Property Law Becomes Gun-Control Tactic: Legal Loophole?

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

The next front in the gunfight is not the carry permit but the property line. A fresh analysis argues that the Supreme Court’s June ruling in Wolford v. Lopez exposed a tactic states are using to hollow out the Second Amendment without banning a single firearm: rewriting the background rules of private property.

A right the government can engineer into disuse is not a right at all.

How the tactic works

  • The permit stays, the ground shifts. States issue concealed-carry permits after background checks and training, then change property law so that permit holders “would rarely be able to exercise their rights.”
  • Hawaii flipped the default. Hawaii’s approach treated private property as presumptively closed to carry, so a lawful permit meant little once a gun owner stepped off public land.
  • But the Court said it went too far. In June the Supreme Court held that Hawaii’s “novel approach” to property rules had crossed a constitutional line.

The precedent

  • The mechanism is the point, not the gun. Hawaii did not ban carry outright; it changed “the background rules of property law” to reach the same result, which is why the case matters beyond firearms.
  • A permit the surrounding law renders unusable is a paper freedom, and the Court’s willingness to see through the design is the ruling’s real significance.

Why it reaches past the Second Amendment

  • The same lever fits other rights. Lael Weinberger, a law professor at George Mason University’s Antonin Scalia Law School, argues that if a state can manipulate property law to burden one enumerated right, the method is available against others.
  • Neutral-sounding rules do the work. A change described as ordinary property regulation can quietly relocate a constitutional right, which is harder to see and harder to challenge than an outright ban.

Where things stand

  • The battleground has moved. With direct bans repeatedly struck down, the action shifts to the rules around carry, and property law is the current instrument.
  • The ruling closed one door, not the tactic. Wolford v. Lopez stopped Hawaii, but the underlying maneuver is a template other legislatures can adapt, which is why the decision reads as the start of a fight rather than the end of one.

Scrutinize the design, not just the label. The argument gaining ground among Second Amendment litigators is that courts must examine the structure behind a rule, because the label is exactly where the tactic hides.

The value of the June ruling is that the Court looked past the paperwork to the plumbing, and conservatives who care about the whole Constitution, not only the Second Amendment, should watch closely whether it keeps doing so.

-The Editors

Liberty · Upstream of the Swamp · August 3, 2026

Sourced from PRICKLY PEAR

Israel Resists Hamas Disarmament Deal

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

Israel says it has serious concerns about the Hamas disarmament framework President Trump announced last week, and will not pull its forces back until Hamas physically hands over its weapons. The standoff puts the question the plan glosses over- who disarms whom and in what order- at the center of whether the deal survives.

An agreement that both sides read differently is not an agreement yet.

Where things stand

How the plan is supposed to work

  • Weapons move in stages. Under Trump’s 20-point framework, Hamas-run police weapons transfer to a Palestinian National Committee, and heavy arms are decommissioned and stored only after that committee arrives, and an international force deploys.
  • The pullback is phased against those steps. Israeli withdrawal is linked to the disarmament process and to the destruction of military sites and tunnel networks, rather than happening up front.
  • A new government is assumed, not built. The plan presumes a Palestinian technocratic administration and an outside security force, neither of which exists today.

The fine print

  • Sequencing is the whole fight. Each step is conditional on the one before it, so the question of which side moves first is not a detail; it is the deal.
  • “Stored” is not “surrendered.” Decommissioning heavy weapons under a committee is a different thing from Hamas giving them up, and Israel treats that gap as disqualifying.
  • No enforcer is named. The framework leans on an international security force and a technocratic government that does not yet exist, which leaves no party with the standing to make Hamas comply.

In Their Own Words

  • “If we redeploy before Hamas is truly disarmed, it will quickly expand its presence throughout Gaza, rebuild its terrorist infrastructure, once again threaten Israeli communities, and seek to carry out another Oct. 7-style attack.” Spielman, stating Israel’s assessment.

The backstory

  • The stakes are set by October 7. The 1,200 Israelis killed and 251 taken hostage on October 7, 2023 are why Israel treats physical disarmament as non-negotiable.
  • The toll has climbed since. More than 73,000 Palestinians have been killed by the Gaza Health Ministry’s count, a figure that raises the pressure on every party to reach a settlement that actually holds.

A deal announced is not a deal agreed. The framework was presented as finished, yet the party that has to withdraw its army never signed on to the sequence, and that objection is where the plan meets reality.

Until “disarmament” means the same thing in Jerusalem that it means in the plan’s text, the guns Israel is watching stay exactly where they are. A ceasefire built on two readings of one word is a pause, not a peace.

-The Editors

National Security · Upstream of the Swamp · August 3, 2026

Sourced from PRICKLY PEAR

Key Business Headlines: August 3

By Jake Novak

Written by Jake Novak

Estimated Reading Time: 2 minutes

STOCKS ECONOMY

  • Stock futures are mixed, with the Dow futures sharply higher and the Nasdaq futures lower, as investors cheer lower oil prices but are worrying about another selloff in chip stocks.
  • The yield on the 10-year Treasury is down to 4.66 percent.
  • Gold is up to the $4,117 per ounce level. Silver is at the $58 per ounce level. Bitcoin is down to the $62,400 level.
  • Asian markets closed mostly lower today. The Nikkei lost 0.9 percent, the Hang Seng gained 0.5 percent, the Kospi sold off by 5.1 percent, and the Shenzhen fell 1 percent.

OIL/ENERGY

  • U.S. crude prices are down almost 7 percent to the $78 a barrel level.
  • Gasoline prices are holding at $4.09 a gallon, national average.

IRAN WAR

  • President Trump called off major joint U.S.-Israeli attacks on Iran this weekend, and says talks to end hostilities and reopen the Strait of Hormuz will begin today.

CHIPS OY OY!

  • We have selloffs again for memory chip stocks this morning. SK Hynix (SKHY) shares are down 4 percent in the premarket, SanDisk (SNDK) shares are down 4 percent, Micron Technology (MU) shares are also down 4 percent.

DEALS/NO DEALS

  • AstraZeneca (AZN) is reportedly in talks to buy Bristol Myers Squibb (BMY). AstraZeneca shares are down 5 percent in the premarket, Bristol Myers Squibb shares are up 5 percent.

AI MANIA

  • Alibaba (BABA) has unveiled a powerful new AI model called Qwen3.8-MAX. Alibaba shares are up 4 percent in the premarket.

MOVIE MAGIC

  • ”Spider-Man: Brand New Day” grossed $355 million at the box office on its opening weekend, the second biggest movie opening of all time. A number of publicly traded companies combined to produce, distribute, and screen the film, including Sony (SONY, down 2 percent in the premarket), Disney (DIS)-owned Marvel (DIS up 1 percent in the premarket), abd Dolby Laboratories (DLB shares are flat).

-Jake Novak

Jake Novak is a 30-yr. veteran TV news producer, editorial columnist, & fmr. diplomat with expertise in politics, business news, culture, & media analysis. He is also the author of Jake’s Takes on Substack.

The author’s views are their own and do not constitute financial, investment, or legal advice. Investing involves risk; please consult with a qualified professional before making any financial decisions.

Sourced from PRICKLY PEAR

Embassies Urge Americans Out Of Mideast: Your Briefing

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

Three US embassies issued near-simultaneous security alerts on August 1 telling Americans across the Middle East to consider leaving or be ready to leave as an Iran strike loomed. The warnings, posted a day before Trump paused the attack, are the government’s own measure of how close the region could have come to a wider war.

What the alerts say

Where things stand

  • Jerusalem told families to shelter now. The Jerusalem alert directed Americans to know their closest protected space, stock “food, water, medications, and other essential items,” and download the Israeli Home Front Command warning app.
  • Riyadh flagged American targets. The Saudi mission told citizens to “stay alert at locations publicly associated with the United States,” and to prepare for “flight cancellations, periodic airspace closures, and potential travel disruptions.”
  • All three urged the same low profile. The posts told Americans to avoid demonstrations and large gatherings, steer clear of heavy police presence, monitor local media, and enroll in the State Department’s Smart Traveler Enrollment Program.
  • Consular help stayed open as staff left. Even with non-emergency personnel already withdrawn, the missions said emergency consular services remain available, and Cairo published direct lines for citizens who need to reach the government fast.

The backstory

  • The posts were already thinned out. Non-emergency US government employees had been ordered to leave Saudi Arabia on March 8, and Jerusalem had authorized departures earlier in the year, so these alerts stacked escalation on top of an existing drawdown.
  • Alerts like these are a leading indicator. The State Department does not tell citizens to pack on a whim, and three posts moving in unison on one day is the kind of signal that precedes action, not one that follows it.
  • The timing bracketed the strike. The warnings went out as the attack Trump later called “all set to go” reached its final hours, and then the operation was called off.

