Thursday, 12 February 2026

US Jobs Boom? Ai’s Grim Reaper. Japan Booms. Iran War Next Week?

Baltic Dry Index. 1958 +76    Brent Crude 69.52

Spot Gold  5092                        Spot Silver 83.67

US 2 Year Yield 3.52 +0.07

US Federal Debt. 38.675 trillion US GDP 31.146 trillion.

Monetary inflation not only raises prices and destroys the value of the currency unit; it also acts as a giant system of expropriation.

Murray Rothbard

AS Japan’s stock casinos continue an election boom, in the USA AI is busy culling stocks likely to be the big losers under AI.

Adding to downward US stock casinos pressure, yesterday’s US jobs numbers take the pressure off the US central bank to cut their key interest rate any time soon. But see today’s inflation section.

But with Trump’s US military busy building up for an attack on Iran next week, does any of this really matter if crude oil prices explode next week

Japan stocks extend post-election rally with Nikkei 225 breaching 58,000 for the first time

Published Wed, Feb 11 2026 6:54 PM EST

Japan’s Nikkei 225 on Thursday hit 58,000 for the first time in history, extending its post-election rally to fresh highs, fueled by renewed confidence in domestic politics and the ruling administration’s economic agenda.

The benchmark index subsequently pared gains and was trading marginally higher at 57,663. The broader Topix advanced 0.68%.

Japanese stocks have notched several fresh highs in recent days, fueled by the so-called “Takaichi trade,” following Prime Minister Sanae Takaichi’s landslide victory in the Lower House, said market watchers.

Global investment firm GMO noted that Takaichi’s snap-election landslide gives her an unusually strong, multi-year mandate to execute policy, which they view as broadly supportive for Japan’s markets and corporate sector.

While equities have rallied and bond investors appear reassured, GMO notes intervention risks could rise if the yen approaches 160 against the greenback.

Other markets in Asia also shrugged off a stronger-than-expected U.S. payrolls data that has dampened expectations for Federal Reserve rate cuts and sent U.S. stocks lower overnight.

South Korea’s Kospi jumped as much as 2.1% to a record high of 5,466.9 points, before paring gains to trade 1.82% higher. The small-cap Kosdaq traded relatively flat.

Singapore’s benchmark index crossed 5,000 for the first time.

Australia’s S&P/ASX 200 was up 0.42% in early trade.

Hong Kong’s Hang Seng Index lost 0.23%, while mainland China’s CSI 300 added 0.12%.

Overnight in the U.S., the Dow Jones Industrial Average snapped a three-day win streak after a better-than-expected January jobs report.

The blue-chip index lost 66.74 points, or 0.13%, and closed at 50,121.40. The S&P 500 was nearly flat at 6,941.47. The Nasdaq Composite dropped 0.16% to end at 23,066.47.

The Bureau of Labor Statistics’ January nonfarm payrolls report showed job growth of 130,000 in January. Economists polled by Dow Jones had estimated gains at 55,000. Jobs growth in December was downwardly revised to 48,000.

Strong labor market has reduced the odds for interest rate cuts by the Federal Reserve.

The jobs report follows weaker-than-expected consumer data released on Tuesday. That report showed that consumer spending in December was flat, missing the 0.4% monthly gain expected from economists polled by Dow Jones.

Asia-Pacific markets: Nikkei 225, Kospi, Hang Seng Index

Dow futures are little changed after index ends three-day win streak: Live updates

Updated Wed, Feb 11 2026 6:59 PM EST

Futures tied to the Dow Jones Industrial Average were little changed Wednesday night after the blue-chip index’s three-day win streak came to an end.

Dow futures slipped 22 points, or 0.04%. S&P 500 futures lost 0.06%, while Nasdaq 100 futures fell 0.2%.

Cisco Systems slid 7% in extended trading after the maker of networking hardware such as switches and routers issued disappointing guidance for the current quarter. McDonald’s dipped less than 1% even after an earnings beat.

Those moves come after a downbeat trading day on Wall Street, with the 30-stock Dow off by more than 66 points, or 0.1%, while the Nasdaq Composite dipped about 0.2%. The S&P 500 ended the day just a tick lower.

Stocks ended the session lower after earlier rallying off the back of a barnburner of a jobs report. The January nonfarm payrolls report showed sharp jobs growth of 130,000 last month, far above what economists were expecting, and much higher than the downwardly revised December gain. The unemployment rate ticked lower to 4.3% from 4.4%.

The report was a relief for investors who worried it would show a drop-off in the labor market, following a raft of recent data that’s indicated slowing growth in a “no hire, no fire” environment.

