After Friday’s revelation that it was the first consecutive monthly Friday 13th for 11 years, DB’s Jim Reid writes that today’s nearly-as-impressive revelation is that this week sees the Fed, ECB, BoJ and BoE all meet in a single calendar week for the first time since December 2021. So a “super week” for central banks. All of them will have a very complex backdrop to deal with, shaped by geopolitical risk, volatile energy prices, and unsettled inflation dynamics.

Clearly the Middle East is the center of attention for markets right now, with oil prices fluctuating rapidly depending on the mood of the moment, which in turn is set by rapid burst headlines which are stale by the time the next flashing red headline hits. And since every asset class now reacts to any up or down tick in oil, it leads to cross-asset chaos, to say the least. The bigger problem, of course, is that the longer the conflict lasts, and the higher oil prices rise, the more hawkish central banks will have to be no matter the AI-driven bloodbath in the labor market. 

Indeed, while the Iran war is set to dominate the week ahead, we do still have those four big central bank meetings, where all eyes will be on their reaction functions to the war’s impact and the latest oil shock. Starting with the Fed, DB economists expect them to keep rates unchanged this week and think they’ll emphasize elevated geopolitical uncertainty. They only expect minor statement tweaks, including smoothed language on recent labor data (especially given January and February’s conflicting payrolls) and a nod to geopolitical risks, highlighting uncertainty and near-term upside pressure on inflation. Then at the press conference, they think Chair Powell is likely to stress that recent events mainly transmit through financial conditions—particularly oil prices. For now, however, economists think he’ll avoid signalling any meaningful shift in the near term policy outlook.

For the Fed, an important consequence of the conflict is that higher energy prices have begun to feed into inflation assumptions. So DB’s economists have nudged up their headline inflation estimates for this year, and they expect Fed officials to reflect a similar adjustment when they publish their updated Summary of Economic Projections. Indeed, core PCE inflation has registered back-to-back 0.4% monthly increases now, pushing the year-on-year rate to 3.1%, the highest since early 2024. For the dot plot, economists are still expecting it to signal one rate cut this year, although it wouldn’t take much to shift the median dot for 2026. Clearly though, the outlook is going to remain heavily dependent on the oil price. For example, our economists have found that a sustained oil price around $100/bbl would still see the projected tax benefits to consumers from the One Big Beautiful Bill Act outweigh the drag from higher effective energy costs. However, a move toward $150/bbl would pose a more material risk to consumer spending and the broader outlook.

Beyond the Fed, this week’s incoming data is unlikely to materially alter the tone of the meeting. February’s industrial production today is expected to rise by 0.3%, slower than January’s 0.7%, largely due to softer utility output, though oil and gas extraction will be worth monitoring. Otherwise, the regional manufacturing surveys from New York and Philadelphia could reflect some drag from geopolitical uncertainty, with particular attention on capital spending components. And given the recent labor market volatility, Thursday’s initial jobless claims will take on added importance as they fall within the March employment survey window.

Away from the US, this Thursday will bring the ECB, BoE and BoJ meetings, with DB economists expecting all three to leave rates on hold, with the emphasis firmly on guidance rather than action. At the ECB, expect the Governing Council to acknowledge heightened uncertainty and near-term upside risks to inflation, while stopping short of explicitly flagging medium term risks. Also expect a strong reiteration of policy flexibility and a clear message underscoring the ECB’s unwavering commitment to price stability, with officials keen to signal that they stand ready to act to avoid a repeat of the 2022–23 inflation episode. 

Then in the UK, DB thinks the MPC will lean into a dovish wait and see stance amid a more clouded outlook following the Iran related energy shock. Expect a less divided vote than in February, with the majority favoring an unchanged Bank Rate, while two members continue to favor a cut. Although DB economists still sees two rate cuts this year, recent developments have pushed back the expected timing.

Over in Japan, the BoJ is expected to maintain its current stance, with attention focused on Governor Ueda’s press conference. While underlying fundamentals could justify an early hike, elevated oil prices and growth risks are likely to temper near term action, and sustained crude prices above $100/bbl would reduce the likelihood of an April move. Meanwhile, other central banks making decisions this week include the RBA (Tuesday; expect a hike), the BoC (Wednesday), the SNB and the Riksbank (Thursday). The latter three are widely expected to see no change in rates.

