Authored by Robert Aro via The Mises Institute,

A little over two weeks ago, on April 7th, the U.S. national debt crossed $39 trillion. Since then, another $150 billion has already been added to the ledger. While major news outlets missed the milestone, every trillion is worthy of mention.

House Budget Chairman Jodey Arrington (R-Texas) put the figure in perspective:

America is now $39,000,000,000,000 in debt—yes, $39 trillion. It took roughly 200 years to accumulate the first $1 trillion. Now we add that in a matter of months… Compounding the problem, we now spend more than $1 trillion a year just on interest to service our debt—more than the entire defense budget.

Almost three years ago, I wrote about the U.S. debt crossing the $32 trillion and $33 trillion marks. If there’s one economic projection to stand by, it’s this: within the next several months, the $40 trillion debt level will be breached.

Looking back at the last 200 years, or even the last three, it becomes clear that debt growth is not linear; the curve is moving up exponentially.

While the future is always uncertain, the trajectory is unmistakable.

One reason stands above the rest: the interest on the debt itself.

For context, net interest outlays were equivalent to 22.1% of total revenues through Q1 of FY 2026. Even if the national debt were frozen at $39 trillion today, the interest payments alone would be staggering. With the 10-year Treasury yield hovering between 4% and 4.5% at the time of writing, and annual interest surpassing $1 trillion, solvency should be a real concern.

Naturally, one might argue that with a Federal Reserve, solvency is not a concern. However, that’s the crux of the matter. America technically won’t become insolvent thanks to the Fed’s ability to create money (literally) out of thin air, and so, the final outcome is certain. Expanding debt and the accompanying expansion of the money supply are features of the system. History shows that monetary inflation, currency debasement, and the eventual crack-up boom are the recurring final outcomes.

Couple the interest problem with global conflict and the endless crisis response cycle of political outlays, and it’s fair to say that Congress has as much appetite for cutting spending as they do for ending the Federal Reserve

39 going on $40 trillion is an achievement only in the sense that many once thought we’d never see numbers this large. Over forty years ago, during the Reagan administration, the debt tripled from $1 trillion to $3 trillion, and life went on. Applying that same logic today and accounting for exponential growth, we are talking about $40 trillion becoming $120 trillion in our lifetime.

The idea of $50 trillion, $60 trillion, or even $80 trillion seems absurd, but history gives us no reason to assume a ceiling exists.

I still wouldn’t bet against America; the U.S. dollar persists largely because liberty and freedom still mean something in the USA, and the greenback remains the cleanest shirt in the dirty pile. But that doesn’t change the fact that life could be better for almost everyone. That is everyone except those who continue to steer society down a path Austrians have warned about for generations.

The debt clock keeps ticking. The numbers keep rising. And while life will go on, we must ask: what kind of life will it be? And for whom?

Summary: 

First CNBC reports MSFT’s first-ever Voluntary Buyout in 51-Year Company History,

Then a report by BBG on Meta planning 10% Workforce Cut, All Within Hours

To note: Reuters First reported Meta’s 10% cut late last week (report)  

Meta Layoffs 

First, Microsoft unveiled a voluntary buyout program, a move that could incentivize thousands of employees to leave.

Now, Meta Platforms has reportedly followed with plans to cut 10% of its workforce. Taken together, today’s back-to-back announcements suggest that as Big Tech continues to spend aggressively on AI infrastructure and data center buildouts, management teams are trimming excess fat to reallocate capital toward the AI race.

Bloomberg reports that Meta plans to reduce its workforce by 10%, or roughly 8,000 employees, and leave 6,000 open roles unfilled. The layoffs are expected to occur on May 20.

Meta had nearly 79,000 employees at the end of last year, according to Bloomberg data.

The outlet cited an internal memo written by Janelle Gale, chief people officer, in which she said, “We’re doing this as part of our continued effort to run the company more efficiently and to allow us to offset other investments we’re making.”

Meta shares are flat on the year but in-line in seasonal trends. 

“I know this is unwelcome news, and confirming it puts everyone in an uneasy state, but we feel this is the best path forward, given the circumstances,” Gale wrote.

Reuters first reported last week that Meta planned to cut 10% of its workforce (read here). 