Yet the strong payrolls numbers also muddy the Federal Reserve’s interest rate outlook, and could mean fewer rate cuts than traders were hoping for if higher inflation also remains an issue. That underscores the importance of Friday’s consumer price index, which could show the central bank just what is needed for its dual mandate to come into better balance.

“It’s going to put a lot of weight on Friday’s CPI report, because if that comes in tame, at least the market can understand that the inflation part of the Fed’s equation is cooling,” Tom Lee, head of research at Fundstrat Global Advisors, told CNBC’s “Closing Bell” on Wednesday.

“And of course, now, if the job market is showing decent strength, it kind of relieves us from a macro perspective, because at least we’re not seeing an economic downturn,” Lee continued.

More data on the labor market is due out Thursday morning, with the latest weekly jobless claims figure. The existing home sales report is also set to release.

Restaurant Brands International is among the companies set to report Thursday before the open.

Stock market today: Live updates

Wall Street Is Dumping Stocks Seen as Vulnerable to AI

February 11, 2026 at 11:19 PM GMT

They’re dropping like flies. Businesses and products seen as susceptible to sudden irrelevance courtesy of artificial intelligence are—one by one—being laid low by Wall Street

Business software. Tax planning and wealth management. Now real estate services. Companies in this latest sector saw their stocks sink today as investors decided they’re next on the AI hit parade as a new crop of applications and tools threatens to disrupt several industries.

Shares of CBRE Group and Jones Lang LaSalle plunged 12% and Cushman & Wakefield dropped 14%. For CBRE and Cushman & Wakefield, the moves marked the biggest drop since the Covid-driven collapse of 2020.

The Wednesday selloff delivered another slap to a commercial real estate industry that’s struggled to regain its footing since the pandemic. It also pointed up the strange duality of the current market moment. As pessimists await the bursting of an AI bubble that might trigger a market meltdown, investors are assessing the technology’s potential for near-term success—and acting accordingly.

“We believe investors are rotating out of high-fee, labor-intensive business models viewed as potentially vulnerable to AI-driven disruption,” Keefe, Bruyette & Woods analyst Jade Rahmani wrote in a note to clients. And as with everything on Wall Street, the phenomenon has a name: the “AI scare trade.” David E. Rovella

Wall Street Is Dumping Stocks Seen Vulnerable to AI: Evening Briefing Americas - Bloomberg

In Iran war news, war next week?

US Air Force tankers just departed RAF Mildenhall escorting six F-35A fighter jets to Middle East

Published: Wednesday, February 11, 2026, at 13:44 UTC

MILDENHALL, United Kingdom – A significant movement of U.S. air assets was observed over the last several hours as at least three KC-135R Stratotankers departed RAF Mildenhall, signaling a strategic reinforcement of American presence in the Middle East.

According to flight tracking data and regional sources, the tankers are providing essential aerial refueling support for a squadron of F-35A Lightning II stealth fighters. The formation is reportedly en route to Muwaffaq Salti Air Base in Jordan.

The F-35A Lightning II aircraft have been identified as belonging to the Vermont Air National Guard’s 158th Fighter Wing. Using the callsigns “Tabor 41” through “Tabor 46,” this group of six stealth fighters arrived at RAF Lakenheath (neighboring Mildenhall) as a transit stop before pushing further east.

The three KC-135R Stratotankers (callsigns “Gold 81,” “Gold 82,” and “Gold 83”) provided the “Coronet” escort across the Atlantic and are now facilitating the final leg to Jordan.

As of today, February 11, 2026, this second wave of F-35s is expected to integrate with existing assets at Muwaffaq Salti Air Base within the next 24 to 48 hours.

US Air Force tankers just departed RAF Mildenhall escorting six F-35A fighter jets to Middle East

In other news, commodity news.

A U.S. recession would be the biggest “black swan” risk for the cattle industry

Glenda-Lee Vossler, SwiftCurrentOnline.com | Monday, Feb 09 2026, 9:28 AM

The Canada-U.S. cattle market basically functions as one interconnected North American market.

As a result it's important to know what's happening with our neighbors to the south. 

New data shows a dramatic decline in the United States cattle herd, with little indication of a major rebuild in 2026.

Brad Magnusson with Magnusson Consulting was the keynote speaker at Innovation Credit Union’s recent cattle market update.

Magnusson, a livestock economist with over 40 years of experience working with cattle producers in Canada, the U.S. and other countries, told producers the recent numbers are unprecedented in his career.

U.S. cattle inventories at record lows

The total U.S. cattle and calf inventory is now just over 86 million head, down sharply from roughly 140 million in 1974.

Beef cow numbers dipped about 1 percent, while dairy cows increased roughly 2 percent, likely due to milk pricing dynamics.

Magnusson noted the beef replacement heifer herd rose 0.9 percent, but that gain was largely offset by the decline in beef cows and other segments of the herd, suggesting flat to slightly negative overall herd growth.

