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Shady email chain that blew up Trump official's Epstein story finally revealed

Shady email chain that blew up Trump official's Epstein story finally revealed

The email chain that helped expose President Donald Trump's billionaire Commerce Secretary Howard Lutnick for concealing the extent of his ties to deceased sex offender Jeffrey Epstein was finally revealed by the BBC on Tuesday.Lutnick has long claimed that his relationship with Epstein was brief and that he cut him off in 2005, as soon as he visited his Virgin Islands estate and realized the creepy nature of the massages he enjoyed from children — but that story has been falling apart for some time, and Lutnick is now known to have proposed business dealings with Epstein as recently as 2018.According to the new report, Congress was made aware of Epstein and Lutnick's more recent discussions after Simon Andriesz, previously a managing director at a Wall Street firm, discovered an email chain from 2018 in which Lutnick and Epstein had discussed the prospects of a start-up business they were both involved in and forwarded that on to congressional investigators.As Andriesz scanned the documents, he discovered that one of Lutnick's firms had made plans in 2013 to go into business with another figure linked to Epstein, the then-Prince Andrew, by commercially exploiting the contacts the former UK trade envoy had made. Per Andriesz, What it involved was a loan to Andrew Mountbatten-Windsor of £1m... to basically buy a prince.The key to uncovering all this, said Andriesz, is that everyone was trying to search the database with Lutnick as the query, and he instead searched Lutnick's initials, HWL — and struck pay dirt.In these emails, reported the BBC, Epstein had talked directly to Lutnick about a digital advertising company called Adfin, in which he and Lutnick's firm, Cantor Fitzgerald, had both invested. In one email chain, Epstein asked HWL, what do you think the prospects for adfin are? to which Lutnick replied: Producing revenue finally. This is their year. Next 12 months they need to become economically self-sufficient.Andrew, for his part, was stripped of his military titles in 2022, stripped of his princehood in 2025, and was arrested earlier this year on suspicion of misconduct in public office, over allegations he shared confidential government information with Epstein while serving as UK trade envoy.

12 hours ago
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MAGA senator winces as Trump uses Lindsey Graham's death for 'own purposes': report

MAGA senator winces as Trump uses Lindsey Graham's death for 'own purposes': report

While the late Sen. Lindsey Graham (R-SC) spent his final days aggressively pushing for the United States to impose stricter sanctions on Russia, President Donald Trump has instead said passing a cryptocurrency bill would be the best way to “honor” Graham’s legacy, making even a staunch Trump ally wince.“The most obvious and logical way [to honor Graham] would be the sanctions bill, because it’s his bill,” said Sen. Kevin Cramer (R-ND) in an interview Monday, as reported by Politico on Tuesday. “You’re not making anything up. He practically died trying to get it passed Anything else becomes kind of political trickery in my mind.”Graham died Saturday night of a brief and sudden illness, which preliminary findings have since found was likely related to “aortic dissection due to arteriosclerotic cardiovascular disease.” And, while Graham was perhaps best known for his advocacy for foreign interventionism, Trump concluded that passing a bill backed by the cryptocurrency industry would be the best way to honor the South Carolina Republican.The suggestion, Politico reported, “struck a false note to many lawmakers,” and also “underscored how quickly many in Washington are moving after the Republican senator’s death to claim his mantle for their own purposes.” Trump had already received scrutiny for using Graham’s death to promote his controversial voter ID bill known as the SAVE Act.When asked directly whether he agreed with Trump, Cramer stopped short of a direct rebuke, instead reaching for what appeared to be a veiled critique.“This place is full of circumstances where you get too cute by half,” Cramer said, adding that honoring Graham with a bill to impose sanctions on Russia would be the “obvious” choice.Speaking with reporters on Monday, Senate Majority Leader John Thune (R-SD) concurred with Cramer’s assessment.“It would be a great tribute and legacy for Lindsey,” Thune said on passing a Russia sanctions bill, according to Politico.Graham spent much of his career advocating for U.S. military intervention in countries abroad, including Iran, Iraq, Libya, Mexico, North Korea, Syria and Venezuela, among other nations.

