Authored by Tyler Turman via the American Institute for Economic Research,

President John F. Kennedy once said, “We must find ways of returning far more of our dependent people to independence.”

President Lyndon B. Johnson sought to meet that challenge by launching the War on Poverty in 1964, insisting that its purpose was not to make people “dependent on the generosity of others,” nor merely to “relieve the symptom of poverty,” but to “cure it and, above all, to prevent it.”

Sixty years and some $20 trillion in welfare spending later, that message appears to have gotten lost. Rather than helping the poor climb out of poverty toward self-reliance, government handouts have instead pulled the ladder away by supplanting work as their primary source of income.

According to January’s Congressional Budget Office (CBO) report, average total income for the poorest households nearly doubled from 1979 to 2022. But most of that increase was fueled by government wealth transfers.

Cumulative Growth of Income Among Households in the Lowest Quintile of the Income Distribution, by Type of Income. (Congressional Budget Office, using data from the Census Bureau. In 2021 dollars. Shaded areas show recessions.) This is a prior release to the CBO report cited by the author, and includes many temporary COVID-era benefits not reflected in the most recent report.

If the success of America’s social safety net is measured by how much cash the government can dole out, then it’s a testament to the scale and generosity of the welfare state. But that was never the yardstick the architects of the welfare state themselves used when selling their War on Poverty to the public.

Welfare was intended to be a means toward self-sufficiency and independence through work.

Viewed through that lens, the CBO report paints a far more troubling picture: Low-income Americans are receiving an ever-growing share of their financial resources from government transfers instead of work.

In 1979, households in the lowest income quintile earned, on average, about 53 percent of their total income from money income—wages, salaries, business income, and other earnings from private-sector work. Means-tested transfers—government cash and in-kind benefits targeted to low-income households—made up just 26 percent.

Since then, the numbers have gone in completely opposite directions. During the pandemic, income from work plummeted to an all-time low of just 33 percent, while means-tested transfers skyrocketed to 57 percent.

Even after temporary COVID-era benefits expired, about 42 percent of the income of America’s poorest households comes from their own earnings. Government transfers also sit at 42 percent, matching earnings from work dollar-for-dollar.

The means-tested transfer rate—that is, the value of welfare benefits relative to income before government assistance and taxes—tells the same story. In 1979, it stood at 32 percent. By 2022, this figure had more than doubled to 72 percent. In other words, for every dollar a low-income household earned (after counting social insurance like Social Security and Medicare), 72 cents were in welfare benefits. During the pandemic, this reached a staggering 93 percent.

The report’s findings are indicative of a trend that is all too common in America’s “social safety net.” Rather than enabling the poor to rely on their own earnings, welfare traps people in government dependency.

The federal government now spends over $1 trillion each year on welfare programs, and, despite historically unprecedented economic gains for low-income Americans, more of them are dependent on government assistance than at any point in the country’s history. That’s hardly an outcome taxpayers should be proud of in a country that styles itself as the land of opportunity. Indeed, if welfare’s purpose is to provide transitional support, then persistently high caseloads should signal that government assistance has become a destination, not a bridge.

If the federal government is going to be in the business of wealth redistribution at all, taxpayers are entitled to demand that it cultivate a culture of work, as then-senator Joe Biden said before the 1996 welfare reforms. But if taxpayers have been pouring trillions of dollars into a money pit that has failed to achieve its own stated goals for over 60 years, it’s time for a serious reckoning.

It is neither efficient nor compassionate for the government to create a perpetual underclass of citizens trapped in a cycle of dependency at the taxpayers’ expense. No amount of political or moral grandstanding can ever justify this state of affairs.

As Congress floats the idea of a second reconciliation bill going into 2026 amid the One Big Beautiful Bill Act (OBBBA)’s welfare reforms, it would do well to remember that a paying job will always be the best anti-poverty program.

The CBO’s report should be a warning. If the goal is independence, welfare policy must be judged by whether it increases work and reduces reliance on government aid. But if the welfare state has become the narcotic President Franklin “New Deal” Roosevelt himself warned against, then Congress should follow his prescription: “The federal government must and shall quit this business of relief.”

The UN General Assembly (UNGA) has voted in favor of a draft resolution reasserting support for “lasting peace” in Ukraine Tuesday, which marks four years since the 2022 Russian military entry into Ukraine.

The resolution passed with 107 votes in favor, 12 against and 51 abstentions. Perhaps the most interesting aspect to the vote was that it was presented by Ukraine and co-sponsored by 46 countries – and though drafted by Kiev the United States did not vote in favor, but abstained alongside China. Even Israel voted in favor, but not the US, a very rare break showing daylight between these two allies.

Russia, Belarus and Sudan were among the opponents – and this is given that the resolution focused on restoring Ukraine’s territorial borders as part of finding lasting peace. The Kremlin has of course rejected that Ukraine will ever get the four ‘annexed’ eastern territories back.

Likely Washington abstained given the implications for the current Trump-backed peace plan, which seeks to get the Zelensky government to give up land in the Donbass. Indeed this is what was expressed by Ambassador Tammy Bruce:

The United States welcomes, of course, the call for an immediate ceasefire. As we’ve said, this resolution also includes language that is likely to distract from ongoing negotiations, rather than support discussion of the full range of diplomatic avenues that may pave the way to that durable peace. For this reason, the United States called for a vote on the two paragraphs and ultimately chose to abstain on the resolution.