Stats show cattle on feed (all sizes) were down about 3.3 percent,  the calf crop declined roughly 1.6 percent, while heifers under 550 pounds were down just over 0.6 percent

Magnusson said this points to a lack of herd rebuilding in what would normally be considered a rebuilding year in a typical cattle cycle.

As well, dry conditions throughout major cattle feeding states like Oklahoma, Texas, Nebraska and parts of the Dakotas could further constrain production.

Canadian cattle herd expected to shrink again

While updated Statistics Canada figures have yet to be released, Magnusson expects Canada’s cow herd to decline by about one percent again this year.

Alberta continues to hold the largest share of Canada’s cattle, with roughly 44 percent of the national herd, followed by Saskatchewan at just under 29 percent. Manitoba has taken the biggest hit falling from more than 630,000 head a decade ago to about 377,000 today.

Nationally, Canada’s total cattle herd sits at about 3.47 million head, a figure Magnusson described as largely static.

With tighter cattle numbers and feeding costs, we've seen retail beef prices surge.

Magnusson highlighted a major divergence in retail pricing between Canada and the United States.

In Saskatchewan, retail beef prices rose by about 33 percent in 2025, compared with roughly 17 percent in the U.S. 

He points out that price gap can influence where packers choose to sell product.

"If you’re a packer, you’d rather sell beef into Canada than the U.S.," Magnusson said, pointing to stronger retail returns north of the border.

Exports remain heavily tied to U.S. market

Despite ongoing discussion about market diversification, Magnusson said Canada remains overwhelmingly dependent on U.S. buyers.

Roughly 82 percent of Canadian beef exports continue to flow south of the border, with smaller volumes heading to Japan, Mexico, South Korea and China.

Magnusson cautioned against assumptions that China could replace the U.S. as a major buyer, noting Chinese beef consumption preferences lean toward fish, chicken and pork.

Trade uncertainty, record U.S. grain production and a continued decline in Canada’s cattle herd are key factors producers should watch heading into 2026.

Magnusson said he is not aware of any confirmed special trade agreements between the United States and South American beef exporters, despite speculation in the industry.

He noted former U.S. president Donald Trump has signalled interest in moving away from trilateral trade frameworks in favour of bilateral agreements with countries including Canada, Mexico and potentially South American nations.

Lower feed costs, combined with strong beef prices, are making heavier cattle weights more profitable in both Canada and the U.S.

More

A U.S. recession would be the biggest “black swan” risk for the cattle industry - SwiftCurrentOnline.com - Local news, Weather, Sports, Free Classifieds and Job Listings

Global Inflation/Stagflation/Recession Watch.

Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.

Get gold!!!

America’s national debt borrowing binge means interest payments will rocket to $2 trillion a year by 2036, CBO says

February 11, 2026, 10:27 AM ET

The White House of 2036 will have a mammoth task on its hands: It will need to rustle up more than $2 trillion a year to pay the interest on its national debt burden, approximately 5% of the nation’s entire economy.

According to the latest projections from the Congressional Budget Office (CBO), the U.S. government will continue to run a sizable and growing deficit over the next decade. In 2026, the shortfall will stand at about $1.8 trillion, or 5.8% of GDP. Come 2036, that will have ballooned to $3.1 trillion, or roughly 7% of the American economy.

Projections of increased borrowing year after year—regardless of whichever party is in the White House—means the U.S. will also increase the burden of interest payments needed to service its debt. At the moment, America’s national debt stands at $38.59 trillion, with Treasury data showing the government has paid out $427 billion in interest this fiscal year alone.

While the Treasury has grown used to servicing its debt to the tune of more than a trillion dollars annually for the past few years, that figure will double to $2.14 trillion by 2036, nearly double the yearly budget for spending on defense. According to an analysis released by the Committee for a Responsible Federal Budget in December, $1 trillion per year in annual interest payments will be normal from here on out.

----The biggest revenue drivers for the government over the next decade will be individual income taxes and payroll taxes, bringing in $4.2 trillion and $2.66 trillion come 2036, respectively.

While the income of the U.S. government will grow steadily, so too will its outgoings. By 2036, mandatory outlays such as Social Security and major health care programs such as Medicaid and Medicare will total more than $7 trillion, vying for the majority of the government’s funding before discretionary spending can be allocated.

Much of this is the result of America‘s aging population: According to the Population Reference Bureau, the number of Americans age 65 or older will grow from 58 million in the early 2020s to 82 million come 2050, representing a 42% increase. As such, Social Security outgoings will go from $1.6 trillion in 2026 to $2.7 trillion in 2036, and health care programs will grow from $1.9 trillion to $3.1 trillion. This means the combined increases in spending on health care programs and net interest outlays alone come to near a quarter of the size of America’s economy in 10 years’ time.

