A Sequel to 2008 in the Making

(Money Metals News Service) In a recent episode of Money Metals Midweek Memo, host Mike Maharrey warned that the US economy may be on the verge of a sequel to the 2008 financial crisis. And like most sequels, he suggested, it could be even worse than the original.

He argued that today’s economic environment mirrors 2006 and 2007 in uncomfortable ways. Asset prices are elevated. Debt levels are extreme. Monetary policy has followed a familiar trajectory. The mood in markets feels confident and relaxed, which, in his view, is precisely what makes the situation dangerous.

This time, however, the warning is not coming only from alternative economic circles.

Jamie Dimon Sees the Same Risks

Maharrey pointed to recent comments from Jamie Dimon, CEO of JPMorgan Chase. Dimon said elevated asset prices and aggressive lending remind him of the years leading up to the 2008 crisis.

He warned that people are becoming comfortable with high valuations and assuming there will be no problems. He stressed that cycles always turn and admitted his anxiety is high. High asset prices, he said, are not reassuring. They increase risk.

Dimon also noted that lenders are loosening standards in pursuit of net interest income. He compared the current environment directly to 2005, 2006, and 2007, describing widespread leverage and a sense that the sky was the limit. In his words, people are doing dumb things to create income.

For Maharrey, hearing this from a Wall Street heavyweight reinforced the parallels he has been drawing for months.

Debt at Every Level

The debt backdrop is staggering. US government debt now exceeds $38 trillion. Despite talk of spending restraint, the federal government continues running large monthly deficits.

Consumer debt is also flashing warning signs. Student loan nonpayment is reportedly at record highs. Credit card balances remain elevated. Corporate bankruptcies are running at levels not seen since the early 2010s.

Meanwhile, the Federal Reserve has cut interest rates again, encouraging even more borrowing. Instead of deleveraging, the system is feeding what Maharrey described as a growing debt black hole.

The conditions look familiar because they are familiar.

The 2019 Echo and the Easy Money Addiction

Maharrey broadened the discussion to include parallels with 2019. After the 2008 crisis, the Federal Reserve held rates near zero for seven years and purchased more than $3.5 trillion in bonds through quantitative easing.

When the Fed began modest tightening in 2017 and 2018, markets quickly wobbled. The stock market sold off sharply in late 2018. By 2019, the central bank had reversed course, cutting rates three times and resuming balance sheet expansion.

Then the pandemic hit in 2020. The Fed slashed rates back to zero and added more than $4 trillion to its balance sheet. Instead of allowing the economy to purge excesses, policymakers injected even more liquidity.

Maharrey described the economy as addicted to easy money. Without it, the system experiences painful withdrawals in the form of recessions or crises. With it, the addiction deepens, and the eventual reckoning grows larger.

Money supply growth is now running at its fastest pace since July 2022. Additional rate cuts are still expected this year. The Federal Reserve faces a catch-22. It needs higher rates to contain inflation but lower rates to sustain a heavily indebted system.

Either path points toward continued pressure on the dollar’s purchasing power.

Gold Forecasts and the Manipulation Debate

In a notable development, JPMorgan recently raised its gold price forecast to $6,300 this year. Analysts at the bank also made a case for $8,000 gold in the near future.

The case centers on portfolio allocation. Most investors currently hold little to no gold. Even those with exposure often allocate just 1 to 3 percent. Some mainstream voices are now discussing a 60/20/20 portfolio model with 20 percent allocated to gold and precious metals.

If allocations rise meaningfully, investor demand could increase sharply.

Maharrey also addressed critics who cite JPMorgan’s history of fines, including roughly $20 billion over the past few decades and $920 million related to silver price manipulation. He argued that dismissing an argument based on the messenger does not refute the substance of the warning.

He acknowledged that manipulation exists, particularly in silver, but maintained that physical supply and demand ultimately drive markets. In his view, the physical silver market is increasingly asserting control over paper trading dynamics.

Platinum’s Explosive Run and Reset

The episode concluded with an in-depth look at platinum. While often overshadowed by gold and silver, platinum has delivered extraordinary gains.

