Authored by Jeffrey Tucker via The Epoch Times,

This time last year, it seemed like we were just about finished with the terrible inflation of the Biden years that had trimmed at least 25 percent from the purchasing power of the dollar.

The hope has been for a year that the massive increases in money printing over the COVID years were finally done. As some put it, the snake had finally digested the golf ball.

All along we’ve worried that the experience of the 1970s would repeat: three clean waves.

After each, monetary authorities presumed that the problem was over and that life could go on as normal.

Each time, inflation fired back up again, until it culminated in an inflation of the late seventies that changed life in America fundamentally.

After that, two household incomes were more common than not, if only to maintain living standards.

We could only hope that we would not repeat that experience. Indeed, history does not repeat but it does rhyme. Authorities tend to relax in vigilance once a crisis seems to have abated.

The 2021–2024 inflation was devastating for real wages and salaries. Official data reports that they have been mostly flat and then somewhat rising. Maybe, but I personally cannot think of anyone who earned raises that have kept up with inflation over four years. That’s anecdotal, to be sure, but you are welcome to check my intuition against your experience.

We don’t seem to see moves today from the Federal Reserve that would suggest a concerted effort in the direction of easing. Money supply has not taken off and the Fed is holding interest rates rather tight for fear of igniting inflation.

It appears that the existing pricing pressures stem not from monetary sources but supply shocks. Of all the changes in goods prices that could impose the largest shock to the general economy worldwide, oil ranks near the top. Is that happening? Yes. Not only that: price trends were not heading the right way even before the war shock.

There is really bad news from the Bureau of Labor Statistics. It concerns the Producer Price Index, which registers wholesale prices in a range of goods and services. It is generally more reliable than the index for consumer prices because prices are more uniform and accessible. What the PPI does today shows up in consumer prices in a matter of months, depending.

The latest PPI print covering the month of February is sobering. The index for final demand rose 3.4 percent for the 12 months ended in February, the largest 12-month advance since increasing 3.4 percent in February 2025. That is double the forecasted increase. The most eye-popping number concerns prices for final demand goods. They increased 1.1 percent for the month.

Annualize the number and you get an incredible 13.6 percent, the hottest in more than 3 years. This is double-digit, which itself gets us into a strange psychological place. It kicks off panic buying and hoarding.

A longer-term look, again from February before the oil price spikes, shows the worst annual rate of change in goods prices in two years. This will feed into consumer prices through the summer, even if the crisis ends now.

That’s a number roughly equivalent to 1979-level inflation. So far it is only hitting wholesale prices but those are passed on to the retail level. And keep in mind that these February numbers were assembled before the Iran war throttled shipping traffic in the Strait of Hormuz, causing a huge price spike in oil that quickly folded into a gas price increase that you likely know all too well.

The oil price spike has profoundly affected people the world over. We are looking at nearly a doubling of the price since the war began. And the problem is getting worse, not better.

Gasoline is rising now at a pace not seen in more than 30 years. It also seems to be accelerating. My back of the envelope calculation over the last four years suggests it is rising 2 cents per hour.

This isn’t just about the ways this price affects your driving. It hits every form of transportation from trains to planes to trucks. Tickets are already soaring in price but this also bleeds into goods prices at the stores, especially food. Anything that travels to retail outlets by truck is being hit hard now, as you already see in the rising cost of coffee.

None of these are good signs.

Yes, it could all flip the other direction if the war ends today but it will be months before prices settle down again even under the best of circumstances.

Now let’s turn to real-time numbers as calculated by Truflation. It’s become very apparent that the good trends have already reversed in the other direction. From a low of 0.6 percent, we are now running 1.51 percent. More telling is the real-time number on good inflation. That is running 3.4 percent, the highest in 3 years.

At this point, there is no avoiding the results of the inflation that already exists.

How likely is a full blown energy crisis of the sort we saw in the 1970s? As we should all realize, that crisis was not only one of prices. It was the attempt to keep the price low with forced caps that caused the widespread shortages and gas lines. There is no question that this would happen again should the Trump administration pursue price controls on gasoline.

In 1971, Richard Nixon imposed wage and price controls. He did not want to do that. He never imagined conditions would ever arrive in which he would push that button. But for him, it was a necessary expedient, the least bad of all possible choices. Moreover, he knew that it would not work but believed that the public needed to see him doing something to show that he cared and was acting on the problem. Trump might be drawn into something similar.

One hopes that the Trump administration would not do that. But one cannot know for sure, sadly. It is the nature of any government to panic with falling poll numbers, parabolically rising energy prices, and a profound sense of a loss of control. All these factors are happening right now.

I never watch mainstream media but a couple of days ago, I caught a broadcast on television that had nonstop messaging about gas prices. This is for obvious reasons related to politics but there is also something real going on here. For all the tax and regulatory cuts in the second Trump administration, the inflation pressures threaten to wipe out any and all income gains. Indeed, this inflation puts the entire second term at risk in ways the White House surely understands by now.