In other words, aging boomers have voted themselves increasingly lavish benefits, putting them on future generations’ proverbial credit card.

More

National debt interest payments will rocket to $2 trillion a year by 2036, CBO says | Fortune

Amazon CEO Andy Jassy Warns Shoppers Are 'Starting To See More Of That Impact' As Trump's 10% Tariffs Begin Hitting Prices On Amazon

Mon, February 9, 2026 at 11:01 AM GMT

Price changes are beginning to appear across Amazon's marketplace.

Shoppers are "starting to see more of that impact" as tariff-related costs begin to show up in prices, Amazon (NASDAQ:AMZN) CEO Andy Jassy told CNBC last month at the World Economic Forum in Davos, Switzerland.

"This year, people are thinking about lots of things, but top of mind for many of us, including one of the world's largest retailers, is pricing pressure on consumers amid the Trump administration's tariff agenda," he said.

Tariffs Begin To Filter Into Prices

Jassy told CNBC that Amazon and many third-party sellers moved early last year to limit the effects of tariffs by buying inventory ahead of time. That strategy helped keep prices lower for a period as sellers tried to manage uncertainty around where tariffs would settle.

“A lot of our third-party sellers did a lot of forward staging in our fulfillment network for the same reasons," he said. As those supplies run out, tariff costs are beginning to appear in prices.

"So you start to see some of the tariffs creep into the prices, some of the items," Jassy said. Sellers are responding in different ways, including passing higher costs on to consumers through higher prices or absorbing those costs to drive demand. He added that Amazon carries hundreds of millions of items from about 2 million sellers.

Why Price Pressure Is Hard To Avoid

Jassy said Amazon is working with distribution and selling partners to keep prices as low as possible, especially during periods of economic uncertainty and changes in trade.

That is our focus," he told CNBC. "It has always been our focus."

Retail economics leave limited room to absorb rising costs, Jassy said. "At a certain point, because retail is, as you know, a mid-single digit operating margin business, if people's costs go up by 10%, there aren't a lot of places to absorb it," he said. "You don't have endless options."

Consumers Adjust As Uncertainty Continues

He said consumers have remained resilient and continue to spend, but many are adjusting how they shop.

Jassy said shoppers are trading down in price, looking for bargains, and showing more hesitation around higher-priced discretionary items. He added that improvements in delivery speed have led to more customers buying everyday essentials on Amazon.

"Amazon's consumers overall, I think, have fared well," Jassy told CNBC. "But, you know, we'll have to see what happens."

Amazon CEO Andy Jassy Warns Shoppers Are 'Starting To See More Of That Impact' As Trump's 10% Tariffs Begin Hitting Prices On Amazon

Technology Update.

With events happening fast in the development of solar power and graphene, among other things, I’ve added this section Updates as they get reported.

Graphene concrete is rewriting the rules of construction

10 February 2026

Concrete has quietly become one of the planet’s biggest climate problems, yet it remains the backbone of modern cities and infrastructure. A new class of graphene concrete is starting to change that equation, promising structures that are stronger, leaner on materials, and far less carbon intensive. Instead of tweaking cement chemistry at the margins, engineers are using atom‑thin carbon sheets to rethink how concrete behaves from the inside out.

By folding Graphene into mixes at tiny doses, researchers and companies are reporting dramatic gains in strength, durability, and even intelligence, with concrete that can sense stress or conduct heat and electricity. Those performance jumps are already moving from lab benches to real projects, suggesting that graphene concrete is not a distant science experiment but a technology beginning to rewrite how I think about designing and maintaining buildings, bridges, and roads.

Why concrete needs a radical rethink

For all its ubiquity, conventional concrete is a blunt instrument: it is heavy, brittle, and responsible for a large slice of global emissions because of the energy intensive process of making cement. Analysts have highlighted that making cement, the principal ingredient in concrete, accounts for about 5 percent of global greenhouse gas output, a staggering burden for a single material that underpins everything from housing to highways, as detailed in reporting on new green concrete. That climate cost is colliding with a wave of urbanization and infrastructure renewal, which means simply pouring more of the same mix is no longer tenable.

At the same time, the performance limits of traditional concrete are increasingly obvious in a world of harsher weather and heavier loads. Cracking, corrosion, and water ingress shorten the life of bridges and buildings, driving up maintenance costs and disrupting communities when repairs or replacements are needed. Analysts tracking advanced materials argue that Graphene, which is at once strong and light, can act as a powerful reinforcement for cementitious composites, with some studies suggesting that optimized mixes could cut concrete related CO2 emissions by up to 30 percent, as highlighted in work on materials of the. In that context, graphene concrete is less a niche curiosity and more a potential answer to a structural problem in how we build.

