By Charles Kennedy of OilPrice.com

Venezuela has moved “substantial quantities of [military] personnel and equipment to the border with Guyana amid its territorial dispute over the Essequibo region.

The update comes from the Center for Strategic and International Studies in Washington D.C., which this week released a report on the latest developments in the Venezuela-Guyana dispute.

The think tank talks about an expansion of a military base on Anacoco Island in the area, with new roads and a bridge getting built in the past few months. A local airport is also being expanded, CSIS also said, citing satellite imagery and social media posts.

According to the report’s authors, the activity could be preparation for a “manufactured crisis” before or after Venezuela’s next elections, set to take place in late July.

The Essequibo region encompasses about two-thirds of Guyana’s territory and is where most of its oil resources lie, and the site of massive discoveries and new production by Exxon and partners.

The International Court of Justice previously ruled that Essequibo is part of Guyana, although this is still not recognized by Venezuela. A written agreement was penned in December between the two that denounced the use of force, instead calling for a commission to address the disputes.

However, after a December referendum, in which Venezuelans overwhelmingly voted that Essequibo is part of their country, the government pushed with its annexation attempt. The buildup of troops began in February this year and prompted expectations of an imminent military conflict.

At the time, Caracas said it had the right to shore up its borders in response to U.S. military exercises in Guyana toward the end of the year and the presence of a UK anti-narcotics vessel that is in Guyanese waters. The Venezuelan government has also criticized Exxon for depending on the U.S. military for its security and for its exploitation of Guyana’s oil resources.

With the US national debt at $34 trillion and climbing, USD reserve status under pressure, inflation destroying standards of living, and the Biden administration stoking costly war on several fronts, perhaps it’s time for more thoughts on the Roman empire.

In a Tuesday thread posted to X, user ‘Culture Critic‘ (@Culture_Crit) posted a deep dive into the unraveling of the Rome in the 3rd century. Let’s jump in;

Does inflation lead to civilizational collapse?

Well, in the 3rd century, the Roman Empire began to buckle under the weight of state spending.

It frantically “printed” money until things went horribly wrong… (thread) 🧵 pic.twitter.com/DRdCa6A8BO

— Culture Critic (@Culture_Crit) May 14, 2024

Continued…

When Augustus slowed the expansion of the empire, wealth stopped flowing from conquered lands into the treasury. Managing expenditures (construction, armies, bureaucracy) became increasingly difficult.

Whenever costs exceeded tax income, emperors minted new coins to cover it. Mining precious metals increased the supply of gold and silver coinage.

Things remained pretty stable for two centuries…

But the army was an immense burden. In the mid-2nd century, it was 70% of the entire budget — half a million soldiers were on the payroll.

Then, crisis struck.

Frontiers across the empire came under attack in the 3rd century. Military expenses soared as entire provinces were being abandoned and their tax yields lost. Plus, the mines were drying up…

When soldiers’ wages could no longer be paid, “debasing” the currency was the only option.

Emperors issued new denarius (the silver coin troops were paid in) with less and less silver content — i.e., further increasing the money supply.

Nero had already begun clipping coins and diluting silver purity in 64 AD. The state soon got addicted to solving its problems this way — and lining the pockets of political insiders at the same time.

The denarius was down to 60% silver purity by the 3rd century AD. Of course, prices inflated with it.

Still, the state kept spending to maintain the illusion of prosperity, until things got really bad…

By 268 AD, the denarius was 0.5% silver. A bag full of coins replicated the silver content of a single coin a century earlier.

By 300 AD, soldiers were paid 8x in denarius compared to a century ago, and wheat prices were up 200x.

But the state still struggled to pay troops — some abandoned the military and went about pillaging towns. And for half a century, the empire was on the brink of destruction: emperors were assassinated, barbarians sacked towns and enslaved citizens…

Diocletian tried to stabilize matters by enforcing price caps on over 1,000 goods and services, but it failed. A modius of wheat that had cost 0.5 denarius in the second century, sold for over 10,000 in 338 AD.

Who pays when the money system breaks?

