Authored by Kyle Becker via relentless,

Robert F. Kennedy Jr., Donald Trump’s Health and Human Services Secretary, is pushing a plan to ban pharmaceutical ads from television. He’s right to push for it—and not just because the U.S. is one of only two countries on earth that allows such advertising (the other being New Zealand).

America’s health system isn’t just flawed; it’s harming public health, distorting journalism, and fueling Big Pharma’s malignant influence over our daily lives.

Let’s start with the obvious: TV drug ads aren’t designed to inform—they’re designed to manipulate. The formula is always the same. Cue soft lighting and sappy piano music. A sad, listless person pops a pill and suddenly life is vibrant again. They’re running through fields, laughing with family, walking dogs across idyllic bridges.

Then, in a breathless voiceover, the side effects come tumbling out like a legal disclaimer roulette wheel—stroke, heart failure, suicidal thoughts. The goal? Make viewers want a drug before they even talk to their doctor. It’s emotional coercion dressed up as health education.

This completely inverts how medicine is supposed to work. Health care decisions should be made inside the exam room, not in a 60-second marketing spot. Patients should go to their doctors with symptoms, and those doctors—armed with clinical training and knowledge of the patient’s full health profile—should decide whether a drug is even necessary.

Many issues could be better addressed through lifestyle changes, diet, supplements, or preventative care. But instead, America has normalized a pill-for-everything culture, supercharged by the fact that doctors are often nudged by patients demanding whatever drug they saw advertised last night during a commercial break.

This isn’t just bad medicine—it’s dangerous. And it’s no accident.

Big Pharma isn’t spending billions on advertising because it cares about your health. It’s doing it because the return on investment is enormous. Studies estimate the ROI on direct-to-consumer (DTC) drug ads ranges from 100% to 500%, depending on the drug. In 2025 alone, pharmaceutical companies are projected to spend over $5 billion on national linear TV ads, according to iSpot.tv. That number balloons even higher when you include digital and streaming. Just a handful of blockbuster drugs—like Skyrizi, Jardiance, and Ozempic—are burning through tens of millions in TV ads every month.

This revenue isn’t just padding Big Pharma’s pockets—it’s quietly buying influence in the media. Nearly 31% of ad minutes on major nightly news broadcasts in 2024 came from pharmaceutical brands. That means a huge portion of media budgets depend on the very companies they should be holding accountable. And surprise, surprise: when Big Pharma misleads the public, many news outlets are either silent or hesitant to report critically. The financial conflict of interest is baked in.

We saw the worst-case version of this during the COVID-19 pandemic. The novel mRNA shots—rushed to market under emergency use—were sold to the public as miracle solutions. Government officials and media outlets claimed these vaccines would “stop infection,” “prevent death entirely,” and “end the pandemic.” Younger, healthy individuals were told they needed them for everyone’s safety, despite already low statistical risk. None of these claims held up. As the data evolved, we learned the vaccines offered some reduction in severe disease, but not sterilizing immunity. Yet the media rarely corrected course.

Why would they? Pharma ads were paying the bills. Meanwhile, federal workers were mandated—and many private sector employees coerced—into getting injections under false pretenses. Billions of dollars flowed to Big Pharma. The American public was misled.

This pattern of deception is not new. Pfizer alone has paid billions in legal penalties over the years for unethical marketing, off-label promotion, and other violations. The most infamous: a $2.3 billion settlement in 2009—the largest health care fraud settlement in U.S. history at the time. Yet companies like Pfizer, AbbVie, and Johnson & Johnson still enjoy a polished image on TV, thanks in part to relentless ad spending and regulatory leniency.

RFK Jr.’s plan, while legally uphill, is not without precedent. In 1970, President Nixon signed the Public Health Cigarette Smoking Act, which banned tobacco ads from TV and radio. Cigarettes were legal, yet too dangerous to promote on air. The same principle should apply here. Just because a drug is FDA-approved doesn’t mean it should be marketed like soda. Approval doesn’t equal infallibility—just ask anyone who took Vioxx or OxyContin.

Critics, including the Wall Street Journal, have framed RFK’s proposal as a personal vendetta. That’s both lazy and misleading. In reality, there’s wide bipartisan and public support for reining in pharma ads. The American Medical Association called for a ban back in 2015. A STAT/Harvard poll found that 57% of Americans support banning TV drug ads. Even hosts on CNBC—hardly anti-business—agreed the ads are unnecessary. “Don’t you think doctors should prescribe it if you need it?” asked Joe Kernen. Exactly.

