Category: News
DOJ Must Return Data Seized From Comey Confidant, Court Will Retain Copy: Judge
DOJ Must Return Data Seized From Comey Confidant, Court Will Retain Copy: Judge
Authored by Melanie Sun via The Epoch Times,
The Department of Justice has been ordered by a federal judge to return everything that it seized and obtained between 2017 to 2020 from a longtime confidant of former FBI Director James Comey, siding with the friend and plaintiff who said his constitutional rights had been violated when the materials in his possession were misused to investigate Comey.
In a decision on Dec. 12, U.S. District Judge Colleen Kollar-Kotelly for the District of Columbia ruled that the DOJ had violated law professor Daniel Richman’s Fourth Amendment right to be free from unreasonable searches and seizures when it retained certain files copied from the plaintiff’s personal computer and online accounts between 2017 to 2020 when it was investigating whether Comey had leaked classified material after being fired as FBI director, and used those files for further investigations not covered by the original warrant.
“This seizure is unreasonable because the Government’s warrantless search of the files earlier this year reveals that the Government has not implemented effective safeguards to protect copies of the files from unlawful access while they remain in the Government’s custody and control,” the judge wrote.
Kollar-Kotelly said the materials copied from Richman had been handled with “callous disregard” for the plaintiff’s constitutional rights and called the recent warrantless search of the materials a “remarkable breach of protocol.”
“Because Petitioner Richman is entitled to return of his property as a remedy for the violation of his constitutional rights, the Court is unpersuaded by the Government’s contention that his motion must be denied based on its potential collateral effects on the investigation and prosecution of Mr. Comey,” Kollar-Kotelly wrote.
However, the judge only partially granted Richman’s petition, declaring as moot his request for a temporary restraining order.
Instead, Kollar-Kotelly ruled that before the materials are returned to Richman, the government may create “one complete electronic copy of those materials and deposit that copy, under seal, with the U.S. District Court for the Eastern District of Virginia, which shall have supervisory authority over access to this material, for future access pursuant to a lawful search warrant and judicial order.”
This addresses the violations against Richman “without preventing the Government from conducting any future investigation or prosecution,” the judge said.
“[H]e is not entitled to an order preventing the Government from ‘using or relying on’ those materials in a separate investigation or proceeding, as long as they are obtained through a valid warrant and judicial order.”
Prosecutors can seek a new warrant to regain access to the files, the judge said.
The DOJ must return the materials to Richman by Dec. 15. In addition to the copy of his personal computer, the order also relates to any images of Richman’s email or Apple iCloud accounts, including from any Columbia University email accounts.
The judge last week had temporarily blocked the DOJ from accessing the materials without the court’s permission in response to an emergency motion filed by Richman’s lawyers.
DOJ Indicts Comey
The DOJ in September indicted Comey in Virginia on charges of making false statements to Congress in 2020 and obstructing Congress when he denied authorizing the leak of memos alleged to contain classified information. Comey testified at the time that FBI officials had anonymously provided information to news outlets, which the DOJ alleged conflicted with his 2018 testimony to Congress.
Comey pleaded not guilty. The indictment was dismissed in November after a judge ruled that prosecutor Lindsey Halligan’s appointment was unlawful.
Comey had testified in 2018 that he had leaked some personal memos to Richman after President Donald Trump fired him from the FBI, including one memo that allegedly contained classified information. The firing was over his refusal to prosecute former Secretary of State Hillary Clinton for using a private email server to convey sensitive national-security messages.
Comey said in 2018 that he considered the memos to be “personal documents” as they were his recollection of his conversation with Trump. He also said his intention with leaking the documents was to trigger the appointment of a special counsel to continue the investigation into alleged Russian election meddling, in which he succeeded with the appointment of special counsel Robert Mueller.
After a DOJ Inspector General investigation in 2019 found policy violations but no criminal charges regarding Comey’s handing of the memos, the DOJ under Attorney General William Barr declined to prosecute the allegations of classified elements being released in the memos.
As the DOJ in September had relied on the materials previously obtained from Richman to indict Comey, the DOJ had argued to Kollar-Kotelly that Richman’s appeal “amounts to nothing more than an improper collateral attack on the investigation and prosecution of Mr. Comey and that return of property to Petitioner Richman is not an available remedy.”
The DOJ’s motion to dissolve the temporary restraining order was also denied as moot.
Tyler Durden
Sun, 12/14/2025 – 12:50
Antisemitismo iba en aumento en Australia incluso antes del ataque
Por MELANIE LIDMAN
TEL AVIV, Israel (AP) — Al menos 11 personas murieron el domingo en un ataque durante una celebración de Janucá en una popular playa de Sydney, y el primer ministro australiano, Anthony Albanese, no tardó en calificarlo como un acto de terrorismo antisemita. El antisemitismo ha ido en aumento en Australia, alimentado en parte por la guerra de Israel en Gaza, incluso cuando los grupos judíos locales han denunciado la falta de apoyo de las autoridades.