People pay with their freedom. The currency was so worthless that the state demanded forced labor rather than accept its own coins as tax. Merchants had to provide goods directly to the state and army, and leaving their trade was outlawed.

The masses slipped into serfdom and unrest, while the state grew larger and more authoritarian in response. The state was now keeping itself alive at all cost.

As Septimus Severus said: “Live in harmony; enrich the troops; ignore everyone else.”

It’s said the Roman Empire fell due to apathy. By the time the 5th century barbarians came, belief in the system was gone, and invaders seen as liberators.

“The empire could no longer afford the problem of its own existence.”

Does any of this sound familiar?

It might be because 80% of all dollars in circulation today were printed since Covid… pic.twitter.com/oHJvTDZ5zW

— Culture Critic (@Culture_Crit) May 14, 2024

Additional color provided by @EconofEmpire:

1. The exploitation of the silver to gold ratio depleted Roman silver supplies as the creditor oligarchy exported coinage to India & the east. There the ratio was as low as 4:1 & 12:1 in Rome.

2. European gold & silver supplies were exhausted around 26BC. There was little plunder left available.  

3. The role of debt was a monumental factor in Rome’s rise & fall. An aggressive & brutal creditor oligarchy had sought land monopolization as they seized land as collateral for unpaid debts. Their actions have led many to conclude that life within the empire was like “hell on earth.”

4. The church & the state also hastened Rome’s decline as they sought tribute & taxes.

The sheer brutality of the regime can be well summed up by Emperor Severus telling his generals to “enrich the men, scorn all others.”

And a few replies:

Well, Ludwig von Mises certainly agrees. Here’s a quote from the Austrian–American Austrian School economist, historian, logician, and sociologist:

…if inflation is not eliminated very soon, all our technological and scientific improvements will not prevent us from a tremendous… pic.twitter.com/ykUwJc9LGW

— The Daily Historian (@_DailyHistorian) May 14, 2024

How too much wealth led to the downfall of the Spanish Empire💰

The Spanish Empire embarked on a journey of exploration and conquest in the late 15th century, venturing into the Americas in search of riches. They discovered vast reserves of gold and silver, which they eagerly… pic.twitter.com/kcka4zL6Fu

— Past and Prosperity (@PastProsperity) May 14, 2024

Daniel Webster, “Inflation is the surest way to fertilize the rich man’s field with the sweat of the poor man’s brow.”

— Robert The Homeschooler (@TheRobertBshow) May 15, 2024

Authored by Simon White, Bloomberg macro strategist,

Today’s CPI data shows the gap between CPI and PPI continues to rise, a proxy for profit margins.

After a rise and fall through the pandemic, they are persistently rising again. 

Profits are positioned to be one of the main vectors of persistent consumer inflation in this cycle.

Yields are in an interim trend lower as recessionary risks resurface, but the primary uptrend is intact.

There will be another bond selling opportunity later in the summer.

This rise in the profit-margin proxy matches the message from the primary services component of the PPI data…

Nothing moves in a straight line, and it is far too early to declare that the disinflationary trend has resumed.

On Wednesday Israeli Prime Minister Benjamin Netanyahu declared that the controversial Rafah offensive, which has been criticized by a number of Western allies including Washington, is expected to “last weeks” and not not months or years.

The Israeli leader appears to be trying to calm the storm of condemnation coming from the West, especially in Europe at a moment at least 500,000 Palestinians have been forced to flee Rafah. On the same day the European Union issued a call for Israel to stop the Rafah operation “immediately”.

EU foreign policy chief Josep Borrell warned that if PM Netanyahu doesn’t reverse course, it will put a heavy strain on ties. “Should Israel continue its military operation in Rafah, it would inevitably put a heavy strain on the EU’s relationship with Israel,” he said a statement issued in the bloc’s name.

“The European Union urges Israel to end its military operation in Rafah immediately,” the EU official statement said. It warned that Israel’s military actions are “further disrupting the distribution of humanitarian aid in Gaza and is leading to more internal displacement, exposure to famine and human suffering.”