What the media is missing

  • The paper trail outran the headlines. These alerts are primary documents, dated and public, and they show the government bracing for escalation a full day before the diplomatic reversal made news.
  • Departure guidance rarely snaps back fast. Even with the strike paused, warnings of this kind tend to linger, and Americans who acted on them are not home by Monday afternoon.

Worth watching

Watch whether the alerts are lifted. The clearest sign Washington believes its own de-escalation will be a downgrade of these warnings, and until that happens the government’s posture is still braced for a fight.

For all the talk of imminent deals, the honest measure of the risk still in the region is not the president’s optimism. It is a set of instructions telling American families to move to safety.

-The Editors

National Security · Upstream of the Swamp · August 3, 2026

Sourced from PRICKLY PEAR

Embassies Urge Americans Out Of Middle East: Your Briefing

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

Three US embassies issued near-simultaneous security alerts on August 1 telling Americans across the Middle East to consider leaving or be ready to leave as an Iran strike loomed. The warnings, posted a day before Trump paused the attack, are the government’s own measure of how close the region could have come to a wider war.

What the alerts say

Where things stand

  • Jerusalem told families to shelter now. The Jerusalem alert directed Americans to know their closest protected space, stock “food, water, medications, and other essential items,” and download the Israeli Home Front Command warning app.
  • Riyadh flagged American targets. The Saudi mission told citizens to “stay alert at locations publicly associated with the United States,” and to prepare for “flight cancellations, periodic airspace closures, and potential travel disruptions.”
  • All three urged the same low profile. The posts told Americans to avoid demonstrations and large gatherings, steer clear of heavy police presence, monitor local media, and enroll in the State Department’s Smart Traveler Enrollment Program.
  • Consular help stayed open as staff left. Even with non-emergency personnel already withdrawn, the missions said emergency consular services remain available, and Cairo published direct lines for citizens who need to reach the government fast.

The backstory

  • The posts were already thinned out. Non-emergency US government employees had been ordered to leave Saudi Arabia on March 8, and Jerusalem had authorized departures earlier in the year, so these alerts stacked escalation on top of an existing drawdown.
  • Alerts like these are a leading indicator. The State Department does not tell citizens to pack on a whim, and three posts moving in unison on one day is the kind of signal that precedes action, not one that follows it.
  • The timing bracketed the strike. The warnings went out as the attack Trump later called “all set to go” reached its final hours, and then the operation was called off.

What the media is missing

  • The paper trail outran the headlines. These alerts are primary documents, dated and public, and they show the government bracing for escalation a full day before the diplomatic reversal made news.
  • Departure guidance rarely snaps back fast. Even with the strike paused, warnings of this kind tend to linger, and Americans who acted on them are not home by Monday afternoon.

Worth watching

Watch whether the alerts are lifted. The clearest sign Washington believes its own de-escalation will be a downgrade of these warnings, and until that happens the government’s posture is still braced for a fight.

For all the talk of imminent deals, the honest measure of the risk still in the region is not the president’s optimism. It is a set of instructions telling American families to move to safety.

-The Editors

National Security · Upstream of the Swamp · August 3, 2026

Sourced from PRICKLY PEAR

The AI Fight Continues, Trump Calls off Action, Oil Drops & Futures Jump

By Kenny Polcari

Written by Kenny Polcari

Estimated Reading Time: 7 minutes

Things You Need to Know

  • And the saga continues – It’s a split decision.
  • Oil closed higher on Friday, but is plunging this morning.
  • Bonds are telling you the story! Pay attention.
  • Gold Unchanged,
  • SPCX – reports tomorrow – It’s Homer’s Odyssey in real life.

Well good morning and welcome to August…… The market ended the last week of July looking mixed on the surface—but underneath, Friday was all about one thing: investors separating AI winners from AI promises.

The Dow gained 277 pts, the S&P up 52 pts, the Nasdaq up 250 pts, the Russell lost 14 pts, the Transports lost 50 pts, the Equal Weight S&P lost 17 pts while the Mag 7 added 1060 pts or a whopping 3.2% – AAPL the only loser in the group – reminding us once again that the AI story is alive and well. Investors are rewarding the companies that are proving they can monetize AI vs. those that are asking you to trust the process.

AMZN – was the undisputed star of that show…. investors, traders, and algos, along with some short covering, caused that stock to explode – gaining 15% to end the day at $271.58 – creating a $30 gap in the chart… That’s the market telling you the earnings weren’t just good—they fundamentally changed investors’ expectations.

As we discussed Friday, AWS accelerated again, margins improved, and management proved that the hundreds of billions being invested in AI infrastructure are finally generating real returns.

On the other hand, we had AAPL tell a different story. Yes, they reported solid quarterly results while at the same time offering a softer outlook because of supply-chain constraints and more moderate revenue expectations. The stock initially plunged – falling nearly 10% only to have it recover a bit – ending the day down $24 or 7% at $308.91.

Interestingly enough – only 4 of the 11 S&P sectors ended the day higher…Consumer Discretionary gaining 3.3% – but before you go and start celebrating the return of the consumer – the move was almost entirely a result of AMZN. Remember, Amazon is the largest weighting in the sector, and after delivering another blowout quarter – and surging by 15% the result – is strong sector performance. The reality is that investors weren’t buying discretionary stocks because they were suddenly bullish on the consumer – they were buying AMZN because it proved the thesis – AI spending is translating into real earnings growth.

We also saw strength in Communications, Energy and Industrials. Basic Material led the way lower – falling 2.4% and we can point to sector rotation and higher treasury yields.

The media would have you believe a report suggesting that the Chinese manufacturing sector is stalling. Ok – so here is how you would connect those dots (if you believe the data). China is the largest consumer of industrial commodities, so if the report suggests a weaker China, then you can expect them to buy less copper, aluminum, steel, chemicals, cement, lumber, iron ore.

Not sure about you, but that’s a bit of a stretch for me…because I don’t really believe much of what comes out of China, so I’m more in the camp of sector rotation and higher yields rather than a sudden collapse in Chinese demand.

The other weak sectors included – Utilities, Financials, Consumer Staples, Healthcare, & Real Estate – which makes sense if you consider the ‘rotation’ out of the defensive, dividend-paying sectors, back into the mega-cap AI names.

Semi’s surged 14.7% for the week, after losing 28% since mid-June – That move a reminder that some of the strongest rallies often begin after the most painful selloffs. Let’s see if we see more follow thru this week.

Ok – let’s move onto the bond market – because treasury prices fell again on Friday – the TLT fell 0.7% while the TLH lost 0.6% and that sent yields higher…. the 2-yr ended the week yielding 4.28% – up 4.8% over the past month, the 10- yr at 4.73% is up 8.2% since July 1st, while the 30- yr was at 5.26%. up 10% since July 1st. And for me, that is the real reason we have seen the market become more volatile.

Remember, it’s the 10-year Treasury that serves as the benchmark for what consumers and businesses pay to borrow over the long term. Mortgage rates, auto loans, commercial real estate financing and corporate borrowing costs all tend to follow the 10-year much more closely than they follow the Fed Funds rate.

Why? Because the Fed only controls the overnight lending rate. It can cut short-term rates all it wants, but it can’t dictate what happens at the long end of the curve. That’s determined by the bond market—and that’s what really matters to investors.

So, think about it…if the bond market is pushing yields higher on its own, then money becomes more expensive across the economy. That’s a tightening…. So why would the Fed need to raise rates again if the bond market is already doing the heavy lifting? That’s been Kevin Warsh’s message all along – and it’s exactly what we’re seeing play out today. Maybe Neely Kashkari, Lorie Logan and Beth Hammack need to go back to school. And let’s be clear – there isn’t really a reason to cut rates either right now (other than Trump stamping his feet) – the economy is not in a recession, and the eco data remains fairly strong, so a hold was appropriate.

Oil wasn’t helping the situation either. On Friday, WTI was trading in the mid-$80s while Brent hovered in the upper-$80s, keeping inflation concerns front and center and adding to the pressure on the bond market. But once again, the story changed over the weekend. Trump called off what he had described as a “big” military action after regional allies indicated that negotiations were making ‘meaningful’ progress toward a deal. At the same time, Saudi Arabia confirmed it will increase oil production—something the market had largely expected, but welcome news, nonetheless.