MSFT Plans First Voluntary Buyout In 51-Year History; Gates Foundation To Slash 20% Of Staff

Until early April, Microsoft shares were on track for their worst start to a year in Bloomberg data going back to 1997.

Then, in late March, The Information reported that the tech giant had imposed a hiring freeze across parts of its cloud and sales divisions.

Now, in yet another sign of belt-tightening, Microsoft is preparing its first voluntary employee buyout program in the company’s 51-year history.

CNBC cites a new internal memo detailing a one-time retirement program for senior director-level employees and below whose combined years of employment and age total 70 or more.

While CNBC notes that voluntary buyouts are expected to involve a “small percentage of its workforce,” a separate Bloomberg report states that the new voluntary retirement program could affect about 7% of its U.S. workforce.

Microsoft’s latest annual report says it had about 126,000 employees in the U.S. The voluntary retirement program could allow the tech giant to cut upward of 9,000 employees. It reported 228,000 employees worldwide in 2025.

The adjustments to its workforce come as the hyperscaler is spending massive amounts of capital on data centers during the AI boom and heavy data-center spending cycle.

At the same time, Microsoft is changing how it rewards employees by separating stock awards from cash bonuses, giving managers more flexibility to reward top performers. It is also simplifying manager review choices, reducing compensation options from nine to five.

“Our hope is that this program gives those eligible the choice to take that next step on their own terms, with generous company support,” Amy Coleman, Microsoft’s executive vice president and chief people officer, wrote in a memo.

Separately but still related, The Wall Street Journal reported earlier this week that the Gates Foundation is slashing up to 500 jobs, or about 20% of its staff, as the left-wing NGO has come under fire for funding questionable protests and for Gates’ ties to Epstein.

Authored by Steve Watson via Modernity.news,

The case of yet another top NASA nuclear engineer turning up dead in a fiery crash has hit the headlines, adding to the dark and mysterious pattern of experts tied to advanced propulsion and space secrets apparently being targeted.

Joshua LeBlanc, 29, a team lead on NASA’s most cutting-edge nuclear thermal propulsion projects, was found charred beyond recognition inside his burned Tesla after vanishing from his Huntsville, Alabama home. His family immediately feared abduction. He left his phone and wallet behind—an act they called completely uncharacteristic.

Tesla Sentry Mode data later showed the vehicle sat motionless at Huntsville International Airport for four hours the morning of July 22, 2025. The car was discovered that afternoon after colliding with a guardrail, slamming into trees, and erupting in flames. Authorities confirmed his identity days later through forensic examination.

A NASA nuclear scientist was found deceased in his Tesla after colliding with a guardrail, leaving his body so burned that he was completely unrecognizable, according to a new report from Fox News.

29-year-old Joshua LeBlanc, who worked on nuclear propulsion projects, died in a… https://t.co/C793en0aeU pic.twitter.com/8YIhgG7fE3

— Collin Rugg (@CollinRugg) April 22, 2026

LeBlanc had worked at NASA for over five years, first as team lead for the Space Nuclear Propulsion (SNP) Instrumentation and Control Maturation project, then leading NASA’s Demonstration Rocket for Agile Cislunar Operation (DRACO)—a nuclear thermal propulsion engine designed to slash travel times to Mars and beyond.

His family told local outlets the trip west was never part of his plans for the day, and he had been in regular contact right up until he vanished. “They feared he had been abducted,” reports confirmed.

NASA nuclear engineer found dead in burned Tesla after vanishing from his Alabama home last year https://t.co/gmqYCtfcvS pic.twitter.com/cQxPNevggj

— New York Post (@nypost) April 23, 2026

This case fits squarely into the disturbing wave of deaths and disappearances among scientists working on nuclear, propulsion, and space technologies—now totaling at least thirteen cases since 2022. LeBlanc’s death comes as President Trump has repeatedly signaled his intent to rip open the government’s UFO files.

The Huntsville airport connection is particularly intriguing. LeBlanc’s Tesla lingered there for hours before the fatal crash—just miles from NASA’s Marshall Space Flight Center, a hub for exactly the kind of classified nuclear propulsion work he led.

As we highlighted yesterday, NASA payload specialist James “Tony” Moffatt and his entire family, also from Huntsville, Alabama, were killed last week in a plane crash.

