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Nearly 70,000 people have signed up for the new golden Trump Card, a visa scheme led by commerce secretary Howard Lutnick that will grant foreigners legal residency in the US at a cost of $5mn.

Last week, Lutnick’s department launched a website — trumpcard.gov — for would-be applicants to register their interest in the visa and to provide basic contact information, including their name, email address and region of the world. The card shown on the website features President Donald Trump’s face and signature, as well as an eagle, the Statue of Liberty and the American flag.

On Monday morning, Lutnick said his department’s internal online dashboard showed 67,697 people on the waiting list. Within an hour, the number had jumped to 68,703.

“The card will be made of gold,” the US commerce secretary told the Financial Times. “It will be beautiful.”

“Donald Trump appreciates these kinds of things. He cares about how it looks. He cares about how it feels. I mean, he deeply cares about that, and thinks if you’re going to buy and make this investment in America, we should give you something that is beautiful.”

Lutnick has said the initial idea for the visa came from billionaire Trump donor John Paulson as a way to raise revenue for the US and help it pay down its $36tn debt.

The commerce secretary said the Trump Card will appeal to business leaders and companies seeking legal residency in the US for themselves or their employees.

The chief executive of a global technology company who asked not to be named said through a spokesperson that his group would seek to buy more than 100 Trump cards if the scheme comes to “fruition”, adding he viewed the initiative as a way “to welcome the world’s best and brightest to the United States — particularly entrepreneurs, engineers, and scientists”.

In 1990, Congress created a route to permanent residency for foreign investors through the EB-5 visa programme, which has a minimum investment of up to $1.8mn. About 14,000 such visas were granted last year, according to Invest In the USA, an EB-5 trade association.

Commerce Secretary Lutnick is pressing for the new scheme to replace the EB-5 visa, and is planning to expedite the creation of a much larger programme within months.

The commerce department plans to issue tens of thousands of Trump cards over the summer, said people familiar with the matter. Lutnick has said issuing 200,000 visas would reap $1tn for the Treasury.

Lutnick in May travelled with the president to Saudi Arabia, Qatar and the United Arab Emirates and concluded his conversations with foreign dignitaries with a pitch for the Trump Card.

“Whenever I meet with international executives, I always go through it with them and sell it to them,” he said. “I can’t help myself.”

The White House still needs to determine crucial details about the scheme, although three months ago Lutnick claimed on the All-In Podcast that it would launch in about a fortnight.

The design of a special tax structure for Trump Card holders has yet to be finalised, and while the vetting of applicants is expected to be done by the departments of homeland security, state and commerce, Trump has not decided whether citizens of any particular countries would be excluded from applying.

The White House has banned travel to the US from a dozen nations and is reportedly considering others.

Italian billionaire and stablecoin Tether CEO Paolo Ardoino in April told the FT that the success of such visas depended on the tax treatment they afforded.

Ardoino, who has partnered with Lutnick’s former firm Cantor Fitzgerald in a crypto venture, said “the problem” with Americans is “wherever they go, they have to pay taxes in the US”.

Instead of pumping seawater onto land, why not take advantage of the ocean’s extreme natural pressure?

The world’s largest desalination plant, in Ras al-Khair, Saudi Arabia, uses older desalination technology which requires large amounts of energy.

In 2022, transportation was responsible for an estimated 28 percent of all U.S. greenhouse gas emissions. The majority of those emissions came from everyday gas-powered cars. And while electric vehicles have been heralded as a greener alternative, decades of advocacy and hundreds of billions of dollars in investment have yielded meager results.

Today, electric cars make up just around 8 percent of all vehicles on U.S. roads. (Roughly 90 person of vehicles globally still run on fossil fuels.) Most EVs remain prohibitively expensive for the majority of Americans, and they require enormous amounts of critical minerals—resources that, when extracted at scale, pose their own environmental dilemmas. Most Americans also still just aren’t interested in ditching their gas guzzlers to save the planet.

But what if they didn’t have to?

