Meta Builds Photorealistic AI Version Of Mark Zuckerberg To Interact With Employees
Meta is developing an artificial intelligence-powered replica of CEO Mark Zuckerberg capable of engaging directly with employees, as the $1.6 trillion company intensifies its efforts to reshape itself around AI.
According to FT, the social media giant has been working on photorealistic, AI-driven 3D characters that users can interact with in real time – and has recently prioritized the development of a Zuckerberg AI character, which could provide conversation, feedback, and a stronger sense of connection to the founder for staff. AI Zuckerberg is being trained not only on textual data but also on images of the CEO and recordings of his voice. Should the experiment succeed, Meta envisions a future in which influencers and creators could similarly generate AI versions of themselves.
AI Zuck is being developed using his mannerisms, tone of voice, publicly available statements, and his latest thinking on company strategy. The initiative remains in its early stages.
Recent AI setbacks have forced Meta to reorganize their efforts multiple times in 2025, yet the company is pressing ahead with an ambitious push to embed artificial intelligence deeper into its operations. Llama 4 underperformed expectations on key tasks like coding and long-context reasoning, triggering internal chaos, leadership shifts, and roughly 600 layoffs in the AI division, while the next flagship model has been delayed amid stiff competition from OpenAI, Google, and Anthropic. To offset the ballooning infrastructure costs – now projected to exceed $135 billion in 2026 alone – Meta is even contemplating broader company-wide cuts of up to 20%. Yet Zuckerberg remains personally hands-on, spending hours weekly on coding and reviews, and the company just launched Muse Spark, a compact new model that drew a positive Wall Street reaction. This unrelenting drive is perhaps best exemplified by the early-stage project to create a photorealistic AI version of Zuckerberg himself, designed to interact with employees and signal that Meta is all-in on turning AI into a digital extension of its leadership and culture.
This new project is distinct from a separate “CEO agent” that Zuckerberg is building to assist him personally – such as by quickly retrieving information – a concept first reported by the Wall Street Journal. The move comes as Zuckerberg has embarked on a multibillion-dollar spending spree over the past year, vowing to create “personal superintelligence” and close the gap with rivals including OpenAI and Google. He has reportedly become directly involved, spending five to 10 hours a week coding on AI projects and participating in technical reviews.
On Wednesday, Meta unveiled Muse Spark, a compact, closed “purpose-built” AI model designed for integration across its products. The release highlighted advanced capabilities in health reasoning and visual understanding, prompting a 7% rise in Meta’s shares that day.
Meta’s work on AI characters is not new. In September 2023, the company launched its Meta AI assistant alongside a lineup of AI-powered chatbots featuring celebrity personalities, including Snoop Dogg, who licensed his voice and likeness. The effort was inspired by the popularity of AI companion startup Character.AI, especially among younger audiences. Meta later introduced “AI Studio,” enabling users to create their own AI characters or build versions of themselves for fan interactions. However, the feature drew criticism last year after reports emerged of users generating overtly sexual content, raising public and regulatory concerns about child safety. Since January, Meta has barred teenagers from accessing its AI characters.
The company’s newly formed Superintelligence Labs has since explored a new wave of characters, with a particular focus on photorealistic 3D embodiments. Scaling these has proven technically challenging, requiring substantial computing power to deliver realism without noticeable lag in real-time conversations. Meta has also invested in voice technology, acquiring the companies PlayAI and WaveForms last year to enhance interactions.
Internally, Meta is aggressively promoting AI adoption to boost efficiency. Employees are encouraged to experiment with agentic tools from the open-source platform OpenClaw and to design their own AI agents for automating routine tasks. Product managers have been invited to participate in an AI-focused “skills baseline exercise,” which includes technical system design tests and “vibe coding” sessions. That said, some staff members worry the exercises could foreshadow job reductions (they will).
A federal court on April 13 temporarily allowed the Trump administration to enforce its media access restrictions at the Pentagon after blocking the policy last month.
Judge Paul L. Friedman of the U.S. District Court for the District of Columbia granted the federal government’s request for a 14-day administrative stay of his March 20 order blocking the restrictions.
Friedman did not provide reasons for his decision, which stops his own prior ruling blocking the policy from going into effect for now.
The government had asked for the 14-day stay to allow the U.S. Court of Appeals for the District of Columbia Circuit to consider the Department of War’s appeal of the March 20 decision. In that ruling, Friedman issued a permanent injunction preventing the department from enforcing the challenged restrictions.
The Department of War tightened its rules for the media in September 2025 after officials said reporters were roaming the halls of the Pentagon, jeopardizing national security.
The new rules stated that soliciting non-public information from department personnel or encouraging employees to break the law “falls outside the scope of protected newsgathering activities.” They also stated that reporters would be denied press passes if officials determined they posed a safety or security risk.
The New York Times, which filed a lawsuit late last year to block the policy, previously claimed restricting journalists’ access to the Pentagon building and its employees was unconstitutional.
The media outlet said the policy ran afoul of the First Amendment by limiting “journalists’ ability to do what journalists have always done—ask questions of government employees and gather information to report stories that take the public beyond official pronouncements.”
In his March 20 ruling, Friedman wrote that the drafters of the First Amendment “believed that the nation’s security requires a free press and an informed people and that such security is endangered by governmental suppression of political speech.”
“That principle has preserved the nation’s security for almost 250 years,“ he said. “It must not be abandoned now.”
“We’ve been through, in my lifetime … the Vietnam War, where the public, I think it’s fair to say, was lied to about a lot of things,” the judge said. “We’ve been through 9/11. We’ve been through the Kuwait situation, Iraq, Guantanamo Bay.”
The judge also said at the time that the department could not show that it would be harmed by the cancellation of the policy, whose “true purpose and practical effect” was “to weed out disfavored journalists—those who were not, in the Department’s view, ‘on board and willing to serve,’—and replace them with news entities that are.”
The Department of War’s initial policy required media outlets to sign agreements vowing not to solicit unauthorized information from Pentagon officials at the risk of losing their press credentials.
After Friedman issued his ruling on March 20, the Pentagon instituted a new policy restoring credentials for some reporters while requiring that any journalists who enter the building be accompanied by an escort. It also, among other things, changed the prior policy’s language restricting the solicitation of unauthorized or non-public information. Instead, it prohibited the “encouraging, inducing, or requesting” disclosure of such information.
Pentagon spokesman Sean Parnell reacted to Friedman’s new stay order.
