget director is now sounding alarms about debt
A rally is underway for stocks after the long holiday weekend, thanks to another tariff reversal from President Trump.
And bond yields continue to ease. That’s a sore point for Deutsche Bank, where strategist Henry Allen points out the 10-year Treasury yield at around 4.5% is at a level seen before the global financial crisis “even though U.S. public debt is more than double what it was then.”
On that note, our call of the day from Peter Orszag, President Barack Obama’s former budget director, warned of “alarmingly elevated” U.S. fiscal risks, in an op-ed for The New York Times.
“If you put shit information and cannot compete with truth… just SHUT ’em DOWN!”
“Just Gone. Like It Never Existed”: YouTube Nukes Top Canadian Political Account After State-Funded Media Complains
A Canadian YouTube channel that was dominating the platform during the country’s recent election has vanished, after the state-funded Canadian Broadcasting Corporation reached out to the social media giant, and branded it a ‘content farm’ in a Friday hit-piece.
The channel, “Real Talk Politiks,” had over 300,000 subscribers and more than 70 million views in the month of April, according to ViewStats.com – making it the third-most viewed Canadian news and politics channel over the past three months.
“LaGarde wants the Euro to replace the dollar as the world’s reserve currency? Maybe they need some commonsense classes first?”
Sovereignty Under Siege: Hungary Faces Mounting Pressure Over Pride Ban
Several EU member states have once again placed Hungary at the center of the European political debate. Seventeen countries—including Germany, France, the Netherlands, and the Nordic nations—have formally urged the European Commission to take “immediate action” against Hungarian Prime Minister Viktor Orbán’s government for banning LGBT events in public spaces.
In a letter coordinated by the Dutch ministry of foreign affairs, the signatories of the statement called on Brussels to deploy the full “rule of law toolkit” to compel Budapest to reverse the measure. Among the possible responses is activating Article 7 of the EU Treaty, which could lead to suspending Hungary’s voting rights in the European Council.
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me…about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
Bill’s Commentary:
“Trump so far has done some very good things and some bad things. Publicly saying your opponent is “CRAZY” while negotiations are taking place is the definition of BATSHIT CRAZY!”
“The man is not wrong. The only problem is he is too late as the math is now irreversible…”
Rand Paul: "Somebody has to stand up and yell, 'the emperor has no clothes.' Everybody is falling in lockstep on this — 'Pass the big beautiful bill. Don't question anything.' Well, conservatives do need to stand up and have their voices heard … if we don't stand up on it, I… pic.twitter.com/rrmlaTDkjs
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me…about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
Bill’s Commentary:
“Erik on Oligarchy”
The latest from Erik –
Bill’s Commentary:
“And you wonder if you live in a Nanny state?”
Come July, Keys Will Be De Facto Illegal In Minnesota
Come July, common keys for houses, cars, boats, and motorcycles will be illegal in Minnesota, save for uncertain intervention from the state Legislature.
That’s when the state’s ban on the manufacture, sale, or import of keys, toys, dishes, and other common items containing more than a tiny percentage of lead or cadmium goes into effect.
The purpose of that law was to remove dangerous heavy metals from products that come into contact with children. The trouble is that almost all keys sold today have more lead than the new law’s 0.09 percent limit on lead content.
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me…about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
Bill’s Commentary:
“Re think? This is the foundation to the entire global financial system and ALL the options are bad ones!”
U.S. Treasury yield spike has investors rethinking the rest of the world
A U.S. Treasury selloff is prompting some market watchers to reassess their stance on fixed income allocation, after “relentless” action from yields on long-dated Treasurys saw those bonds surpass a key 5% threshold.
Yields on 20- and 30-year Treasurys were marginally higher on Thursday, trading at 5.136% and 5.128%, respectively. Both notes were up as much as 5 basis points earlier the session, before paring gains.
Newly declassified intelligence records have revealed that the Biden administration labeled Americans who opposed the COVID-19 vaccination and mask mandates as “Domestic Violent Extremists.”
The documents, which were declassified by DNI Tulsi Gabbard, show that they cutely abbreviated the term to ‘DVEs’.
“How is it possible the President of the United States goes from totally healthy as per the WH physician to stage 4 cancer in just a few months? Is this the new “turbo cancer” from the jab?”
🚨2015: Joe Biden jokes about faking prostate cancer to get out of the Obama administration:
“He’s president. He gets to make the decision, and unless there’s an overwhelming disagreement on principle — in which case I’d develop prostate cancer or something and leave." pic.twitter.com/v0W8J3fCvk
It’s Been A Wild Week In Global Markets, But Look At This…
May 23 (King World News) – Alasdair Macleod: It’s the best of times for gold; the worst of times for dollars. Led by long-dated JGBs, global government bond markets are wobbling. We can see where this is going…
This week saw moderately firmer prices for gold and silver following a near-four-week consolidation. In European trade this morning, gold was $3328, up $27 from last Friday’s close. And silver was $33.10, up 83 cents. Futures volumes on Comex remained low-to-moderate, though picking up slightly as the week progressed.
