Authored by Jack Miller via RealClearPolitics,

My grandparents landed on Ellis Island in 1902 with their 1-year-old son, my father, in their arms. Twenty-seven years later, in 1929, I was born. They had fled what was taking place in Tsarist Russia, with the Cossacks and other government forces running wild, attacking, raping, and killing Jews.

It wasn’t until many years later that I really appreciated the great gift they gave me by coming to a country where everyone has the freedom to pursue one’s own dreams, a country whose vision is that all should be judged as individuals – judged, as Martin Luther King Jr. said, “by the content of their character.”

I was in grade school and high school during the Second World War. In our first class every morning we pledged allegiance to the flag of our country. During many assemblies, we sang the National Anthem. On Saturday afternoons we watched the war unfold on the big screen in the local movie house. On Sunday evenings we crowded around the radio to hear Walter Winchell give us the latest news on the war in his fast, staccato manner. Patriotism was in the air, and we loved America.

Fast forward to 1956 when I was 27 years old. I started my own business with the phone in my dad’s chicken store and $2,000 borrowed from my father-in-law and a wholesaler who would sell me goods to fill the orders I got. With that and some catalogs supplied by the wholesaler, where I could rubber stamp my company name, Quill, on the cover, I started out calling on businesses across Chicago, selling office supplies.

A year and a half later my younger brother joined me, and 20 years after that our older brother joined. Then in 1998, 42 years after starting, we sold our company, Quill Corporation, to Staples. We had become one of the largest office products dealers in the country, with over 800,000 customers nationwide.

I have lived the American Dream. Some say that dream is dead today, but I beg to differ. One of the great promises of this country is that an estimated 400,000 to 500,000 new businesses were started the year I started Quill. In 2024, there were 5.5 million applications for new businesses. The population in 1956 was about 175 million and about 340 million in 2024. So, there were 10 times as many new businesses started in 2024 as compared to 1956, in a nation where the population has only doubled.

What these numbers show is that vast numbers of our citizens believe that they can fulfill their entrepreneurial aspirations, which gives lie to the claim that the American Dream is obsolete.

Some are claiming that America is inherently a racist nation, that all white men are racists. Well, this old white man must also beg to differ with this canard. Our national motto is “E Pluribus Unum,” out of many, one. The Declaration of Independence puts forth the American creed “that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness” – which is exactly opposite of the claim that we are an inherently racist nation.

We haven’t yet fully realized that vision, but a true reading of our history shows we have come a very long way toward achieving it. The fulfillment of that vision is what we must continue to work on. That should be the mission of the younger generations.

And then, of course, there are ongoing efforts by some to break us down not only by race but also by sex, sexual orientation, and in other ways that are antithetical to American ideals. Again, this old white man must dissent. That goes against all that we stand for and all that we have been striving to achieve over these past 250 years.

Decline in Patriotism

When I was growing up and building my business, patriotism was in the air, and we loved America. Now, a 2023 Gallup poll shows that only 38% of young Americans ages 18 to 34 say they are extremely proud to be an American, while 67% of those 55 and older say they are.

Traditional patriotism has declined among younger generations, being replaced with a lot of misinformation about America and about the progress we are making toward realizing our founding vision. Some are even advocating that we change our form of government.

How did this happen? I realize that there are always some who are working to change us from being a nation based on meritocracy – in our “pursuit of happiness” – to a nation based on equal outcomes for all, an impossible dream that has failed every time it has been tried. How did we get to a place where so many other young people seem to be agreeing with them?

The culprit, I believe, is our educational system. Some of the Vietnam War protesters in the 1960s and 70s became professors, and over the years as they gained seniority, they reshaped the faculty of our institutions of higher education in their own image. Like all those throughout history who wanted to take this country in a different direction, they knew they had to erase the history, the memory, of the country and supplant it with something different.