Parnell said in a post on X that the department will seek an emergency stay of the initial injunction “to preserve the security of the Pentagon during the pendency of the appeal.”
“Journalists do not have unescorted access to the building but will continue to have press credentials and access to all press briefings, press conferences, and interviews,” he said.
New York Times spokesperson Charlie Stadtlander told The Epoch Times that the media organization will be opposing the department’s motion for a stay from the D.C. circuit court.
Biden Prosecutors Withheld Key Evidence Against Abortion Clinic Protesters: DOJ
Federal prosecutors deliberately withheld evidence while pursuing cases against individuals who protested at abortion clinics, according to a new Department of Justice (DOJ) report released on Tuesday.
The DOJ Weaponization Working Group’s inaugural report examined what the Trump administration has called the Biden administration’s misuse of the Freedom of Access to Clinic Entrances (FACE) Act. The 1994 law makes it a federal crime to injure, intimidate, or interfere with people seeking or providing abortions or pregnancy-related services.
The working group was created in 2025 by former Attorney General Pam Bondi to investigate alleged politicization of the Justice Department.
After reviewing FACE Act prosecutions brought by the DOJ through January 2025, investigators found that prosecutors “knowingly withheld evidence that defense counsel requested to prepare an affirmative defense” and “falsely claimed to not have such information available.”
The report also concluded that the DOJ applied the law unevenly through its National Task Force on Violence Against Reproductive Health Care Providers.
“Though the FACE Act was supposed to protect both pro-choice and pro-life facilities, Biden DOJ senior leadership and Task Force Members provided extensive support to abortion clinics, yet the Biden DOJ often ignored and downplayed vandalism and attacks against pregnancy resource centers or houses of worship,” the 882-page document states.
Investigators further uncovered evidence that DOJ personnel collaborated with abortion-rights groups to monitor and target anti-abortion activists. In several instances, abortion-advocacy organizations identified specific individuals, who were then charged by federal prosecutors.
The working group also determined that prosecutors routinely sought tougher penalties for pro-life defendants compared with those sought for individuals who supported abortion and faced charges for violent acts.
Acting Attorney General Todd Blanche said the findings confirm a “two-tiered system of justice” that will not be tolerated.
“No Department should conduct selective prosecution based on beliefs,” Blanche stated. “The weaponization that happened under the Biden Administration will not happen again, as we restore integrity to our prosecutorial system.”
Soon after taking office in January 2025, President Donald Trump pardoned numerous individuals convicted under the FACE Act during the prior administration. The DOJ has since dismissed several pending cases and reached settlements in others to correct what it described as injustices against clinic protesters.
“The behavior unearthed in this report is shameful,” Assistant Attorney General Daniel Burrows said. “Lawyers who should have known better withheld evidence, worked to keep committed religious people off juries, and generally allowed the Department of Justice to be used as the enforcement arm of pro-abortion special interests.”
MizarVision, a private Chinese company specializing in geospatial intelligence, claims to have tracked US aerial refueling missions of its KC-135 and KC-46 tanker aircraft during Operation Epic Fury. A report published earlier this month analyzed these activities and provided links to strike patterns witnessed in Iran.
The recent strikes conducted by the US over the past month surprised many around the world, but data from transporters refueling flights provided valuable information about their locations.
While bombers work to keep their location under wraps, the refueling tankers continue to broadcast their locations via Automatic Dependent Surveillance-Broadcast signals, which are publicly accessible. Researchers at MizarVision claims to have used this data to determine movements of bombers, giving them more insights on how the strikes were taking place.
What bombers has the US deployed?
Prior to the ceasefire announced last week, the chairman of the Joint Chiefs of Staff, Air Force General Dan Caine confirmed that the US has staged 62 bomber missions. These involved all three of its strategic bombers, the B-1s, B-2s and B-52s.
The US Central Command had previously said that the B-1s were used to degrade Iran’s ballistic missile capabilities while the B-52s struck the command and control posts for the ballistic missiles.
Media reports also confirmed that the B-2s had dropped bunker buster bombs on a target used by the Islamic Revolutionary Guard Corps (IRGC). Now, using MizarVision’s data the US bomber strike patterns can be divided into three phases.
Three phases of Epic Fury
The report published shows US tanker operations in the initial phase, which took place between March 1 to March 5. Although intelligence was limited in these early phases, MizarVision reported a suspected refueling of a B-52H over the Mediterranean. Most of the detected aerial activity was over Israel or the Mediterranean as the US looked to gain aerial superiority in the region.
In the next phase that lasted between March 9-14, refueling tankers were spotted over Saudi Arabia and the Gulf to support B1-Bs and B-2s that were engaged in striking Iran. The company also successfully identified specific locations in the Gulf where these bombers were active between March 9 and 14.
Specifically, on March 13, the company identified a US tanker flying to Saudi Arabia, which emerged as a refueling hub during this phase of attacks. As operations reached their peak between March 15-17, tankers supported B-1B strikes.
On March 17, refueling activities over the Strait of Hormuz, as well as the entry of an airborne early warning and control plane, the E-3C Sentry, demonstrate a complete operational linkage involving warning systems, bombardment, and refueling systems. At the peak of the attack, Iranian Navy vessels were attacked as well as assets in Kharg Island, a hub for Iranian oil shipments.
Analysts at MizarVision also used artificial intelligence (AI) in this tracking, although the exact nature of the system in unclear in the process, the South China Morning Post reported.
While experts suggested that deriving exact patterns from refuelling tanker movements came with high degree of uncertainty, they were easy to spot and gave more information about possible bomber activities.
Over 20 US-Approved Ships Pass Through Hormuz, As Trump Eyes Jump-Starting Next Pakistan Peace Talks
Summary
CENTCOM: “During the first 24 hours, no ships made it past the U.S. blockade & 6 merchant vessels complied with direction from US forces to turn around to re-enter an Iranian port on the Gulf of Oman,” it said. WSJ: 20 US-approved ships have passed, which have not visited Iranian ports.
Diplomacy is not yet dead, as Bloomberg reports Iran is mulling a short-term pause to shipments through Hormuz Strait. Trump tells NYP talks could happen again in two days in Pakistan.
Mediators are scrambling to put together another round of US-Iran talks in the coming days: Iran is reportedly offering a 5-year moratorium on nuclear program, while US demands 20.