Israel’s army has meanwhile officially disclosed its first death from the Rafah ground operation, which has thus far involved some tank units penetrating Rafah’s eastern section:

An Israeli soldier was killed during fighting in the southern Gaza Strip on Tuesday, the military announced Wednesday morning, marking the first fatality in the Israel Defense Forces’ push into Rafah.

The slain soldier was named as Sgt. Ira Yair Gispan, 19, from Petah Tikva. He served in the 7th Armored Brigade’s 75th Battalion.

Gispan’s death brought the toll of slain troops in the Israel Defense Forces ground offensive against Hamas in Gaza and in operations on the border to 273.

The Netanyahu government has thus far sought to deflect criticism by calling the operation “limited” in scope, and so far focusing only on specific sections of the city, after dropping tens of thousands of leaflets warning civilians they must leave.

But this hasn’t satisfied the EU. The new statement continues, “While the EU recognizes Israel’s right to defend itself, Israel must do so in line with International Humanitarian Law and provide safety to civilians.”

The EU further calls on Israel “to refrain from further exacerbating the already dire humanitarian situation in Gaza and reopen the crossing point of Rafah.”

According to some of the latest Wednesday developments via Al Jazeera:

Many casualties are feared after reports of an Israeli attack on an internet access point in central Gaza City.
Fierce gun battles rage in northern Gaza’s Jabalia and southern Rafah as Israeli military incursions intensify against Palestinian armed groups. Hamas and Israel’s army both claim significant enemy casualties.
At least 82 Palestinians have been killed in the past 24 hours, the highest death toll in a single day in many weeks, during relentless Israeli air attacks.
More than 450,000 Palestinians have fled Rafah city with another 100,000 evacuating the north as Israel’s military launches new attacks.
At least 35,233 people killed and 79,141 wounded in Israeli attacks on Gaza since October 7. The revised death toll in Israel from Hamas’s October 7 attacks stands at 1,139, with dozens of people still held captive.

⚡️Hamas publish footage of them fighting in northern Gaza pic.twitter.com/6AVxntbqzH

— War Monitor (@WarMonitors) May 14, 2024

EU and US statements have had little impact in what has only amounted to a verbal tit-for-tat of criticisms. Biden has threatened to withhold offensive weapons, but at the same time has unveiled $1 billion in new defense aid for Israel this week. Clearly this won’t ‘deter’ Israel’s path forward in the counter-Hamas Rafah offensive. Israel’s defense chief has also announced Wednesday that relations with the US are still “strong and stable”.

By Julianna Geiger of OilPrice.com

Russian President Vladimir Putin is set to visit China on May 16-17 for discussions with President Xi Jinping, in part to discuss expanding energy and trade partnerships.

The state visit, initiated by Xi, will cover topics such as China’s Belt and Road Initiative as well as the situation in the Middle East and Asia, and Ukraine.

Putin will be accompanied by key officials including Defense Minister Andrei Belousov, Foreign Minister Sergei Lavrov, Security Council Secretary Sergei Shoigu, foreign policy adviser Yuri Ushakov, and executives from major Russian companies such as Sberbank, VTB, Rosneft, and Novatek. They will engage in informal meetings and discussions, highlighting the strategic partnership between the two nations.

The visit also includes a gala evening commemorating the 75th anniversary of the Soviet Union recognizing the People’s Republic of China. This relationship, now more critical than ever, sees China challenging U.S. dominance across various sectors, including quantum computing, synthetic biology, and military power.

A key focus of Putin’s visit will be discussions with Chinese Premier Li Qiang on trade and economic cooperation. Putin will also visit Harbin, a city with historical ties to Russia, further strengthening regional connections.

Trade between China and Russia reached a record $240 billion in 2023, a 26.3% increase from the previous year, according to Chinese customs data.

China has bolstered its trade and military relations with Russia amid Western sanctions. Russia has become China’s top crude oil supplier, with exports to China increasing by over 24% in 2023, despite the sanctions imposed by the West.

In March, China was expecting to import record-high volumes of crude oil from Russia as multiple cargo of India-bound Russia’s Sokol crude were stranded due to Western sanctions, before finding a new destination in oil-hungry China.