And that is what has been happening over these past 60-plus years. The teaching of America’s founding principles – the teaching of America’s long history of working toward achieving that vision of the Declaration of Independence – has been downgraded, or even eliminated from, the curricula in most of our colleges and universities. And, more recently, realizing that they must start indoctrinating children at a younger age, the same has been happening at the K-12 level.

Rebirth of Civic Education

Realizing that fewer of our young people were proud to be Americans, 20 years ago I started the Jack Miller Center for Teaching America’s Founding Principles and History. We started at the university level and later expanded into the K-12 arena. We have had good success building a network of over 1,200 professors on more than 300 campuses.

Belatedly made aware of what is happening inside our schools, Americans have become angry. They are demanding that our schools teach about America, its vision, its founding principles designed to achieve that vision, and its 250-year history of progress toward achieving that vision. So, the wind is at our back in this effort.

Some states are passing laws requiring that their public universities must have a separate department to teach America’s founding principles and its history, as well as Western Civilization in general. Those departments will create their own masters and doctorate programs to further revitalize the teaching of these principles and of our history. The heads of these departments are hiring professors apart from the influence of other professors on campus who are opposed to such teaching. These departments will also reach out to K-12 teachers in their states so these teachers can better teach their students. At the Jack Miller Center, we are playing a major part in this effort.

If those who want to tear us apart by race, color, sex, and sexual orientation succeed, it will destroy us as a nation. And, yes, this old white man begs to differ on all they are doing. This is not what my grandparents came to this country for.

Many in this country fear the threat of China, North Korea, or even nuclear-equipped Russia. But I fear the threat that comes from within even more.

Now, at the age of 96, 123 years after my grandparents came to this country with my one-year-old father in their arms, as I look back on my life, I am even more grateful to them for having the courage to make the trip. And I want to preserve the gift they gave me for my children, grandchildren, and seven – so far – great-grandchildren.

Jack Miller is founder and chairman emeritus of the Jack Miller Center for Teaching America’s Founding Principles & History.

Via American Greatness,

U.S. Secretary of the Treasury Scott Bessent laid out President Trump’s financial policy priorities for the American Bankers Association (ABA) on Wednesday, saying that Main Street America will now take priority.

Bessent speaking at the ABA’s Washington Summit, said, “For too long, financial policy has served large financial institutions at the expense of smaller ones— no more.”

The Treasury Secretary stated that, “It’s Main Street’s turn to hire workers, it’s Main Street’s turn to drive investment and it’s Main Street’s turn to restore the American dream.”

🇺🇸 TREASURY SEC BESSENT: MAIN STREET TAKES PRIORITY NOW

“For too long, financial policy has served large financial institutions at the expense of smaller ones— no more.

This administration aims to give all banks a chance to succeed, whether it’s JPMorgan or your local mortgage… https://t.co/OhiTVEvAwP pic.twitter.com/qA1mMhRvPV

— Mario Nawfal (@MarioNawfal) April 9, 2025

Bessent announced the Trump administration’s shift to focusing on helping Main Street businesses and consumers thrive by giving all institutions a chance to succeed, adding, “For the last four decades, basically since I began my career in Wall Street, Wall Street has grown wealthier than ever before, and it can continue to grow and do well.”

Addressing fears of a looming recession, Bessent defended Trump’s agenda of tax cuts, deregulation and trade rebalancing and noting that, 

“We want to de-leverage the government sector, re-leverage the private sector …. we can’t do it all at once, or that will cause a recession.”

Bessent added, 

“What will keep us from having a recession is making sure that the tax bill doesn’t expire, adding back 100% depreciation and then adding some of President Trump’s agenda — no tax on tips, no tax on Social Security, no tax on overtime.”

In an interview on CNBC, Bessent reiterated the president’s goal of bringing jobs and manufacturing back to the U.S. as well as raising wages, increasing revenues and reviving the American dream.