Saudis are among those calling for an end to the US blockade of the Hormuz Strait, amid fears the Houthis could shut down Bab al-Mandeb strait. Chinese ship testing America’s Hormuz blockade appears to U-turn. North Korea said to be negotiating tolls, safe passage with Tehran.
Hezbollah’s Secretary-General Naim Qassem rejects upcoming talks between the Lebanese government and Israel, which are set for 11am in Washington, DC on Tuesday.
Over 20 US-Approved Ships Pass Through Hormuz: WSJ
WSJ writes by close of day Tuesday: “More than 20 commercial ships have passed through the Strait of Hormuz in the past 24 hours, according to two U.S. officials. While commercial traffic is still a fraction of what it was before the war, the flow of vessels is an improvement through a critical chokepoint.”
These are of course vessels ‘approved’ and which transited via US military coordination – and this after earlier this week a couple of sanctioned or nonapproved vessels began making their way out before deciding to turn back. More per WSJ:
The ships that crossed the strait in the last 24 hours include cargo, container and tanker vessels going into and out of the Persian Gulf, one of the officials said. Some ships have traveled without their transponders on to minimize the risk of Iranian attacks. The threat of Iranian attacks and sea mines has deterred most vessels from trying to sail through the narrow waterway during the war.
It remains that ships which aren’t under sanction, and which are not visiting Iran’s ports can pass through the American-imposed blockade. But oil prices and markets remain unimpressed, as this is not happening at a fast enough rate, and given the presence of mines and the lingering Iranian drone and missile threat to maritime traffic, it’s not as if the proverbial flood gates of tanker traffic will open up anytime soon.
CENTCOM Gives First Major Blockade Update, Trump Hints at Talks
US Central Command (CENTCOM) has put out its first major statement and update since the Trump-ordered US naval blockade of the Hormuz Strait went into effect.
“During the first 24 hours, no ships made it past the U.S. blockade and 6 merchant vessels complied with direction from U.S. forces to turn around to re-enter an Iranian port on the Gulf of Oman,” it said.
IRAN TALKS COULD BE HAPPENING OVER NEXT TWO DAYS IN PAKISTAN: TRUMP TO NY POST
US WILL ALLOW TEMPORARY WAIVER OF SANCTIONS ON IRANIAN OIL ON THE SEA TO EXPIRE THIS WEEK
“The blockade is being enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman,” it added, noting that over 10,000 American military personnel are currently involved in the blockade mission. The regional US command center also published an infographic confirming which types of the various navy warships are deployed.
More than 10,000 U.S. Sailors, Marines, and Airmen along with over a dozen warships and dozens of aircraft are executing the mission to blockade ships entering and departing Iranian ports. During the first 24 hours, no ships made it past the U.S. blockade and 6 merchant vessels… pic.twitter.com/dpWAAknzQp
South Korea said to be Negotiating Tolls, Hormuz Passage with Iran
Washington has been urging countries with stranded tankers near Iran not to pay money to Tehran to allow them through the blocked Strait of Hormuz. Various tanker and maritime industry firms have also been vocally against this.
However, amid a 2-week US-Iran ceasefire, South Korea is reportedly negotiating with Iran the pass ships through Hormuz as a temporary solution. Iran state-linked Fars reports, “The South Korean Ship Owners’ Association has also proposed to pay tolls for passing through the Strait of Hormuz to Iran as a short-term solution.”
As yet, there’s been no confirmation of this from Seoul officials, and at the start of the month they were actively denying earlier reports that South Korea was willing to pay tolls to get its over couple dozen stranded ships through. If it happens, there would likely follow condemnation from the White House over this ‘compromise’ from a US ally.
Iran Could Pause Hormuz Shipping, As Chinese Tanker U-Turns
Bloomberg says Tuesday in a fresh report that “Iran is considering a short-term pause to shipments through the Strait of Hormuz to avoid testing a US blockade and scuppering a fresh round of peace talks, according to a person familiar with the Tehran’s deliberations.”
“The potential pause reflects a desire to avoid immediate escalation at a sensitive diplomatic juncture as Washington and Tehran sort logistics for another face-to-face meeting, the person said, asking not to be identified as the deliberations are private,” continues Bloomberg. It adds, “Holding back maritime activity for several days is seen as one possible, pragmatic step to prevent an incident that could undermine the fragile efforts to revive discussions, people familiar with the matter said.”
This would be seen as short-term de-escalation, and suggests that Tehran indeed still has the desire of taking a hopeful, pragmatic approach – rather than returning the all out war by the close of the temporary ceasefire. No one is willing to completely shut the door on all diplomacy, and the bombs have been silent across the Gulf and in Iran and Israel. Per latest emerging reports:
The Nasdaq 100 looked set to notch its longest streak of gains since 2021 as optimism that the US and Iran are considering another round of peace talks pushed oil lower and lifted stocks globally.
Chinese ship testing America’s Hormuz blockade appears to U-turn: Rich Starry was blacklisted by Washington in 2023 for helping Tehran evade energy sanctions.
More tracking data via MarineTraffic:
Two tankers turn away from Strait of Hormuz after US blockade begins
At least two tankers reversed course near the Strait of Hormuz shortly after the start of the US blockade, highlighting the immediate impact on vessel movements. According to #MarineTraffic data, the 188-metre… pic.twitter.com/dRNi7yEgJI
More info and color has been added in the wake of failed talks between the US and Iran in Pakistan, per The New York Times citing officials from both countries. Iran signaled Monday it would halt uranium enrichment for up to five years. The Trump administration rejected the offer, according to two senior Iranian officials and one US official who spoke to the Times.
The US position, shaped in part by Vice President JD Vance, calls for a roughly 20-year suspension. Vance has argued such a timeframe is necessary to permanently limit Iran’s nuclear capabilities. “The Iranians, in a formal response sent on Monday, said they would agree to up to five years, according to two senior Iranian officials and one U.S. official. Trump has rejected that offer, the U.S. official said,” writes NY Times.
“The official said the U.S. has also asked Iran to remove highly enriched uranium from the country, and the Iranians have insisted the fuel stays inside Iran. But they have offered to dilute it significantly, so that it could not be used to produce a nuclear weapon,” the report adds.
Sides Could Return to Islamabad for Talks
This behind the scenes back-and-forth suggests that the mediated talks might not be entirely over, also as the clock ticks away on the initial 2-week ceasefire, now a week in. US and Iranian negotiating teams plan to return to Pakistan later this week to resume talks aimed at ending the Gulf war, Pakistani and Iranian officials said Tuesday, as cited in Reuters. Other reports say the talks could be hosted in another venue.