The pharmaceutical industry’s defenders like to invoke the First Amendment, claiming that banning ads would be unconstitutional. But commercial speech does not enjoy absolute protection. Under the Central Hudson test, the government can regulate ads if it has a substantial interest, the regulation directly advances that interest, and the restriction is narrowly tailored. Protecting public health from misleading pharmaceutical marketing clears all three hurdles. Even if a full ban doesn’t survive, tighter restrictions—like banning ads for certain drug classes, or requiring full price transparency—could pass muster.

More importantly, even the threat of a ban could pressure drugmakers to change course voluntarily. They did it before in 2008, when criticism led to updated self-regulatory guidelines. If Kennedy’s push forces them to rethink their practices, that alone is a win.

Pharma companies will no doubt fight this tooth and nail. But that’s not a reason to back down—it’s a reason to press harder. We’ve allowed an industry with an immense profit motive to shape our health decisions for too long. The result? A country drowning in prescriptions, mired in chronic disease, and confused about who to trust.

Enough is enough. RFK Jr.’s proposal to kick drug ads off TV isn’t radical—it’s responsible. And it’s long overdue.

~~~ KB

An unusual and alrming headline is emerging out Europe, as a major search was underway since yesterday for four US Army soldiers who had gone missing in Lithuania. The Associated Press in a breaking headline is now reporting they are dead:

NATO CHIEF SAYS 4 MISSING US SOLDIERS WERE KILLED: AP

The incident of the missing personnel and military search operation was first reported by Lithuanian public broadcaster LRT and subsequently picked up in European media. They first disappeared on Tuesday, along with a military vehicle, and belonged to the US Army’s 1st Brigade, 3rd Infantry Division.

“A possible scene has now been identified, and a search and rescue operation is underway,” the Lithuanian military said in a statement hours prior to the announcement of their deaths.

The troops had been undergoing tactical training at the time the went missing. According to The Guardian:

The Lithuanian public broadcaster LRT reported that four US soldiers and a vehicle were reported missing on Tuesday afternoon during an exercise at the General Silvestras Žukauskas training ground in Pabradė, a town located less than 10km (6 miles) from the border with Belarus.

The Belarus angle and the proximity of the border could be alarming, given the US essentially considers it an ‘enemy’ state given its support to the Russian side of the Ukraine war.

“A search operation is currently under way, involving military personnel, rescue services, and firefighters. Lithuanian police also have launched an investigation,” US state-funded RFERL writes. According to further statements and details:

Lithuanian officials have given few details, with Gintautas Ciunis, a military spokesman, confirming only that “these are foreign soldiers.”

US Army Europe and Africa on March 26 confirmed that the soldiers had gone missing, saying in a statement that they were “conducting scheduled tactical training at the time of the incident.”

“I would like to personally thank the Lithuanian Armed Forces and first responders who quickly came to our aid in our search operations,” said Lt. Gen. Charles Costanza, the V Corps commanding general.

Lithuania has been a NATO member since 2004, and is one of the Baltic countries which has been outspoken and hawkish in condemning Moscow.

*  *  *

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Authored by Dave DeCamp via AntiWar.com,

US intelligence agencies have reaffirmed that there’s no evidence Iran is developing nuclear weapons or that Iranian Supreme Leader Ali Khamenei has reversed his 2003 fatwah that banned the production of weapons of mass destruction.

“The IC continues to assess that Iran is not building a nuclear weapon and Supreme Leader Khamenei has not authorized the nuclear weapons program he suspended in 2003,” Director of National Intelligence Tulsi Gabbard told a Senate Intelligence Committee hearing.

Gabbard’s comments were based on the annual threat assessment, which is released by the ODNI with input from all US intelligence agencies. The report did note that there have been more calls inside Iran to reverse the ban on nuclear weapons, which have grown in response to Israeli aggression in the region.

“In the past year, there has been an erosion of a decades-long taboo on discussing nuclear weapons in public that has emboldened nuclear weapons advocates within Iran’s decision-making apparatus,” the report reads.

“Khamenei remains the final decision maker over Iran’s nuclear program, to include any decision to develop nuclear weapons,” it notes.

The threat assessment comes amid increasing US sanctions and threats of military action over Iran’s nuclear program. Iranian officials have rejected the idea of talks with the US in the face of President Trump’s “maximum pressure campaign,” but have said the door is open for indirect negotiations.

