Gold Slumps as Oil Surge Stokes Fears of Higher Interest Rates
Source: Bloomberg Politics · Bias: Center
Summary
Gold fell, pressured by a stronger US dollar and concerns over higher interest rates, as the war in the Middle East extended into a second week and oil surged toward $120 a barrel.
Gold Slumps as Oil Surge Stokes Fears of Higher Interest Rates
Center
Gold fell, pressured by a stronger US dollar and concerns over higher interest rates, as the war in the Middle East extended into a second week and oil surged toward $120 a barrel.
With LeBron James already conveying his intention to leave the Los Angeles Lakers and Austin Reaves re-signing, Rui Hachimura is now biggest member of the Lakers' 2025-26 roster whose free agency fate remains uncertain.
Conservative commentator Steve Bannon weighed in on the stunning primary wins by far-left Democrat candidates, declaring that the country is entering a new era in politics. The […]
MS NOW reports voters appear to be mindful of President Donald Trump raking in millions of dollars this summer while their own air-conditioning bills are creeping out of reach of their monthly home budget.Across much of the country, the 4th of July weekend is bringing more than just fireworks. It's also bringing dangerous and potentially record-breaking heat from the Midwest all the way to the northeast with heat indexes potentially climbing well above 100 degrees.More than 160 million people in 30 states are currently under extreme heat warnings this holiday weekend, with little sign of relief from either Mother Nature or the Trump economy. In places like New York, for example, humidity can make a 100-degree day feels like 110, 115 degrees. And it is, of course, considerably more humid in many Southern red states.MS NOW reporter Moses Small marched out into the street and talked to voters fleeing high home utility bills at city cooling centers.“Yeah, it's stressful,” said New York resident Daniela Crespo. “I've been anticipating looking at the forecast, thinking about, how many days am I going to run the AC? What temperature am I going to set it at? What is this going to cost me? It definitely has been on my mind.”Crespa added, however, that even as her own monthly electric bill blows up in her face and she struggles to control it by adjusting her AC to the tip of tolerance she is markedly aware of the extreme wealth pooling out of the White House and the Trump family’s bank accounts.“I mean, I think it really distills the kind of moment we're in with the level of corruption that we're seeing at the very highest levels of government,” Crespa told Snow, speaking on Trump making $2 billion in White House related monetization schemes and crypto machinations since returning to the White House.“When it gets to this hot, families tell me they really do think about the utility bills and their bank accounts,” said Snow, “especially with the Bureau of Labor Statistics reporting inflation up 4.2 percent in the past year — but within that, a 23.5 percent jump on energy costs.”Snow added that a CNBC analysis claims Americans, on average, have spent an extra almost $450 in gas and electric prices alone since Trump unilaterally kicked off his war in Iraq. Meanwhile, the money the Trump family is making while occupying the White House appears to smell with enough corruption to make Democrats competitive even in some of the reddest farm states this November. - YouTube youtu.be
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Democrats are preparing a hostile audit of President Trump and his inner circle, intent on exposing — and ultimately ending — the most lucrative presidency in American history.Why it matters: Since winning the 2024 election, Trump has operated in a Wild West of his own making — monetizing the office to the tune of billions, while enabling family, friends and donors to cash in along the way.He and the White House have denied any conflicts of interest. Republicans, who spent years investigating the Biden family's business dealings, have shielded Trump from the same scrutiny.But Democrats see the presidential gold rush as corruption personified — and plan to bury Trump's orbit in subpoenas if they win the House in November's midterms.Zoom in: Trump's $2.2 billion financial disclosure is a 927-page roadmap for the coming investigations, itemizing every known venture that made 2025 the richest year of his life.A crypto business that barely existed when Trump took office minted him roughly $1.2 billion — eclipsing, in a single year, the real estate empire he spent decades building.His biggest single payday was $635 million in royalties from the $TRUMP meme coin, which has crashed roughly 95% from its inauguration-week launch — destroying billions for the small investors who bought in.Trump also reported tens of millions from legal settlements with major media and tech companies, plus new income from branded watches, sneakers, Bibles, fragrances and foreign licensing deals.Zoom out: For Democratic investigators, the ripest targets are the people around Trump: family, appointees and allies who, unlike the president, can be compelled to testify under oath.World Liberty Financial, the crypto venture launched by the Trump and Witkoff families, has become a magnet for foreign money, including a secret $500 million investment from a senior Emirati royal.A New York Times investigation found that Donald Trump Jr., Eric Trump and the sons of Commerce Secretary Howard Lutnick have ties to at least 14 companies seeking $8.9 billion in federal support for critical-minerals deals.Jared Kushner, Trump's son-in-law, has raised billions from Gulf governments while leading Middle East peace talks. In Albania, Kushner's firm won "strategic investor" status for a $1.4 billion luxury resort on a protected island — igniting mass protests dubbed the "flamingo revolution."What they're saying: Trump dismissed criticism of his financial disclosure on Wednesday, telling reporters his money is run by outside advisers in what he called a "blind account.""Everybody is profiting," Trump said, because "the stock market's going up."In a CNBC interview Thursday, Trump said he didn't know about many of the crypto gains disclosed in the filing because his son Eric and outside firms handle his investments. But he also argued that even if he had known, "there's nothing illegal with that," saying presidents cannot realistically recuse themselves from every decision that might affect their finances.Reality check: Trump's defense focuses on who manages his investments. Democrats are preparing to scrutinize the much bigger ecosystem around them: a portfolio that made more than 21,000 securities transactions in 2025, a family crypto empire, foreign business deals and other ventures that expanded alongside his presidency.The explanation also sidesteps broader ethics questions, including Trump's acceptance of a $400 million Qatari jet that entered service as Air Force One on Wednesday.Trump plans to keep the luxury plane — the largest foreign gift in U.S. history — for his presidential library after he leaves office.White House spokesperson Anna Kelly said in a statement: "President Trump only acts in the best interests of the American public — which is why they overwhelmingly re-elected him to this office, despite years of lies and false accusations against him and his businesses from the fake news media. There are no conflicts of interest."The big picture: Scrutiny of Trump's finances comes amid a growing anti-billionaire current in U.S. politics, exacerbated by a cost-of-living crisis the president repeatedly has downplayed.The number of democratic socialists in Congress is poised to more than double after the midterms, giving the left's anti-oligarchy message a bigger platform inside the Democratic Party.Sen. Jon Ossoff (D-Ga.) has made corruption the central theme of his re-election message, drawing 2028 chatter for his viral speeches detailing the Trump family's foreign windfalls.For Democrats, the bet is that Trump's profits can become part of a broader affordability argument: Washington works for the well-connected, while everyone else pays the price.The bottom line: It's no secret that Democrats intend to make life miserable for Trump and his inner circle if they win the midterms."They will turn every committee of Congress into an investigative body, and they'll go after the president's family, the Cabinet, his donors and friends," House Speaker...
The president made $2.2bn last year, with plenty of help from his own political decisions. This is called corruption, folksPeople in the US: share your views on Trump’s earnings in his second termIn financial disclosures released on Tuesday, Trump reported earning more than $1bn last year from his several cryptocurrency ventures.All told – including other parts of his vast holdings, such as his real estate assets – Trump made at least $2.2bn last year, as opposed to the roughly $622m his businesses raked in in 2024, before he returned to the presidency. Continue reading...
