BRUSSELS — EU leaders will go back to the drawing board in November as they race to finalize a deal on the bloc’s next seven-year budget by the end of the year.

During the first day of a two-day summit in Brussels on Thursday, European Council President António Costa announced he was convening an additional gathering on Nov. 26 in a bid to overcome disagreements and lay the ground for a final deal in December. To bring the sides closer to an agreement, he will present new budget figures before the meeting, according to an EU official, who was granted anonymity to discuss the confidential planning.

Costa is pressing leaders to finalize negotiations by the end of the year — before elections in France, Italy and Poland in 2027 threaten to derail the talks.

In a speech to the leaders, Costa warned that going past the end-of-year deadline will delay EU payments to farmers and researchers past Jan. 1, 2028, when the new budget is scheduled to come into force.

If leaders fail to reach a deal in December, the electoral calendar might push an agreement to May or even October 2027, Costa warned leaders in his concluding remarks, according to two EU diplomats briefed on the discussions.

Pressure on governments

Costa’s plan received a major boost on Thursday from French President Emmanuel Macron, who told fellow leaders that he won’t have a political mandate to sign a deal close to the French presidential elections in April 2027.

This is a major reversal for France, which has previously been unwilling to commit to the end-of-year deadline.

Macron’s words put more pressure on governments to advance the talks over the coming weeks — although some cast doubt on his good intentions.

“There are so many elections next year. [French far-right leader Marine] Le Pen herself [said] it’s undemocratic if we were now to agree,” said one EU diplomat.

Just hours before the leaders’ gathering, Le Pen renewed calls to halve France’s contributions to the EU budget if she wins the presidential elections next year.

She said that rushing the budget agreement before the French elections would be “a democratic scandal.”

The new frugal

Costa is stuck between messy domestic politics across Europe and hardening stances among the EU’s 27 leaders.

The so-called frugal EU countries pushing for major budget cuts — Germany, Netherlands, Austria, Sweden, Denmark and Finland — have publicly said that an Irish proposal envisioning €159 billion cuts doesn’t go far enough.

On Thursday, the six hardliners were joined by Belgian Prime Minister Bart De Wever, who joked in a press conference after the summit that “I’m married to a Dutch person so I’m very frugal also in my personal life.”

However, behind closed doors the budget hardliners employed a more conciliatory tone.

German Chancellor Friedrich Merz — the unofficial leader of the frugal camp — said that the Irish proposal has achieved progress despite reductions still being needed, said two EU diplomats briefed on the discussions.

He pointed to EU payouts to poorer regions, as opposed to farmer’s subsidies, as an avenue for cuts.

On the other side of the spectrum, Spanish Socialist Prime Minister Pedro Sánchez — who will try to cling on to power in an election on Nov. 29 — insisted that the budget is way too small.

“It is a distribution of misery,” he told fellow leaders during the discussions, according to the diplomats. He was joined by Italy’s right-wing Prime Minister Giorgia Meloni — an ideological foe on most issues, but an ally of sorts in the budget battle. She insisted that no further cuts to the budget will be accepted.

To bring sides together closer to a deal, Costa promised to advance progress on EU-wide taxes, or own resources, to finance the next seven-year budget and reduce national contributions.  

He will explore the European Parliament’s proposed taxes on crypto firms, online gambling and tech giants as well as a Greek idea to funnel future national sales of 6G mobile spectrum to the EU budget.

But given the level of opposition, getting EU countries to agree to any of these options will no be no mean feat.

“It is time to be realistic and work on what is plausible and reasonable, instead of wishful thinking,” said another EU diplomat.

BRUSSELS — There is “no logic” to U.S. President Donald Trump’s recent moves to take Russia’s side in the Ukraine war, and he should remember his true allies lie in Europe, Finland’s prime minister said Thursday. 

In an exclusive interview with POLITICO, Petteri Orpo summed up the shock and dismay among Ukraine’s allies after Trump announced a diesel deal with Russia’s leader, Vladimir Putin, and reportedly imposed limits on Kyiv’s access to the military intelligence and technology needed to counter Russian attacks.

“My message to him [Trump] is that we are allies,” Orpo said on the sidelines of the European Council summit in Brussels. “We are in NATO. And what is the biggest threat against NATO? It’s Russia — and that is why there is no logic. I don’t have answers. I have many questions.” 

Trump alarmed European leaders and horrified Ukrainian President Volodymyr Zelenskyy this week by announcing a deal to release Russian diesel onto the market, apparently in an attempt to lower fuel costs for American consumers. Ukraine’s allies fear the move will boost Russia’s revenue from fuel sales, giving it more money to spend on war. 

Trump also said Ukraine should stop hitting Russian fossil fuel facilities — as part of what he said was a ceasefire on energy infrastructure — and should replace Zelenskyy. 

Finland is an influential voice among Ukraine’s European allies: The country has the EU’s longest land border with Russia, at 1,300 km, and its president, Alexander Stubb — a talented sportsman — won Trump’s respect on the golf course, giving him leeway to try to influence White House policy.

Orpo said if he were in Trump’s position “I would not trust Putin.” Zelenskyy has said he fears Ukraine is losing the U.S. to Russia’s side in the war, warning the Americans and their president are on “the wrong side of history”. Orpo said he agreed: “I think he is, and they are.” 

Ukraine now faces grave danger, he said. “The sky is open for Russia, there are missiles. They need more military support, air defense,” Orpo said. “Also, the situation is dangerous because of the latest deal between Trump and Putin.”

Midterms move

One possible reason Trump turned against Ukraine with that diesel deal is the U.S. midterm elections on Nov. 3. “I think it is because of domestic reasons — elections are coming,” Orpo said. “But we need to get them back.” Nonetheless, he said the amount of Russian diesel that could be sold to the U.S. is too small to make much of a difference for American consumers. 

Whatever happens, EU leaders must equip Ukraine with weapons and cash, whether or not they can rely on the U.S., he said. “Today, we need to find a solution [on] how to support Ukraine, how to finance Ukraine in this winter, but also in next year,” Orpo said. “It’s crucial.”

Finland and Sweden are among the countries pushing the European Commission to reopen the fractious debate over how to use Russia’s financial assets currently frozen in European banks, especially in Belgium, which blocked a deal to raid the funds last year over legal concerns. 

“The best solution would be that we will have a solution on how to use frozen assets,” he said. “We have to try again,” Orpo said. 

Finland has asked the Commission “to continue work with Belgium, and the other member states, to find a solution.” He said he hoped to hear an update from the Commission during the summit. “It’s a better solution than using our own money.”

