North Korean Operatives Infiltrating U.S. Companies Through Remote Tech Jobs
North Korean operatives are quietly working inside U.S. companies through remote technology jobs, funneling millions of dollars back to Pyongyang and potentially gaining access to sensitive corporate systems, according to investigators and U.S. officials, according to NBC News.
The scheme relies on workers posing as American job applicants using stolen identities and fake credentials to secure high-paying remote roles, particularly in software development and artificial intelligence. Authorities warn the tactic allows the regime to bypass international sanctions while embedding operatives inside Western companies.
An investigation by the Virginia-based cybersecurity firm Nisos found that suspected North Korean IT workers apply to thousands of jobs using fabricated résumés and multiple online personas. Once hired, the workers often operate from overseas — frequently from China — while U.S.-based facilitators help maintain the illusion that they are located domestically.
These facilitators run so-called “laptop farms,” where company-issued computers are physically kept in the United States and remotely accessed by workers abroad. Investigators say the workers also coordinate applications, interviews, and references within tightly organized teams to increase their chances of being hired.
NBC News writes that the scheme has expanded rapidly since the rise of remote work during the COVID-19 pandemic, which made it easier for overseas workers to obtain jobs without appearing in person. Authorities say the salaries — sometimes exceeding $300,000 per worker — are largely sent back to the regime of Kim Jong Un, helping fund North Korea’s weapons and ballistic missile programs.
U.S. officials estimate the operation now affects hundreds of companies and generates hundreds of millions of dollars annually for the North Korean government.
Investigators say some operatives hold multiple jobs simultaneously, applying to dozens of roles a day and coordinating through organized networks that track applications and interviews. In some cases, the workers are accused of stealing proprietary data, cryptocurrency, or sensitive technical information while employed. Officials warn that even after the workers are discovered and fired, they may leave behind hidden system access that could later be exploited, raising broader national security concerns.
The current oil price forward curve shows that the current global energy shock may be significant but short-lived. The forward curve presents a steep disinflationary trend to $80 per barrel by the end of 2026. Markets are discounting a short war with limited impact on supply but immediate ripple effects on markets and importing economies.
In the worst case, a new energy shock triggered by war with Iran would bring stagflation pressures across the global economy, especially in the economies that have been unable to strengthen their energy supply chains since 2022, like the European Union, which is still in a low-growth environment subject to significant impact from energy shocks. Even if the conflict is short‑lived, the disruption to the Strait of Hormuz and Gulf infrastructure has made the oil market go from an oversupply of 4 million barrels per day, according to the IEA, to a tight balance, as shipping routes come under pressure.
The Strait of Hormuz carries almost 25% of seaborne oil exports and a large share of liquefied natural gas (LNG) flows, which makes it the most sensitive energy route. However, 80% of the traffic through the strait goes to Asia, mostly China. That is why the Chinese government has halted all refined product exports from China, trying to limit the risk of supply constraints.
We must also remember that $100 a barrel today is not equivalent to $100 per barrel in 2008. In current dollar terms, the 2008 oil crisis would only trigger at $190 per barrel. Adjusting for inflation is important.
Non-OPEC supply is also a differential factor from other crises, as it has increased significantly since 2008, contributing to a more stable market despite rising prices. The current energy shock is entirely different from 2008 for the United States.
In 2008, the United States production stood at barely 5 million barrels per day. Today, the US is the largest oil producer in the world at 13.7 million barrels per day.
In 2008, dry natural gas output was around 56 billion cubic feet per day. It is projected to reach 106 billion cubic feet daily in 2026. Natural gas energy independence exists in the US, and with the inclusion of Canada and Mexico, North America’s oil independence is nearly complete.
Even considering all these differences compared with other instances, an energy shock would immediately increase fuel prices at the pump but also raise the cost of electricity, heating, fertilizers, plastics, chemicals, and many manufactured goods that depend on petrochemical inputs.
These secondary price effects may quickly feed into consumer and producer inflation, even if other disinflationary factors mitigate the overall CPI impact.
In energy‑importing economies such as the EU, Japan, South Korea, Taiwan, India, and parts of Latin America, higher fuel bills will likely hit households that are already suffering from persistent inflationary pressures due to uncontrolled government spending and money printing.
For countries like Pakistan, which relies heavily on imported LNG, and several Southeast Asian nations, the shock could trigger a relevant balance‑of‑payments stress, currency depreciation, and even the risk of rationing as fiscal buffers are exhausted.
The current level of US dollar reserves of emerging economies is elevated, but not enough to entirely offset the impact of an energy crisis on the purchasing power of their currencies.
If governments decide to “combat” the energy crisis by increasing spending and subsidies, which is the same as printing money, the macroeconomic impact would be stagflationary: higher inflation with weaker or no growth.
The biggest risk for inflation will not be the impact of energy prices only, but the response from governments if they decide to spend and print their way out of the war’s impact.
The most significant risk for the global economy would come if central banks decided to hike rates due to energy price spikes. Hiking rates would halt investment, consumption, and job creation and have no impact on prices driven by an external geopolitical factor.
If the war continues for an extended period, it could lead to a revision in global growth forecasts, which were already weak for 2026. The IMF had already estimated a slowdown to around 3% or less, and the Iran‑related shock may mean tighter financial conditions.
A long war could lead to a domino of recessions in energy-importing regions, while resource-rich exporters would see an economic boost that would not counterbalance the impact on the largest economies, primarily importers.
The greatest risk now is, as always, a domino of policy mistakes.
Developed economies’ governments may feel tempted to spend and print, ignoring the lack of fiscal space and the already persistent inflation created by the errors made during Covid-19 and the political response.
Governments might intensify their deficit spending, and central banks might repeat their mistakes from 2021-2024 by raising rates at the most inopportune time.
Stagflation is an unlikely outcome, but if it arrives, it will be entirely created by policy mistakes from governments and central banks.