A nivel mundial, Australia e Italia experimentaron el mayor aumento de ataques antisemitas en 2024, según Uriya Shavit, quien supervisa un informe anual sobre el antisemitismo global de la Universidad de Tel Aviv.
Las cifras en estos dos países aumentaron mientras que a nivel mundial hubo un ligero descenso en los ataques antisemitas. Australia registró 1.713 incidentes antisemitas.
Australia, un país de 28 millones de habitantes, alberga a unos 117.000 judíos, según cifras oficiales.
“Esta era realmente una de las comunidades más seguras para los judíos en la historia, caracterizada por la tolerancia religiosa y la coexistencia, y ahora los judíos australianos se preguntan seriamente si tienen un futuro en el país”, declaró Shavit. Citó una creciente legitimación de las expresiones de odio hacia los judíos en el discurso público y la falta de disposición del gobierno para abordar el problema.
El rabino Eli Schlanger, de Jabad de Bondi y uno de los principales organizadores del evento donde ocurrió el tiroteo del domingo, estaba entre los muertos, según Jabad, un movimiento internacional del judaísmo ultraortodoxo conocido por sus encendidos públicos de velas en comunidades de todo el mundo.
El Consejo Ejecutivo de los Judíos Australianos, en un comunicado, pidió a los líderes del gobierno que vayan más allá de las palabras.
“El tiempo de hablar ha terminado. Necesitamos liderazgo y acción decisiva ahora para erradicar el flagelo del antisemitismo de la vida pública de Australia, por lo cual la comunidad judía ha estado abogando durante mucho tiempo. El primer deber del gobierno es mantener a sus ciudadanos seguros”, dice el comunicado.
Los episodios antisemitas en las dos ciudades más grandes de Australia, Sydney y Melbourne —hogar del 85% de la población judía del país— han atraído la mayor atención porque son graves, inusuales y públicos.
En agosto, Albanese acusó a Irán de organizar dos ataques antisemitas en Australia e indicó que su país estaba cortando relaciones diplomáticas con Teherán en respuesta. No está claro si el ataque del domingo en el evento de Janucá tenía alguna conexión con Irán.
La Organización Australiana de Inteligencia de Seguridad concluyó que Irán había dirigido ataques incendiarios contra Lewis Continental Kitchen, una empresa de alimentos kosher en Sydney, en octubre de 2024, y contra la Sinagoga Adass Israel de Melbourne dos meses después, dijo Albanese.
El tiroteo del domingo estalló durante una ceremonia que marcaba la primera noche de la festividad de Janucá, que comenzó este año el 14 de diciembre. En hebreo, Janucá significa “dedicación”, y la festividad conmemora la rededicación del Templo en Jerusalén en el siglo II a.C. Tradicionalmente, los judíos encienden un candelabro ritual, o menorá, con una vela cada noche por ocho noches, en honor al pequeño suministro de aceite ritualmente puro que encontraron en el templo y que duró ocho noches en lugar de solo una.
Jabad ha celebrado a menudo un encendido público de velas en la playa de Bondi para Janucá que atrajo a cientos de personas en años anteriores. Durante Janucá, los líderes de Jabad tradicionalmente colocan menorás en los techos de los automóviles y organizan grandes menorás en lugares públicos.
Jabad es una secta del judaísmo, originalmente basada en Brooklyn, Nueva York, que se centra en expandir la observancia judía mediante el envío de emisarios por todo el mundo, a menudo en lugares con poca o ninguna presencia judía. El portavoz de Jabad, Motti Seligson, indicó que hay sinagogas y programas de Jabad en más de 100 países y que Jabad ha estado en Australia durante décadas.
Los emisarios, conocidos como shlijim, trabajan en todo el mundo, especialmente en áreas con una presencia judía escasa. Son fácilmente reconocibles por su vestimenta tradicional, que incluye trajes negros y sombreros para los hombres y vestimenta modesta para las mujeres.
Ha habido varios ataques contra rabinos y sinagogas de Jabad en todo el mundo. En 2008, nueve personas murieron en un ataque contra una casa de Jabad en Mumbai, India, y una persona murió y tres resultaron heridas en un tiroteo en 2019 en una sinagoga de Jabad en las afueras de San Diego.
La sede global del movimiento está en Crown Heights, Brooklyn, la antigua oficina y sinagoga del rabino Menachem Mendel Schneerson, conocido simplemente como “el Rebe”, quien dirigió el movimiento desde 1951 hasta su muerte en 1994. Schneerson sigue siendo una figura religiosa reverenciada en el movimiento, y su tumba en Queens recibe alrededor de 400.000 visitantes al año, según Jabad. El presidente Donald Trump visitó la tumba de Schneerson durante su segunda campaña en 2024.
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Esta historia fue traducida del inglés por un editor de AP con ayuda de una herramienta de inteligencia artificial generativa.
Höler anota golazo con el Freiburg para frustrar a un Dortmund con 10 hombres
Por CIARÁN FAHEY
BERLÍN (AP) — El delantero del Freiburg, Lucas Höler, anotó con una espectacular chilena para mantener al Borussia Dortmund, que jugaba con diez hombres, en un empate 1-uno en la Bundesliga el domingo.
