Gregory Copley reports that Chinese leader Xi Jinping's power has diminished, noting he is expected to step down as General Secretary at the upcoming fourth plenum, retaining only the powerless PRC presidency. Copley suggests the new leadership may reduce

HEADLINE: Javier Milei's Struggle for Fiscal Discipline Amid Midterm Elections GUEST NAME: Mary Anastasia O'Grady SUMMARY: John Batchelor speaks with Mary Anastasia O'Grady about Argentine President Javier Milei's October 26 federal election challenge. His party, Liberty Advances, must prevent opposition Peronists from winning a supermajority that would override his spending vetoes. Milei champions fiscal discipline against the left's debt monetization plans. 1914 BUENES AIRES

HEADLINE: Russian Economic Crisis Driven by Budget Strain and Oil Market Competition GUEST NAME: Michael Bernstam SUMMARY: John Batchelor speaks with Michael Bernstam about Russia's deteriorating economy and budget crisis. After three years of "military Keynesianism" driving manufacturing expansion, the labor force is exhausted and the government faces severe financial constraints. The new budget forecasts declining capital investment for the first time in decades, with military spending dropping 5.8% nominally. Russia increased profit taxes from 20% to 25% and is raising the value-added tax. Oil revenues, providing one-third of budget income, are declining due to global competition. With production costs of $42-44 per barrel plus required $15 discounts, Russia cannot compete effectively. The US shale revolution, producing 14 million barrels daily, drives OPEC's market share fight. OPEC's October 5 meeting will determine November quotas, with increases of at least 137,000 barrels per day expected, accelerating price declines. Taiwan purchases NAFTA, a refined oil product essential for semiconductors, from Russia at $70-80 per barrel, but only due to discounts. Bernstam concludes that capitalism, markets, and technological revolution—not military action—will ultimately challenge Russia, as US technological progress has added 8 million barrels of oil daily since 2004.

HEADLINE: Ben Habib and the Platform of the New Advance UK Party GUEST NAME: Simon ConstableSUMMARY: John Batchelor speaks with Simon Constable about his interview with Ben Habib, leader of Advance UK, endorsed by Elon Musk. Habib, formerly with Reform UK, is described as charming, educated, and successful. His party seeks to stop illegal immigration, limit benefits to non-workers, and base UK law on Christianity. 1873 B OF E FORGER TRIAL

HEADLINE: Ben Habib and the Platform of the New Advance UK Party GUEST NAME: Simon ConstableSUMMARY: John Batchelor speaks with Simon Constable about his interview with Ben Habib, leader of Advance UK, endorsed by Elon Musk. Habib, formerly with Reform UK, is described as charming, educated, and successful. His party seeks to stop illegal immigration, limit benefits to non-workers, and base UK law on Christianity. COTSWOLDS

HEADLINE: Trade Slowdown Reflected in Sharp Dip in US-Asia Shipping GUEST NAME: Chris RiegelSUMMARY: John Batchelor speaks with Chris Riegel about declining Asia-US West Coast shipping, reflecting US-China tariff impacts. Chinese port sailings and container units have dropped 15-20%, with year-end reductions expected. This significant decline indicates a dramatic slowdown in US-China trade beyond initial projections.

HEADLINE: Implications for Delhi of the Pakistan-Saudi Arabian Handshake GUEST NAME: Sadanand DhumeSUMMARY: John Batchelor speaks with Sadanand Dhume about Pakistan-Saudi Arabian relations. This development concerns Delhi, which has maintained close ties with Saudi Arabia through trade and counterterrorism cooperation. As Pakistan remains an adversary, any strengthening of Riyadh-Islamabad relations is viewed with suspicion and concern in New Delhi. 1865 ISLAMABAD

HEADLINE: US Fiscal Crisis and the Politics of Debt GUEST NAME: Veronique de Rugy SUMMARY: John Batchelor speaks with Veronique de Rugy about the federal budget impasse and America's escalating debt crisis. The government has been operating solely on borrowed money since September 21, adding $2 trillion annually to the debt. Both parties avoid addressing fundamental fiscal problems through continuing resolutions that extend previous spending levels. Republicans claim fiscal responsibility while adding to the debt, and Democrats leverage shutdown threats to expand Obamacare subsidies. De Rugy argues that only entitlement reform of Medicare, Medicaid, and Social Security can solve the crisis, along with ending private sector subsidies and reducing federal involvement in state affairs. 1870 NEW ORLEANS

HEADLINE: US Fiscal Crisis and the Politics of Debt GUEST NAME: Veronique de Rugy SUMMARY: John Batchelor speaks with Veronique de Rugy about the federal budget impasse and America's escalating debt crisis. The government has been operating solely on borrowed money since September 21, adding $2 trillion annually to the debt. Both parties avoid addressing fundamental fiscal problems through continuing resolutions that extend previous spending levels. Republicans claim fiscal responsibility while adding to the debt, and Democrats leverage shutdown threats to expand Obamacare subsidies. De Rugy argues that only entitlement reform of Medicare, Medicaid, and Social Security can solve the crisis, along with ending private sector subsidies and reducing federal involvement in state affairs

HEADLINE: Solving the Mystery of Bright Red Dots in the Early Universe GUEST NAME: Dr. Joel LejaSUMMARY: John Batchelor interviews Dr. Joel Leja about "little red dots"—extremely bright, mysteriously common objects discovered in the early universe by the James Webb Space Telescope. These enigmatic red dots appear to be early supermassive black holes, possibly tens of millions of solar masses, revealed by intensely hot gas swirling at tremendous velocities around them. Their unexpected abundance and size so close to the universe's beginning poses a fundamental challenge to current theories of cosmic evolution and black hole formation. The discovery suggests that supermassive black holes formed much earlier and more rapidly than previously thought possible, requiring astronomers to reconsider models of how the first galaxies and their central black holes emerged from the primordial darkness. Dr. Leja explains that while the JWST data strongly indicates these are black holes based on spectroscopic signatures, the mechanism that allowed such massive objects to form so quickly after the Big Bang remains one of astronomy's most perplexing new mysteries. The research highlights how advanced telescopes continue to overturn established assumptions about the early universe's structure and evolution. HUBBLE

HEADLINE: Solving the Mystery of Bright Red Dots in the Early Universe GUEST NAME: Dr. Joel LejaSUMMARY: John Batchelor interviews Dr. Joel Leja about "little red dots"—extremely bright, mysteriously common objects discovered in the early universe by the James Webb Space Telescope. These enigmatic red dots appear to be early supermassive black holes, possibly tens of millions of solar masses, revealed by intensely hot gas swirling at tremendous velocities around them. Their unexpected abundance and size so close to the universe's beginning poses a fundamental challenge to current theories of cosmic evolution and black hole formation. The discovery suggests that supermassive black holes formed much earlier and more rapidly than previously thought possible, requiring astronomers to reconsider models of how the first galaxies and their central black holes emerged from the primordial darkness. Dr. Leja explains that while the JWST data strongly indicates these are black holes based on spectroscopic signatures, the mechanism that allowed such massive objects to form so quickly after the Big Bang remains one of astronomy's most perplexing new mysteries. The research highlights how advanced telescopes continue to overturn established assumptions about the early universe's structure and evolution.