That’s the alluring—if wildly ambitious—vision being presented by New York–based fuels startup Aircela. Earlier this month, the company announced it had created the world’s first functional machine capable of generating real, usable car gasoline “directly from the air.” Aircela’s new device, roughly the size of a commercial refrigerator, combines direct air capture (DAC) with on-site fuel synthesis to create gasoline using just air, water, and renewable energy. No fossil fuels, they say, are required.

The product their device produces can be poured directly into the tank of any standard gas-powered car. Aircela demonstrated the process, making gasoline directly from air, in front of a live audience in New York. Though most would describe this proof of concept as a “prototype,” company co-founder and CEO Eric Dahlgren takes some umbrage with that label.

“We didn’t build a prototype. We built a working machine,” Dahlgren said in a statement. “We want people to walk away knowing this isn’t too good to be true—it actually works.”

How an at-home carbon capture facility would work

Aircela’s device essentially functions as a compact, portable direct carbon capture facility (DAC) unit. Carbon capture generally refers to the practice of removing carbon dioxide from sources like smokestacks or fossil fuel power plants. Direct air capture, the approach used by Aircela, pulls CO₂ directly from the atmosphere. Europe currently has more than a dozen DAC facilities in operation, and the U.S. federal government is also investing in the technology. Some facilities, such as those run by Climeworks, use large fan-like machines to filter carbon dioxide from the air. Others, like those developed by Carbon Engineering, use chemical mists that bind with CO₂ to extract it. Some researchers are even exploring methods to capture carbon dioxide from the oceans. In most of these cases, the aim is to capture and store the harmful greenhouse gas. Aircela wants to recycle it into cars.

Aircela claims its device captures carbon dioxide directly from the atmosphere and then converts it into gasoline. The resulting fuel doesn’t contain sulfur, ethanol, or heavy metals. Photos of the machine shared by the company show a device composed of three large blue hexagonal units—two side by side on the bottom and one stacked on top. These separate sections handle the stages of air capture and fuel synthesis. On the back of the machine is a standard-looking gasoline nozzle, similar to what you’d find at a gas station. In theory, someone could install one of these units outside their home and use it to refuel their vehicle before heading out for the day. More importantly, it suggests drivers could potentially reduce their environmental impact without needing to change their daily habits.

A spokesperson from Aircela told Popular Science that their machine is designed to capture 10 kgs of CO₂ each day. From that, it can produce 1 gallon of gasoline. The machine can store up to 17 gallons of fuel in its tank. For context, a Toyota Tacoma’s fuel tank has a capacity of 21.1 gallons. In other words, at least in its current form, the device wouldn’t be capable of filling up a car’s tank with gas overnight. The spokesperson didn’t comment on the device’s precise cost but noted that “affordability is essential” to the company’s mission. Aircela is designing the device for mass production, which they believe will drive down costs over time.

The company reportedly wants to start manufacturing the machine by the fall with an interest in targeting a mix of residential, commercial, and industrial customers.

Related: [The truth about carbon capture technology]

The age old question: will it scale?

The most obvious downside to an approach like this compared to a larger, industrial-scale DAC facility, is sheer impact. A single device, on its own, won’t make a meaningful dent in reducing carbon emissions. But Aircela believes its relatively small size actually makes it less costly and faster to deploy at scale. CEO Eric Dahlgren says the compact form factor gives the technology the flexibility to scale down for individual car owners or scale up for larger clients, such as gas stations or even cargo shipping containers.

“We truly believe that our approach is the fastest way to bring carbon neutral fuels to as many people as possible, to as many places as possible, as soon as possible,” Dahlgren said in a statement.

Of course, that vision also depends entirely on the continued expansion and viability of renewable energy sources. If an Aircela machine uses electricity from a grid powered by natural gas, then not much has really been achieved in terms of carbon reduction. In the U.S., the trend toward renewable energy is strong, though notably less so under the current presidential administration, which has openly embraced the motto“drill baby drill.” Still, Dahlgren says it’s important to approach carbon reduction and environmentalism with a broad perspective and a sense of urgency.