Höler detuvo el centro de Christian Günter con su bota izquierda, luego se giró y golpeó el balón con su derecha para enviarlo al poste derecho en el minuto 75, negándole a Dortmund la oportunidad de colocarse en segundo lugar.
El gol llegó un día después de que Martin Terrier del Bayer Leverkusen anotara un candidato a gol de la temporada el sábado.
Dortmund tuvo a Jobe Bellingham expulsado en el minuto 53 por una falta sobre Philipp Treu, quien habría quedado solo frente al gol tras interceptar un mal pase del portero del Dortmund, Gregor Kobel.
Ramy Bensebaini había abierto el marcador en el minuto 31 después de que la defensa del Freiburg no lograra despejar el tiro libre de Yan Couto.
Es el segundo empate consecutivo de Dortmund después del decepcionante 2-dos contra Bodø/Glimt en la Liga de Campeones el miércoles.
El líder de la liga, Bayern Múnich, estaba recibiendo al colista Mainz más tarde, con Stuttgart visitando a Werder Bremen después de eso.
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Fútbol de AP: https://apnews.com/hub/soccer
Week 15 photos: Chicago Bears at Cleveland Browns
Photos from the Chicago Bears’ Week 15 game against the Cleveland Browns on Sunday, Dec. 14, 2025, at Soldier Field.
Brrrrr down: The 10 coldest Bears games played at Soldier Field
5 things to watch in the Bears-Browns game at Soldier Field — plus our Week 15 predictions
Bears’ NFC lead was short-lived. Now they need more wins — ‘probably at least 2’ — to make playoffs.
Bears fans watch their team warm up to face the Browns on Sunday, Dec. 14, 2025, at Soldier Field. (Brian Cassella/Chicago Tribune)
Bears fans watch their team warm up to face the Browns on Sunday, Dec. 14, 2025, at Soldier Field. (Brian Cassella/Chicago Tribune)
Bears quarterback Caleb Williams warms up to face the Browns on Sunday, Dec. 14, 2025, at Soldier Field. (Brian Cassella/Chicago Tribune)
Bears quarterback Caleb Williams warms up to face the Browns on Sunday, Dec. 14, 2025, at Soldier Field. (Brian Cassella/Chicago Tribune)
A Bears fan wears a ski mask to stay warm before a game against the Browns on Sunday, Dec. 14, 2025, at Soldier Field. (Brian Cassella/Chicago Tribune)
Bears tight end Colston Loveland warms up to face the Browns on Sunday, Dec. 14, 2025, at Soldier Field. (Brian Cassella/Chicago Tribune)
A security guard stays warm on the field before the Bears and Browns play Sunday, Dec. 14, 2025, at Soldier Field. (Brian Cassella/Chicago Tribune)
John Toomey of Arlington Heights helps his girlfriend, Julia O’Leary, put on her Browns jersey over her coat while tailgating before a Bears-Browns game Sunday, Dec. 14, 2025, at Soldier Field. (Dominic Di Palermo/Chicago Tribune)
Jodie Reyes of Wauconda, right, helps her friend Nicole Shrum of Johnsonburg with her hood while tailgating before a Bears-Browns game Sunday, Dec. 14, 2025, at Soldier Field. (Dominic Di Palermo/Chicago Tribune)
Aaron Cooper of Benld smokes a cigar while tailgatingbefore a Bears-Browns game Sunday, Dec. 14, 2025, at Soldier Field. (Dominic Di Palermo/Chicago Tribune)
Fans tailgate before a Bears-Browns game Sunday, Dec. 14, 2025, at Soldier Field. (Dominic Di Palermo/Chicago Tribune)
Erik Schilling of Batavia holds a beer while tailgating before a Bears-Browns game Sunday, Dec. 14, 2025, at Soldier Field. (Dominic Di Palermo/Chicago Tribune)
Alex Idriz cooks shrimp while tailgating before a Bears-Browns game Sunday, Dec. 14, 2025, at Soldier Field. (Dominic Di Palermo/Chicago Tribune)
Troy Perrin of Palatine sings along to AC/DC while tailgating before a Bears-Browns game Sunday, Dec. 14, 2025, at Soldier Field. (Dominic Di Palermo/Chicago Tribune)
Bears quarterback Caleb Williams warms up in the cold to face the Browns on Sunday, Dec. 14, 2025, at Soldier Field. (Brian Cassella/Chicago Tribune)
https://www.chicagotribune.com/2025/12/14/week-15-photos-chicago-bears-cleveland-browns/
Líderes mundiales condenan ataque contra evento judío en Australia
The Associated Press
El primer ministro israelí Benjamin Netanyahu arremetió el domingo contra el líder de Australia, mientras las naciones expresaban conmoción y simpatía por el ataque contra un evento judío en Sydney.
En su mensaje, Netanyahu criticó al primer ministro australiano Anthony Albanese por reconocer un estado palestino, afirmando que eso “echa leña al fuego antisemita”.
Netanyahu ha buscado repetidamente vincular los amplios llamados a un estado palestino y las críticas a la ofensiva israelí en Gaza con el creciente número de incidentes de antisemitismo en todo el mundo.