Again, the cause of the price increases are a combination of factors but this one, unlike the last one, seems to be pushed by a supply shock rather than monetary factors. In a practical sense, for businesses and consumers, the impact is the same. It means that money buys less and that balance sheets are put under extreme pressure.

I’m sorry for the bad news and I try to avoid apocalypticism. Wishes aside, and regardless of one’s views of this Iran war, the reality is before us and it is undeniable.

We could be seeing a second wave of effective inflation kicking off that will create some serious economic disruption in all directions.

Authored by Jon Fleetwood via JonFleetwood.com,

U.S. Senator Marsha Blackburn has released a 291-page legislative framework that would repeal Section 230, expand liability across the artificial intelligence ecosystem, and establish a unified federal rulebook governing how AI systems are built, deployed, and controlled in the United States.

The proposal—titled the TRUMP AMERICA AI Act—is being presented as a pro-innovation, pro-safety measure designed to “protect children, creators, conservatives, and communities” while ensuring U.S. dominance in the global AI race.

But the actual structure of the bill reveals a comprehensive system that centralizes regulatory authority, expands legal exposure for platforms, and creates new mechanisms for controlling AI outputs and digital information flows.

For independent journalists and publishers operating on platforms like Substack, the repeal of Section 230 shifts the risk upstream.

Platforms would no longer be shielded from liability tied to user-generated content, meaning they must evaluate whether hosting certain reporting could expose them to lawsuits.

In practice, that creates pressure to restrict or deprioritize content that could be framed as causing harm—particularly reporting on public health, government programs, or other high-stakes issues—regardless of whether it is sourced or accurate.

Section 230 Repeal Removes Core Liability Shield

At the center of the bill is the full repeal of Section 230 of the Communications Act—long considered the legal foundation of the modern internet.

Section 230 protects online platforms like Substack from being treated as the publisher of user-generated content, shielding them from most civil liability over what users post.

The Blackburn framework would eliminate that protection by repealing Section 230 entirely.

In its place, the bill creates multiple new avenues for liability, allowing enforcement not just by federal regulators, but by state attorneys general and private actors.

Platforms and AI developers could face legal action for “defective design,” “failure to warn,” or producing systems deemed “unreasonably dangerous.”

The practical effect is that once liability protections are removed, platforms are no longer free to host content neutrally.

They must actively manage and restrict content—or risk being sued.

‘Duty of Care’ Standard Introduces Subjective Enforcement Trigger

The bill imposes a “duty of care” requirement on AI developers, mandating that they prevent “reasonably foreseeable harms” arising from their systems.

That language is broad and undefined.

What qualifies as “harm,” what is “foreseeable,” and when an AI system is considered a “contributing factor” are not fixed standards.

They are determined after the fact by regulators, courts, and litigants.

This creates a retroactive enforcement model where AI outputs can be judged unlawful based on evolving interpretations, forcing companies to preemptively restrict what their systems are allowed to generate.

Federal ‘One Rulebook’ Replaces State-Level Variation

Blackburn’s framework repeatedly emphasizes the need to eliminate what she calls a “patchwork of state laws” and replace it with a single national standard.

That shift consolidates authority at the federal level, empowering agencies such as the Federal Trade Commission, Department of Justice, National Institute of Standards and Technology (NIST), and Department of Energy to define and enforce AI rules across the country.

Rather than multiple local jurisdictions experimenting with different approaches, the bill establishes a centralized governance model for AI systems.

Algorithmic Systems & Content Delivery Brought Under Regulation

Under the “Protecting Children” provisions, the bill directly targets the design features of digital platforms, including:

• Personalized recommendation systems

• Infinite scrolling and autoplay

• Notifications and engagement incentives

Platforms would be required to modify or restrict these features to prevent harms such as anxiety, depression, and “compulsive usage.”

This is not limited to content moderation.

It regulates how information is ranked, delivered, and amplified—placing core algorithmic systems under federal oversight.

Watermarking & Content Provenance Standards Introduced

The bill directs NIST to develop national standards for:

• Content provenance (tracking origin of digital content)

• Watermarking of AI-generated media

• Detection of synthetic or modified content

It also requires AI providers to allow content owners to attach provenance data and prohibits its removal.

These provisions create a technical infrastructure for identifying and tracking the origin and authenticity of digital content across platforms.

New Copyright & Likeness Liability for AI Training and Outputs

The framework explicitly states that using copyrighted material to train AI models does not qualify as fair use, opening the door for widespread litigation against AI developers.

It also establishes liability for the unauthorized use of an individual’s voice or likeness in AI-generated content, and extends that liability to platforms that host such material if they are aware it was not authorized.

Together, these provisions expand legal exposure across both the training and deployment phases of AI systems.

Mandatory Workforce Surveillance & AI Risk Monitoring

The bill requires companies to report quarterly data on AI-related job impacts, including layoffs, hiring shifts, and positions eliminated due to automation.