This mirrors patterns highlighted in our earlier reporting on the scientist death mystery now explicitly linked to NASA.

The FBI has now confirmed it is spearheading a probe with the Departments of Energy and Defense into potential connections among the missing and deceased scientists. Trump himself addressed the issue last week: “I hope it’s random, but we’re going to know in the next week and a half. I just left a meeting on that subject.”

Independent researcher Jesse Michaels has laid out the broader pattern in stark terms just days before LeBlanc’s case resurfaced publicly. In his April 21 episode, Michaels documented how scientists at the frontier of fusion, exotic propulsion, advanced metallurgy, and space surveillance are being silenced.

He highlighted the February 2026 disappearance of retired Air Force Maj. Gen. Neil McCasland—former commander of the Air Force Research Laboratory at Wright-Patterson AFB, the alleged repository of Roswell materials—who vanished from his Albuquerque home eight days after Trump ordered the Pentagon to begin releasing UFO files. McCasland left his phone, glasses, and smartwatch behind. Despite massive searches, no trace.

Michaels connected this to the June 2025 disappearance of NASA material scientist Monica Reza, co-inventor of a breakthrough nickel-based superalloy for next-gen rocket engines developed under the very lab McCasland once oversaw. She vanished mid-hike, 30 feet behind her group.

He also detailed the December 2025 assassination of MIT fusion physicist Nuno Loureiro—shot in his own doorway—and the February 2026 murder of Caltech astronomer Carl Grillmair, who was working on the powerful Vera Rubin Observatory capable of spotting anomalous objects in Earth orbit.

Clearly these aren’t random tragedies. The expertise clusters around technologies that could upend energy cartels and expose long-hidden propulsion breakthroughs—exactly the kind of work LeBlanc was advancing at NASA.

The pattern is no longer deniable. While authorities insist there is “no evidence” of coordination, the sheer concentration of losses in these hyper-specific fields—nuclear propulsion, plasma physics, advanced materials—defies coincidence. Tesla’s own data in LeBlanc’s case raises further questions about remote access possibilities in modern vehicles, a capability long acknowledged in intelligence circles.

President Trump’s America First push for transparency on UAPs and government records is clearly rattling cages. These experts held the keys to technologies that could secure American dominance in space and energy independence. Their sudden, suspicious exits just as disclosure momentum builds scream for full, public investigation—not another quiet federal handwave.

Many believe that Trump’s commitment to releasing the files is the only path forward to protect innovation, expose the gatekeepers, and reclaim technological sovereignty for a free republic. Anything less leaves the best minds in America vulnerable to the very forces working against national strength.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

The NY Times in a new deep dive of what governing structures now look like inside Iran says what’s already long been obvious to many in the wake of longtime Ayatollah Ali Khamenei’s death: “When Ayatollah Ali Khamenei ruled Iran as the supreme leader, he exerted absolute power over all decisions about war, peace and negotiations with the United States. His son and successor does not play the same role.”

The publication says it was able to interview at least half-a-dozen Iranian insiders, including IRGC officials, and individuals who know the younger Khamenei “well”. The NY Times describes of Mojtaba Khamenei: “His father, wife and son were all killed. Access to him is extremely difficult and limited now. He is surrounded mostly by a team of doctors and medical staff who are treating the injuries he sustained in the airstrikes.”

ISNA/AFP/Getty Images

Apparently even top ‘trusted’ generals and IRGC commanders do visit him for fear of being surveilled and tracked to his location by Israel and the United States.

Per the sources cited in the Times, “Though Mr. Khamenei was gravely wounded, he is mentally sharp and engaged, according to four senior Iranian officials familiar with his health.”

And more: “One leg was operated on three times, and he is awaiting a prosthetic. He had surgery on one hand and is slowly regaining function. His face and lips have been burned severely, making it difficult for him to speak, the officials said, adding that, eventually, he will need plastic surgery.”

All of this provides an explanation as to why he has never been seen or heard from in public since Trump’s Operation Epic Fury began on February 28. He has not so much as been photographed, and when state media has issued a few prior statements, it does so via text or what appears to be AI-configured audio over state media airwaves.