“We cannot wait decades,” Dahlgren added “we need to do something about it right now.”

Financial literacy is steadily declining in America. The percentage of US adults demonstrating a very low level of financial literacy increased from 20% in 2017 to 25% in 2023.

Around 58% of Americans know about debt and borrowing. Over half (55%) understand saving, and 50% understand consumption. About 42% understand insurance, 44% know about investing, and only 35% know about risk comprehension.

Financial literacy is declining with every generation. Around 53% of the Silent Generation understood finance, followed by 52% of Boomers, 50% of Gen, 45% of Millennials, and 38% of Gen Z. Around 74% of teens admitted that they do not feel confident in their personal finance knowledge, but the good news is that that 73% would like to learn.

There is a drastic difference in knowledge across socio-economic classes, as 75% of American teens are learning about personal finance through their family, with 52% learning a bit at school. An alarming 88% of Americans reported that high school public education did not prepare them for managing their finances. Interestingly, 48% said that they learned about personal finance through social media, which may not be the best reference.

Around 62% of teens said that they learned about savings, 50% were taught about earning, and 44% had some prior information on banking. Only 23% of teens in the US know how to make a budget, but 42% said they were taught how to do so.

This is why we see such a significant difference in financial literacy across socio-economic classes. Only 28% of people earning under $25,000 understand personal finance. That figure rises to 38% for those earning between $25,000 and $49,000, rising once more to 47% for those earning between $50,000 and $99,000. Over 58% of those earning six figures understand personal finance.

The National Financial Educators Council believes that financial illiteracy cost the American public $388 billion in 2023. Americans are facing a private debt crisis. Credit card and household debt have reached record highs and continue to rise. The majority of American households have insufficient emergency savings. The same survey found that 74% of Americans believe they would have made fewer money mistakes if they were properly educated on the subject matter in high school, and 80% believe they would have been more successful if they had that knowledge earlier in life. Politicians believe we should implement countless social programs and simply pay people to exist. America should focus on educating future generations on personal finance as it is perhaps one of the most essential life skills.

US-Sanctioned Zombie Tanker Exposes Dark Trade Between Tehran and Beijing

Just over a week after Bloomberg exposed the rise of “zombie” or “phantom” oil tankers—cargo ships that hijack the identities of scrapped ships to evade U.S. sanctions—another clandestine maritime supply chain has emerged, this time revealing how Iranian crude continues flowing into China despite mounting pressure from the Trump administration.

Bloomberg reports that a U.S.-sanctioned “zombie” tanker—Gather View, disguised as a scrapped vessel named Global—delivered 2 million barrels of Iranian oil to a government-run port in Shandong despite a provincial ban on sanctioned ships. Ship tracking data showed the zombie tanker’s port call occurred in late April.

The clandestine maritime supply chain reveals an increasingly desperate Tehran and China’s “teapot” refiners, defying U.S. sanctions and allowing the Iranian oil trade to remain alive.

Warren Buffett is not a Jew; in fact, he describes himself as an agnostic.

Still, the billionaire investment guru, who made big news in May when his Berkshire Hathaway corporation bought an 80 percent share in the Israeli metalworks conglomerate, Iscar, for $4 billion, for years has been making his mark on the U.S. Jewish community back home — although sometimes in a roundabout way.

“Proportionally, if you look at the number of Jews in this country and in the world, I’m associated with a hugely disproportionate number,” said Buffett, the second-richest man in the world. His life, he added, “has been blessed by friendship with many Jews.”

The Israeli government stands to reap about $1 billion in taxes on Buffett’s purchase of Iscar. Shortly after announcing the deal, Buffett said he was surprised to learn that a Berkshire subsidiary, CTB International, was purchasing a controlling interest in another Israeli company, AgroLogic.

In Israel — which Buffett plans to visit in the fall — the hope is that the deals will have longer legs: Buffett himself has not ruled out future purchases there and, considering his status as a leading investor, observers say others also may take a look at Israeli companies now that Buffett has done so.