President Trump’s end goal is bringing jobs and manufacturing back to the United States, raising wages, increasing revenues and reviving the American Dream. I’m proud to be working alongside him on behalf of the American people as we right the wrongs of longstanding global trade… pic.twitter.com/b4OxB5n6am

— Secretary of Treasury Scott Bessent (@SecScottBessent) April 8, 2025

CNBC reports that while the wealthy own the majority of stocks, Main Street’s participation in the stock market has soared with the advent of individual retirement accounts (IRA) in the 1970s and 401(k)s during the Reagan administration.

A new report from market tracker Canalys shows that PC shipments in the first quarter grew at the fastest pace since the early pandemic days, as tech-savvy consumers rushed to stock up on devices—mainly sourced from Asian supply chains—ahead of today’s tariff turmoil. 

Laptop shipments jumped 9.4% to 62.7 million units in the first quarter, the fastest pace since 2Q21. Much of the surge in PC shipments was attributed to demand from the U.S. market ahead of tariffs, according to Bloomberg, citing the report.

“As the next round of higher tariffs on more countries goes into effect, both direct and indirect impacts threaten global PC market recovery and Windows 10 End of Support induced momentum,” Canalys analysts said.

They noted that pulling forward demand will lead to a plunge in orders in the following quarters: “Subsequent quarters this year are likely to see a slowdown as inventory levels normalize and customers face higher prices.”

Here are some PC companies with heavily exposed supply chains in China and Asia that ship to the U.S.—and will almost certainly be forced to hike prices:

Apple

• Most Apple products (MacBooks, iPads, etc.) are assembled in China by Foxconn and Pegatron.

• Shipped globally, with the U.S. as a key market.

HP (Hewlett-Packard)

• Manufactures many of its laptops and desktops in China through OEM partners like Quanta, Foxconn, and Compal.

Dell

• Uses Chinese manufacturing partners including Compal, Wistron, and Pegatron to produce laptops and PCs for global distribution.

Lenovo

• While headquartered in China, Lenovo manufactures extensively within the country and exports to the U.S. (also has U.S.-based facilities, but China remains key).

Acer

• A Taiwanese company, but much of its assembly and supply chain is based in China before shipping worldwide.

ASUS

• Another Taiwan-based company, with a strong Chinese manufacturing footprint for laptops and components.

Microsoft

• Surface devices are largely produced in China, through partners like Pegatron

For a glimpse into Apple’s overseas manufacturing operations, the supply chain platform Sayari shows the latest Apple suppliers originate from India to Taiwan and Vietnam to China.

Here’s more data from Bloomberg about Apple’s complex supply chain throughout Asia.

A separate Bloomberg report noted at the start of the week that consumers “dashed” to stores nationwide ahead of the tariff deadlines.

Canalys analyst Ben Yeh noted that countries hit by Trump’s tariff blitz “have shown a willingness to negotiate, raising the possibility that the tariffs may eventually be reduced or waived, while China has responded swiftly with a new round of reciprocal tariffs.” 

Wall Street analysts have been trying to determine the impact of the 104% China tariff on PC and smartphone prices, with some speculating that these devices could cost in the thousands.

Just as a reminder, last week we posed a question—and provided answers—for our readers: Will Hoarders Spark Run On Imported Goods? These Are The Most-Exposed US Retailers … 

Authored by Michael Lebowitz via RealInvestmentAdvice.com,

Deuteronomy 11:26 – “Behold, I set before you this day a blessing and a curse.” 

This biblical passage has been used countless times to describe the global economic structure in place since 1944. As World War II raged and Britain suffered significant financial stress, the allied forces signed the Bretton Woods Agreement. As part of the pact, the US dollar would replace the British pound as the world’s reserve currency. Since then, many of the original commitments have gone away. However, friends and foes of the US remain heavily dependent on the US dollar as its reserve currency. With it, they accept the blessings and curses that come with it. The unwritten US dollar reserve pact is and always has been unsustainable. Nevertheless, every US President since 1944 has fully supported it. Donald Trump may no longer be willing to pass the buck as his abrupt economic and foreign policy reversals signal economic revolution.