“We Got A War Going On”: Trump Requests Trump-Xi Summit Delay By “A Month Or So”
Summary:
Trump asks for delay of “a month or so” for Trump-Xi Summit
China and US end trade talks
Bessent notes that any delay would be due to “prosecuting war”
* * *
Update (1700ET): President Trump said he had requested China delay a summit with Chinese counterpart Xi Jinping for about a month, saying it was important for him to remain in Washington to oversee the Iran war.
“Because of the war, I want to be here. I have to be here, I feel,” Trump said Monday during a White House event when asked about potentially rescheduling the high-profile summit.
The meeting between the leaders of the world’s two largest economies is currently set to begin later this month.
“And so we requested that we delay it a month or so, and I’m looking forward to being with him,” Trump added.
“We got a war going on. I think it’s important that I be here. So it could be that we delay a little bit, not much.”
As Rabobank pointed out earlier it’s tricky because Trump wants Hormuz open again. Xi wants guarantees that Gulf oil will continue to flow to Chinese refineries, Chinese industrial producers will have markets to sell to, and Chinese consumers will have food to import.
Trump thinks he has the upper hand in this negotiation and so on Sunday night he told media that he could seek to delay the Beijing summit and that he expected China to help open the Strait of Hormuz.
He is playing hard to get, and trying to put all of the pressure on Xi to force a resolution. To paraphrase Nixon’s Treasury Secretary John Connally: “it’s our war, but it’s your problem.”
So, could the upcoming summit be the moment where we see Beijing issue the directive to its allies in Tehran to end the blockade?
For Xi it may be a choice between that, or suffering the wrath of Kharg on the Chinese industrial economy.
* * *
Update (0911ET): The Hong Kong-based South China Morning Post has published an update on the sixth round of U.S.-China trade talks, which concluded moments ago in Paris.
SCMP’s title for the update is rather ominous: “China and the US end trade talks as doubts form over Trump visit.”
The report states that both sides discussed a possible extension of existing tariff and non-tariff measures, as well as bilateral investment.
China’s top trade negotiator, Li Chenggang, said the two sides held “deep, frank, and constructive” talks and agreed to “continue to maintain the stability of tariffs.”
Earlier, Treasury Secretary Scott Bessent told CNBC’s Brian Sullivan in Paris that any delay in the Trump-Xi meeting later this month would not be due to Beijing declining to assist the U.S. in reopening the Strait of Hormuz with a naval coalition, but rather because of logistics: “If the meeting, for some reason, is rescheduled, it would be rescheduled because of logistics.”
“I don’t think the meeting is in jeopardy, but it’s quite possible the meeting could be delayed,” White House Press Secretary Karoline Leavitt told Fox News moments ago.
Leavitt said, “These are leader-to-leader conversations that are currently taking place,” adding that if the trip is delayed, the White House will provide the new dates very soon.
SCMP quoted the Chinese foreign ministry as saying both sides at the negotiating table were in contact over Trump’s state visit.
* * *
Update (0800ET): Treasury Secretary Scott Bessent joined CNBC TV to counter narratives from U.S. MSM outlets overnight that claimed President Trump would delay the Xi summit later this month if Beijing did not help form a naval coalition to reopen the Strait of Hormuz.
“If the meetings are delayed, it wouldn’t be delayed because the president demanded that China police the Strait of Hormuz,” Bessent told CNBC’s Brian Sullivan in Paris. “If the meeting, for some reason, is rescheduled, it would be rescheduled because of logistics.”
Bessent headlines from the interview:
FALSE TO SAY IF CHINA DOESN’T OPEN HORMUZ, TRIP DELAY
US-CHINA TRADE MEETINGS IN PARIS’ VERY GOOD’
IF TRUMP DELAYS CHINA, WOULD BE DUE TO PROSECUTING WAR
MARKETS SHOULD ‘ABSOLUTELY NOT’ REACT TO TRIP DELAY
It’s clear that Iran-US conflict adds yet another layer of tension ahead of the Trump-Xi summit. Bessent wrapped up talks in Paris with the Chinese today, with reports earlier stating potential areas of agreement in tariffs, agriculture, energy purchases, fentanyl, and Taiwan.
* * *
Brent crude futures are trading around $103 a barrel early Monday morning amid U.S. strikes on Iran’s Kharg Island oil export hub. Concerns about tanker congestion in the Strait of Hormuz, however, appear to be easing.
A flurry of weekend headlines suggests that the Trump administration is racing to reopen the Hormuz chokepoint and avert a further energy shock in global markets. According to a new Axios report, plans for a multinational naval coalition could be unveiled as soon as this week.
Hormuz Tanker Traffic
In a Truth Social post on Saturday, Trump said the U.S. and allied countries would send warships to the Hormuz area to reopen commercial shipping lanes. He called on China, France, Japan, South Korea, and the U.K. to help.
On board Air Force One later that day, he told reporters he “demands” that NATO countries and other nations heavily dependent on Gulf crude oil and other product imports help with the naval operation.
“We are talking to other countries about policing the straits. It will be nice to have other countries policing with us. We will help. We are getting a good response,” Trump said.
In a Sunday interview with the Financial Times, the president warned that he could delay his upcoming summit with Chinese President Xi Jinping if Beijing does not participate in the naval coalition.
Trump told FT, “It’s only appropriate that people who are the beneficiaries of the strait will help to make sure that nothing bad happens there.”
“If there’s no response or if it’s a negative response, I think it will be very bad for the future of NATO,” he added.
While Beijing has yet to publicly respond to Trump’s request, the state-run Global Times rejected Trump’s plan to spread the risk “of a war that Washington started and can’t finish.” GT explained on Sunday night why Beijing wouldn’t join the naval coalition.
“Crowding a volatile waterway with warships from multiple nations doesn’t create security. It creates flashpoints. If any single vessel were struck, the consequences could rapidly spiral beyond anyone’s control,” GT said. This is “more a carefully structured transfer of risk.”
Bloomberg noted, “A delay to the summit could suit Beijing. China had previously proposed that Trump arrive at the end of April to allow more time for preparations, according to a person familiar with the matter,” adding, “Such a postponement would allow for more discussion on security and diplomatic issues, including self-ruled Taiwan, which have so far not featured prominently on the planning agenda.”
