US Double Standards on Display Again

By boycotting the G-20 summit in South Africa, President Trump exposes the US habit of preaching human rights while protecting violators — a hypocrisy the world no longer buys.

President Donald Trump’s announcement that no US official will attend the upcoming G20 summit in South Africa exposes the glaring double standards that define American foreign policy. Citing alleged “human rights abuses” against white Afrikaners, Trump conveniently overlooks the far more serious violations that the United States has enabled and justified elsewhere — particularly in Gaza.

By accusing South Africa of persecution, Trump attempts to claim moral ground that Washington has long forfeited. The United States continues to supply lethal weapons to Israel, weapons that have been used in relentless bombardments of civilian populations. At the same time, it has repeatedly vetoed United Nations resolutions calling for ceasefire or accountability. To preach “human rights” while enabling systematic destruction in Gaza reflects an extraordinary level of hypocrisy.

Pretoria has rightly called Trump’s statements “regrettable” and “unsubstantiated.” South Africa, with its painful legacy of apartheid, understands the meaning of oppression better than most nations. Its willingness to take Israel to the International Court of Justice on genocide charges demonstrates moral consistency — a quality increasingly absent in Washington’s diplomacy. Trump’s boycott of the G-20 appears less about ethics and more about punishing South Africa for standing with the oppressed.

This episode once again highlights America’s tendency to divide the world into allies and adversaries, applying one set of principles to itself and another to others. When convenient, Washington invokes democracy and rights; when inconvenient, it dismisses or undermines them. The decision to skip Johannesburg, while proudly preparing to host the 2026 summit in Miami, symbolizes this duplicity.

In a changing global order, such selective morality only erodes US credibility. The world is no longer willing to accept Washington’s self-appointed role as the arbiter of virtue. True leadership demands courage to face criticism, not avoidance of it. Trump’s refusal to attend the G-20 is not a statement of principle — it is an admission of moral weakness.

The First Casualty of Trump’s Stubbornness Is His Own Voters

The longest US government shutdown has exposed a painful irony — those most hurt by political rigidity are the very people who supported it. When governance becomes hostage to pride, it is citizens, not opponents, who pay first.

From federal paychecks to public benefits, the ongoing US government shutdown—the longest in American history—has disrupted daily life across the country. Ironically, many of those hit hardest are the very voters who helped put Donald Trump in the White House.

At the center of this standoff lies the administration’s refusal to compromise on the extension of Affordable Care Act subsidies. What began as a fiscal debate has turned into an economic blockade. As Reuters reports, many Trump supporters now face halted incomes, cancelled contracts, and delayed benefits, yet continue to defend him—loyal even as their own livelihoods deteriorate.

This crisis is less about partisan politics and more about consequence. When governance becomes a test of endurance rather than judgment, it punishes the very citizens it is meant to protect. The small business owner in Florida losing contracts, the federal worker in Washington without pay, and the retiree in Arizona waiting for reimbursement—all stand as reminders that political rigidity carries real-world costs.

True leadership demands a balance between conviction and flexibility. By mistaking obstinacy for strength, the administration risks eroding not only economic stability but also the trust of its most loyal supporters. Each passing week of paralysis deepens uncertainty, weakens household confidence, and damages America’s broader economic reputation.

Defiance may be a political strategy, but governance requires adaptability. When pride replaces prudence, it is not opponents who suffer first—it is supporters. Trump’s base, once convinced that his unbending will serve their interests, now bears the burden of that same inflexibility.

In essence, this shutdown offers a sobering lesson in political consequence: stubbornness in power can inflict deeper wounds on one’s own camp than on any rival. The first casualty of Trump’s stubbornness is, indeed, his own voters.

Partnership Between Two Occupiers

The newly signed India–Israel defense treaty is not just a strategic agreement; it is a declaration of shared ideology between two occupying powers. It symbolizes the convergence of two nations that have built their modern identities through control, suppression, and justification of domination — one in Palestine, the other in Kashmir.

This alliance comes at a time when Israel stands accused of genocide in Gaza and the West Bank. Global outrage is mounting, yet India has chosen this moment to embrace Tel Aviv more openly than ever. The message is clear: New Delhi now values military advantage and strategic visibility over moral credibility.

Once, India’s foreign policy drew strength from its anti-colonial roots and its historic commitment to freedom struggles. It stood with the oppressed — from African liberation movements to the Palestinian cause. That era is gone. Under Prime Minister Narendra Modi, India’s diplomacy has shed moral caution for ideological affinity. The new partnership formalizes years of covert cooperation in defense, intelligence, and cyberwarfare — all underpinned by a common political psychology.