However, US officials have not confirmed the plans, and the reality is that in Islamabad the two sides demands were very far apart, having reportedly finally collapsed on the nuclear issue.
Israel-Lebanon talks are taking a separate track, set to begin in Washington Tuesday, but Hezbollah has rejected this process – with only the Lebanese government represented.
France’s President Emmanuel Macron is among those calling on Washington and Tehran to urgently resume negotiations to end the war, and to reopen the Strait of Hormuz “without controls or tolls, as soon as possible.” Iran is reportedly charging steep tolls to let a handful of ‘friendly’ countries’ vessels through – a situation which President Trump has warned against.
Saudis Push Trump To Call Off Hormuz Blockade
The NY Times has on Tuesday highlighted that “Questions over the status of the U.S. military blockade in the Strait of Hormuz persisted on Tuesday, as tracking data showed that several ships had passed through the waterway, including some that had departed from Iran.”
The Wall Street Journal reported Monday evening that the Kingdom of Saudi Arabia is urging the Trump administration to reverse its newly implemented blockade of Iranian-linked shipping in the Strait of Hormuz, on immediate fears that Iranian escalation could halt Red Sea traffic. On Sunday, a senior adviser to Iranian Supreme Leader Mojtaba Khamenei said Iran has “large, untouched levers” to respond to such a blockade.
Arab officials who spoke to the Journal said Iran could retaliate by shutting down the Bab al-Mandeb, a 20-mile-wide, 70-mile-long choke point linking the Red Sea to the Gulf of Aden and the Indian Ocean. Iran could do so by leveraging the Houthis, the political and military organization that controls much of Yemen.
Saudi Arabia recently has been able to get its oil exports back up to their prewar level of around seven million barrels a day despite the blockage in the strategic strait by piping its crude across the desert to the Red Sea. Those supplies would be at risk if the Red Sea’s exit route were closed as well. — WSJ
NEW: US blockade on Iranian ports begins, but tanker traffic through Hormuz continues uninterrupted, with vessels including Peace Gulf, Murlikishan, and Rich Starry, including sanctioned ships, still transiting as long as they are not calling at Iranian ports.
“If Iran does want to shut down Bab al-Mandeb, the Houthis are the obvious partner to do it, and their response to the Gaza conflict demonstrates that they have the capacity to do it,” Adam Baron, an expert on Yemen at the New America policy institute, told the Journal.
More Geopolitical Latest
via Newsquawk…
The next round of talks between the United States and Iran could take place this week or early next week, according to an Iranian embassy official in Pakistan.
Pakistan’s Foreign Ministry said it has offered to host a second round of U.S.–Iran negotiations, but no date or time has been set.
Pakistani journalist Mallick said, “While Islamabad has offered to host the next round of in person talks between US and Iran, which could be held at a working level, to my understanding, date and venue for the next round has not been finalised as yet”.
The United States and Iran are discussing another round of face-to-face talks to secure a longer-term ceasefire after Islamabad negotiations ended without a deal.
Officials aim to meet again before the two-week ceasefire expires next week, according to Clash report.
The Associated Press reported that a second round of talks is likely and could take place on Thursday.
U.S. Vice President JD Vance said progress was made in talks with Iran and stated that things did not go wrong.
Vance said Iran moved in the U.S. direction but not far enough.
Vance said the ball is in Iran’s court and that U.S. red lines were clearly communicated.
The United States and Iran left the door open to further dialogue after tense Islamabad talks.
A source said the sides came “very close” to an agreement and were “80% there” before hitting unresolved issues.
Iranian President Masoud Pezeshkian told French President Emmanuel Macron in a Monday phone call that Iran will negotiate only under international law.
Pezeshkian said unreasonable U.S. demands blocked an agreement in weekend talks.
He said a lack of U.S. goodwill and maximalist positions prevented finalizing a deal in Islamabad, according to IRNA.
Pezeshkian said diplomacy remains the preferred path to resolve disputes.
An Iranian National Security Committee spokesman said the end of the truce should not lead to its extension, according to Al Mayadeen.
The U.S. aircraft carrier USS George H.W. Bush is sailing off the coast of Africa toward the Middle East to join Operation Epic Fury, according to two U.S. officials cited by The Wall Street Journal.
Saudi Arabia is pressing the United States to drop its Hormuz blockade.
Gulf energy exporters warn Iran could escalate by closing the Bab al-Mandeb, according to The Wall Street Journal.
Alarms sounded in the Galilee Panhandle over concerns of potential UAV infiltration.
A Lebanese source said, “The official mandate of Lebanon’s ambassador in Washington is limited to pursuing a ceasefire with Israel”, according to Al Jazeera.
Switzerland is ready to support diplomatic initiatives between the United States and Iran.
Russian Foreign Minister Sergey Lavrov told Iranian Foreign Minister Abbas Araghchi that preventing further fighting is critical.
Lavrov said Moscow is on high alert to assist in a settlement.
Araghchi warned of dangerous consequences from U.S. actions.
U.S. Secretary of State Marco Rubio will host Israeli and Lebanese ambassadors for talks on Tuesday.
The talks aim to secure a ceasefire, Hezbollah disarmament, and a peace agreement, according to Axios.
A meeting between the Israeli and Lebanese ambassadors will take place Tuesday at 18:00 EDT / 23:00 BST, according to Al Jazeera citing Israeli Channel 15.
Chinese President Xi Jinping issued four proposals to maintain peace in the Middle East, according to Chinese media.
UK Deputy Prime Minister David Lammy met with U.S. Vice President JD Vance in Washington.
Lammy urged that the Iran ceasefire hold and emphasized the importance of free shipping through the Strait of Hormuz.
Fed Chair Nominee Kevin Warsh Reveals Assets Worth Over $190 Million
Trump’s nominee for next Fed Chair, Kevin Warsh, disclosed assets with his wife, heiress Jane Lauder, that total at least $192 million, though – according to Bloomberg – “the actual figure for their holdings is certainly much higher”, underscoring the extent of his close ties to Wall Street through personal investments and advisory positions. Warsh, who was chosen in January by President Donald Trump to succeed Jay Powell, received more than $13 million in consulting fees last year, including $10.2 million from billionaire hedge fund manager Stanley Druckenmiller’s family office, Duquesne.
