Maybe Americans were rediscovering God. Maybe the political circus had them praying for divine intervention. I can’t tell you which.

But I’ve been thinking about those parking lots all week, because tomorrow is Oct. 31. Halloween, sure.

It’s also the 509th anniversary of the day a German monk nailed a list of grievances to a church door and broke the established order in half.

Martin Luther’s Reformation didn’t just change how Europe worshiped.

It changed how the West thought about work. Luther told a continent that the farmer, the craftsman and the merchant served God as surely as the priest did.

Honest work was a calling. Responsibility was personal. Literacy was for everyone, not just the clergy.

Those ideas built economies. But five centuries later, they’re being challenged by a new orthodoxy.

Your Rundown for Friday, October 30, 2026...

509 Years Later: The Red Reformation

On Tuesday, 131 candidates endorsed by the Democratic Socialists of America (DSA) will appear on ballots in 30 states and Washington, D.C., according to Ballotpedia.

Ten want seats in Congress. Fifty-two are running for state legislatures, and 69 for local offices. Three DSA-backed challengers have already knocked off sitting Democrats in this year’s primaries.

Their program is public ownership of major industries and much higher taxes on the wealthy. In California, DSA chapters are backing Proposition 40, a one-time 5% tax on billionaires’ net worth. A tax like that won’t be the last one.

My friend Jim Rickards has been watching the DSA, and he isn’t fooled by the branding.

Some of these self-described socialists, he warns, are “wolves in sheep’s clothing — communists who use the socialist label to hide their real intentions.”

Karl Marx wanted private ownership of the means of production replaced with collective ownership. He also called religion “the opium of the people.” Marx saw religion as a rival to the state, and he wanted it gone.

Luther believed in helping the poor, yes, and he even backed common funds to aid them.

But his rule was simple: If you can work, you work. If you can’t, your neighbors help. That’s a community looking after its own. And it’s the opposite of a government writing a check.

Yet we’re neglecting the community of faith just as the state offers to replace it.

In 1992, 44% of Americans went to church weekly or nearly weekly, according to Gallup. Last year it was 31%. Fifty-seven percent now say they seldom or never go.

The cost isn’t just spiritual.

Economists, in research published in the Journal of the European Economic Association, link falling religious participation to higher rates of suicide, overdoses and alcohol-related deaths among middle-aged white Americans.

They call them “deaths of despair.”

And as more Americans feel forgotten, along comes a movement promising what the congregation used to provide: security, belonging, someone looking out for you.

So here’s my Church Parking Lot Indicator: Watch where anxious Americans go for solace. For centuries, they filled the pews. Now they fill out a ballot.

My advice for this weekend, and you can take it or leave it, is to go to a place of worship. Because the strongest answer to a movement promising the state will take care of you is a neighbor who already does.

And on Tuesday, vote. But vote like your life doesn’t depend on it. The state can count your ballot, but it can’t make your life count.

Market Rundown for Friday, Oct. 30, 2026

S&P 500 futures are 1.10% to 7,665.

Oil is up 2% to $104.10 for a barrel of WTI.

Gold is down 1.40% to $3,975 per ounce.

And Bitcoin’s down 4.30% to $77,300.

“I even got to see Jim smiling!”

That was Dolores W.’s reaction to our last major Jim Rickards event in Philadelphia on June 4, 2026.

Jim Rickards at America 76/26 in Philadelphia

She also admitted she was “madly trying to write down all of the tickers and what the companies do.”

B. O’Neal said: “This was by far the best investment event I’ve seen.”

JoAnn K. called it “wonderful and informative,” although she confessed she, too, had trouble keeping up with all the stock recommendations.

And John C. offered some constructive criticism: With 53 investment ideas flying around, he wanted to know which five or seven the experts felt strongest about.

Fair enough, John.

Tomorrow, we’re getting the gang back together. And there’s a good chance you’ll get some answers.

At 11 a.m. ET Thursday, Oct. 29, Jim Rickards will host a special LIVE Strategic Intelligence Roundtable.

It’s completely free.

And if you’ve ever wondered what happens when you put Jim and his closest colleagues together without a carefully rehearsed script, this is your chance to find out.

Your Rundown for Wednesday, October 28, 2026...

The Gang’s All Here (Almost)

Jim will be joined by Dan Amoss, Zach Scheidt, Adam Sharp, Sean Ring and Matt Badiali.

That’s a remarkable concentration of investment experience, spanning stocks, income, precious metals, natural resources, geopolitics and global finance.

But one familiar face will be missing on Thursday. Byron King’s on the road, doing a little investigative legwork, and we look forward to hearing what he uncovers.

Otherwise, the rest of the crew is dialing in from across the country and across the Atlantic.

And don’t expect them to agree on everything.