This article’s conjecture is based on speeches from Trump and his administration, as well as economic policy actions. We do not think that Trump truly wants to end the reign of the dollar as the global reserve currency. But, as we bullet below, he’s trying to change some of the key remnants of the unwritten Bretton Woods agreement:

• End or sharply reduce trade imbalances

• Greatly limit military assistance and make countries pay for military support

• Reduce the debt burden

• Onshore manufacturing

The current tariff situation is incredibly complex and fluid, with immense long-term ramifications. Thus, this article will likely be the first of many to convey how changes to long-standing economic policy may impact the economy and markets.  Stay tuned!

Before continuing, consider the following paragraphs from a speech on April 7, 2025, by the Council of Economic Advisers (CEA) Chairman Steve Miran. LINK to full speech.

Today I’d like to discuss the United States’ provision of what economists call “global public goods,” for the entire world.  First, the United States provides a security umbrella which has created the greatest era of peace mankind has ever known.  Second, the U.S. provides the dollar and Treasury securities, reserve assets which make possible the global trading and financial system which has supported the greatest era of prosperity mankind has ever known.

Both of these are costly to us to provide.  On the defense side, our men and women in uniform take heroic risks to make our nation and the world safer, preserving our liberties generation after generation.  And we tax hardworking Americans mightily to finance global security.  On the financial side, the reserve function of the dollar has caused persistent currency distortions and contributed, along with other countries’ unfair barriers to trade, to unsustainable trade deficits.  These trade deficits have decimated our manufacturing sector and many working-class families and their communities, to facilitate non-Americans trading with each other.

Triffin’s Paradox

We have written several articles on the dollar’s status as the global reserve currency and how it impacts the US and global economies. Because this topic is essential to understanding the current tariff situation, we share a few paragraphs from our article, Our Currency, The World’s Problem Part 1.

In 1960, 11 years before Nixon’s suspension of gold convertibility and the effective demise of the Bretton Woods Agreement, Robert Tiffin foresaw this inevitable problem in his book Gold and the Dollar Crisis: The Future of Convertibility. According to his logic, the privilege of becoming the world’s reserve currency would eventually carry a heavy penalty for the U.S.  

At the time, few paid attention to Triffin’s thesis. However, he was invited to a congressional hearing of the Joint Economic Committee in December of the same year. 

What he described in his book and Congressional testimony became known as Triffin’s Paradox. Events have played out primarily as he envisioned. Essentially, he argued the reserve status forces a good percentage of global trade to occur in U.S. dollars. For trade and global economies to grow under such a system, the U.S. must supply the world with U.S. dollars. 

To supply the world with dollars, the United States must consistently run a trade deficit. Running persistent deficits, the United States would become a debtor nation.

A Circular Unsustainable Scheme

Foreign nations require US dollars for trade with the US and to transact with most other countries. Thus, they must hold dollars in reserve and frequently lend and invest those dollar reserves in the US financial markets. Foreign nations and corporations also borrow US dollars to boost their dollar liquidity. The need, or requirement, to hold dollars tends to bolster the dollar’s value over other currencies. Consequently, US exports become less competitive, and imports become more attractive. This fosters a growing trade imbalance, perpetuated as foreign nations lend dollars back to the US, allowing for debt-driven consumption of imported goods.

As the US and global economies have grown, US trade deficits and outstanding debts have increased. Thus, our reliance on more debt has increased, and with it, there is a need for lower interest rates to service it. The problem is self-reinforcing. Furthermore, the US manufacturing base has diminished throughout the process as cheaper imports are favored.

Consider the bullet points below and their accompanying graphs.

• The ratio of US Treasury debt to GDP has grown substantially.
• The foreign trade deficit has grown 25x over the last 30 years.
• The role of manufacturing in the US economy continues to erode.
• According to US Treasury TIC data, foreigners have lent us $26 trillion in US debt and equity. That number likely understates foreigners’ total investment in the US.