The figures are part of financial disclosures submitted by Warsh ahead of his confirmation hearing for Fed Chair that is scheduled for next week. They underscore that Warsh, who previously served on the US central bank’s Board of Governors from 2006 to 2011, will be among the wealthiest to hold the Fed chair position.
His 69-page filing, published by the Office of Government Ethics on Tuesday, also reveals hundreds of millions of dollars in assets held by himself and his wife, Estée Lauder heir Jane Lauder.
Warsh has more than $100 million invested in multiple funds run by Duquesne, including $50 million in a fund called Juggernaut. Its underlying assets were not disclosed because of a confidentiality agreement.
The Fed chair nominee’s disclosures reveal a constellation of advisory work for financial institutions, including the hedge fund GoldenTree Asset Management, for which he received $1.6mn, and private equity firm Cerberus Capital Management, for which he received $750,000.
Warsh received more than $1.5 million for what the disclosures refer to as honoraria, primarily for speaking engagements, including $750,000 from hedge fund Brevan Howard for three different occasions.
He also has assets tied to dozens of start-up companies, especially ones related to AI, and several with a focus on crypto. About 60 holdings could not be disclosed because of confidentiality agreements but will be divested if he is confirmed as Fed chair, according to the disclosure.
In his ethics agreement submitted with the disclosures, Warsh has promised to divest from certain holdings and to resign from board positions and other roles, including as a director at United Parcel Service. Warsh is married to Lauder, the daughter of prominent Republican donor Ronald Lauder – the son of makeup scion Estee Lauder.
As Bloomberg notes, while nominees disclose the value of their assets in broad ranges, with the higher end peaking at $50 million, their spouses use different ranges, topping out at those listed as over $1 million. Two of Warsh’s assets – titled the Juggernaut Fund – each were valued at more than $50 million, while his wife listed more than 30 assets in the $1 million plus category, including her shares in Estee Lauder Cos.
Other public data on Jane Lauder’s holdings illustrate how vague the government disclosures can be. Lauder currently holds $1.5 billion in Estee Lauder stock directly and through two family trusts, according to the Bloomberg Billionaires Index. She’s also collected more than $450 million in lifetime dividends on those holdings and has sold more than $83 million in stock since 2003, according to the index.
Warsh pledged in his paperwork to recuse himself from policy decisions that might affect Estee Lauder.
“I will not participate personally and substantially in any particular matter that to my knowledge has a direct and predictable effect on the financial interests of the Estee Lauder Companies unless I first obtain a written waiver,” Warsh wrote.
The extent of Warsh’s wealth – which is substantially bigger than current Fed Chair Jerome Powell whose assets were estimated at more than $100 million when he was nominated for his first term in 2017, and who worked for the private equity firm Carlyle before joining the Fed, and which would easily make him the richest Fed chair in history – is expected to attract scrutiny from Democratic members of the Senate banking committee.Trump’s second administration has multiple independently wealthy members, including the president himself, Treasury secretary Scott Bessent, who previously worked as a hedge fund manager, and commerce secretary Howard Lutnick, the former chief executive of Cantor Fitzgerald.
Warsh is required to list his and his close family members’ investments as part of congressional rules that mean all appointees for Senate-confirmed roles must publish financial disclosures ahead of confirmation hearings.
Warsh will face the banking committee for his nomination hearing next week, chair Tim Scott, Republican senator for South Carolina, said on Fox Business on Tuesday. A vote on the Senate floor, where he needs a majority of 51, is expected to be delayed as senators insist the Department of Justice drop a criminal investigation into Powell.
As the FT notes, several of Congress’s 53 Republican senators, led by North Carolina’s Thom Tillis, have expressed concerns about an investigation they believe represents an attempt by Trump to rein in the Fed’s capacity to set interest rates free from political pressure.
Powell’s second term as Fed chair officially ends in mid-May, but the Fed chair could stay on past that date should Warsh’s nomination fail to reach the Senate floor before then due to the probe.
Since stepping down as Fed governor in 2011, Warsh has worked as a partner at the family office of Druckenmiller, the famed macro investor who has kept a low profile since converting his hedge fund into a family office.
Warsh said in a letter that accompanied the release of his disclosure that he would divest any interest in Duquesne and related outfits between his confirmation and assuming the duties of Fed chair. Heather Jones, an OGE official, said Warsh would be in compliance with government rules once he divests the assets specified in the letter.
Warsh would also resign from many of his other positions and divest his interests in other firms before taking the helm of the world’s most important central bank. While he would also resign from his advisory company Vicarage Stable, he said he would “continue to have a financial interest in this entity” and receive passive investment income from it.
The Fed also has its own rules on what investments officials are allowed to hold, with interests in financial institutions limited. Fed officials are also banned from holding certain financial instruments. Its regulations stipulate that officials cannot buy or sell assets around monetary policy meetings.
Warsh was independently wealthy before joining the Fed as its youngest-ever governor in 2006. He worked at Morgan Stanley from 1995 to 2002, rising to Executive Director of Mergers and Acquisitions, followed by a role as Special Assistant to President George W. Bush for Economic Policy and Executive Secretary of the National Economic Council
Since leaving the Fed, he has also worked for Stanford University’s Hoover Institution, an organisation renowned for hawkish views on monetary policy. Hoover paid Warsh a salary of $150,000 last year — a figure dwarfed by consulting fees and honoraria from dozens of financial firms.
Secretary Wright Sees “Few More Weeks” Of High Gas Price As Memorial Day Travel Nears
Energy Secretary Chris Wright appeared on Fox News on Tuesday morning and said, “Yes, we have gas prices today over $4 a gallon. That’s still a dollar less than they were during the Biden administration, and we’re ending the 47-year conflict with Iran.”
Wright noted, “It does mean higher prices today. It probably means higher prices for a few more weeks. But I’m proud of President Trump.”
Chris Wright: “Yes, we have gas prices today over $4 a gallon. Still a dollar less than they were in the Biden administration, and we’re ending the 47 year conflict with Iran. It does mean higher prices today. It probably means higher prices for a few more weeks. But I’m proud of… pic.twitter.com/Bp9cqTCVVo
“This is the road to more secure and lower long-term energy supplies, but it does mean higher prices today and probably for a few more weeks,” he said, adding, “It does cause a few weeks of dislocation to the American economy, but we will get through it and reach a much better place afterward.”
