Zerohedge

By Nate Selesline of RetailDive

As closures accelerate, service-based tenants are expected to lease more retail space in the coming year than goods-based tenants, a trend that JLL called “a historic shift in the retail property sector.”

Coresight Research also forecast that store closings may reach 15,000 this year, while openings will hold steady at about 5,800.

JLL said this shift has been underway for a decade, but is now accelerating. 

Service-based tenants interested in retail spaces include quick-service and fast-casual restaurants, fitness clubs, and healthcare, financial and personal care services.

“While the momentum of this growth was short-circuited by COVID, the last three years have seen a recalibration of this trend,” JLL said.

On the retail side, grocery stores, discount and dollar stores are seeing positive opening trends. The closing retailers are typically big-box or junior anchors. JLL cited Party City, Walgreens and Rite Aid as examples. These stores typically occupy 10,000- to 20,000-square-foot spaces. Nearly 2,700 stores in this category are closing or will close.

About 1,528 big-box stores, with 20,000 to 50,000 square feet of space, will close. These locations are favored by retailers like now-shuttered 99 Cents Only Stores and Big Lots, which filed for Chapter 11 bankruptcy in September. 

However, JLL said there’s an upside to the industry’s real estate crunch, as the movement may free up nearly 140 million square feet of retail space. Space availability is currently at 4.7%, which makes finding desirable locations challenging. In addition, nearly 30% of available space is located in Class C retail properties and less than 25% was built this century, which leaves fewer options for expanding retailers. At the same time, construction activity remains minimal and annual construction starts are the lowest in 15 years.

Macy’s ongoing plans to drastically shrink its footprint may also present a quandary for malls. The company said it plans to close 66 of its namesake department stores this year, which would equate to about 12 million square feet of anchor space opening up in malls. 

In response to this move, mall owners “will have to decide between redeveloping the space and possibly adding a mixed-use component or backfilling the anchor with one or more retailers.” JLL said entertainment businesses, fitness centers, grocery stores, home improvement, furniture and other department store chains are filling these vacant spaces.

Though their name advertises a principal purpose, Health Savings Accounts can also be used to strengthen your retirement planning — thanks to their unique tax benefits and flexible withdrawal rules. Unlike other tax-favored accounts, HSAs offer the potential for a uniquely beneficial double-whammy: tax-free contributions and tax-free withdrawals — provided those withdrawals are used for health expenses. 

During your working years, withdrawals that aren’t used for health expenses are generally subject to ordinary income tax, plus a whopping 20% penalty tax. However, once you hit age 65, the penalty disappears, which means you can use the money for whatever you like and simply pay ordinary income tax.

Of course, health expenses figure heavily in most people’s retirement spending projections, which means you’ll likely have ample opportunity to make tax-free HSA withdrawals after you retire. That’s especially true when you consider that long-term care costs and Medicare Part B, Part D and Medicare Advantage premiums are among the many expenses that qualify for tax-free treatment. 

To contribute to an HSA, you must be enrolled in a high-deductible health plan. In 2025, that means a deductible of at least $1,650 for self-only coverage or $3,300 for family coverage. The plan must limit total out-of-pocket expenses to $8,300 for self-only or $16,000 for family coverage.  

For the 2024 tax year, you can contribute up to $4,150 if you’re single, or $8,300 if you have family coverage. For 2025, the limits are $4,300 and $8,550, respectively. If you’re 55 or older, you can contribute an additional $1,000. Like IRAs, the deadline for contributing to an HSA for the 2024 tax year is April 15. 

You can invest your HSA money in a variety of ways, from cash and money market accounts to mutual funds. If you expect to withdraw your money soon, you may not want to expose it to market volatility. However, if you’re funding an HSA with the intention of not tapping it until years later, you might take a more aggressive stance. The choice of an HSA custodian is an important one, with maintenance fees, investment options and interest rates varying widely. 