According to the World Platinum Investment Council, platinum surged 119 percent last year. It continued climbing in early 2026, reaching an all-time high of $2,923 per ounce in late January before correcting alongside gold and silver.

After the selloff, platinum appears to have found support around $2,000 per ounce. Even with the pullback, it remains up 112 percent since January 2024.

The council noted that platinum’s rally temporarily disconnected from fundamentals, with unexplained price drivers exceeding $500 per ounce at the peak. The recent consolidation has brought prices back in line with underlying market conditions.

Supply remains a critical factor. In 2024, the platinum market recorded its third consecutive supply deficit, with a shortfall of 995,000 ounces. A slightly larger deficit is projected for 2025. Although 2026 may see a roughly balanced market, deficits in the 300,000 to 400,000 ounce range are expected through 2030.

Elevated lease rates and over-the-counter backwardation in London suggest ongoing tightness. Before 2011, platinum generally traded above gold. That relationship reversed in 2015, and the gap has widened. Whether parity returns remains uncertain, but tight supply and growing jewelry demand support a constructive outlook.

Plan Accordingly

Maharrey’s overarching message was straightforward. The macroeconomic backdrop looks increasingly fragile. Debt levels are massive. Monetary policy remains accommodative. Asset prices are elevated.

Even in the absence of a dramatic crash, ongoing monetary expansion implies continued currency debasement.

In that environment, holding tangible assets such as gold, silver, and platinum is not merely speculation. It is preparation.

Minn. Parishioner Sues Don Lemon over Church Riot

(Luis CornelioHeadline USA) One of the parishioners who endured the vicious riot inside Cities Church has sued former CNN anchor-turned-YouTuber Don Lemon over the “severe emotional distress” she sustained during the chaos.

Ann Doucette, a Minnesota churchgoer, said she was inside Cities Church on Jan. 18 when Lemon and a group of radical agitators broke in to protest ICE, according to The Minnesota Star Tribune.

Doucette alleged in a federal lawsuit that the disruption interfered with her constitutional right to freely exercise her religion and resulted in “severe emotional distress, fear, anxiety and trauma.”

Representing herself, Doucette is seeking monetary damages for trespass, civil conspiracy, intentional infliction of emotional distress and interference with religious exercise.

She is also asking a federal judge to bar the defendants from entering the church or disrupting future services.

The lawsuit details how the agitators took over the church after learning that Cities Church pastor David Easterwood also served as a top ICE official in Minnesota.

The agitators chanted “ICE Out!” and “Hands up, don’t shoot.”

According to a federal indictment against Lemon, some of the rioters also approached a child and told him that their parents were “nazis” and that the church was a house of worship for the devil.

Doucette lists nine individuals as defendants, including Lemon, left-wing agitator Nekima Levy Armstrong and self-described “journalist” Georgia Fort.

The other defendants are Will Kelly, St. Paul School Board Member Chauntyll Allen, Jerome Richardson, Trahern Crews and Jamael Lundy.

A spokesperson for Lemon did not return a request for comment before publication.

Lemon and several other individuals who allegedly participated in the anti-ICE riot are facing federal indictments under the FACE Act.

Lemon has insisted he was merely acting as a journalist documenting the incident, not an activist, even as his own livestream showed him embedded with the group before they entered the church and as they discussed their plans

Rep. Luna Promises Congressional Hearing on CIA Mind-Control Program

(Ken Silva, Headline USA) Rep. Anna Paulina Luna, R-Fla., said on Tuesday that the next hearing of the Task Force on the Declassification of Federal Secrets will focus on “MKUltra”—the secretive CIA mind-control program thought to have been aimed at creating Manchurian Candidate-like assassins.

Luna’s announcement on Twitter/X was in response to a Daily Mail story about declassified CIA files, which reportedly reveal a “blueprint to manipulate Americans’ minds through covert drugging with vaccines.”

“Internal CIA memos suggest that the agency feared enemy nations had developed ways to control human thoughts and behavior, prompting it to explore its own capabilities,” the Daily Mail reported.

“The declassified document reveals the depth of this research, emphasizing the need to study ‘which drugs are best suited for direct use on subjects, such as amytal and pentothal, and which are best for indirect or long-term approaches.’”