12 hours ago

Wall Street needles Trump with bitter new joke as Hormuz debacle returns with a vengeance

Wall Street needles Trump with bitter new joke as Hormuz debacle returns with a vengeance

Energy traders and Wall Street analysts are resorting to dark humor to cope with Donald Trump's foreign policy catastrophe in the Persian Gulf, where his aggressive posturing toward Iran has backfired spectacularly and destabilized one of the world's most critical shipping routes.The situation has become so dire that financial markets have developed a bitter joke about it. Traders have coined a new term for what they now expect: the NACHO trade — shorthand for Not a Chance Hormuz Opens, according to a report from the Wall Street Journal.That acronym joins other Trump-themed market jargon, including TACO, which stands for Trump Always Chickens Out, revealing the contempt Trump critics have for his erratic decision-making.The Strait of Hormuz, through which approximately 20 percent of the world's oil passes, has become the focal point of Trump's unraveling Middle East strategy. After renewed fighting over the weekend and Trump's announcement that he was reimposing a U.S. blockade on Iranian shipping, oil prices surged more than 10 percent, erasing an entire month of price declines.The chance of the region and Hormuz going back to the old normal is effectively zero, said Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security, told the Journal. If anything this reinforces the impetus to invest in other pathways as quickly as possible.The core problem, according to Wall Street Journal reporting, is that Iran and neighboring countries have discovered they can easily manipulate U.S. politics by threatening to choke off shipping through the strait. That realization has fundamentally altered market calculations.Oil markets and Middle East producers appear to be aligning around a new reality: The Strait of Hormuz is no longer expected to return to a prewar norm, the Journal reported.According to the Journal, The idea behind the NACHO trade is that the shipping route through which roughly 20 of the world’s oil had passed will remain virtually shut, with only a trickle of traffic slipping through clandestine routes, until the economic costs of its closure, such as high oil prices and accelerating inflation, become untenable.

12 hours ago

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Crowd howls as Jon Stewart begs McConnell not to return in searing roast: 'We're fine!'

Crowd howls as Jon Stewart begs McConnell not to return in searing roast: 'We're fine!'

Jon Stewart used Monday's Daily Show to unload on Mitch McConnell, mocking the ailing senator's long-awaited proof of life photo before pleading with him, only half in jest, to stay retired.The 84-year-old Kentucky Republican resurfaced over the weekend with a hospital-bed image after a month out of public view. The picture drew immediate skepticism online, and Stewart became the latest in a chorus of voices who weren't buying the wholesome framing, sarcastically presenting the photo as proof McConnell was the happiest boy in the hospital.The host compared the senator's beaming grin to a Make-A-Wish child, then twisted the knife with a jab at McConnell's health care record. He went on to imagine a run of increasingly ridiculous follow-up shots — the senator and his wife riding Splash Mountain, scaling the Empire State Building, and taking in a World Cup match.Stewart also marveled that Sen. Lindsey Graham, whose sudden death at 71 reverberated through the weekend, had died before McConnell, given how much time the Kentuckian has spent in and out of hospitals.The roast sharpened when Stewart read McConnell's weekend vow that he still had unfinished business and intended to finish the job you elected me to do.Don't! Stewart shot back, to uproarious laughter. Don't finish it. We're fine. You don't have to finish the job.He then seized on the phrasing, cracking that vowing to stay over unfinished business is literally ... what a ghost would say — before slipping into a ghoul impression threatening to haunt Americans' food stamps.Stewart made a more serious argument about the aging Congress, play a clip noting Graham was the sixth member to die this term and that too much power rests with lawmakers this old and frail.What the f---? a bewildered Stewart exclaimed, adding: If this were any other business, they'd shut it down to figure out what the f--- is going on!