You can roll over an existing HSA to a different custodian without tax consequences. Even if you don’t want to invest your HSA in mutual funds, a rollover could still deliver a substantial boost to your returns, as some bank custodians are only paying 0.20% on HSA cash. A rollover to Fidelity’s HSA would let you use the Fidelity Government Money Market Fund, which has a 4.00% 7-day yield. 

Unlike traditional IRAs and 401k’s, HSA’s don’t have required minimum distributions. As for estate planning, spouses who are named as beneficiaries can inherit HSAs and treat them as if they were their own. In one disadvantage relative to IRAs, non-spouse beneficiaries have to immediately cash out the account and pay income tax on the balance — they don’t get to spread the withdrawals over 10 years.  

Americans had 38 million HSA accounts with $137 billion in assets as of mid-year 2024. Kentucky Sen. Rand Paul — an ophthalmologist who’s demonstrated a keen interest in lowering the cost of US health care — wants to pump those numbers up by killing the HSA eligibility requirements. In November, Paul introduced the Health Savings Accounts for All Act, which would let every American contribute to an HSA, regardless of insurance coverage or income. It would also increase HSA contribution limits, making them equal to the 401k limits — $23,500, with catch-up contributions for those over 50.

GameStop Corp. announced last week it will divest its Canadian and French operations, citing political correctness in both regions as part of a broader review of its international assets.

CEO Ryan Cohen criticized the “sociopolitical climates” of both countries and took to Twitter (“X”) to invite buyers, adding: “High taxes, Liberalism, Socialism, Progressivism, Wokeness and DEI included at no additional cost if you buy today!”

GameStop’s decision to exit Canada and France aligns with CEO Ryan Cohen’s strategy to streamline operations, cut costs, and boost long-term profitability. Since taking over in 2023, Cohen has focused on downsizing the company’s physical store presence, acknowledging the decline of physical game sales, much like the fate of VHS retailers such as Blockbuster, according to Western Standard.

Before the announcement, GameStop operated 203 stores in Canada and 647 across Europe.

The company’s financial performance remains under scrutiny. In its third quarter, it reported a $17.4 million net income, reversing a prior-year loss, but sales fell to $860.3 million, reflecting ongoing retail challenges.

Cohen’s remarks also echo a growing sentiment among business leaders who see progressive policies and DEI initiatives as harmful to corporate efficiency and shareholder value.

The Western Standard report says that Canada accounted for about 5% of GameStop’s revenue ($46.3 million), while Europe contributed around 20% ($173 million). The company has not disclosed the potential value of these operations or its asking price.

GameStop gained notoriety in early 2021 during the meme stock frenzy, when Reddit-driven retail investors sent its stock soaring past $500 per share, at one point doubling within 90 minutes.

By John Kemp, energy analyst and founder of JKempEnergy

Spot market gas prices around the world have doubled over the last twelve months as reported inventories in all the major consuming regions have fallen to multi-year lows, signalling the refill season will be much tougher in 2025.

Sharply higher prices will encourage electricity generators to switch to alternative fuels and force energy-intensive industries in Europe and price-sensitive utilities in South and Southeast Asia to cut use wherever possible.

Combined inventories across the European Union, the United Kingdom, Ukraine and the United States are 400 terawatt-hours (1,446 billion cubic feet or 32 million tonnes of LNG) lower than they were a year ago:

• EU and UK inventories were 266 TWh (961 bcf or 21 million tonnes) below prior-year levels on February 19.[1]  
• Ukraine’s inventories were 28 TWh (103 bcf or 2 million tonnes) below year-ago levels on the same date.[2]
• U.S. inventories were 106 TWh (386 bcf or 8 million tonnes) below prior-year levels on February 14.[3]

Japan’s inventories were also 6 TWh (22 bcf or 0.5 million tonnes) below prior-year levels at the end of October, the most recent data available, and have likely remained below year-ago levels since then.[4]

Since the second quarter of 2024, consumption has grown faster than production as a result of record gas-fired generation and lower drilling in the United States, a colder winter in North America and Northwest Europe, and sanctions on Russia.

