One year ago, when looking at the 20 most popular stories of 2024, we said that “while 2024 had a seemingly endless variety of social, economic, political, geopolitical and of course, financial and market, drama, the unprecedented onslaught of 2022 and 2023 – which saw both the deadliest and most consequential global war since WWII and a historic inflationary onslaught – simply proved too great to beat…. although we are confident that’s only because the newsflow was merely resting ahead of 2025 when, thanks to the most consequential presidential election in modern US history, the coming avalanche of news and propaganda will be sheer insanity, especially since the Fed has made its long awaited dovish pivot without successfully stamping out inflation first. So in retrospect, 2024 being somewhat tame by recent standards may have been a good thing: it allowed everyone to rest ahead of the main event.”
Boy, were we right, and in retrospect we certainly hope everyone did rest ahead of the countless 2025 main events because while 2025 not only saw what was the closest event to a market crash in years, it was almost a sideshow to the most exciting and eventful rollercoaster of non-stop newsflow we have yet encountered (in large part thanks to the daily torrent of stream of consciousness unleashed by the occupant of the White House) one which not only saw the legacy political system finally crumble across “Western democracies” as country after country said “no more” to the four-headed globalist hydra of runaway inflation, corrupt establishment politicians, uncontrolled illegal immigration, and targeted assassination attempts, but one where the political economy and capital markets proved beyond a reasonable doubt that they are more inextricably welded together than ever before. Oh, and of course, it was also the year when the Fed’s apolitical facade crumbled, exposing the most important central bank in the world as nothing more than a puppet of shadowy establishment forces whose only task is to preserve the status quo.
But first, let’s first take a quick look at what happened in the past year through the lens of the masses, and as a quick 4-minute refresher, here is a highlight reel from Googles “year in search” of all the big, if mostly irrelevant, topics that people around the world obsessed over in 2025.
Of course, all of the stuff in the clip above is just fluff and distractions for and by the masses, meant to keep attention focused on trivial things and away from what really matters. What we tried to do with our reporting throughout the year was to minimize the noise and to bring you, our readers, the signal, and while there was a nonstop barrage of the former, the underlying newsflow largely boiled down to four main categories:
Starting with the first, the shock from the result of the November 2024 election – which together with the Trump assassination attempt were the biggest political events of 2024 – quickly turned to awe from Trump’s decision to immediately implement his transformational trade policies in the form of massive tariffs on most US trade partners, which upended decades of conventional trade policy through significant action and led to a surge in the effective tariff rate and countless predictions of doom, gloom and recessions from such cartoon economists as Paul Krugman who said that “it’s not the size of the trade policy shift, but the uncertainty around it that could cause a recession…. and at this point, policy reversals may actually worsen the situation because they would enhance uncertainty.”
But what Krugman, and so many other “experts” failed to understand is that, in keeping with the pattern set by the first Trump admin the president was setting new precedent and aggressively negotiating, leading not to a recession, but many new trade deals – all at far more advantageous terms to the us – with little of the “imminent” inflation passing through to US consumers as it was exporters (such as Japanese car makers) who ended up footing the bill for Trump’s tariffs.
The result was that the initial surge in trade uncertainty, which was loudly cheered on by liberal economists as it confirmed their anti-Trump bias, promptly faded…
… and recession fears disappeared almost as fast as they had emerged.
And while the inflation from Trump’s tariffs has yet to emerge, the benefits in the form of almost $400BN in annualized tariff revenues are already here, and could have been used to lower the US budget deficit…
… if there was any hope that the US could ever spend less, which unfortunately is no longer feasible with the US starting fiscal 2026 with the biggest budget deficit on record….
And while politics – and the constant daily declarations from Trump’s Truth Social account – certainly meant much less sleep for anyone in 2025, one can certainly argue that innovation, in a broad sense, and especially AI technology, was as important as politics this year and certainly helped lift the US economy from a far worse place.
To be sure, the year started off on the right foot, with names that have become synonymous with the AI boom like Nvidia soaring, as Wall Street was content that investment in AI would continue to grow exponentially, as the following charts show.
Optimism was also lifted amid reports that AI adoption was rising (even if as Goldman noted, it was due to a purposefully phrased question designed to give the impression that adoption was rising). The trade off to increased AI adoption – far more concerning in the short-run for politicians desperate for votes – is that both overall tech and especially youth unemployment, are rising dangerously fast, potentially leading to a sharp deterioration in the US labor market, assuming the AI cycle goes as planned… and the US wins the US-China AI war.