Budget blues

European leaders are arguing this week over their long-term budget, which Brussels officials want to finalize by the end of the year. Many diplomats do not expect a deal this year, and some leaders say they’re in no hurry. 

But others want the budget, worth around €2 trillion, signed off by December because they fear next year’s European elections — especially if far-right leader Marine Le Pen wins the French presidency — will derail negotiations. 

The longer budget negotiations last, the “more difficulties we will have,” Orpo said. “So we have to work to find a solution this year. I understand very well that it is difficult, a huge challenge, but I cannot see how it would be easier next year, because in France elections are coming, for example.”

Finland also has an election coming up in April 2027. Orpo’s center-right National Coalition Party is struggling in the polls. “This time has been very difficult,” he said. “But, finally, our economy is growing.”

Orpo’s Swedish sister party, the Moderates, mounted a late surge in last month’s election. Although that seems unlikely to keep them in office, Sweden’s Moderates still have a slim chance, even though many commentators had written them off long before the vote.

“They did excellent campaign work, and in the end of the day, people vote Moderates, not populist or socialist,” Orpo said. “I would like the same in Finland.”

Europe needs to find a new way of working.

In an increasingly fragmented and unpredictable world, the policy choices it makes in the years ahead will determine how well Europe competes, prospers, and protects its citizens’ interests.

Leaders face difficult questions. How can Europe finance its ambitions? Can it build globally competitive industries while preserving its social and economic model? How can it secure the technologies, energy, and defense capabilities needed to remain resilient in a more uncertain world? And what tradeoffs will Europeans be willing to accept in pursuit of greater strategic autonomy? 

Stay with us to follow the action from POLITICO’s European Resilience Summit as senior policymakers, business leaders, investors and experts explore the policy choices that will define Europe’s next chapter.

See the full program here and follow along below.

BRUSSELS — The EU should use frozen Russian assets to fund Kyiv’s defense, Ukraine’s Foreign Minister Andrii Sybiha said, adding that doing so would counter claims from the far right and far left that Europe is footing the bill for the war.

“Russia, not European taxpayers, must be the first to pay for the damage it has caused and continues to cause,” Sybiha wrote in an opinion piece for POLITICO.

Using the assets would reassure “skeptical audiences across Europe” ahead of a year of major elections, Sybiha said, in a nod to votes in countries including France and Italy in 2027. In France, presidential frontrunner Marine Le Pen has vowed to end financial aid to Kyiv; in Italy, Roberto Vannacci is challenging Giorgia Meloni from the right and opposes continued support for the war-torn country.

The G7 immobilized roughly €300 billion in Russian central bank reserves in 2022, including about €210 billion in the EU — most of which are held at Belgian financial depository Euroclear. Belgium, backed by Italy, rejected an EU proposal late last year to use these assets to back a loan for Ukraine, citing legal and financial risks and fears of Russian retaliation.

The push gained fresh momentum over the summer, when Sweden, the Netherlands, Poland and Spain urged the European Commission to reopen talks and explore ways to overcome Belgium’s objections. But Belgium again shot the idea down.

Sybiha sought to address the Belgian concerns, saying Ukraine’s finance ministry had proposed placing the assets under collective EU control, making the decision to use them and any liability a shared responsibility.

“Belgium’s exposure is a reason to share the risk, not to do nothing,” Sybiha said.

Sybiha also rejected concerns that using the reserves would undermine the euro or weaken Europe’s leverage in future peace talks. The euro’s credibility, he wrote, “rests on Europe’s ability to defend order and principles.” And the leverage provided by the frozen assets “is not in holding the money — it is in spending it.”

He dismissed the risk of Russian retaliation against Western companies, saying Moscow had already seized control of European business assets, including Nestlé, Auchan and Metro. “Keeping the assets immobilized did not deter it,” he wrote.

Russia plans to spend a record €180 billion on its military in 2027, more than 40% above its 2026 spending, Sybiha said. He called on EU leaders to act this fall, warning that a delay would prolong the war and raise the cost of defending Ukraine.

BRUSSELS — Germany and its allies rebuffed Ireland’s plan to downsize the bloc’s next seven-year budget, arguing that the proposed cuts are not enough.

On Saturday, the Irish presidency of the Council of the EU, which is steering the talks, proposed cutting around 8% from the bloc’s total budget from 2028 to 2034 in a bid to assuage a German-led camp demanding reductions of several hundred billions euros.

But Dublin’s hopes of facilitating a deal were immediately dashed by German Chancellor Friedrich Merz, one the key players in the negotiations as his country contributes to approximately one-quarter of the bloc’s common budget.

“We are still a long way from an agreement. The amount of the new proposal is not a basis for an agreement. The EU budget must be affordable for those who bear the brunt of the financing,” Merz wrote in a statement on Saturday.

Germany leads a group of six “frugal” countries — Sweden, Denmark, the Netherlands, Finland and Austria — which contribute 40% of the Union’s common budget.

Most frugal countries criticized Ireland’s proposed €159 billion in cuts in current prices from the Commission’s nearly €2 trillion proposal, saying they were insufficient.

Sweden’s Europe minister Jessica Rosencrantz described the negotiating document, or negobox, on X as a “wildly unaffordable increase,” as the overall amount would still be higher than the current budget.

Austrian Europe Minister Claudia Bauer echoed that criticism, saying that the new budget remained “miles away from an Austrian yes.”

Tensions will come to a head during a summit of EU leaders next Thursday and Friday, where they will discuss the negobox.

EU governments are racing to reach a budget deal among themselves by the end of the year — before elections in France, Italy and Poland in 2027 threaten to derail negotiations.

But Dutch Finance Minister Eelco Heinen warned on Saturday that “at this rate, there will be no deal by the end of the year.”

Ireland’s Minister of State for European Affairs Thomas Byrne, who leads the negotiations, dismissed criticism and described the proposal as a balanced compromise.

“The negotiating box acts to bridge the many differences between the Member states,” Byrne told reporters on Saturday.

Divided Union

The EU is split between frugal countries pushing for cuts across the board and a rival camp of southern and eastern states, the Friends of Cohesion, opposing reductions to farmers’ subsidies and regional payouts known as cohesion policy.

These areas account for almost half of the total budget and are politically sensitive because of pressure from farmers’ lobbies and regions.

In a concession to the 17 Friends of Cohesion, Ireland left the agriculture and regional budgets untouched and focused cuts on other priorities such as competitiveness, defense and development aid.

“There was a strong support for heading one [agriculture and cohesion] from almost all of the member states, including some of the countries who would be considered to be net contributors” to the budget, Byrne told reporters.