It also establishes a federal “Advanced Artificial Intelligence Evaluation Program” to monitor risks such as:

• Loss-of-control scenarios

• Weaponization of AI systems

These measures create ongoing federal visibility into both the economic and operational effects of AI deployment.

National AI Infrastructure & Public-Private Control Systems

The proposal includes the creation of the National Artificial Intelligence Research Resource (NAIRR), a shared infrastructure providing:

• Compute power

• Large datasets

• Research tools

This system would be governed through a public-private structure, combining federal agencies and private sector contributors.

Control over compute, data access, and infrastructure places the direction of AI development within a centralized framework.

Structural Shift: Liability as the Enforcement Mechanism

While the bill is framed as reducing regulatory complexity, its core enforcement mechanism is not deregulation but liability expansion.

By removing Section 230 and introducing broad legal exposure, the framework creates a system where platforms and AI developers must continuously assess legal risk tied to content, outputs, and system behavior.

That shifts enforcement away from direct government censorship and toward a model where companies self-regulate under constant threat of litigation.

Bottom Line

Blackburn’s AI framework restructures the legal conditions under which information is allowed to exist online.

By removing Section 230 and expanding liability across platforms, the bill shifts risk away from the speaker and onto the infrastructure that distributes their work.

That means companies like Substack are no longer simply hosting content—they are legally exposed to it.

In that environment, the question is no longer whether reporting is accurate or sourced, but whether hosting it could trigger legal risk.

The predictable result is preemptive restriction: platforms limiting reach, tightening policies, or removing content that could be framed as harmful—especially reporting on public health, government programs, or other high-stakes issues.

For independent journalists, the pressure point is distribution.

The bill creates a system where controversial or high-impact reporting does not need to be banned outright.

It only needs to become too risky for platforms to carry.

In effect, control over liability becomes control over visibility.

Unitree Robotics, one of China’s top robot makers – spanning robo-dogs to humanoid robots – has filed for a Shanghai STAR Board IPO, according to Bloomberg. The planned listing suggests that the humanoid robotics industry is entering a more accelerated commercialization phase in 2026, with a broader pipeline of public offerings likely to emerge alongside rising private capital flows across Asia and the US.

The report states that Unitree plans to raise $610 million on the STAR Board, part of the Shanghai Stock Exchange, with proceeds expected to fund AI models and develop new robots.

🤯Absolutely insane. Unitree’s humanoid robot team’s performance at the 2026 Spring Festival Gala

The significance of the humanoid robot’s performance lies in letting 1.4 billion Chinese people know where the future lies. pic.twitter.com/6vXIX2MfWM

— CyberRobo (@CyberRobooo) February 16, 2026

Unitree reported revenue of 1.71 billion yuan last year and net profit of 287.6 million yuan, more than double the prior year. Humanoid robots accounted for over 51% of revenue in the first nine months of 2025.

We have outlined a number of institutional notes this year that provide a framework suggesting that AI’s next frontier is physical, as humanoid robots begin moving onto factory floors and beyond.

The Shanghai Morning Post recently pointed out that “robot brains” for humanoid robotics have arrived. As we noted, this suggests that dual-use fears are mounting.

UBS analysts led by Phyllis Wang noted last month that Unitree was the leader in global humanoid robot shipments in 2025.

2025 Shipments by company

Wang marked 2026 as the year humanoid robot shipments begin to ramp up. The real surge comes in the 2027-28 timeframe.

Foundation Robotics cofounder Mike LeBlanc told us, “We didn’t get to the moon by being cautious. When the U.S. sees a strategic race, it funds its way to the front. Robotics is the new race.” He’s implying that the US humanoid robotics space is about to heat up.

LeBlanc’s Phantom MK1 robots were recently sent to Ukraine for testing. His company holds government research contracts worth $24 million with the U.S. Army, Navy, and Air Force, and is a military-approved vendor, implying these robots are moving beyond factory floors to dual-use security applications.

Any Unitree IPO will provide bullish tailwinds for US robotics startups, as investors realize the next bubble will be in the humanoid space. The IPO is also bullish for “war unicorns,” as the Department of War’s DOGE resets its procurement program and directs more funding toward defense startups. Follow the money: DoW is searching for bankers to deploy $200 billion in private equity over three years into defense companies.

Summary

• Oil rises on news of a second massive Marine deployment toward Gulf in a week, as Trump calls NATO a ‘paper tiger’.

• IRGC contradicts Bibi: says missile production is ongoing, is of “no concern” – even as IRGC spokesman Ali Mohammad Naeini is reported killed.

• Energy war ongoing: Major sites damaged across the region – Haifa refinery hit, Qatar LNG output cut 17%, Kuwait facilities ablaze.

• Kharg Island escalation looms: Trump admin weighing seizure of Kharg Island to reopen Hormuz; Thousands of Marines in route, reports of low US jet strafing runs over strait.

• Signal of zero restraint from Ayatollah & FM: Iran sends warning if energy sites are hit again, leadership structure grows opaque; supreme leader says enemies will be denied security.