“When you get this group together, you never quite know where the conversation will go,” says Paradigm’s VP of Research Aaron Gentzler, who will also host the event. “That’s what keeps me on my toes.”

“We’ve got some major announcements planned,” Aaron adds, “Jim’s election forecast and plenty of things we’d normally discuss behind the scenes.”

Remember, Election Day is just five days away.

Jim has been following the congressional races closely, and tomorrow he’ll share his latest assessment of where things stand.

There will also be investment ideas, specific stock tickers and plenty of discussion about the risks and opportunities taking shape in the markets.

But the real attraction is the conversation itself.

These are people who spend their days analyzing the financial world from very different angles.

Put them together on Zoom, turn on the cameras and let the discussion rip.

That’s when things get interesting.

“I expect some disagreement,” Jim told subscribers in his invitation.

And he’s reserving a substantial portion of the event for reader questions.

Gold? The Fed? Washington? The next market surprise?

It’s all on the table.

Jim and his colleagues can’t provide personalized investment advice, but they can explain what they’re watching, where they see pitfalls and which opportunities deserve closer attention.

And perhaps we’ll discover which five or seven tickers John C. should be watching most closely.

The Strategic Intelligence Roundtable starts tomorrow, Thursday, Oct. 29, at 11 a.m. ET. Admission is 100% free.

BOOKMARK YOUR FREE ROUNDTABLE ACCESS LINK.

Bring a notebook. Bring your questions.

And Dolores, keep an eye on Jim.

You might even catch him smiling again.

Market Rundown for Wednesday, Oct. 28, 2026

S&P 500 futures are up 0.18% to 7,770.

Oil’s up almost 2% to $101.75 for a barrel of WTI.

Gold is down 0.35% to $4,060 per ounce.

And Bitcoin’s up 0.70% to $81,200.

Fourteen months later, Trump still hasn’t named his successor.

Last week, Vance told journalist Mark Halperin that he expects Trump’s endorsement if he runs for president. Vance also admitted that the two haven’t discussed it.

Trump has praised his vice president without committing to an endorsement. With the Nov. 3 midterms approaching, the president said it was too early to make that decision.

Vance is the sitting vice president and a close Trump ally. Rubio, however, brings nearly three decades of political experience to the conversation.

Rubio began his political career in 1998 as a city commissioner in West Miami. Two years later, he won a seat in the Florida House of Representatives, where he rose to become speaker in 2006.

In 2010, Rubio won a U.S. Senate seat in the Tea Party wave. He ran against Trump for the Republican presidential nomination in 2016, endured Trump’s “Little Marco” nickname and eventually became one of Trump’s most prominent Cabinet officials.

Today, Rubio serves as secretary of state and national security adviser, a combination of responsibilities previously held by Henry Kissinger.

Rubio has publicly said he’d support Vance if the vice president seeks the Republican nomination. Neither politician has announced a 2028 campaign.

Still, Rubio has an organization in his corner. America 2100, a conservative nonprofit founded in 2023 by political allies, reportedly holds nearly $3 million in reserve.

The Washington Post described the organization as a potential political “rainy day” fund for Rubio, should he decide to pursue the presidency in 2028.

For investors, Rubio’s voting record tells us more than speculation about the 2028 presidential race.

Your Rundown for Monday, October 26, 2026...

Rubio’s 28-Year Economic Record

Rubio arrived in Washington promising fiscal discipline, smaller government and lower taxes. But his economic record begins much earlier.

As a West Miami commissioner, Rubio voted for city budgets in 1998 and 1999 that increased property tax revenue by 1.4% and 5.5%, respectively. The city kept its tax rates unchanged but collected more money as property values rose.

As Florida House speaker in 2007, Rubio proposed eliminating property taxes on primary residences and replacing the lost revenue with a higher state sales tax.

The proposal never became law. But Rubio helped negotiate a different reform package that reduced certain local property tax rates and restricted future increases.

The episode offers an early glimpse of Rubio’s willingness to consider a fundamental restructuring of the tax system, even when the changes would affect homeowners and consumers differently.

His Senate record provides a clearer picture of his positions on major federal economic legislation.

In 2017, Rubio voted for Trump’s Tax Cuts and Jobs Act, which lowered the federal corporate income tax rate from 35% to 21%. He also pressed for a larger child tax credit.

In 2018, he supported legislation easing certain banking regulations imposed after the 2008 financial crisis.

Rubio also supported the $2.2 trillion CARES Act in March 2020, when Congress responded to the economic emergency created by COVID-19.

He later opposed President Biden’s $1.9 trillion American Rescue Plan in 2021 — the bipartisan infrastructure legislation that year — and the Inflation Reduction Act in 2022.

His opposition to the CHIPS Act is especially revealing.

In February 2019, as chairman of the Senate Small Business Committee, Rubio released a report titled Made in China 2025 and the Future of American Industry.