This fact has unleashed an avalanche of speculation as to his fate over the course of the war, and who is “really in charge”. And yet it’s also well-known that Iran is able to function militarily based on autonomy and dispersion of command among units, with the IRGC given more independence to act.

The White House has alleged there are essentially two factions vying for power and direction over the war – the civilian leadership and the IRGC command sides. 

“Mojtaba is not yet in full command or control,” Sanam Vakil, the director of the Middle East and North Africa for Chatham House, claimed in the NYT report. But as expected the situation is nuanced: “There is, perhaps, deference to him,” he continued. “He signs off or he is part of the decision-making structure in a formal way. But he is presented with fait accompli presentations right now.”

As we and other have pointed out, in public at least the de facto day-to-day leader of the country remains speaker of the Iranian Parliament Mohammad Bagher Ghalibaf. He has taken point as lead negotiator with the United States in Pakistan, and has been the public face of updating his country and the world on both the status of the war and the now stalled negotiations.

One other interesting detail in the Times report is seen in the following:

Messages to him are handwritten, sealed in envelopes and relayed via a human chain from one trusted courier to the next, who travel on highways and back roads, in cars and on motorcycles until they reach his hide-out. His guidance on issues snakes back the same way.

Some pundits have correctly pointed out that skepticism is warranted, also given the NYT’s often deeply inaccurate reporting on Bush’s Iraq war invasion, and other Mideast conflict zones including Syria:

With all due respect, remain skeptical about the credibility of the The New York Times report.

– If leaks of this magnitude were truly that easy, it would have been just as easy for Mossad to obtain precise information on Mojtaba Khamenei’s whereabouts, with obvious… https://t.co/g36ONAQUpd

— Babak Vahdad (@BabakVahdad) April 23, 2026

The NY Times alleged findings has it to the conclusion that even big decisions are currently under control of the generals and IRGC apparatus: “The combination of concern for his safety, his injuries and the sheer challenge of reaching him has resulted in Mr. Khamenei’s delegating decision making to the generals, at least for now,” the report concludes.

Authored by Troy Myers via The Epoch Times,

Health and Human Services Secretary Robert F. Kennedy Jr. told senators on April 21 that glyphosate, a key ingredient in herbicides like Roundup, causes cancer and that human consumption of the chemical should be minimized.

His comments came amid growing political and legal controversy over the chemical, which is widely used in agriculture. During a Senate Budget Committee hearing, Sen. Brian Schatz (D-Hawaii) asked Kennedy whether the chemical caused cancer.

Without hesitation, Kennedy replied, “Yes.” Schatz also asked if the chemical was safe for human use.

“I mean, safe, or does it kill weeds? It kills weeds,” Kennedy said. “I would say it’s important to minimize consumption of glyphosate as much as possible.”

Schatz told Kennedy he was being “uncharacteristically diplomatic about glyphosate,” which Kennedy, a standard-bearer for the Make America Healthy Again movement, denied.

Kennedy helped secure a $289 million award from Monsanto in 2018 while representing a client who alleged Roundup caused him to develop non-Hodgkin’s lymphoma. Now, Kennedy is the leading health official for an administration that is defending Monsanto in a Supreme Court case set for oral argument just days after the health secretary’s testimony.

That case, known as Monsanto v. Durnell, similarly involves a man alleging that Monsanto’s Roundup caused him to develop non-Hodgkins lymphoma. The Justice Department didn’t argue as much on glyphosate’s alleged health hazards as it did that the lower-court verdict against Monsanto was legally flawed.

President Donald Trump addressed the issue in February, signing an executive order that said glyphosate-based herbicides were critical to the nation’s economy and national security.

“Any major restrictions in access to glyphosate-based herbicides would result in economic losses for growers and make it untenable for them to meet growing food and feed demands,” his order reads.

“Ensuring an adequate supply of elemental phosphorus and glyphosate-based herbicides is thus crucial to the national security and defense, including food-supply security, which is essential to protecting the health and safety of Americans.”

Schatz told Kennedy he had many friends in Hawaii who supported the health secretary, but they were shocked when Kennedy put out a February statement in support of Trump’s executive order on glyphosate, which would also give immunity to manufacturers if Congress were to pass it into law.