Mientras que otros en el gobierno de Israel el domingo también instaron a Australia a hacer más contra el antisemitismo, Netanyahu fue más allá al intentar vincular el ataque en Sydney que mató al menos a 11 personas, incluido un israelí, con el apoyo a un estado palestino.
Australia fue uno de varios países que reconocieron formalmente un estado palestino en septiembre durante la reunión de líderes mundiales de las Naciones Unidas. Según el Ministerio de Relaciones Exteriores palestino, 159 países han reconocido a Palestina. La gran mayoría de la comunidad internacional cree que una solución de dos estados es la única forma de poner fin a décadas de conflicto.
El gobierno de Netanyahu ha dicho que el impulso internacional por un estado palestino recompensa a Hamás.
Aquí algunas reacciones globales a ataque en Australia:
Irán
El portavoz del Ministerio de Relaciones Exteriores de Irán, Esmail Baghaei, condenó el ataque: “El terrorismo y el asesinato de personas, dondequiera que ocurran, son inaceptables y deben ser condenados”.
Estados Unidos
El secretario de Estado, Marco Rubio, declaró que Washington condena enérgicamente el ataque y que “el antisemitismo no tiene lugar en este mundo”.
Reino Unido
El rey Carlos III se expresó “horrorizado y entristecido”. El monarca es también líder de la Mancomunidad Británica, y la oficina del presidente israelí Isaac Herzog dijo el domingo que Herzog se había comunicado con el rey en septiembre advirtiendo de una “epidemia de antisemitismo” en tres países de la Mancomunidad: Reino Unido, Canadá y Australia.
Mientras tanto, la policía en Londres advirtió que aumentaría la seguridad en los sitios judíos.
Alemania
El canciller alemán Friedrich Merz indicó que el ataque “me ha dejado sin palabras” y agregó que “esto es un ataque a nuestros valores compartidos. Debemos detener este antisemitismo, aquí en Alemania y en todo el mundo”.
Naciones Unidas
El secretario general, Antonio Guterres, señaló que estaba horrorizado y “mi corazón está con la comunidad judía en todo el mundo en este primer día de Janucá, un festival que celebra el milagro de la paz y la luz venciendo a la oscuridad”.
India
El primer ministro indio Narendra Modi condenó el “horrendo ataque terrorista” y sostuvo que “nos solidarizamos con el pueblo de Australia en esta hora de dolor”.
Congreso Judío Mundial
El presidente de la organización, Ronald Lauder, aseguró que “ninguna comunidad debería temer reunirse para celebrar su fe, tradiciones o identidad,” y agregó: “No se equivoquen, esto no nos derrotará”.
Australia
“Estoy rodeado constantemente de grafitis antisemitas. Creo que para nuestra comunidad en el este (de Sydney), y como cristiano, solo quiero declarar que estoy con el pueblo de Israel,” aseveró el pastor anglicano Matt Graham a la Australian Broadcasting Corp. Dijo que había estado realizando un servicio en la cercana Iglesia Anglicana de Bondi cuando personas en pánico comenzaron a entrar para refugiarse.
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Esta historia fue traducida del inglés por un editor de AP con ayuda de una herramienta de inteligencia artificial generativa.
Man City y Aston Villa ganan para mantenerse cerca del líder de la Premier League, Arsenal
Por JAMES ROBSON
MANCHESTER, Inglaterra (AP) — Manchester City y Aston Villa mantuvieron la presión sobre el líder el Arsenal, líder de la Liga Premier, con victorias el domingo.
Nottingham Forest se alejó aún más de la zona de descenso con un triunfo 3-0 contra Tottenham y Sunderland venció 1-0 a Newcastle en el derbi de Tyne-Wear tras un gol en propia puerta de Nick Woltemade.
Arsenal había ampliado su ventaja en la cima de la clasificación a cinco puntos con una victoria el sábado 2-1 contra el Wolverhampton. Pero un día después, sus rivales más cercanos respondieron con victorias: el City, que es segundo, superó 3-0 al Crystal Palace y el Villa, en tercer lugar, remontó dos veces para vencer 3-2 al West Ham en el Estadio de Londres.
City está a dos puntos detrás de Arsenal y Villa un punto más atrás.
Revancha para el City
E City tuvo su revancha ante el Palace para llevarse los tres puntos en Selhurst Park después de sus rivales los superaron en la final de la Copa FA de la campaña anterior.
Con su gol número 101 en la Liga Premier, Erling Haaland puso al City al frente al final de la primera mitad y consiguió su segundo del partido con un penal a los 89 minutos. El noruego tiene 36 goles en 27 apariciones para club y con su selección en otra temporada prolífica. Es el máximo goleador de la liga con 17 tantos.
Phil Foden consiguió el otro tanto de City entre el doblete de Haaland.
Rogers lidera remontada del Villa
Morgan Rogers anotó dos veces en la segunda mitad para extender la racha ganadora de Aston Villa a nueve partidos consecutivos y mantener al equipo de Unai Emery a la caza de Arsenal y City.