• Chokepoint concerns in Hormuz, Bab el-Mandeb send Brent and WTI prices higher in late afternoon trading 

*  *  *

Fearless, Greek-owned Panamax bulk carrier transits Hormuz Chockepoint 

The Liberia-flagged, 81,713-dwt bulk carrier Giacometti (IMO: 9615377) has become the first Greek-owned vessel to successfully transit the Strait of Hormuz with its Automatic Identification System active since March 2, according to maritime shipping news and intelligence outlet Lloyd’s List.

The Panamax bulk carrier transited westbound into the Middle East Gulf and was the first vessel to do so since the Panama-flagged MLS Onyx (IMO: 9373618) on March 5. 

Still tanker flows remain mute at the end of the week. 

Iran Refuses Hormuz Talks As Houthis Threaten Bab el-Mandeb Chokepoint

Brent crude futures are above $110/bbl, and WTI futures are inching closer to triple-digit territory as traders fret over a weekend of chaos across the Strait of Hormuz and the Gulf area following this week’s targeting of upstream energy assets.

The latest headline to hit is that Iran is unwilling to reopen the Hormuz chokepoint while under attack, according to Bloomberg News.

• IRAN SAID TO STICK TO HARDLINE POSITION ON STRAIT OF HORMUZ

With one maritime chokepoint in focus, we shift our attention to another: the Bab el-Mandeb Strait.

A report from Russian media outlet RIA Novosti states that Yemen’s Houthi rebels are considering blocking commercial shipping traffic in the Bab el-Mandeb Strait.

RIA Novosti continued:

Mohammed al-Bukhaiti, a member of the Houthis’ political bureau, said that if the group were forced to close the strait, it would only attack vessels belonging to states that carry out aggression against Iran, Lebanon, Palestine, and Iraq.

He noted that the movement is considering all possible scenarios to support Iran in its confrontation with the United States and Israel.

The Bab el-Mandeb Strait, a strategic chokepoint linking the Red Sea with the Gulf of Aden, serves as a vital corridor for global trade, particularly oil and gas shipments between Europe and Asia.

The Bab el-Mandeb Strait, situated between Yemen and the Horn of Africa, accounts for about 10% to 12% of global trade and serves as a key route for energy shipments to Europe.

With Hormuz partially paralyzed, Saudi Arabia has shifted crude flows from the Hormuz area to the East-West pipeline and onward to Red Sea ports for loading onto tankers.

Yet another maritime chokepoint becoming clogged would expand the conflict area and could further send energy markets into a tailspin.

Trump Blasts ‘Paper Tiger’ NATO; Three More Warships Dispatched to Mideast

The President has again expressed his frustration at lack of direct NATO participation in a plan to open up the Strait of Hormuz. He declared the US has “militarily WON” – and lambasted lack of allied interest in a “simple military maneuver” to open the Strait of Hormuz.

Meanwhile, oil is rising on news of a second massive Marine deployment toward Gulf in a week, WSJ is reporting:

The Pentagon is sending three warships and thousands of additional Marines to the Middle East, even as President Trump insists he won’t put American boots on the ground in Iran, according to U.S. officials.

Roughly 2,200 to 2,500 Marines from the California-based USS Boxer amphibious ready group and 11th Marine Expeditionary Unit are heading to the U.S. Central Command, responsible for all American forces in the Middle East, the officials said.

Crude Futures as WSJ headline hit…

IRGC Says Missile Production Intact, Contradicting Netanyahu 

On day 21, the Iran war shows no signs of abating. Iran’s IRGC spokesperson Ali Mohammad Naeini was reportedly killed in an Israeli overnight strike, another high-level hit as the decapitation campaign grinds on.

However, Iran’s Revolutionary Guards said on Friday that the Islamic republic has continued to produce missiles despite the war with Israel and the United States. This directly contradicts Israeli PM Netanyahu’s assertions from the day prior, where he said both missile production capacity and uranium enrichment capability have been destroyed. Netanyahu had claimed, “Iran no longer has the capacity to enrich uranium and manufacture ballistic missiles.”

“Our missile industry deserves a perfect score…and there is no concern in this regard, because even under wartime conditions we continue missile production,” IRGC spokesman Ali Mohammad Naini said according to Fars.

⚡️Massive airstrikes in Iran this morning pic.twitter.com/5FBlymJ5V4

— War Monitor (@WarMonitors) March 20, 2026

Energy Complexes From Gulf to Israel Burning; Casualties Mount

The energy war continues to be front and center. Israel confirmed major Thursday Iranian strikes hit its Haifa refining complex, damaging critical infrastructure, and leaving many in the area without power. Also, the attack on Qatar’s Ras Laffan facility is expected to slash LNG export capacity by roughly 17%. Kuwait hasn’t been spared either, with its massive Mina al-Ahmadi refinery hit for a second straight day, with fires ripping through processing units.

Elsewhere, Bahrain says it has faced over 140 missiles and 240 drones since the war began, underscoring the scale of Iran’s regional barrage. 