Reactions to the negobox from the Friends of Cohesion were more conciliatory than those of their frugal peers.

“It’s an excellent starting point to have recovered the money for the CAP [Common Agricultural Policy], but we’re still not satisfied,” said Italy’s Agriculture Minister Francesco Lollobrigida.

Poland’s Europe minister Ignacy Niemczycki welcomed the fact that his country “continues to receive the largest allocation,” but noted that the “change in the overall size of the budget does not match the EU’s ambitions.”

The frugals were also are disappointed that the cuts disproportionately target innovative policies such as defense and competitiveness, which they favor.

“They’re cutting the future to protect the past,” said one EU diplomat from the frugal camp.

LUXEMBOURG — EU finance ministers struck a compromise to beef up the bloc’s markets watchdog Friday, but the deal exposed divisions over national control and exemptions that critics say favor the biggest member countries.

Most finance ministers backed the Council’s position on MISP, a package of bills to integrate and police financial markets. At its heart is a plan to give the EU’s securities regulator powers to oversee major financial players — a flagship bid to make Europe a stronger investment hub, where European companies can seek investors without traveling to Wall Street.

But capitals stopped short of handing the future watchdog too much autonomy, triggering a hard rebuke from the European Commission.

“We deeply regret that the compromise now on the table falls significantly short of the level of ambition needed,” Finance Commissioner Maria Luís Albuquerque told ministers during Friday’s public Ecofin debate in Luxembourg. “We need [the European Securities and Markets Authority] to become an effective supervisor. The current compromise text would not allow for that.”

France spearheaded a last-minute push over dinner Thursday to strengthen the watchdog’s executive powers. Paris took issue with a rule that would allow nine national supervisors to force the watchdog’s executive board to submit draft decisions for further scrutiny before they’re adopted. The Irish EU presidency tweaked the rule overnight to limit national supervisors’ ability to delay decisions and preserve the watchdog’s power to act in emergencies, according to a compromise document obtained by POLITICO.

That was enough for France and most other countries. But not for the Commission, nor European Central Bank President Christine Lagarde, who was equally critical of the Council compromise. Beyond the governance concerns, Albuquerque took aim at supervisory carve-outs that the Irish introduced to accommodate Germany’s push to exclude its stock exchange, Deutsche Börse, from EU oversight.

The carve-out club

The carve-out shields stock exchanges from direct EU supervision unless they meet certain thresholds for trading activity and cross-border reach. Spain’s stock exchange, Bolsas y Mercados Españoles, would also benefit from the carve-outs, triggering criticism from smaller EU countries that accused the waiver of granting the bloc’s largest nations preferential treatment.

Belgium was particularly critical because its Brussels-based securities depository Euroclear is expected to come under direct EU oversight and face supervisory fees, while some major stock exchanges could remain under national oversight. Belgian Prime Minister Bart De Wever will take the issue to EU leaders at the end of next week.

“We cannot support the carve-outs. The package includes as many ins as there are outs,” Belgian Finance Minister Jan Jambon said during Friday’s public debate. “I think Germany has won in certain cases.”

As a peace offering, Berlin backed a review clause that would allow the Commission to revisit the carve-outs two years after the supervisory rules start applying. Any changes would require new legislation, however.

“The carve-out is temporary,” Dutch Finance Minister Eelco Heinen, who backed the deal, told journalists Thursday. “If that exchange were to grow, it would also fall under [EU supervision]. This is also intended to ensure that Dutch companies or pan-European companies such as Euronext are not put at a disadvantage.”

Friday’s deal puts pressure on MEPs to agree Parliament’s position so negotiations on a final text can begin. The Commission hopes future legislative negotiations will provide a second chance to improve the text, which also threatens to increase pressure on the EU budget.

Under the compromise, the EU budget would shoulder 60% of the cost of ESMA’s activities not covered by industry fees, with national supervisors paying the remaining 40%.

“The Commission cannot accept a significant increase in the EU budget contribution in light of the difficult discussion at [the Multiannual Financial Framework],” Albuquerque said amid a bitter budget battle that threatens to shave hundreds of billions of euros off the proposed €2 trillion cash pot. “I sincerely hope that the European Parliament will be more ambitious.”

BRUSSELS — The European Commission announced a new list of 46 projects Friday in a bid to diversify away from China’s grip on raw materials and establish its own mineral sovereignty.

The projects span extraction, processing, recycling, and substitution for raw materials to supply the EU’s defense, automotive, clean tech and technology industries.

Many of the projects are designed to support electrification and the battery value chain. Lithium, nickel, cobalt, manganese and graphite — the five key battery metals used in electric vehicles and grid-scale batteries — dominate the list. Copper and aluminum, conductors that are used in anything involving electricity, also figure prominently.

Through these projects, Brussels wants to meet its targets under the Critical Raw Materials Act, which, by 2030, the bloc aims to mine at least 10%, process 40% and recycle 25% of its own needs, while sourcing no more than 65% of any one material at any processing stage from a single non-EU country.

The list covers 15 of the 17 “strategic minerals” under the act, which the bloc needs to deliver these targets on each one.

Friday’s announcement is the second batch of strategic projects listed under the act, after the EU rolled out its first list in March 2025, featuring 47 projects and 13 non-EU country projects. The majority of those projects are behind schedule however, highlighting the complexity of getting critical mineral projects up and running.

“With the projects selected in 2025 and 2026, we could now fully meet our European extraction target for lithium, nickel, rare earths, magnesium and tungsten,” said the bloc’s industry chief, Stéphane Séjourné. “We could also meet our processing target for lithium and rare earths. And our recycling target for lithium, cobalt and rare earths.”

With over 170 applications received, the 46 projects span 16 EU member countries: Belgium, Bulgaria, Estonia, Finland, France, Germany, Greece, Italy, Lithuania, the Netherlands, Poland, Portugal, Slovakia, Spain, Romania and Sweden.

“Exactly one year ago, we experienced firsthand why this matters. On Oct. 9, 2025, China announced new export restrictions on rare earths,” said Séjourné. Those export controls are due to expire in January.

The “strategic project” label is meant to provide faster permitting and help secure public and private finance, with permitting deadlines of 27 months for mines and 15 months for processing and recycling projects.

The Commission will also announce strategic projects in non-EU countries later this year.

BRUSSELS — It was meant to be Europe’s escape from the web of Chinese critical mineral supremacy.

But two years after it took effect, the EU’s Critical Raw Materials Act is not on schedule. Just one in four critical mineral projects granted special status under the law is on track to be ready on time, according to new analysis shared with POLITICO.