The combination has sent crude sharply lower this morning. WTI is down roughly $5 to around $79.50 a barrel, while Brent has fallen about $4 to near $83.50. If these declines hold, they’ll help ease some of the inflation concerns that have been driving Treasury yields higher and could provide a welcome tailwind for both consumers and the broader market. But as I’ve said before – it isn’t over until it’s over.

And gold continues to trade in the range we discussed – $4,000/$4,200. This morning it is trading flat at $4,047. Nothing really to say, but if a deal is done and the temperature in the region subsides and oil declines, taking the pressure off of inflation – then the next move in Gold should be lower. The chart suggests $3,450/$3,500.

Eco data today – includes the S&P Manufacturing PMI of 53.8 and ISM Manufacturing PMI of 53.9 – both in the expansion zone. We will also get the ISM Prices Paid component – which is supposed to come in at 71, down from 73, and that suggests input costs may be easing.

Earnings reports include PLTR, SNAP, BRK, MAR, TSN, WMB – And these names represent Tech/Software, Communications, Diversified Industrials, Hotels/Consumer Discretionary, Consumer Staples and Energy/Nat Gas/AI Data Centers.

And then comes the Odyssey……Because why not?

Tomorrow, SpaceX reports…..and so begins another chapter in the Musk saga. Think about it – Odysseus (like Musk) didn’t set sail knowing exactly how the journey would end. There were storms, monsters, sirens tempting him off course, and moments when success looked anything but certain. Yet every challenge revealed something about the strength of the ship, the resolve of the crew, and the leadership of its captain.

Tomorrow’s earnings aren’t the destination—they’re simply another stop along the voyage. Investors want proof. They want to know whether the company is navigating in the right direction, whether Starlink is generating the cash needed to fund the next leg of the journey, whether Starship remains on course, and whether Musk can keep steering through the inevitable storms that come with building THE most ambitious company in history.

And then comes Thursday—the first insider lock-up expiration – 900 million more shares become eligible to trade. Think of that as sailing between Scylla and Charybdis (think rock and a hard place). On one side lies the risk of heavy insider selling, flooding the market with new shares. On the other side lies the opportunity for insiders to hold tight, signaling confidence that the greatest part of the journey still lies ahead. How the market and investors navigate this narrow passage may matter even more than the earnings themselves.

SPCX closed at $108.37 – it is down $42 from the opening trade and down $117 from the high on June 16th and with so much supply coming to the market – the next move is anybody’s guess. Street analysts suggest the stock could trade down to the mid $80’s…before finding a bottom…Stick tight…. This will be interesting to watch.

European markets are all higher…..all up about 0.8% – The UK is the only one not participating.

This morning US futures are up BIG!!! I wonder who knew on Friday that Trump was gonna call off the attack. (did I just say that?!) Dow up 510 pts, S&P’s up 45, Nasdaq up 100 pts while the Russell is up 25.

The S&P closed at 7,489 up 52 pts. On Friday – we broke through trendline resistance at 7468 – and it looks like we will pierce again this morning. While we did not hold it on Friday – my gut says we will today. Keep your eyes on all of the geo-political headlines – because that is front and center. But remember – they may create short-term opportunity and chaos – but they do not price stocks in the long term – which is why you need to stick to the plan.

Take good care,

Kp

Kenny Polcari is a partner and Chief Market Strategist at Slatestone Wealth – A boutique wealth advisory firm with $2 billion dollars of investor assets under management. In this role, his responsibilities range from market and economic analysis to investor education, interpreting the ever-changing economic and market landscape on behalf of Slatestone and how those impacts may affect future investment and planning strategies on behalf of their clients. With more than 40 years of industry experience as a member of the NYSE serving institutional investors both at home and abroad – he is a seasoned and well-known voice on the markets. You may recognize him from his many years serving as a market analyst on Fox Business and CNBC or his ‘Trader Talk’ Podcast on the Yahoo Finance Channel. For more, please visit his Substack HERE.

Disclaimer. Source: Bloomberg, CNBC, Reuters, Wall Street Journal

This media segment contains general market commentary based on publicly available information and is provided for informational and educational purposes only. Any discussion of companies, securities, or asset performance relates solely to those assets and does not represent the performance of any firm investment strategy, portfolio, or client account. It should not be interpreted as portfolio performance or as a reflection of client results.

This content does not constitute investment advice or a recommendation to buy or sell any security. Opinions expressed reflect views at the time of the interview and may change without notice. Forward-looking statements involve risks and uncertainties and are not guarantees of future outcomes. Investing involves risk, including possible loss of principal. The firm and its clients may hold positions in assets discussed, and holdings may change at any time.

The author’s views are their own and do not constitute financial, investment, or legal advice. Investing involves risk; please consult with a qualified professional before making any financial decisions.

Sourced from PRICKLY PEAR

Iran Talks Begin, Strike Halted: State of Play

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

President Trump called off what he described as the biggest planned American strike since World War II and opened negotiations with Iran on Monday afternoon. The reversal halts a months-long war on the strength of two agreements that do not yet exist, after three Gulf states asked him to wait.

Where things stand

  • The attack was staged and ready. Trump said US forces were “all set to go” for “a massive attack” before he pulled back, telling reporters “it would have been a massive attack” had he not stopped it.
  • Talks open with no clock. He shifted instead to negotiations he said would begin “tomorrow afternoon,” with no deadline attached to reaching a deal.
  • He framed the pause as mercy, not retreat. “Obviously, they don’t want to be attacked,” Trump said, casting the stand-down as a concession he granted rather than one Tehran won.
  • Iran rejected his account outright. Iranian sources called the president’s version of events “simply a new lie,” the first sign the two sides do not agree on what was even offered.

The two deals

  • Hormuz comes first. Trump said “there’s a deal on Hormuz,” and his Truth Social post set the price as the “Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT.”
  • Denuclearization comes later, if at all. He promised a second agreement “on the nuclear, or you might call it the denuclearisation of Iran,” a far heavier lift no Iranian government has ever accepted.

By the numbers

  • The chokepoint is the whole game. More than 20% of the world’s oil and gas moved through the Strait of Hormuz before the war, and Iran’s ability to throttle it is the leverage now on the table.

Who pulled the brake

  • Gulf capitals asked, and Washington listened. Saudi Arabia, the United Arab Emirates, and Qatar all urged Trump to hold off, and he acknowledged the weight of it: “When the allies asked to call it off, you’ve got to sort of say, ‘Well, let’s see.’”
  • The Saudi warning was demographic. Trump said the Saudi crown prince raised the risk that a wider war would leave neighbors “flooded with people pouring into their country and disaster.”

In Their Own Words

  • “There’s a deal on Hormuz, and then there will be a deal on the nuclear, or you might call it the denuclearisation of Iran.” Trump, describing the two-track plan to reporters on August 2.

How we got here

  • This is a pause in an active war, not a peace. American and Iranian forces have been trading blows for months, and Monday’s talks open against live combat rather than a settled ceasefire.
  • The stand-down was measured in hours. Trump said the operation was set to launch “at about this time right now,” a detail that puts the reversal minutes, not days, from execution.

Worth watching

Watch whether Hormuz actually reopens. The one concrete, checkable promise is the strait, and tanker traffic through it will show within days whether the “deal on Hormuz” is real or rhetorical.

The war has stopped on Trump’s word and a request from the Gulf. Whether that reads as statesmanship or a bluff called depends entirely on terms no one has seen, and those terms start being written this afternoon.

-The Editors

National Security / Politics · Upstream of the Swamp · August 3, 2026

Sourced from PRICKLY PEAR

OPEC+ Adds Barrels As Oil Climbs: Your Briefing

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

OPEC+ agreed on Sunday to pump more oil in September, its sixth straight monthly increase, even as the Iran conflict keeps crude near $90. The group is betting it can keep clawing back market share without breaking the price the war has propped up. Here is the state of play.

By the numbers

  • The eight-nation core added 188,000 barrels a day for September.
  • The move completes the unwind of a 65 million barrel-a-day cut the group first agreed in April 2023.
  • Roughly 2 million barrels a day of older cuts, dating to 2022, stay in place.

Who are the players

  • Seven producers carried the adjustment: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
  • The group meets again on September 6 to set October, and delegates signal a pause in further increases through year-end.
  • The barrels seem to be going up on paper while the war keeps them scarce in the water.

What is this going to cost?

  • Brent settled at $90.12 on Friday and WTI at $84.67, both up more than 1%.
  • July was crude’s strongest month since March: Brent up 24%, WTI up 21%.
  • The driver is not the quota. It is the Strait of Hormuz, where Iran’s Revolutionary Guard has stopped tankers and forced others to turn back.