Across the region, escalation is bleeding into civilian life even in countries not directly part of the conflict. The biggest Muslim holiday of the year, Eid, is being celebrated, and in Iran the Persian New Year “Nowruz” is unfolding under air raid sirens, also with fresh Israeli strikes in Lebanon and Syria. Currently Palestinians are being barred from Al-Aqsa during Eid. Casualties continue to mount with over 1,400 reported dead in Iran, including 204 children per the Red Crescent – and more than 1,000 killed in Lebanon.

Signs of US Plans to Take Kharg Island

But the real escalation risk surrounds what Washington’s next move may be, as the Trump administration is actively weighing seizing Kharg Island, Iran’s key export hub, in a desperate effort to force Hormuz back open. One source put it bluntly to Axios: “We need about a month to weaken the Iranians more with strikes, take the island, and then get them by the balls and use it for negotiations.” For all the bravado and rhetoric, some analysts see the situation as a classic escalation trap.

But the report says no final decision has been made, but the direction of travel is clear. “He wants Hormuz open… If he has to take Kharg Island… that’s going to happen,” one senior official said, while acknowledging a coastal invasion remains on the table.

The Wall Street Journal in fresh reporting sees signs that an operation is already underway: “The U.S. and its allies have intensified the battle to reopen the Strait of Hormuz, sending low-flying attack jets over the sea lanes to blast Iranian naval vessels and Apache helicopters to shoot down Iran’s deadly drones, American military officials said.” it writes.

Iran Vows ‘Zero Restraint’ If Its Energy Sites Attacked Again

Here’s what Iranian Foreign Minister Abbas Araghchi posted to X on Thursday: “Our response to Israel’s attack on our infrastructure employed FRACTION of our power. The ONLY reason for restraint was respect for requested de-escalation. ZERO restraint if our infrastructures are struck again. Any end to this war must address damage to our civilian sites.”

And CNN reports Friday: “Mojtaba Khamenei, who has made no public appearance since being chosen to succeed his father, said in a written statement security must be denied to all Iran’s enemies.”

Things are meanwhile getting more opaque in terms of leadership structure inside Iran: “Iran has not named replacements for the vast majority of senior officials killed by Israeli strikes since the conflict began on February 28,” CNN reports.

Iran’s strategy appears to be to survive while imposing severe high costs:

Every single day that this war goes on, the more the economic damage just compounds. This is the key line right here from @tracyalloway https://t.co/T6hrWxL1Op pic.twitter.com/t8Qos0vB1A

— Joe Weisenthal (@TheStalwart) March 19, 2026

Intense Attacks on Israel Continue

There has remained heavy censorship in Israel amid the war, but various overnight reports suggested another past 12 hours of heavy Iranian missile bombardment of Israel. Times of Israel confirmed, though without much in the way of details that sirens have been constant around central and northern Israel.

There were at least half a dozen missile salvos on Israel since late last night. “A home in the central city of Rehovot is burning following an apparent cluster munition impact, rescue services say,” TOI writes. “There are no immediate reports of injuries after Iran launched a ballistic missile carrying a cluster bomb warhead at central Israel.”

One war observer who has regional contacts wrote on X the following account: “Israel has been pummeled all night. Based on my counts of alerts and reports of landings from open sources the number increased tonight, though there are no reports of casualties.”

The journalist continues, “My Whatsapp groups are filled with people having breakdowns after not sleeping for two weeks. In Jerusalem 4 alerts were heard in a 90 minute span. Iran has been able to increase the number of launches daily. Everyone seems angry at the IDF and Netanyahu for lying about the destruction of Iranian capabilities.”

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Sen. John Fetterman (D-Pa.) sat down for an interview on the “All-In Podcast” this week and made a telling admission about the Democratic Party.

When co-host David Friedberg asked Fetterman point-blank, “Who do you think leads the Democratic Party today?” the Pennsylvania senator didn’t flinch. “Oh, we don’t have one,” he said. “I think the TDS, that’s the leader right now. You know, right now our party is governed by the TDS.”

Fetterman then described what that governance actually looks like in practice – a kind of loyalty test that runs in reverse. Opposition to Trump has become the organizing principle, the ideological north star. Agree with anything the other side does and you face consequences. “It’s made it virtually impossible, without being punished, as a Democrat, to agree something’s good, or ‘I agree with the other side,'” he said. 

He then cited Operation Epic Fury – the U.S. military campaign against Iran – as the latest illustration of the problem. Fetterman said he is “literally the only Democrat […] in Congress, that I’ve come across that’s saying, ‘I think it’s a great thing to break and destroy the Iranian regime.’ I think it’s entirely appropriate to hold them accountable.” 

Fetterman correctly pointed out that this is not a fringe or even partisan position, historically. Every Democrat who ran for president in recent memory vowed Iran would never get a nuclear weapon. Now that it’s actually happening, the party’s response has been mostly blind criticism of President Trump for finally taking action.