The hype over Iran’s nuclear program revolves around the enrichment of some uranium at 60%, the highest level Iran has achieved but still lower than the 90% needed for weapons-grade. Iran first took the step to enrich at 60% in response to a 2021 Israeli sabotage attack against its Natanz nuclear facility, which was meant to sabotage talks between the Biden administration and Tehran.

Iran is still a signatory to the Non-Proliferation Treaty (NPT) and has told the International Atomic Energy Agency (IAEA) that it won’t enrich uranium beyond the 60% level.

Still, more of this alarmism is coming out…

BREAKING: “Iran has reduced the time required to produce sufficient weapons-grade uranium for a nuclear device from 10-15 days to presumably less than one week.” — U.S. STRATCOM

— Faytuks Network (@FaytuksNetwork) March 26, 2025

Amid increasing US and Israeli threats about its nuclear program, Iran has recently pointed out that Israel has a secret nuclear weapons stockpile, and its nuclear program is not subject to IAEA inspections since Israel is not a signatory to the NPT.

Nintendo shares in Tokyo posted their biggest gain in months after Goldman analysts Minami Munakata and Haruki Kubota resumed coverage of 11 Japanese companies in the games, entertainment, and internet sector. The analysts noted that “the global games market re-entered a growth phase since 2024” and forecasted “the number of active consoles to continue renewing fresh highs globally from 2025.”

Munakata expects the near-term rollout of Nintendo Switch 2 (the successor to the Nintendo Switch) will “unlock dormant hardware and dormant users” and send “the number of active consoles to continue to renew record highs.” 

“Nintendo plans to launch the Switch 2 in 2025, with details due to be announced on April 2,” the analyst said, adding the reason for increased demand for Switch 2 is because of its “unique feature” that allows “and friends to play games together in person either as a home console or as a portable console.” 

Tune in tomorrow, March 27th, at 7 a.m. PT for a livestreamed #NintendoDirect, featuring around 30 minutes of upcoming games for Nintendo Switch. There will be no updates about Nintendo Switch 2 during this presentation.

Watch it here: https://t.co/sJFoxe0mq0 pic.twitter.com/1XeAuff5o1

— Nintendo of America (@NintendoAmerica) March 26, 2025

10 best-selling Nintendo Switch first-party titles as of Dec 2024

Munakata also pointed out that the global games industry entered into a growth phase in 2024:

Munakata reinstated coverage of Nintendo with a buy rating and a 12-month price target of ¥13,600, representing a 26% upside from Tuesday’s close. Shares in Tokyo closed up 5%.

It all comes down to console growth—which is the main reason why Munakata is bullish on gaming stocks, including both platform providers and publishers:

• Among game platformers, we recommend Sony Group (Buy), which has unique entertainment drivers such as anime streaming platform Crunchyroll in addition to its games business, and Nintendo (Buy), for which we expect a further expansion of the active user base after the launch of the Switch 2. We see scope for valuations at both to rise as the market prices in their robust fundamentals amid a supportive games market environment.

• Among game publishers, we are Buy-rated on Bandai Namco, Capcom and Konami as beneficiaries of the favorable market environment for console + PC games, and are Sell-rated on Square Enix and Nexon, for which we consider valuations stretched amid our outlook for earnings momentum to slow.

• We are Neutral on Oriental Land, which operates physical entertainment businesses, and on three internet sector stocks (Recruit Holdings, CyberAgent and LY Corp) in light of the market climate and limited upside/fair valuation.

Separately, the release of Rockstar’s Grand Theft Auto VI later this year is expected to provide additional tailwinds for the gaming industry, which had been stuck in a rut for years but appears to have entered a renewed growth trajectory in 2024.

The Atlantic has published the fuller chat thread from the Signal group that journalist Jeffrey Goldberg was ‘inadvertently’ included in. This comes after the top Trump officials involved denied that they shared secret “attack plans” in an unsecure, unclassified setting. The President has downplayed it, defending both national security adviser Mike Walz and Defense Secretary Pete Hegseth.

Senator Mark Warner of Virginia, the top Democrat on the Senate Intelligence Committee, has called for both Hegseth Waltz to either resign or be fired from their top national security posts.

“When the stakes are this high, incompetence is not an option,” Warner wrote on social media Tuesday. “Pete Hegseth should resign. Mike Waltz should resign.”

And in a a letter to President Trump, House minority leader Hakeem Jeffries has urged Hegseth’s termination, calling him “unqualified” and a national security risk.

“The so-called secretary of defense recklessly and casually disclosed highly sensitive war plans — including the timing of a pending attack, possible strike targets and the weapons to be used — during an unclassified national security group chat that inexplicably included a reporter,” Jeffries wrote. “His behavior shocks the conscience, risked American lives and likely violated the law.”

The newly published messages were sent on March 15 and purport to be from an account identified as Secretary of Defense Pete Hegseth. Amid the ongoing controversy, Golberg and The Atlantic are seeking to present a ‘smoking gun’ of sorts.