What they’re saying

What’s in it for America

  • More OPEC+ supply would normally ease pump prices.
  • A choked Hormuz pulls the other way, and for now the chokepoint is winning.

The cartel can announce all the barrels it likes. Until tankers move freely through Hormuz, the price American drivers pay will be set in that narrow strait, not in a conference call.

-The Editors

Energy and Manufacturing  ·  Upstream of the Swamp  ·  August 2, 2026

This piece does not constitute financial, investment, or legal advice. Investing involves risk; please consult with a qualified professional before making any financial decisions.

Sourced from PRICKLY PEAR

Feds Drop Case in Reflecting Pool Damage After Evidence Collapses

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

The Justice Department moved to drop a felony against a 67-year-old Olympic canoeist after evidence indicated the damage he was charged with came from a botched federal contract, not from him. This is the Reflecting Pool damage story you’ve been tracking. The dismissal points less at a vandal than at a no-bid job that grew past $13 million. Where do the facts land?

What changed

Follow the money

  • The renovation was pitched at about $1.8 million, the figure the president promised publicly.
  • A no-bid contract to Atlantic Industrial Coatings grew to $13.1 million, an initial $6.9 million award plus a $6.2 million increase.
  • A separate no-bid contract worth $1.7 million for water treatment went to a firm called Greenwater Services.
  • The dismissal filing blames “repeated failures of the lining during the installation process” for the damage.

What they’re saying

  • Trump, on Truth Social: “I disagree 100% with Jeanine Pirro, the U.S. Attorney for the District of Columbia, on the Reflecting Pool. I don’t know what she was thinking?”
  • Pirro’s office let the filing speak for itself.

State of play

  • The charge sat in D.C. Superior Court, a local code offense, not a federal indictment.
  • The contracting record, not the criminal case, is now the live question, and a Senate oversight letter is already probing the no-bid awards.

The system charged the wrong party, then corrected itself, which is the part that worked. To those who say Trump appointees follow him blindly, this case will disappoint them. The part that did not is a memorial fix that started at $1.8 million and now runs well past $13 million.

-The Editors

Politics  ·  Upstream of the Swamp  ·  August 2, 2026

Sourced from PRICKLY PEAR

Iran Suspected In American Water-System Hacks: State of Play

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

Hackers broke into the control systems of dozens of American water utilities over the past week, and federal investigators are examining a possible Iranian hand. No agency has named a culprit, and the gap between what is confirmed and what is feared is itself the story. Here is what we know.

What is confirmed

  • More than 30 community water systems in Minnesota and 9 in Michigan were breached, with intrusions surfacing around July 26 and 27.
  • Attackers reached internet-exposed programmable logic controllers, the industrial computers that run pumps and valves, and forced operators into manual control.
  • In Braham, Minnesota, a town of about 1,700, the plant briefly went offline and ran on tower reserves before crews restored it. There was no loss of service and no water-quality problem.

What is not confirmed

  • No U.S. agency has attributed the attacks to Iran. The FBI says it is aware and engaged, and has declined to name who is responsible.
  • The Iran link so far rests on one local official’s hunch and on analysts noting the intrusions resemble past Iran-linked operations. This is not hard evidence yet, and we want to point this out early and in BOLD. Facts matter.

The backstory

  • In 2023, an Iran-linked group known as CyberAv3ngers, tied to the Revolutionary Guard, hit water utilities, including one in Aliquippa, Pennsylvania.
  • The current intrusions reportedly target different hardware, so the earlier campaign is precedent, not proof.

Where things stand

What would this mean?

  • The vulnerability is mundane and fixable: controllers that should never face the public internet, facing it anyway.
  • Whatever the attribution, thousands of small utilities run on the same exposed equipment.

The honest account today is narrow: real intrusions, real exposure, and an open question about who did it. The utilities that harden their systems now will be safer no matter how the attribution lands.

-The Editors

National Security  ·  Upstream of the Swamp  ·  August 2, 2026

Sourced from PRICKLY PEAR

Colorado’s Gun-Permit Regime Takes Effect: Your Briefing

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

Buying a common semi-automatic rifle in Colorado now takes a government permission slip. As of Friday, state law bars the sale of most detachable-magazine semi-automatics unless the buyer first earns an eligibility card from the county sheriff.

How it works

  • The buyer needs a Firearm Safety Course Eligibility Card before purchase, valid for five years.
  • A safety course is mandatory: a four-hour basic course paired with a hunter-education card, or a twelve-hour extended course spread over at least two days.
  • The exam requires a 90% score, plus a hands-on practical, graded by a state-approved instructor. The sheriff then runs a review and issues or denies the card.

What is covered

  • The law reaches semi-automatic rifles and shotguns that accept a detachable magazine, gas-operated semi-automatic handguns with a detachable magazine, and the frames, receivers, and parts kits for them.
  • The trigger is the action and a detachable magazine, not round count. A firearm with a permanently fixed magazine of 15 rounds or fewer is exempt.
  • The state’s list of covered guns runs nearly 150 pages and names more than 800 firearms.

What it costs

  • The state fee is $52, collected by sheriffs for Colorado Parks and Wildlife.
  • Counties add their own charges on top; Jefferson County, for one, tacks on roughly $50 more.

What they’re saying

Where things stand

  • All 22 Colorado House Republicans have asked the U.S. attorney general to review the law’s constitutionality.
  • No suit squarely challenging the measure had been filed as of this weekend, though gun-rights groups signaled one is coming.

Colorado calls it training, not a ban. The distinction matters in court, where the open Second Amendment question is whether a state can require a permit, a class, and a passing grade before a citizen exercises a right. That test is coming.

-The Editors

Liberty  ·  Upstream of the Swamp  ·  August 2, 2026

Sourced from PRICKLY PEAR

Trump Media Sells Insider Post Access: Major Trading Advantage?

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

Trump Media began selling Wall Street firms millisecond-fast access to President Trump’s Truth Social posts on Friday, a licensed feed it calls Truth API. The posts routinely move markets, and the firms quickest to read them can now pay for a head start ordinary investors do not have. What is actually happening?

By the numbers

  • The feed costs $100,000 a month, or $60,000 a month on a three-year contract.
  • It delivers the platform’s highest-ranking accounts, Trump’s chief among them, ahead of the public timeline, with an archive back to 2022.
  • DJT shares closed at $9.86 on July 31, down 5.01%, a market value near $2.73 billion.

How it works

  • Trump’s posts on tariffs, the Fed, and named companies have repeatedly moved prices within minutes of hitting the platform.
  • A firm reading the post a beat before the crowd can trade the move first. The product sells that beat.

What they’re saying

The counterargument

  • Trump Media says critics “mischaracterize Truth API” and fail to grasp the distinction between public and nonpublic information.
  • The posts are public once released; the product sells speed of delivery, not confidential information.
  • The legal question is not whether the posts are secret. It is whether selling a faster line to the president’s market-moving words is a product or a problem.

Where things stand

  • At least five firms have signed up; the SEC, under Chair Paul Atkins, has not said whether it will act.

A president whose words move markets, a family company selling early access to those words, and the buyers positioned to trade on them first. Conservatives who believe in clean markets have as much reason to ask hard questions here as anyone.

-The Editors

Politics  ·  Upstream of the Swamp  ·  August 2, 2026

This piece does not constitute financial, investment, or legal advice. Investing involves risk; please consult with a qualified professional before making any financial decisions.

Sourced from PRICKLY PEAR

Judge Blocks Somali Deportations: How Did It Happen?

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

A federal judge in Boston blocked the administration from ending deportation protections for roughly 1,100 Somali nationals on Friday, the latest in a run of court orders halting the same policy. The order sets a single district judge against a Supreme Court that has already told lower courts to stand down.

What changed

  • A fresh administrative stay from Judge Allison Burroughs on Aug 1 keeps Somalia’s Temporary Protected Status in place while the case proceeds. It renews an order she first entered in March.
  • The designation dates to September 16, 1991, and the administration had set termination for March 17, 2026.
  • The suit, African Communities Together v. Noem, rests on the Administrative Procedure Act and on Fifth Amendment equal-protection and due-process claims, not on a single theory.

The precedent

  • The Supreme Court has already narrowed lower courts’ power to pause TPS terminations, and appellate judges have applied that limit against similar stays.
  • In July, a federal appeals court reversed district stays that had blocked TPS terminations for South Sudan and Ethiopia, citing that precedent.
  • A single judge is now holding a line that higher courts have told her colleagues they cannot hold.