As a result, surplus gas inventories carried over from a mild winter in North America and Northwest Europe in 2023/24 have been entirely used up over the course of winter 2024/25.

But the rapid emptying of storage has become unsustainable and prices have climbed steeply to rein in consumption and encourage more drilling to conserve the remaining stocks.

Front-month futures prices have doubled over the last year in North America and Northwest Europe and are up by 75% in Northeast Asia compared with the same point in 2024.

The biggest increases have come in near-dated futures contracts to conserve the remaining stocks as much as possible and curb consumption over the summer of 2025 to enable stocks to be rebuilt ahead of winter 2025/26.

With the United States, the European Union, Ukraine and Japan all needing to rebuild inventories faster-than-average over the summer of 2025 there will be fierce competition for gas over the eight months to October.

Energy-intensive industrial users in Europe and price-sensitive buyers in South and Southeast Asia are likely to be priced out, as they were during the first summer after Russia’s invasion of Ukraine in 2022.

In the event of a persistent summer heatwave over North America, Northwest Europe, Northeast or South and Southeast Asia driving higher-than-normal airconditioning loads, the scramble for gas could become intense.

Anticipating tight supplies and a tough refill season, portfolio investors have alreadyamassed exceptionally large bullish positions in futures and options based on gas prices in both North America and Northwest Europe.

In North America, hedge funds and other money managers have accumulated a net long position equivalent to 2,975 billion cubic feet, the highest for more than three years and in the 91st percentile for all weeks since 2010.

In Northwest Europe, investment funds had amassed a near-record bullish net long position equivalent to 292 TWh by the first week of February, before selling 34 TWh to realise some profits in the second week of the month.

Fund buying has anticipated, accelerated and amplified market tightness and price rises this summer, enforcing an early adjustment by encouraging fuel switching in favour of coal and fuel oil and compelling more industrial closures.

Europe’s policymakers, facing another year of painfully high prices for households and industry, will be tempted to blame hedge funds and other speculators (as is always the case when prices escalate rapidly).

But the reality is that the global market will be much tighter this summer than it was in 2024 and 2023 and prices have to rise to restore balance by curbing consumption and encouraging a return to production growth in the United States.

---

[1] Aggregated Gas Storage Inventory (Gas Infrastructure Europe, February 21, 2025).
[2] Aggregated Gas Storage Inventory (Gas Infrastructure Europe, February 21, 2025).
[3] Weekly Natural Gas Storage Report (U.S. Energy Information Administration, February 20, 2025).
[4] Trend of Natural Gas and LNG Prices (Japan Organization for Metals and Energy Security, January 30, 2025).

Cocoa futures in New York tumbled to a two-and-a-half-month low last week as demand destruction concerns continue to flourish this month, overshadowing concerns about poor output in West Africa. 

Bloomberg reported Thursday that the top bean growers in the Ivory Coast had a very slow start to next season’s harvest, which begins in October. The slow start has been blamed on pricier hedges for traders, with prices hovering over $10,000 a ton for the last few months. Higher bean prices and increased volatility also forced the exchange to raise margin costs. 

Executives from Hershey and Mondelez warned last week that bean prices could move higher amid emerging signs of demand destruction for their sugary products.

Earlier this month, Piper Sandler analyst Michael Lavery asked Hershey CEO Michele Buck about the consumer environment for chocolate…

Buck responded that higher bean prices have “created some demand destruction in the market.”

Mondelez CFO Luca Zaramella recently said, “We are seeing signs, particularly in parts of the world like North America, where cocoa consumption is coming down.”

To close the week, demand destruction fears drove cocoa futures in New York down to $8,934 per ton, a two-and-a-half-month low. However, prices remain extraordinarily elevated compared to early 2023 levels.