What is needed now to end the war is political will. We believe we are closer to a deal than at any point since this war began. Let this be the last anniversary of an ongoing war that has continued for far too long and at far too great a cost. Let’s end it now.

The resolution expressed “grave concern” about continued attacks by Russia on “civilians, civilian objects, and critical energy infrastructure” – and the dire humanitarian crisis.

It additionally called for “an immediate, full and unconditional ceasefire” and urged “the complete exchange of prisoners of war, release of all unlawfully detained persons, and return of civilians forcibly transferred or deported, including children, as a key confidence-building measure.”

In the end, the US ambassador reportedly didn’t like the wording of resolution, and called for it to be broken up into parts.

Given that ultimately it was more of a symbolic ‘solidarity’ vote, the US abstention says a lot of about Washington’s and Kiev’s visions for how peace will ultimately be finalized.

I welcome today’s adoption of the UN GA resolution “Support for lasting peace in Ukraine” initiated by Ukraine. At defining moments, the international community must be clear. Today, it is.

For us, this is not just another vote. It is a reaffirmation that Ukraine is not alone —… pic.twitter.com/tmd0mG17OU

— Andrii Sybiha 🇺🇦 (@andrii_sybiha) February 24, 2026

The allies are still far apart, especially on the need for territorial concessions and the Trump insistence on Zelensky holding a national vote very soon.

Panama published a Supreme Court decision, issued in late January, that voided key port operations held by Hong Kong-based CK Hutchison. The Balboa and Cristobal terminals have become entangled in a legal dispute involving Washington and Beijing. The timing is important, as it comes about a month before President Trump’s planned late-March trip to China.

On Monday, the ruling authorized the Panama Maritime Authority to take over the Balboa and Cristobal terminals near the Panama Canal, ending concessions held by Panama Ports Company (PPC), a CK Hutchison subsidiary, for more than two decades.

The ruling stated that the Panama Maritime Authority will occupy both ports for “reasons of urgent social interest” and take control of all cranes, vehicles, computer systems, and software.

CK Hutchison said Panama’s move was “unlawful” and threatened national and international legal action against the country, which controls the 50-mile man-made maritime chokepoint connecting the Atlantic and Pacific Oceans, allowing more than 13,000 ships to transit annually.

“CKH considers the ruling, the executive decree, the purported termination of PPC’s concession, and the takeover of the terminals to be unlawful,” CK Hutchison said in a statement to the Hong Kong Stock Exchange, adding, “The actions by the Panama State also raise serious risks to the operations, health and safety at the Balboa and Cristobal terminals.”

Hong Kong-listed shares of CK Hutchison closed down 2.7% following the court-ordered takeover. Shares year-to-date have gained about 18%, according to Bloomberg data.

Following the move, Danish shipping company Maersk and Geneva-based Mediterranean Shipping Company were granted temporary licenses to operate both terminals.

In a statement to CNBC, Maersk said temporary operations at the Port of Balboa have already begun and will continue for a period of 18 months.

“One of the main tasks will be the deployment of a new terminal operating system and training the workforce to use this new system,” Maersk said

The saga surrounding the Balboa and Cristobal terminals comes as the Trump administration pursues a Western Hemisphere defense posture, repositioning the Department of War to secure the region and curb the influence of Chinese and other foreign adversaries across the Americas. This also includes purging the region of communist and socialist regimes.

The Northeast is digging out from a historic winter storm that buried Newark Liberty International Airport under nearly 30 inches of snow and left New York City with almost two feet.

Socialist NYC Mayor Zohran Mamdani said the blizzard could rank among the city’s 10 worst storms in 150 years, setting up an early test for his army of snow shovelers now tasked with clearing sidewalks and city streets.

They know the warmth of their collectivism will melt the snow https://t.co/LmgY6wuQw0

— zerohedge (@zerohedge) February 24, 2026

In Boston, there was so much snow that the Boston Globe wasn’t delivering a print version of its newspaper today, explaining that the blizzard “prevented the paper’s printing staff from safely getting to Taunton, now the home of the Globe printing press.”

“Taunton, the surrounding towns, and most of Rhode Island were near the epicenter of the storm, which in some places dumped nearly 3 feet of snow,” the Globe wrote, adding this was an “unprecedented” event to cancel today’s print, the first time in its 153-year run.

With parts of the Mid-Atlantic and Northeast buried under feet of snow, weather observers and meteorologists are warning that more snow could be on the way, along with the potential for another round of cold air.

Max Schuster, the founder of Max Velocity, wrote on X that three more “snow events” are inbound for the Northeast over the next seven days.

“Though these will not be as significant as the Nor’easter, we will have a chance of snow on Wednesday, Friday, and early next week!” Schuster said.

THREE MORE SNOW EVENTS are coming to the Northeast over the next 7 days!

Though these will not be as significant as the Nor’easter, we will have a chance of snow Wednesday, Friday, and early next week! pic.twitter.com/AUaGa3jfvx

— Max Velocity (@MaxVelocityWX) February 24, 2026

Meteorologist Ben Noll wrote on X, “It’s no blizzard, but a clipper system arriving during Wednesday’s morning commute will drop a few inches of nuisance snow across the Northeast. There will be school disruptions!”

It’s no blizzard, but a clipper system arriving during Wednesday’s morning commute will drop a few inches of nuisance snow across the Northeast.

There will be school disruptions! pic.twitter.com/xKWIrcnJA4

— Ben Noll (@BenNollWeather) February 24, 2026

Meteorologist Ryan Kane posted on X a snowfall forecast map for the Mid-Atlantic for Thursday’s snow event.