Villa ha perdido solo uno de sus últimos 13 partidos en la liga y ha ganado diez de sus últimos 11, pero tuvo que remontar dos veces contra un West Ham que lucha por el descenso.
Mateus Fernandes anotó el gol más rápido en la máxima categoría de Inglaterra esta temporada al poner al equipo local 1-0 arriba después de solo 29 segundos. Pero un gol en propia puerta de Konstantinos Mavropanos igualó el juego ocho minutos después.
Jarrod Bowen le dio la ventaja al West Ham al descanso con su segunda anotación en la misma cantidad de partidos a los 24 minutos.
Rogers igualó el juego nuevamente cinco minutos después de la reanudación y anotó el gol de la victoria al 79.
Forest humilla a los Spurs
La presión está aumentando sobre el entrenador del Tottenham, Thomas Frank, después de la última derrota.
Los Spurs han ganado solo uno de sus últimos siete partidos en la liga y la próximasemana enfrentarán en casa al Liverpool, el campeón defensor.
Dos goles de Callum Hudson-Odoi en el City Ground pusieron al equipo de Frank en camino a otra derrota, la sexta en la liga esta temporada. Ibrahim Sangare completó un día miserable para los visitantes, pero uno jubiloso para el Forest, que está cinco puntos por encima de la zona de descenso.
Desgracia para Woltemade
Woltemade soportó un agonizante primer derbi de Tyne-Wear desde que se unió a Newcastle después de que su gol en propia puerta le diera la victoria a Sunderland.
El delantero alemán ha impresionado desde su fichaje récord de 93 millones de dólares desde Stuttgart en agosto. Pero se convirtió en un héroe para el rival más feroz del Newcastle, el Sunderland, al cabecear más allá de Aaron Ramsdale un minuto después del segundo tiempo.
Para empeorar las cosas, Woltemade apenas fue una amenaza en el otro extremo, registrando un solo disparo antes de ser reemplazado por Yoane Wissa al 75.
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Deportes AP: https://apnews.com/hub/deportes
Michigan’s coaching search includes Arizona State’s Kenny Dillingham and Missouri’s Eli Drinkwitz
ANN ARBOR, Mich. — The firm Michigan hired to search for a football coach to replace Sherrone Moore has contacted representatives for Arizona State’s Kenny Dillingham and Missouri’s Eli Drinkwitz, according to a person familiar with the situation.
The person spoke to The Associated Press on condition of anonymity Saturday because they weren’t authorized to share details of the search.
Moore was fired Wednesday, when the school said an investigation uncovered his inappropriate relationship with a staffer. Two days later, Moore was charged with three crimes after prosecutors said he “barged his way” into the apartment of a woman he’d been having an affair with and threatened to kill himself.
College football’s winningest program suddenly needs a coach.
After the 35-year-old Dillingham was linked to numerous open jobs last month, he said he wasn’t leaving his alma mater.
Two weeks ago, Drinkwitz agreed to a six-year contract that increases his average compensation to $10.75 million annually.
Michigan is hoping to hire a coach this month, helping its chances of retaining recruits and keeping key players out of the transfer portal in January.
Dillingham, who is from Scottsdale, Ariz., graduated from Arizona State in 2013 and started his coaching career as an assistant for the Sun Devils. After coaching at Memphis, he was the offensive coordinator for Auburn, Florida State and Oregon before returning to Arizona State.
Dillingham orchestrated a quick turnaround, leading the Sun Devils to the Big 12 championship and the College Football Playoff for the first time last year.
Arizona State was 8-4 this season, improving Dillingham’s record to 22-16 over three seasons.
The 42-year-old Drinkwitz is 46-28 in six seasons at Missouri after going 12-1 in one year at Appalachian State. He has built the Tigers into a steady Southeastern Conference program, earning five straight bowl bids.
https://www.chicagotribune.com/2025/12/14/michigan-football-coaching-search/
BIS Warns Of Rare “Double Bubble”
BIS Warns Of Rare “Double Bubble”
Authored by Lance Roberts via RealInvestmentAdvice.com,
This weekend, global investors are reckoning with a stark warning from the Bank for International Settlements (BIS). In its December 2025 Quarterly Review, the BIS flagged what it called a rare “double bubble” forming across both gold and equity markets. According to the report, “the combination of gold and share prices soaring in unison is a phenomenon not seen in at least half a century.” In fact, BIS Economic Adviser Hyun Song Shin put the risk clearly: “Gold has behaved very differently this year compared to its usual pattern. The interesting phenomenon this time has been that gold has become much more like a speculative asset.”
The data also reflects the increased risk in both asset classes. Gold has jumped about 60 percent in 2025, its strongest annual performance since 1979. At the same time, U.S. equities, led by tech and AI‑related names, have pushed major indexes to record highs as investors chase yield, growth, and momentum. Notably, the backdrop for today’s conversation is that, starting in October 2022, both stocks and gold began a parabolic ascent, breaking from their previous growth trendlines.