What they’re saying

  • DHS General Counsel James Percival called the order part of a pattern of “defiance, obstruction, and delay.”
  • Andy Ogles announced he will file articles of impeachment against Burroughs on Monday, calling the ruling “an unconstitutional act of Judicial Activism.” The articles have not yet been introduced.

The backstory

  • TPS shields nationals of designated countries from deportation and grants work authorization when war or disaster makes return unsafe.
  • Somalia’s status has been renewed continuously across administrations for more than three decades.

The fight is less about 1,100 Somalis than about who decides when a humanitarian designation ends: the executive branch that grants it, or a district judge who will not let it lapse. That question is now heading back up the chain.

-The Editors

Politics / Liberty  ·  Upstream of the Swamp  ·  August 2, 2026

Sourced from PRICKLY PEAR

Ignorance Begets Fear — Which Is What Commies Want

By Catherine Salgado

Written by Catherine Salgado

Estimated Reading Time: 2 minutes

“Ignorance is the parent of fear,” wrote Herman Melville in his masterpiece Moby-Dick. Commie politicians and educators seem to agree with Melville, though for a different reason than he said it, because they deliberately try to keep most citizens ignorant in order to make them more susceptible to fear—and thus to autocratic control.

It is a simple fact that people who are highly emotional are much more easily controlled, which is why Islam, the Democrat Party, woke leftism, socialism, and other authoritarian political or religious ideologies all operate primarily upon ginning up certain emotions in people and encouraging action based on those unbridled emotions. Anger is one of the feelings which authoritarians like Commies find useful, but they prefer fear even more. After all, the angry might eventually turn on those who encouraged their anger, but the fearful will rarely if ever challenge their overlords.

Communist countries are always miserable places to live for all but the top elites, with a severe lack of food, freedom, rights, and opportunities. The Soviet gulags, the Cambodian killing fields, the Chinese mass internment camps, the empty Cuban grocery stores, the Vietnamese exterminated villages…all of this is the legacy of Communism. But the regimes stay in power for decades or sometimes over a century because they keep the populace constantly afraid of torture, imprisonment, and death.

In America, because our government is no longer really that of a Republic but is not fully autocratic, Commies add the element of ignorance. Public schools and universities assiduously lie about Communism and capitalism with the result that most young people have a positive view of the former and a negative view of the latter. Likewise, Democrats must lie about the realities and repercussions of high taxation, illegal immigration, abortion, transgender surgeries, and more in order to keep people voting for them. Be afraid of the eeeevil white men and Republican politicians who are trying to erase your gender identity and persecute your racial group, cry the Commies. Hate the rich men who are robbing you of money that should be yours. Fear motherhood and fatherhood, fear the ‘new Gestapo’ ICE and the Bad Orange Man. Above all, never examine our own track record.

When ignorance begets fear, evil is almost certain to follow.

-Catherine Salgado

Catherine Salgado is a contributor for PJ Media. She also writes for The Rogue Review, Media Research Center, and her Substack Pro Deo et Libertate. She received the Andrew Breitbart MVP award for August 2021 from The Rogue Review for her journalism.

Sourced from PRICKLY PEAR

America Through the Eyes of the Mellon Foundation

By Robert Stilson

Written by Robert Stilson

Estimated Reading Time: 13 minutes

TPP Editors’ Notes

  • An Icon turned Radical: Once built on the legacy of a conservative Treasury Secretary, America’s richest arts foundation ($7.2B) now spends $1,000 every minute funding left-wing activism.
  • Rewriting 1776: As our 250th anniversary approaches, Big Philanthropy is dropping $500M to reframe American history as little more than unbroken oppression.
  • Tax-Exempt Iconoclasm: How billions in tax-free money are bankrolling prison abolition, radical historical rewrites, and the tearing down of public monuments.
  • Subsidizing the Left’s Cultural Takeover: Inside the massive network of university grants and activist groups enforcing ideological orthodoxy across the humanities.

One of America’s largest grantmakers, the Mellon Foundation, has been disbursing $1,000 per minute to grantees, many of which see our nation’s history as an unbroken tale of racist oppression.

As Americans commemorate our country’s 250th anniversary, at least one major philanthropy evidently sees little in that history to celebrate. To the Andrew W. Mellon Foundation and its grantees, the story of the United States appears largely as one unbroken line of racist oppression. In deploying its considerable leverage over art and humanities funding to promote this narrative, the Mellon Foundation illustrates much of what is presently wrong with elite institutional philanthropy.

“A Major Strategic Evolution”

Writing in The Atlantic, Tyler Austin Harper summarized Mellon’s new approach to its philanthropy as finding “value in arts and letters only insofar as they advance approved, left-leaning causes,” and [. . .] described some of what the foundation had recently chosen to fund as “cartoonishly progressive” initiatives that read like “conservative satire.”

The Mellon Foundation exists among a rarefied Big Philanthropy peerage. In 2024, it paid out more than $555 million worth of grants and reported net assets of over $7.2 billion. That year, it was a larger grantmaker than the Rockefeller Foundation ($233.3 million), the W.K. Kellogg Foundation ($286.5 million), the Conrad N. Hilton Foundation ($287.7 million), the Packard Foundation ($350 million), the MacArthur Foundation ($356 million), and the Gordon and Betty Moore Foundation ($403 million). These numbers can be difficult to fathom—in 2024, the Mellon Foundation gave away the equivalent of more than $1,000 per minute.

Named after business magnate, philanthropist, and conservative Republican Treasury Secretary (1921-1932) Andrew W. Mellon, the foundation was established in 1969 by his children Ailsa Mellon Bruce and Paul Mellon. Ailsa died that same year, but Paul continued to shape the foundation’s grantmaking for decades. In his 2007 book The Foundation, Joel L. Fleishman likened Paul’s influence to “soft power,” noting that while he “imposed no explicit constraints on his foundation,” his interest in art, the humanities, and education strongly influenced the foundation’s priorities through “his moral authority and the passion of his convictions.”

Today, the Mellon Foundation is the self-described “largest funder of the arts, culture, and humanities” in the country. A recent profile in The Atlantic noted that “today, no single entity, including the federal government, has a more profound influence on the fiscal health and cultural output of the humanities than the Mellon Foundation.” Such a monopoly naturally brings with it considerable societal influence. While funding for the arts and humanities is an important, broadly uncontroversial, and traditionally “charitable” philanthropic purpose, its implementation at Mellon in recent years has taken on a deeply divisive ideological character.

Much of this can be traced to its president Elizabeth Alexander, whose personal website describes her as “a nationally recognized thought leader on race, justice, the arts, and American society.” An author and former professor who once chaired the African American Studies Department (now the Black Studies Department) at Yale University, Alexander famously recited original poetry at Barack Obama’s 2009 presidential inauguration. She also previously directed the Ford Foundation’s creativity and free expression program, which in turn conducts Ford’s very substantial (and decidedly left-leaning) grantmaking for documentary films. In 2024, the Mellon Foundation paid Alexander more than $1.5 million in compensation, plus more than $500,000 in additional employee benefits and $150,000 in expenses/other allowances.

Upon taking the helm at Mellon in 2018, Alexander surveyed the foundation’s grantmaking and decided that going forward it would work to ensure that “each grant, every penny, contribute[s] in some demonstrable way to a more fair and just society.” In practice, this has meant applying an explicitly left-wing sociopolitical lens to its philanthropy, with an overriding emphasis on categorizing humanity by race, ethnicity, or some other immutable characteristic.

In hindsight, 2020 was something of a watershed year for the American charitable sector—one in which it collectively expanded (both quantitatively and qualitatively) its commitment to left-wing ideological causes, particularly with respect to issues of race/ethnicity. Often, this was couched in terms of a new (or renewed) organizational emphasis on one or more forms of “justice”—social justice, racial justice, environmental justice, etc. Big Philanthropy was certainly no exception to this trend. Indeed, it was a driving force.

In June of that year, amidst the upheaval of the then-ongoing Black Lives Matter protests and riots, the Mellon Foundation publicly announced that it had undergone a “major strategic evolution,” and would henceforth prioritize “social justice in all of its grantmaking.” Believing that the United States suffers from “fissures, primal wounds, [and] original sins that are unameliorated and bare,” Alexander decreed that going forward “there won’t be a penny that is going out the door that is not contributing to a more fair, more just, more beautiful society.”

Mellon has since veered hard to the left. In 2025, it added Patrick Gaspard to its board of directors, explaining that his professional experience would be crucial to advancing the foundation’s mission. That experience includes stints as director of the White House Office of Political Affairs during the Obama Administration, executive director of the Democratic National Committee, national political director at the Service Employees International Union (SEIU), president and CEO of the Center for American Progress, and president of George Soros’ Open Society Foundations. It is a career that reflects the increasingly overlapping worlds of philanthropy and politics.