How graphene transforms the mix

The basic idea behind graphene concrete is deceptively simple: add tiny amounts of Graphene or related nanomaterials to a standard cement mix and let their extraordinary properties reshape the microstructure. Graphene and GO (graphene oxide) can increase the compressive strength of concrete by up to significant multiples, according to civil engineering specialist Jitender Kumar Choudhary, who describes how these additives bridge microcracks and densify the cement matrix. In one widely cited experiment, when tested, the graphene enhanced concrete was found to have a 146-percent increase in compressive strength compared to regular mixes, a result that points to the scale of improvement possible with carefully dispersed nanosheets, as documented in trials where When tested performance was benchmarked.

Those gains are not just theoretical. Scientists at the University of Exeter reported that their graphene infused “green” concrete delivered higher strength and water resistance while using less material, describing a new composite that is more sustainable and environmentally friendly than conventional options, as shown in work where Scientists created innovative mixes. Other researchers have catalogued how tailored graphene materials, including functionalized graphene oxide and graphene nanoplatelet composites, can improve toughness, reduce permeability, and extend service life, with one comprehensive review concluding that the incorporation of graphene can significantly enhance durability, longevity, and reduced maintenance costs in structural applications, as summarized in a state of the art analysis of recent advances.

More

Graphene concrete is rewriting the rules of construction

Next, the world global debt clock. Nations debts to GDP compared.

World Debt Clocks (usdebtclock.org)

The natural tendency of government, once in charge of money, is to inflate and to destroy the value of the currency.

Murray Rothbard

Wednesday, 11 February 2026

US Jobs Day. Is China Dropping the Dollar? Tether Gets Gold.

 Baltic Dry Index. 1882 -13    Brent Crude 69.15

Spot Gold  5087                       Spot Silver 82.40

US 2 Year Yield 3.45 -0.03

US Federal Debt. 38.671 trillion US GDP 31.143 trillion.

"Gold is money. Everything else is credit." 

J.P. Morgan

With Japan’s stock casinos closed today and China getting ready to celebrate the Lunar New Year February 15-23, US retail sales disappointing, a delayed US jobs report due later today and a continued US military build up against Iran, who would want to be a US stock casino gambler today?

Will Trump use the Lunar New Year holiday and next Tuesday’s new moon as perfect timing for a US/Israeli attack on Iran?

Asia markets mostly rise as investors shrug off weak U.S. retail sales, assess China inflation

Published Tue, Feb 10 2026 7:01 PM EST

Asia-Pacific markets traded mostly higher Wednesday, continuing their rally despite AI fears and weak economic data spooking U.S. investors.

The U.S. December retail sales report showed that consumer spending was flat, missing the 0.4% monthly gain that economists polled by Dow Jones were expecting.

In Asia, investors are assessing the latest data coming out from China.

The country’s consumer price index rose 0.2% in January from a year earlier, China’s National Bureau of Statistics data showed Wednesday. That’s below economists’ forecast of 0.4% increase in a Reuters poll, a sign of continued deflationary pressure in the absence of stronger stimulus.

Australia’s S&P/ASX 200 was up 1.43%.

South Korea’s Kospi rose 0.6%, on pace for a third day of gains, while the small-cap Kosdaq was 0.55% higher.

Hong Kong’s Hang Seng Index added 0.13%, while the mainland CSI 300 lost 0.26%.

Japan’s markets are closed for a public holiday.

Overnight in the U.S., the S&P 500 lost 0.33%, while the Nasdaq Composite slipped 0.59% as AI fears took hold on Wall Street. However, the Dow Jones Industrial Average rose 0.1% to post a closing record of 50,188.14.

The index had scored its third consecutive intraday record earlier in the day, a move that comes after it surpassed the 50,000 level for the first time ever last week.

Asia markets mostly rise as investors shrug off weak U.S. retail sales, assess China inflation

The AI threat wrecked software stocks. Now financial stocks look next with LPL closing 8% lower

Published Tue, Feb 10 2026 2:10 PM EST Updated Tue, Feb 10 2026 4:35 PM EST

Shares of financial services firms tanked Tuesday after the launch of a new tax planning tool powered by artificial intelligence that promises to do the work “within minutes.”

LPL Financial closed 8.31% lower after tumbling 11% in midday trading, while Charles Schwab fell 7.42% and Raymond James Financial lost 8.75% amid fears that AI will disrupt their industry next. Morgan Stanley dropped 2.4%.

Tech platform Altruist announced the offering within its AI platform, Hazel, and said it “helps advisors create fully personalized tax strategies for clients by reading and interpreting their 1040s, paystubs, account statements, meeting notes, emails, and custodial and CRM data, and applying deep tax logic to the analysis.”