“Pesticides and herbicides are toxic by design,” Kennedy wrote in a post on X. “Unfortunately, our agricultural system depends heavily on these chemicals.”

The executive order, and Kennedy’s reaction, led to pushback among Make America Healthy Again, or MAHA, supporters, who denounced Trump’s characterization of glyphosate as critical to national security.

“I was very clear with the president about my own displeasure with the executive order,” Kennedy told Schatz. “The president felt it was necessary for national security reasons.”

The health secretary said the idea for the executive order came from the Pentagon, and the administration regards the issue as one that Trump inherited—not created.

The overwhelming majority of American agriculture relies on glyphosate-based herbicides, and “100 percent of that is coming from China,” Kennedy said.

“You have an adversary that could literally shut down the American food supply overnight,” he testified. “[Trump’s] executive order does not increase the use of glyphosate. All it says is, as long as we’re dependent on it, we’re going to make it here.”

In Kennedy’s X post, he stated that cross-agency steps are being taken to shift away from harmful agricultural practices. The health secretary reaffirmed this goal to lawmakers at the April 21 hearing.

Monsanto has denied Roundup causes cancer and has argued no cancer warning is necessary because the Environmental Protection Agency has historically considered Roundup and glyphosate safe to use.

Goldman analyst Christine Cho has published her latest quarterly survey of 2,000 consumers for 1Q26, pointing to a softer restaurant environment. Muted demand backdrop suggests that the K-shaped economy continues to fester, with working-poor consumers still facing the greatest downward pressure.

Respondents expect their visits to limited-service restaurants (LSRs), restaurants where customers generally order and pay at a counter, kiosk, drive-thru, or app, such as McDonald’s, Burger King, Wendy’s, Chipotle, CAVA, Sweetgreen, Panera, and others, to hold steady for the next three months, while casual dining still has some room for visit growth, though at a slower pace than in prior quarters. 

The respondents under most pressure to spend on food away from home were among lower-income households, with roughly half of consumers earning under $70,000 saying they plan to dine out less.

Another key takeaway is the growing divide in perceptions of value. Fast food’s “bang for the buck” has improved since 3Q25, while casual dining’s value perception has deteriorated to the lowest level in Goldman’s dataset.

Cho attributes the improvement in fast food partly to value menus, meal deals, and marketing tie-ins, which are boosting scores for value, quality, and willingness to pay more.

“Consumers still see grocery as better value,” Cho noted.

Intention to spend was flat. 

GS Brand Scores — Major fast food brands showing sequential improvement with stepped-up value focus

Exhibit 11: Summary of GS Restaurant Survey Scores – % change vs. 3Q25 Summary

Exhibit 12: Summary of GS Restaurant Survey Scores – YoY % change Summary

Cho then covered which restaurant stocks looked the strongest or weakest in the survey:

Stock callouts. QSR was a standout in the monthly dashboard, showing trends consistent with higher brand scores vs. 3Q25 for Burger King (+6.5%), Popeyes (+3.6%), and Tim Hortons (+1.7%) in our survey. DRI remains a casual dining outlier as accelerating NPS trends align with positive transaction growth and an increase in Olive Garden brand score vs. 3Q25. MCD and YUM are successfully pivoting toward value-led growth, contrasting deterioration in conversion and quality scores at SG and BLMN.

The S&P 500 Restaurants Sub-Industry Index has largely traded sideways since early 2025. 

Our takeaway is that fast food’s aggressive marketing of meal deals and other value offerings has clearly resonated with budget-conscious consumers amid K-shaped economy woes. 

Professional subscribers can read “Deep-dive into 1Q26 restaurant survey” at our new Marketdesk.ai portal

Three weeks ago, when Bloomberg pointed out that Andurand was the best performing hedge fund in March thanks to its notorious levered long oil positioning (and really nothing else), we said they may want to refresh his exposure after the April 7 oil crash.

May want to F5 on Andurand after today’s near record oil crash https://t.co/tlkgz3dXJa

— zerohedge (@zerohedge) April 8, 2026

Three weeks later, they did: according to a report published this morning, Pierre Andurand’s largest “hedge fund” (and when it comes to Andurand, the word “hedging” is a catastrophic misnomer), plunged about 52% in the first half of April, wiping out all of its first quarter gains and then some made on bullish oil bets at the start of the Iran war. 