The messages include times of strikes and the types of aircraft being used in attacks on Yemen’s Houthis, who have for many months been sending drone and missiles against Red Sea shipping, including American warships and even at times a carrier.

The Atlantic wrote as part of the Wednesday release of the fuller messages, “There is a clear public interest in disclosing the sort of information that Trump advisers included in nonsecure communications channels, especially because senior administration figures are attempting to downplay the significance of the messages that were shared.”

The magazine further stated, “If this text had been received by someone hostile to American interests – or someone merely indiscreet, and with access to social media – the Houthis would have had time to prepare for what was meant to be a surprise attack on their strongholds. The consequences for American pilots could have been catastrophic.”

Below is a key message from the Signal group, seen among top national security officials as well as Jeffrey Goldberg: 

This Signal message shows that the U.S. secretary of defense texted a group that included a phone number unknown to him—Goldberg’s cellphone—at 11:44 a.m. This was 31 minutes before the first U.S. warplanes launched, and two hours and one minute before the beginning of a period in which a primary target, the Houthi “Target Terrorist,” was expected to be killed by these American aircraft. If this text had been received by someone hostile to American interests—or someone merely indiscreet, and with access to social media—the Houthis would have had time to prepare for what was meant to be a surprise attack on their strongholds. The consequences for American pilots could have been catastrophic.

The Hegseth text then continued:

• “1410: More F-18s LAUNCH (2nd strike package)”
• “1415: Strike Drones on Target (THIS IS WHEN THE FIRST BOMBS WILL DEFINITELY DROP, pending earlier ‘Trigger Based’ targets)”
• “1536 F-18 2nd Strike Starts – also, first sea-based Tomahawks launched.”
• “MORE TO FOLLOW (per timeline)”
• “We are currently clean on OPSEC”—that is, operational security.
• “Godspeed to our Warriors.”

Shortly after, Vice President J. D. Vance texted the group, “I will say a prayer for victory.”

I’m not going to pretend to care whether the US Govt is ably hiding its secrets — a journalist’s job is to unearth them, not help hide them — but if Goldberg had published all of this before Yemen bombing began, would the Trump WH have said: “no problem; it’s not classified?” https://t.co/UHaMxn21qr

— Glenn Greenwald (@ggreenwald) March 26, 2025

And more from the ‘debrief’ portion or aftermath of what was apparently the first round of strikes:

At 1:48 p.m., Waltz sent the following text, containing real-time intelligence about conditions at an attack site, apparently in Sanaa: “VP. Building collapsed. Had multiple positive ID. Pete, Kurilla, the IC, amazing job.” Waltz was referring here to Hegseth; General Michael E. Kurilla, the commander of Central Command; and the intelligence community, or IC. The reference to “multiple positive ID” suggests that U.S. intelligence had ascertained the identities of the Houthi target, or targets, using either human or technical assets.

Six minutes later, the vice president, apparently confused by Waltz’s message, wrote, “What?”

At 2 p.m., Waltz responded: “Typing too fast. The first target – their top missile guy – we had positive ID of him walking into his girlfriend’s building and it’s now collapsed.”

Vance responded a minute later: “Excellent.” Thirty-five minutes after that, Ratcliffe, the CIA director, wrote, “A good start,” which Waltz followed with a text containing a fist emoji, an American-flag emoji, and a fire emoji. The Houthi-run Yemeni health ministry reported that at least 53 people were killed in the strikes, a number that has not been independently verified.

Fresh reaction from Vice President JD Vance:

It’s very clear Goldberg oversold what he had. But one thing in particular really stands out.

Remember when he was attacking Ratcliffe for blowing the cover for a CIA agent? Turns out Ratcliffe was simply naming his chief of staff. https://t.co/BUGbX6gZDZ

— JD Vance (@JDVance) March 26, 2025

The Atlantic, after coming under attack from people within the US administration, has urged, “People should see the texts in order to reach their own conclusions.”

* * *

But this is ultimately the bigger issue which very few are talking about, as Washington embarks on more military adventurism in the Middle East…

The most “DC” thing ever is to reflexively twist the Signal chat story into a scandal over “classified information” and “OPSEC,” rather than a scandal over a military operation that was launched on highly dubious pretenses by people such as Hegseth, who is clearly frothing for a war to command, and communicates his desires in the most simple-minded cliches. Nobody ever applies consistent principles to the retention or transmission of “classified information,” and pretending to care about the sacrosanct nature of such information above all else is just standard DC pablum.

Never again tell me that this was an emergency that required immediate military action without congressional authorization. pic.twitter.com/G2v43h1X9E