Finally this week, notable data includes Germany’s Zew survey for March tomorrow and UK labor market data due Thursday. In the geopolitical sphere, President Trump and Japanese PM Takaichi are meeting in Washington, with defence cooperation expected to be the primary topic (see more in our Chief Japan economist’s week ahead here). In Europe, this week’s events include an EU leaders’ summit (Thursday to Friday). And on earnings, the lineup includes Micron, FedEx and Lululemon in the US as well as Tencent and Alibaba in China. See the day-by-day calendar of events at the end as usual for more.

Courtesy of DB, here is a day-by-day calendar of events

Monday March 16

• Data: US March Empire manufacturing index, NAHB housing market index, February industrial production, capacity utilisation, China February retail sales, industrial production, home prices, investment, Italy January general government debt, Canada February CPI, housing starts
• Earnings: Standard Life
• Other: EU foreign affairs council meeting

Tuesday March 17

• Data: US March New York Fed services business activity, February leading index, pending home sales, Germany March Zew survey, Eurozone March Zew survey, Canada February existing home sales
• Central banks: RBA decision
• Earnings: Lululemon, Oklo
• Auctions: US 20-yr Bond (reopening, $13bn)

Wednesday March 18

• Data: US February PPI, January factory orders, total net TIC flows, Japan January Tertiary industry index, February trade balance, Canada January international securities transactions
• Central banks: Fed decision, BoC decision
• Earnings: Tencent, Micron

Thursday March 19

• Data: US March Philadelphia Fed business outlook, January new home sales, wholesale trade sales, initial jobless claims, UK January average weekly earnings, unemployment rate, February jobless claims change, Japan January core machine orders, capacity utilisation, Eurozone January construction output, Q4 labour costs, Australia February labour force survey
• Central banks: rate decisions from the ECB, the BoJ, the BoE, the SNB and the Riksbank
• Earnings: Alibaba, Accenture, Enel, FedEx, Vonovia
• Auctions: US 10-yr TIPS (reopening, $19bn)
• Other: Leaders of US and Japan meet in Washington, European Council meeting (through Friday)

Friday March 20

• Data: UK February public finances, Germany February PPI, Italy January trade balance, current account balance, ECB January current account, Eurozone January trade balance, Canada January retail sales, February industrial product price index, raw materials price index
• Central banks: China 1-yr and 5-yr loan prime rates, ECB’s Nagel speaks

* * * 

Finally, looking at just the US, the key economic data release this week is the PPI report on Wednesday. The March FOMC meeting is on Wednesday. The post-meeting statement will be released at 2:00 PM ET, followed by Chair Powell’s press conference at 2:30 PM.

Monday, March 16 

• 08:30 AM Empire State manufacturing survey, March (consensus +3.9, last +7.1)
• 09:15 AM Industrial production, February (GS flat, consensus +0.1%, last +0.7%); Manufacturing production, February (GS +0.1%, consensus +0.1%, last +0.6%); Capacity utilization, February (GS 76.1%, consensus 76.2%, last 76.2%): We estimate industrial production was unchanged in February, reflecting strong auto production but weak electricity production. We estimate capacity utilization edged down to 76.1%.
• 10:00 AM NAHB housing market index, March (consensus 37, last 36)

Tuesday, March 17

• 10:00 AM Pending home sales, February (GS flat, consensus -0.7%, last -0.8%)