He argued that China was using industrial policy to build dominance in strategically important technologies, threatening American manufacturing, innovation and national security.

Rubio called for an American response that went beyond conventional tax cuts and deregulation.

Yet three years later, he voted against the CHIPS Act, despite its billions in federal support for American semiconductor manufacturing. Rubio supported the broader objective while rejecting the legislation Congress produced.

His overall voting record combines support for tax reductions and banking deregulation with an interest in federal policies designed to strengthen strategic American industries.

For investors, Rubio’s economic philosophy puts semiconductors, defense manufacturing, critical minerals and domestic supply chains in the spotlight. His emphasis on national security and American industrial independence suggests those industries would remain important priorities.

But rebuilding America’s industrial base comes at a price.

Federal subsidies and military spending require funding, while tariffs can increase costs for American businesses and consumers. Combine those policies with tax cuts, and the consequences could extend well beyond individual industries to federal deficits, Treasury yields and corporate profits.

Rubio’s Senate votes don’t provide a complete answer to how he’d manage the national debt or approach Federal Reserve policy. Nor do they amount to a presidential economic platform.

But they establish a record against which future promises could be measured.

Eight days before the midterms, Trump has yet to settle the question of who should carry his political movement into 2028.

Rubio’s nearly three decades in public office tell us more about his economic priorities than mere speculation about his next job title.

Market Rundown for Monday, Oct. 26, 2026

S&P 500 futures are up 0.40% to 7,690.

Oil is down 2% to $101.20 for a barrel of WTI.

Gold’s up 0.70% to $4,036.20 per ounce.

And Bitcoin’s down 0.35% to $80,195.

One of the most revealing clues behind that legendary trade had nothing to do with currency charts.

It came from Britain’s housing market.

A young hedge fund executive working for Soros discovered that British homeowners were already struggling with their mortgage payments.

Britain couldn’t keep raising interest rates to defend the pound without putting even more pressure on those homeowners.

That executive was Scott Bessent.

Today, he’s the U.S. Treasury secretary. And 34 years after helping Soros profit from Britain’s currency crisis, Bessent finds himself on the other side of a potentially dangerous financial situation.

This time, trouble is brewing in Japan.

And the consequences could reach American retirement accounts, mortgage rates and the bond market — just as voters prepare to head to the polls.

Your Rundown for Friday, October 23, 2026...

“Bessent Knows the Game”

For decades, Japan offered investors a sweet deal: Borrow money at almost no interest, then invest it elsewhere.

A hedge fund, for instance, could borrow $1 million in Japanese yen, exchange it for dollars and buy American stocks or bonds. If those investments earned more than the borrowing costs, and the yen stayed weak, the fund pocketed the difference.

Multiply that trade across banks, hedge funds and corporations worldwide, and you’re talking about enormous sums of money.

It’s called the yen carry trade.

Jim Rickards puts its importance in perspective: “The yen carry trade is the engine that’s been powering global investment and sky-high stock valuations for decades.”

But Japan’s days of nearly free money are ending.

After years of fighting falling prices, known as deflation, the Bank of Japan is raising interest rates to combat inflation.

Higher borrowing costs squeeze profits from the carry trade. If the yen strengthens against the dollar, investors need more dollars to repay their yen debts.

Some can refinance their loans. Others must sell investments to raise cash.

American stocks. U.S. Treasury bonds. Hard assets.

If enough investors sell at once, the damage could spread quickly.

A retiree holding an S&P 500 index fund could watch its value fall without owning a single Japanese stock. Bond funds could take a hit, too.

Japan also holds vast reserves of U.S. Treasury securities. Japan has already spent nearly $100 billion intervening to support the yen since late July. And Bloomberg reports that Japanese authorities likely sold U.S. Treasury securities to help finance those operations.

Heavy Treasury selling can drive down bond prices, push yields higher and raise borrowing costs for Americans.

On Oct. 16, following talks with Japanese officials, U.S. Treasury Undersecretary Erin Browne warned that sharp currency swings could force investors to unwind their trades which could shake financial markets.

Browne’s warning echoes the risks Jim has been outlining since August.

But Jim also sees some political calculation at work.

The Bank of Japan meets Oct. 29–30, just days before Americans vote on Nov. 3.

“Bessent may be playing for time until after the midterm elections,” Jim says. “Beyond that, all bets are off.”

Jim suspects the Treasury secretary wants to keep currency markets stable through Election Day. Political pressure to intervene could ease once the votes are counted.

“We’re not at the panic stage,” Jim cautions.

But the yen carry trade helped lift global markets for decades. Its unraveling could put those same markets under enormous pressure.

In 1992, Bessent helped George Soros bet against the British pound.

Today, as Treasury secretary, Bessent faces the possibility of another currency crisis spilling into American markets.

Market Rundown for Friday, Oct. 23, 2026

S&P 500 futures are down 0.40% to 7,670.