12 hours ago

House GOP tears itself apart over massive Pentagon handout with no way to pay for it

House GOP tears itself apart over massive Pentagon handout with no way to pay for it

House Republicans are in yet another internal civil war, this time over a plan to hand over 70 billion to the Department of Defense without paying for it in cuts elsewhere.According to Jake Sherman of Punchbowl News, this proposal would potentially avoid a war with the moderates, many of whom are in battleground districts and looking over their shoulders over the prospect of any more cuts to services that benefit their districts. President Donald Trump's One Big Beautiful Bill Act, which slashed over 1 trillion from Medicaid and whose effects aren't even fully realized yet, has all but faded from Republican advertisements as the public has broadly turned on it.At the same time, though, noted Sherman, nothing obligates the Senate to take up such a measure if the House passed it, and some House Republicans are saying why take this risk if the Senate could ignore it.All of this proves just one more complication as House Republicans rush to tie Pentagon funding to the SAVE America Act, a package of harsh new restrictions on voting that Trump has demanded be given the highest priority to pass despite not having the votes in the Senate.Already, Trump has delayed legislation with his demands to get the SAVE America Act on his desk, and in protest, allowed a major bipartisan housing bill to become law without his signature.For days, the House has been unable to advance legislation altogether because a small group of hardliners has blocked the adoption of a rules package until Trump's demands are met.

13 hours ago

Trump officials' stunning confusion over birth control laid bare in new emails: report

Trump officials' stunning confusion over birth control laid bare in new emails: report

A tranche of newly obtained emails revealed widespread internal confusion among senior State Department officials over a warehouse full of reproductive health products, with some officials apparently unable to distinguish contraceptives from abortion-inducing medications.The internal State Department emails were obtained by the Center for Reproductive Rights, which sued the Trump administration over its decision to destroy at least 10 million worth of reproductive health products being stored at a warehouse in Belgium. The products were earmarked for distribution under the U.S. Agency for International Development before the agency was gutted early on in the second Trump administration, and under the guidance of then-billionaire Elon Musk.“There is no one here that knows definitively what is in the warehouse,” wrote a diplomat working at the U.S. Embassy to Belgium to a State Department official, according to an internal email reviewed by The Washington Post.According to the Post, a “chaotic picture” ensued as State Department officials attempted to identify what exactly was housed at the warehouse amid Musk’s spearheading of USAID cuts across the globe. The emails also showed that [Secretary of State Marco] Rubio was kept aware of the fate of the contraceptives.And, while the Trump administration ultimately didn’t follow through with its plans to destroy the reproductive health products stored at the warehouse – instead allowing them to perish – the scramble to identify the warehouse’s contents resulted in some revealing exchanges, as revealed in a report Tuesday from the Post.“In one email, a senior official from the State Department incorrectly described several contraceptives as abortifacients. On Aug. 8, [2025], an unnamed State Department official emailed Jeremy Lewin, a political appointee who oversaw foreign assistance at the State Department, with a list of what is described as ‘Current Viable Abortifacients’ being housed at the warehouse,” the Post’s report reads.“The unnamed official listed two different contraceptive devices – a subdermal implant and an intrauterine device – and the daily oral contraceptive Levonorgestrel. None of the three items are classified by the U.S. Food and Drug Administration as abortifacients used to induce abortions in pregnant women.”Liz McCaman Taylor, a lawyer with the Center for Reproductive Rights – which sued the Trump administration in part to force the sale of the products – offered a blistering rebuke of the administration's decision to let 10 million worth of reproductive health products perish rather than sell them.“This administration talks a lot about waste, fraud and abuse, and trying to root it out, but this is waste, fraud and abuse,” Taylor told the Post.