The Iran-US conflict adds yet another layer of tension ahead of the Trump-Xi summit. Both sides are expected to wrap up trade talks in Paris on Monday, with potential areas of agreement in tariffs, agriculture, energy purchases, fentanyl, and Taiwan.
Irish President Catherine Connolly marked her first St. Patrick’s Day in office with a message that reframed Ireland’s patron saint as a symbol for open borders and ‘global citizenship’, urging the Irish to embrace migrants amid ongoing surges in arrivals that have sparked nationwide tensions.
In a video address, Connolly drew parallels between St. Patrick’s enslavement and modern migration, calling for hospitality toward those displaced by war and persecution—conveniently overlooking how mass influxes of economic migrants have overwhelmed Irish communities and resources.
The full message, delivered against a backdrop of Irish and other flags, emphasized St. Patrick’s story as “a reminder of the resilience and courage of migrants, the invaluable contributions that they have made, and continue to make, to the countries they now call home, sometimes even in the face of great adversity.”
NEW – Ireland’s President urges “global citizens” to acknowledge their “shared responsibility” to invoke St. Patrick’s spirit, by standing in solidarity with migrants and to recognise “the invaluable contributions” they make.pic.twitter.com/Tk98m2eUiX
Connolly went on: “Patrick’s story speaks not only to the Ireland of the 5th century, but to the millions still subjected to trafficking, forced labour and displacement today.”
She added, “As we recall the life of Patrick, we invoke his spirit and acknowledge our shared responsibilities as global citizens. We stand in solidarity with those who find themselves in vulnerable and dangerous circumstances.”
The president wrapped up by stressing, “Patrick’s story invites us to respond with hospitality and kindness to those suffering the consequences of war and displacement, those fleeing their countries because of persecution or violence.”
This pivot comes as Ireland ramps up immigration reforms in 2026, including higher salary thresholds for work permits, digitalized processes, and faster citizenship paths for those granted international protection—moves that critics say prioritize foreigners over native Irish struggling with housing shortages and cultural erosion.
The government’s Budget 2026 poured funds into modernizing the system, aiming to streamline legal access for more migrants while protests against accommodation centers continue to simmer across the country.
The message quickly drew fire on X, where users slammed it as a betrayal of Irish identity in favor of globalist talking points.
One poster fired back: “The spirit is St Patrick? Wasn’t he the guy who ‘Chased the SNAKES out of Ireland?!?’ Don’t you see the similarity here?”
Another echoed: “St. Patrick chasing the snakes out of Ireland is not a metaphor for being friends and surrendering Ireland to foreign invaders.”
These reactions highlight growing frustration with leaders who seem more eager to virtue-signal on the world stage than protect their own country’s sovereignty and traditions.
Connolly’s address also touched on Ireland’s neutral stance and commitment to peace, claiming the nation is “uniquely placed” to address global challenges due to its history of famine and migration. But such rhetoric rings hollow as domestic unrest over immigration boils over, with recent changes easing pathways for newcomers while native concerns go unheeded.
This address reeks of complete capitulation. St. Patrick’s Day is supposed to honor Irish patriotism, not serve as a platform for diluting national pride under the guise of “hospitality.” If Ireland wants to preserve its heritage, it’s time to chase out the globalist snakes eroding it from within.
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Nvidia Shares Pump & Dump After CEO Jensen Expects “At Least” $1 Trillion In Revenue By 2027
Summary:
CEO Jensen began discussing all things AI around 1520 ET.
CEO Jensen said the data center AI opportunity will grow from half a trillion dollars to $1 trillion by 2027. CEO Jensen said, “Computing demand has increased by 1 million times in the last two years.”
A graphic on screen indicated that 60% of the business is hyperscalers.
CEO Jensen said, “We are now a computing platform that runs all of AI.”
CEO Jensen said, “Our cost per token is the lowest in the world.”
Nvidia unveiled the new Vera Rubin program.
* * *
Nvidia CEO Jensen Huang is speaking at the GTC 2026 in San Jose, California, about the company’s AI expansion.
Huang said the data center AI opportunity is growing from about half a trillion dollars to more than $1 trillion by 2027. He said that 60% of the company’s business comes from hyperscalers, adding that 40% is everything else, clouds, enterprise, robotics, gaming, supercomputing, etc.
The graphic shows that much of the demand is driven by model builders and AI companies such as Anthropic, xAI, Gemini, and OpenAI.
“We are now a computing platform that runs all of AI,” the CEO said.
The presentation initially sent Nvidia shares up as much as 4.8%, while the Nasdaq also moved higher, but most of those gains have now been erased.
A round trip for Nvidia shares.
Other highlights of Jensen’s presentation include…
Jensen says, “computing demand has increased by 1 million times in the last 2 years.” Hints at the current memory shortage created by the AI buildout of data entry.
On Tokens per watt: Jensen said, “Nvidia AI GPUs that can quickly get through more tokens than the competition.” He noted, “This is your revenue. Our cost per token is the lowest in the world.”
Nvidia unveils the New Vera Rubin program. It’s the company’s latest AI platform for AI data centers that is “vertically integrated completely with software.
Cuba’s National Electrical System has suffered what the country’s Energy Ministry called a “total disconnection,” and the causes are being investigated. This comes as Trump’s blockade of crude oil imports to the Caribbean island has reduced fuel stockpiles to dangerously low levels.
“A total disconnection of the SEN has occurred. The causes are being investigated, and protocols for restoration are being activated,” the Energy Ministry said on X around 1400 ET.
Earlier, we reported that Trump is in talks with Cuba and that a deal could be reached soon.
Over the weekend, Cuban President Miguel Díaz-Canel publicly admitted for the first time that Havana was in talks with Washington.
* * *
As Aldgra Fredly detailed earlier for The Epoch Times, U.S. President Donald Trump said on March 15 that the United States is in talks with Cuba and expects to reach a deal with the communist-ruled country soon.