Oil is up 1.75% to $101.20 for a barrel of WTI.

Gold’s down 0.45% to $4,041.60 per ounce.

And Bitcoin is up 0.40% to $81,670 per ounce.

Remember the progressive Democrat who dropped out of Maine’s U.S. Senate race against Susan Collins back in July?

Platner championed restrictions on new data center construction and proposed a national electricity-rate freeze to protect consumers.

Now, with just 13 days until the midterm elections, Trump has found some common ground with Platner.

In a Truth Social post this morning, Trump declared that companies building massive new data centers must generate their own electricity. Any surplus power should go back to the surrounding community or electrical grid.

He went a step further. Companies looking to win over skeptical communities should consider paying local residents a financial “dividend.”

In other words, if Big Tech wants to build a multibillion-dollar AI facility in your backyard, it had better bring its own power supply. And perhaps a little something for the neighbors.

Trump’s announcement comes as Americans contend with soaring electricity bills.

According to the Bureau of Labor Statistics, residential electricity prices have risen roughly 46% since early 2020.

Now Washington wants the companies driving that demand to shoulder more of the costs.

Your Rundown for Wednesday, October 21, 2026...

Cash Flow or Lights Out

Data centers accounted for approximately 4.4% of U.S. electricity consumption in 2023, according to the Department of Energy. That share could climb to as much as 12% by 2028.

The International Energy Agency estimates that data centers will account for about half of all U.S. electricity demand growth through 2030.

For years, electricity consumption in the United States barely budged. Utilities had little reason to build massive amounts of additional generating capacity.

AI has changed that equation.

Data centers consume enormous amounts of electricity around the clock. They also require expensive cooling systems, transmission infrastructure, transformers and backup generators.

Now technology companies are racing to secure power supplies, sometimes competing with households and businesses for access to the same electrical grid.

The fight now is over who pays for the additional electricity and infrastructure.

In March, the White House introduced its Ratepayer Protection Pledge, calling on major technology companies to build, bring or buy the electricity needed to operate their facilities. The pledge also calls for companies to cover infrastructure upgrades rather than passing those costs to ordinary customers.

Trump’s latest announcement goes further, suggesting new data centers must generate their own electricity. But his social media declaration isn’t a binding nationwide requirement, and the administration hasn’t explained how it would enforce one.

Technology giants like Microsoft, Amazon, Google and Meta have the balance sheets to build power plants, sign long-term electricity contracts and absorb additional infrastructure costs.

But the AI boom also includes specialized data center operators, cloud computing companies and privately financed ventures borrowing heavily to construct facilities whose future profitability remains uncertain.

These companies already face huge bills for advanced chips, servers, land and construction.

Add dedicated power generation, transmission upgrades and potentially payments to surrounding communities, and the economics become more demanding.

Every additional dollar spent on infrastructure puts more pressure on companies to generate enough revenue to justify the investment.

Jim Rickards has warned that the AI boom has all the makings of a financial bubble. The technology may be revolutionary, but that doesn’t guarantee an adequate return for investors.

Companies borrowing heavily against revenue they expect to earn years from now face particular risks.

Unlike software, a power plant can’t be created with a few lines of code. Construction takes time, equipment is expensive and financing costs matter.

Requiring data centers to cover their own energy costs could protect households from subsidizing Big Tech’s expansion. Additional generation could also strengthen local electricity supplies.

But those benefits won’t materialize overnight.

My view: AI doesn’t have an electricity problem that clever software can solve. It has an infrastructure problem that requires enormous amounts of capital.

Companies capable of funding that infrastructure from their own cash flow have a substantial advantage over competitors dependent on borrowed money.

Trump hasn’t pulled the plug on America’s AI boom. But he’s put investors on notice. The technology may be revolutionary. That doesn’t mean every company building it will make money.

Market Rundown for Wednesday, Oct. 21, 2026

S&P 500 futures are up 0.25% to 7,775.

Oil is up 0.50% to $98.30 for a barrel of WTI.

Gold is up 0.20% to $4,151.80 per ounce.

And Bitcoin’s up 1.80% to $83,430.

His real name was J.W. Edwards, and he hauled meat from the Midwest to New York. In December 1973, the Arab oil embargo had made his livelihood miserable.

Diesel was expensive and difficult to find. Washington was also considering a national 55-mph speed limit.

So Edwards stopped his rig and got on his CB radio.

Other truckers joined the protest. Within an hour, hundreds of trucks had stopped, creating a 12-mile traffic jam.

Photo credit: Bernard Gotfryd, Library of Congress

Back then, truckers called diesel “motion lotion.” Without it, America’s highways could become expensive parking lots.

Edwards had stumbled onto an economic truth that Washington still struggles with more than half a century later.

When diesel becomes scarce, everything gets more expensive.