Wednesday, March 18 

• 08:30 AM PPI final demand, February (GS +0.4%, consensus +0.3%, last +0.5%); PPI ex-food and energy, February (GS +0.3%, consensus +0.3%, last +0.8%); PPI ex-food, energy, and trade, February (GS +0.3%, consensus +0.3%, last +0.3%); 10:00 AM Factory orders, January (GS +0.1%, consensus +0.1%, last -0.7%) : We forecast that factory orders increased by 0.1% in January, driven by a rebound in commercial aircraft orders.
• 02:00 PM FOMC statement, March 17-18 meeting: As discussed in our FOMC preview, we expect the FOMC to leave the funds rate unchanged at 3.50–3.75%. We expect Governors Bowman, Miran and Waller to dissent in favor of a 25bp cut. The Committee is likely to note in its statement that the war in Iran has increased uncertainty about the outlook and will likely raise inflation and weigh on economic activity in the near term. The Summary of Economic Projections is likely to show changes to the 2026 forecasts in line with our own, including higher core (+0.2pp to 2.7% Q4/Q4) and headline (+0.6pp to 3.0%) inflation, lower GDP growth (-0.2pp to 2.1%), and a higher unemployment rate (+0.2pp to 4.6%). We expect little change in the dot plot, where the median is likely to continue to show one cut in each of 2026 and 2027. We recently pushed the two additional rate cuts in our forecast back to September and December. 

Thursday, March 19 

• 08:30 AM Initial jobless claims, week ended March 14 (GS 210k, consensus 215k, last 213k); Continuing jobless claims, week ended March 7 (consensus 1,850k, last 1,850k): We expect initial jobless claims to decline by 3k. Initial claims remain below their average level in 2025H2 and the layoff rate edged down in January, suggesting that nationwide layoffs remain low despite the increase in alternative layoff measures in Q4 of last year. 
• 08:30 AM Philadelphia Fed manufacturing index, March (GS 7.0, consensus 10.0, last 16.3)
• 10:00 AM New home sales, January (GS -2.0%, consensus -2.7%, last -1.7%): We estimate that new home sales fell by 2.0% in January, reflecting a drag from winter storm Fern.

 
Friday, March 20 

• There are no major data releases scheduled.

Source: DB, Goldman

The White House has struggled to present the American public and the world with a clear timeline or precise strategy on Operation Epic Fury, but Israel has seemed clearer on signaling it is settling in for a longer war.

Israel is bracing for its war with Iran to stretch well into April, even as officials quietly concede the government in Tehran is unlikely to collapse, according to Israeli media.

This has Israel has expanded its attacks not just to Iran’s oil and energy sites, but more broadly to its defense industrial sector, wanting to see even Tehran’s ability to manufacture new missiles utterly destroyed.

And according to Ynet, “At the same time, the idea of encouraging public unrest inside Iran has not been abandoned, though officials acknowledge uncertainty about how effective such efforts might be.”

“We continue to strike regime targets, mainly in Tehran. We are entering the decisive phase. We are aiming to bring the people out into the streets. It’s not only us – the Americans are also working toward that,” an Israeli official stated.

“Not everything can be controlled, but everything possible is being done to make it succeed. The regime must be weakened as much as possible, including the Basij,” the official added. “We are striking them and killing them in the thousands.”

Israeli officials have further made clear they have assets on the ground, or Iranians who have helped spot IRGC/Basij checkpoint and security locations. Israel’s military has publicized some instances of active strikes on these locations.

As for whether targeting information is actually being communicated by anti-regime Iranians, this could just be Israeli propaganda intent on sowing discord and suspicions among the Iranian populace.

Still, Israeli officials have admitted they are skeptical that street protests alone could topple the Iranian government. Over in Washington, President Trump apparently thought ‘decapitation strikes’ would quickly result in some kind of rapid uprising in the streets and change of government, but that didn’t appear even close to happening.

On the White House’s series of miscalculation as this war is in week three with no signs of an off-ramp, Robert D. Kaplan has written in Foreign Affairs:

The biggest U.S. foreign policy fiascos happened because policymakers were obsessed with regional and global consequences they often could not properly manage, and thus ignored critical conditions on the ground. In Vietnam, U.S. leaders overlooked the history and nature of Vietnamese nationalism; in Iraq, it was sectarianism. Tuchman has encouraged leaders to trust area specialists more than grand strategists or democracy promoters. Sophisticated and specific cultural knowledge, she has observed, is much more useful than metrics and shadowy schemes.

Middle-sized wars often stem from misunderstandings about the place intervention is meant to help. The key, then, is for the intervening country to know what it is getting itself into. This may seem easy, but it can be the hardest part of policymaking. Bringing up cultural matters and differences is tricky because it can easily be misconstrued as prejudice, which pushes people to avoid critical conversations about realities on the ground. But it is such discussions that can keep a superpower out of trouble.