Trump told reporters aboard Air Force One that “something will happen with Cuba pretty quickly,” and that Washington will decide on Cuba after dealing with the war in Iran.
Trump on Jan. 11 told Cuba to strike a deal after U.S. forces captured Venezuelan leader Nicolás Maduro in a Jan. 3 operation. Cuba has long been a close ally of Maduro’s regime and has relied on Venezuela’s oil supply for decades.
After Maduro’s ouster, interim Venezuelan leader Delcy Rodríguez redirected oil deliveries to the United States.
“Cuba also wants to make a deal, and I think we will pretty soon either make a deal or do whatever we have to do,” Trump told reporters on March 15. “And so, we’re talking to Cuba, but we’re going to do Iran before Cuba.”
On Jan. 29, Trump signed an executive order imposing tariffs on any country that “directly or indirectly provides oil to Cuba,” a move that exacerbated fuel shortages in the Caribbean island nation.
In his order, Trump accused the Cuban regime of aligning itself with “hostile countries, transnational terrorist groups, and malign actors,” including Russia, China, and Iran, as well as U.S.-designated foreign terrorist groups Hamas and Hezbollah.
Cuban leader Miguel Díaz-Canel Bermúdez said on March 13 that his government has been negotiating with U.S. officials to identify and resolve any bilateral issues between the two nations.
“These conversations have been aimed at seeking solutions, through dialogue, to bilateral differences that exist between the two nations,” Bermúdez said, according to a statement posted by Cuban Foreign Minister Bruno Rodríguez Parrilla on social media. “There are international factors that have facilitated these exchanges.”
Bermúdez said his officials have expressed that negotiations must be held “on the basis of equality and respect for the political systems of both states,” as well as their sovereignty.
“This is a matter that unfolds as part of a very sensitive process that is conducted with seriousness and responsibility, as it affects the bilateral relations between the two nations and requires enormous efforts to find solutions and create spaces for understanding that allow us to move away from confrontation,” he said.
Trump said last week that Cuba currently faces severe humanitarian challenges amid disruptions in imported oil and is eager to negotiate with the United States. He also said there could be a “friendly takeover” of the nation, but also said that “it may not be a friendly takeover.”
Like many Americans, I grew up playing a fair amount of baseball. Part of this involved trying to hit a little round ball with the equivalent of a modified, wooden stick.
Like asset prices and market forces, this little white ball, thrown by a pitcher 60 feet away, could sink, curve or speed by you in bewildering and often embarrassing ways.
Sometimes, however, we hitters of that ball would be blessed with what is called a “fat pitch”—that is, a ball thrown so comfortably straight, clear and trackable that it was effectively impossible to miss.
Below, I’ll show why the set-up we are currently seeing in the global silver market is precisely that: A fat pitch.
Prior Silver Curve Balls
Of course, silver markets, like baseball players, have also seen a lot of curve balls and crazy swings.
We saw recent versions of this in December of 2025, when the COMEX price-fixers, with a little help from the Chicago Mercantile Exchange, or CME, raised margin prices to force a mass-selloff (i.e. price-fall) of the metal.
When that pitch failed, the COMEX threw another, far more effective margin hike (or “curve ball”) in late January of 2026 to openly engineer the single-worst silver price crash in 44 years.
The reasons for these tricky pitches at the COMEX were obvious. The big players (i.e., banks) going net-short silver were literally dying under the weight of silver’s rising price moves.
Not so coincidently, the CME/COMEX then initiated another, more effective, margin hike and thereby bailed the insider banks out of the mother of all short-squeezes.
There was no price discovery, but blatant price manipulation, as fixed/rigged as the 1919 World Series. (Ironically, both the CME and the cheating, 1919 White Sox hailed from Chicago…)
But as I argued in January, such a rigged game was nothing new. The COMEX has been playing it for decades, from defeating the Hunt Brothers’ silver bid in the 1980’s (with a sell-only trick) to crushing the “Reddit mob’s” attempt to bring honest demand (and pricing) to silver in 2021.
In short, the COMEX, and the banks who effectively self-regulate it, threw a lot of curve balls which were difficult to beat.
But as we enter the 2026 macro playing field, it is the COMEX itself which is about to strike out, and this bodes extremely well for silver.
Here’s why.
Silver: About to Hit a Homerun
The set-up for silver is now nothing short of extraordinary. In fact, it is unprecedented.
At 30,000 feet, the big picture remains the same. That is, as currencies are debased to monetize unsustainable sovereign debt levels, monetary metals like silver outshine dying paper currencies.
It’s really that simple.
But the more nuanced, and often misunderstood, tailwinds for silver are a bit more complicated, though entirely clear once you know where to look.
And the first place to look is at the COMEX itself, where silver (like gold) has been manipulated downwards for decades. We’ve covered the motives, means and symptoms of this COMEX price fix in greater detail elsewhere.
What is worth noting here, however, is critical. That is, once the physical silver leaves the COMEX, the artificial price-fixing charade ends, and silver naturally rips higher.
Paper Claims vs. Physical Demand
Traditionally, for example, paper claims on silver (and gold) never resulted in actual delivery out of the COMEX. Instead, the contracts were simply rolled over or cash-settled.
But those days are ending.
As of this writing, there are more paper claims (“open interest) on the COMEX silver exchange than there are actual ounces of “registered” silver to meet delivery. In fact, there’s only about 80 million ounces on hand to meet over 570 million ounces of delivery demand.
That’s a levered mismatch of 7:1 at the COMEX.
If we then consider the larger silver market itself, including ETF silver, derivative claims, futures contracts, etc., many analysts in the commodity space are quoting the number of paper silver claims to actual silver ounces at a ratio of 350:1.
Read that last line again.
No Chairs Left
If one were to think of the paper silver market as a game of musical chairs in which the “music” represents the actual amount of physical silver available and the “chairs” represents the number of paper claims on it, the supply & demand ratios above make it mathematically clear that once the music stops, there’ll be very chairs left standing with silver.