“Limited hangout” is intelligence jargon for a form of propaganda in which a selected portion of a scandal, criminal act, sensitive or classified information, etc. is revealed or leaked, without telling the whole story. The intention may be to establish credibility as a critic of something or somebody by engaging in criticism of them while in fact covering up for them by omitting many details; to distance oneself publicly from something using innocuous or vague criticism even when one’s own sympathies are privately with them; or to divert public attention away from a more heinous act by leaking information about something less heinous.
This is a common tactic used by political extremist groups on both ends of the political spectrum, as well as by government intelligence agencies caught in scandals.
The focus of this Substack is and has been 1) to warn of the specific danger to worldwide societal and market stability presented by the Bank of England’s creation of the leveraged gold and silver market in the City of London where claims for non-existent gold and silver have been sold to unwitting cash purchasers and 2) to call for the institution of stable sound money to avert the coming disruptions.
The suppression of gold and silver’s monetary policy inflation warning signals, coordinated through Bank for International Settlements (BIS), has compounded global currency and debt market disorder created by central bankers over decades.
This week, BIS member the European Central Bank (ECB) revealed that it appears to have gotten the memo in terms of the imminent danger posed by the leveraged claims in the world’s gold (and silver) markets.
However, the challenge for the ECB and other central banks is how do you now offload blame by warning of the imminent disintegration of this decades-old metals Ponzi scheme without implicating your own institution?
The Limited Hangout
In the its May 21, 2025 Financial Stability Review, the ECB gingerly begins the entire discussion on page 39 in a 5 page section titled “What does the record price of gold tell us about risk perceptions in financial markets?” by Maurizio Michael Habib, Oscar Schwartz Blicke, Emilio Siciliano and Jonas Wendelborn.
In what appears to be the ECB’s ‘limited hangout’, the ECB discusses gold and how physical gold delivery in the US against derivatives in the COMEX market highlight the risk gold delivery default destabilizing the Euro area where a notional value of $1 trillion (T) of gold derivatives are held.
Figure 1 – COMEX Gold Market Statistics and EU Gold Derivative Exposure; source: ECB May 21, 2025 Financial Stability Review
On pg. 42, the ECB report notes: “While gold prices are driven by many factors, investors showed high demand for gold as a safe-haven asset and, at the beginning of 2025, a notable preference for gold futures contracts to be settled physically. These dynamics hint at investors’ expectations that geopolitical risks and policy uncertainty could remain elevated or even intensify in the foreseeable future. Should extreme events materialise, there could be adverse effects on financial stability arising from gold markets. This could occur even though the aggregate exposure of the euro area financial sector appears limited compared with other asset classes, given that commodity markets exhibit a number of vulnerabilities.34 Such vulnerabilities have arisen because commodity markets tend to be concentrated among a few large firms, often involve leverage and have a high degree of opacity deriving from the use of OTC derivatives.Margin calls and the unwinding of leveraged positions could lead to liquidity stress among market participants, potentially propagating the shock through the wider financial system. Additionally, disruptions in the physical gold market could increase the risk of a squeeze. In this case, market participants could be subject to significant margin calls and/or have trouble sourcing and transporting appropriate physical gold for delivery in derivatives contracts, leaving themselves exposed to potentially large losses.”
We see in the quote above the ECB use key words “gold”, “vulnerability”, “concentrated”, “leverage”, “opacity” and, most importantly, “OTC derivatives” where OTC is Over-the-Counter (or private party-to-party) derivative contracts.
However, the report only obliquely mentions the London Gold Market despite the fact that London is the world’s largest gold and silver market, trades exclusively in OTC contracts, and is ‘ground zero’ for the global leveraged silver and gold price fixing scheme created by the Bank of England.
The London Bullion Market Association (LBMA) itself tells us that trading of derivatives is less than 10% of daily trading volume while the remainder is in the form of trading of unallocated (leveraged) cash/spot claims for immediate delivery of gold.
Standing claims for cash/spot gold in London are leveraged hundreds of times against physical gold available for immediate delivery with the Bank of England having to lease gold into the market to cover the nature of the leveraged market when physical delivery was demanded earlier this year.
The ECB does not mention this however, as that would highlight the problem that has been created by these central planners.
While the ECB’s May 2025 Financial Stability Review has very little value in identifying the central issue in the gold and silver markets that we face today, it does serve as an excellent example of a ‘limited hangout’.
Best regards,
David Jensen
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“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me…about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
How would you define a bank which had ~50bn$ of capital 2 years ago, lost 192bn$ from then till today, but still reports ~50bn$ of capital in its balance sheet when nobody injected 242bn$ of cash into it?
The bank I am describing is not a myth, but the US Federal Reserve
BillHolter.com 