Defying large domestic protests and condemnation from the United States and other Western governments, the Republic of Georgia’s parliament on Tuesday adopted a “foreign agents” law that would impede foreign nongovernmental organizations’ (NGOs’) ability to operate in the country — and put Georgia’s European Union and NATO ambitions in jeopardy. 

🇬🇪 Looks like Soros’s NGOs don’t give up so easy on their control over Georgia

Let’s hope the government of Georgia doesn’t repeat the mistakes the Ukrainian government made in 2014 and takes care of these agitators before things get out of hand. pic.twitter.com/I9TVizIvQW

— Gabe (@GabeZZOZZ) May 14, 2024

Georgia’s president, Salome Zourabichvili, has vowed to veto the measure, but the parliament approved the law by a 84-30 margin, only only needs 76 to override a veto. After the law’s passage, Biden Press Secretary Karine Jean-Pierre told reporters: 

“We’re deeply troubled by Georgia’s Kremlin-style ‘foreign agents’ legislation...we have been outspoken about our concerns with the legislation, which runs counter to democratic values and would move Georgia further away from the values of the European Union and, let’s not forget, also NATO.”

Under the Georgia law, which is modeled after one adopted in Russia, organizations that receive more than 20% of their funding from outside the country would have to register as “agents of foreign influence,” under threat of fines. While Western governments officially scoff at the notion, NGOs have been a major vector of Western interference in foreign countries, up to and including regime change campaigns. NGOs played roles of varying significance in the so-called “Colour revolutions” in Georgia, Ukraine and Kyrgyzstan.  

Ironically reinforcing the idea that the law would thwart foreign interference, the German Foreign Affairs Committee chairman Michael Roth and Lithuanian legislator Zhigimantas Pavillionis visited the protest rally outside the parliament — conjuring images of late US Senator John McCain and Sen. Chris Murphy joining anti-government protesters in Kiev as the Ukraine revolution gained momentum.  

🇬🇪🇪🇺❤️ Michael Roth and Zhigimantas Pavillionis came to the protest rally in front of the Parliament#Georgia #NoToRussianLaw pic.twitter.com/dpBvXAzs1e

— Mtavari TV (@MtavariChannel) May 14, 2024

In a vivid display of the intensity of feelings over the law, fists flew in parliament earlier this year: 

Georgia Parliament descends into fight as lawmaker get punch in face pic.twitter.com/LOZyK1oEmD

— BIGMANSHANE1710 (@BIGMANSHANE1) April 15, 2024

In recent months, Georgia has seen large protests against the law, with university students playing a major role. On Monday, 30 different colleges in the country saw students declare “strikes” and join demonstrations that decry “the Russian law.”  

According to some polls, upwards of 89% of Georgians support EU membership to some degree — but, ironically, most of these polls seem to be organized by NGOs like the National Democratic Institute and International Republican Institute. Demonstrators frequently wave EU flags and on Tuesday played the EU anthem… 

A historic moment in Tbilisi, as protesters and a European delegation listen to the EU and Georgian anthems, envisioning Georgia’s European future.

Truly remarkable 🥹 🇬🇪🇪🇺 pic.twitter.com/3bGmI9xZAC

— Katie Shoshiashvili (@KShoshiashvili) May 14, 2024

The protests have periodically erupted in violence, with police resorting to tear gas, water canons and clubs. 

🇬🇪 #Georgia: Teargas, water cannon, and riot projectiles used by police during huge anti-government protests tonight in Tbilisi. Protesters are now deploying makeshift barricades to defend themselves.

(📹@gattsu17 on IG) pic.twitter.com/Ncj2TPunGm

— Popular Front (@PopularFront_) May 1, 2024

Riot police clash with protesters outside Georgian parliament

Read morehttps://t.co/JR1ZHwxkyy pic.twitter.com/9tz8RqFb2a

— RT (@RT_com) May 15, 2024

European Commission spokesman Peter Stano echoed the White House’s warning about the law’s effect on Georgia’s potential EU membership, telling the Financial Times:

“[The law is] very dangerous for Georgia’s European ambitions. The expectations are very clear — if this piece of legislation is adopted, it will be a grave obstacle for Georgia when it comes to [its] European outlook.”