Or stated more simply, percolating physical silver demand is about to hit a supply shock, which means silver is poised to skyrocket.
And if you look at the COMEX silver flows, you’ll quickly discover that the music is slowing down.
January applications for silver deliveries at the COMEX, for example, came in at 40M ounces, which was 40X the normal delivery rate.
A more recent delivery took 20% off the COMEX inventory in a week. (I have no proof, but I’m guessing the buyer here was JP Morgan…)
Looming Delivery Failure
At this exit pace, it’s at least plausible that the COMEX could see a bald failure of physical delivery within 90 days.
But this, of course, would only happen if one assumed the COMEX wouldn’t declare some kind of emergency in the interim, which we can be almost sure they will…
Nevertheless, the screws are now undeniably tightening on this New York exchange in ways we’ve never seen before.
This classic mismatch of supply and demand in the silver space is unprecedented, and whether the price-fixers in New York like it or not, supply and demand forces still matter, and they can be powerful forces…
Supply Deficits Colliding with Rising Demand
For example, and as most silver investors know, this metal has seen five consecutive years of supply deficits at 200M ounces/year, now aggregating to a deficit of nearly 1 billion ounces. China’s recent export restrictions for silver, moreover, aren’t helping supply flows.
Meanwhile, in the silver future’s market, we are seeing backwardation, a fancy way of saying that current prices are higher than future prices, which is a screaming signal of high demand colliding with low supply.
These factors help explain why the current lease rate for silver is at 8% levels, whereas for the bulk of my entire investing career, the lease rate had never surpassed 1%– until now.
Combine such evidence of a supply shock with silver’s rising industrial demand (60% of silver’s demand is industrial) in everything from solar panels to the missiles now cris-crossing Middle Eastern skies, and we see all the makings of a historical price hike in the metal.
After all, the silver supply can’t be magically increased with just the touch of a button. 70% of silver production comes as a byproduct of other mining.
This means there’s no silver supply miracle on the horizon.
And Then There’s War…
What IS filling our horizon, however, is the fog of war and hence the fog of oil. Supply shocks matter to oil just as much as they do to any asset, including silver.
As crude oil rises thanks to tightening flows in the Strait of Hormuz, so does inflation, and for every $10.00 rise in oil, we see a 0.1% rise in even our otherwise openly bogus inflation scale.
And as inflation rises, as it will, the monetary profile of silver just gets another tailwind as an anti-fiat metal.
Back to Baseball
Which brings me back to my original point and metaphor.
When one combines silver’s monetary profile with its rising industrial demand in a backdrop of historical supply deficits, COMEX delivery failures, rising lease prices, futures market backwardation, and all that is inherently backward as to war and rising oil, we arrive at what comes to nothing more than an unprecedented “fat pitch” for silver.
Marjorie Taylor Greene Tells CNN That MAGA Feels ‘100% Betrayed’ By Iran War
Former Rep. Marjorie Taylor Greene has become a big fan of CNN since her departure from Congress since, we’re guessing, FOX and Newsmax aren’t excited to give her a platform of late. On Monday, she appeared on The Situation Room to once again declare doom and gloom for the MAGA movement… with a little help from the host.
During the interview, host Pamela Brown asked what she’s hearing from Trump supporters in Georgia regarding Iran, playing up the Israel angle.
“Are you hearing from them that they believe President Trump is doing this on behalf of Israel?” she asked. “Bring us there.”
Greene, who has been a thorn in Trump’s side since leaving office, painted a picture of a Republican base that is fractured and angry over the ongoing military operation in Iran, and
“It’s actually very split. And it’s split along generational lines,” she said.
“Many of the older Americans from the Baby Boomer generation that watch Fox News all day long very much believe the talking points on Fox News, and they have spent decades of their lives convinced that fighting these wars is the right thing to do,” she explained.
She then pointed to the next wave of voters, who see the issue through a completely different lens.
“But the younger generations – I’m Gen X – millennials and Gen Z are very much against this war,” Greene continued. “And so, when you talk to people on the ground, that’s how it comes across. It’s very generational. And the younger generations are completely against it.”
Marjorie Taylor Greene: “It’s turned into some perverted, deranged version of MAGA now that nobody wants” pic.twitter.com/OceBnJpLnp
That sentiment echoes something that has been brewing in conservative politics since Trump entered the political arena. Younger voters inside the America First movement tend to view foreign wars as expensive distractions from domestic priorities. Greene leaned straight into that argument.
“We want world peace. We want good trade. We want a great economy. We want a lower inflation, lower the cost of housing,” she said. “And younger generations want to be able to afford their American lives, and they don’t want their taxpayer dollars shipped off to — and you can fill in any foreign country.”
She emphasized that the frustration extends beyond any one ally or region.
“We will take Israel out of it. They don’t want their money sent overseas,” Greene said. “And you know what? They’re right for saying this.”
She even argued that the military operation in Iran is a betrayal of the movement that carried Donald Trump back into the White House.
“This is absolutely absurd,” she said. “And it’s 100 percent a betrayal to what MAGA was supposed to be when we voted in 2024, and it’s turned into some perverted, deranged version of MAGA now that nobody wants.”
“And a lot of people are just like, this doesn’t make sense,” she added.
Polling on Iran has been mixed.
A CNN poll earlier this month showed that while a majority of voters (59%) opposed military action in Iran, a whopping 77% of Republicans approved of the decision, which hardly suggests the party is divided. However, there may be some truth to what Greene said.
Within the Republican Party, there is a sharp divide between those who say they consider themselves part of the “Make America Great Again” movement and those who do not, a division that appears largely linked to trust in the president. MAGA Republicans are 30 points more likely than non-MAGA Republicans to say they strongly approve of the decision to take military action, 34 points likelier to say it will reduce the threat Iran poses to the US and nearly 50 points more likely to say they have a great deal of trust in Trump to make the right decisions about US use of force in Iran.
