Originally published at: Bond Markets Test $40T US Credibility, Saudi Nuclear Deal Heads to Congress, Another Russian Refinery Hit – Peak Prosperity
Economy
Former Bloomberg journalist Dylan Ratigan wrote that last week’s events showed the bond market testing U.S. fiscal credibility. With federal debt above $40 trillion, the Treasury announced it would at least double purchases of long-term bonds and buy back more of its own debt than planned after the 30-year yield hit a 19-year high. Yields fell for about a day, then returned to prior levels. Asked whether he had directed the intervention and whether more was coming, President Trump said the ultimate intervention is the military and that it would be used if necessary. Ratigan argued that this market sets the price of mortgages, loans, corporate borrowing, government funding, and currencies, based on the assumption that U.S. debt is nearly risk-free. A shift toward treating that debt as genuinely risky would be a structural change in the country’s standing. Bondholders, he wrote, look for low and stable inflation, real productive growth across sectors, and disciplined, transparent spending. Repeated rate interventions and a military reference in response to a question about yields, he said, are not the actions of a government confident in its own fiscal position. Treasury Secretary Scott Bessent has said the larger buybacks are meant to support liquidity in long-dated bonds and that concerns about the deficit are overblown.
Geopolitics
The White House submitted the U.S.-Saudi civil nuclear accord to Congress for a 90-day review period. The 30-year agreement would allow uranium enrichment in Saudi Arabia and construction of AP1000 reactors. However, President Trump has stated the deal requires Saudi participation in the Abraham Accords, which Saudi Arabia has conditioned on further progress on Palestinian statehood. Critics also point out that allowing uranium enrichment would enable Saudi Arabia to pursue a nuclear weapon, the exact thing the US is reportedly trying to prevent in Iran.
Speaking of weapons, Israel reportedly plans to develop offensive space weapons, including satellite defense systems and orbital lasers, under the Defense Ministry’s multiyear space budget. Defense Minister Israel Katz stated that Israel aims to lead in space-attack capabilities. The initiative follows U.S. Executive Order 14369 on space superiority and aligns with testing by China and Russia. Some observers have raised concerns that the plans could accelerate a space arms race.
In other news, the DOJ and FBI seized three domains linked to platforms used by actors reportedly working for Nanjing Xinjiuwei Network Technology on behalf of China’s Ministry of State Security. Since 2018, the group has reportedly targeted U.S. government agencies and private sector entities. China has rejected the allegations, with its Foreign Ministry stating opposition to defaming China under cybersecurity pretexts.
Iran War
Iran has placed BBC Persian, Iran International, and Radio Farda in its “military target bank.” Military spokesman Abolfazl Shekarchi described them as “soldiers of Zionism and America” linked to Mossad and the CIA. Iran International, based in London with 700 staff, was designated a terrorist organization by Tehran in 2022. Its January 2025 reports of 36,500 protester deaths were cited by President Trump before the February 28 launch of military action against Iran. Iran International has responded that the spokesman has a pattern of dismissing independent reporting as security threats.
Energy
Freight rates on very large crude carriers from Ras Tanura to India have risen 411 percent since February, from $0.85 to $4.34 per barrel. Corpus Christi-India rates increased 150 percent, and Russian Baltic shipments more than doubled. War-risk insurance for a Hormuz passage has risen from roughly $250,000 to as much as $10 million. India’s crude import bill was 60 percent higher in April-June year-on-year and 41 percent higher in July.
Japan expects September oil imports at 80 percent of the 2025 monthly average and has ruled out new strategic reserve releases, according to Economy Minister Ryosei Akazawa. The shortfall results from tankers rerouting away from the Bab el-Mandeb Strait, extending voyages from 23 to 55 days. Tokyo will instead use the unused portion of the 80-million-barrel release announced in March. Japan is diversifying crude sources away from Middle Eastern sources and toward Canada, Azerbaijan, and Africa. July’s import bill reached a record $89.46 billion.
Meanwhile, Ukrainian drones struck Lukoil’s NORSI refinery in Kstovo, Russia’s fourth-largest, which processes about 320,000 barrels per day, suspending crude processing.
Privacy & Surveillance
Meta reached a $17 billion settlement with state attorneys general that includes court-supervised age verification for Facebook and Instagram users in participating states through ID checks and facial age estimation. The agreement includes a clause waiving challenges to its constitutionality, while Meta retains the right to challenge similar laws. Users who decline verification are treated as minors after 14 days. Meta must link accounts across devices, coordinate with Apple and Google age signals, encourage other platforms to adopt similar rules, expand content restrictions, and notify parents of teens’ contacts and searches. Meta may edit the auditor’s report before publication, and evidence must be destroyed at the end of the term. Critics have raised concerns about the settlement’s implications for adult users’ privacy and potential encouragement of further surveillance.