13 hours ago

Trump's spy chief pick suddenly in trouble — over a leak that leaked: report

Trump's spy chief pick suddenly in trouble — over a leak that leaked: report

President Donald Trump's permanent nominee to head up the Office of the Director of National Intelligence is facing a new problem.According to HuffPost, Jay Clayton, who currently heads up the U.S. Attorney's Office for the Southern District of New York, is now coming under fire for his role in the Justice Department’s new subpoenas against New York Times reporters.These subpoenas, meant to secretly investigate leaks from the administration before ironically being leaked themselves, were done at the direction of the White House from on high — but executed with Clayton's sign-off. For some observers, it shatters the illusion that he was a more stable and normal pick for the job, but it remains to be seen whether or how much it complicates his path to confirmation.Progressive groups led by Demand Progress, which opposed Clayton to begin with, highlighted the subpoenas in a pressure campaign against Democratic senators who might be inclined to vote for the nominee, said the HuffPo report, noting that Indivisible and Reporters Without Borders were also part of the campaign. In letters to the Senate, the groups said, A federal prosecutor who will weaponize the grand jury process against reporters — and their sources — to punish disclosures unwelcome to the president has shown the Senate the precise instinct that is disqualifying in a Director of National Intelligence.Clayton was Trump's begrudging pick to serve as permanent DNI after he installed his close partisan ally, federal housing finance administrator Bill Pulte, to serve in the role on an acting basis, despite his lack of statutory qualifications to head the intelligence community and his track record of abusing public resources to target political foes.The controversy actually led to a brief showdown with the Senate GOP, as Trump delayed confirmation hearings for Clayton so that he could install Pulte, over their objections, for at least a period of time.

13 hours ago
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'Morning Joe' blows up on guest as MS NOW devolves into yelling

'Morning Joe' blows up on guest as MS NOW devolves into yelling

MS NOW host Joe Scarborough blew up on guest Donnie Deutsch on Tuesday morning after the branding expert expressed his dismay that a position on Israel has become a litmus test for Democratic candidates.Following an appearance by Michigan Democrat Haley Stevens, an Israel supporter who is running for the Senate, Deutsch suggested, “Yeah. Israel seems to be kind of like a check. You have to — I don't know how we got here.”That led co-host Scarborough to interrupt and shout, “Have you not been seeing images out of Gaza for the past few years? Do you really not know how we got here?”“No, I don't know how we got here,“ the MS NOW guest shot back.“Have you not looked at the images out of Lebanon? They're flattening half of Lebanon,” Scarborough continued as the two proceeded to shout over each other.“We're, we're paying for those bombs. We're not paying for the bombs in Sudan,” Scarborough lectured. “We have a say, or at least we, you would think we would have a say. But this administration and past administrations have told Israel they can do whatever.” - YouTube youtu.be