Hmm… might see a little quick hitting snow Thursday ❄️. Temps are marginal though so nothing too impactful. #MdWx pic.twitter.com/Xm8DaDTiPl

— Ryan Kane (@ryankanerWX) February 24, 2026

Noll warned of the potential for another major sudden stratospheric warming event that could unleash another round of Arctic air for the eastern half of the U.S. in early March.

There’s potential for *another* major sudden stratospheric warming (SSW) event in early March — a rare occurrence, as two SSWs in a single season happen only about once per decade.

As polar vortex shenanigans continue, the United States isn’t yet done with Arctic cold! pic.twitter.com/utxQiNwxRA

— Ben Noll (@BenNollWeather) February 24, 2026

Meanwhile, climate grifter Al Gore continues to sound the alarm on global warming.

Al Gore: “This climate crisis is continuing to get much worse.”

“Mother Nature is staging an intervention.”

“We don’t have much time left to wake up and start taking action.”

“Our very civilisation is at stake.” 🤡 pic.twitter.com/G7zmXzIgtP

— Wide Awake Media (@wideawake_media) February 14, 2026

Al Gore is a broken record. 

Al Gore and Rush Limbaugh debate about climate change in 1992.pic.twitter.com/5vCvVaeqMu

— (news) DOGE (@DOGE__news) February 15, 2026

Global warming one year. The next… 

More climate hyperbole! 😱

Two years ago, The New York Times reported that the lack of snow in parts of the U.S., including NYC, was “A visceral feeling of what climate change looks and feels like.”

Today, they’re reporting on record-breaking snowfall from the blizzard that… pic.twitter.com/NZarPZ1f9O

— Chris Martz (@ChrisMartzWX) February 24, 2026

Yet Democrats and their unhinged left-wing media outlets will tell people not to believe their own eyes, even with all that snow outside, because it’s still “global warming.”

Authored by Jill McLaughlin via The Epoch Times,

FedEx is suing the United States Feb. 23, seeking a full refund on President Donald Trump’s emergency tariffs after the U.S. Supreme Court ruled his use of the International Emergency Economic Powers Act (IEEPA) lacked authorization.

The lawsuit, filed in the U.S. Court of International Trade, seeks to recoup all duties paid by FedEx as a result of IEEPA orders and any interest accrued, plus attorney’s fees.

The Tennessee-based shipping giant focused its lawsuit mainly on the emergency tariffs imposed on Mexico, Canada, and China, and the 10 percent baseline tariff on all imports to the United States, which went into effect on April 5, 2025.

In the Learning Resources v. Trump case, the Supreme Court ruled Feb. 20 that Trump’s tariffs violated the emergency powers law he invoked last year to impose levies on China, Canada, Mexico, and other countries.

Tariffs enacted under other laws were not affected by the ruling.

The president declared a national emergency under IEEPA starting on Feb. 1, 2025, to address the flow of illicit drugs across the northern and southern borders, and to stop the synthetic opioid supply chain from China.

Trump continued taking more steps to implement emergency orders with tariffs last year and earlier this year, addressing global threats. The latest tariffs targeted Iran on Feb. 6.

The president issued an order Feb. 20 ending IEEPA tariff actions.

In a dissenting opinion, Supreme Court Justice Brett Kavanaugh said the federal government may be forced to refund billions of dollars to importers who paid tariffs under IEEPA “even though some importers may have already passed on costs to consumers or others.”

Kavanaugh also said he expected it could be a “mess.”

During a press conference Feb. 20 following the Supreme Court’s decision, Trump said the ruling didn’t do enough to address the refund issue, which could tie up the federal government in court for years to come.

“I guess it has to get litigated for the next two years,” the president said.

Ships are docked at the Port of Long Beach in Long Beach, Calif., on Feb. 20, 2026. Damian Dovarganes/AP Photo

Other companies have filed lawsuits seeking refunds on the tariffs, including Revlon, Costco, Goodyear Tire & Rubber, Toyota, BYD, Patagonia, REI, Trek, Specialized, Shimano, Bell Sports, Osprey, and Dole Fresh Fruit Company.

Since the Supreme Court ruling, Trump has imposed a 10 percent tariff on all countries, which was raised to 15 percent on Feb. 21. The new worldwide tariff level went into effect immediately, the president announced in a post on Truth Social.

President Trump is set to deliver his first State of the Union address of his second term on Feb. 24, when he is expected to highlight his administration’s accomplishments and seize the moment to shore up support for Republicans ahead of the critical 2026 elections.

Historically, the president’s party almost always suffers midterm losses, and the House appears especially vulnerable this year.

Trump, eager to reverse the trend, is set to deliver a lengthy speech promoting the policy wins over the past year.

“It’s going to be a long speech, because we have so much to talk about,” the president said during an event at the White House on Feb. 23.

In fact, as Polymarket odds show, his speech is expected to last 95 minutes…

The address is scheduled for 9 p.m. ET and will be Trump’s second to Congress since returning to office. He previously spoke to a joint session of Congress on March 4 last year. While it was not an official State of the Union address, the speech was the longest on record, lasting nearly 1 hour and 40 minutes.

Below, The Epoch Times’ Emel Akan lays out five key things to watch at this year’s State of the Union:

Midterms Messaging

With eight months until the midterms, Republicans are working to win voters, especially independents who backed Trump in 2024. The majority of voters are still anxious about the high cost of living, according to recent polls. Trump is likely to prioritize the economy in his speech and talk about what he has done to lower gas, housing, and health care costs for American families.