That is not a fundamentally driven move; that is solely speculation. As noted in the BIS report, for the first time in over 50 years, both gold and equities have shown “explosive behavior” simultaneously.
In prior episodes, such explosive behavior occurred separately. For example, gold saw a steep bubble in the late 1970s, culminating around 1980 during a period of high inflation. In that episode, gold peaked, then collapsed and spent decades losing relevance as a mainstream asset, illustrating the fleeting nature of speculative gold booms. On the equity side, previous bubbles, such as the late 1990s technology stock run-up, ended in sharp corrections when speculative exuberance outpaced fundamentals. Because the last time both markets were “bubbly” at once was over a half‑century ago, the BIS lacks a recent precedent for what could happen. The concern, however, is rather simplistic:
“If history repeats itself, overvaluation followed by reversion, investors could suffer steep losses in both their equity and gold holdings simultaneously, eliminating the traditional diversification benefit of holding both.”
I would read that again.
While the underlying drivers of the “double bubble” are multiple, this does not equate to a “this time is different” scenario. For example, while it is true that central banks have increased their purchases of bullion at a rate of approximately 1% annually over the last five years, these purchases are insignificant in terms of overall price appreciation. However, it has been retail investors, speculators, and professionals, drawn in by momentum, that have pushed gold prices sharply higher. That momentum chase, ETF inflows, and media coverage have caused investment dollars to flood into both gold and equity funds. As the BIS stated, ETF prices trading consistently above net asset value (NAV) is a clear sign of “strong buying pressure coupled with impediments to arbitrage.”
The result is a market environment where traditional relationships between risk and haven, growth and refuge, appear broken. As the BIS notes, the most significant risk of the “Double Bubble” is that what seems to be diversification may actually be concentrated risk.
Why This Matters
Re-read that last sentence from the BIS. For investors with invested capital, this matters deeply. While many are chasing gold and precious metals like silver higher, along with high-risk equities, leverage, and speculative trading activities, this is essentially a function of momentum chasing. This is illustrated in the chart below, which shows the annual rate of change in margin debt (leverage) alongside the annual rate of change in both equities and silver.
Yes, it remains the same for gold as well.
However, since most individuals do not understand the fundamental dynamics of “supply and demand” within traded assets, the media and promoters create “narratives” to support the price rise. Those narratives provide a comforting “calm” amid the “chaos,” but mask the risk that investors may unwittingly be taking on.
While there is nothing wrong with these “narratives,” or rather “justifications,” it is ultimately the “supply and demand” of buyers versus sellers that sets the prevailing price. With yields low and central banks maintaining loose monetary policies, assets such as equities and gold have continued to attract steady inflows, as leverage remains cheap and price momentum fuels asset speculation. However, that setup leaves little margin for error, and when something occurs to reverse leverage, the negative impact on correlated assets (such as equities, gold, and silver) occurs simultaneously.
Before dismissing this analysis out of hand, it is worth considering that when an institution like the BIS, known for its conservative, stability-focused analysis, raises the alarm, it deserves a modicum of your attention. This doesn’t mean you should go “sell everything and go to cash,” but the warning from the BIS is not theoretical, and should at least give you reason to think about the risk you are currently carrying. Such is particularly the case when the BIS noted that dual bubbles of this kind typically end with “a sharp and swift correction.”
Here is the risk to be watching. If both gold and equities unwind together, investors seeking safety have limited options. Such leaves Treasury bonds, cash, and very defensive positioning as traditional havens no longer deliver. As the BIS highlighted, the risk is that if central banks and reserve managers, many of whom have invested in gold, find themselves in unfamiliar territory where both markets fall simultaneously, the reversal of their positioning could be swift and uncoordinated.
As is always the case, beneath the surface lies broader structural fragility. Debt levels worldwide remain elevated. Real interest rates, fiscal imbalances, geopolitical tensions, and unstable monetary policy combine to create a precarious macro environment. Those fears have been the driving force behind higher gold prices. However, when combined with speculative capital flows and retail-driven momentum in the equity markets, the risk of volatility increases.
In fact, a largely unnoticed concern is that while global central banks were aggressively cutting rates over the last two years, they are now mostly all on hold.
This environment is a challenge to conventional diversification strategies. While the primary assumption is that gold provides a ballast when equities fall, it is not entirely unwise to question whether that assumption may no longer hold. In other words, when a “risk‑off” environment eventually manifests in the equity market, it may not necessarily translate to a rotation into gold.
That rethinking matters for anyone managing significant wealth or seeking capital preservation.
📒 Navigating the “Double Bubble.”
Let me be very clear. I am not stating that, with absolute certainty, that a “mean-reverting” event is about to occur. Irrational markets can persist in this state for a prolonged period. However, as investors, we must consider the rising risk of a simultaneous correction in both gold and equities due to the current “Double Bubble.” This makes a measured and more flexible approach sensible.
Does this mean you should sell out of everything today? Absolutely, not. You should never “sell everything and go to cash,” as that tends to lead to even worse outcomes in the future. However, it does suggest that we consider taking small actions today that can protect us when the inevitable happens.