On Friday, EU industry chief Stéphane Séjourné will unveil a new list of critical mineral projects that will receive privileged access to funding, accelerated permitting and help from Brussels to find buyers.

The idea is to make Europe a major producer of materials essential to clean energy, tech, and defense manufacturing. It’s currently a heavy importer.

But progress on the first round of 47 projects, announced early last year, offers little hope for the bloc’s ambitions.

“At least one in three mining and processing strategic projects is either late, stalled, at risk, or no longer exists, and only about a quarter are clearly on track,” said Diego Marin, policy officer for raw materials at the European Environmental Bureau, citing publicly available sources. The findings will be published in a report later this month.

Financial, regulatory, and political hurdles are blocking European mining projects, the industry says, despite the Critical Raw Materials Act’s aim to speed up the time it takes to get the shovels in the ground.

The EEB’s findings were echoed in an industry call in August, where 23 projects named in the first round claimed some were facing “immediate jeopardy,” in a letter sent to the Commission and obtained by POLITICO.

Those same companies also believe that announcing more strategic projects will create more problems. However, a Commission official dismissed that claim, saying that some of those projects had received direct funding from the Commission, and claiming the companies believe new projects would “dilute their status.”

The EU unveiled 47 projects in March 2025, covering 14 of the bloc’s 17 designated strategic raw materials—from lithium, nickel, cobalt and graphite for electric vehicle batteries and rare earths for magnets used in wind turbines, to tungsten for military equipment and gallium for semiconductors. It also includes 13 projects from outside the bloc.

These were designed to deliver the EU’s raw materials targets: by 2030, the bloc aims to mine at least 10 percent, process 40 percent and recycle 25 percent of its own needs, while sourcing no more than 65 percent of any one material at any processing stage from a single non-EU country.

Breaking Europe’s dependence on China for key metals is at the heart of the policy, a goal European Commission President Ursula von der Leyen highlighted in her State of the Union speech last month. “We are more than 80% dependent on China for many critical raw materials [and] 90% for some rare earths,” she lamented. 

A Commission official said that if all goes to plan, the EU will meet its 2030 goals for lithium, cobalt and rare earths, but results for other materials are mixed, with shortfalls in nickel processing and recycling and across the manganese supply chain. They did not give hard figures, though.

Industry skeptical

“Unless something happens that is absolutely not foreseen today, we will be far, far away from reaching the targets, even if they are quite low,” said Jan Moström, former CEO of Swedish mining giant LKAB and outgoing president of Euromines. He said better access to financing and faster permitting was key.

The EU is under additional time pressure as a pause on China’s export controls on rare earth minerals is due to expire in January.

Global think tank ODI found in June that “out of 60 projects, 14 are unlikely to contribute by 2030 because their estimated start of production falls between 2029 and 2031,” and that “three out of four are either behind their expected schedule or impossible to verify using up-to-date public evidence” — backing up the EEB’s numbers. 

A European Court of Auditors report this year also revealed that “many projects will struggle to secure supply for the EU by 2030” and that there was “no proper tracking of results.” 

The European Commission questioned the current validity of the ECA’s findings, saying it “audited a period of policy that does not cover everything we’ve done since this mandate. So the Court of Auditors had very relevant points that we took into account in our policy, but should absolutely not be seen as a fair assessment of the work we’ve done with the von der Leyen Commission number two,” said a Commission official. 

Desperate times

Since adopting the Critical Raw Materials Act in 2024, Brussels has rolled out a flurry of initiatives to get projects moving. They include a proposed critical raw materials center, for which Parliament is seeking €2 billion; the “RESourceEU” plan that’s mobilized more than €2 billion; a mechanism to identify suppliers; and plans to revise water rules and speed up environmental impact assessments. 

But industry leaders say the EU is moving too slowly. 

“I’m still to be convinced that it makes any difference,” Michael Staffas, CEO of Swedish miner Boliden, told POLITICO when asked about the benefits of being designated as a strategic project. Boliden’s subsidiary Somincor was granted strategic status for a copper and zinc mine in Portugal. 

The “strategic project” label promised faster permitting and help securing public and private finance, with permitting deadlines of 27 months for mines and 15 months for processing and recycling projects.

“In Sweden you have different authorities that can basically object to a permit process and that in itself creates way longer time than 27 months, just the legislation,” said LKAB CEO Johan Menckel, whose company currently has three strategic projects.

One is the Per Geijer deposit, home to Europe’s largest rare-earth deposits, which the local indigenous Sámi community opposes, arguing it would harm their reindeer-herding tradition. 

The local administration recently recommended that the State Mining Authority grant the concession on the condition that the Swedish company “minimize the impact on the reindeer industry,” but that will be subject to appeal from the Sámi.

Karin K Niia, a Sámi reindeer herder, said in comments that the EU will be complicit in cultural genocide if the project goes ahead. 

Europe’s lithium hope

Europe’s biggest bet to escape China’s foothold in battery metal supply chains is the Barroso lithium mine in Portugal, run by UK-based mining company Savannah Resources. The company says the mine could supply enough lithium for around half a million electric-vehicle batteries a year.

“I don’t think the strategic project stamp and the [Critical Raw Materials Act] have been absolutely essential, but it wasn’t also supposed to be. It was supposed to, in my understanding, be important to set a framework under which Europe can do the right thing faster, better, and for the better benefit of the next generation of Europe,” Savannah’s CEO Emanuel Proença said, calling it just another piece of a very big puzzle. 

Europe’s lithium-refining ambitions are also faltering: France’s Viridian Lithium went bankrupt after failing to secure funding, while Portugal’s José de Mello Group was unable to finance its planned €492 million refinery — despite both projects winning strategic status in the EU’s first round.

Viridian Lithium spokesperson Luc Pez said the strategic project label was a ‘curse.’ 

Rio Tinto’s Jadar project in Serbia, one of the non-EU projects to gain strategic-project status, was meant to provide double Barroso’s lithium capacity and cater to up to 25 percent of Europe’s demand. That, however, was suspended because of permitting issues and became a widely protested project amid allegations of corruption and environmental concerns. 

That reflected the simple fact that people don’t like mines in their backyard — an obstacle for mining projects worldwide, but especially in Europe, which is densely populated and has strong civil society.

“These projects had strategic status, EU money and fast-track permits, and it still wasn’t enough,” said EEB’s Marin. “If the supply push can’t deliver even under those conditions, the EU has to take demand reduction and sufficiency seriously. We can’t permit our way out of a market problem.”

Frida Preuß contributed to this report.

BRUSSELS — Germany’s push to exempt a national champion from future EU oversight could imperil a ministerial deal to integrate the bloc’s financial markets and compete with Wall Street.