Luke Nichter, professor of presidential studies at Chapman University in Orange, California, believes that Trump’s primary message will be about the midterms.

“He wants to make sure those enthusiastic supporters are still enthusiastic, they still support him, and continue to turn out this fall,” Nichter told The Epoch Times.

The speech comes on the heels of the Supreme Court’s decision last week that struck down tariffs imposed under the 1977 International Emergency Economic Powers Act.

President Donald Trump acknowledges the audience before delivering his State of the Union address at the U.S. Capitol in Washington, on Feb. 4, 2020. Mandel Ngan/AFP via Getty Images

Trump sharply criticized the justices who supported the ruling and has since pledged to raise global tariffs to 15 percent using other statutory authorities. During a Feb. 20 press conference, Trump said he was “ashamed of certain members of the court.” Hence, his tone and remarks toward the justices in the room will be closely watched during the address.

Trump is expected to make the case for high tariffs, even as some Republican lawmakers have expressed concerns about their economic impact.

Immigration will also be a key topic, as the Department of Homeland Security (DHS) remains shut down due to ongoing disagreement between the White House and congressional Democrats. Trump is expected to defend his administration’s policies while adopting a more measured tone in light of two recent fatal shootings by immigration agents in Minneapolis.

Aaron Dusso, a political science professor at Indiana University, believes that Trump will try to shift the narrative during his speech, especially given recent criticism of the domestic immigration crackdown and declining approval ratings.

“This is going to be an opportunity for him to command attention across the entire country,” Dusso told The Epoch Times.

Foreign Policy Questions

Foreign policy is typically not a major focus in the State of the Union addresses, as presidents usually prioritize domestic issues. Trump’s address may be an exception, Nichter said.

In recent weeks, the administration has stepped up the U.S. military presence in the Middle East to exert pressure on Iran to curb its nuclear program. The Pentagon has dispatched another large aircraft carrier to the region. Amid tensions, another round of talks with Tehran is set for Feb. 26 in Geneva. Lawmakers will be closely watching for any new announcements regarding Iran.

Mexican soldiers patrol in armored vehicles in Acapulco in the aftermath of a military operation in which Mexican drug lord Nemesio Oseguera, known as “El Mencho,” was killed in Jalisco state, in Acapulco, Mexico, on Feb. 22, 2026. Henry Romero/Reuters

In Mexico, a U.S.-aided operation killed Nemesio “El Mencho” Oseguera Cervantes, a powerful drug cartel leader, on Feb. 22. Lawmakers and foreign policy analysts will be listening for clarity on the extent of the U.S. involvement in the Mexican military’s operation.

Trump is also expected to highlight his broader efforts to broker peace around the world, crediting himself for ending eight wars.

According to Nichter, Trump may also address unresolved foreign policy issues, including Greenland, Cuba, Venezuela, and the golden dome missile defense system.

Guests in the Gallery

The White House and lawmakers will invite special guests to the State of the Union to highlight their political messages.

Over the weekend, Trump invited the U.S. Men’s and Women’s Olympic Hockey teams following their gold medal victories over Canada.

The women’s team declined the invitation, citing scheduling issues. The men’s team is expected to attend.

Jake Guentzel #59, Tage Thompson #72, Jaccob Slavin #74, Kyle Connor #81 and Jake Sanderson #85 of Team United States listen to the national anthem during the medal ceremony for Men’s Ice Hockey following their gold-medal win over Canada at the 2026 Winter Olympic games at Milano Santagiulia Ice Hockey Arena in Milan, Italy, on Feb. 22, 2026. Bruce Bennett/Getty Images

Democratic lawmakers have invited several people who say they were victims of sex offender Jeffrey Epstein, including Jess Michaels and the family of the late Virginia Roberts Giuffre, to demand legal consequences for those named in the files.

Some Democrats, including Senate Minority Leader Chuck Schumer (D-N.Y.), will bring constituents to raise concerns about the impact of rising tariffs and health care costs.

Some Republicans are focusing on human rights issues in China. House Speaker Mike Johnson (R-La.) will host the daughter of Gulshan Abbas, a Uyghur doctor detained in China since 2018. Rep. Chris Smith (R-N.J.) will host Claire Lai, daughter of Hong Kong media tycoon Jimmy Lai, who is serving a 20-year prison sentence.

Reaction

There have been dramatic moments at past State of the Union addresses, most notably in February 2020, when then-House Speaker Nancy Pelosi tore up a copy of Trump’s speech after he finished speaking.

This time, the setting will be different. Seated behind Trump will be Johnson and Vice President JD Vance.

Reactions from Democrats in the chamber will be closely watched. As with previous years, some lawmakers are expected to stage symbolic protests, wearing coordinated colors or displaying signs.

Vice President Mike Pence claps as Speaker of the House of Representatives Nancy Pelosi rips a copy of President Donald Trump’s speech after he delivers the State of the Union address at the Capitol in Washington on Feb. 4, 2020. Mandel Ngan/AFP via Getty Images

The official response from the Democratic Party will be delivered by Virginia Gov. Abigail Spanberger, who won a landslide victory last November and became the state’s first female governor. Her response will air immediately after Trump’s speech.

Yemisi Egbewole, a Democratic strategist and former Biden White House adviser, said that Spanberger’s selection shows the party is changing its strategy by focusing on affordability and moving away from identity issues.

The response is expected to be measured and aimed at voters who are uneasy about Trump as president, even if they sometimes support Republicans, Egbewole told The Epoch Times.