It appears investors are worried about AI replacing some of the profitable offerings of established financial advisor firms, or at the very least, eating away at their margins.

We saw this earlier this year with the software stocks after Anthropic’s latest AI model appeared able to be allow businesses to do legal work and build programs for which they would otherwise pay an expensive license.

The iShares Expanded Tech-Software ETF (IGV) is down by 19% this year as shares of companies like ServiceNow and LegalZoom cratered.

The iShares U.S. Broker-Dealers and Securities ETF was off by 3.13% on Tuesday.

The AI threat wrecked software stocks. Now financial stocks look next with LPL closing 8% lower

In other news, Tether switches to gold. When things go wrong in Italy.

Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted.

Alan Greenspan

Tether's gold stash tops $23 billion as buying outpaces nation states, Jefferies says

The Wall Street investment bank estimates the crypto firm holds at least 148 tonnes of physical gold holdings, joining top 30 global holders of bullion.

Feb 9, 2026, 7:28 a.m.

What to know:

  • Tether bought an estimated 32 tonnes of physical gold in late 2025 and January 2026, Jefferies analysts said.
  • The pace of buying trailed only Brazil and Poland, with firm's total holdings of now rival those of mid-sized sovereign nations, the report said.
  • Tether held gold as reserves to back the value of its USDT stablecoin and gold-backed XAUT, while CEO Paolo Ardoino disclosed plans to shift up to 15% of the firm's investment portfolio to the bullion.

Tether, the crypto firm behind the world's most popular stablecoin USDT$0.9993, continued its gold hoarding over the past month, ranking within the top 30 global owners of the metal and surpassing several sovereign nations, according to a Sunday report from Wall Street investment bank Jefferies.

The stablecoin issuer’s gold reserves rose to an estimated 148 tonnes by Jan. 31, valued at roughly $23 billion, after buying about 26 tonnes in the last quarter of 2025 and adding another 6 tonnes in January, Jefferies analysts said.

Jefferies estimates show Tether’s quarterly gold buying exceeded that of most individual central banks, trailing only Poland and Brazil during that period.

At current levels, Tether’s holdings exceed those of countries such as Australia, the United Arab Emirates, Qatar, South Korea and Greece, placing the crypto firm among the top 30 holders of bullion worldwide and one of the largest non-sovereign buyers, the analysts said.

The 148 tonnes of bullion is held as reserves backing both its U.S. dollar-pegged stablecoin USDT and its gold-backed token XAUT. But the company may hold more gold than disclosed, the report added.

Because Tether is privately held, the figures represent a minimum estimate of its total gold exposure, with undisclosed additional purchases likely made on the company’s balance sheet.

According to the USDT's fourth quarter attestation, some $17 billion of gold was in the reserves, amounting to 126 tonnes as of year-end gold prices.

XAUT's supply grew to 712,000 tokens worth $3.2 billion by the end of January, an increase of 6 tonnes of gold backing the tokens. CEO Paolo Ardoino told CoinDesk in an October interview that the gold-back enjoyed strong retail demand mainly from emerging markets.

The accumulation coincided with a record-breaking rally in gold, topping $5,000 per ounces last month and advancing nearly 50% since September. The driving forces behind the move is central bank demand, rising long-term government bond yields and efforts by some investors to reduce reliance on the U.S. dollar.

The company's buying spree may continue, Jefferies noted. Tether CEO Paolo Ardoino said the company plans to allocate 10%-15% of its investment portfolio to physical gold, formalizing a strategy that has already played out over several years.

Tether's investment portfolio was valued at $20 billion as of the end of last year, CoinDesk reported.

Tether's gold stash tops $23 billion as buying outpaces nation states, Jefferies says

Who's Mariah Carey? Italian journalists to strike after commentator's blunders at opening ceremony

9 February 2026

Misidentifying Mariah Carey. Mistaking the Olympics' top boss for the Italian president’s daughter. Confusing the location of the opening ceremony. These gaffes at the Milan Cortina Winter Games by a top Italian broadcaster's commentator so thoroughly embarrassed its staff that they're going on strike.

Journalists from RaiSport announced on Monday that they were adopting protest measures — including strikes after the Games end — following RaiSport director Paolo Petrecca’s blunder-strewn commentary on Friday.

The channel is part of Rai, the Italian state-owned network that is broadcasting free-to-air coverage of its home Games.

A spokesperson for the broadcaster told The Associated Press that Petrecca has been removed from the commentary team for the Feb. 22 closing ceremony after a meeting on Monday afternoon with Rai CEO Giampaolo Rossi.

One blunder after another

First among Petrecca's many mistakes, he welcomed viewers to the “Stadio Olimpico” (In English, “Olympic Stadium”), the name of a massive arena in Rome. In fact, he was standing inside the iconic San Siro, known across Italy as the home to legendary soccer clubs Inter Milan and AC Milan.