That outcome is far from certain, however, and it finally dawned on the market that the flurry of recent developments in the AI sector…
… was – as we first described it – one giant circle jerk, where little money actually changes hands yet the impression of top-line growth keeps pushing stock prices to record highs…
… resulting in a painful swoon for much of the AI sector in the second half amid renewed concerns about AI returns on investment, and the risk of a full-blown bubble which may burst any second
In any case, the reality is that we have seen chatbots come and go, and the world always moved on to a new, bigger and shinier fad. This time, however, prices may have pulled just a little bit too much from the future, as this breakdown of the Mag7 vs the S&P shows.
In any event, we don’t have that much new to add here: exactly two years ago we said that “we would be remiss not to mention the single biggest market narrative – and tech story – of 2023, namely the unprecedented AI mania, which manifested itself in an explosion in the “Magnificent 7″ mega tech stocks which now make up a record 30% of the S&P’s market cap.” Two years later, AI is still the the biggest driver of financial assets, and that will continue… until it stops.
Maybe the biggest difference from two years ago is that “more of the same” means that never before has so much market influence and impact been concentrated in so few stocks, and at last check, the 10 largest stocks in the S&P now account for 38% of total market cap. Actually, one correction: it’s not “never before” – the last time so few stocks had such a big impact on the market was… just before the Great Depression.
Actually, we do want to highlight one pretty notable change, and this one could be critical for the 2026 midterms: after two years of coasting on available grid capacity, the rampant data center buildout means that energy has officially become the bottleneck, and as the following chart from Goldman shows, eight out of the 13 US regional power markets are already at or below critical spare capacity levels.
Add to this the stark reality that Nvidia’s upcoming Rubin/Rubin Ultra GPUs will be power hogs, raising the electricity demand for every rack from roughly 150kW to 300/600kW…
… and we stand by our claim made this summer that this chart of US electricity inflation – already surging in states like DC, Indiana, Illinois and NJ – will soon be the biggest political and economic talking point.
Artificial Intelligence aside, another major technological innovation that also came to the fore in 2025, but received far less attention – even though it is possible its contributions to society will be just as important as AI – were stablecoins, a tokenized digital alternative to fiat currency which use blockchain technology and unlike cryptocurrencies, are designed to maintain a stable value, traditionally pegged one-to-one with the dollar (and collateralized by T-Bills, i.e., the more demand for stablecoins, the more demand for Bills) . In 2025 the value of the stablecoin market rose above $300 billion (with Tether accounting for more than half), and which many project will rise to $2-3 trillion over the next several years…
… providing a natural buyer of short-term debt and serving as a Plan B to the Fed’s upcoming mega QE, because you didn’t think all that debt that will be needed to fund the AI cycle – over $5 trillion according to JPMorgan – would buy itself.
And speaking of the Fed, our nemesis since day one of this website when gold was $700 and bitcoin didn’t exist, it is gratifying to see that the US central bank is circling the drain ever faster, and is likely at most a few years away from losing its “independence” – which never actually existed – and merging with the Treasury. Until then, however, the question is when will it all fall apart, with both the debt and deficit hitting daily record highs, while the interest on public debt at unprecedented levels, and well over $1 trillion now, despite 10Y yields just over 4%.
The rapidly deteriorating US fiscal situation was not lost on the rating agencies, and in May, Moody’s became the 3rd and last of the big three (after S&P and Fitch) to downgrade the US from the pristine Aaa to Aa1 citing the increase in government debt owing to increased spending and reduced tax revenues, as well as the growing federal interest payments.
Downgraded or not, the dismal US fiscal picture got even worse in 2025 and despite some modest hopes that Elon Musk and DOGE would at least seek to slow down the relentless increase in US debt, that did not happen and on the contrary, total US debt rose by over $2 trillion this year to a new high of $38.4 trillion, more than tripling the debt load since 2010.
To be sure, this wasn’t just a US phenomenon, with debt ratios across the entire world already at nosebleed levels and expected to rise even higher to pay for unsustainable deficits across all economies but especially among emerging markets.
Yet the US was unique in that the status of the Fed is increasingly being challenged by Trump, who has made his displeasure with Fed Chair Powell quite public.