13 hours ago

The most elaborate Trump assassination plot yet bucked his own script

The most elaborate Trump assassination plot yet bucked his own script

The White House released its long-delayed counterterrorism strategy in May, identifying “violent left-wing extremists” as a major terror threat, following a directive from President Donald Trump last September ordering the FBI to investigate antifascists based on a wildly varied set of characteristics that include “extremism on migration, race, and gender.”Then, as Trump was preparing to celebrate his 80th and the country’s 250th birthdays with an Ultimate Fighting Championship event on the White House lawn last month, local law enforcement in Ohio uncovered an extraordinary plot by a national network to carry out a drone attack, with snipers positioned on rooftops to kill “high-value targets including the president, Vice President JD Vance, Israeli Prime Minister Benjamin Netanyahu and Elon Musk.The wide array of grievances and political beliefs of the defendants who spent weeks training with rifles and coordinating efforts to acquire drones are an awkward fit for the counterterrorism strategy authored by White House aide Sebastian Gorka, and a National Security Presidential Memorandum, or NSPM-7, issued by Trump in the weeks after the assassination of conservative activist Charlie Kirk.One of the UFC terror plotters, 19-year-old Tycen Proper, who told his mother he was mapping locations in Washington, D.C. for “hit and run missions,” had recently “made sympathetic comments about Adolf Hitler” on Facebook, according to the government’s criminal complaint.The counterterrorism strategy doesn’t even mention white supremacist violence — or “racially and ethnically motivated violent extremism,” in the federal government’s preferred nomenclature. In contrast, the Biden administration made confronting white supremacist terrorism a top priority.“The UFC plot clashes with the administration’s decision to downplay far-right extremism,” Jacob Ware, co-author of God, Guns and Sedition: Far-Right Terrorism in America, told Raw Story. “That’s a political choice that I don’t think is being followed by the rank-and-file FBI agents who stopped this terror attack.”Another defendant, a 32-year-old California man named Michael Alan Thomas, expressed views that appear to be a twist on the QAnon conspiracy theory, which originally positioned Trump as a hero maneuvering to vanquish a shadowy cabal of global elites perpetrating horrendous crimes against children.According to his charging document, Thomas told FBI agents “that he believes that the U.S. government is run by an elite group of individuals who sacrifice and consume infants who also were deeply involved with Jeffrey Epstein and are now protected by President Donald Trump.”That grievance doesn’t appear anywhere in NSPM-7, which instead singles out antifascists for harboring “hostility towards those who hold traditional American views on family, religion and morality.”Rather than respond to questions from Raw Story about whether the Trump administration should reassess its prioritization of terror threats, the White House referred questions to the FBI.To be sure, some of the grievances and ideologies expressed by individuals tied to the alleged terror plot do align with the criteria in NSPM-7. A TikTok account for William Lee Falkner, one of the defendants, includes a bio stating, “F--- ICE,” which is in line with NSPM-7’s focus on threats against federal immigration enforcement officers. Another man who is not accused of direct involvement in the terror plot but is alleged to have communicated online with one of the defendants identified himself as “antifa” in his TikTok bio.But the most recurrent themes uniting the defendants and others ensnared in the FBI investigation of the UFC terror plot is a concern about the Epstein files and a belief that political elites are protecting pedophiles, coupled with anger about Israel’s perceived influence over U.S. foreign policy.“The key tenets of this plot are anti-elite, anti-government, anti-Semitism and anti-Israel,” Ware said. “Those are not new, and they belong to a true American far-right, anti-government extremist movement that goes back decades in our country, and is probably the deadliest domestic terrorism movement in American history.”Eight men were indicted last week on charges of conspiracy to provide material support to terrorists and conspiracy to commit murder in connection with the alleged plot. In contrast to recent indictments against 15 anti-ICE activists in Minnesota, the government hasn't designated the UFC prosecutions as an NSPM-7 case.The case has flummoxed extremism researchers, who note how quickly the alleged plotters from five states across the country coordinated online and put in motion a credible plan to attack the seat of U.S. government.Beyond those accused of direct involvement in the terror plot, federal investigators have pursued leads based on contacts found in the defendants’ phones, prompting a widening investigation into a larger universe of people with a host of grievances against the government.The plot first came to light when police officers and sheriff’s deputies arrived at the home of Tycen Proper in rural Knox County outside of Columbus, Ohio, in response to a “disturbance” call four days before the June 14 UFC Freedom 250 event.Proper’s father told the police that his 19-year-old son had quit his job and spent all his graduation money on a rifle, ballistic plates, ammunition and camping gear. His mother told investigators that Proper “had recently begun interacting with a group online that was comprised of individuals who claimed to be ex-military and Christian-based.” Talking to his online friends, his mother said, had “caused Proper to lean heavily into his religion, and she believed that those individuals were using religion to influence her son.”Sheriff’s deputies transported Proper to a mental health facility, where they got him admitted through an emergency application based on his homicidal ideations, according to court records. The following day, during an interview with the FBI, Proper told investigators that he reported to “Fulcrum,” whom the FBI later identified as Daniel Eskridge, a 32-year-old man from rural northwest Missouri.Eskridge suggested in a group chat with Proper and others in late May that the plotters should select targets that “can’t easily be turned into a right vs. left thing.” The criminal complaint against Eskridge states that he suggested a business leader as “a very good target” because “he fits the bill for someone both sides would cheer and support us for taking out.”The name Eskridge suggested is redacted from the complaint, but the superseding indictment unsealed last week identifies Elon Musk, the trillionaire owner of SpaceX, as one of the targets of the attack.Proper identified Sens. Marsha Blackburn (R-TN), Jim Justice (R-WV), Tom Cotton (R-AR), and Reps. Carol Miller (R-WV) and Riley Moore (R-WV) as targets, based on their support for Israel, according to court filings.Despite portraying itself as anti-establishment outsiders, the MAGA movement has essentially become the establishment, and anti-government extremists recognize Trump and his allies as such, Ware said. For decades, anti-government extremists have expressed hostility towards Democratic and Republican administrations alike.