“The show continues with Mariah Carey,” he said as the camera locked onto Italian actress Matilda De Angelis, who is known throughout the country. Carey is more than 25 years older than her, and a global superstar. (De Angelis has since posted photos of the ceremony to Instagram with the caption: “Please, call me Mariah.”)

And when Italian President Sergio Mattarella walked into the stadium with International Olympic Committee President Kirsty Coventry, Petrecca announced “Mattarella … and his daughter.”

The channel’s Comitato di Redazione — the internal union body that represents its journalists — issued a statement on Monday that all reporters and commentators would withhold their bylines until the end of the Winter Olympics, and that there would be three days of strikes after the Games.

“We have all been embarrassed, no one excluded, and through no fault of our own,” read the statement. “It is time to make our voices heard because we are facing the worst-ever figure of RaiSport in one of the most eagerly awaited events ever.”

Petrecca wasn't supposed to commentate on the opening ceremony, but decided to replace Auro Bulbarelli, who removed himself from the team after spoiling what was meant to be the surprise arrival of Mattarella aboard one of the city’s classic orange trams, driven by former motorcycle racer Valentino Rossi.

Among his other errors during Friday’s commentary was evidently failing to recognize Italy’s male and female volleyball teams. Both are world champions, and the women are also the reigning Olympic champions. Representatives from both carried the Olympic flame toward the end of the ceremony.

Petrecca named only one of the women, while referring to the remaining five champions as “other torchbearers.”

“Thanks to the commentators,” men’s captain Simone Giannelli commented on a post on Instagram, followed by three laughing-crying emojis.

Who's Mariah Carey? Italian journalists to strike after commentator's blunders at opening ceremony

Global Inflation/Stagflation/Recession Watch.

Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.

This is what happens when you weaponise the dollar, putting into question the safety of using the dollar reserve standard.

China asks banks to curb US Treasury exposure as bond market jitters grow

Tuesday, February 10, 2026 | 09:17 AM IST

Treasuries extended losses after Chinese regulators were said to have advised the nation’s financial institutions to rein in their holdings of US government bonds due to concerns over market volatility.

Yields on benchmark Treasuries climbed as much as four basis points to 4.25 per cent . In London, the yield was up 2 basis points at 4.22 per cent and the rate on the 30-year bond rose three basis points to 4.88 per cent . The Bloomberg Dollar Spot Index dropped 0.2 per cent .

Chinese officials had urged banks to limit purchases of US government bonds, and instructed those with high exposure to pare their positions, according to sources. The officials didn’t give any specific target on size or timing and the directive doesn’t apply to China’s state holdings of Treasuries. The request may reinforce a recent global trend that has seen the likes of India and Brazil lower their exposure to the world’s biggest bond market amid growing doubts about the appeal of US assets. 

China-based investors’ holdings of Treasuries have halved to $682.6 billion, the lowest level since 2008, from a peak of $1.32 trillion reached in late 2013, according to official US data. Taken together with Chinese holdings of US agency bonds and equities, the Asian nation’s outstanding investment in American securities has remained relatively stable since late 2023. China is the third-largest foreign holder of Treasuries, after Japan and the UK.

China asks banks to curb US Treasury exposure as bond market jitters grow | World News - Business Standard

US Consumer Delinquencies at the Highest Since 2017

February 10, 2026 at 11:17 PM GMT

Delinquency rates on loans ranging from mortgages to credit cards rose to 4.8% of all outstanding US household debt in the fourth quarter, the highest level since 2017, driven by rising defaults among low-income and young borrowers.

While the overall share of loans in some stage of default is near pre-pandemic averages, the rise in delinquencies among the lowest earners adds to evidence of an increasingly bifurcated economy, data from the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit released Tuesday showed.

The rise in defaults was driven by delinquencies in mortgage payments, with New York Fed researchers finding them particularly high in lower-income zip codes. Student-loan delinquencies, which have surged following the end of a pandemic pause in payment requirements and Donald Trump’s new effort to crack down on indebted student borrowers, have contributed to the rise in defaults.

The increased struggle among low-income and young borrowers unable to pay their loans is consistent with elevated unemployment rates among some parts of the US population. The jobless rate for workers 16 to 24 years old stood at 10.4% in December, near the highest levels since the depths of the pandemic.

US Delinquencies at Their Highest Since 2017: Evening Briefing Americas - Bloomberg

Disappointing holiday season: December retail sales were flat, falling well short of estimate

Published Tue, Feb 10 2026 8:33 AM EST Updated Tue, Feb 10 2026 11:05 AM EST

Consumer activity slowed sharply for the December holiday shopping season amid a spate of rough weather, tariff impact and persistently higher inflation, the Commerce Department reported Tuesday.