Ironically in the end Trump’s appeals for lower rates which saw much pushback by the Fed in early 2025 come to fruition when the Fed not only resumed its rate cuts in late 2025 (despite growing political opposition inside the Fed) but culminated in the Fed restarting QE Lite earlier this month, when Powell revealed that as part of the funding plans for 2026, the Fed would proceed to monetize $40 billion in T-Bills (to start), a number which will only grow.
None of this was lost on the market, and while stocks staged a dramatic rebound from their Liberation Day lows and closed out the year at all time highs (more on the below), that move was nothing compared to the historic eruption in precious metals – which are far more sensitive to the monetary and fiscal challenges facing the US – and which had their best year since 1979, with gold up 70% and silver almost tripling at one point!
The last major theme of 2025 was a familiar one: geopolitics remained on the front page of most daily updates, only this time in addition to the hot war in Ukraine which entered its 4th year with little progress in sight, despite repeated attempts by Trump to mediate…
… prompting Europe to rapidly rearms itself for the first time since WW2 (and spend hundreds of billions in newly issued debt in the process)…
… we got to witness a new cold war erupt between the US and China as the tech race to win the AGI trophy quickly became the 21st century version of the nuclear arms race…
But while the four macro themes list above defined the narrative, the economy and the stock market across 2025, the day-to-day gyrations were defined by what at time seemed like unabashedly chaotic newsflow; and as we take a stroll through memory lane, here is a detailed look at the micro events that shaped trading across the past 11 months, courtesy of Bobby Vedral’s Macro Eagle monthly email:
Next, let’s do a quick a recap of the main market events of 2025, where as Goldman’s top trader John Flood reminds us, positive momentum from 2024 carried into January as investors remained optimistic on everything AI and a pro-business administration squarely focused on deregulation. The first real test of the year came on January 27th, aka “DeepSeek Monday.” The Chinese AI company released its chatbot which led to a sharp drawdown in global technology stocks. Investors worried that the AI hardware and large-model business architype might be disrupted with significantly cheaper (yet still efficient) models like DeepSeek potentially having the ability to knock off some of the biggest players. However, these fears tuned out to be relatively short lived as the AI complex quickly regained its footing and soared higher over the course of the year (it still remains the case that China will be able to confront US technology with much cheaper and just as efficient tech of its own).
Due to a bout of extreme factor volatility, March 7 and March 10 will go down as one of the worst two-day stretches of hedge fund performance in years (multistrat-mageddon). The momentum factor experienced a 4+ standard deviation drawdown which led to forced derisking across various types of HF strategies. On the flip side, this episode also led to cleaner positioning as traders braced to enter the second quarter.
Donald Trump’s “Liberation Day” will be remembered as the most impactful event on the US stock market in 2025. After the market close on April 2, the president announced sweeping new tariffs on imports and famously held up his big boards with startling rates for the world to digest. The S&P 500 promptly lost 13% in the next weeks, from April 3 through 8, and closed under 5k on April 8, which was also the low close of the year. However, on April 9, Trump announced a 90 day pause on tariffs causing the S&P 500 to experience it sharpest intraday reversal since 2008 (the index closed +952bps on the day). This set the stage for the S&P 500 to make 36 additional record closes in 2025 (there have been 39 total this year).
After Liberation Day, a majority of professional institutional investors remained skeptical of the market’s rally and stayed on the sidelines. The most common reasons cited for this skepticism were geopolitical/macro/policy uncertainty, rich valuations, and poor market breadth. As a result, fundamental long/short HF net exposure spent most of the year well below the 50th percentile rank. Mutual Funds also sat on a significant amount of cash until the 4th quarter (when it was too late). As a result, only 28% of large cap mutual funds are outperforming their benchmarks, the lowest share since 2019…
… while the average fundamental long/short hedge fund underperformed the S&P 500 by 200bps, which is yet another reason for the relentless rotation out of actively managed funds and into much cheaper, passive ones which deliver the same if not better results.
Goldman’s sentiment indicator spent most of the year in negative territory reflecting light institutional investor positioning, as the wall of worry has been extremely high this year and remains omnipresent. Furthermore, the stubbornly high short interest across the S&P suggests markets will likely continue to see bouts of short squeezes, pushing them above fair value.