Meanwhile, as far as a timeline, Israeli leaders have admitted that it’s renewed war with Hezbollah is expected to outlast the conflict with Iran. Hezbollah has been launching missiles on northern Israel, while IDF ground forces have moved in, also as Beirut continues to get pounded from the air.

Authored by Jill McLaughlin via The Epoch Times,

The Florida Legislature passed new election legislation modeled after President Donald Trump’s proposed SAVE America Act.

House Bill 991, sponsored by state Rep. Jenna Persons-Mulicka, passed along party lines by a vote of 83 to 31.

“We are the Election Integrity State!” Persons-Mulicka wrote on X after the vote.

Sponsors of the bill moved the effective date to appease critics who feared the new identification requirements would discourage some voters from participating in midterm elections. The new laws won’t take effect until Jan. 1, 2027.

The bill requires Floridians to show proof of citizenship to register to vote, requires a valid photo ID to vote, makes paper ballots the primary method of voting, and bans student IDs as an acceptable voter ID.

Nearly all Florida driver’s licenses and ID cards are Real-ID compliant—a process that already verifies citizenship.

Once in place, the new regulations will also make it a felony for political parties, committees, organizations, and candidates to accept or solicit contributions from foreign nationals for any state elections.

Florida state Democrats voted against the bill, dubbing it the “Show Your Papers Act.”

Rep. Anna Eskamani, a Democrat representing Orlando, said the measure would restrict “all kinds of IDs Florida voters can use.”

“Student IDs and retirement center IDs would no longer be valid; driver’s licenses, state ID cards, military ID, and licenses to carry concealed weapons would still be accepted as proof of voter identity,” Eskamani said in a Facebook post.

The ACLU’s Florida Chapter condemned the measure’s passage, calling it an anti-voter bill.

“These changes are not neutral or harmless—they would fall hardest on low-income voters, students, seniors, women, and Black and brown Floridians,” said Bacardi Jackson, executive director of the ACLU Florida chapter.

“This wave of anti-voter legislation is advancing amid ongoing abuses of power that pose unprecedented threats to American democracy.”

Florida State Rep. Jenna Persons-Mulicka, R-Fort Myers. Courtesy of the Florida House of Representatives

A similar effort by congressional Republicans has stalled for months in the U.S. Senate.

Florida Secretary of State Cord Byrd encouraged Congress to move forward with the SAVE Act after Florida’s bill passed.

“Florida leads the nation in election integrity because we don’t rest on our laurels and are always looking to improve,” Byrd posted on X. “It’s now time for Congress to act on critical election integrity measures.”

Republican Leader John Thune (R-S.D.) has been unable to advance the SAVE Act, despite growing pressure from the public and within his party.

Thune told colleagues on March 10 that he didn’t have the votes to pass the act by employing the talking filibuster. He plans to bring the bill to the Senate floor next week.

After a strong gain in January, US Industrial Production continued to expand in February, rising 0.2% MoM (better than expected +0.1%) – the fourth straight month of gains with Production up 1.44% YoY…

Source: Bloomberg

Manufacturing output also beat expectations, rising 0.2% MoM in February.

• Durable manufacturing output edged up 0.1 percent, with mixed results across categories; the index for motor vehicles and parts posted the largest gain, and the index for machinery posted the largest loss.

• Nondurable manufacturing output rose 0.2 percent, with gains in the production of chemicals, of plastic and rubber products, and of paper products outweighing declines in the output of petroleum and coal products and of food, beverage, and tobacco products. The output of other manufacturing (publishing and logging) rose 1.3 percent.

• Mining output increased 0.8 percent in February, following a 0.9 percent increase in January. The output of utilities fell 0.6 percent in February, reflecting no change in the index for electric utilities and a 4.7 percent drop in the index for natural gas utilities.

Source: Bloomberg

Capacity Utilization printed 76.3 (better than expected)…

…maintaining the positive trend since Trump’s second term began.

Authored by Boredom Baron via Substack,

Four sectors demand specific attention this week, and the supply chain dynamics within each are more nuanced than the headlines suggest.