Over the coming days, finance ministers will discuss the most contentious parts of their countries’ positions on Brussels’ “market integration and supervision package” of bills, or MISP. They’ll begin with a dinner on Thursday in Luxembourg, as the Council moves toward its official negotiating position.

The hope is that ministers will then sign off on the compromise deal, brokered by Ireland in its role as leader of the EU’s rotating presidency, at the ministerial Ecofin gathering on Friday. This would be a major step forward for the EU’s 10-year bid to create a U.S.-style capital market.

But a push by Germany to exclude one of Europe’s biggest stock exchanges from central EU oversight could turn dinner into a food fight.

This exemption remains in the current compromise position among EU capitals after Berlin refused to give up local supervision of its stock exchange behemoth Deutsche Börse over fears of job losses and ceding power to a bloc-wide entity, despite central supervision being one of the key tenets of the MISP package.

It’s sparked protests from smaller countries, which feel the compromise would disproportionately benefit their larger neighbors — and could scupper the entire deal.

The carveout is “polluting the whole debate” by giving a “huge gift to Germany” while other countries receive nothing in return for their support, one diplomat said.

Another went further. “No deal is better than a bad deal,” a senior EU official said ahead of Friday’s meeting.

One market

Securing a deal on MISP this year is central to the “One Europe, One Market” plan that the EU’s three political leaders in Brussels agreed to in April. EU governments have invested significant political capital into MISP in a bid to turn the bloc into an investment hub where innovative companies can find investors without having to leave for deeper pockets on Wall Street.

Getting sign-off from the EU’s 27 governments would be a major coup for Dublin, which is chairing legislative negotiations in Brussels until the end of the year.

However, six diplomats close to the negotiations gave contrasting views on whether a deal would be possible this week. According to one, anywhere from eight to 17 countries could band together to block an agreement.

The diplomats did concede that the countries opposing the carveout are not unified in their position, however, as they all want different things from a potential deal. But the Deutsche Börse issue remains the most contentious.

After the German government made it clear it would not support a deal on the package unless Deutsche Boerse was carved out, the EU’s six biggest economies came up with a plan over the summer to exempt the exchange from EU-wide supervision by the new “supercop” European Securities and Markets Authority.

The German state of Hesse, Deutsche Boerse’s current supervisor, has consistently opposed giving up the role, fearing job losses and waning influence if the exchange giant is instead overseen by ESMA. The carveout, based on trading thresholds and geographical footprint, would also benefit Spain’s main stock exchange and another German trading platform, Tradegate.

In practice, scoping out the German giant would hollow out the ambition of the MISP plan. Moving to a central supervision model for the EU’s biggest exchanges and other financial plumbing firms like clearinghouses and central securities-depositories has been the thorniest political issue throughout negotiations.

Although ESMA would still oversee large firms such as the stock exchange group Euronext and Nasdaq’s European arm, the watchdog would have fewer staff and less funding, and ultimately be less powerful if it were not responsible for supervising Deutsche BBörse 

The Belgian government in particular isn’t taking the plan lying down. According to two diplomats close to the talks, Belgium’s prime minister, Bart De Wever, could raise the subject at the European Council later this month if a majority of ministers push the carveout through.

Central to the Belgians’ frustration is the fact that their finance giant, the securities-depository group Euroclear, will move to ESMA supervision, while Belgium was shut out of talks among the “E6” supergroup of the bloc’s largest economies, according to multiple diplomats involved in the group’s formation.

If big countries won’t give up the Deutsche Börse carve-out, small countries could win changes to ESMA’s governance structure in exchange for supporting a deal, according to three of the diplomats. They want national finance watchdogs to have more influence in ESMA’s decision-making, while some also want changes to the authority’s funding structure. Large countries want ESMA to be overseen by an independent, powerful executive board akin to the European Central Bank’s. 

“It’s MESS, not MISP,” one diplomat quipped to POLITICO. 

Giovanna Faggionato contributed reporting.

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Welcome to The Logoff: Donald Trump is once again selling access to the highest bidder(s). 

What’s happening? On Thursday, the Washington Sun’s Jeff Stein reported that Trump will reprise his 2025 “crypto dinner” later this year, hosting some of the top investors in the $TRUMP memecoin at his Virginia golf club. 

The top 185 holders of $TRUMP will receive an invite to the event, which the website describes as the “Most EXCLUSIVE DINNER IN THE WORLD.” The top 29 $TRUMP holders will also be eligible for a “special VIP reception.” 

What is $TRUMP? As my colleague Adam Clark Estes explained last year, memecoins like $TRUMP are “all but make-believe.” The coin is a crypto token, or “a type of digital asset that’s built on a cryptocurrency’s blockchain, but it is not a full featured cryptocurrency, like bitcoin.” 

In other words, buying it doesn’t get you very much — the value of the coin has collapsed since early last year when Trump took office — but it will get you a chance to have dinner with the president. 

What’s the context? This will be the third major event Trump has hosted for buyers of $TRUMP, following a May 2025 dinner at his Virginia club and a “crypto and business conference” earlier this year at Mar-a-Lago, where Trump gave a keynote speech. 

But it’s just one of the many, many ways that Trump and his family have found to enrich themselves through crypto: There’s also another memecoin, $MELANIA, and his lucrative crypto firm, World Liberty Financial, which received a $500 million investment from a member of the United Arab Emirates royal family last year.

Strictly speaking, as Stein points out, Trump himself does not own the company minting $TRUMP, though he still profits handsomely, to the tune of $636 million last year, from transaction fees and other revenue. And he’s made even more off World Liberty Financial, which he and his sons do own, along with others: $799 million in 2025 alone, according to financial disclosure forms filed earlier this year.

And with that, it’s time to log off…

Don’t miss this story about “junk journaling” from my colleague Rachel Miller, a hobby that she describes as “a great way to cope with digital malaise and existential dread.” (Needed!) You can read it with a gift link here.

Plus: It’s a big day for Denali National Park’s sled dog puppies, of whom I’m a big fan.

Elizabeth Warren’s job doesn’t need to be this hard.

The Democratic senator from Massachusetts is leading a cadre of largely left-of-center lawmakers in reviving the Stop Wall Street Looting Act, legislation that would curtail the worst tendencies of private equity firms. These investment firms frequently buy struggling companies in leveraged buyouts, foisting the debt of the purchase back onto the business being bought. The firms downsize staff and sell off parts of the purchased company to create dividends, all while charging the purchased corporation management fees for their trouble. When the companies frequently fail to service all this new debt, they are forced into bankruptcies that allow the private equity ownership group to walk away. 

