Open: 1079.75 Close: 1074.68 Change: -5.07

Today's Summary

Halliburton filed a claim against Venezuela with the International Centre for Settlement of Investment Disputes (ICSID) under the Barbados-Venezuela Bilateral Investment Treaty. The dispute stems from Halliburtons withdrawal from the Venezuelan market. Wolf Richter says the Fed cannot make old mortgages portable because of collateral issues and the fact that these mortgages are in MBS, and the contracts cannot be changed. Office buildings in San Francisco are selling at 60-70% discounts from prior transactions. US measles outbreak tops 2,000 known infections. Thailand and Cambodia agree to investigate presence of 450 drones. All fiscal and monetary sins eventually lead to inflation and demolish the currency, says Dougald Lamont. Gold, silver and platinum are exploding at rates not seen probably ever so something is definitely going on that Im sure will surface. Quantum computing has hit one of many bottlenecks that is going to limit progress toward commercial applications. The financial world now is Japan at its peak and the USA in 29. Gold returns over the last 25 years manhandles the >700% return on the S&P and >800% on the Nasdaq. Government-sanctioned stablecoins appear to be another new source of demand for gold. The black swan for silver would be if Larry Silverstein decides to “pull it” and we witness the price of silver drop. Interest payments ate up 33.2% of the tax receipts available to pay for the interest expense and other general-budget expenses. In Q3, they added $87 billion to the $902 billion available to cover the interest expenses. A wealth tax and repatriation of all tax haven monies and assets would reduce our government deficit. The world is actively looking for an off ramp from the Dollar. Pentagon has been unable to produce auditable financial records; a startling fact that was first uncovered by Donald Rumsfeld under Bush II. A sustained drop in reserve demand would make things harder. Every December, we ask Project Syndicate commentators to identify the political, economic, and policy trends to watch in the year ahead. Looking ahead to 2026, PS contributors predict a year marked by escalating geopolitical risks. At the Money: April is only a few months away, but you have questions and answers. Eli Lilly on Friday became the first global healthcare company to hit $1 trillion in value. The future of conflict is cheap, rapidly manufactured and tough. China is spending a lot more money on research than the U.S. in the last decade. China now leads the world in high-quality STEM papers. Europe is under siege from Russia, China and the United States. Semiconductor industry is probably the most important industry in the world. Sakana AI might succeed, but the most likely outcome is that the company will fail. FDI has been key to the economic success of a number of countries. Bitcoin bounced between $86,000 and $90,000 over the Christmas holiday sessions. ZEC (+10%), TAO (+8%), and DASH (+6%) outperformed. Open interest fell by nearly 50%, signaling that traders stepped to the sidelines. There are signs that Japan is already beginning its industrial revival. Japan lagging many other rich countries in terms of total entrepreneurial activity. Stagnation is not a criticism; its an opportunity, says Gregg Ito Takatoshi. Bitcoin enters the new year subdued, trading around $87,000 and searching for direction. Riot Platforms opened a new $500 million at-the-market equity offering this week. Riot stock remains up 24% year-to-date and 21% over the past year. Bitwise just filed for 11 new crypto etfs, and the market’s silence exposes a brutal new reality. Bitwise forecasted new bitcoin all-time highs in 2026, pointing to structural factors like institutional capital inflows, regulatory clarity, and continued adoption to outweigh historical bearish factors. Solana is the sixth-largest crypto asset by market cap.