The parliament’s ruling coalition is led by the Georgian Dream party. On Tuesday, the party’s principal benefactor, Bidzina Ivanishvili, refused to meet with German and US officials who wanted to persuade him to intervene and prevent the vote from taking place. 

What’s next? The parliament has 10 days to deliver the bill to Georgian President Zourabichvili. She then has two weeks to issue her promised veto, and then an override seems a certainty. Then things will get interesting as foreign-funded NGOs will have to start complying with the registration requirement or cease their activities. Don’t expect the US empire to sit on its hands…

Authored by Jonathan Turley,

Below is a slightly expanded version of my column in the New York Post on the first day of cross examination for Michael Cohen. He still has one day of cross examination ahead of him on Thursday. With the government resting after Cohen’s cross examination, I believe that an honest judge would have no alternative but to grant a motion for a directed verdict and end the case before it goes to the jury. Judge Juan Merchan will now have to give the full measure of his commitment to the rule of law. Given the failure to support the elements of any crime or even to establish the falsity of recording payments as legal expenses, this trial seemed to stumble through the motions of a trial. Michael Cohen was only the final proof of a raw political exercise. For critics, some of Cohen’s answers appear clearly false or misleading. Like their star witness, the prosecutors have shown that they simply do not take the law very seriously when there is an advantage to be taken. Cohen has truly found a home with the office of Manhattan District Attorney Alvin Bragg.

Here is the column:

On Tuesday, the prosecution surprised many by suddenly announcing that it would rest its case against former president Donald Trump with the completion of testimony by Michael Cohen.

It was surprising because the prosecution never clearly stated the crime that it was proving, the elements of that crime, or even why denoting payments related to Stormy Daniels were not properly recorded as legal expenses.

Indeed, the only thing the prosecutors proved was that, in the pantheon of dishonesty, there are liars, pathological liars . . . and Michael Cohen.

Cohen spent the last two days insisting that he used to be a liar but lied to help former President Donald Trump. If that is the thrust of his testimony, it is just the latest lie told by Cohen under oath.

Cohen has lied to Congress, courts, special counsels, the IRS, the banks, and virtually every creature that walks or crawls on the face of the Earth.

Notably, his past conviction for business and tax fraud were not taken in the interests of Trump but himself.

When he admitted on the stand that he lied during his prior plea agreement, that was not to assist Trump who he had already denounced. It was to advance his own interests.

There is every indication that Cohen is still lying.

Cohen repeatedly said that he could not remember even recent calls after recounting calls from eight years ago with crystal clarity. He said that he could not remember if he leaked information in the case to CNN. However, these paled in comparison to other glaring moments.

Take, for example, his testimony on his unethical decision to secretly record a Sept. 6, 2016 telephone call with Trump.

It was a breathtaking betrayal that most lawyers would not contemplate, let alone carry out.

When asked by the prosecutors about that act, Cohen bizarrely claimed that he did so to guarantee that David Pecker, the former publisher of the National Enquirer, would “remain loyal to Mr. Trump.”

No one seriously believes that this is true. It does not even make sense. Pecker was speaking to Trump about the payments and even met with him at the White House.

Playing for him a call with Trump would produce nothing but confusion rather than pressure for Pecker.

Moreover, why would Cohen tape the call without letting Trump know? The obvious motive was to squirrel away material to use against Trump if he ever needed a little leverage.

Again, it was for Cohen.

Cohen’s testimony showed that he has consistently acted in his sole interest.

After portraying his sudden cooperation with prosecutors as a type of Road to Damascus, jurors learned that all roads lead back to Cohen and his bank accounts.

After telling the jury that he has dedicated his life to righting the wrongs of Trump and holding him accountable, he admitted that he repeatedly acted to undermine the prosecution in order to make a buck.

Told by prosecutors to stop doing public interviews, Cohen did not care. He did roughly two dozen television appearances and recorded hundreds of podcast episodes.

He admitted that Trump is mentioned in virtually every episode, of which he did roughly four a week.