Today, with diesel averaging more than $6 a gallon, President Trump has turned to an unlikely supplier for relief.

Your Rundown for Monday, October 19, 2026...

Diesel Diplomacy

On Oct. 9, Trump announced that Russian President Vladimir Putin had agreed to supply diesel to American and global markets.

The agreement initially called for more than 300,000 metric tons of Russian diesel, with additional shipments planned. The Treasury Department subsequently authorized certain Russian diesel transactions through April 7, 2027.

Washington spent years trying to choke off Russian energy revenues. Now Washington wants Russian fuel to help ease an American energy crunch.

According to AAA, the national average retail price of diesel stood at $6.32 per gallon on Monday, Oct. 19.

That’s punishing for trucking companies, farmers, construction contractors and businesses that depend on diesel-powered equipment.

Transportation costs eventually work their way into the prices consumers pay for food, building materials and countless other goods.

Jim Rickards argues that Ukrainian attacks on Russian refineries, combined with disruptions to Persian Gulf fuel exports, have helped tighten global diesel supplies.

He also sees the emerging energy negotiations as part of a larger diplomatic strategy involving Russia, Ukraine, Europe and the U.S.

The catch is that Russia cannot simply flip a switch and make the world’s diesel shortage disappear.

In fact, the initial 300,000 metric tons amounts to less than a day of U.S. diesel demand, even if every gallon were delivered here. And the agreement calls for supplying both American and global markets.

For the week ending Oct. 9, American distillate inventories, which include diesel and heating oil, stood at approximately 102.6 million barrels, down 12% from a year earlier.

A Russian fuel agreement may help. But the global energy crunch extends well beyond diesel.

On Oct. 8, Reuters reported that American and Russian officials had discussed bringing a U.S. investor into the Nord Stream natural gas pipelines.

Those pipelines once delivered Russian gas to Germany, helping power Europe’s largest manufacturing economy.

Explosions damaged three of the four Nord Stream pipelines in September 2022. The pipelines have not returned to commercial service.

Restoring Russian natural gas supplies would require far more than American investment. Repairs, sanctions, European opposition and the war itself remain substantial obstacles.

Still, the discussions reveal how much energy policy has become entangled with diplomacy.

The story took another turn over the weekend.

According to a Reuters report published this morning, Putin has proposed a November summit involving Trump and Chinese President Xi Jinping to discuss ending the war in Ukraine.

No summit has been finalized. But the proposal suggests that energy negotiations could become part of a wider diplomatic settlement.

Lower energy costs could relieve some inflationary pressure, reduce expenses for manufacturers and improve household purchasing power.

But a diplomatic agreement is not the same thing as additional fuel arriving at American terminals.

Russia’s ability to supply diesel, the condition of its refineries and the response of European governments all matter. So does the question of whether new shipments would meaningfully expand global supply or merely redirect existing exports.

The Federal Reserve can raise or lower interest rates. It cannot manufacture diesel, repair a pipeline or reopen a shipping route.

Jim Rickards reminds us that those problems require physical supplies, functioning infrastructure and political agreements.

If Washington’s negotiations produce a meaningful increase in global energy supplies, inflation could get some welcome relief.

If they produce little more than diplomatic headlines, Americans will keep paying the price.

Market Rundown for Monday, Oct. 19, 2026

S&P 500 futures are up 0.40% to 7,735.

Oil’s down 0.35% to $101 for a barrel of WTI.

Gold is up 0.10% to $4,185.30 per ounce.

And Bitcoin’s up 1.80% to $82,300.

On one of the last major projects at the Sparrows Point mill in Maryland, his crew worked 12-hour shifts, seven days a week, to meet a deadline.

Thanksgiving was approaching, and several of the men had traveled from out of town. They wouldn’t be home for the holiday.

So the electricians and welders decided to bring Thanksgiving to the job site.

They bought a turkey and all the fixings, then built the oven to cook it. By 6 a.m. on Thanksgiving morning, the bird was roasting.

Soon, the unmistakable aroma of Thanksgiving dinner filled the building. The men enjoyed a holiday meal, right there in the middle of Bethlehem Steel.

My dad was an IBEW electrician who worked at Bethlehem Steel on and off for about 10 years. As an outside contractor, he moved from one project to the next.

At its peak, Bethlehem Steel’s Sparrows Point mill employed around 30,000 people. It was one of the largest steelmaking operations in the world, producing steel for American buildings, bridges, automobiles and ships.

For generations, the mill provided a path to the middle class.

A high school diploma and a willingness to learn a trade could lead to a good-paying job, a house, a family and maybe even a vacation home down at the shore.

And those paychecks supported far more than the workers themselves. Local businesses prospered, neighborhoods grew and families put down roots in communities built around the mill.

But that economy gradually unraveled.