Grantmaking

A post entitled “Christopher Columbus: We Never Wanted Him Here”—authored by a Massachusetts Institute of Technology associate professor—depicts what it calls “the twilight of Columbianism” through images of the explorer’s decapitated head.

Structurally, the Mellon Foundation’s grantmaking is divided into four general areas: arts and culture, higher learning, humanities in place, and public knowledge. It also operates three special “presidential initiatives,” through which it seeks to use funding for the arts and humanities to “move us closer to justice, lifting up historically underserved and overlooked communities.”

Writing in The Atlantic, Tyler Austin Harper summarized Mellon’s new approach to its philanthropy as finding “value in arts and letters only insofar as they advance approved, left-leaning causes,” and concluded that “a multibillion-dollar politicized grant-making entity has a stranglehold over humanities research and teaching, and is using that power to push them in a direction that blurs the boundaries between scholarship and activism, pedagogy and politics.” Harper described some of what the foundation had recently chosen to fund as “cartoonishly progressive” initiatives that read like “conservative satire.”

It is not difficult to find examples to justify this characterization. In 2023, Mellon awarded a $1 million grant to Princeton University to support a new fellowship program “designed to mentor graduate students and early career researchers of the ancient Mediterranean as they center critical race studies in their scholarship and teaching.” Princeton president Christopher Eisgruber boasted that the initiative “engages the complexities of race, ethnicity, and racism with the academic study of ancient Roman and Greek cultures, and challenges foundational assumptions about knowledge production.”

Some of the Mellon Foundation’s grantmaking appears designed primarily to denigrate and delegitimize American society and institutions, past and present. One of the foundation’s presidential initiatives is a $125 million grantmaking program called “Imagining Freedom,” which aims to counter what the foundation calls “the criminal legal system’s forces of dehumanization, isolation, and separation.” It claims that the American criminal justice system intentionally prevents prisoners—presumably including those convicted of extremely serious offenses—“from leading full civic, creative, and intellectual lives and deprives the public of their voices and perspectives.” Mellon believes that “the arts and humanities have unique power to interrupt the narrative and cultural forces upholding the criminal legal system.”

Indeed, Mellon is evidently opposed to the very idea of imprisoning convicted criminals. One $6 million grant to the University of California, Santa Cruz was made to support the school’s Visualizing Abolition project, the stated purpose of which is to use art to help build “a world without prisons.” A $3.65 million grant to UCLA was earmarked “to chronicle the many impacts of policing and mass incarceration in Los Angeles.” Mellon gave more than $1.7 million to fund the Movements Against Mass Incarceration project at Columbia University, which aspires to “possible futures beyond the status-quo fixtures of prisons and policing,” and which blames America’s incarceration rate on “the persistent, systemic criminalization of Black, Latinx, Indigenous, Queer, and low-income communities.”

Racism is central to the Mellon Foundation’s philanthropic worldview, particularly as it relates to how American history and contemporary society are perceived and portrayed. In 2020, it awarded 16 grants to universities—worth a combined $72.3 million—under its Just Futures Initiative program. The purpose of this grantmaking initiative was to help the American public understand “the nation’s racist past” and to create “socially just futures” through what it called a “cultural and social transformation.” Illustrative grants, which are a caricature of ivory tower ultra-leftism, include:

  • $5 million to Columbia University for the development of a model curriculum on Racial Justice and Abolition Democracy. The curriculum begins with a module for teaching students how “racism came to be a foundational form of domination, extraction, and exploitation in the United States from the colonial period to the present,” and ends with an exploration of how the country might one day abolish “prisons, police, and the death penalty, as well as borders, the wage, capital, and other systems and structures that stand in the way of equal human flourishing and liberation.”
  • $5 million to the University of Wisconsin-Madison for the Humanities Education for Anti-racism Literacy in the Sciences and Medicine (HEAL) project, whose vision for the public university includes “reckoning with impacts of settler colonialism and white supremacy and actively seeking to repair legacies of its colonial and extractive histories and harms done particularly to Black, Native, Indigenous as well as other people of color.” It also aims to develop educational systems that “include critical historical analysis of power structures, racism, white supremacy, and settler colonialism in their core curricula.” One associated undergraduate course promised students an examination of “how processes of empire building, settler colonialism, and racial capitalism have shaped Western natural sciences since the Enlightenment.” Another was designed to be “a social history of the creation and maintenance of structural racism in American universities and society.”
  • $4.974 million to Brown University for the Reimagining New England Histories: Historical Injustice, Sovereignty and Freedom project, which asserts that “it is necessary for America to confront its past and to grapple with the its [sic] histories of Indigenous dispossession, attempted genocide and slavery.” In doing so, the project hopes to “displace the myth of the founding of the New England colonies as a ‘city on the hill.’” Through its K-12 curriculum program, Reimagining New England Histories suggests that teachers should attempt correct the “Thanksgiving myth”—in which Americans supposedly “celebrate the outcomes of settler colonialism without having to revisit the horrors”—by instructing students in the observance of a “National Day of Mourning” to recognize “a history in which wealth, resources, and land were violently transferred from one group of people to another.”
  • $4.52 million to the University of Oregon for the Pacific Northwest Just Futures Institute for Racial and Climate Justice, which asserts that “higher education can help rectify the devastating consequences of intersectional racism and climate change,” and which characterized campus monuments to the region’s early American pioneers—which were vandalized in 2020 and subsequently removed—as “landmarks to Indigenous displacement and genocide.”

It is worth noting that the diversity championed by Mellon and its grantees does not appear to extend to ideological differences. In 2024, the foundation gave the American Association of University Professors (AAUP) more than $1.5 million to create a Center for the Defense of Academic Freedom, which was to have the somewhat ironic purpose of “confronting the recent surge of political and ideological attacks on American higher education.” A recording recently obtained by City Journal revealed that the AAUP’s center was itself plotting ideological attacks on new university institutes designed to promote viewpoint diversity and/or classical liberalism on campus—commonly known as “Civics Centers.” Isaac Kamola, the AAUP center’s director, spoke of “naming and shaming and discrediting and undermining the legitimacy” of what he called “these right-wing centers,” with the ultimate goal being “to knock them out.”

The Monuments Project

The audit . . . concluded that “the story of the United States as told by our current monument landscape misrepresents our history.” Specifically, it took issue with American monuments being “overwhelmingly white and male” and disproportionately depicting “war and conquest.”

Perhaps the most notable of the Mellon Foundation’s funding campaigns, particularly in the context of America’s 250th birthday, is the Monuments Project. Originally a $250 million commitment announced in 2020, it was subsequently doubled to $500 million, making it the largest grantmaking initiative in the foundation’s history and one of president Elizabeth Alexander’s “signature initiatives.” A press release ambitiously—or ominously, given the foundation’s worldview—declared that the Monuments Project would “transform the way our country’s histories are told in public spaces” by funding the creation of new monuments and the removal or “contextualizing” of existing ones. The project’s stated goal was to “recalibrate the assumed center of our national narratives to include those who have often been denied historical recognition.”

According to its 2025 annual report, Mellon had disbursed more than half of its $500 million total Monuments Project commitment as of that year. A search for the phrase “Monuments Project” on the foundation’s online grants database (which only covers through 2024) returns 112 separate grants totaling approximately $215.1 million. More than 85 percent of recipients were American nonprofits (including universities), more than 13 percent were American governmental entities (including tribal governments), and one recipient was a foreign entity located in South Africa. Grant recipients located in Virginia received the most money ($30.6 million), followed by the District of Columbia ($27.7 million) and California ($25.8 million). Eighteen states did not have any Monuments Project grantees, although this does not necessarily mean that no project funds supported work in those states.

Race, ethnicity, and other immutable group identities appear central to the Monuments Project’s funding criteria, and some of the largest grants concerned slavery. The largest single award was a four-year $11 million grant to the city of Richmond, VA for “a cultural space located at the Shockoe Bottom train shed that memorializes and commemorates the history of slavery” in the city. That money ultimately led to the creation of the recently-opened Shockoe Institute, whose mission is to “reveal the enduring impact of racial slavery on our shared American experience, inspiring both reflection and action.” The institute’s main exhibit begins with a section explaining how “ingrained notions of superiority” among early European colonists “led to conflict, repression, and enslavement, setting the stage for later forms of racial control.” It ends with a display entitled “American Apartheid,” which asks visitors to reflect on how slavery and historical discrimination continue to perpetuate racial inequalities today.