“This is a reversion to the mean, where far-right extremists include Republicans in their crosshairs,” Ware said.Court documents reveal Eskridge using language that wouldn’t have sounded out of place among the rioters who stormed the U.S. Capitol on Trump’s behalf five years ago.“Our goal is to in a general sense ‘restore the old republic,’” he said. “Our constitutional republic has been stolen by corporations, politicians and foreign actors.”Eskridge wrote that he was “tired of being ruled over by treasonous pedophilic criminal politicians and foreign agents.”In another post, Eskridge predicted that the UFC attack would be “the first battle of the second American Revolution.”When investigators accessed Proper’s phone, they also discovered a user with the nickname “Shepherd,” who they later identified as Abraham Hermosillo Alvarez, 31, of Omaha, Neb. Court records detail extensive posts by Alvarez in a “Hunters” Signal chat that appear to provide instructions for the planned UFC attack. The FBI has reportedly determined that Alvarez was responsible for planning, organizing and directing the thwarted attack.Describing Alvarez as the “alleged ringleader,” a Department of Homeland Security press release highlights the fact that Alvarez came to the United States as a child with his parents and was accorded temporary legal status under the Deferred Action for Childhood Arrivals program during the Obama administration.Court documents don’t shed much light on Alvarez’s political beliefs, but they reference a TikTok account that he posted in an online chat with the other alleged plotters. Investigators determined the TikTok account was registered to a woman who shares the same residence with Alvarez.As a possible indication of Alvarez’s political beliefs, videos posted on the account promote Landback, a global movement calling for the return of ancestral lands to indigenous stewardship. The videos also highlight environmentalist themes and include depictions of Underground Railroad conductor Harriet Tubman and John Brown, the insurrectionary abolitionist — both heroes of the left.A man who identified himself as a friend of Alvarez’s since high school told Raw Story that he “is not mentally well and should have never been a part of what happened.” The friend declined to comment further out concern that anything he said would aggravate Alvarez’s legal challenges.Proper’s mother told the FBI, according to court filings, that the group “expressed ultra-religious and anti-government sentiments, specifically citing grievances about government corruption, the handling of the Epstein files, data centers taking up all the water in communities, and other government actions.”A concern about data centers also surfaced in court filings related to the arrest of a 20-year-old Chicago man, Alexander Mercado, who is alleged to have been an administrator of Signal groups that included some of the plotters involved in the planned UFC attack. After an FBI agent attempted to question Mercado, the government alleges he uninstalled the Signal application on his phone, leading to his arrest for obstruction of justice.In support of its successful motion to hold him in detention to protect community safety, the government submitted a message in which Mercado allegedly mentioned the planned UFC attack on Signal, adding, “I got word several other factions are attempting to strike, breach, and rescue operations on [ICE] camps and data centers.” (The message included an ice-cube emoji.)The ideological span of the individuals linked to the plot and their range of targets should be cause for government officials and independent researchers to reassess threat prioritization, Matthew Ivanovich, a senior research manager at the Institute for Strategic Dialogue, told Raw Story.“Seeing such a decentralized group that crosses ideological boundaries, I do think it drives that there is a need to be thinking about the grievance-based side of things, like data centers and AI in general,” he said. “We need to be thinking more about grievance-based motivators to violence, and less about ideology.”The FBI’s access to the UFC terror plotters’ electronic devices has prompted agents to cast suspicion on an array of people who communicated with them online, leading to at least one other arrest only tangentially related to the thwarted attack.The government alleges that Trevon McDaniel, 19, of Elk Grove, Calif., exchanged TikTok messages with Alvarez, the alleged UFC attack ringleader.“We need to gather as many heroes before the 22,” Alvarez allegedly told McDaniel, who posted videos of himself dressed in a superhero costume on TikTok under the name “Wolf-Spider.”In another conversation cited by the government, Alvarez told McDaniel: “July is the month.”“Fourth of July,” McDaniel replied. “Use subliminal messaging so people understand what you mean, but basically fireworks it’s a good distraction and good use for ICE and cops.”The government does not allege that McDaniel had any involvement in the UFC terror plot, but he was charged with “threats concerning an attempt to damage or destroy” the John Moss Federal Building in Sacramento “by means of fire or an explosive.”The criminal complaint cites a June 22 TikTok video posted by McDaniel in which he says, “You know, Fourth of July is coming up, guys. Make sure you hold on to all your fireworks. It’d be a shame if fireworks were going off near generators so certain federal buildings were losing their, uh, power.”Olaf Hedberg, McDaniel’s lawyer, declined to comment.Shortly after the first wave of arrests in the UFC terror plot, FBI agents attempted to question a TikTok user in north Texas about the planned attack, according to a recent story in the Intercept. The TikTok user, who goes by the moniker Doberman and identifies as an “armed leftist” and “Antifa,” reportedly told the agents she didn’t know anything about the plot.Two weeks later, the FBI returned with a search warrant and breached Doberman’s front door with a flash-bang, pointed rifles at her, and led her to a police cruiser in handcuffs. The agents seized her cell phone. When the agents returned her phone, she said they offered her hundreds of thousands of dollars to become a confidential informant.Doberman told the Intercept she has no interest in helping the government. In a new TikTok video last month, she posted screenshots of the search warrant, writing: “Yes, I was raided. No, I won’t quit.”

