PPI Soft in June, Down 0.3%; Market Reaction Subdued as WTI Crude Approaches $80/Barrel; IBM Bellwether Drops 25%, Should Continue to Fall

On Tuesday, the BLS produced a rosy June CPI, with inflation easing due to lower oil and gas prices. That didn't inspire as big a rally as some may have expected, since lower inflation would encourage the Fed to keep interest rates where they are or even lower them. Another possibility is that the market is simply exhausted. Stocks have been sailing right along since 2023, with only minor breaks for presidential actions, specifically, Trump's "Liberation Day" tariffs in April, 2025, and the recent U.S.-Iran conflict from March.

Profits have been easy pickings, and there's a good possibility that institutional investors have seen enough, made enough, and are cycling out.

Still, stocks did show gains, despite the fallout from IBM's 25% drop, the worst in the company's history, as companies slash budgets for software and consulting, and Big Blue issued an ill-timed earnings warning. Anybody with a sense of history will understand why a bellwether stock like IBM should be trading at or below $100/share as opposed to the current fantasy of $217 to be considered fair value. When that happens - and it will - stocks will be worth buying again. The monstrous drop in shares of IBM was like a warning shot across the bows of many Wall Street trading desks.

The action in markets on Tuesday was strongly suggestive of recession fears emerging. The U.S. economy, despite the punditry and hype, could be leveling out at stall speed with GDP probably the worst measurement possible. There's no jobs growth and prospects for the next 6-12 months are cloudy at best.

So, today, the BLS follows up with a dovish PPI:

The Producer Price Index for final demand fell 0.3 percent in June, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.6 percent in May and 1.1 percent in April. On an unadjusted basis, the index for final demand increased 5.5 percent for the 12 months ended in June.

The June decline in the index for final demand can be attributed to prices for final demand goods, which fell 1.4 percent. In contrast, the index for final demand services moved up 0.2 percent.

The index for final demand less foods, energy, and trade services increased 0.1 percent in June after jumping 0.8 percent in May. For the 12 months ended in June, prices for final demand less foods, energy, and trade services rose 5.1 percent.

Market reaction was once again muted, though not without the customary knee-jerk response in stock futures, which leapt higher.

With the open less than half an hour ahead, Dow futures are up 142 points, NASDAQ futures are ahead by 181, and S&P futures are up 21 points, not exactly a ringing endorsement, but good enough to keep traders busy.

Gold also got a boost, just like it did yesterday, only to give back most of the gains. Silver is moribund at $58.65. Gold: $4070 per troy ounce.

WTI crude oil approaching $80 per barrel is keeping a lid on everything.

At the Close, Tuesday, July 14, 2026:
Dow: 52,508.27, +9.63 (+0.02%)
NASDAQ: 26,107.01, +233.83 (+0.90%)
S&P 500: 7,543.59, +28.25 (+0.38%)
NYSE Composite: 23,846.60, -49.45 (-0.21%)

Banks Lead Early Earnings Calls; CPI Falls by Most in Six Years Due to Lower Gas, Oil Prices; Wall Street Split on Inflation

Citi (C), Wells Fargo (WFC), Bank of America (BAC), Goldman Sachs (GS), and JP Morgan (JPM) kicked off second quarter earnings season with a bang.

The largest financial institutions in America delivered results beyond the expectations of Wall Street analysts.

Goldman Sachs said revenue from its equities trading division rose 72% year over year to $7.4 billion. Its investment bank reported $3.4 billion in revenue, its highest quarterly figure since 2021, driven by its M&A advisory and equity underwriting groups.

The equity underwriting division, which includes underwriting initial public offerings, earned fees from several of the quarter's biggest AI-related deals, including SpaceX's (SPCX) blockbuster IPO and Alphabet's (GOOG, GOOGL) even larger follow-on stock sale. Revenue from that unit jumped 130% to $985 million.

JP Morgan Chase, the largest U.S. lender posted a profit of $21.2 billion, or $7.70 per share, in the three months ended June 30, compared with $14.99 billion, or $5.24 per share, ⁠a year earlier.