As of Tuesday morning, more than 10,000 U.S. airmen, sailors, and Marines are enforcing the blockade of the Strait of Hormuz, according to U.S. Central Command. Talks between the U.S. and Iran could resume later this week, two people familiar with the ongoing negotiations told NBC News.
The latest data from AAA show that the U.S. national average for 87-octane gasoline at the pump is around $4.12 per gallon, while the national average for diesel is around $5.65 per gallon.
The $4 gasoline price level is politically sensitive, but meaningful demand destruction typically does not begin until prices approach $5. Still, the recent fuel price shock is the largest on record for both types of fuel.
The Trump administration has 41 days until Memorial Day weekend, one of the biggest driving holidays of the year.
Aircraft carrier USS George H.W. Bush (CVN-77) is operating off the coast of Namibia, as it sails around the African continent and is set to join a growing naval force in the Arabian Sea amid a U.S. blockade of the Strait of Hormuz, USNI News has learned.
Bush, which deployed at the end of March, did not sail through the Strait of Gibraltar and into the Mediterranean Sea, a typical transit for East Coast-based carriers headed to the Middle East. The carrier and its escorts – which include USS Donald Cook (DDG-75), USS Mason (DDG-87) and USS Ross (DDG-71) – are instead sailing around Africa, two defense officials confirmed to USNI News on Monday. Supply-class fast oiler USNS Arctic (TAOE-8) is also operating with the Bush Carrier Strike Group.
The path around Africa allows the carrier and its escorts to avoid transiting the Red Sea and the Bab el-Mandeb, which were both hubs of activity for the Houthis in their drone and missile attacks on U.S. and commercial shipping in 2024 and 2025.
Bush’s transit around Africa comes as the U.S. initiates a blockade of the Strait of Hormuz following a Sunday announcement from President Donald Trump.
U.S. Central Command subsequently issued a statement explaining how U.S. forces would execute a blockade of the crucial waterway that has been a main flashpoint since the U.S. and Israel launched the war against Iran at the end of February.
“The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman,” reads the Sunday CENTCOM statement. “CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports.”
A Monday notice issued to mariners, obtained by USNI News, said a so-called “grace period” that would allow neutral ships at Iranian ports to leave ended at 10 a.m. Eastern time Monday.
“Following this time, any vessel entering or departing the blockaded area without authorization is subject to interception, diversion, and capture,” reads the notice.
“Neutral vessels may still be subject to the right of visit and search to determine the presence of contraband cargo,” the notice continues. “Humanitarian shipments including food, medical supplies, and other goods essential for survival of the civilian populations will be permitted, subject to inspection.”
In a Monday appearance at the Atlantic Council, Chief of Naval Operations Adm. Daryl Caudle spoke about the considerations for a blockade of the Strait of Hormuz, including the risk of mines, how contested the airspace is and whether allies and partners join in the blockade.
“I mean, this is a major undertaking that would have to take place here to do this effectively,” Caudle said. “And of course all that’s bounded by a legal structure – a ‘rules of engagement,’ the legal aspects of this, having good firm legal structure that underwrites the ability to enforce a blockade.”
A U.S. carrier has not transited the Bab el-Mandeb since USS Dwight D. Eisenhower (CVN-69) sailed through the strait in December 2023, shortly after the Houthis started their campaign of attacks on shipping in the Red Sea. U.S. destroyers that transited the Bab el-Mandeb in recent years have come under sustained attacks from Houthi forces.
Before Trump announced the blockade, two U.S. guided-missile destroyers sailed through the Strait of Hormuz and briefly operated in the Persian Gulf on Saturday, several days after the Trump administration announced a two-week ceasefire with Iran while American and Iranian officials continued negotiations.
USS Frank E. Petersen (DDG-121) and USS Michael Murphy (DDG-112) entered the strait to start “setting conditions for clearing mines,” USNI News reported at the time. The talks between Iran and the U.S. fell apart late Saturday, according to reports.
The Japan-based Tripoli Amphibious Ready Group – which includes big-deck amphibious warship USS Tripoli (LHA-7), amphibious transport dock USS New Orleans (LPD-18) and dock landing ship USS Rushmore (LSD-47) – is currently operating in the Arabian Sea.
The Abraham Lincoln Carrier Strike Group – featuring USS Abraham Lincoln (CVN-72), USS Spruance (DDG-111) and Petersen – is also in the Arabian Sea. There are also seven independently-deployed guided-missile destroyers operating in the waters.
US Says ‘No Ships Made It Past Blockade’ As Iran Mulls Hormuz Shipping Pause To Preserve Talks, Which Trump Says Could Happen In Two Days
Summary
CENTCOM: “During the first 24 hours, no ships made it past the U.S. blockade & 6 merchant vessels complied with direction from US forces to turn around to re-enter an Iranian port on the Gulf of Oman,” it said.
Diplomacy is not yet dead, as Bloomberg reports Iran is mulling a short-term pause to shipments through Hormuz Strait. Trump tells NYP talks could happen again in two days in Pakistan.
Mediators are scrambling to put together another round of US-Iran talks in the coming days: Iran is reportedly offering a 5-year moratorium on nuclear program, while US demands 20.
Saudis are among those calling for an end to the US blockade of the Hormuz Strait, amid fears the Houthis could shut down Bab al-Mandeb strait. Chinese ship testing America’s Hormuz blockade appears to U-turn. North Korea said to be negotiating tolls, safe passage with Tehran.
Hezbollah’s Secretary-General Naim Qassem rejects upcoming talks between the Lebanese government and Israel, which are set for 11am in Washington, DC on Tuesday.
CENTCOM Gives First Major Blockade Update, Trump Hints at Talks
US Central Command (CENTCOM) has put out its first major statement and update since the Trump-ordered US naval blockade of the Hormuz Strait went into effect.
“During the first 24 hours, no ships made it past the U.S. blockade and 6 merchant vessels complied with direction from U.S. forces to turn around to re-enter an Iranian port on the Gulf of Oman,” it said.
IRAN TALKS COULD BE HAPPENING OVER NEXT TWO DAYS IN PAKISTAN: TRUMP TO NY POST
US WILL ALLOW TEMPORARY WAIVER OF SANCTIONS ON IRANIAN OIL ON THE SEA TO EXPIRE THIS WEEK
“The blockade is being enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman,” it added, noting that over 10,000 American military personnel are currently involved in the blockade mission. The regional US command center also published an infographic confirming which types of the various navy warships are deployed.
