Economy

There are many showrunners in contemporary Hollywood who are, essentially, all-powerful – Vince Gilligan and Aaron Sorkin have been able to do what they like for a considerable time now, for instance, and I doubt anyone’s giving the White Lotus’s Mike White too many notes, unless they’re blank checks – but there are two men who are primus inter pares when it comes to their relationship with their studios. Ryan Murphy more or less is Mr. Netflix, as can be seen by the streaming service merrily bankrolling everything he writes and/or creates – even something as unpleasant and morally corrupt as the recent Ed Gein show – and Taylor Sheridan and Paramount have been hand in glove for years now. Until, that is, they’re not.

Gold is in the middle of what looks like an unstoppable bull run. It has already punched through $4,000 an ounce. At the rate the price is rising, it may well go to $5,000 within a few weeks, and perhaps even $6,000 as the next year unfolds. There have been lots of different explanations for this, from the looming collapse of the dollar, to secret Chinese buying, to the conspiracy theories circulating on the wilder fringes of the internet, such a secret plot to re-establish the gold standard, or attempts to replace all the metal that is meant to be stored at Fort Knox, America’s official gold reserve, which apparently went missing decades ago. But the real explanation is very simple: it is the only way to hedge against soaring government debt.

“I will make sure the US is the crypto capital of the world,” Donald Trump vowed earlier this year. In July, he signed the Guiding and Establishing National Innovation for US Stablecoins (Genius) Act. The Act creates federal guardrails for dollar-pegged stablecoins and regulates who can issue and redeem them. Concerns from law enforcement are also addressed, by making sure anti-money laundering and consumer regulation applies. But what are stablecoins? They are digital tokens built to stay at a stable price, usually one dollar. They sit on the blockchain – the computer protocol that makes crypto work – but what’s underpinning their value are real-world assets, usually cash or government bonds.

The first lesson for Treasury Secretary Scott Bessent is that digital photography has totally changed politics, as wiser practitioners have long since realized. You might have got away with reading private communications in public 30 years ago, but you can no longer do so. The second lesson is that if you build an administration on the promise that you will always serve the American interest, certain foreign policy decisions become difficult. Bessent has been caught reading a message on his phone from Agriculture Secretary Brooke Rollins expressing her anger at the Trump administration’s deal to establish a $20 billion loan facility with Argentina, or "the Argentine" as Rollins prefers still to call it.

There will come a time when the richest people who ever lived will be those who control outer space, in particular the Moon and the asteroids. There are vast resources out there, bound in giant rocks hurtling through space, and in the lunar dust. But the first steps will be taken by the brave, and perhaps the reckless in pursuit of a space dream. If you dream of space, nothing can stop you. Not the disagreement of others or the judgement of experts, neither short-sighted investors nor government regulations. One such dream will happen on the Moon’s surface in just a few months.The space company Astrobotic will attempt to land at the Moon’s south pole – a region of extensive shadows where ice may have accumulated and the site of the next US human landing.

When Tucker Carlson sat down with OpenAI founder Sam Altman in an interview aired last week, the conversation took a dark and frosty turn when Carlson raised the death of a former OpenAI researcher. Suchir Balaji, who exposed the company’s systematic theft of copyrighted work, was found dead in his San Francisco apartment last November. Altman called it “suicide.” Clearly unconvinced, Carlson asserted that Balaji was "definitely murdered.” Altman was offended by his insinuation and described the death as a "great tragedy," saying he was "really shaken" by it. But Balaji’s grieving mother, Poornima Rao, is very much in agreement with Carlson.

What can you buy for $1,000 these days? The latest smartphone? A discounted laptop? A nice trip to Mexico? Or what about a 9,000 piece LEGO set of the Death Star? The toy firm’s most expensive model yet. That’s right, a toy for $1,000 – the same as 35 Labubus (if you can find them), 150 packs of Pokémon cards or 80 Hot Wheels cars. It’s more pocket money than most boys and girls can afford. And as the fully built model is only a cross section of the spherical spacecraft from Star Wars, they won’t actually be able to play with it, even if they do rustle up enough cash to buy it. Really, the gigantic diorama is designed to sit on an adult’s shelf – a 31-inch wide symbol of LEGO’s shift toward an older demographic.