“That is really where Democrats need to hit,” she said.

Virginia Gov. Abigail Spanberger signs executive orders after being sworn into office at the Virginia State Capitol in Richmond, Va., on Jan. 17, 2026. Win McNamee/Getty Images

More than a dozen Democrats plan to skip the speech and attend an alternative event, the “People’s State of the Union” rally at the National Mall in Washington.

Sens. Adam Schiff (D-Calif.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Tina Smith (D-Minn.), and Chris Van Hollen (D-Md.), as well as Reps. Yassamin Ansari (D-Ariz.), Becca Balint (D-Vt.), Greg Casar (D-Texas), Veronica Escobar (D-Texas), Pramila Jayapal (D-Wash.), Delia Ramirez (D-Ill.), and Bonnie Watson Coleman (D-N.J.) are expected to skip the address.

Defending the Record

Trump is expected to defend his record and outline his legislative goals in another lengthy address.

He will tout economic milestones, including the Dow Jones Industrial Average surpassing 50,000 points. He will argue that crime is falling nationwide.

He will also likely highlight reductions in immigration flows at the southern border with Mexico. Trump has previously said that illegal immigration along that border has reached near-zero levels.

A banner showing President Donald Trump at the Department of Justice in Washington on Feb. 21, 2026. Madalina Kilroy/The Epoch Times

The address is also considered a prime opportunity for the president to lay out his legislative proposals. This year, Trump is expected to encourage the passage of the Safeguarding American Voter Eligibility (SAVE) America Act, a bill that would require proof of citizenship to vote.

He will also tout his other policies, such as banning male athletes with gender dysphoria from competing in women’s sports.

According to David Schultz, a political science professor at Hamline University in Minnesota, Trump will have to keep his base energized while deciding whether to adjust his tone and message to win back the independent voters who helped elect him in 2024.

Republicans’ chances of holding Congress depend on retaining those swing voters, he told The Epoch Times.

“His base is still mostly with him,” Schultz said. “The question becomes, does he only pitch to the base, or does he try to alter his language and approach to appeal to the swing voters?”

A newly uncovered DEA document from the DOJ’s Jeffrey Epstein files release reveals that Epstein was the subject of a secret, 5-year investigation by the Drug Enforcement Agency (DEA) on suspicions of laundering approximately $50 million through a web of illicit drug and prostitution networks – yet federal prosecutors pursuing his 2019 trafficking case had no idea. 

The DEA investigation, code-named “Chain Reaction,” was launched by the DEA’s New York office on December 17, 2010, and targette4d Epstein (listed as “Target 4”) – as well as 14 other individuals whose names have been redacted. Chain Reaction focused on “illegitimate wire transfers” suspected of funding “illicit drug and/or prostitution activities” in New York City and the US Virgin Islands, where Epstein owned his notorious Little St. James island. 

Drawing from a multi-agency dragnet – including the DEA, FBI, ICE, CBP, FinCEN, and others – the memo compiles biographical data, border crossings, criminal histories, and financial red flags. It reveals roughly $50 million in suspicious transactions from 2010 to 2015, routed through accounts in Switzerland, France, the Cayman Islands, and New York. Epstein himself was flagged in seven Unified Suspicious Activity Reports (USARs) totaling $5.67 million, eight Currency Transaction Reports (CTRs) amounting to $233,397, and three Unified Currency Transaction Reports (UCTRs) for $102,648 – some conducted on his behalf by associates.

The memo also reveals overlapping investigations, including an ICE case in West Palm Beach (2006–2008), a Las Vegas ICE probe (opened 2009, pending in 2010), a Paris-based ICE “Operation Angel Watch” (2013), and an FBI case from 2006 still active in 2015.

The redacted targets include individuals with ties to prostitution (e.g., a Polish fashion model linked to $2 million in transfers) and businesses like SLK Designs LLC (a fashion entity run by Epstein associates) and Hyperion Air Inc. (his aircraft holding company). Epstein’s border crossings (e.g., frequent flights between JFK and Paris’s Charles de Gaulle in 2014) and communications (phones, emails) were tracked.

The memo expands Epstein’s crimes beyond sex trafficking, suggesting a syndicate blending prostitution with potential narco-finance. Redacted associates handled transactions “on behalf” of Epstein, and businesses like SLK Designs appear tied to UCTRs involving negotiable instruments. Little St. James – Epstein’s “Pedophile Island” – is fingered as a hub, aligning with survivor accounts of exploitation.

Timeline of Key Probes:

• 2006: FBI opens investigation (still active in 2015).
• 2006–2008: ICE West Palm Beach case.
• 2009: ICE Las Vegas probe opens.
• 2010: DEA “Chain Reaction” begins.
• 2013: ICE Paris “Operation Angel Watch.”
• 2015: OCDETF memo compiled.
• 2019: SDNY sex-trafficking charges (unaware of DEA).

Elite Banking Ties: From Rothschilds to Qatar’s KBL Lux JV

Epstein repeatedly held himself out to people as a representative to the Swiss-based Edmond de Rothschild Group, led by Ariane de Rothschild at the time. Emails reveal that Ariane met with him dozens of times between 2013 and 2019, stayed at his properties, sought his advice on family feuds (e.g., with cousin David de Rothschild over branding), and listened to geopolitical advice such as how to profit from the 2014 Ukraine coup. For his services, the Rothschilds paid him $25 million in two payments roughly one month apart in October and November of 2015. Epstein introduced her to lawyers like Obama White House counsel Kathy Ruemmler, and pursued funding for Israeli cyber firms (e.g., via Ehud Barak). Last week, former Victoria’s Secret boss Les Wexner testified under oath that he only trusted Epstein due to his work for the Rothschilds in France. 