— Justin Amash (@justinamash) March 25, 2025

And…

The most telling thing in the whole fiasco were the emojis. War is just a game to these people. A spectator sport.
“Kill a bunch of kids? Who cares. They shouldn’t have been born in a country that pisses us off.” https://t.co/fDDqy0iWFj

— Daniel McAdams (@DanielLMcAdams) March 26, 2025

Above: We present to you… the bigger, actual scandal.

Oil prices are higher this morning (with WTI topping $70 for the first time in three weeks) following an across the board inventory draw reported by API overnight. Additionally, concerns over supply strained by U.S. sanctions on Iran and Venezuela are also supporting the commodity.

“Although the immediate market impact might be minimal, apart from supporting additional short covering from underinvested hedge funds, this action indicates a definite change, potentially signalling the White House’s willingness to sacrifice low oil prices to achieve wider strategic objectives-isolating Iran and Venezuela and increasing pressure on China,” Ole Hansen, head of commodity strategy at Saxo Bank, noted.

The upside for oil prices from the U.S. actions is likely limited by coming supply additions as OPEC+ will begin to return 2.2-million barrels per day of production cuts in 18 monthly tranches starting in April, while supply from countries outside of the cartel are also on the rise.

Will this morning’s official data confirm the API drawdowns…

API

• Crude -4.60mm (-2.50mm exp)

• Cushing -600k

• Gasoline -3.3mm

• Distillates -1.3mm

DOE

• Crude -3.34mm (-2.50mm exp) – biggest draw since Dec 2024

• Cushing -755k

• Gasoline -1.45mm

• Distillates -421k

The official data confirmed API”s report – with drawdowns across all cohorts with crude stocks dropping most since mid-December…

Source: Bloomberg

Despite the 286k barrel addition to the SPR, total crude inventories still tumbled notably…

Source: Bloomberg

US Crude production pushed back near record highs as drill-baby-drill prompts a pick up in rig counts…

Source: Bloomberg

Is Trump cracking down on Iran and Venezuela to make more room for US production?

Trump cracking down on Venezuela and Iran oil production (~5MM bpd) while backchanneling with Saudis/UAE to allow OPEC+ to boost overall output in April, and leaving some space for US producers. https://t.co/flVwSmEUKr

— zerohedge (@zerohedge) March 24, 2025

WTI topped $70 for the first time in three weeks ahead of the DOE data…

Energy appears to be attracting investors fleeing the problem areas of the market, like tech and consumer discretionary stocks. 

Being the “best house on a bad block” can lead to outperformance, but in this case it looks fleeting.

The main stocks still tend to trade with oil prices, which look shaky. Starting next month, OPEC and its allies will start to restore some production that they had been holding off the market to boost prices. Even Goldman Sachs, which has been steadily bullish about oil prices, is less upbeat.

With “recession risks rising and elevated spare capacity, medium term risks to our price forecast remain to the downside,” wrote analyst Callum Bryce.

By Michael Every of Rabobank

The signal and “What’s that noise overhead?”

As discussions over who said what over Signal swirled among US politicians and journalists — on Signal — US consumer inflation expectations leaped to 6.2% y-o-y, which is hardly the anchored level the Fed keeps telling us is the signal they are receiving. Worse, prices paid in the Philly Fed services survey hit 36, the highest since November 2023, with a plunge in activity to -32.5, the lowest since May 2020 in Covid lockdown. In other words, sinking like an anchor. As is a lot else.

The US insists a Russia-Ukraine Black Sea ceasefire has been agreed, lifting restrictions on Russian agri and fertiliser exports in response, even as Russia says it first wants the full lifting of sanctions on its banks in SWIFT, which would require EU approval. If that’s forthcoming, where does it leave EU statecraft: buying Russian gas again, or –sarcasm– Russian weapons? If Europe says no, what if the US is even more incentivized to just leave and leave Europe the bill, as we saw from that Signal chat? Worse, reports also have US intel saying Russia and Ukraine may prefer a longer war to a quick settlement unsatisfying to either; the US also still sees a risk that Russia may resort to nuclear weapons. In which case, it’s on Europe again.

One point that didn’t get enough emphasis in the “make Europe pay for the Houthis” hoo-ha was that EU strategic autonomy is about more than just guns for Ukraine: it also needs a blue-water navy equal to its global trade ambitions. As we’d warned in our recent report on EU economic statecraft, even the 1.5% of GDP fiscal space for defence spending just agreed isn’t enough if geopolitics isn’t helpful, e.g., requiring an EU Army, Airforce, and Navy all at once.  

The US has this military statecraft power, and there’s been a bomber build-up in Diego Garcia, a base for past strikes on the Middle East, which looks more than needed for the Houthis. That doesn’t leave much to the imagination in terms of potential targets. What does is if this is the Ukraine-for-Iran ‘Noxin’ strategy or just a deliberate US signal to Tehran. Relatedly, local word is the US remains deadly serious about a Saudi-Israel peace deal, and soon, and has conveyed that re: time limits on new fighting in Gaza.

