Money, Money, Not Enough Money, & Definitely Not Enough Money
April 24, 2025
Hello, readers – happy Thursday! Today, we’ll be talking about the stock market, world economics, violence in Kashmir, Brazil’s coup ramifications, a fired military leader, defunding a museum, and Tesla’s rough numbers.
Here’s some good news: Pupy the elephant arrived at her new home in a sanctuary in Mato Grosso, Brazil, after 30 years in Argentina, where her conditions were seen as subpar by most experts. Also, a new survey found that endangered sea turtles show signs of recovery in a majority of places where they’re found worldwide.
“I don’t believe you have to be better than everybody else. I believe you have to be better than you ever thought you could be.” – Ken Venturi
A Green Day After Earth Day
Stock markets saw green for the second day in a row yesterday. First, Trump backed off on his threats to fire Federal Reserve Chair Jerome Powell, easing investor fears about further economic turmoil. Also, the U.S. appears ready to reduce its tariffs on Chinese goods, easing worries about a trade war.
Last week, Trump called Powell (whom he appointed as Fed chair) a “major loser” and said that his “termination cannot come fast enough!” because he hasn’t lowered interest rates enough. But late in the day on Tuesday, Trump announced that he had “no intention” of firing Powell anymore, sparking part of Wednesday’s rally.
On the China issue, Trump indicated on Tuesday that he might lift tariffs on China, noting, “it won’t be zero.” The Wall Street Journal reported yesterday that the Trump administration is looking to slash its proposed tariffs on China, though it hasn’t come to a final decision yet. One proposal would see tariffs cut to between 50% and 65%. Another proposal would implement a tiered tariff system, with 35% taxes on Chinese goods that aren’t important for national security but 100% or higher tariffs on strategic goods. China responded well to the news, indicating that it’s open to talks so long as Washington discontinues its threats.
Holding Up The World Bank
While some of his plans have already failed, Trump is still looking to reshape the world in his vision. Yesterday, Treasury Secretary Scott Bessent announced that the Trump White House is planning to reform the International Monetary Fund (IMF) and World Bank – the president apparently hopes to create a more “sustainable international economic system” for the U.S. and other nations.
In his statement, Bessent criticized both the IMF and the World Bank by saying that “mission creep has knocked these institutions off course.” The IMF, in his words, has devoted too many resources to its “work on climate change, gender, and social issues” instead of making countries pay back their loans, and he also slammed the World Bank for its “absurd” treatment of China as a developing nation.
“While it has been at the expense of many Western markets, China’s rise has been rapid and impressive,” Bessent added. “But if China wants to play a role in the global economy commensurate with its actual importance, then the country needs to graduate up.” He went on to address Beijing again, saying, “The IMF needs to call out countries like China that have pursued globally distortive policies and opaque currency practices for many decades.” It seems Washington wants to hold the institutions hostage, leveraging continued support to put more financial pressure on China.
Stay Hydrated All Summer Long
- The weather is heating up and hydration is about to be at the top of your to-do list. Make it easy with LMNT, the electrolyte drink that’s got everything you need and nothing you don’t.
- With 1000mg sodium, 200mg potassium, and 60mg magnesium for optimal hydration wherever you go, LMNT is perfect for a morning boost, after exercising, or recovering from a night out.
- Try their convenient single-serve packets or check out delicious, refreshing cans of LMNT Sparkling. Get a free sample pack with any purchase today!
Tugging On Threads In Kashmir
- On Tuesday, an attack by Islamic militants ended with 26 tourists killed in India’s Kashmir region. In response, India announced the closure of its main border crossing with Pakistan, and police and military forces have kicked off a wide manhunt in search of the perpetrators.
- According to one survivor of the violence, militants opened fire on a group of tents that Hindu tourists were staying in while visiting a popular camping destination near the town of Pahalgam. An obscure militant group named the Kashmir Resistance claimed responsibility for the attack, saying it was a response to “demographic change” in the majority-Muslim Kashmir region.
- Prime Minister Narendra Modi’s Hindu nationalist Bharatiya Janata Party government has increasingly imposed its will on Kashmir over the past few years, revoking its semi-autonomous status in 2019, imposing a communication blockade on the area, and jailing local activists and leaders.
Lula Locks Up The Losers
- Brazil’s government is cracking down on more coup co-conspirators (coup-conspirators?). On Tuesday, the country’s Supreme Court unanimously accepted a series of criminal charges against six allies of former President Jair Bolsonaro for their roles in a coup plot that would have kept the far-right leader in power after he lost the 2022 presidential election.
- In his case against Bolsonaro and his backers, Brazil’s prosecutor general divided coup participants into five groups based on their responsibility level within the conspiracy. Bolsonaro and his close advisors are considered part of the “core group,” while the people charged on Tuesday were part of a second, more managerial group.