He recounted how he raked in millions on books, including one titled “Revenge.” He admitted that he is selling items like a $32 shirt with a photo of Trump in a jumpsuit behind bars and a coffee mug with the phrase “send him to the big house, not the White House.”

He is also peddling a reality show called “The Fixer,” in which he promises viewers, “I am your fixer.”

After just a few hours of cross examination, it was clear that Cohen is the same grifter saving himself — one Venmo at a time.

Yet, Cohen continued to reframe reality in his own self-constructed image.

When asked about his TikTok antics, he portrayed his postings as a type of sleep deprivation therapy, explaining that “having a difficult time sleeping and [he] found an out.”

No sane prosecutor would rely on Cohen, let alone make him the entirety of their case.

The prosecutors did not even bother to show that Trump was responsible for or knew about how the payments were recorded on ledgers and business records.

They also just shrugged away the need to show why denoting these payments as “legal expenses” was fraudulent — or what the correct description might be.

Those details might be demanded in any other courtroom, but this is New York and the defendant is Donald Trump.

For Bragg and his team, it is all about what they can get out of this case despite the law.

In that sense, they found a kindred spirit in their star witness, and Michael Cohen has finally found a place that values what he calls on his reality show promo his “particular set of skills.”

Oil prices are tumbling this morning despite lower CPI (juicing rate cut hopes), weak retail sales (but strong gas station spending), and a big draw reported overnight by API. It seems the main downside driver was IEA lowering its 2024 demand forecast.

World oil demand is forecast to grow by 1.1 million barrels per day this year, down 140,000 bpd from last month’s projection.

Global crude inventories surged in March by 34.6 million barrels as trade disruptions pushed oil on water to a post pandemic high, according to the IEA.

The question is – will the official data confirm API’s big crude draw and re-energize prices.

API

Crude -3.1mm (-1.1mm exp)

Cushing -601k

Gasoline -1.27mm (unch exp)

Distillates +349k (+300k exp)

DOE

Crude -2.508mm (-1.1mm exp)

Cushing -341k

Gasoline -235k (unch exp)

Distillates -45k (+300k exp)

The official data shows inventory draws across the board with crude stocks down 2.5mm barrels…

Source: Bloomberg

The Biden admin continued to add to the SPR, adding 593k barrels…

Source: Bloomberg

US Crude production remains flat near record highs at 131.mm b/d…

Source: Bloomberg

WTI was trading just above $77 ahead of the official print and rallied further on the across-the-board draws…

Finally, we note that refinery utilization rates are back above 90%, the highest since January. Rates increased in all regions, with the Midwest rising for the second straight week to 90.8%, from 85.2% in the previous week, as refineries wake up from maintenance.

President Biden on Wedensday says he won’t participate in the decades-old tradition of three fall debates by the bipartisan Commission on Presidential Debates, and has proposed two televised debates in June and September – with no audience, RFK Jr. can’t participate, and Trump’s mic will be muted when Biden is speaking. Oh, and they can only be hosted by a regime-friendly network.

Outlined in a video message and a letter to the commission, Biden called for direct negotiations between his campaign and the Trump campaign over rules, moderators, and network hosts for the one-on-one debates. He proposed a separate VP debate in July, after the Republican nominating convention and before the Democratic nominating convention.

“Donald Trump lost two debates to me in 2020, and since then he hasn’t shown up for a debate. Now he is acting like he wants to debate me again. Well, make my day, pal. I’ll even do it twice,” Biden said in a video released Wednesday, poking fun at Trump’s trial schedule in which the former President is free on Wednesdays. “So let’s pick the dates, Donald. I hear you’re free on Wednesdays.”

According to Biden campaign chair Jen O’Malley Dillon, the commission’s proposed schedule and difficulty in keeping candidates from violating debate rules are the reason for the proposal, the Washington Post reports.

“The Commission’s model of building huge spectacles with large audiences at great expense simply isn’t necessary or conducive to good debates,” she wrote in a letter. “The debates should be conducted for the benefit of the American voters, watching on television and at home — not as entertainment for an in-person audience with raucous or disruptive partisans and donors, who consume valuable debate time with noisy spectacles of approval or jeering.”