MKUltra was revealed in the 1970s by congressional committees investigating FBI and CIA malfeasance, but thousands of documents about the program were destroyed before they could be made public—leaving the full scope of MKUltra a mystery.

Some 70 years after the CIA conducted secret brainwashing experiments on unsuspecting, innocent civilians—including some that involved the use of dangerous, psychotropic drugs like LSD—as part of the program, victims in Canada are still trying to obtain justice. The lawsuit in Canada, which was ongoing as of last year, stemmed from CIA-sponsored experiments that took place at Montreal’s Allan Memorial Institute under psychiatrist Donald Ewen Cameron.

Court records from the lawsuit describe Dr. Cameron’s “Montreal Experiments” as consisting of extreme mind-control brainwashing experimentation on “unwitting” patients by methods of such as drug-induced comas, intensive electroconvulsive therapy, “psychic driving,” sensory deprivation, and the administration of a cocktail of drugs to suppress nerve functionality and activation.

Historian Wendy Painting provided more details about Dr. Cameron’s experiments in her book, Aberration in the Heartland of the Real, showing that the Canadian doctor was funded by the Rockefeller Foundation and the CIA-front organization Human Ecology Fund at Cornell University.

“His subjects consisted mostly of depressed homemakers that checked in for nerves and anxiety; for which they received large doses or LSD, Thorazine, Seconal, and high-voltage electroshocks, as Cameron sought to obliterate their memories and fully regress them into infantile states,” Painting wrote.

“Afterwards, Cameron placed them in sensory isolation rooms, keeping them in drug-induced comas for months at a time, all the while playing nonstop recorded messages as a way of reprogramming their underlying personality structures, in a process Cameron called ‘psychic driving,’” she added.

In 1992, the Canadian government reportedly offered compensation payments of C$100,000 (US$78,000) to 77 former patients of the institute who had been reduced to a childlike state.

A date for Rep. Luna’s promised hearing has yet to be announced.

Ken Silva is the editor of Headline USA. Follow him at x.com/jd_cashless.

FBI Raids School HQ in Los Angeles

(Headline USAThe FBI was serving search warrants Wednesday at the Los Angeles Unified School District’s headquarters and the superintendent’s home as part of a federal investigation.

Rukelt Dalberis, a spokesperson for the FBI’s Los Angeles field office, confirmed that agents were at the properties to serve warrants but declined to comment further because affidavits laying out details for the basis for the searches were under seal. A third location in Florida was also being searched.

The nature of the investigation and what allegations were being examined was not immediately clear.

The district and the superintendent’s office did not immediately respond to emails and a voicemail requesting comment.

TV news footage showed agents in FBI shirts and jackets outside Superintendent Alberto Carvalho’s modest home in the San Pedro neighborhood about 20 miles south of downtown LA. There was no visible sign of agents outside the district headquarters as of mid-morning.

Carvalho has been the Los Angeles public schools superintendent since February 2022. Before that, he oversaw Miami-Dade County Public Schools, Florida’s largest school district, from 2008 to 2021, when he was credited with improving graduation rates and academic performance.

The sprawling Los Angeles Unified School District is the nation’s second largest, with more than 500,000 students and covering more than two dozen cities. Los Angeles Mayor Karen Bass’s office said it had no information about the search of the district’s headquarters and noted that the public school system operates independently of city government.

James Marshall, an FBI spokesman in Miami, told the AP that agents searched a residence in Southwest Ranches, which is in Broward County west of Fort Lauderdale, on Wednesday morning and “have since cleared the scene.” He said no further information was available.

Officials with the Miami-Dade school system did not immediately respond to emails seeking comment on whether the FBI or other federal agencies have contacted them regarding Carvalho.

Adapted from reporting by the Associated Press

 

AOC Rolls Out New Accent in Spanish Pre-K Ad 

(Luis CornelioHeadline USA) Socialist Rep. Alexandria Ocasio-Cortez introduced her latest accent Monday in a new ad with New York City Mayor Zohran Mamdani. This one, however, appears to be real. 

Ocasio-Cortez, who has long branded herself as a proud Latina of Puerto Rican descent, could not shake her English accent while urging immigrant parents in Spanish to register their children for free pre-K. 