🚨NEW: @friedberg: “Who do you think leads the Democratic party today?”

JOHN FETTERMAN: “We don’t have one … Right now our party is governed by the TDS.”
@DailyCaller pic.twitter.com/Mr2Z4bVRs5

— Jason Cohen 🇺🇸 (@JasonJournoDC) March 18, 2026

Fetterman previously accused Democrats of refusing to put “country over party” over the Iran strikes.

“The last two professional candidates for the Democratic Party all agreed that we can never allow Iran to acquire nuclear bombs, and that’s made that possible now. I think we can say, ‘Hey, that’s a great thing. That makes the world more safe, more secure and holds Iran accountable,’” he told Fox News’s Sean Hannity earlier this month, after 53 House Democrats voted against a resolution declaring that Iran is a state sponsor of terrorism — something which isn’t remotely in doubt. “That’s almost 25% of Democrats in the House that can’t just call Iran the world’s biggest terrorism underwriter,” Fetterman added. 

“Virtually every Democrat that I’m aware of says we can never allow Iran to acquire a nuclear bomb, and they were a significant risk to America,” Fetterman continued. “I know why they [Democrats] don’t say that now because I’m aware that it is very damaging as a Democrat to just happen to agree with the president on anything. But, for me, that’s easy — country over party.” 

This week, veteran Democratic strategist James Carville blasted Fetterman, accusing him of always being wrong.

“Can I say a public prayer?” Carville began. “John Fetterman, whatever you do, keep your position. Don’t change. We don’t want you. Stay right where you are. Because you’ve been wrong about every goddam thing that you’ve ever said, and we don’t want you to break your streak.”

He continued, “And can I assure you that the fact that you think it’s a good idea is not going to matter one wit to any Democrat,” and went on to say that Fetterman’s support for the war in Iran was more likely to make Democrats oppose it anyway.

“It might get your name in the paper more,” Carville added. “Fucking asshole.”

Carville’s criticism isn’t likely to sway Fetterman either. In fact, recent polling suggests that while Americans are skeptical of the war in Iran, opposition is waning. According to a new Washington Post survey, 42% now support the U.S. military campaign against Iran, while 40% oppose it. That marks a dramatic shift from just days earlier, when the Post’s flash poll showed 52% opposed and only 39% in favor. 

Authored by Jack Phillips via The Epoch Times,

The administrator of the Centers for Medicare and Medicaid Services (CMS) confirmed this week that his office is eyeing Florida for instances of potential health care fraud.

Dr. Mehmet Oz, also known as Dr. Oz, wrote on March 17 on X that what he saw in Florida “around durable medical equipment fraud was horrifying” and indicated that Florida and Gov. Ron DeSantis, a Republican, are “next up” in his fraud investigation.

“The scale is out of control—and not just limited to these schemes,” he said in the post.

“The reality is that fraud in our government health programs is widespread, sophisticated, and deeply entrenched.”

The announcement appears to signal that Florida is the first GOP-controlled state to be targeted by CMS in a crackdown on health care fraud. Previously, New York, Minnesota, and California were the states that Oz had focused on.

DeSantis’s office did not respond to a request for comment by publication time.

Authorities in Florida suggested that they would work with the Trump administration in rooting out fraud in health programs.

Jason Weida, chief of staff for the Florida governor, responded that the state is working with Oz and CMS to discover any criminal activity.

“We have zero tolerance for waste, fraud, and abuse—and we will aggressively deploy every resource necessary to root it out at any level in our state,” he wrote in a post on X.

Florida Attorney General James Uthmeier, a Republican, said in a post, “The Medicaid system is overwhelmed with fraud and abuse, and we look forward to working with Dr. Oz on these issues!”

He provided an example in which his office prosecuted a man who allegedly stole Medicaid funding that was meant for transportation services for disabled children in the state.

Since taking office last year, the Trump administration has prioritized rooting out fraud, waste, and abuse within the federal government. A task force, the Department of Government Efficiency, was also established by President Donald Trump to help with the removal of wasteful or fraudulent programs.

It comes as Trump signed an order on March 16 creating an anti-fraud task force led by Vice President JD Vance to look into fraud allegations across the country. Trump specifically singled out California during his remarks on March 16 and said that fraud allegations were higher in Democrat-led states than in Republican-led ​states.

Vance, who appeared with Trump in the Oval Office during the announcement, said the order would force the federal government ‌to “stop ⁠the fraud of the American taxpayer and make sure that the benefits that ought by right go to American citizens, go to American citizens, and not to fraudsters.”

The vice president last month ​criticized Minnesota ⁠Gov. Tim Walz, a Democrat who was presidential candidate Kamala Harris’s running mate in 2024, over his efforts to combat fraud. Walz had criticized the Trump administration for what he described as a “campaign of retribution” against him.

Responding to the Trump administration’s allegations of fraud in his state, the office of California Gov. Gavin Newsom, a Democrat, criticized the president and said his administration has arrested numerous criminals who allegedly engaged in fraudulent activities.