Warren has been fighting for a while to hold private equity firms responsible for the well-being of the companies they own. In fact, this is her third attempt at pushing the legislation, which she first introduced in 2019. The act would close loopholes that shield these investment companies from the debts of the newspapers, hospitals and department stores they purchase, and would also limit the amount that could be extracted from a private equity-owned company. 

“Private equity takeovers are legal looting that make a handful of Wall Street executives very rich while costing thousands of people their jobs, putting valuable companies out of ­business, and in the case of health care, is literally a matter of life and death,” Warren said in a statement of an earlier version of the bill. 

Facing one of the most money-friendly presidencies in history and Republican control of the White House and Congress, the bill starts to look like a hard sell. Add in the public’s aversion to barring businesses from doing anything, along with the fond feelings many Americans have for the words “private” and “equity,” and it’s easy to feel hopeless. 

But there is a way to shape public opinion on this issue: Warren and her allies in Congress could simply point Americans toward an iconic redhead with pigtails. In recent years, Wendy’s has taken heat for an alleged decline in food quality. The flood of negative reviews of the fast-food chain, coupled with widespread closures of its restaurants, led Slate to ask in April “What the Hell Happened to Wendy’s?”

The logic behind connecting fast food to private equity takeovers is straightforward. Citizens who aren’t likely to notice when their local newspaper becomes a bit more bare-bones, or that the already byzantine healthcare system becomes slightly harder to navigate, will definitely notice when their lunch gets worse — and could well inspire widespread pushback against murky financial operators.

At least that’s what Stavros Halkias believes. The comedian and actor who made his name on an unprintable dirtbag-left-adjacent podcast made the case for tying private equity to bad sandwiches during a recent interview with sports journalist Pablo Torre.

“I think it’s clear that what’s f**king us up is private equity . . . taking over products that are awesome,” he said. “The one that I’ve actually latched onto recently . . . is fast food.”

Halkias pointed to the fast food chain’s recent adoption of shredded lettuce on its chicken sandwiches as a cost-slashing maneuver typical of private equity-owned restaurants.

“Everybody understands that Wendy’s has gotten s**ttier,” he said. “The spicy chicken sandwich now uses shredded lettuce. Right there, that is private equity. That is someone saying ‘We don’t want a fresh head of lettuce that costs more money. So, we’re going to give you bagged sh**ty lettuce. I know in the grand scheme of things it’s not a big deal, but people will notice.”

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Wendy’s is not fully owned by a private equity fund, but Trian Fund Management and its CEO, Nelson Peltz, own nearly a quarter of the chain restaurant’s stock. Peltz has launched multiple bids to take over the chain, most recently in February and August, before deciding he would wait to see if Wendy’s newest CEO, Bob Wright, could turn the flagging operation around. Still, with a buyout looming over the company’s head and its largest investor grumbling, it’s hard to see cost-cutting measures as entirely free from the influence of private equity firms.

Another fast-food chain, Jersey Mike’s, offers a more straightforward example. After the sandwich company was purchased by Blackstone in January 2025, customer complaints about declining quality and rising prices have dogged it ever since. 

“Some f**khead who’s never spread mayo in his life decided instead of a sandwich this is now a commodity,” Halkias said. “By turning the consumer experience shittier, some d**khead who’s never made a sandwich gets a billion extra dollars.”

Halkias sees fast food and professional sports as the two arenas most likely to turn opinion against private equity and investment firms more generally. “I do think if one of these billionaires ruins a franchise, you might have goombah football fans reading Karl Marx,” he said. “If they destroy the Lakers, guys with Kobe back tattoos are going to start the proletariat revolution. I think that the closest we’re getting to class consciousness is fast food and sports teams.”

Halkias gets paid to be funny, and his stand-up career was boosted by a YouTube algorithm that appreciated his talent for crowd work. While Warren and the bill’s co-sponsors shouldn’t lean too hard on an extemporaneous riff from a podcaster, the germ of a promising strategy is there. 

Private equity is abstract by design; the role of these firms is hard to figure for anyone outside of the C-suite. To draw the line between funds with boring names and the everyday services that have been eviscerated by bean-counters, Warren and the supporters of the Stop Wall Street Looting Act will first have to first meet people where they are. And where they are is eating lunch in their cars.

The post The private equity backlash could start at the drive-thru appeared first on Salon.com.

Today's links

• AI solipsists and AI cynics: You don't have to believe that AI "works" to believe that it's a good investment.
• Hey look at this: Delights to delectate.
• Object permanence: Malware v stolen computer; Industrial material made from old coffee and melted cups; Austro-Germany's weird tunnels; Health data v Silicon Valley; Amusement parks v load-balancing.
• Upcoming appearances: Edinburgh, Sydney, Melbourne, Brighton, London, South Bend.
• Recent appearances: Where I've been.
• Latest books: You keep readin' em, I'll keep writin' 'em.
• Upcoming books: Like I said, I'll keep writin' 'em.
• Colophon: All the rest.

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AI solipsists and AI cynics (permalink)

As a technology, AI isn't exceptional. It's not exceptionally wicked. It's not exceptionally good. Take away the accompanying, galactic-scale stock-swindle, and we'd call AI's applications "plug-ins" and we'd use them and abuse them in the same way that we've used every other technology:

https://www.normaltech.ai/

As a destructive economic pathology, AI is extraordinary. AI boosters have spent a baffling and terrifying sum of money – over $1.4T, most of that in the past year – on the promise of making as many workers unemployed as possible, while lowering the wages of the meager survivors of this jobspocalypse. To make things worse, AI can't do the jobs it's replacing: AI is predicated on the premise that the monopolies, duopolies and cartels that control the global economy can deliberately worsen their products without suffering economic or regulatory consequences, because they're the only game in town.

In service to this bubble, AI companies have suborned regional governments into running roughshod over environmental and planning review in order to build endless acres of data centers, many of which will likely end up casualties of the imminent bubble-pop, never to be switched on or even completed. What an indignity to have your farm or house seized through eminent domain, only to see it razed and replaced by a weed-choked empty field, a lonely foundation slab, or an abandoned empty building that could only ever be repurposed for laser-tag or an ICE concentration-camp:

https://gizmodo.com/trump-on-data-centers-you-cant-fight-it-you-have-to-go-with-it-2000790014

This is just one of the many negative effects of AI that can be traced to the scale of the bubble. Were it not for the imperative to turn more than a trillion dollars of losses into a profit, we would not have the aggressive, site-destroying scraping epidemic. Nor would we see AI crammed into every part of every product and service we use. And of course, in the absence of the investment bubble, businesses wouldn't be firing productive workers and replacing them with defective chatbots.