Other large grants went to the homes of America’s founding fathers. The Montpelier Foundation, which is the charity responsible for curating James Madison’s famous home,  received over $5.7 million to establish “a memorial to the individuals who were enslaved at Montpelier.” The Thomas Jefferson Foundation received $3.5 million from Mellon for a similar project at Monticello.

In 2023, Mellon awarded a two-year $6.8 million grant to the city of Chicago in order to support certain priority initiatives of the Chicago Monuments Project. One of these is a public art “intervention” at an equestrian monument to George Washington on the city’s South Side, intentionally timed to coincide with America’s 250th anniversary. It aims to explore what the city calls “the contradictions of American founding narratives and their connection to Black history,” and to reconsider “the power of names, complexity of legacy, and the people and stories that are chosen to be memorialized.” The so-called “Other Washingtons” project will serve to deflect attention away from the nation’s first president and to “other Washingtons who deserve recognition for impacting Chicagoans or the nation as a whole.”

Monument Lab

According to Monument Lab, ‘Toppling is not a destructive act; the preservation and relocation of these monuments is destructive. Toppled racist monuments should not be retrieved from the bottom of rivers.’

One relatively unknown nonprofit called Monument Lab has played an outsized role in the Mellon Foundation’s Monuments Project. Previously a fiscally sponsored project of a group called CultureTrust Greater Philadelphia, it now operates as an independent 501(c)(3) charity. Monument Lab was Mellon’s very first Monuments Project grantee, and the group’s leftist iconoclasm underpins the entire program. Paul Farber, Monument Labs’s co-founder and director, has sat on Mellon’s board since early 2024.

Mellon made a total of $12 million worth of grants to Monument Lab from 2020-2024. Though the two groups’ fiscal years do not align and a precise calculation is therefore impossible, Mellon is clearly Monument Lab’s dominant funder. From July 2022 through June 2024 Monument Lab brought in a total of $8.3 million in revenue from all sources, while from January 2023 through December 2024 the Mellon Foundation gave the group $8 million.

The money Mellon disbursed to Monument Lab included funds earmarked for a National Monument Audit, which was designed to inform future Monuments Project grants. The audit (which was completed in 2021) concluded that “the story of the United States as told by our current monument landscape misrepresents our history.” Specifically, it took issue with American monuments being “overwhelmingly white and male” and disproportionately depicting “war and conquest.” In a forward she penned for the audit, Elizabeth Alexnder wrote that “our commemorative landscape needs to change if we are to move towards a more just and equitable future.” Others, of course, would say that Mellon and Monument Lab simply wish to re-depict American history to suit their own ideological agenda.

That agenda is quite radical even by Big Philanthropy’s standards. One article featured on Monument Lab’s website is summarized with a blurb declaring that “the gruesome monstrosity of whiteness undergirds America’s systems—haunting its public spaces, pedestals, and policies.” Another justified the illegal vandalism and/or destruction of so-called “colonialist, imperialist, and racist monuments,” claiming that such acts demonstrate “the power of the revolutionary collective movement.” It continued:

Toppling is not a destructive act; the preservation and relocation of these monuments is destructive. Toppled racist monuments should not be retrieved from the bottom of rivers. These direct actions should not be undone by cities, auctions, museums, historians, preservationists, or conservators. Efforts to preserve these monuments and prevent their toppling signal a desire to allow them to continue to exert their power as objects, to uphold the ideas they stand for, and, perhaps most significantly, to communicate that property is more important than people.

A post entitled “Christopher Columbus: We Never Wanted Him Here”—authored by a Massachusetts Institute of Technology associate professor—depicts what it calls “the twilight of Columbianism” through images of the explorer’s decapitated head. Though evidently no longer offered for sale, as recently as 2025 customers could purchase shirts reading “Topple False Histories” and “The Future of Monuments is Radically Collective” through Monument Lab’s online store. Considering its status as Monument Lab’s most important funder, one can only assume that the Mellon Foundation shares its grantee’s sentiments.

Thoughts and Questions

. . . what exactly is the “good” that Mellon is doing with its billions? Big Philanthropy has come under increasing public and political scrutiny from Americans who are rightly asking precisely such questions. This is to say nothing of the choice words Andrew W. Mellon himself might have for the foundation that bears his name.

As the Heritage Foundation’s Brenda Hafera has written, the Mellon Foundation’s grantmaking highlights a “fundamental disagreement over how we should view America. Is the ethos of America best represented by the equitable portrayal of identity characteristics? Or is it our unifying maxim enshrined in the Declaration of Independence that all men are created equal, which points to our common human dignity and capacity for self-government?” Mellon, Hafera correctly observes, “seeks to displace the value of human equality with that of inclusivity. Such a project is fundamentally flawed, steeped in assumptions about power and the importance of identity characteristics.”

People are, quite simply, people. They should be evaluated and remembered as individuals. Decision-making that is rooted in the delineation of certain “kinds” of people has an exceptionally poor historical track record. In embracing a maximalist ideological worldview obsessed with categorizing and dividing Americans based on group identities, the Mellon Foundation embraces a profoundly harmful narrative. And by reducing the history of the United States to simply one of racist oppression, it embraces an objectively false one.

Moreover, by alienating Americans who are proud of their heritage—and Mellon’s opinions notwithstanding, that heritage justifies mountains of pride—the foundation forfeits the opportunity for good-faith discussions over some very fair questions about how certain individuals (such as those connected to the Confederacy) or events are portrayed in public memorials, and whether there are some worthy Americans who deserve more recognition for their achievements than they currently receive. Public commemoration is not a zero-sum game.

Finally, what does all of this say about the nature of the philanthropy that the American people are collectively incentivizing through the tax code? The Mellon Foundation has decided to use its multi-billion-dollar ancestral American fortune to change the way in which America remembers its ancestors. Would ordinary taxpayers see this as an act of charitable benevolence worthy of federal tax-exemption, or undemocratic and presumptuous elitism? More bluntly: what exactly is the “good” that Mellon is doing with its billions? Big Philanthropy has come under increasing public and political scrutiny from Americans who are rightly asking precisely such questions. This is to say nothing of the choice words Andrew W. Mellon himself might have for the foundation that bears his name.

In a recent interview, Elizabeth Alexander said that if she had to choose one word to describe the United States at its 250th anniversary, it would be “work-in-progress.” No doubt this is true—anything imperfect can be improved, and nothing created by man will ever be perfect. But we have much progress to celebrate at our semiquincentennial. While Mellon and its grantees try to drive wedges into our national cracks, the American people can look to the bridges we’ve built across chasms.

-Robert Stilson

Robert runs several of CRC’s specialized projects. Originally from Indiana, he has a B.A. from Hanover College and a J.D. from University of Richmond School of Law, where he graduated magna cum laude.

This piece was reproduced with the permission of Capital Research Center. Any opinions articulated herein are those of the author, not The Prickly Pear. To read the original piece, please visit HERE.

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Spending Is Outrunning Paychecks: Your Briefing

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

Americans kept spending in June even as income barely moved, and the savings rate slid to a multiyear low. Prices dipped, so households actually bought a little more, but they did it by setting less aside, and the cushion is getting thin. Let’s run down the key numbers.

The data

Where it went

  • Because prices fell 0.1% on the month, real spending actually rose 0.4%, so households bought more in real terms while banking less of what they earned.
  • The gain was almost all services, $58.2 billion, against just $7.0 billion on goods, the pattern of an economy still spending on experiences rather than things.

Why it matters

  • Consumers carried the quarter. The economy grew just 1.5%, down from 2.1%, with consumer spending among the few components still adding to growth.
  • The ledger is stretched. Household debt sits at a record $18.794 trillion, with credit-card balances at $1.252 trillion, so the savings drawdown is happening on top of heavy borrowing.
  • The strain has not broken yet. Early credit-card delinquencies actually ticked down to 8.6% in the first quarter, so households are stretching without yet falling behind in large numbers, which is the line worth watching.

The Fed angle

Cooling prices did not move the Fed. Core inflation eased to 3.3% year over year, and the Fed held its rate at 3-1/2 to 3-3/4 percent, with three members even pushing to hike.

Cooler prices could give paychecks room to catch up. If they do not, a 2.7% saving rate is the first place the strain will show, well before it reaches the headline growth number.

-The Editors

Personal Finance · Upstream of the Swamp · August 1, 2026

This piece does not constitute financial, investment, or legal advice. Investing involves risk; please consult with a qualified professional before making any financial decisions.