It’s Fine…

And what happened in December of 2015, after the Rothschilds wired Epstein $25 million? The bank reached a non-prosecution agreement with the Obama DOJ on December 18, 2015 amid a DOJ investigation under the “Swiss Bank Program,” which targeted banks for aiding U.S. tax evasion through undeclared accounts. The bank ended up paying a $45.2 million penalty (including fines and forfeitures) as part of a non-prosecution agreement. 

Behind the scenes, the group’s French chief, Ariane de Rothschild, had tasked Jeffrey Epstein and the lawyer he had introduced her to, Kathy Ruemmler, with closing the deal.

“45 mio [million]?” de Rothschild asked Epstein in a December 2015 email exchange. He replied that, counting a $10mn fee for the lawyers involved and $25mn for him, “I think you will find that . . . all less than 80 pretty good”. “Deep thks for your amazing help,” de Rothschild answered. -FT

Specific allegations against Edmond de Rothschild included knowingly assisting U.S. clients in concealing assets (with an aggregate maximum balance of about $1.8 billion in undeclared accounts), using sham offshore entities in jurisdictions like Liechtenstein, Panama, and the British Virgin Islands to hide ownership, and facilitating cash movements or other methods to evade IRS detection. The bank admitted it was “highly probable” that some American accountholders were non-compliant with U.S. tax laws, and it encouraged clients to use structures that obscured true beneficial ownership. This investigation stemmed from broader U.S. efforts post-2009 UBS scandal (where UBS paid $780 million), which exposed systemic issues in Swiss banking secrecy aiding tax evasion.

Tangled Web of Who’s Who

While the DEA was digging into shady wire transfers, Epstein was moonlighting as a high-society financial fixer. Emails from the DOJ’s Epstein files (DataSet 9) show him brokering a 2013–2015 joint venture between Qatar-owned KBL European Private Bankers (Luxembourg) and the Edmond de Rothschild Group’s Swiss operations. Epstein pitched the deal to Qatari royalty – Sheikh Jaber Al Thani, boasting of his Rothschild representation, though the deal never materialized.

True: here is Epstein trying to convince Qatar’s Jaber al-Thani (via his nephew Jabor) to JV his Luxembourg bank KBL with Rothschild’s Swiss bank https://t.co/YAqrQGOMtD pic.twitter.com/mmpQdljzKZ

— zerohedge (@zerohedge) February 20, 2026

Here are other notable individuals and deals Epstein was involved in while also under DEA investigation:

Peter Thiel

Epstein and tech billionaire Peter Thiel had a multi-year relationship starting around 2014, involving at least eight meetings and over 2,000 emails. Epstein invested $40 million in Thiel’s Valar Ventures fund (backing international startups like Wise and Xero) in 2015–2016. Their correspondence often covered shared interests like tax avoidance (e.g., Thiel’s Roth IRA ballooning to over $2 billion) and anti-globalization views (e.g., celebrating Brexit as a “return to tribalism”). Epstein also used Thiel as a sounding board for other deals, including emergency-services tech startups and connections via former Israeli PM Ehud Barak

In one Feb. 28, 2016 email to Peter Thiel, Epstein sought inroads for “the bank that has 160 b in mgmt’ – which has the ‘best client list in the world.’ 

Brian Armstrong

One of Epstein’s notable tech investments during this time was in Coinbase, the prominent cryptocurrency exchange, where in 2014 he directly invested in the company at an early stage through one of his entities, committing approximately $3 million when Coinbase’s valuation was around $400 million, a move that aligned with his growing interest in emerging fintech and proved successful as he later sold half of his stake for $15 million in 2018, with the total return escalating to over $30 million by the time of his estate’s valuation in 2026, making it one of his few profitable ventures in the Silicon Valley space that showcased his access to startup opportunities amid the DEA’s probe into his broader financial dealings.

Leon Black

Epstein’s involvement in the art world intersected with his advisory role for billionaire Leon Black, particularly in orchestrating the 2015 acquisition of Pablo Picasso’s 1931 sculpture Buste de Femme (Marie-Thérèse), where acting as Black’s tax and estate strategist he helped structure the $106 million-plus deal with Black’s Narrow Holdings LLC purchasing the work from Maya Widmaier-Picasso via intermediary Larry Gagosian, involving over $86 million in wires from May to October 2015 routed through European banks like Banque Leonardo in France amid a legal dispute with Qatari buyers, during which Epstein demanded detailed wire records under joint defense privilege, ultimately succeeding with Black retaining ownership after a 2016 settlement as part of Epstein’s broader management of Black’s $2.7 billion collection that coincided with DEA-flagged transfers and Black’s $50 million-plus payments to Epstein that year.

Larry Gagosian

On the other side of the Buste de Femme (Marie-Thérèse) deal was art dealer Larry Gagosian, who acted as the intermediary in the $106 million-plus deal, purchasing the work from Maya Widmaier-Picasso and selling it to Black’s Narrow Holdings LLC amid a legal dispute with Qatari buyers, with emails showing Epstein’s active role in scrutinizing wire transfers and demanding details under joint defense privilege during the height of the DEA investigation.