Foreign competition and decades of restructuring took their toll. Bethlehem Steel filed for bankruptcy in 2001, and steelmaking at Sparrows Point ended in 2012.

When the jobs disappeared, the loss extended well beyond the mill itself.

Your Rundown for Friday, October 16, 2026...

Sparrows Point Gets a Second Act

Now, more than a decade after steelmaking ended, Sparrows Point could be getting a remarkable second act.

On Oct. 6, President Trump visited the former Bethlehem Steel site to announce plans by Anduril Industries, a privately held defense technology company, to invest $3.7 billion in a new manufacturing complex.

Founded in 2017, Anduril is best known for developing military drones, autonomous weapons systems and advanced defense software. Now it’s preparing to tackle a different challenge.

Its proposed manufacturing complex, called Arsenal-2, would occupy approximately 187 acres at Sparrows Point, with more than 2 million square feet of manufacturing space and over 3,100 permanent jobs.

And there’s a compelling reason for the investment: The Navy needs to increase production of its Virginia-class nuclear-powered attack submarines.

American shipyards have been producing roughly 1.2 Virginia-class submarines annually, short of the Navy’s target of two per year.

Anduril plans to start by making torpedo tubes before expanding into larger submarine components, which established shipbuilders would assemble into finished vessels.

The $3.7 billion investment would come from Anduril’s own capital, while a separate Navy contract provides for payments of up to $2.9 billion tied to production milestones.

Trump also announced that the federal government would receive a 40% ownership stake in the new shipyard venture, although the financial terms have yet to be disclosed.

Anduril expects to begin operations at Sparrows Point in 2030. That’s still several years away, and the project must clear permitting, construction and workforce hurdles. State and local governments are also considering substantial tax breaks and other incentives, so the public cost deserves scrutiny.

Still, consider what this means for a site that once supplied steel for America’s industrial expansion. Sparrows Point could soon help produce the components needed to strengthen the U.S. Navy.

And the economic benefits could extend beyond national defense. The project would create demand for electricians, welders, machinists, engineers and the businesses that supply them. Those jobs, in turn, would support the surrounding communities.

For decades, American companies pursued lower production costs overseas, often at the expense of domestic manufacturing capacity. We’ve since learned how difficult it can be to rebuild an industry once its factories close.

America still has enormous natural resources, industrial infrastructure and manufacturing expertise. But those advantages mean little unless we put them to work.

I don’t expect Anduril to recreate the Bethlehem Steel my dad remembers.

Its proposed workforce is a fraction of the mill’s peak employment, and there’s a long way to go before the first submarine components roll out of Arsenal-2.

But there’s something encouraging about a former steel mill becoming part of America’s industrial future.

For another generation of skilled workers, it could mean the chance to earn a good living, buy a home and raise a family in the communities where they grew up.

That’s the opportunity my dad’s generation knew. And it’s one worth bringing back.

Market Rundown for Friday, Oct. 16, 2026

S&P 500 futures are up 0.12% to 7,800.

Oil is up slightly to $98.05 for a barrel of West Texas crude.

Gold’s up 0.60% to $4,196.80 per ounce.

And Bitcoin’s down to $82,245.

The Justice Department confirmed that Homeland Security Investigations executed a search warrant as part of an ongoing criminal investigation.

According to CBS News, investigators are examining immigration paperwork completed by Omar’s late father when she was a child.

The department has not publicly detailed the evidence behind the search, and Omar has not been charged with a crime.

She condemned the operation as political intimidation, accusing the Trump administration of using federal law enforcement against its opponents.

President Trump said he had nothing to do with the search.

Omar is seeking a fifth term representing Minnesota’s heavily Democratic 5th Congressional District. She won reelection comfortably in 2024.

Her own seat is unlikely to determine control of Congress. But Republicans are defending their narrow House majority on Nov. 3, and the search comes at a politically sensitive moment.

Justice Department policy prohibits prosecutors and investigators from taking investigative steps for the purpose of influencing an election.

Federal authorities have also traditionally avoided conspicuous investigative actions involving candidates close to Election Day.

But the federal search is separate from another controversy involving Omar’s finances.

Your Rundown for Wednesday, October 14, 2026...

Omar’s Dodgy Financial Disclosure

In January, my colleague Emily Clancy examined the extraordinary valuations in Omar’s congressional financial disclosures in a Rundown investigation titled “Rep. Ilhan Omar’s Paper Trail.”

One business, Rose Lake Capital, is a venture capital management firm associated with Omar’s husband, Tim Mynett.

On Omar’s 2023 disclosure, Mynett’s interest was valued between $1 and $1,000.

On her original 2024 disclosure, filed in 2025, that figure jumped to between $5 million and $25 million.

The second business, a California wine venture called eStCru, showed a similar increase. Its reported value rose from as much as $50,000 to between $1 million and $5 million.