Judy Ganes, president of New York-based J. Ganes Consulting, explained to Bloomberg that traders were operating under the assumption that chocolate demand would hold up through the holiday season into the first quarter. Yet she pointed out that does not appear to be the case.

Traders were wrestling between structural output challenges in the West African cocoa market while weighing news concerns over demand destruction. 

We wonder if Goldman’s commodity derivatives analyst Hugo Fuentes is still “go long cocoa” based on “structural supply deficits, under-hedged consumers, and historically low warehouse stocks.” 

What about Pierre Andurand, founder of Andurand Capital Management LLP? Is he still cocoa’s biggest bull?

 

 

 

Authored by Vijay Jayaraj via RealClearEnergy,

President Donald. J. Trump’s seismic shift in energy policy will be felt far beyond U.S. borders. His withdrawing from the Paris Agreement, expanding American oil and gas exports, terminating the Green New Deal and eliminating the prospect of carbon tariffs offers a lifeline todeveloping nations grappling with chronic energy poverty.

When the United States pivots sharply, other nations reassess their positions. Nowhere will a change in the dynamics of energy policy be more welcome than in developing nations whose imperative to increase access to energy conflicts with pressures to submit to Western climate lords’ anti-growth, anti-humanistic, and dystopian Paris climate agreement.

Many developing nations have long expressed frustration with the climate agenda’s constraints on their economic growth. India and China, for instance, have consistently maintained that they need flexibility to determine their own domestic energy mix, emphasizing that access toaffordable fossil fuels is crucial for lifting millions out of poverty.

Similarly, nations across Africa have argued that their development priorities must include utilizing their natural resources – including coal, oil and natural gas – to meet people’s basic needs. 

Take Nigeria, for example. With its significant natural gas reserves, the country has been caught between international pressure to limit the use of hydrocarbons and the urgent need to provide electricity to its growing population. International financial markets friendlier to fossil fuels could accelerate Nigeria’s plans to monetize its natural gas resources and expand domestic power generation.

As Yemi Osinbajo, a former Nigerian vice president, said, “Africans need more than just lights at home. We want abundant energy at scale so as to create industrial and commercial jobs. To participate fully in the global economy, we will need reliable, low-cost power.” 

Global Implications of U.S. Energy Expansion

One of the most notable effects of Trump’s energy policy is an anticipated surge in exports of liquefied natural gas (LNG) from the U.S., which is to resume processing permit applications for new LNG projects interrupted by former President Biden. 

For developing countries, this means reliable energy at competitive prices – a stark contrast to the intermittent power of solar and wind projects that have been favored by climate-compliant financial institutions.

Energy poverty remains a crippling obstacle in many parts of sub-Saharan Africa, South Asia and Latin America. According to the InternationalEnergy Agency (IEA), nearly 800 million people worldwide are without electricity, while 3 billion rely on smoky biomass for cooking. 

By moving to increase the global supply of LNG, Trump offers an avenue for these nations to transition toward cleaner-burning natural gas. Benefits will include less deforestation, less indoor air pollution and a chance for more economic growth.

India has already invested in LNG terminals in the U.S. and will be increasing imports as demand grows from its population of 1.4 billion. 

Moreover, an increased supply of LNG will stabilize global reserves and reduce the vulnerability of energy-importing nations to geopolitical disruptions. Energy abundance is a prerequisite for stability and prosperity – a reality that developing countries know all too well and the climate obsessed seemingly undervalue.

No Carbon Tariffs: A Boon for Developing Economies

While many pundits harp on Trump’s proposed tariffs on imports, they don’t recognize – or at least fail to acknowledge – that many in the developing world are likely to be happy that carbon tariffs of the climate agenda won’t be part of Trump’s tax regime. 