VP Vance is also going to visit a US military base in Greenland on Friday, following his wife’s tourism lead, which some local politicians call “aggressive.” Given Greenland’s small population and military, if enough White House staff visit, and stay, the power balance there would already be tipped. The signalling here should be clear too.  

In US economic statecraft, we are waiting to see if the 25% additional tariff on those who buy oil from Venezuela is implemented next week. It’s hard to prove this is happening given such oil is blended offshore to disguise its origins, but the customers are known. Indeed, the US can still choose to add 25% on China on top of the recent 10% + 10% and the pre-existing 25% in places because it says it’s buying Venezuelan oil – and the statecraft messages will be clear: 1) “China”; 2) Monroe Doctrine; 3) “Energy dominance.”

Meanwhile, more market attention is on US trade actions versus Canada and Mexico, despite our latest global strategy piece, “Fortress America”, arguing the headline-grabbing statements we are getting there could actually be about China if one thinks about strategically.

Also note the US just added around 70 Chinese entities to its export control blacklist to prevent them helping Chinese AI and military development.

Moreover, the White House nominated an ex-navy staunch advocate for rebuilding the US merchant marine to lead the US Maritime Administration MARAD, suggesting more impetus towards US shipbuilding despite industry complaints about the USTR’s proposed port fees on Chinese-built and operated ships, and quotas for carrying US exports on US-flagged, crewed, and built vessels. (More USTR feedback sessions will be held on that today.)

On things fiscal:

• President Trump signed an Executive Order enabling the Treasury to modernize its payments systems to reduce waste, fraud and abuse (and another making US election day just that). Naturally, both will end up in court.
• Australia’s budget has just seen pre-election tax cuts and populist spending increases, such as more energy rebates; and no sign of any economic statecraft telling us what its GDP is *for*, other than ‘trying to win an election’. Aussie monthly CPI today was slightly weaker than expected at 2.4% y-o-y headline and 2.7% trimmed mean, which despite being way above the Reserve Bank’s 2% target, and against an expansionary budget, and signs of rising global inflation, and looming tariffs, naturally had some cock-a-hoop at the idea of, you guessed it, “Rate cuts!”. After all, what is any national GDP for if not its property market?
• The UK will today have a gloomy Spring Budget Statement filled with austerity, because “the world has changed.” Yes – largely towards military Keynesianism elsewhere, if not in the UK for all the recent Churchillian narratives. (And, meanwhile, an apparently existential UK-EU defence agreement is being held by over French demands over fishing rights in UK waters. It smells fishy, but it’s apparently true.)

Summing things up, HSBC says “globalization as we knew it is over”, news to those thinking asset prices go as high as smoothly as they used.  Showing politics and markets as we knew them are certainly over too in some respects, the Trump family are offering a stablecoin backed by US Treasuries to go with their meme coins backed by their surname.

More seriously, the head of the US Council for Foreign Relations argues in Foreign Affairs that ‘China Has Already Remade the international System’:

“From 2009 to 2017, I served first as deputy national security adviser for international economic affairs and then as US trade representative. During that time, I consistently warned my Chinese counterparts that the benign international environment that had enabled China’s success would disappear unless Beijing modified its predatory economic policies. Instead, China largely maintained its course of action. If anything, it doubled down on its approach… Without any semblance of reciprocity, the relationship deteriorated… Washington may have forged the open, liberal rules-based order, but China has defined its next phase: protectionism, subsidization, restrictions on FDI, and industrial policy. To argue that the US must reassert its leadership to preserve the rules-based system it established is to miss the point. China’s nationalist state capitalism now dominates the international economic order. Washington is already living in Beijing’s world… Washington having failed to convince Beijing to change its predatory economic policies or to move forward with an alternative trading bloc to counterbalance China, was left with one option: the US had to become more like China.”

However, Branko Milanovic in this week’s ‘What comes after globalisation?’ qualifies as follows: in the US, the emerging statecraft pattern is domestic neoliberalism and external mercantilism, while in China the model is domestic mercantilism and external neoliberalism.

What is Europe’s proposed path then? So far, the signals aren’t clear even as the potential noises over its head are. Muddling through piecemeal style without a conceptual grand macro strategy, or a military one, is hardly ideal. Things may have to change much more than people think.

By Brandon Vigliarolo of The Register