Combined, her husband's stakes in the two businesses were valued at as much as $30 million in 2024, compared with a maximum of $51,000 the previous year.

Then came the reversal.

On March 26, Omar amended her 2024 financial disclosure. Both businesses were now listed as having no reportable net asset value.

According to Omar’s attorney, an accountant had mistakenly reported the businesses’ gross assets without subtracting their liabilities.

The correction took Mynett’s ownership interests from a reported value of up to $30 million to no reportable net asset value.

Correcting congressional financial disclosures isn’t that unusual.

A 2011 Roll Call investigation found that 30% of House members had amended earlier disclosures during the previous year.

But Omar’s correction involved business interests originally reported up to $30 million.

That’s especially striking given that Omar’s amended disclosure listed household assets between approximately $18,000 and $95,000, according to The Minnesota Star Tribune.

That doesn’t mean the businesses generated no income. Nor does it mean $30 million in cash simply vanished.

In September, the nonpartisan Office of Congressional Conduct voted 5–1 to recommend dismissing allegations that Omar had filed false or incomplete financial disclosures.

According to The Wall Street Journal, the congressional watchdog found insufficient grounds to conclude that she violated disclosure requirements.

Still, the original disclosures and their subsequent correction leave a question:

How did two business interests go from a reported maximum of $51,000 to as much as $30 million, then back to no reportable net value?

An accounting error may explain the paperwork. It doesn’t make the disclosure system any easier for the public to understand.

Emily closed her January investigation with a pointed observation: “Disclosure without enforcement is theater.”

Federal investigators have now searched Omar’s home in a separate criminal investigation, just weeks before voters head to the polls.

In both matters, the standard should be the same: Give Americans straight answers.

Market Rundown for Wednesday, Oct. 14, 2026

S&P 500 futures are up 0.20% to 7,870.

Oil is up 1.45% to $95.50 for a barrel of WTI.

Gold’s slightly down to $4,174.80 per ounce.

At the time of writing, Bitcoin’s down to $82,770.

The managing editor of Paradigm Pressroom’s 5 Bullets suggested that Enrique Abeyta had written what could be the most important Paradigm article of 2026.

Enrique’s article — “AI Is Now ‘Too Big to Fail’” — raises a troubling possibility: Artificial intelligence has become so important to the U.S. economy that Washington may have no choice but to rescue it.

But rescue whom? And at whose expense?

Those questions lead directly back to Jim Rickards’ August Strategic Intelligence report, “Inside the AI Bubble.”

Jim opens with a blunt warning:

“Investing in artificial intelligence-related stocks means buying into what I believe is the biggest stock-price bubble in history.”

Jim approaches AI from a macroeconomic perspective, drawing on his knowledge of debt crises, currency markets and financial panics.

Enrique comes from another corner of the Paradigm universe. A veteran hedge fund manager and trader, he follows the money, looking for deals the market has underappreciated.

Jim sees a bubble that threatens investors’ wealth. Enrique sees an industry whose collapse could threaten the financial system itself.

And here’s where their warnings converge: AI could survive a crash that still wipes out many of its investors.

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Your Rundown for Monday, October 12, 2026...

AI’s Incestuous House of Cards

Jim’s concern begins with the billions of dollars circulating among a relatively small group of AI companies.

Money changes hands, but much of it stays within the same circle. Meanwhile, their financial obligations to one another keep growing.

What looks like a thriving industry becomes an increasingly tangled web of financial relationships.

Jim calls this circular financing. He compares it to “three or four drunks leaning on one another for support. They may appear stable, but if one falls, the rest go down with him.”

Enrique picks up that argument and adds another complication: debt.

Unlike many of the speculative dot-com companies of the late 1990s, today’s AI expansion involves enormous amounts of borrowed money.

Consider Oracle, which is borrowing billions to expand its AI infrastructure.

Enrique notes that Oracle bonds maturing in 2046 were recently trading around 85 cents on the dollar, yielding more than 8%.

That’s an unusually high yield for investment-grade debt, suggesting investors are growing wary of Oracle’s long-term financial obligations.

Enrique also cites a JPMorgan estimate that AI-related investment could reach $5.5 trillion by 2030. Some of that spending will require outside financing, including borrowing.

But what happens if the money stops flowing? Which brings Enrique to 2008.

During the financial crisis, Washington intervened to prevent the banking system from collapsing.

JPMorgan bought Bear Stearns with government help. When Washington Mutual failed, JPMorgan bought its banking operations, too. And the federal government stepped in to rescue insurance giant AIG, taking a controlling stake in the company.

The financial system survived, but plenty of shareholders suffered devastating losses.

“The system was too important to fail,” Enrique summarizes. “The companies themselves weren’t.”

Today, Washington regards American AI leadership as a national priority in its competition with China.

And the Trump administration has already demonstrated a willingness to take ownership stakes in companies it considers strategically important, including Intel and MP Materials.