Carbon tariffs, a darling of the climate crowd on both sides of the Atlantic, are designed to penalize the producers – and users – of carbon-intensive goods. In practice, however, they act as a regressive tax on developing nations, many of which lack the financial and technological means to “decarbonize” their industries.

For countries like India, which Foreign Minister S. Jaishankar has argued must prioritize economic growth over rigid climate targets, the carbon tax-free future represents a much-needed reprieve. It levels the playing field, allowing developing economies to compete in global markets without bearing the disproportionate burden of forced emissions reductions. Yes, Trump has threatened other tariffs, but those can be resolved through diplomacy.

Fossil fuels still account for over 80% of the world’s primary energy consumption, with countries like China, India and Indonesia expanding their infrastructures to produce, import and use hydrocarbons despite pledges to meet impossible climate goals.

With Trump’s bold move, these nations will no longer feel the need to hide behind the veneer of climate appeasement. 

Trump’s rejection of climate orthodoxy matches the aspirations of developing nations striving to ensure energy security and overcome poverty. Expect these countries to be emboldened to more openly pursue their preferred energy strategies and leave the Paris agreement themselves.

Vijay Jayaraj is a Science and Research Associate at the CO2 Coalition, Fairfax, Virginia. He holds an M.S. in environmental sciences from the University of East Anglia, U.K., a postgraduate degree in energy management from Robert Gordon University U.K., and a bachelor’s in engineering from Anna University, India. 

On Sunday evening, President Donald Trump announced that former Secret Service agent and conservative talk show host Dan Bongino will become the new deputy director of the FBI – the agency that helped Obama and Hillary Clinton set Donald Trump us with the Russia Collusion hoax – which included leaks to the press, fabricating evidence, and die-hard deep state servants who vowed to destroy our president.

And now – Bongino and newly minted FBI Director Kash Patel are in charge…

Thank you Mr. President, Attorney General Bondi, and Director Patel. pic.twitter.com/bJqIDbWLEE

— Dan Bongino (@dbongino) February 24, 2025

…which is not sitting well with current and former agency officials – or deep state journalists like NBC‘s Ken Dilanian, who reports that the FBI Agents Association struck out against Bongino’s selection. 

Without naming Bongino directly, the Association lashed out over the fact that the Deputy Director has typically been an active Special Agent.

“The FBI Deputy Director should continue to be an on-board, active Special Agent—as has been the case for 117 years for many compelling reasons, including operational expertise and experience, as well as the trust of our Special Agent population,” reads a memo obtained by WNBC‘s Jonathan Dienst.

As the WSJ notes,

The announcement sent shock waves through the FBI, whose new director Kash Patel had offered Republican senators private assurances that he would name a special agent with bureau experience to be his deputy, rather than a political outsider. Patel was sworn in at the White House on Friday.

Leaders of the FBI Agents Association, who met with Patel in January, said the new director had agreed that the deputy should be a current special agent…

Ken Dilanian echoed this sentiment, complaining on X that Bongino “has never spent a day working at the FBI, but he has spent many hours spouting baseless falsehoods about the bureau.”

A few minutes before Trump made his announcement, my colleague @jonathan4ny obtained a memo from the FBI agents association which said in part:

“The FBI Deputy Director should continue to be an on-board, active Special Agent—as has been the case for 117 years for many compelling… https://t.co/vnc80obNYs

— Ken Dilanian (@KenDilanianNBC) February 24, 2025

In other words, the right people are freaking out right now.

Ken is still furious that Kash looks different than every other FBI Director.

The “traditionally” argument is a call for the elites to stay in charge. https://t.co/f7QlLDHyHq

— Richard Grenell (@RichardGrenell) February 24, 2025

Bongino is part of the Russiagate corner—he knows this stuff from our side of the fence. No classified briefings, no peeking under redactions—just the hard grind of piecing it all together. Now he’s a co-keeper of the holy grail and we’re about to see it all. It’s all coming out.