In a post on X, Newsom’s office wrote, “If Trump is serious about fraud, great—he’s got a partner in California in wanting to tackle it.”

After paying Bari Weiss $150 million for The Free Press and hiring her to run their newsroom, CBS News announced a fresh round of layoffs on Friday which will affect over 60 jobs, or 6% of the news division, according to the NY Times. 

“Certain parts of this newsroom need to get smaller in order for us to make room for the things that we need to build to remain competitive in the future,” said Weiss, who entered the scene last October, during a Friday newsroom-wide conference call. 

The move follows roughly 100 layoffs last year, while ratings have continued to plummet under Weiss.

Today’s round includes the entirety of CBS News Radio – a century-old division that “served as the foundation for everything we have built since 1927,” said network president Tom Cibrowski in a memo. 

CBS came under the control of David Ellison, a billionaire tech heir, after his Hollywood studio Skydance absorbed the media giant Paramount last year. The Trump administration approved Mr. Ellison’s purchase after Paramount paid $16 million to settle a suit brought by President Trump against “60 Minutes.”

Mr. Ellison said he wanted CBS News to appeal to a centrist audience, and he installed Ms. Weiss, an opinion journalist and critic of the mainstream news media, as its new leader. –NYT

According to Weiss and Cibrowski, “it’s no secret that the news business is changing radically, and that we need to change along with it.”

“New audiences are burgeoning in new places, and we are pressing forward with ambitious plans to grow and invest so that we can be there for them,” the memo continues. 

Weiss told employees that today’s layoffs had “absolutely nothing to do with the quality of your work and the way you have poured your heart and soul into this organization,” and “simply has everything to do with the times we’re living in.”

Of course, not that we’re shedding a tear – but that $150 million would have kept the 160 employees employed for something like a decade. 

* * *

EYE BLEACH TIME:

Got Seeds? GMO free, non-hybrid, open-pollinated heirloom vegetables. 

We reported earlier that President Trump has again expressed his extreme frustration at lack of direct NATO participation in a plan to open up the Strait of Hormuz. He declared the US has “militarily WON” – and lambasted lack of allied interest in a “simple military maneuver” to open the Strait of Hormuz, calling NATO a “Paper Tiger” without the US.

And so clearly Trump himself is unconvinced after on Thursday seven allied nations signed a statement expressing a readiness to contribute to efforts to reopen the Strait of Hormuz. The statement included no pledge to commit warships or any kind of military or even logistical help, and so is somewhat of a facade and pure PR spectacle. 

These countries are: UK, France, Germany, Italy, the Netherlands, Japan, and Canada. But again there’s no military role here: “We express our readiness to contribute to appropriate efforts to ensure safe passage through the strait,” the close US allies announced.

The joint statement did of course condemn Iran, and seemed generally supportive of Trump’s actions, even as individual leaders like Germany’s Merz have expressed they would have been against starting a war with Iran in the first place.

It further denounces ongoing Iranian attacks commercial vessels and energy infrastructure, citing “the de facto closure of the Strait of Hormuz by Iranian forces,” and calls on Tehran to “cease immediately its threats, laying of mines, drone and missile attacks and other attempts to block the strait.”

One reporter writing for Axios views the statement as “largely a gesture to placate Trump, who has railed against allies for declining to help secure the strait and warned that a failure to do so could undermine the future of NATO.”

Italian Prime Minister Giorgia Meloni has made clear that no EU state is at moment considering “a military mission to forcibly break the Iranian blockade,” adding the EU favors “diplomacy and de-escalation.”

Other EU countries like Spain, Greece, and Switzerland have also made it clear they won’t join the war. Washington has meanwhile put a lot of pressure on the UK for some tangible assistance, but this too has been a disappointment for the White House who appears to be ‘going it alone’.

As for a total list of countries individually called on by Washington, these have issued formal refusals:

Here are some of the countries that have rejected Trump’s request to help re-open the Strait of Hormuz:

🇦🇺 Australia
🇫🇮 Finland
🇫🇷 France
🇩🇪 Germany
🇬🇷 Greece
🇮🇹 Italy
🇯🇵 Japan
🇳🇱 Netherlands
🇪🇸 Spain
🇬🇧 United Kingdom

— Middle East Eye (@MiddleEastEye) March 16, 2026

But the US and Israel seem to be getting pulled deeper into the war in the Persian Gulf and near Kharg Island in particular, with thousands of US Marines en route to the region. What they will ultimately do when they get there remains anyone’s guess – though reports say Trump is mulling a takeover of Kharg.

As a reminder, Trump has claimed an operation would include “so little risk”…

Such a plan might prove bloody and difficult, which is perhaps why so many US allies are content to stay on the sidelines, fearing they too could soon join another Middle East quagmire.

A federal judge deemed ‘too radical‘ by GOP lawmakers during his confirmation hearings said on Thursday that he will grant a motion by blue states to vacate (reverse) a declaration by HHS Director Robert F. Kennedy Jr. blocking breast removal and other procedures for youths with gender dysphoria. 