At 8:30 am ET, the Bureau of Labor Statistics (BLS) issued the June CPI report, cheering on Wall Street with a soft inflation report for June.

The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.4 percent on a seasonally adjusted basis in June after rising 0.5 percent in May, the U.S. Bureau of Labor Statistics reported today. This decline in the all items index was the largest 1-month decrease since April 2020 when it fell 0.8 percent. Over the last 12 months, the all-items index increased 3.5 percent before seasonal adjustment.

The index for energy fell 5.7 percent in June after rising 3.9 percent in May, 3.8 percent in April, and 10.9 percent in March. The energy index was the largest contributor to the monthly all items decrease, more than offsetting increases in other indexes including those for shelter and food. The index for food increased 0.2 percent over the month, as did the index for food at home and the index for food away from home.

The index for all items less food and energy was unchanged in June. Indexes that decreased over the month include motor vehicle insurance, communication, apparel, medical care, and used cars and trucks. Conversely, the indexes for recreation, household furnishings and operations, and personal care were among the major indexes that increased in June.

The all items index rose 3.5 percent for the 12 months ending June after rising 4.2 percent for the 12 months ending May. The all items less food and energy index rose 2.6 percent over the year, following a 2.9-percent increase over the 12 months ending May. The energy index increased 15.7 percent for the 12 months ending June. The food index increased 3.0 percent over the last year.

This constituted the single-largest drop in the CPI since April 2020, the drop in oil and gas prices being the main element. With war ramping back up in the Middle East, this could be a one off, but, for today, markets seem willing to take it with multiple grains of salt. After the initial knee-jerk reaction in stock futures, the indices have dropped back to more reasonable levels. Anything could happen today.

At the Close, Monday, June 13, 2026:
Dow: 52,498.64, -138.37 (-0.26%)
NASDAQ: 25,873.18, -408.43 (-1.55%)
S&P 500: 7,515.34, -60.05 (-0.79%)
NYSE Composite: 23,896.05, -29.03 (-0.12%)

WEEKEND WRAP: Lindsey Graham Dead; Iran-U.S. Conflict Escalating; Bank Earnings to Dominate the Week; Crude Oil, Treasuries Near Breaking Points

Change has come.

South Carolina Senator Lindsey Graham died suddenly on Saturday, July 11, throwing the senior senate seat November election into a whirlwind. Beyond what appears to be a developing scramble drill for Republicans to field a suitable candidate, Governor Henry McMaster is tasked with the responsibility to appoint a replacement for Graham through the remaining Senate calendar, January 3, 2027.

McMaster's appointment does not imply that the person will be the candidate for the election in November. A special Republican primary must be held to select a new GOP nominee. The filing period could open as early as July 21, with the primary possibly scheduled for August 11. This matters because the balance of power in the Senate is already close, with 53 Republicans and 47 Democrats. Graham was seen as a shoo-in in November. Now that's up in the air.

Also developing over the weekend is escalation in the Iran-U.S. conflict. Both parties have engaged in heavy military actions, pretty much dealing the MOU a death blow. The region could be back to full-scale war within days as Iran has reportedly closed the Strait of Hormuz and the U.S. is considering re-establishing its blockade and launching more substantial assaults against Iran in coming days.

While politics and militarism aren't directly related to financial affairs, they do have their own degrees of impact on economies, in the case of Iran, the global economy. Graham's death will reverberate in the U.S. economy, though the impact is likely to be negligible, unless the Democrats take control of the Senate, or House, or both, which is a real possibility since President Trump's approval ratings on everything from inflation to foreign policy are swirling the toilet bowl. Despite what the White House tries to spin as "American Greatness", the sitting president is not well-liked. A shift in the balance of power to the Democrats would make him an automatic lame duck since he cant run again, as well as possible impeachment.