Other Considerations

In exchange for what some deem the “exorbitant privilege” of having the reserve currency and being able to borrow endlessly, the US has an unspoken agreement to provide military protection and arms to our allies. Doing so has further indebted our nation and increased our reliance on foreign funding and, again, low interest rates.

On the plus side, America is not subject to the same magnitude of currency devaluation risk that can wreak havoc on other countries. We do not need to convert dollars into another currency to purchase foreign goods or services. Thus, periods of dollar depreciation have little impact on inflation levels. Moreover, the Federal Reserve sets monetary policy primarily based on economic and financial conditions in America. However, because of the importance of exchange rates and the extensive foreign dollar holdings and international borrowing in dollars, much of the world is subject to US monetary policy, whether it’s appropriate for them or not.

Due to the dollar’s reserve status, America has grown more dominant in the economic and military stages. Further, as shown below, we are wealthier than almost all other nations. While there are many reasons for the nation’s wealth, the dollar’s reserve status is undoubtedly a contributing factor.

The Blessing – Wealth

The blessing of the dollar reserve status for the US is cheap debt. The result, as we shared above, is enormous wealth. However, our wealth somewhat depends on financial leverage and inflated asset valuations. If foreign investors were to reduce their holdings of US loans and securities, financial asset prices would likely decline, and our wealth would follow.

Or, as we saw in 2008 and 2020, the Federal Reserve would have to step in and provide a liquidity backstop. While the Fed might be able to save yet another day, our increasing dependence on its manipulation of markets offers further evidence of the unsustainable nature of the current economic system.

The Curse – Productivity

Unfortunately, low interest rates have incentivized unproductive debt use. Stock valuations near record highs, meme coins, and excessive real estate prices are just a few of many examples of grossly inflated asset values. Had we used debt toward more productive uses, our economic growth would be more robust. Therefore, our ability to service the debt would be easier. In other words, our federal debt-to-GDP ratio would be below one and declining, not increasing rapidly. Instead, we depend increasingly more on lower interest rates and Fed intervention.

Donald Trump

Donald Trump’s economic messaging in 2018 and 2024 won him the presidency. Reshoring jobs, reducing trade and fiscal deficits, and curtailing our global military footprint rang true with voters.  

Whether Trump’s voters realize it or not, his actions seem to argue that America needs to step away from the economic system in place for the last 80 years. Consider some of his recent policies:

• Tariffs to promote domestic manufacturing and reduce imports.

• Eliminating USAID.

• Reducing or limiting our military activity and funding worldwide.

• Aiming to cut the federal deficit via significant spending reductions.

• Suspending America’s role in the World Trade Organization.

• Threatening to end NATO.

Summary

Triffin was correct. The Bretton Woods Agreement and some of its implicit pacts are unsustainable.

If Trump is successful in ending, or at least significantly changing, the current global economic structure, the economy and geopolitics will change dramatically. Initially, this will be highly challenging from an investment perspective.

The dollar will likely remain the world’s reserve currency as no reasonable alternative exists. However, the unspoken agreements and promises surrounding the global economy may change drastically.

We can elect to change on our terms today or have change forced on us tomorrow. The decision isn’t easy as change will involve pain. But, the alternative, not changing, may be much worse. Pick your poison.

A lot – and we mean a lot – has happened since the last FOMC meeting on March 19th. Bonds, stocks, and commodites have colppased; gold has made solid gains and the dollar is unchanged as Trump’s ‘Liberation Day’ malarkey smashed the punchbowl…

Source: Bloomberg

Funding markets are starting to break…

Source: Bloomberg

Rate-cut expectations have surged from around 2 cuts to 4-5 cuts this year…

Source: Bloomberg

In the three weeks since the FOMC meeting, hard data has improved significantly while soft data has crashed…

Source: Bloomberg

So, with all that in mind, and having heard multiple Fed speakers since (including the Chair himself) all singing from the same hymn-sheet – ‘lots of uncertainty’… ‘we have time to pause’ etc… we will see what exactly The Fed wanted us to take from the last meeting…