A bailout wouldn’t necessarily come from Washington. Enrique envisions a future in which Microsoft could acquire a struggling OpenAI.

Such deals could preserve valuable AI technology, infrastructure and engineering talent. Washington might even encourage takeovers to safeguard America’s AI capabilities.

These are possibilities, of course, not pending deals.

At the same time, Jim questions whether today’s AI companies can generate enough revenue to justify their staggering costs.

“This is not an argument against AI itself,” he says. “It is an argument against paying irrational prices for AI stocks.”

Consider that the largest technology companies now account for an enormous share of the S&P 500. Millions of Americans have exposure to these stocks through mutual funds and index funds held in their 401(k)s and other retirement accounts, whether they follow the AI trade or not.

So even if you’ve never purchased a share of Nvidia, Microsoft or Oracle, your retirement savings may depend on their performance.

Before buying another AI stock, assess how much of your retirement savings is already tied to AI.

Remember, soaring stock prices don’t tell you whether a company earns enough money to cover its mounting expenses and debt.

Jim warns about the inflated prices investors pay for AI’s promise. Enrique warns that the AI industry could survive a financial crisis even as its investors suffer heavy losses.

A bailout might keep the servers humming, the data centers operating and America’s AI ambitions intact.

Your portfolio might not be so fortunate.

Market Rundown for Monday, Oct. 12, 2026

S&P 500 futures are 0.10% to 7,865.

Oil is up 1.45% to $93.20 for a barrel of WTI.

Gold’s down 0.70% to $4,187.10 per ounce.

And Bitcoin’s down 0.90% to $82,855.

He’d placed some hefty wagers on NFL games, including one involving the Denver Broncos that he cashed out early.

Had he held on, he claimed, his original $10,000 could have ballooned to $60,000.

Other Redditors wanted to know how someone his age could afford to throw around that kind of money.

His explanation? A trust fund worth more than $1 million, inherited after both his parents died.

Despite the mile-high wager, he insisted he knew when to walk away.

“I hug the cashout button like a baby,” he wrote.

His experience is self-reported, but it offers a glimpse into a business that’s attracting enormous sums of money.

And the stakes have gotten so high that the NFL is taking a grievance to the U.S. Supreme Court.

Your Rundown for Friday, October 9, 2026...

The NFL Wants a Federal Referee

On Thursday, the NFL filed a brief backing New Jersey’s legal fight against Kalshi, asking the justices to decide who gets to regulate sports prediction markets.

According to the league’s filing, NFL games accounted for $1.8 billion of the $3.3 billion traded on prediction markets on Sunday, Sept. 13 — the first Sunday of the 2026 season.

At the heart of the dispute is one question: Are these financial trades or sports bets?

New Jersey says sports prediction markets belong under state gambling laws. Kalshi argues its contracts are financial instruments regulated by the federal Commodity Futures Trading Commission (CFTC).

Traditional sportsbooks like DraftKings and FanDuel require state licenses and pay sports betting taxes. Prediction markets like Kalshi sidestep those particular requirements.

New Jersey alone estimates it could collect an additional $17–21 million a year if authorized to tax these operators.

Federal appeals courts have split over whether state gambling laws apply to these markets. The NFL wants the U.S. Supreme Court to settle the dispute; the justices have yet to agree to hear the case.

But America’s biggest sportsbooks have plenty riding on the outcome.

DraftKings (DKNG) shares are down about 43% in 2026. Flutter Entertainment (FLUT), FanDuel’s parent company, has lost 64%.

Rather than surrendering to the likes of Kalshi, DraftKings and FanDuel have jumped into prediction markets themselves.

And Wall Street spots an opportunity.

This week, Bank of America upgraded DraftKings to Buy, with a $27 price target. Its analysts estimated prediction markets could bring DraftKings $400 million in fees in 2027, plus another $200–400 million from market making.

The company’s expansion is already meeting resistance.

On Thursday, Florida’s Seminole Tribe sued DraftKings, arguing that the company is encroaching on its exclusive right to offer online sports betting in the state. DraftKings says its prediction markets comply with federal law.

For all the courtroom drama, there’s no shortage of customers willing to put money on the line.

Especially younger customers, who are beginning to treat gambling as a form of investing.

According to Betterment’s 2026 Retail Investor Survey, 26% of Gen Z investors consider sports betting part of their long-term financial strategy.

Another 52% have diverted money intended for investing into sports wagers during the past year.

For some young Americans, No Gamble, No Future sounds less like a poker slogan than a retirement plan.

Market Rundown for Friday, Oct. 9, 2026

S&P 500 futures are up 0.40% to 7,845.

Oil is down 1% to $90.55 for a barrel of WTI.

Gold is up 1.25% to $4,209.40 per ounce.

And Bitcoin is up 1.70% to $84K.