THE STOCK MARKET IS FLASHING THE SAME WARNING SIGNAL SEEN BEFORE EVERY MAJOR CRASH SINCE 1984.

 And right now, it is happening again.

 A 40-year chart of the US 10-Year Treasury yield shows the same pattern repeating over and over again.

 Before the 1987 stock market crash, the dot-com collapse, the 2008 financial crisis, the 2018 selloff, and the 2022 bear market, bond yields spiked sharply higher first.

 The reason is simple.

 Stocks and bonds compete for the same money.

 When Treasury yields rise, large investors can suddenly earn high “risk-free” returns from government bonds.

 That pulls money away from stocks. And the more expensive the stock market becomes, the more dangerous that shift gets.

 Right now, the US 30-year Treasury yield has surged to 5.20%. That is the exact same level seen in 2007 right before the Global Financial Crisis.

 But today’s stock market is even more overvalued than it was back then.

 The Buffett Indicator is now around 234% of GDP. Before the 2008 crash, it was around 105%. The Shiller CAPE ratio is near 40. The only time valuations were higher was during the 1999 dot-com bubble.

 This is creating a massive problem for equities.

 Stocks are no longer offering enough return compared to bonds. The Equity Risk Premium has now fallen to around -1.5%. That means investors are taking significantly more risk in stocks while earning less return than long-term Treasuries.

 The last time this happened was during the 2000-2002 tech collapse.

 At the same time, the drivers behind rising yields are becoming more dangerous.

 US national debt has now crossed $38 trillion. Annual interest payments are above $1 trillion for the first time ever. Oil prices are also surging again as tensions involving Iran continue pushing inflation risks higher.

 And global bond markets are starting to break together.

 Japan’s long-term bond yields just hit the highest levels in decades. UK bond yields are near multi-decade highs. Global borrowing costs are rising everywhere at the same time.

 This puts the Federal Reserve in a very difficult position.

 If the Fed cuts rates too early, inflation can surge again. If it keeps rates high, borrowing costs continue crushing housing, businesses, consumers, and government finances.

 That is why rising yields become so dangerous late in a cycle.

 They slowly remove liquidity from the entire system.

 And today’s market is heavily dependent on AI stocks, mega cap tech, aggressive valuations, cheap refinancing, and speculative positioning.

 The exact same conditions that become vulnerable when yields keep rising.

 The 40-year yield chart now ends with a large red question mark at today’s levels.

 History shows markets usually ignore rising yields for a while.

 Until suddenly they cannot anymore.

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Judge Declines To Block Trump's Order On Mail-In Voting

"Plaintiffs cannot show that preliminary injunctive relief is warranted," the judge said.

 https://www.zerohedge.com/political/judge-declines-block-trumps-order-mail-voting

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Missouri Supreme Court Rejects Challenge To New Congressional Map That Boosts Republicans

The state court said Gov. Mike Kehoe had legal authority to call the special legislative session that adopted the redistricting plan...

https://www.zerohedge.com/political/missouri-supreme-court-rejects-challenge-new-congressional-map-boosts-republicans

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Next Drone War: Hidden Shipping Containers Launching Kamikaze Swarms

DZYNE is working on a 40-foot shipping container capable of launching upwards of 100 one-way attack drones.

 https://www.zerohedge.com/military/next-drone-war-hidden-shipping-containers-launching-kamikaze-swarms

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 US Nuclear Recycling Plant Could Extract 100 Times More Energy From Uranium Fuel

 Authored by Georgina Jedikovska via Interesting Engineering,

A US startup has joined forces with the nation's first national laboratory to recycle spent nuclear fuel into energy for fast reactors by using advanced pyroprocessing technology.

New York-based nuclear technology company BLSK Energy announced on May 18 that it had signed a Cooperative Research and Development Agreement (CRADA) with Argonne National Laboratory (ANL) in Illinois to commercialize the method.

Pyroprocessing (or pyrochemical processing) is a high-temperature metallurgical process that could enable the reuse of nuclear fuel. When used with fast reactors, it could extract up to 100 times more energy from uranium.

The company plans to launch a pilot recycling facility by 2034 that would convert nuclear waste into material suitable for advanced fast reactors. "The path ahead is ambitious but achievable," Bruce Landrey, BLSK Energy's managing director and co-founder, said.

Recycling Nuclear WasteThe US has accumulated about 95,000 tonnes (104,000 US tons) of used nuclear fuel. They are currently stored at over 75 locations across the country. However, spent nuclear fuel is radioactive and thermally hot when removed from a reactor.

Moreover, even though up to 96 percent of it is made up of leftover uranium, the main fuel used in nuclear reactors, it also contains radioactive waste products and elements heavier than uranium, like plutonium, which is incredibly hazardous.

While long-delayed plans for the permanent disposal of spent nuclear fuel remain unresolved, the nuclear industry faces another challenge in securing enough fuel for future reactors. Limited fuel supplies and rising costs are both major hurdles for advanced reactor development.

To tackle the challenge, BLSK Energy's pilot recycling facility will use pyrochemical processing to convert nuclear waste into usable reactor fuel. The company gained exclusive access to the technology through its agreement with ANL, which in turn, first developed the process

 https://www.zerohedge.com/technology/us-nuclear-recycling-plant-could-extract-100-times-more-energy-uranium-fuel

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