More than 10,000 U.S. Sailors, Marines, and Airmen along with over a dozen warships and dozens of aircraft are executing the mission to blockade ships entering and departing Iranian ports. During the first 24 hours, no ships made it past the U.S. blockade and 6 merchant vessels… pic.twitter.com/dpWAAknzQp
South Korea said to be Negotiating Tolls, Hormuz Passage with Iran
Washington has been urging countries with stranded tankers near Iran not to pay money to Tehran to allow them through the blocked Strait of Hormuz. Various tanker and maritime industry firms have also been vocally against this.
However, amid a 2-week US-Iran ceasefire, South Korea is reportedly negotiating with Iran the pass ships through Hormuz as a temporary solution. Iran state-linked Fars reports, “The South Korean Ship Owners’ Association has also proposed to pay tolls for passing through the Strait of Hormuz to Iran as a short-term solution.”
As yet, there’s been no confirmation of this from Seoul officials, and at the start of the month they were actively denying earlier reports that South Korea was willing to pay tolls to get its over couple dozen stranded ships through. If it happens, there would likely follow condemnation from the White House over this ‘compromise’ from a US ally.
Iran Could Pause Hormuz Shipping, As Chinese Tanker U-Turns
Bloomberg says Tuesday in a fresh report that “Iran is considering a short-term pause to shipments through the Strait of Hormuz to avoid testing a US blockade and scuppering a fresh round of peace talks, according to a person familiar with the Tehran’s deliberations.”
“The potential pause reflects a desire to avoid immediate escalation at a sensitive diplomatic juncture as Washington and Tehran sort logistics for another face-to-face meeting, the person said, asking not to be identified as the deliberations are private,” continues Bloomberg. It adds, “Holding back maritime activity for several days is seen as one possible, pragmatic step to prevent an incident that could undermine the fragile efforts to revive discussions, people familiar with the matter said.”
This would be seen as short-term de-escalation, and suggests that Tehran indeed still has the desire of taking a hopeful, pragmatic approach – rather than returning the all out war by the close of the temporary ceasefire. No one is willing to completely shut the door on all diplomacy, and the bombs have been silent across the Gulf and in Iran and Israel. Per latest emerging reports:
The Nasdaq 100 looked set to notch its longest streak of gains since 2021 as optimism that the US and Iran are considering another round of peace talks pushed oil lower and lifted stocks globally.
Chinese ship testing America’s Hormuz blockade appears to U-turn: Rich Starry was blacklisted by Washington in 2023 for helping Tehran evade energy sanctions.
More tracking data via MarineTraffic:
Two tankers turn away from Strait of Hormuz after US blockade begins
At least two tankers reversed course near the Strait of Hormuz shortly after the start of the US blockade, highlighting the immediate impact on vessel movements. According to #MarineTraffic data, the 188-metre… pic.twitter.com/dRNi7yEgJI
More info and color has been added in the wake of failed talks between the US and Iran in Pakistan, per The New York Times citing officials from both countries. Iran signaled Monday it would halt uranium enrichment for up to five years. The Trump administration rejected the offer, according to two senior Iranian officials and one US official who spoke to the Times.
The US position, shaped in part by Vice President JD Vance, calls for a roughly 20-year suspension. Vance has argued such a timeframe is necessary to permanently limit Iran’s nuclear capabilities. “The Iranians, in a formal response sent on Monday, said they would agree to up to five years, according to two senior Iranian officials and one U.S. official. Trump has rejected that offer, the U.S. official said,” writes NY Times.
“The official said the U.S. has also asked Iran to remove highly enriched uranium from the country, and the Iranians have insisted the fuel stays inside Iran. But they have offered to dilute it significantly, so that it could not be used to produce a nuclear weapon,” the report adds.
Sides Could Return to Islamabad for Talks
This behind the scenes back-and-forth suggests that the mediated talks might not be entirely over, also as the clock ticks away on the initial 2-week ceasefire, now a week in. US and Iranian negotiating teams plan to return to Pakistan later this week to resume talks aimed at ending the Gulf war, Pakistani and Iranian officials said Tuesday, as cited in Reuters. Other reports say the talks could be hosted in another venue.
However, US officials have not confirmed the plans, and the reality is that in Islamabad the two sides demands were very far apart, having reportedly finally collapsed on the nuclear issue.
Israel-Lebanon talks are taking a separate track, set to begin in Washington Tuesday, but Hezbollah has rejected this process – with only the Lebanese government represented.
France’s President Emmanuel Macron is among those calling on Washington and Tehran to urgently resume negotiations to end the war, and to reopen the Strait of Hormuz “without controls or tolls, as soon as possible.” Iran is reportedly charging steep tolls to let a handful of ‘friendly’ countries’ vessels through – a situation which President Trump has warned against.
Saudis Push Trump To Call Off Hormuz Blockade
The NY Times has on Tuesday highlighted that “Questions over the status of the U.S. military blockade in the Strait of Hormuz persisted on Tuesday, as tracking data showed that several ships had passed through the waterway, including some that had departed from Iran.”
The Wall Street Journal reported Monday evening that the Kingdom of Saudi Arabia is urging the Trump administration to reverse its newly implemented blockade of Iranian-linked shipping in the Strait of Hormuz, on immediate fears that Iranian escalation could halt Red Sea traffic. On Sunday, a senior adviser to Iranian Supreme Leader Mojtaba Khamenei said Iran has “large, untouched levers” to respond to such a blockade.
Arab officials who spoke to the Journal said Iran could retaliate by shutting down the Bab al-Mandeb, a 20-mile-wide, 70-mile-long choke point linking the Red Sea to the Gulf of Aden and the Indian Ocean. Iran could do so by leveraging the Houthis, the political and military organization that controls much of Yemen.
Saudi Arabia recently has been able to get its oil exports back up to their prewar level of around seven million barrels a day despite the blockage in the strategic strait by piping its crude across the desert to the Red Sea. Those supplies would be at risk if the Red Sea’s exit route were closed as well. — WSJ
NEW: US blockade on Iranian ports begins, but tanker traffic through Hormuz continues uninterrupted, with vessels including Peace Gulf, Murlikishan, and Rich Starry, including sanctioned ships, still transiting as long as they are not calling at Iranian ports.