However, more recent surveys show that Americans have been warming up to the Iran strikes. A Washington Postpoll from last week showed the country was more evenly divided on the strikes, with a plurality, 42% supporting the strikes, 40% opposing them, and 17% indicating they were unsure – a stunning change from its previous survey when 52% were opposed, 39% supported, and just 9% were unsure. Republican support for continuing the strikes even increased by 12 points. Fox News similarlyreported a more even split of 50% support and 50% opposition, with 84% of Republicans supporting.
Yet, a Quinnipiac poll revealed that support changes drastically when it comes to boots on the ground – which 2,200 Marines may (or may not) provide.
SNAP Recipients Claim Trump Trying To “Destabilize Food Access”, Sue Feds Over Junk Food Ban
The Make America Healthy Again agenda just found its first serious legal challenger. This week, five food stamp recipients filed suit in Washington, D.C., federal court demanding the right to spend taxpayer-funded SNAP benefits on candy, soda, and energy drinks.
The plaintiffs filed the lawsuit against the U.S. Department of Agriculture (USDA) over its growing list of “food restriction” waivers, which Agriculture Secretary Brooke Rollins began approving back in May 2025. Since then, 22 states have signed on, each with their own specific list of banned items — generally soda, energy drinks, candy, and pre-packaged desserts.
Both Rollins and Health and Human Services Secretary Robert F. Kennedy Jr. have championed the waivers as a concrete step toward addressing chronic disease and redirecting taxpayer money toward genuinely nutritious food.
“The Trump Administration is unified in improving the health of our nation. America’s governors have proudly answered the call to innovate by improving nutrition programs, ensuring better choices while respecting the generosity of the American taxpayer,” Rollins said last year.
“Each waiver submitted by the states and signed is yet another step closer to fulfilling President Trump’s promise to Make America Healthy Again.”
The lawsuit claims they had no right to do this.
The five plaintiffs. residents of Colorado, Iowa, Nebraska, Tennessee, and West Virginia, and represented by the law firm Shinder Cantor Lerner, argue in their complaint that the restrictions “destabilize food access” for SNAP participants in the 22 affected states.
They claim the USDA exceeded its legal authority by approving the waivers without soliciting public input, establishing proper evaluation metrics, or engaging those directly impacted by the waivers first, in accordance with the Administrative Procedure Act.
The lawsuit further contends that the relevant section of the Food and Nutrition Act only authorizes pilot projects designed to “enhance the efficiency” or improve the delivery of benefits — and that banning specific food items accomplishes neither.
“SNAP is a critical lifeline for millions of families and households, and Congress has established clear guardrails for how the program must operate across the country,” Jeffrey Shinder, founding partner at Shinder Cantor Lerner, claimed in a statement to Newsweek.
“The USDA is attempting to bypass those strict guardrails by empowering states to curtail access to SNAP in ways that will create significant hardship on recipients and retailers. We urge the Court to halt this attack on SNAP, which threatens millions of individuals’ access to essential food assistance nationwide.”
The plaintiffs claim they or their family members rely on the restricted foods to manage health conditions such as diabetes and allergies, or to obtain energy boosts for daily life.
The claim that sugary drinks and candy are medically necessary for diabetics runs directly counter to established dietary guidance. One plaintiff argues that her state’s waiver would restrict her daughter to only three “safe” foods and beverages — one of which is bottled water.
The plaintiffs also argue that confusion is another problem impacting SNAP recipients.
“We are focused on litigating the case we filed yesterday and securing relief for the plaintiffs already before the Court. At the same time, we remain open to expanding the case to challenge similar waivers in additional states. SNAP serves as an essential support system for millions of families,” added Meegan Hollywood, a partner at the firm.
“The waivers create confusion at checkout and force retailers to apply standards that are vague and unworkable. A program that millions of families rely on cannot operate amid confusion and uncertainty. Our complaint details how these policies are already harming recipients in multiple states and undermining the very families SNAP is meant to support.”
That framing assumes junk food is a non-negotiable line item. Recipients who want soda and candy remain free to purchase them — with their own money.
Trump Says US “Hammering Iran’s Ability To Threaten Shipping”, Warns Xi Summit Could Slip If Beijing Bails
Summary:
Trump reiterates military campaign continuing in full force, main efforts to Iran’s threat to shipping
Trump presses for multinational Hormuz escort coalition as allies hesitate; Bessent says US allowing limited Iranian, Chinese, and Indian tanker transits “for now” to stabilize global supply.
Bessent downplays link to Trump-Xi summit, calling any potential delay “logistical” due to Iran war coordination needs.
Trump floated delaying March 31–April 2 Beijing meeting unless China helps reopen Strait fully, citing Beijing’s heavy reliance on Gulf oil.
Europe reluctant to join Hormuz operation, Germany outright rejects it alongside Italy and Greece: Trump warned of a “very bad” future for NATO if allies don’t help reopen the strait. UK also says it won’t be ‘NATO-led’.
Iran rejects ceasefire, vows prolonged defense; selective Hormuz policy continues, with traffic still down 70-90% and only “friendly” vessels passing safely.
Gulf energy infrastructure under ongoing attack; regional proxies (Houthis, others) threaten further disruptions to bypass routes.
* * *
Trump says US “Hammering Iran” to Ease Shipping Concerns
President Trump has provided an update on the ongoing U.S. military campaign against Iran, describing it as continuing in full force over the past several days.
“They have been literally obliterated … their leaders are gone”: President Donald Trump discusses the war in Iran and the Middle East and says the U.S. and Israel are “doing what should have been done many years ago.” More: https://t.co/w1oXVmv975pic.twitter.com/cOs3scdVqv
He claimed significant successes, including striking more than 7,000 targets across Iran, decimating the country’s anti-aircraft equipment, and achieving a 95% reduction in Iran’s drone attack capabilities.
Trump emphasized that Iran’s missile and drone manufacturing plants have been heavily targeted, leaving the country with few missiles remaining and severely hampered ability to produce more: “hammering Iran’s ability to threaten shipping.”
Trump highlighted specific actions against Iran’s naval and strategic assets, noting the destruction of more than 30 mine-laying ships and strikes on Kharg Island – described as largely destroyed except for the oil pipes area.