Retail sales were flat on the month following a 0.6% increase in November, according to numbers adjusted for seasonality but not inflation. Economists surveyed by Dow Jones had expected an increase of 0.4%. Excluding autos, sales also were unchanged, against the estimate for a 0.3% increase.

On an annual basis, sales rose 2.4%, a considerable step down from the 3.3% pace in November. Sales ex-autos were up 3.3% annually in December. A measure known as the “control group” of sales that excludes a number of items and feeds directly into gross domestic product calculations showed a 0.1% drop for the month.

The report puts a downbeat end to an otherwise solid year for shopping activity, with higher-end consumers spending briskly through much of 2025, though those on the lower end of the income spectrum were more cautious.

The shopping pace failed to keep up with inflation, as the consumer price index for December posted a 2.7% increase.

For December, multiple categories posted losses while only a few showed notable gains.

Miscellaneous retailers and furniture stores posted declines of 0.9%, while clothing and accessories stores were off 0.7%, and electronics and appliances saw a drop of 0.4%. Online outlets sales rose just 0.1%, while building materials and garden centers saw the strongest gain, up 1.2%.

“This is a K-shaped economy with strong spending from the top and much more cautious spending from middle- and lower-income consumers,” said Heather Long, chief economist at Navy Federal Credit Union. “Retail sales were flat in December, driven by soft spending on autos, home furnishings, appliances and clothing. These items were hard hit by tariffs in 2025 and consumers shifted their spending elsewhere.”

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Disappointing holiday season: December retail sales were flat, falling well short of estimate

There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be shaped into ingots, bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence.

Charles de Gaulle

Technology Update.

With events happening fast in the development of solar power and graphene, among other things, I’ve added this section Updates as they get reported.

‘Impossible’: Taiwan pushes back against Washington’s 40% chip supply relocation goal

Published Mon, Feb 9 2026 11:05 PM EST

Taiwan has told Washington that its proposal to move 40% of the island’s semiconductor supply chain to the U.S. was “impossible,” Taipei’s top tariff trade negotiator said in an interview.

Speaking on a local television broadcast Sunday, Vice Premier Cheng Li-chiun said she had made it clear to Washington that the country’s semiconductor ecosystem, built over decades, could not simply be relocated.

Taiwan’s international expansion, including its investments in the U.S., is predicated on the notion that the industry remains’ rooted in Taiwan and continues to expand domestic investments, she said in Mandarin, translated by CNBC.

The comments push back against onshoring targets outlined by U.S. Commerce Secretary Howard Lutnick in a CNBC interview in January, shortly after the latest U.S.-Taiwan trade agreement. Lutnick said he wanted 40% of Taiwan’s entire chip supply chain to shift to the U.S. within President Donald Trump’s ongoing term.

Under the deal, the Taiwanese government promised $250 billion in direct investments by its tech companies, with an additional $250 billion in credit provided for them to expand their production capacity in the U.S.

Washington on its part lowered levies on most goods from Taiwan to 15% from 20%, waived tariffs on generic drugs and ingredients, aircraft components and natural resources unavailable domestically, and promised higher quotas for tariff-free exports of Taiwanese chips to the U.S. 

Taiwan Semiconductor Manufacturing Co, the world’s leading contract chipmaker and producer of the most advanced semiconductors, has already been working to better align with U.S. policy interests.

The company has committed more than $65 billion to U.S. manufacturing in recent years, with plans to expand that to $165 billion, as it produces chips for American clients Apple and Nvidia. The investments have also leveraged grants under the U.S. CHIPS and Science Act.

But according to Lutnick, Washington is also looking for hundreds of other smaller companies in the chip supply chain to come to the U.S.

“We’re going to build giant semiconductor industrial parks in America ... This is a $500 billion down payment on let’s bring those semiconductors home,” he said in January, adding that Taiwan-based chip companies that don’t build in the U.S are likely to face a 100% tariff Trump has threatened against the sector.

However, semiconductor analysts broadly agree with Cheng’s assessment that Washington’s most ambitious onshoring plans are unfeasible, citing the difficulties of relocating such an advanced supply chain.

Analysts and industry officials point to Taiwan’s deeply integrated semiconductor ecosystem, U.S. labor shortages and elevated costs as some of the key obstacles.

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 'Impossible': Taiwan pushes back against Washington’s 40% chip supply relocation goal

Next, the world global debt clock. Nations debts to GDP compared.

World Debt Clocks (usdebtclock.org)

The gold standard makes the money's purchasing power independent of the changing, ambitions and doctrines of political parties and pressure groups. This is not a defect of the gold standard; it is its main excellence.

Ludwig von Mises