“If Iran does want to shut down Bab al-Mandeb, the Houthis are the obvious partner to do it, and their response to the Gaza conflict demonstrates that they have the capacity to do it,” Adam Baron, an expert on Yemen at the New America policy institute, told the Journal.
More Geopolitical Latest
via Newsquawk…
The next round of talks between the United States and Iran could take place this week or early next week, according to an Iranian embassy official in Pakistan.
Pakistan’s Foreign Ministry said it has offered to host a second round of U.S.–Iran negotiations, but no date or time has been set.
Pakistani journalist Mallick said, “While Islamabad has offered to host the next round of in person talks between US and Iran, which could be held at a working level, to my understanding, date and venue for the next round has not been finalised as yet”.
The United States and Iran are discussing another round of face-to-face talks to secure a longer-term ceasefire after Islamabad negotiations ended without a deal.
Officials aim to meet again before the two-week ceasefire expires next week, according to Clash report.
The Associated Press reported that a second round of talks is likely and could take place on Thursday.
U.S. Vice President JD Vance said progress was made in talks with Iran and stated that things did not go wrong.
Vance said Iran moved in the U.S. direction but not far enough.
Vance said the ball is in Iran’s court and that U.S. red lines were clearly communicated.
The United States and Iran left the door open to further dialogue after tense Islamabad talks.
A source said the sides came “very close” to an agreement and were “80% there” before hitting unresolved issues.
Iranian President Masoud Pezeshkian told French President Emmanuel Macron in a Monday phone call that Iran will negotiate only under international law.
Pezeshkian said unreasonable U.S. demands blocked an agreement in weekend talks.
He said a lack of U.S. goodwill and maximalist positions prevented finalizing a deal in Islamabad, according to IRNA.
Pezeshkian said diplomacy remains the preferred path to resolve disputes.
An Iranian National Security Committee spokesman said the end of the truce should not lead to its extension, according to Al Mayadeen.
The U.S. aircraft carrier USS George H.W. Bush is sailing off the coast of Africa toward the Middle East to join Operation Epic Fury, according to two U.S. officials cited by The Wall Street Journal.
Saudi Arabia is pressing the United States to drop its Hormuz blockade.
Gulf energy exporters warn Iran could escalate by closing the Bab al-Mandeb, according to The Wall Street Journal.
Alarms sounded in the Galilee Panhandle over concerns of potential UAV infiltration.
A Lebanese source said, “The official mandate of Lebanon’s ambassador in Washington is limited to pursuing a ceasefire with Israel”, according to Al Jazeera.
Switzerland is ready to support diplomatic initiatives between the United States and Iran.
Russian Foreign Minister Sergey Lavrov told Iranian Foreign Minister Abbas Araghchi that preventing further fighting is critical.
Lavrov said Moscow is on high alert to assist in a settlement.
Araghchi warned of dangerous consequences from U.S. actions.
U.S. Secretary of State Marco Rubio will host Israeli and Lebanese ambassadors for talks on Tuesday.
The talks aim to secure a ceasefire, Hezbollah disarmament, and a peace agreement, according to Axios.
A meeting between the Israeli and Lebanese ambassadors will take place Tuesday at 18:00 EDT / 23:00 BST, according to Al Jazeera citing Israeli Channel 15.
Chinese President Xi Jinping issued four proposals to maintain peace in the Middle East, according to Chinese media.
UK Deputy Prime Minister David Lammy met with U.S. Vice President JD Vance in Washington.
Lammy urged that the Iran ceasefire hold and emphasized the importance of free shipping through the Strait of Hormuz.
Mayor Zohran Mamdani used his “First 100 Days” speech this week to announce that he has kept his promise to create a chain of city-run stores . . . by pledging to open one store sometime “next year.” According to the New York Post, the city is planning to make an East Harlem location the first store at a cost of $30 million. It will be located in La Marqueta near Park Avenue.
It is not clear if La Marqueta will be renamed La Marxista, but it will follow a long line of failed state-operated and city-operated stores.
It is notable that the stores received such emphasis by Mamdani.
It is not difficult to set up a grocery store, particularly when you run the city that approves permits and compliance conditions.
It is not even difficult to set up a money-losing store as long as you have a city budget to pay for it.
It is far more difficult to set up an independently sustainable store.
In my book, “Rage and the Republic,” I discuss the rise of support for socialism and communism among young citizens who have no experience or memory with the failures of such systems in the 20th Century. I specifically discuss Mamdani and his policies. These are calls that are likely to increase with the emerging new economy:
With the rise of American socialism, there are new calls for state subsidies and even the establishment of state-run grocery stores in places like Chicago. Past efforts have been colossal failures, including the still-ongoing effort in Kansas City. Over seven years, KC Sun Fresh is gushing money with losses in 2024 at $885,000. The millions lost on this store are on top of the $17 million that the city paid to buy the entire strip mall. By 2025, many of the shelves were entirely bare, while private grocery stores were successfully operating in the area. Despite these failures, there are new calls in other states to create their own state-owned stores. In New York City, socialist mayoral candidate Zohran Mamdani was heralded for his campaign to open up “government-owned, government-operated grocery stores” in 2025. There are also calls to subsidize key industries that are becoming less competitive in the global market—an effort that is unlikely to succeed as jobs are lost to cheap labor markets or automation.
Since the city already owns La Marqueta, it can avoid paying rent.
However, it will lose any rent that could be earned by renting the property to a business.
Mamdani pledged that these will be “stores where prices are fair, where workers are treated with dignity, and where New Yorkers can actually afford to shop at our stores…Eggs will be cheaper, bread will be cheaper, grocery shopping will no longer be an unsolvable equation.”
Of course, that has not worked out that way in other cities.
Governments are not known to be either efficient or competitive. The start-up costs of this first store will consume almost half of the budget for the original cost estimate for all five stores.
Soon, New Yorkers will be subsidizing grocery stores to artificially support the myth of socialism.
In the Soviet Union, state-run grocery stores were the subject of gallows humor. The “reimagining” of grocery stores left shelves bare with only imagined essential products. The most widely told joke spread just before the fall of the Soviet Union:
A man walks into a shop. He asks the clerk, “You don’t have any meat?” The clerk says, “No, here we don’t have any fish. The shop that doesn’t have any meat is across the street.”
As Mamdani demands a 10% property tax to fund his promises of free buses and other socialist programs, he is returning to the same socialist script. Of course, as the University of Chicago’s Milton Friedman noted, “If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand.”