Focus first on quality, stability, and liquidity. Begin by gradually adjusting your exposure to equities, focusing on companies with strong balance sheets, low leverage, consistent earnings, and pricing power. Defensive sectors, which have underperformed this year, such as consumer staples, industrial infrastructure, utilities, real estate, and essential services, may offer more resilience than high-beta, speculative growth names.
Treat gold and precious metals as a hedge, not a core driver of growth. A moderate allocation to bullion, gold‑linked instruments, or commodities can offer a buffer. However, being aggressively overweight in precious metals increases risk if the “double bubble” bursts and gold behaves more like a speculative asset than a haven.
Complement with inflation‑protected or flexible income assets. Inflation‑indexed bonds, short‑duration credit, high-quality municipal or sovereign debt, and cash equivalents provide ballast and optionality without undue sensitivity to high valuations or speculative excess.
Maintain liquidity and readiness. Volatile markets can produce sharp drawdowns. Holding a portion of the portfolio in liquid, high-quality assets gives optionality. Such dry powder allows investors to redeploy into opportunities if markets reprice.
Focus on diversification across uncorrelated asset classes. Combining income-producing equities, real estate, fixed income, and hedges, skewed toward downside protection, reduces dependence on any single trend or asset class.
Monitor macroeconomic indicators closely. Track global debt levels, central bank behavior, currency movement (especially the US dollar), and interest rate trajectories. Evaluate changes in market sentiment, fund flows, and valuation metrics.
Avoid momentum‑driven “herd” plays. Retail-driven inflows have helped fuel the dual rally. That kind of enthusiasm can reverse quickly if sentiment shifts. Therefore, resist chasing year-to-date outperformers purely on momentum.
Prepare mentally and strategically for volatility. Accept that drawdowns may come. Use them to rebalance and reposition toward quality, safety, and value. Over time, that discipline often wins more than chasing every upside wave.
The BIS warning of the “Double Bubble” should not be dismissed as alarmist. It reflects structural shifts in how global reserves, investor behavior, and asset correlations are evolving. The simultaneous surge in gold and equities, that very “double bubble,” calls into question long-held assumptions about risk and refuge.
Investors who act now with clarity, balance, and discipline can be better positioned, whether markets continue to rise or correct sharply. Prudent investors will treat gold as a strategic hedge, not a speculative play, but most importantly, they will “understand the difference.” As an investor, you should always emphasize quality, liquidity, and diversification.
That approach gives you the chance to preserve capital, capture value, and survive in the long game.
Tyler Durden
Sun, 12/14/2025 – 11:40
https://www.zerohedge.com/markets/bis-warns-rare-double-bubble
Presidente de Cuba compara a Trump con los piratas del Caribe tras incautación de barco venezolano
Por ANDREA RODRIGUEZ
LA HABANA (AP) — El presidente cubano Miguel Díaz-Canel acusó al mandatario estadounidense Donal Trump de “ladrón” tras la incautación de un barco venezolano y lamentó que el gobierno del vecino país se comportara como los piratas que una vez asolaron al Caribe.
Díaz-Canel clausuró el sábado por la noche una reunión plenaria del Partido Comunista de Cuba (PCC) realizada a puertas cerradas. Su discurso fue difundido el domingo por los medios de prensa locales.
El gobernante cubano destacó la “agresividad” de Trump tanto con la isla como por su accionar hostil contra Venezuela –un cercano aliado de Cuba— y las incursiones de una flota estadounidense en el Caribe, cuyo capítulo más reciente fue la incautación de un buque cargado de petróleo del país sudamericano.
“En inédita afrenta a las normas internacionales, como en los tiempos de (Francis) Drake y (Henry) Morgan, Donald Trump acaba de largar a sus piratas sobre un (barco) petrolero de Venezuela, apoderándose sin pudor de la carga, como un vulgar ladrón”, indicó.
Decrece economía cubana
Por otro lado, Díaz-Canel reconoció que la isla decreció en un 4% al cierre del mes de septiembre, una cifra que pone de manifiesto la profunda crisis vivida por la población en lo que va del 2025.
“Con cierre del tercer trimestre, el PIB decrece más de un 4%, la inflación se dispara, la economía está parcialmente paralizada, la generación térmica es crítica, los precios se mantienen altos, se incumplen las entregas de los alimentos normados (los que el Estado ofrece a la población) y agropecuarios y la industria alimentaria no satisfice las necesidades”, expresó.
Las cámaras mostraron frente a él a la plana mayor del gobierno cubano y los dirigentes del poderoso PCC, que él mismo también preside y el único con estatus legal en la isla. No estuvo presente, aunque envió una carta el expresidente Raúl Castro, de 94 años y quien se mantiene como líder de la revolución, aunque no tiene un cargo formal y pocas veces sale en público.
En julio el ministro de Economía, Joaquín Alonso Vázquez indicó que en 2024 la isla reportaba una recesión con una caída del 1% que se sumaba a los de años anteriores. Con la nueva cifra del 4% entregada por el mandatario ahora la caída del PIB alcanzó el 15% en los últimos seis años.