The single most salient fact about AI is the investment bubble, not the technical characteristics of chatbots or recent advances in statistical inference. AI's investor story is an incoherent tangle of predictions about AI's future, ranging from the outlandish ("Once we spend enough money, AI will become God and solve all our problems, including our profitability crisis") to the dystopian ("The majority of jobs in the economy will be done by our chatbots, and the employers who previously employed those workers will split the wage savings with us").

None of these stories are plausible, which raises an urgent question: why have the world's wealthiest investors been so eager to hand over trillions to finance this bubble?

I have previously written about one reason that billionaires find the AI story so compelling: at root, many billionaires just don't believe most other people are actually, fully real. How could they? Achieving billionairehood requires that you inflict pain on vast numbers of people. If you truly believed that those people were as real as you are, you'd never be able to look yourself in the mirror. Whether it's Leona Helmsley's claim that "only the little people pay taxes," or Elon Musk's habit of calling people who disagree with him "NPCs," the whole ideological project of billionaireism is shot through with a kind of solipsism:

https://pluralistic.net/2026/01/05/fisher-price-steering-wheel/#billionaire-solipsism

This is true even in one-on-one encounters: for the Epstein Class, the children raped on his island weren't fully real – certainly not as real as their own children. It's even more true for the people that billionaires experience as statistical artifacts, such as Jeff Bezos's vast army of drivers and warehouse workers, with their sky-high on-the-job injury rates and the everyday indignity of their piss-bottles. It gets worse for social media bosses like Mark Zuckerberg, for whom AI's principal appeal is the prospect of ending socializing on social media, swapping your mulish friends for pliable chatbots who will organize their interactions with you to maximize your platform usage and thus the number of ads you see:

https://pluralistic.net/2026/01/19/billionaire-solipsism/#sirius-cybernetics

I think billionaire solipsism can account for much of the malinvestment in this obvious bubble, but I don't think it's the whole story. Rather, I think there's a whole cohort of investors who don't believe in AI, but believe that other people will believe in AI.

This is a well-established investment principle. As Keynes wrote, the point of investing isn't necessarily to pick the most beautiful contestant to win the beauty contest – it's to pick the contestant that the other judges will hand the crown to:

https://en.wikipedia.org/wiki/Keynesian_beauty_contest

In other words, you don't get rich from stock speculation by identifying the businesses whose profitability will grow the most – you get rich by identifying the businesses that other investors will pile into, pushing the price up. All you need to do is sell your shares after the price spike, but before anyone else figures out that the business is a turkey. It's like that old joke: "I don't need to run faster than the bear (market), I just have to run faster than you."

From the perspective of a cynical AI investor, the question isn't, "Can AI do your job?" The question is, "Can an AI salesman convince your boss that an AI can do your job?" So long as enough bosses are convinced to fire workers and replace them with AI, AI valuation will continue to climb, and if they time the market right, they can get out before those valuations crash. This proposition gets even sweeter if the CEO of the AI company is in bed with financial regulators and stock exchanges, and can force your financial advisor to buy his worthless AI stock with "little people's" retirement savings:

https://fortune.com/2026/06/13/spacex-stock-index-funds-passive-investing-401k-nasdaq-100-russell/

A bet that bosses will fire workers and replace them with AI is a good wager. Bosses are absolute suckers for this scam. Bosses hate the fact that they can't translate their plans into action without first having a series of ego-shattering confrontations with workers who actually know how to do things, who insist that those plans are illegal, stupid, impossible or will kill people:

https://pluralistic.net/2026/03/12/normal-technology/#bubble-exceptionalism

For these bosses, AI is the chance to wire the toy steering wheel they play with all day directly into the corporate drive-train. With enough AI slaves, the boss can run the company all on their own:

https://pluralistic.net/2026/07/10/posthuman-as-in-no-humans/#hell-is-other-people

In other words, you don't need to be a solipsist to bet on AI. It is sufficient to believe that bosses are solipsists, who can be relied upon to empty the corporate coffers in exchange for worker-replacing magic beans.

This is true in many scam sectors. I'm sure that most of the people who finance the supplements that Andrew Tate and Joe Rogan hawk understand that they're just a way to give yourself very expensive piss. They don't have to believe supplements work to believe that there is an army of desperate and credulous young men who will give anything for the promise they dangle.

Likewise, you don't have to believe that Gwyneth Paltrow can help women "regulate their periods" and "correct their hormonal imbalances" by selling them rocks to stuff in their vaginas. You just have to believe that between patriarchy-induced body shame and patriarchy-driven medical neglect, there's an army of desperate women out there who will buy those rocks and risk their lives by sticking them inside their bodies:

https://web.archive.org/web/20181225035739/https://www.vogue.com/article/goop-jade-yoni-egg-lawsuit-gwyneth-paltrow-vaginal-pelvic-floor-health

AI is even worse than vagina-rocks, of course. When the bubble bursts, when the seven AI companies that make up 35% of the S&P 500 tank, when a third of the US stock market is vaporized overnight, our governments will reflexively turn to austerity, the go-to response to every financial crisis. Austerity is fascism's best recruiting tool:

https://pluralistic.net/2026/04/12/always-great/#our-nhs

When the AI bubble bursts, the defective chatbots that replaced skilled workers will disappear with it, leaving us scrambling to get that work done after the workers who understood it have retrained, retired, or exited the workforce. AI is the asbestos we're shoveling into the walls of our civilization and our descendants will be digging it out for generations:

https://pluralistic.net/2026/04/08/process-knowledge-vs-bosses/#wash-dishes-cut-wood

Long after the AI bubble bursts, we'll be dealing with its catastrophic carbon emissions. The Second Law of Thermodynamics isn't up for debate. Once we sink enough therms into the sea, we are losing the ice-caps.