— Hans Mahncke (@HansMahncke) February 24, 2025

Oh man they are so f’d https://t.co/QXKqQL7QZQ pic.twitter.com/L01po49seI

— David Steinberg (@realDSteinberg) February 24, 2025

*  *  *

You can support ZeroHedge and longtime reader and patriot John O. by purchasing one of these amazing wooden flags that look great on any wall. Shipping included in the price to the lower 48.

 

On Friday, February 7th, 2025, President Trump signed the first pro-Second Amendment Executive Order in US history – The order effectively reverses the unconstitutional firearm restrictions imposed by the Biden administration and empowers Attorney General Pam Bondi to conduct a review of all executive actions, regulations, guidance, and policies implemented under the previous administration through the ATF.

Another stunning development is the announcement that recently confirmed FBI Director Kash Patel will also be the acting head of the ATF as the agency is put under review.  Acting directors are usually installed for a little over a year until a permanent replacement is found.  That said, the decision may hint at a future deconstruction of the ATF and a reduction in their scope and power (dissolving the ATF completely is unlikely, but anything is possible with Trump).

In the meantime, by March 10th, 2025 the DOJ must present a plan to the President outlining steps to safeguard the Second Amendment rights of all Americans.  The order also includes a review of a 100-year-old law passed during the prohibition era which makes transfer applications for certain categories of firearms and firearms parts incredibly difficult.  Form 4 applications for suppressors would be a key subject of this review. 

For decades gun rights advocates have tried and failed to reduce the red tape surrounding suppressors (sometimes referred to as “silencers”).  For most buyers, the cost of the muzzle device becomes prohibitive, in part due to bureaucratic limitations on manufacturers, background checks, a tax stamp and long wait times for ATF approval.  For most individual buyers the cost of a suppressor runs in the $1000 – $1500 range along with the $200 stamp, all paid up front.  Then, there’s a wait time of a year on average before the buyer can hold the device in his hands.  

The obstacles involved are entirely artificial and are obviously designed to dissuade most gun owners from bothering; but why?  

 

Some gun rights advocates argue that the ATF and anti-gun politicians do not understand what suppressors are and how they work because they get most of their information from Hollywood films. The assumption among anti-2A activists and bureaucrats is that a suppressor is simply screwed onto the muzzle of any gun and that gun will then become silent.  They also assume that only “assassins” would have any use for such a device.  This is simply not true.

In reality, suppressors do not silence most firearms.  They do reduce the effect of gunshots on the shooter’s hearing, but any supersonic round fired from a suppressed weapon will still make a very audible explosive bang.  The more quiet gunfire commonly seen in movies and TV would require specialized subsonic rounds with far less powder through a suppressed muzzle.  The downside of shooting subsonic ammo is that range, accuracy and sometimes effectiveness on target are sacrificed. 

Subsonic rounds have a muzzle velocity of 1050 fps or less, compared to the average 5.56 round which has a muzzle velocity of around 3000 fps.  Subsonic rounds also have a common problem of “keyholing”; the bullet does not stabilize properly and spins in flight ruining its accuracy.  Not to mention, adding any device to the muzzle of a gun can cause dramatic impact shift, which needs to be taken into account.

 

In other words, using a suppressor beyond short range requires extensive knowledge of ballistics, barrel harmonics, twist rates and reloading experience.  It’s not something the average low IQ criminal is going to take advantage of (or something a low IQ ATF bureaucrat is going to understand).  

The US military recommends and issues suppressors for many combat troops, but not so much for going quiet.  Instead, suppressors help cut down on muzzle flash, limit sound pressure waves when room clearing and help to hide thermal signature from gun shots.

In some European countries suppressors are easy to buy (compared to purchasing a firearm) and are actually required by law for outdoor shooting.  In the US the exact opposite is true.        