His fund slumped this month through April 17 and is now down almost 37% for the year despite oil being substantially higher YTD. It comes after the Andurand Commodities Discretionary Enhanced fund delivered a 31% gain in March even as other hedge funds were caught off guard by the huge swings in commodities prices and inflation expectations unleashed by the war. Perhaps in the parallel universe inhabited by the ultra liberal trader, oil can somehow magically rise to infinity without demand destruction. Well… no.

Andurand trying to lever up his oil bets to 100x.

The fund – which is basically a 5x levered bet on oil, and which refuses to ever consider the possibility its manager is wrong – has no set risk limits and regularly delivers both double digit gains and losses… though in fairness it has been more losses than gains. 

Oil prices posted a record monthly rally in March, driving the firm’s gains, as war between the US and Iran throttled exports from the Persian Gulf and triggered the most severe supply disruption in history. Brent futures, an international benchmark, climbed to almost $120 a barrel on March 9. Yet instead of taking profits on the way down, Andurand appears to have doubled and tripled down. And that’s how he wiped out more than half of his fund’s AUM in 2 weeks.

It begs the question: which foolish prime broker generously gave Andurand the insane leverage to lose such a staggering amount of money in just two weeks?

Unlike Andurand, the Iranian chaos has been lucrative for oil trading houses that buy and sell physical cargoes of crude, driving outsize profits at firms including Vitol Group, Trafigura Group and Gunvor Group.

For Andurand, the setback in March was a reminder of how volatile commodity markets can be. The fund lost about 40% last year after making a 50% gain the previous year. Yet with the 37% drop in 2026, it is pretty clear that not a single investor in Andurand’s hedge fund is even remotely close to ever breaking even on their catastrophic investment. 

Authored by Stephen Katte via CoinTelegraph.com,

Two US congressional candidates and one sitting lawmaker have received fines and bans from Kalshi after they were found betting on the outcomes of their election races, as prediction market platforms crack down on insider trading.

Matt Klein, a sitting member of the Minnesota State Senate, was fined $539 for betting on his primary race in his bid for the US House of Representatives, which is set to take place in August. Ezekiel Enriquez, who ran for a US House seat in March, received a $784 penalty, according to Kalshi’s notice of settlement.

Another case involved Mark Moran, a candidate in Virginia’s US Senate race, who received a $6,229 penalty and was ordered to return any profits from his trades after allegedly refusing to cooperate with Kalshi to resolve the issue. All three were banned from the platform for five years.

Prediction markets, which let users trade contracts on the outcomes of future events, have faced growing scrutiny over insider trading and possible violations of gambling laws. Kalshi and Polymarket, the two largest platforms, have pledged to introduce stricter controls and crack down on unlawful activity.

Lawmakers offer reasons for insider trades

Moran said in a statement on X that he placed his wager to test Kalshi’s procedures and see how the platform would respond to insider trading.

“YES, I did bet ~$100 on myself on Kalshi because I wanted to get caught,” he said, adding that he “wanted to see (1) if Kalshi would come after me and (2) what their path would be.”

Source: Mark Moran

Klein said in a statement that he placed the wager out of curiosity about how prediction markets worked, but later learned it violated platform rules.

“In compliance with their request, I paid a penalty and agreed to be suspended from the platform. That was the only wager I have ever made on a predictions market,” he added.

Klein is a co-sponsor of a bill in the Minnesota Legislature that aims to ban wagers on the outcomes of real-world events such as elections or policy decisions.

Cointelegraph was unable to reach Ezekiel Enriquez for comment.

Kalshi’s ongoing insider trading crackdown

Bobby DeNault, Kalshi’s head of enforcement, said Tuesday these cases violated Kalshi’s exchange rules but didn’t warrant referral to the US Commodity Futures Trading Commission or the Department of Justice for further investigation and prosecution.

“Regardless of the size of a trade, political candidates who can influence a market based on whether they stay in or out of a race violate our rules. No matter how small the size of the trade, any trade that is found to have violated our exchange rules will be punished,” he added.

The platform issued a $2,000 fine and a five-year ban in February to a former California gubernatorial contender for betting on his own candidacy last year.