Something happened in the news yesterday that was so monumental, it may change the course of American history forever. I’m talking, of course, about the fact that, very briefly, Oracle’s Larry Ellison overtook Elon Musk to become the World’s Richest Man. Larry Ellison life goal, unlocked.After Oracle’s earnings report yesterday, the stock shot through the roof, and Ellison owns 40 percent of the company. That must have been some earnings report! On the earnings call, Ellison said that his Oracle AI chatbots, run from his Oracle computing centers, are on the verge of being able to run the stock market, design drugs, fully operate factories and provide basic legal and sales services at companies. Foolish humans, you are an inconvenience.

Elon Musk is in exile. He’s forgotten by friends, embattled by enemies. He now quietly (for him) goes about his business, fighting non-government battles after those strange few months he spent standing behind the President’s desk with his toddler son X, who punched Musk in the face while he was seemingly running the country. Musk’s fate is a case study in what happens when Donald Trump rolls up the red carpet. Trump operated his first term as President more like a season of The Apprentice and less like an administration. It was a revolving door of exile. Reality-show worthy characters like Omarosa Manigault Newman and Anthony Scaramucci came and went with drama that fell just short of an episode-ending boardroom ceremony.

In a move supported by Vermont’s socialist champion, Senator Bernie Sanders, President Donald Trump has arranged for the federal government to become the single largest shareholder of Intel Corporation. All for national interest, according to the White House.Secretary of Commerce Howard Lutnick announced that the deal gives the government “a piece of the action.” Is it in fact a piece of the action, or a disaster to come for the American business community? Created in 1968, Intel is an American multinational technology company that designs, manufactures and sells semiconductor chips and related products. Following its early successes, it has been in decline as a result of bad management decisions for the last 20 years or so.

After a day where the very alive President Trump bombed a Venezuelan drugs boat, moved Space Force headquarters out of Colorado because that state has mail-in voting, declared he was sending federal troops into Chicago and claimed that AI generated a video of someone throwing a plastic bag of construction debris out of the window of the White House, it became clear that the real action was going on outside the White House walls, with Trump’s very rich sons. As Cockburn reported yesterday in The Spectator, the Trump Brothers, Don Jr, Eric, and the true genius behind the operations, Barron, had somehow amassed $5 billion in paper wealth thanks to savvy investments, based in no way on shady insider information, in WLFI, the family’s nascent cryptocurrency venture.

While you are typing away and grinding at your 9-5, a 23-year-old college athlete you may have never heard of has pocketed multiple seven figures to play a sport he loves. Oh, and this is just the salary, it doesn’t take into account the outside endorsements that these supposedly amateur athletes of various sports and both genders lock down. Quarterback Carson Beck, 23, for example, is thought to have snagged a cool $3-4 million to move from Georgia to the University of Miami – snubbing the NFL in the process. While Duke’s quarterback Darian Mensah, who is just 20-years-old, reportedly makes $4 million.Don't even ask what Arch Manning, 21, Texas starting quarterback and nephew to Super Bowl winning brothers, Peyton and Eli Manning makes.

In the wake of the US government taking on a 10 percent equity stake in Intel, Commerce Secretary Howard Lutnick is floating the idea of the government investing in defense companies like McDonnell Douglas. “If we are adding fundamental value to your business, I think it’s fair for Donald Trump to think about the American people,” he said. When this news broke last week, Kentucky Senator Rand Paul, the last true living conservative, told Politico, “If conservatives endorse this now, they hand Democrats a blueprint to expand government ownership over the private sector later. Socialism is literally government control of the means of production.” Sure Rand.

Donald Trump never made a secret of the fact that he wanted to be a commanding president but it wasn’t clear that it included a command economy. In the past few months, though, Trump has been steadily meddling with it, ranging from his insistence on a 15 percent cut of the profits from his threats against computer chip manufacturers Nvidia and AMD to his threats against the independence of the Federal Reserve – including his peremptory demand that Fed Governor Lisa Cook resign, which she has vowed to resist. Others are not as resistant. It appears that Trump has successfully extorted a cool $10 billion from Intel CEO Lip-Bu Tan whom he has previously derided as in cahoots with China. Trump is depicting his move as a grand bargain that will benefit both sides.