As we have detailed extensively throughout 2025, three investor groups that have shown up as noteworthy buyers of US stocks this year are the retail community, corporates, and foreigners. Goldman data shows that the well informed retail community now only consistently sells stocks when there is significant job loss (as in March of 2020). The retail cohort’s most significant buy imbalances were in early April post liberation day, when retail got it right and professional investors were dead wrong.
Meanwhile, companies again repurchased over $1 trillion of their shares in 2025 making it a top 3 buyback year in the history of the stock market, and as authorizations continue to ramp, $1 trillion annual corporate bids will be the new norm on the go forward, unless the Mag 7 are forced to plow all their free cash flow into capex… capex which accounted for a material portion of US growth in 2025.
The combination of aggressive retail buying and corporate buybacks provided a higher floor for the market at the index level, continuing to frustrate the HF and MF communities which just can’t get a dip that’s big enough for them to feel safe to buy. Meanwhile, despite ongoing debates around US exceptionalism (which contrary to leftist narratives, did not end when Trump entered the White House), foreign investors were the single largest source of US equity demand in 2025. Foreign investors bought nearly $280 billion in May and June this year, continuing the usual pattern of elevated foreign investor demand after the US dollar weakened and US equities underperformed.
Turning to the Fed, after putting rate cuts on hold in December 2024 – just after Trump won the election – Jerome Powell, facing a daily barrage of insults from Trump virtually non stop in 2025, pivoted back to dovish and cut rates by 25bps in September, October, and in December; not only that, but as noted above, the Fed resumed QE Lite announcing it would purchase a minimum of $40BN in Treasury Bills every month.
Lower rates, a weaker dollar, a resilient consumer, solid earnings, 2% GDP growth, and cautious sentiment make Goldman – and most other banks all of which have an average S&P price target well in the 7000 range – believe the US stock market will be the best place to be in 2026.
And speaking of Goldman, its baseline economic forecast is that growth reaccelerates to 2 – 2.5% in 2026 because of reduced tariff drag, tax cuts, and easier financial conditions. Standard models suggest that this should boost job creation and stabilize the unemployment rate at a level only modestly above September’s 4.44%. Under this forecast, the bank’s core assumption is that the FOMC slows the pace of easing in the first half, pausing in January but still delivering two more cuts in March and June which push the funds rate down to a terminal level of 3 – 3.25%.
Finally, from John Flood’s seat, an average of 17.5 billion shares traded across the US equity market each day this year. For context, this number was 10.8 billion shares in 2020. However, trading has never been more difficult as liquidity is hard to come by as this volume growth is happening off-exchange which traders cannot access. Over 75% of off-exchange volume now trades in OTC market centers, which includes retail flow mostly inaccessible to institutional investors. Fragmentation in the US markets poses further challenges with 16 exchanges, over 30 ATSs and hundreds of OTC liquidity destinations. The average trade size has dropped both on and off exchange, reaching a 15-year low this year of 150 shares per trade. Incidentally, the Retail bid should remain very strong in 2026 as tax refunds spike in early 2026 (2025 were never adjusted to reflect OBBBA and therefore many will be due a large refund). As Flood concludes, “knowing where the bodies lie” has never been more important.
Of course, 2025 was about much more than just markets, and one of the tragic developments of the increasingly polarized US society was the surge in political assassinations, which started in the summer of 2024 with the unsuccessful attempt on Donald Trump’s life, escalated when a troubled young man murdered the CEO of UnitedHealthcare in December 2024 to make a political statement, and culminated in September 2025 when a radicalized and brainwashed 22-year-old assassinated Charlie Kirk in broad daylight. Unfortunately, with mental illness largely normalized by the liberal establishment, and with mainstream media brainwashing an entire generation into believing that “killing fascists is ok”, we are confident that this is only the beginning and there will be many more political assassinations in 2026 and beyond.
But while tragic and inexcusable, the sad reality is that there is an entire generation of young Americans who feel an unprecedented degree of anxiety that the American Dream is now hopelessly lost. And, to an extent, one can’t blame them: we started off this website in 2009 with a clear warning that the Fed is the single biggest enemy of American prosperity, the future of the American experiment, and the American way of life, because artificial growth boosted by trillions in budget deficits promptly monetized by the central bank, and culminating in a record $38+ trillion in debt (rising by $1 trillion every few months), which has to be inflated away sooner or later (and judging by the price of gold, it will be “sooner”), will inevitably lead to devastating consequences.