Ehud Barak

Epstein also ventured into Israeli security technology by investing in Carbyne (formerly Reporty), a surveillance and emergency-response startup chaired by former Israeli Prime Minister Ehud Barak, committing an undisclosed amount reportedly around $1–2 million from 2014 to 2015 while attempting to introduce Barak to Peter Thiel for additional funding, with the company raising $16 million overall during this period as Epstein’s stake became part of his pattern of pursuing global tech deals with intelligence ties including potential Russian connections, proving successful in terms of his investment and highlighting his networked approach to opportunities that blended tech and geopolitics.

Sergey Belyakov

On the geopolitical front, Epstein explored Russian investment opportunities through contacts like Sergey Belyakov, a Russian government official, where between 2014 and 2015 Belyakov pitched Epstein on attracting foreign capital to Russia such as at the St. Petersburg International Economic Forum while Epstein sought assistance with visas and deals. Epstein also asked Belyakov for help resolving an extortion attempt by a Russian woman targeting a “powerful” businessman in New York – for which Epstein was provided detailed intelligence on the woman which may tie into some of the prostitution and money laundering risks being investigated by the DEA.

Hosain Rahman

In consumer tech, Epstein backed Jawbone, the fitness tracker and headset startup led by CEO Hosain Rahman, with his investment occurring sometime between 2010 and 2015 though exact details are murky, fitting his broader Silicon Valley plays but ultimately failing when the company liquidated in 2017 and resulting in a total loss for his stake.

In 2012, Ian Osborne, an adviser to executives and political figures, reconnected the pair and encouraged Mr. Epstein to invest in Jawbone. When Woody Allen was filming “Blue Jasmine” in San Francisco, Mr. Epstein invited Mr. Rahman to visit the set, where Mr. Epstein showed off a pair of high-tech eyeglasses. -NYT

Paul Tudor Jones

Epstein also engaged in a hedge fund transaction with Paul Tudor Jones, the renowned manager of Tudor Investment Corporation, where during the 2010–2015 window Epstein received $13.5 million from Jones’ fund with the nature of the payment unclear possibly a return on investment or advisory fee, as part of Epstein’s involvement in high-finance circles that surfaced in post-death estate reports and potentially tied into the opaque transfers under DEA scrutiny.

Honeycomb Partners

Finally, Epstein facilitated a significant fund transfer into Honeycomb Partners, moving at least $60 million into this private investment vehicle sometime before 2015, with the assets successfully transferred and valued at over $60 million though the fund’s opacity could have intersected with the DEA’s investigation into Epstein’s illegitimate wire activities.

George Bush / Bill Clinton – that whole Haiti thing

Epstein’s connections even extended to former U.S. President George W. Bush during the 2010-2015 period, notably through his role in coordinating private jet logistics for Bush and Bill Clinton’s joint humanitarian trip to Haiti in March 2010 following the devastating earthquake. You know, the one where a woman named Laura Silsby – who showed up in the Clinton emails – was busted trying to smuggle 33 children out of the country without proper exit documentation. The case gained notoriety due to diplomatic interventions by the U.S. government under Secretary of State Hillary Clinton. Bill Clinton, as UN special envoy to Haiti, visited the smugglers and advocated for their release, emphasizing humanitarian intent amid the earthquake chaos. Hillary’s State Department monitored the case closely, with cables (later leaked via WikiLeaks) showing efforts to expedite trials and releases.

Interesting, Silsby’s original lawyer, Jorge Puello, was arrested in March 2010 as part of an investigation into an international human trafficking ring following an investigation being led by U.S. Immigration and Customs Enforcement (ICE) and Homeland Security Investigations (HSI) in connection with the ring – and served just three years in federal prison for “alien smuggling.”

The yen was already sliding on Monday after Nikkei Asia reported that the sharp swing we saw in USDJPY in January was initiated by FX intervention from US Treasury Secretary Bessent not Tokyo, even if Washington, D.C. is open to coordinated forex moves if requested by Japan. FX traders took this as evidence that, contrary to previous conventional wisdom, Japanese authorities were prepared to allow the USDJPY to continue climbing on Jan. 23 and it was only US action which prevented a print at 160, or higher. At the time, investors were leaning toward the upcoming Japanese election as a reason for intransigence, but this report made it seem more like benign neglect of the currency.

Then yen then dropped some more after China added 20 Japanese firms – including affiliates of Mitsubishi Heavy Industries – to an export control blacklist, escalating the dispute between the two nations. 

But it was the third drop that was the biggest, and sent the USDJPY above 156, after Japan’s Mainichi daily reported that Japanese Prime Minister Sanae Takaichi expressed reservations about additional interest rate hikes during her meeting with Bank of Japan Governor Kazuo Ueda last week. 

The report, if true, signals growing friction over monetary policy that could complicate the BOJ’s timetable as coordination with the newly strengthened administration becomes more delicate, and as the new PM does what every other politicians has been so willing to do in recent years: support the stock market at all costs, surging inflation be damned. Oh, and by not hiking rates, Japan can pretend that its Japanese bond market game of musical chairs can extend a little bit longer. 

Ueda had (mis)characterized the meeting last Monday as a general exchange of views on economic and financial developments, and had said the prime minister had not made any specific monetary policy requests.

Takaichi herself has been coy about the particulars of their meeting, saying only that she hoped the central bank would work closely with the government to durably achieve its 2% inflation target accompanied by wage gains. 

The meeting was held amid raging speculation that the rising cost of living, driven in part by the weak yen – but mostly by the surging price in rice which the BOJ has no control over – could prompt the central bank to raise interest rates as soon as March or April. In December, the BOJ raised rates to a 30-year high of 0.75% and signaled further hikes were possible.