Spanish speakers on X quickly accused her of sounding like a “gringa.” 

The ad opens with Mamdani sharing the cut-off dates for pre-K sign-ups, saying in Spanish, “To give one last push, I decided to recruit a friend.” 

“My Spanish is not the best,” Mamdani admitted as Ocasio-Cortez joined him. 

“Don’t worry, mayor,” she replied, continuing through the ad. 

Even in this short ad, Ocasio-Cortez struggled with basic Spanish pronunciation, particularly words with rolling “Rs.” She said: 

“Si su hijo esta cumpliendo tres cuatro años en el 2026, usted puede registrarlos gratis en el programa kinder-3 o pre-kinder de la ciudad de Nueva York.” 

Her mispronunciation of “tres” and “cuatro” drew mocking responses online, as critics noted a contrast between her self-proclaimed Latina identity and her spoken Spanish. 

This is not the first time Ocasio-Cortez has faced scrutiny over her accents.  

In 2019, she was accused of deploying a Southern accent at the National Action Network Convention.  

In 2024, critics noted a “Southern drawl” while she attacked Trump at the Democratic National Convention.  

At a 2025 rally with Sen. Bernie Sanders, she was again accused of using a “strange” accent. 

Ocasio-Cortez has dismissed such criticism as “code-switching.” On X, she wrote: 

“Folks talking about my voice can step right off. Women’s March & Kavanaugh speech, same. Any kid who grew up in a distinct linguistic culture & had to learn to navigate class enviros at school/work knows what’s up. My Spanish is the same way.” 

Third Time’s A Charm? Kamala ‘Might’ Run for President Yet Again

(Luis CornelioHeadline USA) Kamala Harris might not be done running for president yet again.

Harris, the former vice president and twice-failed presidential candidate, offered her clearest signal yet that she may attempt a third White House bid in 2028. 

Speaking with podcast host Sharon McMahon on Monday, Harris said she “might” still be considering running again.

“I haven’t decided,” Harris told McMahon. 

“You’re still thinking about it?” McMahon pressed in a friendly follow-up. 

“I might,” Harris replied. 

McMahon then said she came away with the impression that Harris might be considering another presidential campaign after reading her latest book. 

Harris rejected that interpretation, insisting the book centers on the events of 2024 and was not meant to signal a third bid. 

“No, the book is about a specific period in time,” Harris said, referring to 107 Days, her account of the limited time she ran after inheriting the nomination. 

She added, “There was no agenda beyond what we’ve discussed already, which is just sharing with people, the reality of the experience, and hopefully allowing people to see something of themselves in it, in a way that … when it comes time for them to read it, might see themselves in and know what they can do and that they could do it.” 

While Harris declined to say that she’s running for office again, she has long flirted with that idea after President Donald Trump defeated her in 2024. 

However, a potential White House bid would not come without significant scrutiny. 

If she enters the race, Harris would face mounting questions about the cover-up of her boss Joe Biden’s cognitive decline and what she knew of the president’s abilities at the time. 

Her past campaigns offer little momentum heading into another race. 

She first ran for the Democratic nomination in 2020 but exited the race well before voting began.

Harris ran for the White House again in 2024, after Biden initially ran and then exited the race amid widespread questions about his ability to govern.

Antifa Terror Trial Begins in Texas

(Headline USAFederal prosecutors told jurors Tuesday that a shooting outside a Texas immigration detention center last year was carried out by members of Antifa, opening a closely watched trial that lawyers for the accused say seeks to wrongly punish a group of political demonstrators.

Nine people have pleaded not guilty over their alleged involvement in what prosecutors called an attack on the Prairieland Detention Center near Dallas last July, when a police officer was shot in the neck and wounded.

Eight of the nine face a charge of providing material support to terrorists, which follows President Donald Trump’s order to designate the decentralized movement known as antifa as a domestic terrorist organization. Most of the defendants also face multiple charges, including attempted murder of a law officer.

Lawyers for the defendants say the accused were not members of Antifa and were instead taking part in a “noise demonstration” that included fireworks on July 4, 2025, to show support for immigrants inside the center.

“Make no mistake, there’s nothing peaceful about what happened on July Fourth,” prosecutor Shawn Smith told jurors.