After blowing deadlines and budgets for years, the Pentagon has finally pulled the plug on a troubled project to overhaul its outdated civilian HR IT systems.

Like many government projects before it, the US Defense Civilian Human Resources Management System (DCHRMS) promised big things when it was kicked off nearly a decade ago. According to a memo [PDF] signed by Secretary of Defense Pete Hegseth late last week, the program was intended to streamline a large portion of the DoD’s legacy HR IT systems, but it’s being axed after officials concluded pouring more funds into it would be “throwing more good taxpayer money after bad.”

DCHRMS started in 2018 with a planned development timeline of one year and a budget of $36 million, “but instead it’s taken eight years and is currently $280 million over budget – that’s 780 percent over budget,” Hegseth said in a video announcing the DCHRMS and other spending cuts. “We’re not doing that anymore.”

That’s not to say the DoD is giving up on modernizing its civilian HR systems – the memo noted that the Pentagon still wants a new solution, with Hegseth directing officials to develop a fresh plan within 60 days to achieve the project’s original goals.

While the headline item in the memo is the cancellation of DCHRMS, Hegseth ordered cuts to additional programs, contracts, and grants too.

The memo mentioned the cancellation of more than $360 million in grant programs “in areas of Diversity, Equity, and Inclusion and related social programs, climate change, social science, COVID-19 pandemic response” and the like, stating these efforts were not aligned with the DoD’s current priorities.

We’ve reached out to the Defense Department to get a more complete list of the programs being terminated, but Hegseth did single out a couple in the video. In particular, he pointed to a $6 million grant for decarbonizing the emissions from US Navy ships and a $9 million university grant to develop “equitable AI and machine learning models.”

“I need lethal machine learning models,” Hegseth said. “Not equitable machine learning models.” 

The memo also directed the cancellation of $30 million in contracts with Gartner and McKinsey for analysis products and what Hegseth described as “unused licenses” from “external consulting services.” The move echoes the ongoing scrutiny of federal consulting contracts, such as reviews of deals involving Accenture, IBM, and Deloitte.

In total, the memo states DoD is eliminating $580 million of government spending, though only $170 million will be able to be reallocated. 

Hegseth credited Elon Musk’s Department of Government Efficiency for its ability to root out the canceled programs, which, in addition to the cuts announced at the end of last week, now totals $800 million “in wasteful spending canceled over the first few weeks” of the Pentagon’s DOGE review – but it won’t be the last. 

“Stay tuned,” Hegseth said. “We have a lot more coming.” 

Shortly after we published “23andMe Files for Bankruptcy, CEO Resigns — Fate of Americans’ DNA Data Now in Court-Supervised Sale,” the internet followed our lead on Monday morning and asked the same question. More importantly, 23andMe customers did too—frantically searching for how to delete their genetic data before a private equity firm scoops it up in a court-ordered sale.

Even MSM was forced to cover… 

New York’s Attorney General has urged 23andMe users to delete their data after the biotechnology testing company declared Chapter 11 bankruptcy, raising concerns about whether the company can protect customers. @AaronKatersky has more. https://t.co/lYieqb3Kuf pic.twitter.com/gfQI2LP7dK

— World News Tonight (@ABCWorldNews) March 26, 2025

The popular DNA test kit company 23andMe has filed for bankruptcy and is looking for a buyer. And while the company has promised to continue protecting customer data amidst a possible sale, Wirecutter’s tech experts think you should delete your data now. https://t.co/0eGJya55fV pic.twitter.com/3VuoZfNpW2

— The New York Times (@nytimes) March 25, 2025

23andMe has filed for bankruptcy and users are worried about the DNA data they gave to the company. WAPO tech journalist @geoffreyfowler came on TMZ Live to explain why you should delete your 23andMe accounts. pic.twitter.com/C7zrfmkDS5

— TMZ Live (@TMZLive) March 25, 2025

Bloomberg reported that a surge of 23andMe customers overwhelmed the genetic testing startup’s website on Monday, as many panicked and rushed to delete their genetic data profiles ahead of the court-ordered sale.

A 23andMe spokesperson confirmed on Tuesday that the website “experienced some issues and delays due to increased traffic” and that those problems have since been resolved.

Bloomberg spoke to one unfortunate 23andMe customer who could not delete her genetic data because of website disruptions: 

Ruthann Miller, 37, promptly received an email from 23andMe when she sought to reset her password to log in to her account, but didn’t receive a “verification code” from the company that would allow her to do so, she told Bloomberg News on Tuesday.

“I’ve been checking my email rather frequently,” Miller said. She’s checked her spam folder, too, but hasn’t received a code, she added.