Key Headlines include (via Newssquawk):

RATES

• All participants viewed it appropriate to keep interest rates unchanged in light of elevated uncertainty around economic outlook 

• Participants remarked uncertainty about net effect of government policies on the outlook was high, making it appropriate to take a cautious approach

STANCE

• A majority of participants noted potential for inflationary effects from various factors to be more persistent than they projected 

• Participants assessed fomc was well positioned to wait for more clarity on the outlook

INFLATION

• Almost all participants viewed risk to inflation as tilted to the upside, risks to employment as tilted to the downside

• Some participants observed fomc may face difficult tradeoffs if inflation proved more persistent while the outlook for growth and employment weakened

• Several participants emphasized that elevated inflation could prove to be more persistent than expected

BALANCE SHEET

• Almost all participants supported slowing pace of balance sheet runoff; several did not see a compelling case for a slower runoff pace 

• A few participants cautioned an abrupt repricing of risk in financial markets could exacerbate effects of any negative economic shocks 

PROJECTIONS

• Fed staff projection for real GDP growth was weaker than one prepared for January meeting

Read the full FOMC Minutes below:

Well, the 10Y auction is in the bag, and after yesterday’s very ugly 3Y, today’s sale was very solid, at least until one looks a bit deeper.

First, looking at the headline numbers,  we find that the high yield jumped from 4.310% in March to 4.435% today, which is remarkable in itself considering the 10Y was 3.87% on Friday! Still, while the yield was clearly high (and could have been even higher had swap spreads not tightened ever so slightly), it stopped through the 4.465% When Issued by a whopping 3bps. This was tied for the 2nd biggest stop through on record, and the one previous time when we saw a 3bps stop through was in Feb 2023, just as the US banking crisis was raging.

The bid to cover was also solid at 2.665, up from 2.588 and the highest since December.

But it was the internals where the real story was again for the 2nd day in a row. As a reminder, the big story yesterday was that the Directs had collapsed, a clear indicator that there was a funding squeeze taking place in the bond market (as we learned shortly after). And in fact, we warned earlier today that if the Direct award collapses in today’s 10Y auction, it could be ugly.

Yesterday’s collapse in the 3Y Direct award was the clearest indication there is a funding squeeze.

If we see a plunge in Directs in today’s 10Y auction (from 20% to ~7%) all bets are off

— zerohedge (@zerohedge) April 9, 2025

Sure enough, that’s where the punchline was in today’s auction because while Indirects soared to a record 87.9%, up from 67.4% and, well, the highest ever, Directs imploded from 19.51 to just 1.40%, the 3rd lowest on record!

Finally, Dealers were left with 10.7%, modestly lower from 13.1% last month.

Overall, the bond market was delighted with the outcome, and even though Directs did collapse, the fact that Foreign buyers are still active and seemingly couldn’t get enough of US paper, is the main reason why yields slumped shortly after the auction. This, coupled with the news that Trump was pausing tariffs on virtually everyone except China is why yields have collapsed to session lows after the tariff news.

Authored by Steve Watson via Modernity.news,

Both President Trump and White House Press Secretary Karoline Leavitt have stated that the Department Of Government Efficiency has made a massive discovery, with Trump calling it “horrible.”

Speaking from the podium Tuesday, Leavitt said “There has been a discovery. I hate to leave you hanging on a cliff but I don’t want to get ahead of the president on that.”

“But I can confirm there has been a discovery but it’s just not quite ready for release,” she added.

BREAKING 🚨 Karoline Leavitt stuns America and confirms there was a huge discovery by D.O.G.E.

I have seen reports that the discovery is MASSIVE

Buckle up… pic.twitter.com/y0XAPxqio8

— MAGA Voice (@MAGAVoice) April 8, 2025

The comments came after Trump told reporters aboard Air Force One that DOGE found something “horrible.”

“We have found hundreds – think of it – just hundreds of millions of dollars of fraud and abuse and waste. They’re still going strong. They found something today that is horrible, it’s horrible,” Trump said, without elaborating.