Add to the intrigue the health condition of Kentucky's senior senator, Mitch McConnell, who has been hospitalized since Thursday and has not be exactly "on the job" for months. In the case of his death or inability to serve out the remainder of his term, Kentucky law stipulates that a special election be held, not an appointment by the governor. Possible legal challenges may emerge.

With so much riding on the November midterms, expect the White House and Republicans in general to fully engage in whatever tactics might win the elections. There's been lying, cheating, and assorted dirty tricks played out in previous elections, but this time around might bring out the absolute worst, which, in terms of politicians, could be false flags, complete fabrications, murders, gaslighting, and blackmail.

There's less than four months until the midterms. Have your popcorn ready because the fireworks are sure to be spectacular.

Stocks

The Dow was down, but the NASDAQ and S&P gained on the week. Nothing unusual about that, as money moves along the path of least resistance, which, in this case, was back into buying the tech dip. There is surely no dearth of ready money.

Upcoming second quarter earnings will be front and center this week. Banks and Dow components will dominate early returns.

Tuesday (before open) Citi (C), Wells Fargo (WFC), Bank of America (BAC), Goldman Sachs (GS), JP Morgan (JPM), Fastenal (FAST), Ericsson (ERIC); (after close) Loop Industries (LOOP)

Wednesday (before open) ASML (ASML), Morgan Stanley (MS), PNC (PNC), Johnson & Johnson (JNJ), BlackRock (BLK), Progressive Insurance (PGR), Conagra (CAG), Cintas (CTAS); (after close) United Airlines (UAL), J.B. Hunt (JBHT)

Thursday (before open) Taiwan Semiconductor (TSM), US Bancorp (USB), State Street (STT), Citizens Financial (CFG), United Health (UNH), Abbot Labs (ABT), GE Aerospace (GE); (after close) Alcoa (AA), Netflix (NFLX), Simmons Bank (SFNC), Intuitive Surgical (ISRG)

Friday (before open) Regions Financial (RF), Truist (TFC), Fifth Third Bank (FITB), Travelers (TRV)

The big data points will be the release of CPI on Tuesday and PPI on Wednesday, both prior to the opening bell. Indications are for higher inflation expectations and higher numbers overall. However, given how fluid conditions have become, no matter what the numbers reveal, the market response is likely to take it in the worst way. That, however, runs afoul of what are expected to be strong earnings reports from the nation's biggest financial institutions.

Trading may become something resembling a tennis match, with averages jumping one way and the other, sentiment changing on the fly. It doesn't get more challenging for traders than this. Nobody is certain of anything, especially general direction.

June Retail Sales on Thursday are likely to have some impact. Any hint of a slowdown could send stocks into a funk. It's going to be a make it, break it , or fake it week.

Relevant data releases can be found at Trading View.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
06/05/2026	3.71	3.71	3.71	3.78	3.78	3.81	3.88
06/12/2026	3.69	3.70	3.70	3.78	3.79	3.82	3.86
06/18/2026	3.69	3.69	3.74	3.83	3.85	3.92	4.00
06/26/2026	3.70	3.70	3.75	3.83	3.89	3.94	3.94
07/02/2026	3.70	3.73	3.81	3.82	3.91	3.98	3.96
07/10/2026	3.71	3.74	3.81	3.85	3.94	3.99	4.06

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
06/05/2026	4.17	4.22	4.29	4.41	4.55	5.03	5.01
06/12/2026	4.09	4.12	4.21	4.34	4.48	4.98	4.97
06/18/2026	4.19	4.19	4.23	4.34	4.46	4.91	4.90
06/26/2026	4.07	4.09	4.12	4.23	4.38	4.87	4.87
07/02/2026	4.14	4.16	4.23	4.35	4.49	4.99	4.98
07/10/2026	4.21	4.22	4.30	4.42	4.56	5.08	5.06

Treasury yields were yanked higher over the week as front-running MidEast escalation supported a rush to safety in a rather dramatic fashion. Nothing in the mainstream financial media suggested anything amiss, as usual, blind to conditions favoring chaotic developments. The 30-year closed out the week at 5.06% with the 10-year note yielding 4.56%, both above closely-watched breaking points.