17 years later we have been proven right, as America’s conversion into a banana republic is nearly complete with the vast majority of wealth now held by a handful of corporate shareholders, oligarchs and others within the top 1% of the wealth pyramid, while the middle class is disappearing at an exponential pace, drowned by the tide of rising prices. And with little hope to live for, it is understandable why so many young American men and women (and they/thems) are now willing to suicide themselves at the altar of generational disillusionment, but not before first making a deadly political statement.
In 2025, some tried to nudge the US off its doomed course with the iceberg of fiscal inevitably, most notably Elon Musk who launched the Department of Government Efficiency (DOGE), in hopes of streamlining and eliminating waste within the US government. We were skeptical, and in February we warned Musk that “what Musk is doing in trying to streamline the govt is admirable but ultimately it will be Congress that decides the endgame. And there things are as status quo as always.” A few months, and one very high profile feud with Donald Trump later, Musk agreed, saying that “the government is basically unfixable…. at the end of the day if you look at our national debt…if AI and robots don’t solve our national debt, we’re toast.”
The DOGE experiment was quietly snuffed out and the uniparty, which thrives on corruption, opacity and waste, won again. That, too, was not lost on either gold or silver, which enjoyed their best year in nearly half a century, as the days of the US dollar as the world’s reserve currency draw to a close.
And speaking of Elon, he also deserves congratulations for continuing to convert X (f/k/a Twitter), from what was once the most corrupt and censored social media network in the world controlled by an army of woke, bluepilled Karens, into a bastion of free speech, one which many will agree was instrumental in Trump’s victory on in 2024. Many smirked two years ago this day when we said that “in less than a decade, Elon Musk’s $44 billion purchase of Twitter will seem like one of the century’s biggest bargains.” Fast forward to today when Elon Musk is not only the world’s richest man once more with a staggering net worth of over $600 billion, but he is that by a huge margin, worth some $350 billion more than Larry Page’s $270 billion, and he largely has X to thank for this, even as virtue-signaling corporations (who all work in conjunction with the deep state in hopes of getting some fast-track access to those very generous taxpayer-funded government contracts) continue to do everything in their power to isolate and blacklist both Musk and his various enterprises.
We say this as one of the very first media outlets that was dubbed “conspiracy theorists” by the authorities, leading to repeat attempts to demonetize and deplatform us, and ultimately put us out of business. Oh yes, we’ve been there: we were suspended for half a year on Twitter for telling the truth about Covid, and then we lost most of our advertisers after the Atlantic Council’s weaponized “fact-checkers” such as Newsguard put us on every ad agency’s black list while anonymous CIA sources at the AP slandered us for being “Kremlin puppets” while – as we have since learned – the campaign to defund ZeroHedge, as well as The Federalist and Breitbart, could ultimately be traced to UK prime minister Kier Starmer. Which reminds us: for those with the means, desire and willingness to support us, please do so by becoming a premium member: we are now almost entirely reader-funded so your financial assistance will be instrumental to ensure our continued survival into 2025 and beyond.
That said, we did get a chuckle when, five years after he almost succeeded in shutting us down in collaboration with Google, Imran Ahmed, CEO of the Center for Countering Digital Hate (CCDH) was sanctioned by the Trump administration and barred from entering the US.
The bottom line, at least for us, is that the past five years have been a stark lesson in how quickly an ad-funded business can disintegrate in this world which makes the dystopian nightmare of 1984 seem more real each day, and we have since taken measures. Five years ago, we launched a paid version of our website, which is entirely ad and moderation free, and offers readers a variety of premium content. It wasn’t our intention to make this transformation but unfortunately we know which way the wind is blowing and it is only a matter of time before the gatekeepers of online ad spending return and block us – and those like us – as traditional media continues to melt away, losing more credibility and readers each and every day. As such, if we are to have any hope in continuing it will come directly from you, our readers. We will keep the free website running for as long as possible, but we are certain that it is only a matter of time before the hammer falls as the deep state retaliates to the shocking loss of 2025 and lashes out at all new media, as the deep state will stop at nothing to silence all independent voices in order to preserve mind control over the population.
As always, we thank all of our readers for making this website – which has never seen one dollar of outside funding (and despite amusing recurring allegations, has certainly never seen a ruble from either Putin or the KGB either, sorry CIA) and has never spent one dollar on marketing – a small (or not so small) part of your daily routine.