When a reporter asked what it was, Trump remained coy.

“So what we found – so you’ll find out very soon. What they found is incredible and I give [Elon] a lot of credit. He has some very smart people with him,” Trump said, adding “I want Elon to stay as long as possible.”

President @realDonaldTrump was asked by a reporter on Air Force One about how long DOGE chief @elonmusk will stay in his position. pic.twitter.com/0x7VBOxFyU

— Fox News (@FoxNews) April 3, 2025

What is it?

Can’t wait to find out what it is and who gets arrested for it!

— Not Pucking Around 🇺🇸 (@Jmann213) April 8, 2025

Is this like the Epstein files? We are about to get something massive, then crickets.

— Bodo (@Dumbodown1) April 8, 2025

Thats got me wondering about that comment Elon made to Schumer earlier… 🤔

— Nikki (@Nikki_on_X) April 8, 2025

That would be this comment:

Another Elon lie. He wants you to think anyone who dares to stand up to him is committing fraud, meanwhile he’s taking tens of billions from the government. https://t.co/mx4XC06uol

— Chuck Schumer (@SenSchumer) April 8, 2025

Some are calling for less talk and more action.

“Discovery” is one thing… When are people going to be arrested and held accountable for stealing taxpayer money?

— Defenestrate (@Defenestrate123) April 8, 2025

It doesn’t matter unless we start seeing accountability.

— Ben (@BS2874) April 8, 2025

Any arrests?

— Robert Drummond (@PARobert) April 8, 2025

hope it’s not as huge as Epstein or JFK because nothing will happen.

— Yoshinabbis (@yoshinabbis) April 8, 2025

How has no one been arrested?

— OTTO (@OttoBraun1976) April 8, 2025

We have been “buckled up” for 10 weeks now. Lets make some arrests.

— Disciple M (@RegularG84) April 8, 2025

At this point we need less discoveries and more prosecutions. Discoveries are exceeding their quotas and we love it but to say prosecutions are lacking is a major understatement.

— Hate Being Censored (@hateBeingCensor) April 8, 2025

Until you make arrests, none of this “MASSIVE” news matters.

— JHert2103 (@JHert2103) April 8, 2025

*  *  *

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

The Trump administration is exploring options to shield American farmers from deepening fallout as its trade conflict with China intensifies, including a possible revival of bailout programs once used during earlier skirmishes with Beijing.

According to Agriculture Secretary Brooke Rollins, officials are “looking at that again,” referencing a $28 billion aid package deployed during President Trump’s first term through the Commodity Credit Corporation (CCC), a government-owned entity designed to support farm incomes and prices.

“Obviously everything is on the table, but we’re in such a period of uncertainty in terms of what this looks like,” Rollins told Bloomberg Wednesday at the White House, adding that no final decisions had been made, emphasizing the administration’s hope that aid wouldn’t be necessary.

“The goal is we won’t need to do it at all,” Rollins said. “That these changes and the realignment of the economy will result in an unprecedented air of prosperity for all Americans, but especially for our farmers and our ranchers.”

The remarks come as U.S.-China trade tensions escalate at a pace that has rattled global markets and amplified fears of an economic slowdown. After President Trump hiked duties on Chinese imports to 104%, Beijing responded by announcing sweeping tariffs that would bring levies on all American goods to 84%.

The retaliatory actions are hitting American agriculture particularly hard, as foreign buyers pull back and alternative suppliers – most notably Brazil – seize market share in global staples including corn and wheat. Many U.S. farmers, already burdened by high input costs and interest rates, now face diminishing export opportunities amid rising global competition.

Meanwhile, proposed cuts to domestic nutrition assistance programs could reduce government food buying, adding another layer of stress for farmers.That said, the Trump White House is banking on its political alliance with rural America to hold firm. Farmers and ranchers remain a crucial electoral bloc for the president, and discussions of renewed aid suggest a growing recognition of the political and economic risk the trade war poses to that support.