He warned that with one simple order, the remaining oil infrastructure there could be eliminated, underscoring efforts to undermine Iran’s capacity to threaten shipping in the Strait of Hormuz.
He expressed uncertainty about whether mines have already been deployed in the strait and strongly urged other nations, including China and Japan, to assist in securing the waterway, noting that some countries have shown little enthusiasm for helping.
These comments reflect Trump’s portrayal of a highly effective and intensifying operation amid the broader U.S.-Israeli conflict with Iran, while shifting some responsibility for regional stability to international partners.
Hormuz ‘Selected Disruption’
The Iran war and Strait of Hormuz crisis remain in a tense selective-disruption phase rather than full closure, with Brent crude pulling back today (around $102 after earlier spikes) as markets digest weekend strikes and fresh US comments. The US precision bombing on Kharg Island hit only military assets (mines, missiles, air defenses) – leaving the oil export terminal (up to 90% of Iran’s loadings) untouched and operational. As Rabobank notes, “Trump was at pains to be clear that oil infrastructure was not targeted, but the implicit threat that it could be is an unsubtle one,” with Trump later joking about further strikes “just for fun.”
Tanker crossings via the Hormuz with AIS transponders. Now we’ve reported that some tankers have been turning off their transponders to go stealth through the waterway.
Latest Bloomberg ship-tracking data shows the Strait, on either side, is a massive parking lot of tankers. This could take weeks, if not longer, to unclog.
The USS Tripoli (light carrier with ~2,500 Marines and F-35Bs) has been redeployed to the Persian Gulf, fueling speculation about potential boots-on-ground roles (securing Kharg or clearing northern approaches), which Rabobank flags as a “major escalation.” Limited Iranian attacks hit US-aligned Gulf oil assets over the weekend, and Fujairah port saw fresh strikes today. Iran’s selective policy holds: traffic is still down 70-90%, but “friendly”/neutral vessels (Iranian, Chinese, Indian, Pakistani) continue limited transits. The standout today remains the Pakistan National Shipping Corp tanker Karachi (Abu Dhabi crude) safely crossing with full AIS active — the clearest non-Iranian success yet.
Diplomacy & China
On the diplomatic front,Treasury Secretary Scott Bessenttold CNBC’s Squawk Box this morning that the US is deliberately “allowing Iranian oil tankers to transit the Strait of Hormuz” and is “fine” with some Indian and Chinese ships moving through “for now… to supply the rest of the world.” He highlighted “more and more of the fuel ships start[ing] to go through” and a possible “natural opening” the Iranians are permitting – a tactical concession to stabilize global supply while full escorts remain “militarily” off the table for now.
🇺🇸🇮🇷 U.S. Treasury Secretary Scott Bessent on the Strait of Hormuz:
“The Iranian ships have been getting out already, and we’ve let that happen to supply the rest of the world. We’ve seen Indian ships go out now… we also believe some Chinese ships have gone out” pic.twitter.com/QswYbQDh3m
Bessent said crude oil prices should fall “much lower” than $80 per barrel after the war is over, adding that when the war is over, the “world will be safer and we will be better supplied.”
🇺🇸🇷🇺🇮🇷 U.S. Treasury Secretary Scott Bessent:
“Which is more? If oil spiked to $150 but Putin was getting 70% of that, or oil stays at $95 to $100? Where is he getting more money? If it spikes to $150. So roughly his coffers are unchanged. In terms of the Russian Federation, it… pic.twitter.com/MN0iWL2aCU
Glimmers of de-escalation persist, per Rabobank: Hamas (an Iranian proxy) called for Iran to cease attacks on neighbors (speculated as an off-ramp signal), Iran struck passage deals with India/Bangladesh, and FM comments framed the strait as “not closed to anyone other than the US, Israel and their allies.” Yet counters are loud – Houthis threaten Red Sea escalation (risking Saudi’s 5-7 mn bbl/day bypass pipeline), Trump rebuffs ceasefire (Iran demands US withdrawal + reparations), and prediction markets price ceasefire odds before month-end at just 14%. The WSJ reports the US is forming an international naval escort coalition, with Trump demanding “about seven” countries help.
That said, by the looks of it most of Europe wants to avoid what’s looking like a recipe for another quagmire in the Middle East. Ironically, Iran is bordered by two countries which were subject of over two decades of US-led war and occupation.
For example, after Italy had earlier made very clear it will have no involvement, Al Jazeera reports:
The war in Iran has nothing to do with NATO, a German government spokesperson says, adding that Germany would not take part in the war nor in keeping the Strait of Hormuz open through military means.
“As long as this war continues, there will be no participation, not even in any effort to keep the Strait of Hormuz open by military means,” the spokesperson said. Greece also will not engage in any military operations in the Strait of Hormuz, Greek government spokesman Pavlos Marinakis said.
And Britain too while signaling openness says it won’t be NATO-led:
Prime Minister Keir Starmer said on Monday Britain would not be drawn into a wider war in Iran but would work with allies on a “viable collective plan” to reopen the key Strait of Hormuz, though he acknowledged that would not be a simple task.
…Starmer told a press conference that reopening the strait was the only way to stabilize energy markets, and that he was talking to allies in Europe, the Gulf and the U.S. on a plan to secure freedom of navigation. He said it would not be a NATO-led mission.
The dominant pressure point is US-China leverage. Rabobank nails it: “Trump wants Hormuz open again. Xi wants guarantees that Gulf oil will continue to flow to Chinese refineries, Chinese industrial producers will have markets to sell to, and Chinese consumers will have food to import.” Speaking with FT on Sunday, Trump floated delaying the March 31–April 2 Beijing summit unless China helps reopen the strait, paraphrasing Connally: “it’s our war, but it’s your problem.” Bessent walked this back today as purely “logistical” (Trump may need to stay in DC for war coordination), not direct pressure — but the linkage and China’s heavy Gulf-oil dependence remain crystal clear. For Xi, the summit could become the moment Beijing quietly directs Tehran to ease restrictions… or risk Kharg-style escalation hammering China’s import-dependent industrial economy.