Logistics and Transportation face existential cost pressure, but the picture is bifurcating exactly as I suggested it would. The Denmark story, with the government begging citizens to “please, please, please” avoid driving, tells you how directly the energy shock is hitting consumer behavior and by extension transportation demand. European road freight is already under structural pressure: contract freight rates climbed 2.6 points quarter-over-quarter in Q4 2025 as major shippers locked in rates ahead of anticipated capacity tightening. The spread between contract and spot rates is a real-time barometer of corporate panic: when shippers are willing to pay a heavy premium for guaranteed truck availability over volatile spot pricing, it suggests boardrooms expect logistics disruptions to persist. Add the Hormuz closure on top of a pre-existing 444,000 driver shortage across Europe, and the pressure on transport-dependent small-caps is severe. But the restructuring of global trade routes around the Hormuz blockade is also creating winners. European logistics hubs positioned as alternative gateways for Asian goods, particularly those with rail connections to Central Asian corridors, could see structural increases in volume. The Global Baku Forum this week highlighted the “Middle Corridor” linking Asia and Europe through the Caucasus as a strategic transport opportunity that is gaining momentum.

Defense and Dual-Use Infrastructure continues to be the most structurally advantaged sector in our universe. European governments are demonstrating a strict, legislatively mandated preference for domestic procurement to guarantee sovereignty and the security of supply, which means the multi-decade rearmament cycle (anchored by Germany’s €500 billion infrastructure plan and the Readiness 2030 initiative) flows disproportionately to European small– and mid-cap precision component manufacturers, not just the headline-grabbing prime contractors. Modern defense platforms require vast networks of deeply specialized suppliers producing complex avionics, precision optical sensors, hardened materials, and secure communications equipment. The qualification processes in aerospace (3-7 years to certify a component, then specified for the aircraft’s 30+ year lifecycle with recurring maintenance revenue) create the most durable competitive moats in European small-cap investing. Companies strategically positioned at the intersection of civilian infrastructure and defense mobility are essentially insulated from standard cyclical downturns by the non-discretionary nature of sovereign budgets.

Warehouse Automation and Industrial Robotics is the sector that directly benefits from the nearshoring paradox I described in Contrarian #4. Every factory relocated from Asia to Central Europe needs automated systems to offset higher labor costs. The European warehouse automation market is projected to compound at double-digit rates through 2034, driven by labor shortages and vacancy rates exceeding 12% in European logistics, which sent robot installations up 28% in Central and Eastern Europe. The ecosystem extends beyond traditional robotic arms to encompass Autonomous Mobile Robots (AMRs), high-resolution LiDAR sensors, force-torque sensors, and AI-driven Warehouse Management Systems. Companies like Kardex Holding, Interroll Holding, and AutoStore aren’t selling into a cyclical demand pulse. They’re selling shovels during a structural gold rush, as European supply chain leaders confirm that cost reduction has definitively superseded innovation as the paramount objective for technology integration. Approximately 25% of EU firms have now invested in proprietary digital tracking systems to fortify supply chain visibility, and that percentage will only grow as Hormuz-related disruptions persist.

Energy Infrastructure and Alternatives are seeing renewed interest. Europe switched on its first microgrid-connected data center this week in Ireland, a niche story that nonetheless signals the direction of travel. Every week that Hormuz remains closed strengthens the investment case for distributed energy generation, waste-to-energy operations, and grid infrastructure companies. SoftBank’s $33 billion US power plant deal shows that institutional capital is making enormous bets on energy security. But there’s a contrarian wrinkle here too: the green transition requires exponential increases in critical raw materials, most notably rare earth elements, lithium, and cobalt, whose extraction and processing are dominated by China. The EU’s Critical Raw Materials Act aims to boost domestic recycling and extraction, but actual operational progress is dangerously slow relative to the pace of mandated decarbonization. Companies accelerating the energy transition could find themselves swapping a dependency on Middle Eastern hydrocarbons for a dependency on Chinese processed metals. That’s not energy security. That’s energy dependency with different geography.

Subscribe to Boredom Baron here…

By Noi Mahoney of FreightWaves

A wave of layoffs across U.S. supply chains — from EV battery plants and auto parts factories to warehouses and rail terminals — has affected nearly 4,000 workers in recent weeks, according to company announcements and WARN filings across multiple states.