Numerous gun rights groups are anxiously waiting for the Attorney General’s review of ATF restrictions with specific interest in suppressors.  The level of red tape surrounding this gear is absurd and should have been reformed years ago.  Thousands of dollars in cost on top of a year long wait time makes little sense other than to make life difficult for firearms enthusiasts.

Anne Arundel County, Maryland—home to several federal agencies and the US Naval Academy—has been hit with a multi-day cybersecurity attack blamed on “external origin.” 

“The county is taking the most proactive approach to ensure our systems are safe. Precautionary measures include limiting access to the Internet until we are able to return to full operations,” the Anne Arundel County Government posted on X.

The county said, “Based on our conversations with cyber specialists, this is a multi-day event. We do not have a timeline for full service restoration yet,” adding, “We are engaging with each department to identify and discuss their current state of operational needs.”

Based on our conversations with cyber specialists, this is a multi-day event. We do not have a timeline for full service restoration yet.

We are engaging with each department to identify and discuss their current state of operational needs.

— Anne Arundel County Government (@AACountyGovt) February 23, 2025

Details on which public services have been disrupted remain scant. However, the county has assured the public that “911 remains operational for emergencies, and 311 remains available for non-emergency reports.”

The county is located about 30 miles east of Washington, DC, and is home to key federal agencies, particularly those related to defense, cybersecurity, and law enforcement:

Defense and Intelligence Agencies:

1. National Security Agency (NSA) – Located at Fort Meade, the NSA is responsible for signals intelligence (SIGINT) and cybersecurity operations.
2. U.S. Cyber Command (USCYBERCOM) – Also at Fort Meade, this command is tasked with defending military networks and conducting cyber operations.
3. Defense Information Systems Agency (DISA) – Provides IT and communications support for the Department of Defense (DoD).
4. Defense Media Activity (DMA) – Handles DoD media operations, including Armed Forces Network (AFN) and military public affairs.
5. Defense Courier Service (DCS) – A secure courier service for classified DoD materials.

Law Enforcement and Investigative Agencies:

1. Federal Bureau of Investigation (FBI) – Baltimore Field Office (Resident Agency) – Handles federal law enforcement operations for the region.
2. Naval Criminal Investigative Service (NCIS) – Washington Field Office – Investigates crimes related to the Navy and Marine Corps.

Military Installations:

1. Fort George G. Meade – A major U.S. Army installation housing intelligence and cybersecurity units.
2. Naval Support Activity Annapolis (NSA Annapolis) – Provides base support for the U.S. Naval Academy.
3. U.S. Naval Academy (USNA) – A premier military academy training future naval officers.

Other Federal Agencies:

1. National Cryptologic Museum (NSA-affiliated) – A public museum focused on cryptography and intelligence history.
2. U.S. Department of Homeland Security (DHS) – Various Cybersecurity & Infrastructure Security Agency (CISA) offices – Engaged in national cyber defense.

Local media Baltimore Banner’s Rick Hutzell was told by Renesha Alphonso, a spokeswoman for County Executive Steuart Pittman, that the “full picture of the impact” is still being determined. She added that service disruption started early Saturday. 

WBAL’s Torrey Snow jokingly wrote on X: “Was somebody promised a fortune by a desperate Nigerian princess?” 

Apocalyptic environmentalism by Maryland’s far-left Democratic leadership in Annapolis has plunged the state into a severe energy crisis, with power bills doubling in some cases and 20% of households in Central Maryland now behind on payments.

The worsening power crisis was detailed at length in a note last year titled Maryland “Can’t Import Itself Out Of Energy Crisis” Amid Urgent Need To Boost In-State Power Generation …

Maryland “Can’t Import Itself Out Of Energy Crisis” Amid Urgent Need To Boost In-State Power Generation https://t.co/koca85kmfY

— zerohedge (@zerohedge) July 13, 2024

The takeaway is that Maryland’s far-left leadership is more focused on apocalyptic environmentalism—inherently de-growth and pro-inflation in nature—while also prioritizing illegal aliens over their citizens. This represents a major violation of their oath of office, which requires them to uphold the general welfare of citizens.

