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Governments have to finance a huge upgrade to Europe's rusty armed forces to deal with the renewed threat from the east. So far, Germany, the U.K. 🇬🇧 and France 🇫🇷 have all accepted they will need to shell out handsomely for that, but Spanish Prime Minister Pedro Sanchez 🇪🇸 has balked at the challenge. Credit agency KBRA 📊 estimates that the new pledge by NATO states to raise defense spending will widen government deficits in the EU 🇪🇺 by between 1.3-2.8% of GDP, depending on how quickly and on what the money is spent. “I think the market is much more sensitive now to fiscal policy and the fiscal trajectory of sovereign debt and deficits,”said Ken Egan, senior director for sovereign debt at the rating agency. 📉 That’s particularly true of the U.K., where a combination of high inflation 📈 and a concentration of debt in the hands of flighty finance industry investors, like hedge funds 💼, has made the country more exposed to jumps in borrowing costs. The yield on the U.K.’s 30-year debt has pushed well above the level seen in 2022, when then-prime minister Liz Truss’s disastrous "mini-budget" 🤯 roiled markets. “That suggests that investors remain concerned about the inability to reduce deficits and the debt,” said Guillermo Felices, global investment strategist at PGIM Fixed Income. But investors in U.K. and French bonds have been sensitized to the issues by other, external factors 🌍, at play over which they have no control. In the U.S. 🇺🇸, President Donald Trump's “Big Beautiful Bill” is projected by the Committee for a Responsible Federal Budget to add over $4 trillion 💸 to government debt over the next 10 years. Concerns are also growing about Japan 🇯🇵, where rising inflation has forced the central bank to ease up on printing money 🖨 to buy an endless stream of government bonds. The U.S. is still running a deficit over 6% of GDP this year, despite having effectively full employment 👷‍♂️. It’s spending over $1 trillion a year on interest costs alone 🏦, more than it spends on defense. As Trump has spread uncertainty through global markets 🌐, investors have demanded an ever-higher premium for holding long-term debt 📈 that only offers a fixed return. Even though inflation has edged down 📉 and the Federal Reserve has cut interest rates 🏦, the key 10-year bond yield has continued to move higher 🚀. BlackRock CEO Larry Fink and JPMorgan’s Jamie Dimon have both warned recently that the situation is close to getting out of control 🚨. The market for U.S. government bonds, or Treasuries, is the largest and most liquid in the world 💵. They are a global benchmark for sovereign debt — and when yields in the U.S. go up, they tend to push borrowing costs across the whole world up with them 🌍📊. “Certainly when Treasuries sneeze, Europe still reaches for the tissues,” KBRA’s Egan said. 🤧🇪🇺 The question is — is it just another cold 🤒, or something much more serious this time? ⚠️ #economy #crisis #budget 🇪🇺 Keep up with the latest Star Union News  🖥

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The Jeffrey Epstein morass surrounding President Donald Trump is deepening amid growing defiance by some Republicans and despite the administration’s most inflammatory attempt yet at distraction.😱 New reports Wednesday that Attorney General Pam Bondi told Trump in May that his name appeared in documents related to the case of Epstein, an accused sex trafficker, offered a plausible explanation for the president’s growing fury over the drama. They will fuel accusations of a cover-up since the administration has refused to release the files.📂 And although there is no evidence that Trump was involved in any wrongdoing or that he knew of Epstein’s criminal activities when they ran in the same social circle decades ago, there is bound to be intense speculation about the nature of mentions about the president in the investigative files. The storm is also intensifying in Congress.🌪 A vote in the House Oversight Committee to subpoena the Department of Justice for files related to Epstein worsened Trump’s political headache, since it revealed the appetite for more disclosure among some MAGA Republicans. The GOP-majority committee also voted to subpoena testimony from Epstein’s accomplice Ghislaine Maxwell, who is serving a 20-year prison term. Trump responded to the ballooning crisis with the oldest trick in his political book, pushing a conspiracy theory against Barack Obama — a decade and a half after his false claims about the 44th president’s birthplace electrified his coalition and political career. He enlisted the top US intelligence official, Tulsi Gabbard, who misleadingly claimed in a theatrical White House appearance that Obama’s handling of Russian election meddling in 2016 amounted to a coup to destroy Trump’s first presidency, a day after her boss accused his predecessor of treason. There is no evidence that Trump did anything wrong or illegal in his interactions with Epstein. But days of stalling by the White House and new disclosures drove speculation to a fever pitch over their relationship in the 1990s and early 2000s, long before the wealthy financier was charged with sex trafficking and abuse and died in prison in 2019. The frantic confluence of events Wednesday underscored Trump’s failed attempts to put a lid on the Epstein drama, the most serious challenge to his authority over the MAGA base in either of his administrations. In fact, the storm is now gathering its own momentum, and it’s increasingly hard to see how the president calms it. The controversy is overshadowing Trump’s recent political successes, including trade deals he announced with Japan and the Philippines and recent legal victories enabling a key goal: the gutting of swaths of the federal government. And it’s outracing House Speaker Mike Johnson’s attempts to contain it. #Trump #Epstein #GOP 👂 More on Trump's Ear ⚠️

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