Spreads deviated, with 2s-10s holding at +35, but full spectrum (30-days - 30 years) blowing out to +135, the highest this year.

Smart money suggests that the Fed will do nothing until after the midterm elections, which would mean the December 9 FOMC meeting at the earliest, but re-engagement by the U.S. and Iran in a military confrontation throws all predictions into the blender. It's getting close to a situation in which the odds for a recession or blowout inflation are nearly equal. There's a chance Americans and Europeans may see both over the next 12-18 months.

Spreads:

2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
4/3: +51
4/10: +50
4/17: +55
4/24: +53
5/1: +51
5/8: +48
5/15: +50
5/22: +43
5/29: +47
6/5: +38
6/12: +37
6/18: +27
6/26: +31
7/2: +35
7/10: +35

Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
4/3: +120
4/10: +124
4/17: +119
4/24: +122
5/1: +126
5/8: +124
5/15: +141
5/22: +135
5/29: +127
6/5: +130
6/12: +128
6/18: +121
6/26: +117
7/2: +128
7/10: +135

Oil/Gas

August WTI crude futures closed out the week at $71.43, nearly four percent higher than last week's closeout at $68.78 on the NY Mercantile Exchange. That number may prove to be a very temporary low because over the weekend, tension between the U.S. and Iran has snapped, with escalating military strikes from both sides, the U.S. attacking southern Iran while the Iranians initiate missile strikes against U.S. assets in the region, particularly in Bahrain, UAE, Kuwait, Qatar, and Jordan.

Average price for a gallon of unleaded regular gasoline in the U.S. was $3.72 last week and $3.82 this week, reflecting - with some degree of immediacy - the fragile Middle East peace structure unraveling.

Reserves have been substantially drained by major economies around the world to keep prices under control, but they are close to hitting bottoms. Once reserves are exhausted, which could be within weeks if conditions remain volatile, the price of crude oil would be expected to reach extremes, sending gas prices at the pump soaring once again.

Gas prices in key states:

California (leader): $5.34 (+0.01)
Washington: $4.94 (-0.08)
Indiana (lowest): $3.25 (+0.20)
Oklahoma : $3.36 (+0.12)
Mississippi: $3.41 (+0.05)
Florida: $3.80 (+0.04)
Illinois: $4.06 (+0.10)
Pennsylvania: $3.95 (0.00)
New York: $4.05 (+0.02)
Maryland: $3.85 (+0.16)
Michigan: $3.93 (-0.02)
Texas: $3.39 (+0.12)
Georgia: $3.54 (+0.04)

On Sunday, July 12th, there are six (6) states with average prices above $4.00, with 42 below the $4 threshold, not including Hawaii ($5.51) and Alaska ($4.67), with just one above $5 (California). The Southeast has maintained as the lowest region overall over the past seven weeks as a gallon of unleaded regular is averaging well below $4.00 ($3.36-3.58) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region a close second, prices ranging from $3.46 to $3.78. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest. Indiana ($3.25) remained the lowest due to Governor Mike Braun suspending state taxes at the pump. On July 2nd he extended the suspension into the first week of August.

Bitcoin

This week: $64,092.58
Last week: $62,699.50
2 weeks ago: $60,194.49
6 months ago: $91.418.20
One year ago: $120,551.90
Five years ago: $31,539.02

Bitcoin rallied a little bit this week, though it didn't hit any meaningful level. The crypto universe remains in a bear market, one that could actually worse, given current, uncertain conditions.

Bitcoin and crypto in general remain among the worst investments of 2026. Bitcoin is down 27% year-to-date.