The trial is expected to last upward of three weeks. Several defendants face up to life in prison if convicted.

According to the indictment, a group of people clad in black and wearing masks, some carrying firearms and wearing body armor, shot fireworks toward the center and vandalized vehicles and a guard shed. Then, as local officers responded, one person yelled, “get to the rifles” and opened fire, striking the officer, the indictment said.

Smith said that while it was defendant Benjamin Song who opened fire, several other defendants are also charged with attempted murder of a law officer and discharging a firearm because it was foreseeable from the group’s planning that that could happen. Song’s attorney did not give an opening statement Tuesday.

The officer who was shot, Alvarado police Lt. Thomas Gross, was the first witness to testify Tuesday. He said he was responding at about 11 p.m. to a call from the detention center when he saw that there was graffiti on a guard shed and a stop sign and noticed a guard chasing a person clad in black with their face covered.

Gross said he got out of his vehicle and saw another person, also clad in black with their face covered and carrying a rifle.

“At this point the scene is becoming extremely chaotic,” he said.

He told jurors he was shot with a round that went into his shoulder and out of his neck.

Defense attorneys told jurors that their clients could only be judged for their own individual actions. “It’s a trial within a trial,” said attorney Chris Tolbert, who is representing Savanna Batten.

He said his client didn’t bring a firearm, spray paint or fireworks to the center. He said that while the government claims that her book club — named for the anarchist Emma Goldman — is a recruiting ground for antifa, it’s just a book club.

“She’s not a member of Antifa, she’s not providing material support to terrorists,” Tolbert said.

Several people have already pleaded guilty to providing material support to terrorists after being accused of supporting antifa related to the July 4 shooting. They face up to 15 years in prison at sentencing.

Adapted from reporting by the Associated Press

 

Trump Honors National Guardsman Shot by Afghan Mad Man

(Headline USAAir Force Staff Sgt. Andrew Wolfe, who survived a gunshot wound to the head while patrolling with the National Guard in Washington last year, was presented the Purple Heart medal during Trump’s State of the Union address on Tuesday.

Trump honored Wolfe and his colleague, U.S. Army Spc. Sarah Beckstrom during his speech, before pausing so Gen. James Seward, head of the West Virginia National Guard, could pin the medal on Wolfe’s civilian suit.

“With God’s help, Andrew has battled back from the edge of death—and we’re talking about the edge—on his way to a miraculous recovery,” Trump said.

“Nice to see you,” he added, looking up at Wolfe in the gallery.

Trump recalled his mother’s determination that he would recover, even as others doubted it would be possible to survive his severe injuries. She buried her head in her son’s chest as the president spoke.

Wolfe and Beckstrom, members of the West Virginia National Guard, were shot in an ambush on Nov. 26 while deployed to Washington as part of Trump’s executive order to battle what he said was rampant crime. Beckstrom died on Thanksgiving Day.

Trump also spoke directly to Beckstrom’s parents in the gallery.

“Your daughter was a true American patriot and she will be greatly missed,” Trump told Evalea and Gary Beckstrom.

The tributes prompted several minutes of bipartisan applause.

Rahmanullah Lakanwal, who was wounded in the attack, has been charged in connection with the shooting. He has pleaded not guilty and remains in custody. Authorities say he drove across the country from his home in Washington state to execute the attack.

Lakanwal, 29, entered the United States in 2021 through Operation Allies Welcome, officials said. The Biden administration program evacuated and resettled tens of thousands of Afghans after the U.S. withdrawal from the country.

Trump, who halted asylum decisions in response to the shooting, said during his speech that the gunman “shouldn’t have been in our country.”

Adapted from reporting by the Associated Press

 

NYPD Investigating After Officers Were Hit With Snowballs During a Snowball Fight

(Headline USANew York City police are investigating after officers were pelted with snowballs while responding to a massive snowball fight at Washington Square Park in Manhattan.

A video of the fracas shows two uniformed officers pacing a walkway in the park Monday as snowballs fly at them from all directions, hitting the officers and covering them in snow.