Zionism and Hindutva, though born in different contexts, share a majoritarian worldview: both cast national identity in religious terms, both view minorities as internal adversaries, and both justify occupation as self-defense. The defense treaty, therefore, is not just about weapons and technology; it is a public endorsement of this shared ideological DNA.

Regionally, the implications are grave. Pakistan will interpret it as an existential provocation. Bangladesh will face a diplomatic dilemma, caught between public sympathy for Palestine and dependence on India. South Asia’s post-colonial spirit of solidarity is eroding, replaced by an era of militarized rivalry and ideological segregation.

Inside India, the pact sends a chilling message to nearly 200 million Muslims. For decades, India’s symbolic support for Palestine offered reassurance of secular balance. That pretense has now vanished. The new India appears comfortable aligning with those who mirror its own majoritarian instincts.

In the end, the India–Israel alliance binds together two occupiers — one subjugating a people under siege, the other suppressing dissent at home. Power may win them weapons and allies, but it cannot cleanse the moral stain of occupation. Nations that mistake domination for destiny often discover that empires fall not from weakness, but from the weight of their own injustice

 

PSX benchmark index down 1.3%WoW

Pakistan Stock Exchange (PSX) trended downward for most of the week, shedding 2,038 points, down 1.3%WoW to close at 159,592.9 points. Average daily traded volumes also declined by 30%WoW to 1,093 million shares.

On the macro front, the trade deficit widened by 56%YoY to US$3.2 billion.

NCPI rose by 6.2%YoY during October 2025, which also weighed on sentiment during the week. However, sentiment was upturned by positive data, with remittances rising to US$3.4 billion, up 12%YoY and 7%MoM.

Noticeably, 1QFY26 fiscal accounts posted a record quarterly surplus of PKR2.1 trillion (1.6% of GDP).

At PIB auction, State Bank of Pakistan (SBP) raised PKR489 billion (target: PKR400 billion), with yields stable between 11.33% to 12.34% for the 2 and 15-year tenors.

Foreign exchange reserves held by SBP inched up by US$31 million to US$14.5 billion, as of October 31, 2025. PKR appreciated by 0.03%WoW against greenback.

According to AKD Securities, the momentum at PSX is expected to continue given successful staff-level agreement of the IMF’s second review, minimal flood impact and improved credit ratings by global agencies amid falling fixed income yields.

Investors’ sentiments are anticipated to further improve on the likelihood of foreign portfolio and direct investment flows, driven by improved relations with the United States and Saudi Arabia.

This outlook is supported by the lack of alternative investment avenues and the attractive valuation of local equities, offering attractive dividend yields.

Top picks of the brokerage house include: MEBL, MCB, HBL, OGDC, PPL, PSO, FFC, ENGROH, LUCK, DGKC, FCCL, SYS and INDU.

 

Fall of Three US Indexes: A Clear Warning

I do not claim to possess a “crystal ball,” yet only yesterday I cautioned that the “Tariff Fassad initiated by Trump may trigger a global meltdown.” Unfortunately, the first signs are already emerging. On Thursday, all three major US stock indices closed in negative territory, extending the tech-led selloff that began earlier in the week. Investor sentiment has turned fragile, weighed down by economic uncertainty and overstretched valuations, particularly in artificial intelligence-driven stocks.

Global supply chains are distorted, input costs are rising, and export-oriented economies are under strain. From Chinese manufacturing hubs to European automakers and Asian electronics exporters, uncertainty is eroding confidence. Trade volumes are shrinking, and markets across continents are responding with anxiety.

While technology giants continue to post record earnings and soaring valuations, this momentum rests on a precariously thin foundation. Analysts are increasingly calling it a “tech bubble.”

When one segment of the market inflates disproportionately, it distorts the entire financial ecosystem. Banks, small businesses, and industrial shares begin to absorb the pressure. This is not sustainable growth—it is imbalance. Traditional sectors are losing ground, consumer demand is softening, yet Big Tech is being priced as though the global economy is booming. This is speculation dressed as optimism.

Banks—the backbone of every financial system—are also showing early signs of stress. Rising interest rates, tightening liquidity, and increasing defaults in trade-exposed industries are beginning to surface in their balance sheets. Loan growth has slowed, non-performing assets are rising, and confidence among lenders is gradually eroding. Smaller financial institutions appear particularly vulnerable as their exposure to fragile industries grows unchecked. This may not resemble the sudden collapse of Lehman Brothers; rather, it could be a slow suffocation, where trust quietly seeps out of the system.