AI is an ordinary technology, but the AI bubble is extraordinary: extraordinarily toxic and extraordinarily dangerous. The source of that danger is financiers, and they are motivated by a mix of solipsism and a belief in other people's solipsism. For them, the most exciting investment hypothesis is that "hell is other people":

https://locusmag.com/feature/commentary-cory-doctorow-hell-is-other-people/

(Image: Cryteria, CC BY 3.0, modified)

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Hey look at this (permalink)

• Writing by Hand is Good for your Brain – Here's how to do it https://nealstephenson.substack.com/p/writing-by-hand-is-good-for-your

• Trump BBC Defamation Lawsuit Backfires Big-Time—With Subpoenas Coming https://newrepublic.com/post/213372/trump-bbc-defamation-lawsuit-backfires-subpoenas-financial-info

• Google burning through cash with spiralling AI costs https://www.bbc.co.uk/news/articles/c235n47g8g8o

• A laid-off journalist started his own news site. Facebook AI decided he was fake https://eu.indystar.com/story/news/local/2026/07/21/a-blow-to-local-news-facebook-ai-calls-real-indiana-journalist-fake/90983530007/

• Washington Still Ignores Airline Monopolies https://economicpopulist.substack.com/p/washington-still-ignores-airline

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Object permanence (permalink)

#25yrsago Stolen, infected computer transmits its location by virus spamming owner's address book https://slashdot.org/story/01/07/25/1510213/tracking-a-thief-via-the-sircam-virusa

#15yrsago Çurface: an industrial surface made from compressed coffee and melted coffee cup https://memex.craphound.com/2011/07/25/curface-an-industrial-surface-made-from-compressed-coffee-and-melted-coffee-cups/

#15yrsago Samsung Galaxy Tab 10.1: Android iPad-killer is a poorly thought-through disappointment https://www.theguardian.com/technology/2011/jul/25/why-samsung-galaxy-tab-is-meh

#15yrsago Strange tunnels of Austro-Germany https://web.archive.org/web/20120621155245/https://www.spiegel.de/international/zeitgeist/hideouts-or-sacred-spaces-experts-baffled-by-mysterious-underground-chambers-a-775348.html

#15yrsago BitCoin alternative: distributed, but not decentralized cash https://www.links.org/files/distributed-currency.pdf

#10yrsago Bruce Schneier on the coming IoT security dumpster-fire https://web.archive.org/web/20160725221959/https://motherboard.vice.com/read/the-internet-of-things-will-cause-the-first-ever-large-scale-internet-disaster

#10yrsago Our public health data is being ingested into Silicon Valley’s gaping, proprietary maw https://web.archive.org/web/20170917070322/http://www.nature.com/news/stop-the-privatization-of-health-data-1.20268

#5yrsago Amusement parks, crowd control and load-balancing https://pluralistic.net/2021/07/25/now-youve-got-two-problems-part-iii/

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Upcoming appearances (permalink)

• Edinburgh International Book Festival with Jimmy Wales, Aug 17
  https://www.edbookfest.co.uk/events/the-front-list-cory-doctorow-and-jimmy-wales

• Sydney: The Festival of Dangerous Ideas, Aug 23-24
  https://festivalofdangerousideas.com/program/

• Melbourne: Enshittification at the Wheeler Centre, Aug 25
  https://www.wheelercentre.com/events-tickets/season-2026/cory-doctorow-enshittification

• Brighton: The Reverse Centaur's Guide to Life After AI with Carole Cadwalladr (Brighton Dome), Sep 8
  https://brightondome.org/whats-on/LSC-cory-doctorow-the-reverse-centaurs-guide-to-life-after-ai/

• London: The Reverse Centaur's Guide to Life After AI with Riley Quinn (Foyle's Picadilly), Sep 9
  https://www.foyles.co.uk/events/enshittification-cory-doctorow-riley-quinn

• South Bend: An Evening With Cory Doctorow (Notre Dame), Oct 6
  https://franco.nd.edu/events/2026/10/06/an-evening-with-cory-doctorow/

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Recent appearances (permalink)

• Will AI ever come alive, and what happens if it does? (BBC News)
  https://www.youtube.com/watch?v=Lzk4o3fPZZE

• Waarom jij straks het hulpje van AI bent (VPRO)
  https://www.youtube.com/watch?v=tOnvR2fs8CA

• Talk Tech Bock (Vera Linß)
  https://www.youtube.com/watch?v=3PFjGvQoBgc

• How To Think About AI Before It’s Too Late (This Is Hell)
  https://thisishell.com/episodes/1919

• AI Won't Replace You… But This Might (Deep Focus)
  https://www.youtube.com/watch?v=oorWq_m48AQ

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Latest books (permalink)

• "The Reverse-Centaur's Guide to AI," a short book about being a better AI critic, Farrar, Straus and Giroux, June 2026
  https://us.macmillan.com/books/9780374621568/thereversecentaursguidetolifeafterai/

• "Canny Valley": A limited edition collection of the collages I create for Pluralistic, self-published, September 2025 https://pluralistic.net/2025/09/04/illustrious/#chairman-bruce

• "Enshittification: Why Everything Suddenly Got Worse and What to Do About It," Farrar, Straus, Giroux, October 7 2025
  https://us.macmillan.com/books/9780374619329/enshittification/

• "Picks and Shovels": a sequel to "Red Team Blues," about the heroic era of the PC, Tor Books (US), Head of Zeus (UK), February 2025 (https://us.macmillan.com/books/9781250865908/picksandshovels).

• "The Bezzle": a sequel to "Red Team Blues," about prison-tech and other grifts, Tor Books (US), Head of Zeus (UK), February 2024 (thebezzle.org).

• "The Lost Cause:" a solarpunk novel of hope in the climate emergency, Tor Books (US), Head of Zeus (UK), November 2023 (http://lost-cause.org).

• "The Internet Con": A nonfiction book about interoperability and Big Tech (Verso) September 2023 (http://seizethemeansofcomputation.org). Signed copies at Book Soup (https://www.booksoup.com/book/9781804291245).

• "Red Team Blues": "A grabby, compulsive thriller that will leave you knowing more about how the world works than you did before." Tor Books http://redteamblues.com.

• "Chokepoint Capitalism: How to Beat Big Tech, Tame Big Content, and Get Artists Paid, with Rebecca Giblin", on how to unrig the markets for creative labor, Beacon Press/Scribe 2022 https://chokepointcapitalism.com

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Upcoming books (permalink)

• "The Post-American Internet," a geopolitical sequel of sorts to Enshittification, Farrar, Straus and Giroux, 2027

• "Unauthorized Bread": a middle-grades graphic novel adapted from my novella about refugees, toasters and DRM, FirstSecond, April 20, 2027

• "Enshittification, Why Everything Suddenly Got Worse and What to Do About It" (the graphic novel), Firstsecond, 2027

• "The Memex Method," Farrar, Straus, Giroux, 2027

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Colophon (permalink)

Today's top sources:

Currently writing: "The Post-American Internet," a sequel to "Enshittification," about the better world the rest of us get to have now that Trump has torched America. Fourth draft completed. Submitted to editor.

• A Little Brother short story about DIY insulin PLANNING

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Quotations and images are not included in this license; they are included either under a limitation or exception to copyright, or on the basis of a separate license. Please exercise caution.

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