- Members include former presidential foreign affairs adviser Filipe Martins, retired Gen. Mario Fernandes, and others; they allegedly attempted to mobilize police to support the coup and monitored certain other officials in the run-up to the coup. Under Brazilian law, participating in a coup carries a sentence of up to 12 years, but with all the other charges against the conspirators, they could find themselves behind bars for decades.
More Mixed Nuts
- 6.2 magnitude earthquake near Istanbul rattles Turkey (ABC)
- Trump says Zelenskyy is prolonging war in Ukraine by resisting calls to cede Crimea to Russia (AP)
- Norway launches scheme to lure top researchers away from US universities (Guardian)
- Canada election sees record high early voting, figures show (Guardian)
Middle East Mixed Nuts
- Eleven killed in Gaza school shelter as Israel continues bombing campaign (Guardian)
- Abbas calls Hamas ‘sons of dogs’ and demands release of Gaza hostages (BBC)
- Spanish deputy PM’s party calls for cancellation of Israeli arms order (Guardian)
- Israel ends mention of humanitarian zones as Gaza war grinds on (Guardian)
Playing Coy About Fort McCoy
- Col. Sheyla Baez Ramirez has been suspended as Fort McCoy’s garrison commander, according to a statement posted by the Army on the base’s website. The statement said the suspension isn’t related to any misconduct but provided no other details, saying the matter was under review.
- Ramirez was Fort McCoy’s first female commander. While the Army isn’t giving much insight, the Department of Defense on April 14 posted photos on X showing that portraits of President Trump and Defense Secretary Hegseth on the base’s chain of command wall had been turned to face the wall.
Wiping Out The Whitney
- The Institute of Museum and Library Services (IMLS), which provides resources and support to libraries, archives, and museums across the U.S., has terminated two grants for Black history and culture that were awarded to the Whitney Plantation in Louisiana. They’ve already received one of the grants this year, but the other, which was to help fund an exhibit about how enslaved people resisted on plantations, was set to be completed in June this year.
- When the Whitney Plantation opened in 2014 as a museum, it was the first plantation in the country dedicated to memorializing slavery and honoring enslaved people. More than a dozen historical structures are preserved at the museum. In a March executive order, President Trump called for the IMLS to be “eliminated to the maximum extent consistent with applicable law,” and DOGE put nearly all of the IMLS’s employees on administrative leave.
More Nuts In America
- Longtime Democratic Sen. Dick Durbin will not seek re-election in 2026 (NBC)
- Fears grow that Signal leaks make Pete Hegseth top espionage target (Guardian)
- State of emergency declared as New Jersey wildfire explodes to 11,500 acres (ABC)
- Judges temporarily prevent North Carolina officials from contacting voters in close election (AP)
- City of Uvalde reaches settlement with families of school shooting victims (ABC)
Model Y? More Like Model “Why Are We Failing?”
- Tesla is crashing and burning like a Tesla with autopilot on. After the stock market closed on Tuesday, the company published its Q1 2025 financial earnings. Or rather, its lack of earnings. The electric automaker said it earned just $409 million in net income against its $19.3 billion in revenue over the first three months of the year – compared to the same period in 2024, that’s a 71% decrease in profits (down from $1.39 billion) and a 9.4% decline in revenue ($21.3 billion in 2024). The company earned just $13.9 billion from selling cars this quarter, a 20% decrease from the $17.4 billion it made in Q1 2024.
- Tesla just barely managed to turn a profit this quarter thanks to – you guessed it – government support! In order to make it look like the company was still in the black, Tesla sold off $595 million in carbon credits generated by its zero-emission vehicle sales to other automakers who missed their carbon targets. Without those sales, the company would have recorded a quarterly loss of $186 million.
- Musk offered a few excuses for the company’s lack of performance in a call with investors. First, he blamed the slipping profits on his absence from Tesla, but promised that he would be back at the helm after wrapping up his work cutting “waste and fraud” in the federal government. He then blamed protestors for scaring consumers away from Tesla dealerships, and promised that about 10 or 20 fully autonomous Tesla Model Ys will begin driving the streets of Austin, Texas as part of Tesla’s robotaxi pilot program. Meanwhile, Waymo robotaxis are completing over 200,000 paid rides per week and are looking to expand to more cities across the globe.
More Loose Nuts
- The Industry Exodus Isn’t Just Bad for L.A. — It’s Hurting the Environment, Too (Hollywood Reporter)
- In a first, explorers at WWII shipwreck discover aircraft from legendary Battle of Midway (CBS)
- Bite marks on York skeleton reveal first evidence of ‘gladiators’ fighting lions (Guardian)
- Giant prehistoric kangaroos preferred to ‘chill at home’ and didn’t like to go out much, scientists say (Guardian)
- An ancient ‘terror crocodile’ became a dinosaur-eating giant. Scientists say they now know why (CNN)