Recent WARN filings and company announcements show job cuts across at least a dozen companies in states including California, Georgia, Tennessee, Texas, Ohio, South Carolina, Pennsylvania and Alabama.

The largest layoffs in the recent wave are coming from the automotive and industrial supply chain. SK Battery America said it laid off 958 workers — about 37% of its workforce — at its electric vehicle battery plant in Commerce, Georgia, citing shifting EV demand as automakers reassess production plans.

Meanwhile, bankrupt auto parts manufacturer First Brands Group announced major workforce reductions, including 572 layoffs across three facilities in Brownsville, Texas, and 333 jobs cut at a plant in Fayetteville, Tennessee, as part of its Chapter 11 restructuring.

In food manufacturing, Campbell’s said it will cut 205 jobs at its Paris, Texas plant as it repurposes the facility to focus on sauce production. Technology services firm Bluum USA also filed notice it will close its Irving, Texas distribution facility, eliminating 60 jobs as part of a restructuring.

Distribution centers and warehouses reduce staff

Several logistics and distribution operators have announced layoffs tied to restructuring, contract losses or network consolidation.

Third-party logistics provider Saddle Creek Logistics Services plans to lay off 151 workers at a warehouse facility in Bessemer, Alabama.

GEODIS Logistics will eliminate 105 jobs at a facility in Ashville, Ohio, after a client ceased operations at the site.

GXO Logistics also filed notice that it will shut down operations for a client at its West Jefferson, Ohio, warehouse, affecting 102 workers.

In California, CJ Logistics America announced 71 layoffs at a warehouse facility in Fontana scheduled for April 30.

Rail and intermodal logistics hit by contract losses

Intermodal logistics operator Parsec LLC is closing multiple rail cargo handling facilities after losing key customer contracts.

The company will shut down a Columbus, Ohio, intermodal terminal, eliminating 115 jobs by May 1.

A WARN filing with Ohio regulators shows the layoffs will affect loader operators, mechanics, warehouse staff and management roles.

Parsec is also closing a Jacksonville, Florida facility after losing a major customer contract.

In North Charleston, South Carolina, Parsec is shutting down an intermodal logistics operation at the Norfolk Southern terminal, eliminating 39 jobs.

Parcel network restructuring leads to FedEx closure

Package delivery giant FedEx is closing a facility in Pittston, Pennsylvania, affecting 63 employees as part of its “Network 2.0” initiative aimed at consolidating package pickup, transportation and delivery operations.

The company said the effort is designed to simplify its network through a “one van, one neighborhood” delivery model intended to improve efficiency.

Manufacturing and trucking supply chain layoffs

Manufacturing operations tied to heavy-duty trucking and industrial supply chains are also reducing staff.

Furniture manufacturer Ashley Furniture Industries is laying off 266 workers at a manufacturing center in Mesquite, Texas, according to a WARN notice filed with the state on Wednesday.

Commercial Vehicle Group, which produces seating systems used by truck manufacturers such as Freightliner and Mack, will lay off 76 workers at its Bostrom Seating plant in Piedmont, Alabama, amid softer demand in truck and construction markets.

In Ohio, Boelter Companies is closing its Custom Deco manufacturing facility in Toledo, affecting 63 workers.

Grocery and produce closures add more layoffs

Retail grocery and food distribution operations are also contributing to the job losses.

Several California grocery locations are shutting down:

• Food 4 Less #364, Inglewood — 64 employees affected.
• Foods Co. #371, Sacramento — 58 employees affected.

Produce distributor FreshKO Produce Services will close a facility in Fresno, eliminating 58 jobs.

Meanwhile, a Walgreens distribution center in Houston is slated to close, affecting 159 workers, as the retailer consolidates its distribution network.

Recent layoffs and closures across supply chain companies

Via Greg Hunter’s USAWatchdog.com,

Catherine Austin Fitts (CAF), publisher of “The Solari Report,” has been pushing gold (and silver) as an investment for the past few years.  