La información ofrecida por Díaz-Canel le pone números a la tensa situación económica que vive la isla y que se fue deteriorando desde el comienzo de la década con apagones diarios de más de ocho horas, desabastecimiento de alimentos y medicinas y falta de combustibles.
El escenario se acompaña de una enrome migración, sobre todo entre jóvenes, profesionales y técnicos.
Las autoridades incluso ya habían informado que esta alta cita partidaria e incluso la sesión de la Asamblea Nacional del Poder Popular, el Parlamento, prevista para el próximo 18 de diciembre, se realizaría mediante teleconferencia debido las carencia de presupuesto y para evitar las criticadas extensas reuniones de funcionarios que suelen verse como burocráticas.
Cuba enfrenta en estos años, entre otros factores, las consecuencias de la pandemia de la COVID-19 y un endurecimiento de las sanciones impuestas hace más de seis décadas por parte del gobierno estadounidense.
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Siga a Andrea Rodríguez en X: https://x.com/ARodriguezAP
Luxury Cars, Private Villas And Stacks Of Cash: How Somali Fraudsters Spent Minnesotans’ Money
Luxury Cars, Private Villas And Stacks Of Cash: How Somali Fraudsters Spent Minnesotans’ Money
Luxury cars. Private villas. First-class flights. And taxpayer money meant to feed hungry kids.
New exhibits from court obtained by CBS News reveal how Somali defendants in one of the largest COVID-era fraud schemes in US history plowed through hundreds of millions of dollars in taxpayer money on lavish lifestyles – including lakefront Minnesota properties, overwater bungalows in the Maldives, a Porsche Macan, stacks of cash, designer jewelry, campaigne-soaked vacations, and overseas wire transfers.
Videos show defendants in the case celebrating poolside at a Madlives luxury resort.
In one text, a defendant bragged: “You are gonna be the richest 25 year old InshaAllah [God willing].”
Exhibits entered into evidence include:
A confirmation email for a stay in an overwater villa with a private pool at Radisson Blu Resort Maldives
Lakefront property in Minnesota
Receipts showing wire transfers to China and East Africa
First class tickets to Istanbul and Amsterdam
A 2021 Porsche Macan
Stacks of cash, texted between defendants
Screenshots of videos from a Maldives vacation, presented as government evidence in a Minnesota fraud trial. Court exhibit
Millions for ‘Meals’ That Never Existed
At the center of the scandal is a nonprofit-backed food program that prosecutors say was systematically exploited. One defendant alone billed the state for $47 million, claiming to have served 18 million meals at more than 30 locations – while failing to distribute a single meal, according to prosecutors.
Among those sentenced is Abdimajid Mohamed Nur, 24, who used stolen taxpayer funds to finance luxury travel and high-end purchases. At sentencing, U.S. District Judge Nancy E. Brasel issued a sharp rebuke, telling him: “Where others saw a crisis and rushed to help, you saw money and rushed to steal.”
Nur was sentenced to 10 years in prison and ordered to pay nearly $48 million in restitution.
Cash Flows Overseas — and Unanswered Questions
The defendants also wired millions of dollars overseas, including to banks and companies in China, East Africa, and Kenya. Investigators say tracing funds routed through China is especially difficult, calling it an investigative “black hole.”
One of the luxury cars presented as government evidence in a Minnesota fraud trial. Court exhibit
One defendant, Abdiaziz Shafii Farah, 36, sent more than $1 million to Chinese banks in six separate wire transfers in 2021 and nearly $3 million to Kenyan accounts. In one text message, Farah instructed someone to send money to Mogadishu’s Bakara Market, a location once controlled by al Shabaab.
Farah, who owned a Minnesota restaurant contracted to provide meals under the program, was sentenced last month to 28 years in prison. At sentencing, a judge said his crimes were driven by “pure, unmitigated greed.”
Terror Funding? Officials Say No Evidence… So Far
The scale of the fraud has reignited political scrutiny. House Republicans recently launched a probe into Minnesota Gov. Tim Walz’s handling of the case, while the Treasury Department announced it is reviewing whether stolen funds could have reached extremist organizations – with Treasury Secretary Scott Bessent revealing that investigators are tracking the overseas transfers. That said, CBS News sources tell the outlet that they have yet to uncover evidence that taxpayer money made it to terrorist group al Shabaab.
Treasury Secretary Scott Bessent said Sunday that investigators are tracking overseas transfers to determine their ultimate use. But federal investigators told CBS News there is no evidence that taxpayer money was funneled to al Shabaab, and prosecutors have presented no terrorism-related charges.
A lakefront home presented as evidence in a Minnesota fraud trial. Court exhibit
“There was never any evidence that this money went to fund terrorism nor was there any evidence that was the intent of the 70 people we indicted,” said former U.S. Attorney Andy Luger, whose office prosecuted many of the cases.
So far, 61 people have been convicted in the sprawling Minnesota fraud scandal, with more investigations still underway. As investigators continue chasing the money trail, one question still looms: How did so much cash slip through the cracks – and who else knew?
Tyler Durden
Sun, 12/14/2025 – 11:05