Here’s the notice. https://t.co/peSh2ZW0ZX pic.twitter.com/hBcUBHp27o

— Stephen L. Miller (@redsteeze) May 15, 2024

Trump responded to the challenge, telling Fox News’ Brooke Singman “I’m ready to go…The dates that they proposed are fine…Let’s see if Joe can make it to the stand-up podium,” adding “The proposed June and early September dates are fully acceptable to me. I will provide my own transportation.”

EXCLUSIVE@realDonaldTrump tells me:

“I’m ready to go…The dates that they proposed are fine…Let’s see if Joe can make it to the stand-up podium.”

“The proposed June and early September dates are fully acceptable to me. I will provide my own transportation.”

— Brooke Singman (@BrookeSingman) May 15, 2024

Trump and the RNC have also shown interest in ditching the commission, which has held presidential debates since 1988. They have already scheduled three presidential and vice presidential debates starting on Sept. 16, as well as a presidential candidate meeting in Texas that would have been simultaneously broadcast by major networks.

“Let’s set it up right now,” Trump told Biden in a May 9 video posted to Truth Social. “I’m ready to go anywhere that you are.”

The two camps will conduct extensive negotiations over the coming weeks, with Biden’s team requesting that only broadcast networks which hosted Republican primary debates in 2016 and Democratic primary debates in 2020 should be eligible to host – meaning CNN, ABC News, Telemundo and CBS News.

To that end, Biden has ‘received and accepted an invitation from CNN for a debate on June 27th.’

I’ve received and accepted an invitation from @CNN for a debate on June 27th. Over to you, Donald. As you said: anywhere, any time, any place.

— Joe Biden (@JoeBiden) May 15, 2024

As far as moderators go, Biden’s team has proposed that the host be picked from networks’ “regular personnel,” and that the actual debate have firm time limits on answers, equal speaking time, alternative turns to speak, and microphones that are only active during each candidate’s turn.

DEBATE: Biden’s debate challenge to Trump came with fine print:

• No live audience
• RFK Jr. is banned
• Trump’s mic is muted when Biden speaks
• Only hosted by NPR, CNN, MSNBC, ABC, or CBS
• Moderated by Democrat-aligned reporter pic.twitter.com/ST4ZKTcMFA

— @amuse (@amuse) May 15, 2024

Volatility in “meme stocks” continued in premarket trading on Wednesday as AMC Entertainment Holdings announced a debt-for-equity exchange for $163.9 million in bonds maturing in 2026. This strategy mirrors management’s approach that helped the struggling movie theater chain capitalize on retail day traders to boost liquidity in 2021. 

A regulatory filing released Wednesday morning detailed how AMC reached a deal to swap about $164 million of its 10% notes due 2026 for 23.3 million shares of newly issued stock. The new stock is valued at $7.33 per share. 

“AMC, much of whose debt trades at distressed prices, has been chipping away at its maturities through other swaps and buybacks. It exchanged around $200 million of the debt for shares last year,” Bloomberg pointed out. 

Today’s news sparked a rally in AMC’s high-yield bonds. The company has over $2.5 billion in outstanding bonds, most of which will mature in 2026. 

News of the added supply sent shares down nearly 9% in premarket trading to the low $6 handle. 

Shares were as high as $11.48 early Tuesday in the multi-day meme stock mania, triggered by a post on X from Roaring Kitty, also known as Keith Gill, on Sunday night.

Also, on Tuesday, AMC completed a previously disclosed ATM. The deal was completed through Citigroup Global Markets, Barclays Capital, B. Riley Securities, and Goldman Sachs & Co., raising about $250 million in new capital for the struggling company. 

The old saying goes, “Strike while the iron is hot.” That’s precisely what AMC’s management is doing: taking advantage of retail day traders by completing ATM and debt-for-equity exchanges. Somehow, this company, which should’ve been dead a long time ago, continues to stay alive with help from Roaring Kitty, squeezing bearish hedge funds by igniting upside momentum through retail day traders. 

We asked this question yesterday: Who’s Next For The ‘Roaring Kitty’ Treatment?