Rollins has signaled stepped-up diplomatic engagement as part of a broader effort to blunt the impact of tariffs – recently announcing travel plans to Vietnam, the UK, and Japan, countries that could become strategic partners in alternative trade agreements aimed at stabilizing export markets for U.S. goods.

At the same time, the White House is considering additional support for exporters outside the agriculture sector. One possibility under discussion is a tax credit for companies affected by retaliatory tariffs, though no specifics have been released.

The administration’s trade posture has spurred mixed reactions from industry leaders and lawmakers, with some backing the hardline stance as a necessary step to counter China’s economic practices, while others warn the costs are accumulating too quickly for American businesses and workers to bear.

For now, the prospect of a second large-scale farm bailout remains uncertain. But with markets volatile and planting season underway, many farmers are watching closely—and bracing for more turbulence.

Oil prices fell to fresh four-year lows early on Wednesday on expectations economies will slump as China, Canada and the European Union push back against tariffs imposed by Trump, but are off the lows ahead of the official inventory and supply data.

“Crude prices slumped to a four-year low with focus squarely on the escalating global trade war and its potential negative impact on growth and demand for energy,” Saxo Bank noted.

A mixed bag from API overnight (small crude draw) is being overwhelmed by the global geopolitical picture being adjusted by Trump.

API

• Crude: -1.057M

• Cushing: +0.636M

• Gasoline: +0.207M

• Distillates: -1.844M

DOE

• Crude: +2.55mm (+2.6mm exp)

• Cushing: +681k

• Gasoline: -1.60mm

• Distillates: -3.55mm

US crude stocks rose for the second week in a row (along with inventories at the Cushing Hub). Products saw drawdowns…

Source: Bloomberg

The Trump admin added 276k barrels to the SPR last week…

Source: Bloomberg

US Crude production slipped notably last week

Source: Bloomberg

WTI is trading lower after the print…

Source: Bloomberg

The shape of the oil futures curve is rapidly shifting into contango – a fresh sign that traders are hastily dialing back their expectations for global demand this year.

“The contango implies deteriorating demand perspectives,” said Tamas Varga an analyst at brokerage PVM Oil Associates Ltd. 

“Evidence of worsening Chinese oil demand growth will put immense pressure on the front-end.”

Finally, there is a potential silver for Main Street as crude prices have collapsed, so gasoline prices at the pump are set to follow…

…and along with gasoline prices, disinflation.

Authored by Paul Joseph Watson via Modernity.news,

A prominent British newspaper columnist suggested that big business could ‘put a hit out on Trump’ in response to his tariffs.

Writing for the Telegraph, Tim Stanley made clear that he supported Trump’s tariff regime, asserting that the U.S. president is “trying to change history, rather than just caretake it.”

“In fact, Trump is correcting a 50-year misdirection in US life, and one that the hero of many Trumpers, Richard Nixon, also attempted to fix,” he wrote.

However, Stanley made clear that the backlash to Trump’s efforts to upturn the global order could be brutal.

“Were I a foreign manufacturer, I’d wager this policy will be reversed at least by 2028 when a new president is elected – or big business puts out a hit on Trump, because they’ll tolerate anything but the devaluing of their stock price. The next gun that fires at the president will probably be made in America,” he wrote.

It’s not clear whether the columnist was actually saying Trump could be physically taken out by monied interests, although his choice of words certainly seems to suggest this is the case.

As we reported yesterday, despite Trump surviving two assassination plots last year, vile leftists would be happy to see him killed.

A poll conducted by the Network Contagion Research Institute found that over 55 per cent of respondents said it would be “justified” to murder President Trump, with just under 50 per cent believing the same about Elon Musk.

As we highlight in the video below, Stephen Colbert also ‘joked’ that if the deep state existed, it should step in to do something about Trump’s tariffs, referencing the word “Fidelio” from the movie Eyes Wide Shut, which is about a secret society that kills people who expose it.

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