Precious Metals

Gold:Silver Ratio: 68.83; last week: 67.66

Futures, per COMEX continuous contracts:

Gold price 6/12: $4,239.90
Gold price 6/18: $4,172.90
Gold price 6/26: $4,103.00
Gold price 7/2: $4,187.30
Gold price 7/10: $4,128.90

Silver price 6/12: $68.12
Silver price 6/18: $65.38
Silver price 6/26: $59.60
Silver price 7/2: $62.81
Silver price 7/10: $60.30

SPOT: (stockcharts.com)
Gold 6/12: $4,218.23
Gold 6/18: $4,210.00
Gold 6/26: $4,089.00
Gold 7/2: $4,122.76
Gold 7/10: $4,119.70

Silver 6/12: $68.00
Silver 6/18: $65.65
Silver: 6/26: $59.16
Silver 7/2: $60.93
Silver 7/10: $59.85

Prices for precious metals remained under pressure over the course of the week, the COMEX and LBMA fully in control via futures contract manipulation. It would be logical to believe that gold would see a rapid price hike on Monday, given the escalation in the Middle East and overall disruptive conditions on a global scale. At the same time, that would underestimate the Western-based cartel's ability ot control prices.

No matter the case, gold and silver continue to provide a sliver of hope in a world that's seemingly gone mad. Normally, under such conditions, gold would warp higher, with silver following along. Economics, however, being turned on its head, argues otherwise, suggesting that stocks and paper money are far more valuable than bricks, bars, tokens, or coins made from rare elements. One would have to suspend credulity to entertain such a belief.

The world continues to break apart, East versus West. Until Russia, China, India, et. al. assert their dominant positions in precious metals, the U.S. and Western forces will continue to engage in fiat-based public fantasies. Aiding the cause of the West are rising interest rates, making fixed income instruments with improving yields appear the better bet in an inflationary environment.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):

Item/Price	Low	High	Average	Median
1 oz silver coin:	64.95	90.23	73.68	70.50
1 oz silver bar:	68.48	80.66	73.19	72.43
1 oz gold coin:	4288.45	4468.86	4376.90	4365.50
1 oz gold bar:	4283.36	4481.02	4322.00	4305.92

The Single Ounce Silver Market Price Benchmark (SOSMPB) dropped slightly, finishing the week at $72.45, for a loss of 80 cents per troy ounce from the July 5 price of $73.25.

WEEKEND WRAP

A week ago, in the aftermath of America's 250th birthday, conditions appeared ripe for a summer lull, with stocks just pushing higher gradually, without major disruptions in political, social, or economic arenas. That's all changed. The political situation got a jolt of electricity with Senator Graham's death. Gloves have come off. Democrats sense victory. Republicans understand they're in for the fight of their lives. The war with Iran is back on; oil prices - and that means inflation - could be about to rebound.

What may be a silver lining for the economy is the idea that with the politicians focused on keeping their jobs in November, the chance for any meaningful legislation before November is close to nil. Wall Street loves periods in which the government isn't around to muck up the works, so, there remains a very good chance that stocks will continue on their merry ways, to "infinity and beyond," though the situation in the Middle East - and to a lesser extent, Ukraine - might throw a spanner into the works.

Keep in mind, just because current conditions are interesting, doesn't imply that they're good.

At the Close, Friday, July 10, 2026:
Dow: 52,637.01, +149.60 (+0.29%)
NASDAQ: 26,281.61, +74.72 (+0.29%)
S&P 500: 7,575.39, +31.75 (+0.42%)
NYSE Composite: 23,925.07, +48.23 (+0.20%)

For the Week:
Dow: -263.06 (-0.50%)
NASDAQ: +448.94 (+1.74%)
S&P 500: +92.15 (+1.23%)
NYSE Composite: -32.01 (-0.13%)
Dow Transports: +162.75 (+0.74%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.

Stocks Generally Higher Because the System Works That Way; Fighting the Fed and the Government Is a Not a Strategy; Keep Buying

For the week, the Dow Jones industrial average has lost some 412 points through the close of trading Thursday. Conversely, the NASDAQ is up 374 points, and the S&P is up 60.

WTI futures traded above $74 earlier in the week, but have retreated back to a range around $72 per barrel. There's really not much to see regarding the macro picture. Nothing much has changed.