14 hours ago

Trump's new Iran play could blow up in his face and torch the global economy: experts

Trump's new Iran play could blow up in his face and torch the global economy: experts

President Donald Trump is taking a harder line against Iran now that his ceasefire memorandum has fallen apart — but economic observers worry his new approach to guarding the Strait of Hormuz is actually going to make things worse.This week, Trump announced that the United States will patrol the Strait, a critical shipping lane for 20 percent of the world's oil, to stop Iranian aggression, and demanded vessels in the area pay what amounts to a 15 per barrel toll to the U.S. for that protection.That demand is likely to cause serious economic problems, CNBC reported, as it would raise global energy prices just the same as if transit through the Strait were still interrupted.According to the report, international shipping firm Hapag-Lloyd is protesting the new proposed fee, saying, “Tolls for infrastructure such as the Suez Canal or Panama Canal are different, because they reflect major infrastructure investments. That is not the case in the Strait of Hormuz.” Meanwhile, Iran itself, which had demanded its own toll as a buy-off to allow safe passage, mocked Trump's announcement, with Iranian Foreign Minister Abbas Araghchi posting to social media, “Iran has always been the GUARDIAN of the Strait and will remain so FOREVER. 20 is of course too much. We will be fair.Trump's ceasefire agreement was in place for several weeks and was initially billed as the start of a permanent peace deal. However, it swiftly fell apart as Iran continued to make aggressive moves on civilian vessels and the United States retaliated with strikes on Iranian targets.

14 hours ago