The fear is that 23andMe’s Chapter 11 reorganization and court-ordered sale could place the gigantic pool of genetic data of millions of Americans into the hands of private equity firms that will figure out some way to monetize the data.

Abe Schwab, a philosophy professor at Purdue University Fort Wayne, who has studied US genomic privacy, told Bloomberg that federal laws prohibit companies from using genetic information for health insurance or employment.

Bloomberg noted that the Justice Department stated last year that the sale of genomic data “appears common and is currently virtually unregulated.”

On Monday, James O’Keefe of O’Keefe Media Group stoked maximum fears after releasing a video featuring an undercover journalist speaking with Nathaniel Johnson, a policy advisor at the US Department of the Treasury.

In the footage, Johnson suggests that 23andMe may have already sold off users’ genetic data: “Do not give your information to those people [23andMe]… they sell it to other people.”

Johnson explained: “There’s a clause in their contract, that basically says, like, we can give your information to our shareholders. So that they can do stuff. And all of their shareholders are, like pharmaceutical companies. But some of those pharmaceutical companies are based in other countries, and those pharmaceutical companies in other countries are like the property of, like the Ministry of Defense of Russia. Or, like, owned, by China.”

We have a U.S. Treasury Policy Advisor on tape telling us 23andMe has been sharing consumer data with “pharmaceutical companies,” including the “Ministry of Defense of Russia.”

Seems like they’ve got bigger issues than financial instability. https://t.co/WEHfnilncw pic.twitter.com/ROGQWCqvgW

— James O’Keefe (@JamesOKeefeIII) March 24, 2025

Read the fine print. That’s the lesson of a lifetime.

California’s decline has grown so stark that even steadfast Democratic allies can no longer deny the truth: the state’s extreme left-wing policies have plunged it into chaos.

Aaron Levie, founder and CEO of Box, has joined the chorus of voices condemning the Democratic Party’s mismanagement of California, asserting that the party’s entire political apparatus demands a complete overhaul. Levie, who endorsed Vice President Kamala Harris in the 2024 presidential election, made the pointed remarks during an interview with co-founder and former Lattice CEO, Jack Altman.

“We live in California. It should be like the greatest place on Earth on every dimension. How do you beat this weather? You’ve completely created the atmosphere of every major tech company,” Levie explained. You have Stanford, Berkeley, Caltech. You have institutions and all the venture capital. You’re sitting on this incredible asset and then literally you can’t make it affordable to live here. That’s just insane.”

.@levie to @jaltma: Democrats Are To Blame For California’s ‘Insane’ Affordability Crisis

“We live in California. It should be like the greatest place on Earth on every dimension. How do you beat this weather? You’ve completely created the atmosphere of every major tech… pic.twitter.com/WYPgRAjCVt

— Josh Caplan (@joshdcaplan) March 25, 2025

“That’s totally insane and that is 100% due to the bureaucracy of our state. That’s basically a Democrat problem,” the Box CEO added. “Democrats can’t out message that with their policy views because their policy views are in many cases just the wrong policy views. You actually just have to build and you have to create an environment where you can build things.”

Levie concluded his critique by urging a “reset” for the Democrats.

California’s affordability crisis has reached a critical juncture, with soaring housing costs, stagnant wages, and rising living expenses pushing many residents to the brink.

In major cities like Los Angeles and San Francisco, median home prices have skyrocketed beyond $1 million—Redfin reports $1.35 million in San Francisco and $1.05 million in Los Angeles as of February 2025—far outpacing the national average of $371,200 according to Zillow, while rents consume a disproportionate share of income for working families, with the California Budget and Policy Center noting over 50% of renters spend more than 30% of their income on housing.

Coupled with high taxes (the Tax Foundation pegs California’s tax burden at 11.5% of income in 2025), steep utility rates (CPUC data shows electricity at 30 cents per kWh), and grocery prices outstripping inflation (a USDA report cites a 19% rise since 2020), the state has become a challenging place for all but the wealthiest to thrive.

This economic squeeze has fueled an exodus of middle- and low-income households—the U.S. Census Bureau recorded a net loss of 500,000 residents from 2020–2024—exacerbating labor shortages and straining local economies, as the Public Policy Institute of California highlights in its 2025 labor market analysis.

Levie’s sober talk about the Democrats aligns with growing voter dissatisfaction, as many within the party are unhappy with it’s direction since President Donald Trump’s reelection to the White House.

A plurality of voters (40%) believe the Democratic Party has no clear strategy for countering Trump, according to a survey by the liberal firm Blueprint, first reported by POLITICO. Another 24% said the party does have an ineffective plan.

If only Californians could convince their governor-turned-podcaster Gavin Newsom to do something about it.