Stocks continue to trade near all-time highs, a condition that has more or less prevailed for the last three? five? twenty? years. It's kept alive by a combination of excessive government spending, relentless expansion of the money supply by the Fed, and Wall Street hustlers who variably use greed (you can have it all) and fear (FOMO) to encourage anybody with any kind of disposable income to buy stocks.

Those with the most disposable income are the top earners, billionaire hedge fund managers, private offices, and corporate executives themselves, who have benefitted the most from the churning and grinding at the Fed, in Washington, and on Wall Street. Anybody lucky enough to have invested in stocks over the past 20 years or so has made handsome returns and is living the good life.

Naturally, the main element is the Federal Reserve, the central banking authority that is charged with keeping the economy chugging along lik a monetary locomotive, printing money out of thin air and showering it upon the masses. There is literally nothing the people at the Fed would do to restrain credit or money creation. Keeping their counterfeiting operation going is their foremost priority, not full employment or stable prices. Those so called mandates are just for show and the government largely provides more than enough manipulated data to support the claims that the economy is growing, people have jobs and inflation is under control, all laughably spurious arguments.

Because employment and inflation data are control mechanisms of the government, they have been, and will continue to be providing narrative cover for the Fed's printing press. Unemployment figures are fantasies considering the labor force participation rate, currently at all-time lows. GDP is supported by transfer payments. More than half the people in the U.S. welfare-warfare state receive some level of government support, be it welfare checks, food stamps, social security benefits or farm subsidies.

Government polices consist of spending and welfare, a little taxing, and a lot of borrowing. While these conditions would be reprehensible to any honest accountant or economist, they are the strings that pull together the American experience. Pay your taxes, feed your families, and invest whatever you have left over in the stock market. Ignore the huddled masses in tent cities and homeless shelters. The government has them covered and they're not a concern of yours.

This objectionable, twisted form of fascist capitalism will prevail. As earnings season goes into full sprint the next three weeks, the path of least resistance is clearly up, up, and away.

Expect new highs on all the major indices within two weeks because the system, like it or not, works that way. and, as the mobsters say after whacking an operative who has strayed, "there's nothing we could do about it."

Pay no attention to the doomers and gloomers who say that the current condition is unsustainable, that $40 trillion in debt is beyond the pale, that stocks are overdue for a correction. Buy the dips. Buy the rips. Just keep buying.

At the Close, Thursday, July 9, 2026:
Dow: 52,487.41, +139.02 (+0.27%)
NASDAQ: 26,206.89, +336.24 (+1.30%)
S&P 500: 7,543.64, +60.93 (+0.81%)
NYSE Composite: 23,876.84, +86.23 (+0.36%)

America's Failure at "Football" Exposes the Myth of Exceptionalism, Skewers the Narrative, and Makes the U.S. Look Stupid and Weak

Americans call the game "soccer." The rest of the world calls it "football."

Once again, American exceptionalism exposes the soft belly underneath the rhetoric. America wants to define the terms without having mastered the basic concepts.

America's national team in the 2026 World Cup showed - as it does, like clockwork, every four years - that the United States is entirely uncompetitive in the world's favorite sport. America talks a good game... or, rather, the blathering idiots like Carly Lloyd, Alexi Lalas, and Landon Donovan talk up the team like its the second coming of the Light Brigade, praising U.S. players as if they are on a par with the likes of Mbape, Renaldo, or Messi. The first clue to the myth-making is that no American player is recognized by one name, like the greats from France, Portugal, or Argentina. No, America is at best second rate when it comes to the world of football, but fans and TV talking heads can't help gushing over what turn out to be just ordinary exploits.

Every four years, Americans get to hear the same, tired nonsense, about how far America has come in terms of competitiveness at the World Cup, how this team or these players comprise a growing, emerging explosion of football greatness from sea to shining sea. It's always the same: the U.S. team can't even make the quarterfinals and are usually embarrassed in the earlier rounds by European squads which know how to play the game and win games.