Health
New York’s Amish community of 25,000 is considering relocation to Pennsylvania if the Supreme Court does not overturn the 2019 revocation of religious vaccine exemptions. Three one-room schoolhouses named in Miller v. McDonald have received $118,000 in fines. The Second Circuit reaffirmed its ruling against the Amish following a Supreme Court remand. HHS Secretary RFK Jr. has expressed support, citing an executive order on parental choice and religious freedom in vaccination.
European Politics
Portugal has joined other European nations in banning full-face coverings in public. President António José Seguro signed the measure after it passed parliament in July with support from right-wing parties and opposition from left-wing parties. Seguro described the face as central to human identity and communication and acknowledged the cultural sensitivity of the law. Violators face fines between €150 and €3,000, with exceptions for medical masks, professional equipment, and extreme weather clothing. The law also penalizes coercion of others to cover their faces on the basis of gender, religion, or age. Amnesty International Portugal has criticized the law as discriminatory and a breach of freedom of religion and expression.
Meanwhile, British Ministry of Justice figures show that one in five Muslim inmates in England and Wales is white, nearly four times their share of the general population. White Muslim prisoners increased 16 percent since 2022 to 3,218, while Muslim inmates comprise 18 percent of the prison population compared with 6.5 percent of the national population. Shadow Justice Secretary Nick Timothy, terrorism reviewer Jonathan Hall KC, and a 2023 review by Colin Bloom have stated that coerced conversions occur, with new arrivals told to embrace Islam or face violence.
Sources
Portugal’s ‘Burqa Law’ Bans Face Veils, Fines Up to €3,000
“The face should be considered a central element of human identity and communication.”
UK Prisons: White Inmates Coerced to Islam as Gangs Rule and Terrorists Go Free
Islamist gangs control many of our prisons. Conversion to Islam is the only way to stay safe from them.
Japan Skips New Oil Releases as Red Sea Reroutes Cut Imports
Japan expects its oil imports next month to be lower than this month’s but has no plans to release additional crude from storage, the country’s economy minister said.
Iran Tags CIA-Backed Persian Media as Military Targets
These hostile media outlets are the soldiers of Zionism and America and are included in our military target bank.
India’s Oil Bill Spikes as Hormuz War Risks Quadruple Shipping Costs
India’s crude oil import bill has soared since the Iran war choked Middle Eastern oil supply, raised benchmark crude prices, quadrupled freight rates, and boosted insurance on a single Strait of Hormuz voyage to never-before-seen highs.
Ukrainian Drones Ignite Key Russian Refinery as Diesel Prices Near Records
Ukraine also struck Russia’s NORSI oil refinery in Kstovo, Nizhny Novgorod region in the overnight attack.
Israel Joins Costly Space Arms Race
Israel is currently prepared to begin development of offensive space capabilities, including systems designed to defend Israeli satellites from hostile spacecraft, and weapons (including lasers) capable of striking targets from space.
Feds Grab Domains in Fresh China Hacking Claim
United States authorities have said China-linked hackers targeted US federal government networks as well as hospitals, power companies, telecommunications providers, financial institutions and defence contractors.
Trump’s Saudi Nuclear Deal Hits Congress With Israel Normalization Still Attached
The president’s position has not changed that the agreement will only move forward if Saudi Arabia joins the Abraham Accords
Meta’s $17B Deal: Age Checks for All, Constitution Waived
the agreement goes far beyond that, and the age verification at the heart of it will touch every user. It also contains a wild clause in which both sides waive any right to argue that any of it is unconstitutional.
The Bond Market’s Verdict on a Government’s Credibility
The bond market is the one place in the world where the story a government tells about itself gets tested against what people are actually willing to pay.
Source | Submitted by Chris Martenson
Amish Ultimatum to NY: Drop Vaccine Mandates or Face Mass Exodus to Pennsylvania
New York’s Amish community is issuing an ultimatum to state bureaucrats: leave us alone or we’re packing up our buggies for greener pastures.
In addition to sources submitted by community members, the following were also used in the creation of this report: Amnesty International Portugal, Ayaan Institute, Iran International English, X News Global En, China Daily, Supersat, and Atlas360.