A Reuters poll this month showed that a majority of economists expect the BOJ to raise its key rate to 1% by the end of June, with some anticipating a move as soon as April because of mounting concerns about inflationary pressures and a weak yen. Odds of a rate hike have certainly tumbled after last night’s report. 

Following the Mainichi report, the yen tumbled, and the USDJPY surged by 100 pips, rising to 156, the highest price it has been in 2 weeks.

Authored by Dave DeCamp via AntiWar.com,

Tuesday marks four years since Russia first launched its invasion of Ukraine, and, despite President Trump promising to end the war quickly, there’s no end in sight to the conflict as Russian and Ukrainian leadership haven’t budged on their core demands for a peace deal.

Ukrainian President Volodymyr Zelensky reaffirmed in an interview with the BBC over the weekend that he wouldn’t cede the territory Ukraine still controls in the eastern Donbas region and defined “victory” as Ukraine regaining all of the land it has lost to Russia since February 2022.

Ukraine ceding the Donbas is a key Russian demand to end the war, and President Trump has repeatedly called for Zelensky to do so, arguing that Ukraine will likely lose the territory in bloody battles in the coming months and years. When asked by the BBC interviewer if he thought it was a “reasonable request” for a ceasefire, Zelensky said he didn’t agree.

“I see this differently. I don’t look at it simply as land. I see it as abandonment – weakening our positions, abandoning hundreds of thousands of our people who live there. That is how I see it. And I am sure that this ‘withdrawal’ would divide our society,” Zelensky said.

When asked whether he still sought to regain all the land Ukraine has lost, Zelensky answered in the affirmative but suggested he needed more help from his Western backers to do so.

“We’ll do it. That is absolutely clear. It is only a matter of time. To do it today would mean losing a huge number of people – millions of people – because the [Russian] army is large, and we understand the cost of such steps. You would not have enough people, you would be losing them. And what is land without people? Honestly, nothing,” Zelensky said.

“And we also don’t have enough weapons. That depends not just on us, but on our partners. So as of now that’s not possible but returning to the just borders of 1991 without a doubt, is not only a victory, it’s justice. Ukraine’s victory is the preservation of our independence, and a victory of justice for the whole world is the return of all our lands,” he added.

Another major sticking point in the negotiations is the issue of security guarantees. Zelensky and many European leaders want troops from NATO nations to deploy to Ukrainian territory with the backing of US airpower after a peace deal is signed, but Russian officials have repeatedly rejected the idea and made clear that the condition is a non-starter.

Zelensky said in the BBC interview that he wants whatever security guarantee he gets from the US to last 30 years. He made the comments when asked about the Trump administration’s call for him to hold elections, saying that US security guarantees would need to be in place before that happened.

Russian and Ukrainian officials held talks in Geneva last week, but there’s been no sign of progress. Russia maintains it won’t agree to a deal unless its key demands are met, which include Ukraine ceding the territory and guarantees on Ukraine not joining NATO, and has made clear it’s willing to continue the grinding war to achieve those goals.

Norway’s former Prime Minister Thorbjørn Jagland was hospitalized a week ago after a failed suicide attempt, days after he was charged with “gross corruption” after a police probe into his ties with the late sex offender Jeffrey Epstein, local outlet iNyheter reports. 

Jagland, 75, who gave Barack Obama a Nobel peace price less than nine months into his presidency, was charged on February 12 after police carried out an extensive search of his properties – including apartments in Oslo and in Risør.

The man who shockingly awarded the newly elected Barack Obama the Nobel peace prize in 2009, and who was chair of the Nobel Committee from 2009 to 2015, was an Epstein Island regular pic.twitter.com/ObuEO3pB5C

— zerohedge (@zerohedge) February 4, 2026

According to the report, Norway’s Økokrim – which investigates economic and environmental crimes – took the serious step of sending a letter to the Council of Europe requesting that Jagland’s immunity be lifted. It was revoked one day before the raids took place. In the letter, Økokrim says that Jagland and his immediate family used Epstein’s private apartments in Paris and New York multiple times between 2011 and 2018, and stayed at Epstein’s villa in Palm Beach, Florida – with travel being likely covered by Epstein in connection with one of the stays. 

Epstein also reportedly paid for travel and hotel costs for Jagland and five other adults in the Caribbean, and reportedly asked Epstein for a loan, though it’s unclear whether that was actually made. 

If convicted, and he doesn’t successfully kill himself, Jagland faces up to a decade in prison if convicted. 

In one 2018 email exchange, Epstein wrote to Jagland suggesting that “I think you might suggest to Putin, that Lavrov, can get insight on talking to me.”

Jagland served as Norway’s Prime Minister from 1996 to 1997, and held other prominent international roles – including Secretary General of the Council of Europe (2009-2019) and chairman of the Norwegian Nobel Committee. 

Apparently Epstein was in bed with several top Norwegians;

Other prominently placed Norwegians are also facing new scrutiny, including Crown Princess Mette-Marit, Borge Brende, an ex-foreign minister who now runs the World Economic Forum, and Mona Juul, who this week was suspended from her role as ambassador to Jordan and quickly resigned. There has been fallout from the release of the Epstein files around the world, and though seemingly no region’s elites have been immune, Norway has been hard hit. -NYT

Prime Minister Jonas Gahr Store says he supports an independent inquiry and will testify if asked about his time as a former foreign minister.