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Today's Summary

Home sales in Canada declined by 4.5% year-over-year in December. In markets where prices declined over the past two years, condos got hit harder than single-family properties. Trump has and likely will continue to undermine international law. Family of detainee detained at makeshift immigrant detention center in El Paso, Texas is preparing to file a wrongful death lawsuit. ICE can enter homes without a judicial warrant, consent, or an emergency. ICE separation of Head of State from Head of Government. UK government is trying to build an AI-enabled panopticon. Digital identity and central bank digital currencies (CBDCs) could be used to discipline members of the public. The ultimate goal, as weve been arguing for years now, is to close off peoples access to basic goods or services. Gasoline prices have plunged off the peak of the spike in mid-2022. Midwest Sees Worst Sales on Record, Northeast 2nd Worst. At fault are the ultra-low mortgage rates of 2020-2022. Barry Ritholtz: Recent developments suggest that US President Donald Trumps power is waning with some fellow Republicans. Julian Zelizer says the Davos order is now crumbling, says Julian Zeliziz. Richard Thaler says people are spending more money because the economy is doing well. From 1991 to 2013, Chinas per capita GDP (PPP) grew at an annualized rate of 9.4%. Thirteen years of growth at 7.2% would bring that to $29,878 — a little higher than where China is. The alternative to individual fairness under the law is group racial conflict. Third tourism is dispelling the previously common stereotype of Japan as a closed-off, xenophobic country. Young Japanese companies are struggling to continuously expand their revenues compared with their peers in the U.S. and Europe. A “Japan Life Pass” and a ‘Japan Investment Pass’ would help foreign entrepreneurs, investors, and workers. PGA Tour Rise, an officially licensed mobile golf game, is set to roll out in 2026. Irans water crisis has evolved from an environmental strain into a political fault line. IMF warned that stablecoins create competitive pressure on weak monetary and fiscal systems, turning adoption into a policy-enforcement lever. Bitcoin closed 2025 at $87, marking an 84 percent four-year gain that ranks in the bottom three. Bitcoin payments startup ZBD has raised $40 million in a Series C funding round. A forced liquidation of even a fraction of its 710,000 BTC would be a seismic event. Federal banking regulators have adopted explicit policies to address crypto leaders concerns. Nasdaq has steadily expanded its involvement in crypto markets in recent years. No company among the top ten public Bitcoin miners will generate more than 30 percent of its revenue from AI computing. Spot Bitcoin ETFs saw outflows of $1.62 billion across four working days. Bitcoin basis trade yield on Bitcoin basis trading is below 5%, down from 17% a year ago. Zcash is a cryptocurrency that promised something Bitcoin couldnt deliver: privacy. Bitcoin is showing neither strong buying momentum nor capitulation selling, but still suggests a slightly bearish mood among traders. Axie Infinity is pumping hard lately.