Sourced from PRICKLY PEAR

Big Oil Posts War Windfall: How Much Are We Talking About?

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

Exxon and Chevron together booked roughly $26.6 billion in second-quarter profit as war around the Strait of Hormuz drove crude higher. The numbers are the fresh news; the windfall-tax fight they revived is the next one.

By the numbers

  • ExxonMobil posted $14.525 billion in net income, or $3.48 a share, roughly double the $7.082 billion it earned a year earlier, helped by record Permian output above 1.8 million barrels a day.
  • Chevron posted $12,072 million, nearly five times its $2,490 million a year ago, on record U.S. production of 2,077 thousand barrels a day and earnings of $6.11 a share.
  • Shareholders got paid. Exxon returned $9.4 billion in dividends and buybacks, and the two companies together returned about $16 billion to investors in the quarter.
  • The top line moved too. Chevron’s sales reached $67,199 million against $44,375 million a year earlier, and cash flow from operations hit $22.6 billion, giving the company room to keep raising its $1.78 quarterly dividend.

Follow the money

  • The driver was crude, as fighting throttled the Strait of Hormuz, the channel that carries roughly one-fifth of the world’s oil in peacetime, sending prices to their biggest monthly gain in years.
  • Drivers feel it too. The national average for regular gasoline hit $4.091 a gallon, up 93.6 cents from a year earlier, which is what turns a good quarter for producers into a political problem.

The tax fight

Warren, Sanders, and Booker are among the cosponsors, which tells you the bill is a message vote in a Republican Senate rather than a live threat to pass this year.

The pushback

  • Industry calls it self-defeating. The American Petroleum Institute called the plan “fundamentally misguided to penalize energy production, especially at this time,” when more supply is what tempers prices.
  • History is unkind to the idea. A 1980 windfall tax underperformed when prices fell and producers used transfer-pricing loopholes on crude sold to their own refineries, the same design problem the new bill claims to have solved.

The drilling and the dividends both ride on a price no producer set and none can hold. That cuts against the windfall logic and against anyone counting on the boom to last.

-The Editors

Energy & Manufacturing · Upstream of the Swamp · August 1, 2026

This piece does not constitute financial, investment, or legal advice. Investing involves risk; please consult with a qualified professional before making any financial decisions.

Sourced from PRICKLY PEAR

GOP Senators Shield Education Department From Trump Efforts To Dismantle

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

A Senate committee voted to stop the administration from dismantling the Education Department, and two Republicans crossed the aisle to do it. The 13-9 vote is the first time the chamber has moved to fence off the department the White House has spent a year trying to unwind.

The vote

How we got here

The disability stakes

  • The special-education office anchors programs serving more than 8 million children with disabilities, including more than 441,000 infants and toddlers, a population largely excluded from public schools before the 1975 law that created the guarantee.
  • The scope is contested. One count puts the transfers at 14 interagency agreements; a broader tally cited at the hearing put it at 148 programs shifting to six agencies, so even the size of the reorganization is in dispute.
  • Even committee chair Bill Cassidy, who declined to back the bill, said moving special education to Health and Human Services “would be a mistake”, shifting it “from an educational and civil rights model to a medical model.”

The administration’s case

The principle of returning schooling to states is one argument; the vote count is quite another. That’s where the rub meets the road on abolishing the Education Department.

-The Editors

Politics · Upstream of the Swamp · August 1, 2026

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Israel Destroys Hezbollah Tunnels In Record-Setting Strike

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

Israel demolished a Hezbollah tunnel network under southern Lebanon with 700 tons of explosives, one of its largest strikes on the group since the truce. The blast answered a Hezbollah drone attack and tested a ceasefire the United States chairs.

What happened

  • The IDF used 700 tons of explosives to destroy tunnels under the Beaufort Ridge, which it called a central part of Hezbollah’s plan to invade the Galilee communities.
  • The blast registered a magnitude 3.8 tremor and left a 1.2-kilometer stretch of destruction near Beaufort Castle, which UNESCO had added to its World Heritage list days earlier.
  • It answered a Hezbollah explosive-drone strike on an unmanned Israeli engineering vehicle that caused no casualties. Hezbollah has not claimed the strike, and Israel released no footage of it.

Where things stand

  • Netanyahu and Katz warned that Israel “will not accept any violation of the ceasefire agreement” and that any attempt to harm its forces would draw “a severe and powerful response.”
  • A second complex under the Ali Taher ridge remains under watch, with dozens of operatives believed inside, so the demolitions may not be finished.

What is in it for America

  • The current truce rests on a S.-mediated framework signed June 26 at the State Department, tying an Israeli withdrawal to verified disarmament of Hezbollah.
  • The original 2024 ceasefire set up a monitoring mechanism chaired by the United States and hosted by UN peacekeepers, so Washington sits at the head of the table when it frays.
  • Washington underwrites the arsenal, providing Israel $3.8 billion a year in military aid, including $500 million for missile defense, plus billions more since October 2023.
  • The terms are demanding. The 2024 deal called for the Lebanese army to deploy 10,000 troops to the south and a phased Israeli withdrawal within 60 days under UN Resolution 1701, timelines that keep slipping as incidents like this one recur.

Beirut responds

  • Lebanese President Joseph Aoun called the blasts “a highly dangerous escalation” and urged Washington to “put an end to these violations.”
  • Israeli attacks on Lebanon have left 4,333 killed and 12,236 injured since March, figures attributed to Lebanese authorities, with Israeli forces reported to have advanced more than 10 kilometers into Lebanese territory. The numbers are not independently verified.
  • Damage assessment is stalled. Lebanon’s culture ministry said it cannot evaluate the harm to the newly listed Beaufort Castle heritage site because “the location is under occupation,” a line Beirut is using to internationalize the dispute.

A 700-ton demolition is a message, not a war. Whether Hezbollah reads it as deterrence or provocation decides how long the quiet holds, and the United States has its name on the paperwork either way.

-The Editors

National Security · Upstream of the Swamp · August 1, 2026

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Pentagon Memo Targets Academy Tenure: State of Play

By The Editors

Written by The Editors

Estimated Reading Time: 2 minutes

A draft Pentagon memo would strip tenure from civilian professors at the service academies and war colleges and force every course through a warfighting test. Titled “Refocusing the Military Service Academies and Senior Service College on Warfighter Education,” it would remake officer education by administrative order rather than by Congress.

The Facts

  • The memo would abolish civilian faculty tenure, with implementation guidance due within 60 days. It reaches five schools: West Point, the Naval Academy, the Air Force Academy, and the Army and Naval War Colleges, where more than 10,000 are enrolled.
  • At West Point, the majority of faculty are already active-duty officers, with civilians a minority who hold tenure that the memo would end, so the change hits a small but influential slice of the teaching corps.
  • The Pentagon declined to comment, offering no confirmation the draft is under consideration, which leaves its status as a proposal rather than a policy for now.

The rationale

  • The document is blunt: tenure “in practice more often leads to stagnation, complacency, and inflexibility.” A line-by-line review would keep only courses that advance “tactical, operational, or strategic warfighting.”

Tenure is treated as a readiness problem, not a guarantee of independent scholarship.

How we got here

  • It follows a February 2025 order barring instruction on “critical race theory, DEI, or gender ideology” and closing DEI offices at the academies.
  • The Naval Academy pulled 381 books from its library before a visit by the defense secretary, an early sign of how far the curriculum review would reach.
  • The Air Force Academy proposed cutting 105 civilian positions to push faculty toward 80% uniformed, and the department ordered an end to Pentagon-funded Ivy League attendance starting in the 2026-2027 year.

In Their Own Words

“We need more uniformed members going back into West Point, the Air Force Academy and the Naval Academy, as a tour-to-teach, with their wisdom of what they have learned.” Defense Secretary Pete Hegseth.

The counterargument

  • Sixteen House members warned that gutting civilian faculty would “harm educational quality” and “limit the critical thinking skills that save lives when plans fall apart.”
  • A West Point law professor, Tim Bakken, put the schools’ purpose as winning wars “and equally important, through strength, to prevent wars,” the kind of judgment that tenure is meant to protect from the chain of command.
  • Tenure here is a policy, not a right. Federal law sets the academies’ faculty structure but does not guarantee civilian tenure, so the secretary can plausibly claim the authority to end it without Congress, which is exactly what alarms the critics.

The wider campaign

The service schools train the officer corps, so whoever controls the syllabus shapes the next generation of commanders. This one is still a draft, which means the fight over what an officer should learn is only starting.

-The Editors

National Security · Upstream of the Swamp · August 1, 2026

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