This year's fiasco was none different from past failures. In the Group Stage, hopes were raised that the USA had finally arrived, beating Paraguay, Australia, and Turkey to qualify for the knockout rounds. Announcers were all too eager to call this team "one of the best ever," and a "basis for the future." What they failed to observe was that the United States beat up some very second-rate or third-rate teams in their easy grouping. None of the teams in the group, including the United States, has ever won a World Cup championship. So, with attendant sound and fury, the United States team sailed into the Round of 32 and defeat an infant team from Bosnia-Herzegovina, 2-nil. The whoops and chants of USA-USA-USA grew louder, but the real test was yet to come, when the U.S. faced Belgium in the Round of 16.

The 4-1 loss to Belgium completed the story. The United States was completely outclassed by the Belgian nationals, many of whose players are veterans of various European leagues. Further, Belgium takes its football quite seriously. After a third place finish in the 2018 World Cup, Belgium was ousted in Group play in 2022, and a concerted effort was made to improve off that disappointment with better players, smarter coaches, and strategic thinking. They absolutely schooled their American counterparts in a completely one-sided, 4-1, rout.

Despite the continuous chorus of America's team's emergence into the elite of the football world, what fans everywhere saw was a team that lacked any kind of defensive cohesion, giving up two early goals that most teams would have easily defended. The third goal, off a grievous error by U.S. goalkeeper, Matt Freese, was the ultimate embarrassment and put the game completely out of reach. The United States failed to generate any good scoring chances, their lone goal coming on a fortunate ball on a free kick. Other than that, they were flat, outplayed, and out-coached. The United States was the only team - out of 32 - in the knockout stage to allow four goals, which brings us to the meat of the matter...

Americans, especially these days, with a loudmouth braggart occupying the White House, consider themselves to be superior to the rest of the world and routinely announce such to anybody within earshot. Of course, Americans with IQs above room temperature understand that all the posturing and posing by the USA in any field, be it mathematics, industry, snowboarding, or anything else, is usually unwarranted and the World Cup fiasco is the perfect metaphor for all of the meaningless, loud-mouthed spoutng of platitudes, greatness, and world dominance.

The United States doesn't dominate in anything other than bragging and blowing up people and countries that don't agree with its obviously-flawed rationale for why others should bend the knee to the American Empire. Just like the World Cup football team, the United States is second rate in everything when compared to other leading countries of the world, China and Russia, especially. Over the past 60 or so years, the United States has been reduced from being a shining, productive, innovative nation to one which has ignored the needs of its citizens, failed to upgrade infrastructure, and has brought new meaning to the term "wealth disparity."

The country may lead in some rare categories. U.S. politicians rank as some of the most corrupt. The United States also is very-highly ranked for putting narratives before reality. The press corps in the United States is among the global leaders in propaganda, spewing half-truths and outright lies on a regular basis.

There's a lesson or two to be learned from the World Cup experience but Ameircans are unlikely to learn them, being too pre-occupied with the latest celebrity romance or corporate scandal. Greatness cannot be achieved by talking about it. Greatness is earned by accomplishment. Advancing to the quarterfinals of the next World Cup would be a giant step in the right direction, but America won't likely make the commitment to improve nor put the right people in the right places. The entire structure of USA "football" will be dominated by failures and opportunists, quick buck artists, and lazy thinkers.

Just like America's military escapades in Ukraine and the Middle East, the World Cup experience exposes the United States as what they refer to in Texas as, "big hat, no cattle."

Because the stock market is at or near all-time highs does not imply value. Men of riches and material wealth are not necessarily wise. America talks a good game, but, when it comes down to proving, it fails to deliver.

Thanks for listening. In the hallowed words of Chris Martenson, "it doesn't have to be this way."

At the Close, Wednesday, July 8, 2026:
Dow: 52,348.39, -576.76 (-1.09%)
NASDAQ: 25,870.65, +51.96 (+0.20%)
S&P 500: 7,482.71, -21.14 (-0.28%)
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