The officers, growing visibly frustrated, shoved at least two people to the ground as snowballs continued to whizz by. At one point, a person runs up behind an officer and mushes some snow onto his head. One of the officers can be seen rubbing his eye toward the end of the video.

In a statement Tuesday, the New York Police Department said multiple uniformed officers were struck in the face with snowballs and were “removed by EMS in stable condition” to a nearby hospital, but did not disclose additional information on their injuries.

Jessica Tisch, the city’s police commissioner, called the behavior “disgraceful” and “criminal” and said the department is investigating. Police have released images of two people the department is searching for in connection with the incident, asking for the public’s help to identify them.

Several political figures in the city were quick to denounce the dustup, with many of New York Mayor Zohran Mamdani’s critics seizing on the incident as evidence that respect for law enforcement has declined under the new mayor, who faced attacks during his campaign over criticisms he made of the department in 2020. Mamdani has walked back those past remarks.

Mamdani, in a post on X on Tuesday, wrote, “Officers, like all city workers, have been out in a historic blizzard, keeping New Yorkers safe and cars moving. Treat them with respect. If anyone’s catching a snowball, it’s me.”

At a news conference later in the day, Mamdani appeared to downplay the situation when a reporter asked if he thought anyone should face criminal charges.

“From the videos that I’ve seen, it looks like a snowball fight,” he said.

The head of the city’s largest police union called Mamdani’s response a “complete failure of leadership.”

“This was not just a ‘snowball fight.’ This was an assault,” Police Benevolent Association President Patrick Hendry said in a statement, adding, “By ignoring their injuries and dismissing the incident, the mayor has sent a disgraceful message to every police officer who serves this city.”

Adapted from reporting by the Associated Press

Man Fatally Stabs 4 People in Washington

(Headline USA)  A man fatally stabbed four people in Washington state on Tuesday morning as sheriff’s deputies were on their way to hand him a domestic violence protection order, authorities said. The suspect died after being shot by an arriving deputy.

The Pierce County Sheriff’s Office said deputies initially responded at 8:40 a.m. to reports that a 32-year-old man was violating a no-contact order at a home on the Key Peninsula, northwest of Tacoma. They obtained a copy of the order, learned it was not valid because it had not been served on the man and headed to the address to provide it to him.

While they were en route, at about 9:30 a.m., additional reports came in that the man was stabbing people outside the home, the sheriff’s office said. The first deputy arrived within about three minutes and shot the suspect, who was pronounced dead at the scene, according to Officer Shelbie Boyd, a spokesperson for the Pierce County Force Investigation Team.

Three of the stabbing victims were dead at the scene and another died while being taken to a hospital.

Pierce County court records show that a woman who lived at the address last May obtained a one-year protection order against her 32-year-old son. She wrote that he had mental health and substance abuse issues, had previously pushed her, and more recently had threatened her by saying that her “grave has been already dug up.”

The son had been “threatening me, abusing me both mentally and emotionally. Doing witchcraft/occult behavior and doing rituals in my home,” the woman wrote. “Damaging personal belongings. Hurting my cat. … I am an elderly disabled woman and he is taking advantage of me and my health.”

The records show that the son had notice of a hearing before the issuance of the restraining order but did not appear for it. The protective order required him not to possess dangerous weapons; to stay 1,000 feet (305 meters) from his mother, her vehicle and her address, which they had shared; and to comply with a previously prescribed mental health treatment plan, including medication.

It was not immediately clear why the attacker had not previously been served with the protection order. Typically in Washington state, someone who obtains such an order can request that law enforcement deliver it to the subject of the order or hire a private investigator or “process server” to do so. Not knowing the location of the subject of the restraining order can delay that.

Chris Cardenas, who lives just a couple minutes driving from the street where the stabbings occurred, said he was washing his truck in his driveway when he heard the gunfire.

“All of a sudden I just heard like a series of gunshots,” he said. “You could really hear it echoing through the trees.”

Sirens then sounded nonstop for about 40 minutes, he said.

“I immediately knew something was up because I’ve never heard gunshots out here,” he said.

He went over to the cordoned-off scene and saw ambulances, a forensics bus and dozens of police vehicles, he said, adding that he couldn’t have braced himself “for how tragic the news would be.”

Adapted from reporting by the Associated Press