The record high price, even though both have come down in price a bit, has proven her right–again.  Now, there is an overpowering change getting ready to hit the world.  CAF says:

“What I call the Rothschild syndicate wants programmable money, and they don’t want anybody stopping it…

That’s number one. 

The second thing is most people do not understand what is coming in terms of what the distributive ledger technology is going to do, what it is going to do to the currency markets, to the stock and bond markets.  It is bubble economics and also control.

…We are talking about something that is entirely demonic.

  Let me give you a few examples:  Mr. Smith, this is the government calling, and we know you have three children.  We want one of them transgendered.  You can choose which one, but if you don’t transgender one of them, we will turn off your money, and you won’t be able to feed your other children.”

CAF goes on, “You take the Covid shot or we turn your money off…”

“Programmable money is spatial control as well. 

If we went to a 15-minute city, your programmable money would not work outside the 15-minute city.  It’s not just programmable money. 

If you have an electric car and you try to leave the 15-minute city, your car will not work.”

This is why CAF is working tirelessly with multiple state legislatures to put the brakes on programmable money before it’s too late. 

CAF says, “We say get the guardrails up now, and don’t wait for the last mile of the highway…”

“Look at how the market is exploding.  If you wait, it could be too late. 

The horse has left the barn without the bridal and without the saddle...

Anybody in state government who is working to protect freedom, we want to do everything we can to help you do that. 

You can do that by protecting cash or by putting up the guardrails now so a distributive ledger cannot be used to destroy human and Constitutional rights.  That’s what our focus is now.”

CAF talks about the how energy prices are the number one cost to produce just about anything. 

CAF is concerned that the Iran war could impede fertilizer production.  CAF says:

“We could see enormous dislocations in the food market with supply chains and prices going up. . ..  If this continues, we could be talking, especially in lower income countries, of real famine on a mass scale.”

In closing, CAF says, “Gold is very attractive now as an investment position…”

“…Everybody should have a core position. . .. For general trend and direction, I don’t know of a better trend and direction than gold and silver right now.”

There is much more in the 52-minute interview.

Join Greg Hunter of USAWatchdog as he goes One-on-One with the Publisher of The Solari Report, Catherine Austin Fitts, as she takes us to school on the tsunami of change hitting us all in in the face for 3.14.26.

Does money buy happiness?

The world’s richest countries generate staggering income per person. But when it comes to life satisfaction, some of the wealthiest nations fall surprisingly short.

This graphic, via Visual Capitalist’s Bruno Venditti, compares GDP per capita (PPP), based on IMF data, with happiness scores from the World Happiness Report, which asks people to rate their lives on a scale from 0 to 10.

The 20 Richest Countries by GDP Per Capita

Liechtenstein tops the GDP (PPP) per capita ranking at over $206,000 per person, followed by Singapore and Luxembourg. Several small, globally connected economies dominate the top 10, including Ireland and Macao SAR.

Energy-rich nations like Qatar and Brunei also appear near the top. The United States ranks 11th at roughly $93,000 per person, while European countries account for a majority of the top 20.

However, being among the wealthiest does not necessarily mean being the happiest.

The Happiest Countries in the World

Finland leads the happiness rankings with a score of 7.74, followed closely by Denmark and Iceland. Nordic countries consistently perform well, reflecting strong social safety nets, high trust in institutions, and broad access to public services.

Notably, Costa Rica and Mexico make the top 10 despite much lower GDP per capita levels than many European peers.

Meanwhile, some of the world’s richest economies, such as Singapore and Qatar, do not appear among the top 20 happiest countries.

Where Wealth and Happiness Overlap

Only a handful of countries rank near the top on both wealth and happiness—making them rare global outliers. Denmark, Iceland, Norway, Luxembourg, Switzerland, Ireland, and the Netherlands stand out as rare examples where high incomes coincide with high life satisfaction.

This overlap is particularly strong in Northern Europe. These countries tend to pair high productivity with robust welfare systems, universal healthcare, and relatively low income inequality.

The data shows that while wealth matters, it isn’t the whole story. Trust, social support, and access to public services appear to play a major role in how satisfied people feel with their lives.

If you enjoyed today’s post, check out The Global Cost of Living Index 2026 on Voronoi, the new app from Visual Capitalist.