Which also brings us to another critical topic: that of fake news, and something we – and others who do not comply with the established narrative – have been accused of. While we find that narrative laughable, after all every single article in this website is backed by facts and links to outside sources, it is clearly a dangerous development, and a very slippery slope that the entire developed world is pushing for what is, when stripped of fancy jargon, internet censorship under the guise of protecting the average person from “dangerous information.” It’s also why we are preparing for the next onslaught against independent thought and why we had no choice but to roll out a premium version of this website.
In addition to the other themes noted above, we expect the crackdown on free speech by various deep state tentacles to accelerate in the coming years (although it will be mostly in the shadows, at least for the time being, until Trump gets bored or tired of fighting the infinitely more powerful octopus that is truly in control of the United States) especially as the following list of Top 20 articles for 2025 reveals, many of the most popular articles in the past year were precisely those which the conventional media would not touch with a ten foot pole, both out of fear of repercussions and because the MSM has now become a PR agency for either a political party or some unelected, deep state bureaucrat, which in turn allowed the alternative media to continue to flourish in an information vacuum and take significant market share from the established outlets by covering topics which established media outlets refuse to do, in the process earning itself the derogatory “fake news” condemnation.
So without further ado, here are the articles that you, our readers, found to be the most engaging, interesting and popular based on the number of hits, during the past year.
And with all that behind us, and as we wave goodbye to another bizarre, exciting, surreal year, what lies in store for 2026, and the next half-decade?
We don’t know: as our frequent readers are aware, we do not pretend to be able to predict the future and we don’t try, despite repeat baseless allegations that we constantly forecast the collapse of civilization: we leave the predicting to the “smartest people in the room” who year after year have been consistently wrong about everything, and never more so than in 2025 when all the experts predicted soaring inflation as a result of Trump’s tariffs, alongside a sharp drop in the stock market… only to flip-flop and concede that not only is tariff inflation not coming but the market is set to close at fresh record highs…
… in the process adding strategists and analysts to the clueless ranks of economists, mainstream media and the professional polling class, not to mention all those “scientists” who made a mockery of both the scientific method and the “expert class” with their catastrophically bungled response to the covid pandemic, and then the response to the response, and so on… We merely observe, find what is unexpected, entertaining, amusing, surprising or grotesque in an increasingly bizarre, sad, and increasingly crazy world, and then just write about it.
We do know, however, that with the Fed having flip-flopped yet again, and re-pivoting dovishly just months after the latest hawkish pivot when Trump was elected, only to back off following a now all-out war of words between the White House and the Marriner Eccles building (located just a few hundred feet away) which led to the launch of QE Lite (ahead of a full-blown QE soon) with home prices and rents still refusing to drop despite mortgage rates peaking around 7%, and overall prices stuck at all time highs, it is not Trump’s trade war but year of catastrophic monetary and fiscal policy that will inevitably lead to another surge in inflation right around the time of the midterms (Trump will, of course, do everything in his power to delay the inevitable until at least 2027) and Jerome Powell becoming not the second coming of saint Paul Volcker but of satan Arthur Burns.
But even ignoring the impact on prices, one can’t just undo almost 20 years of central bank mistakes by willing them away (especially after Elon Musk and DOGE confirmed what we said at the start of the year, namely that the level of corruption and out of control spending is so embedded in every corridor of the US government that it will never be eradicated); after all it is the trillions and trillions in monetary stimulus, the helicopter money, the MMT idiocy, and the endless deficit funding by central banks that sent gold and silver into the clearest red alert warning yet that hyperinflation and a fiat collapse is looming, and that the current attempt to stuff 15 years of toothpaste back into the tube, will be a catastrophic disaster.
We are confident, however, that in the end it will be the very final backstoppers of the status quo regime, the central banking emperors of the New Normal, who will again be revealed as completely naked. When that happens and what happens after is anyone’s guess. But, as we have promised – and delivered – every year for the past 17, we will be there to document every aspect of it.
Finally, and as always, we wish all our readers the best of luck in 2026, with much success in trading and every other avenue of life. We bid farewell to 2025 with our traditional and unwavering year-end promise: ZeroHedge will be there each and every day – usually with a cynical smile (and with the CIA clearly on our ass now) – helping readers expose, unravel and comprehend the fallacy, fiction, fraud and farce that defines every aspect of our increasingly broken economic, political and financial system.