Marylanders are quickly learning that local elections matter. Electing far-left activists into positions of power who have no business being in managerial roles has severe consequences, and the most immediate one is the pocketbook. 

This comes from the local media outlet WMAR:

1.3 million BGE electric customers in Central Maryland, just over half of them also paying for natural gas, and more than 264,000 of them are behind on their bills

Last August, Goldman Sachs warned clients about Maryland’s deteriorating power grid situation: “After a series of auction delays and relatively low clears (see chart below), PJM capacity prices appear to have finally caught up with the generative AI data center load growth story that has been central to parts of PJM.”

Goldman Says Mid-Atlantic Power Prices “Finally Caught Up To AI Data Center Load Growth Story” https://t.co/6BInBek7Zz

— zerohedge (@zerohedge) August 4, 2024

The headlines from local media outlets capture the power crisis of exploding power bills, which is not just figuratively crushing pocketbooks but also resulting in anger and disgust for Democrats who have failed the state. 

If you search “Maryland power bill” on Facebook, you’ll find many frustrated residents voicing their outrage …

“Energy Bills are ballooning out of control due to EXTREMIST ENVIROMENTAL MANDATES!” Republican Delegate Brian Chisholm wrote on Facebook. 

Resident Ronald Coster said: “The reason why our electricity bills are going so high,Maryland has to buy 40%of the power needed from surrounding states. Gov. Moore and the Democrat politicians will not allow new power plants.” 

Marylanders must discuss with their neighbors whether Annapolis lawmakers are incompetent or deliberately sabotaging the state by bankrupting their residents with toxic green inflationary policies.

A recent conversation with a major asset management firm in the region revealed that Maryland’s financial situation is so dire that they no longer recommend the state’s municipal bonds to their clients—and have even advised some clients to leave due to fears of out-of-control tax hikes.

On top of this all, Democrats and Gov. Wes Moore have placed the state in a death spiral with a budget crisis that has arrived and risks a “deep recession.” 

Maryland’s Death Spiral: Reckless Democratic Lawmakers Spark Budget Crisis Fears As “Deep Recession” Looms https://t.co/reReKpxTsN

— zerohedge (@zerohedge) November 28, 2024

All you need to know about Wes Moore. Agent of Soros?

Here’s all you need to know about why Maryland is FORCING wind energy, EV mandates, higher taxes, @VinSchiraldi and illegal immigrants on us: pic.twitter.com/roCOI7RIeb

— Wes Moore’s Bronze Star (@Patrick88297358) January 25, 2025

Maryland’s financial troubles were festering under the surface well before Trump. The state’s economy doesn’t produce much but relies heavily on government services. Now, with DOGE draining the swamp and hundreds of thousands of federal workers being laid off, a perfect storm of pain has unfolded.

“Government Recession Begins”: DC Active Home Listings Soar, Jobless Claims Spike As DOGE Drains Swamp https://t.co/1vP15sKxff

— zerohedge (@zerohedge) February 16, 2025

Maryland’s conservatives in the House of Delegates have jumped into action to protect residents while Democrats are still focusing on making sure ICE doesn’t arrest illegal alien criminals.

Can’t make this up. Maryland Democrats are focusing on condoms for kindergarteners rather than tackling the power crisis. 

Condoms for Kindergarteners — this is the priority of @mddems. Rather than supplying the grid with more power and lowering electric bills, or giving children stuck in failed schools a better option, Annapolis Democrats want to put condoms in kindergarten classrooms. Sad. pic.twitter.com/rpBog5jkgd

— Mark Fisher (@fisher4maryland) February 21, 2025

Marylanders are in for a period of pain—but that may be just enough to fuel grassroots efforts over the next election cycle or two to elect common-sense lawmakers who put “Maryland First.”