“You won’t find in the world a better-run operation than Iscar,” Buffett says. “I don’t think it’s an accident that it’s run by Israelis.”

Among the first companies Buffett acquired after launching Berkshire Hathaway, the Omaha-based investment and insurance giant, was The Sun Newspapers of Omaha, then owned by Stan Lipsey, one-time chairman of The Jewish Press, Omaha’s Jewish newspaper.

“At the time, the Omaha Club did not take Jewish members, and the Highland Country Club, a golf club, didn’t have any [non-Jewish] members,” Lipsey recalled. “Warren volunteered to join the Highland” — rather than the Omaha — “to set an example of nondiscrimination.”

Buffett happily recalls the fallout from his application.

“It created this big rhubarb,” he said. “All of the rabbis appeared on my behalf, the [Anti-Defamation League] guy appeared on my behalf. Finally they voted to let me in.”

But that wasn’t the end of the story, Buffett said. The Highland had a rule requiring members to donate a certain amount of money to their synagogues. Buffett, of course, wasn’t a synagogue member, so the club changed its policy: Members now would be expected to give to their synagogues, temples or churches.

But that still didn’t quite work, Buffett recalls with a laugh, because of his agnosticism.

In the end, the rule was amended to ask simply that members make some sort of charitable donation, and the path to Buffet’s membership was clear.

“He’s an incredible guy,” said Lipsey, today the publisher of the Buffalo News. In 1973, The Sun won a Pulitzer Prize in local investigative specialized reporting for an expose on financial impropriety at Boys Town, Neb.

“Warren came up with the key source for us knowing what was going on out there,” Lipsey said.

Buffett himself researched Boys Town’s stocks to bolster the story, Lipsey added.

In the 1960s, Omaha Rabbi Myer Kripke decided to invest in his friend Buffett’s new business venture. Their wives had become friendly, he said, and the foursome enjoyed playing the occasional game of bridge together.

“My wife had no card sense and I was certainly no competition to Warren, who is a very good bridge player and a lover of the game,” said Kripke, rabbi emeritus of Omaha’s Conservative Beth El Synagogue. “He’s very bright and very personable and very decent. He is a rich man who is as clean as can be.”

Kripke, father of the noted philosopher Saul Kripke, bought a few shares in Berkshire Hathaway and quickly sold them, doubling his money, he said.

Recognizing a good thing when he saw it, he bought a bunch more shares in his friend’s company, shares that by the 1990s had made Kripke — who says he never earned more than $30,000 a year as a rabbi — a millionaire.

Asked if he credits Buffett with his financial success, he didn’t hesitate.

“Entirely, yes,” he said. “I never had much of an income.”

The Sun newspaper group was not Buffett’s only early purchase of a Jewish-owned company. In 1983, sealing the deal with a handshake, Buffett bought 90 percent of the Nebraska Furniture Mart from Rose Blumkin, a Russian-born Jew who moved to the United States in 1917.

In 1989, he purchased a majority of the stock in Borsheim’s Fine Jewelry and Gifts, a phenomenally successful jewelry store, from the Friedman family.

“He has many friends in the Jewish community,” said Forrest Krutter, secretary of Berkshire Hathaway and a former president of the Jewish Federation of Omaha.

Buffett’s former son-in-law, Allen Greenberg, is a Jew, and now runs the Buffett Foundation, much of whose work has dealt with reproductive rights and family-planning issues. Buffett’s personal assistant is Ian Jacobs, who goes by his Hebrew name, Shami.

Buffett himself counts the late Nebraska businessman Howard “Micky” Newman and philanthropist Jack Skirball as among his “very closest friends.”

Further, Buffett said his “hero and the man who made me an investment success” was Ben Graham. Graham, along with Newman’s father, Jerry, ran a New York fund called Graham-Newman Corp.

“After besieging Ben for the three years after I received my degree from Columbia, Ben and Jerry finally hired me,” Buffett said. “I was the first gentile ever employed by the firm — including secretaries — in its 18 years of existence. My first son bears the middle name Graham after Ben.”