Mojtaba Khamenei’s appointment of hardliner Mohsen Rezaei as military adviser adds hawkish continuity on the Iranian side. Overall, markets see a bullish crude tone from risks but “glimmers” of hope; the situation stays highly fluid — watch for coalition announcements, next tanker flows, or any Iranian response in the coming hours.
Tanker traffic on the key shipping lane in the Strait remains paralyzed. Last week, tankers began broadcasting “Chinese” on AIS as one way to transit the waterway.
Meanwhile, Bloomberg reported earlier that a Pakistan-flagged Aframax called “Karachi” hugged the Iranian coast in the Strait unscathed. It sailed from Fujairah in the UAE last month and now has a port call in Pakistan, according to ship-tracking data.
First non-Iranian cargo transits Strait of Hormuz with AIS on
The Aframax tanker Karachi, carrying Abu Dhabi’s Das crude, has become the first non-Iranian cargo to transit the chokepoint while broadcasting its AIS signal, suggesting that select shipments may be receiving… pic.twitter.com/Q6j6W3Cxz3
— Sal Mercogliano (WGOW Shipping) 🚢⚓🐪🚒🏴☠️ (@mercoglianos) March 16, 2026
President Trump stated earlier that the “war will end soon.”
IEA Executive Director Fatih Birol commented on the 32-nation emergency SPR dump and how it has begun to have a “calming” effect on energy markets to begin the week:
Iran’s Kharg Island export hub is a major focus for us, and what happens next, including what the Trump administration decides to do with it, remains in focus.
Rabobank analysts offered their take on Hormuz events:
The Strait of Hormuz stays under selective Iranian disruption rather than full closure. Traffic is down 70-90%, but vessels tied to “friendly” or neutral countries — especially China, Pakistan, India, and Turkey — continue limited transits.
Hormuz is all about transit flows at the moment, with some unclogging clearly underway and energy markets moving lower in direct response. The key question now is whether this is sustainable, and whether China joins Trump’s naval coalition to fully reopen the Strait (read here).
EARLIER…
President Trump and his top officials spent the weekend on the one hand touting the Iran campaign a decisive military win and supposed success, while on the other racing to assemble a naval coalition to force open Tehran’s chokehold on the Strait of Hormuz, all the while imploring other countries for help. Europe appears deeply reluctant, with some key NATO countries already slamming the door on this prospect.
“As far as I’m concerned, we haveessentially defeated Iran,” President Trump said in some of latest remarks aboard Air Force One. “They want to negotiate badly, as they should, but I don’t think they’re ready to do what they have to do… We will finish the job,” he claimed.
Ceasefire Rejected
But then on Monday Iranian Foreign Minister Abbas Araghchi rejected calls for a ceasefire, insisting Tehran intends to impose steep and bloody costs on the aggressors. “The reason we say we do not want a ceasefire is not because we are seeking war, but because this time this war must end in such a way that our enemies never again think of repeating these attacks,” Araghchi said at a press conference.
“I think they have already learned a good lesson and understood what kind of nation they are dealing with.” He also dismissed reports that Iran had quietly sought negotiations: “As we have said many times and I reiterated last night in an interview with an American network, we have sent no messages and do not request a ceasefire.”
Still, Trump is pressing forward on plans for NATO to send allied ships. According to US officials cited in The Wall Street Journal, there are plans for as soon as this week to announce that multiple countries have agreed to join a coalition escorting ships through the strait. All of this, and especially a timeline, still seems up in the air.
And separately per Axios, the White House is simultaneously considering the far more aggressive option of seizing Iran’s main oil export hub on Kharg Island, after much of it has been subject of heavy US bombing, which started overnight Friday, but reportedly left oil terminals and vital export infrastructure in place.
Boots on the Ground
There remains widespread speculation that this is what the multi-thousand strong Marine Expeditionary Force currently en route is all about, raising the states even higher.
A direct Kharg Island seizure would require American boots on the ground – already asIran’s retaliatory blockade of the narrow strait has sent oil and gas prices climbing as a major share of global crude supply remains effectively frozen.
Allies on the Sidelines
Trump on NATO and Iran:
Whether we get support or not, but I can say this — and I said it to them — we will remember. pic.twitter.com/uki36COerk
This is apparently what’s behind Trump’s growing urgency – and some might day desperation – for allies to step up, with the US president having told European leaders there could be a “very bad” future for NATO if member states fail to help reopen the Strait of Hormuz, according to Financial Times.
Military Attacks
Iran meanwhile continues to send missile and drones on America’s gulf allies and energy infrastructure, with Saudi Arabia saying it intercepted 61 drones over its territory since midnight, though potential impact sites of projectiles what got through weren’t immediately disclosed.
Iranian Foreign Minister Abbas Araghchi says the regime is not in a war of survival, telling @margbrennan the regime is “stable and strong enough.”
“We don’t see any reason why we should talk with Americans, because we were talking with them when they decided to attack us, and… pic.twitter.com/AQdyeWBiFu
Flights at Dubai International Airport have been suspended after a fuel take went up on flames. “An Iranian drone attack ignited a fuel tank at Dubai International Airport early Monday, authorities said, as Tehran continued to strike civilian infrastructure across the Persian Gulf,” Washington Post reports. Fujairah has also been hit again.
The Israeli military has said Monday it has begun “wide-scale wave of strikes targeting infrastructure” in the Iranian cities of Tehran, Shiraz, and Tabriz simultaneously. It has vowed to keep hitting Iran “as long as needed” – suggesting no quick end amid the war’s third week.
But Israel also faces unprecedented bombardment by Iran’s sophisticated missile and drone arsenal. Israel’s Health Ministry has newly announced that at least 3,369 people, including civilians and military personnel, have been wounded and injured – with many hospitalized – since the war’s start. At least a dozen people have been killed, but the true numbers could be significantly higher as Israel’s military has censored a lot of wartime information.