Oregon US District Judge Mustafa Kasubhai, who was appointed by Biden in late 2024 and only confirmed after Senate Democrats invoked cloture on his nomination by a 51-43 vote, said during a hearing that he would soon issue a formal written opinion and an order denying the government’s bid to dismiss the states’ case, and granting the states’ motion for summary judgement, according to court records. 

Kennedy issued a declaration in late 2025 that “ex-rejecting procedures for children and adolescents are neither safe nor effective as a treatment modality for gender dysphoria, gender incongruence, or other related disorders in minors, and therefore, fail to meet professional recognized standards of health care.”

This was based on a report by the Department of Health and Human Services which looked at procedures and treatments available for gender dysphoria, and concluded that many of them risk infertility. The Trump administration said that health care providers who perform breast removal and other procedures would be out of compliance with updated standards, while officials also moved to bar hospitals that participate in Medicare or Medicaid from performing the procedures on children. 

New York and 18 other states immediately sued, claiming that the new rules were illegal, and “amounts to an end-run around the free choice of provider statute because it effectively bars Medicaid beneficiaries from choosing providers that are otherwise qualified, simply because they furnish gender-affirming care to children or adolescents,” the states said in their motion for summary judgement. 

New York Attorney General Letitia James, one of the plaintiffs, said the forthcoming ruling siding with the states showed Kennedy “cannot unilaterally change medical standards by posting a document online, and no one should lose access to medically necessary health care because their federal government tried to interfere in decisions that belong in doctors’ offices.” –Epoch Times

At least 17 hospitals or health centers have been referred for possible punitive action for violating the HHS declaration, they said. 

Government lawyers argued in a brief that the declaration reflected Kennedy’s “non-binding policy position on the safety and efficacy of certain pediatric and adolescent treatment modalities,” and that the HHS report was one of many pieces of information officials considered in their decision. 

The admin also asked the court to dismiss the case over a lack of jurisdiction. 

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JPMorgan has officially bridged the gap between “Digital Gold” and “Wholesale Credit.” 

The activation of direct BTC and ETH collateralization allows institutional giants to finally turn their dormant holdings into immediate USD liquidity without selling a single satoshi.

Operating through the Kinexys (formerly Onyx) digital financing platform, the bank now allows institutional clients like hedge funds and corporate treasuries to pledge BTC and ETH for USD-denominated liquidity.

Unlike previous years where only ETF-wrapped products were supported, this move enables borrowers to leverage their direct on-chain holdings without triggering the capital gains taxes associated with liquidation.

The quantitative framework for these loans is defined by a rigorous risk-weighted haircut model.

Under the current policy, JPMorgan applies a 30% to 50% haircut on BTC and ETH, effectively setting the maximum Loan-to-Value (LTV) ratio at 50% to 70% depending on 90-day volatility metrics.

This structure is designed to buffer against the “cascade risk” inherent in crypto markets, where a 15% intraday drop could otherwise trigger systemic liquidations. By treating BTC and ETH as Tier-1 collateral, JPMorgan is effectively putting them on the same playing field as high-quality corporate bonds.

• Tri-Party Custody: Assets are not held on the bank’s balance sheet but are secured via qualified third-party custodians like Coinbase Custody and Anchorage Digital. This ensures that the bank facilitates the credit while the assets remain in high-security, audit-ready vaults.

• Atomic Settlement: By utilizing the Kinexys blockchain, JPMorgan has reduced the time to move collateral from T+2 days to under 120 seconds. This allows for real-time margin adjustments and prevents the “lag” that often causes over-collateralization in traditional banking.

• Tax-Efficiency: Because the institution is borrowing against the asset rather than selling it, they avoid triggering capital gains taxes. This makes crypto-backed credit the most tax-efficient way for “whales” to access their wealth.

The chart clearly shows that BTC collateralized borrowing rates are consistently trending below US high-yield corporate bond yields, even though BTC remains a more volatile asset.

Source: DeFiLlama

While there are occasional spikes during periods of market stress, reflecting short-term liquidity demand and volatility shocks, the overall cost of borrowing against BTC remains structurally lower. This suggests that the market is increasingly valuing BTC’s deep liquidity and global trading nature over its volatility, allowing it to function as efficient collateral. JPMorgan’s activation reinforces the trend by enabling institutions to unlock USD liquidity against BTC and ETH at lower rates, improving capital efficiency while accepting manageable volatility driven fluctuations.

The broader implication for DeFi is the emergence of a hybrid credit market. By recognizing BTC and ETH as “pristine collateral” alongside gold and Treasuries, JPMorgan is effectively lowering the cost of capital across the system.

This brings in significant liquidity, but it also concentrates risk, since these structures rely on a small set of regulated custodians to hold assets.

More broadly, this marks a shift in how balance sheets are used. Assets are no longer just held for exposure, they are actively used to generate liquidity and improve capital efficiency.