For investors in Pakistan—many of whom still carry the scars of 2008—caution is imperative. This is not the time for adventurism. Those holding fundamentally strong stocks should not be swayed by daily market volatility. Day traders must operate strictly within their risk tolerance. Those trading with borrowed money should consider stepping aside until the situation stabilizes.

Nancy Pelosi — A Woman Who Stayed When Others Stepped Back

For more than four decades, Nancy Pelosi has been more than a political figure to me — she has been a quiet lesson in resilience. In a world where power often wore a man’s face, she stepped into Congress not with noise, but with purpose. She didn’t just become the first female Speaker of the House — she became proof that patience, discipline, and conviction can move even the heaviest walls.

Nancy Pelosi, the first woman to serve as the powerful speaker of the US House of Representatives, said on Thursday that she will not run for reelection to Congress in 2026, ending the four-decade career of a progressive Democratic icon often vilified by the right. The 85 year old congresswoman, first elected in 1987, made her announcement two days after voters in California overwhelmingly approved "Proposition 50," a state redistricting effort aimed at flipping five House seats to Democrats in next year's midterm elections.

 What I admire most is this, when moments demanded courage, she did not step back. Whether it was passing the Affordable Care Act or defending democratic institutions in deeply divided times, Pelosi stood steady. She was not flawless — no leader is — but she held her ground when others hesitated, and sometimes that is the rarest form of strength.

Yet, her story is not without its shadows. In her commitment to stability and institutional respect, she sometimes slowed the push for bold reform. Younger voices wanted disruption; she chose caution. Was it restraint, or wisdom? Perhaps it was both — the burden of someone who knows just how fragile power can be.

At her side, though rarely in the spotlight, has stood Paul Pelosi — her husband, her confidant. Their partnership reminds us that even the strongest public figures are still human hearts, seeking comfort after the cameras are gone.

And that is why she matters to me. Nancy Pelosi did not simply make history — she endured it. She stayed when many would have walked away. And in doing so, she taught us that true leadership is not about applause — but about staying long enough to make a difference.

 

“Tariff Fassad” Initiated by Trump May Trigger Global Meltdown

The global economy today resembles a pressure cooker — silently building steam, waiting for the smallest policy misstep to explode. The “Tariff Fassad” initiated by US president, Donald Trump during is not an isolated episode but the beginning of a dangerous shift toward economic nationalism. Its aftershocks are now resurfacing as governments across continents flirt with protectionism, weaponized trade, and retaliatory tariffs. If not checked, this confrontation could unleash consequences far worse than “Subprime Loan Crisis of 2008”.

Unlike 2008 — which was rooted in irresponsible lending and Wall Street malpractice — this crisis is being fueled by deliberate political choices. Tariffs have distorted supply chains, raised input costs, and crippled export-oriented economies. From Chinese manufacturers to European automakers and Asian electronics exporters, uncertainty is eroding confidence. Global trade volumes are shrinking, and markets are reacting nervously.

The irony is striking, while tech giants continue to report record profits and soaring valuations, this growth stands on a very fragile foundation. Analysts are calling it a “Tech Bubble”, and not without reason. When one segment of the market inflates disproportionately banks, small businesses, and industrial shares come under pressure, it is not growth — it is imbalance. Traditional sectors are bleeding, consumer demand is weakening, and yet Big Tech is being priced as if the world economy is booming. This is speculation masquerading as optimism.

Banks, the backbone of any financial system, are showing worrying signs. Rising interest rates, tightening liquidity, and increasing defaults in trade-dependent industries have started to appear on their balance sheets. Loan growth has slowed, non-performing assets are rising, and confidence among lenders is eroding. Smaller financial institutions are especially at risk as their exposure to fragile sectors grows unchecked. This may not be a sudden collapse like Lehman Brothers — it could be a gradual suffocation, where trust quietly disappears from the system.

Emerging economies are caught in a chokehold. Currencies are under pressure, foreign exchange reserves are being depleted to manage imports, and inflation is creeping upward. For countries dependent on exports or imported raw materials, Trump-style tariff aggression has become an economic nightmare. Meanwhile, global institutions like the WTO and IMF remain spectators — issuing statements rather than solutions.

Markets do not collapse only due to bad economics; they collapse when confidence dies. Tariff wars, geopolitical brinkmanship, and speculative bubbles are collectively eroding that confidence. The threat today is not of a market crash alone — it is of a systemic disintegration of trust, credit, and cooperation.

The world must realize that economic wars have no winners. If this tariff-driven arrogance continues, the global economy will not fall off a cliff — it will slide slowly into chaos. Policymakers still have time to act, but the clock is ticking fast.