If conditions change beneath the surface, the folks behind the curtain will be powerless to do anything but make it worse.
This just in: predicting is hard, especially about the future. One solution is ambiguity: couch predictions in poetic allusions that are open to interpretation.
What’s hard is making an unambiguous prediction that turn out to be correct.Recency bias often trips us up, as making predictions based on projecting the recent past seems to work well until trends and dynamics change. But due to recency bias, we tend to ignore these signals and focus on whatever supports our belief that the future will be a continuation of the recent past.
If we live long enough to experience several epochal transitions, we start noticing longer-term patterns. One such pattern that attracts little attention is that recessions tend not to replicate the previous recession; they tend to follow the recession before.
So the recession we’re now entering won’t track the 2008-09 recession, it will likely track either The 1991 recession–shallow and brief–or the previous “real recessions” of 1980-83 or 1973-75.
The recession of 2008-09 was characterized by these dynamics:
1. The price of oil spiked, but fell rapidly back to its previous range.
2. Low inflation generated by the massive deflationary impact of China’s expansion of low-cost manufacturing and credit expansion enabled the Federal Reserve to flood the financial system with trillions of dollars, pinning interest rates to zero (ZIRP–zero interest rate policy).
3. Low inflation enabled authorities to “run the economy hot” with cheap, abundant credit that inflated credit-asset bubbles in real estate, stocks and other assets, generating a “wealth effect” in the top 10% who own the majority of the assets.
4. The Fed’s balance sheet and federal debt were both modest when measured by GDP, and so these could be expanded with little downside, as these acted as buffers.
The 1991 recession was trigged by a spike in oil prices and risk-off reaction to the first Gulf War (Desert Storm). Once oil prices fell, the impact on interest rates, asset valuations, unemployment, etc. were, by historical standards, mild.
The 1973-75 and 1980-83 recessions were different–stagflationary confluences of embedded inflation generated by price shocks and “running the economy hot.” Over time, interest rates (bond yields) tend to track the cost of oil, as the entire economy rests on a foundation of energy.
Adjusted for inflation, oil leaped to a new level in the “oil shock” of 1973-74, triggering a reset of the economy already reeling from higher inflation, foreign competition and sagging productivity.
As the supergiant oil fields discovered in the 1960s started producing at scale in the 1980s, the inflation-adjusted price of oil fell, and remained at historically modest levels interrupted by occasional short-lived spikes (Desert Storm, invasion of Ukraine, etc.).
In the 1970s, energy plateaued at a higher cost level. This–along with other factors–contributed to embedding higher costs, i.e. inflation, that were exacerbated by “running the economy hot,” i.e. assuming inflation would magically decline due to “growth.”
Instead, inflation became self-reinforcing, threatening to cripple the economy. The only real solution was pushing interest rates high enough to suppress credit expansion, which in an economy dependent on ever-expanding credit, pushed the economy into a deep recession.
Assets fell, valuations stagnated, unemployment soared, credit tightened, and the “easy money” fixes of the past were no longer the solution, they were the problem.
Here we see the yield on 10-year Treasury bonds, a proxy of interest rates:
Here is the Dow Jones Industrial Average (DJIA), a proxy of the stock market, adjusted for inflation: by the time the Dow regained the magic 1,000 level in 1982, it had lost 2/3rds of its real (inflation-adjusted) value from its 1966 1,000 peak.
We have succumbed to the illusory belief that “the powers behind the curtain” can–and will–always save us from a market crash and “real recession.” What history teaches us is this can only happen in a very specific set of conditions which no longer apply: if oil costs plateau at a higher level, inflation becomes self-reinforcing, credit expansion leads to extremes of risk and productivity remains stagnant, then those behind the curtain will only make the situation worse by lowering interest rates and “running it hot.”
At that point, everyone predicting a continuation of the past 18 years will be reaping their reward for being wrong: a margin call in a bidless market. Predicting is hard, but it’s good to keep an open mind and avoid recency bias. If conditions change beneath the surface, the folks behind the curtain will be powerless to do anything but make it worse.
Ben Affleck Once Criticized AI, Now Netflix Is Buying His AI Startup For $600 Million
Ben Affleck—who has previously warned about the risks artificial intelligence poses to Hollywood—has sold his own AI filmmaking startup to Netflix in a deal that could reach $600 million, according to Bloomberg.
The cash portion of the acquisition is smaller, with additional payments tied to performance targets, but it still ranks among the largest AI-focused deals by a major studio.
The startup, InterPositive, developed software designed to help directors edit footage after filming, such as removing stray objects or changing elements in the background. The tools are intended to work with existing film rather than generate entirely new content. Director David Fincher has already used the technology on an upcoming movie starring Brad Pitt.
Netflix’s purchase highlights how studios are increasingly turning to artificial intelligence to streamline production and reduce costs. Rivals such as Amazon and The Walt Disney Company are also exploring AI tools for film and television development.
Bloomberg writes that Affleck built InterPositive with backing from RedBird Capital Partners and initially kept the project quiet before seeking investors in 2025. He has argued the technology should function as a controlled filmmaking aid: the system trains only on footage from a specific film and doesn’t scrape outside movies or generate new works independently.
For Netflix, which has historically favored building technology internally over large acquisitions, the purchase represents a rare buyout aimed at strengthening its in-house AI capabilities for movie and TV production.
The White House and FBI on Thursday disputed claims of an internal government alert saying Iran wants to launch drones to attack the West Coast of the United States, saying that ABC News should move to retract its reporting.
A report and social media post from ABC News on Wednesday said that the FBI warned police departments in California of the potential threat. The media outlet said it cited an FBI alert that its reporters reviewed.
White House press secretary Karoline Leavitt wrote in an X post on Thursday, “No such threat from Iran to our homeland exists, and it never did.”
Leavitt said the ABC News story and X post “should be immediately retracted … for providing false information to intentionally alarm the American people.”
“They wrote this based on one email that was sent to local law enforcement in California about a single, unverified tip,” she wrote. “The email even states the tip was based on *unverified* intelligence. Yet ABC News left out this critical fact in their story! WHY?”
Responding to ABC, FBI spokesman Ben Williamson said that ABC’s report omitted the word “unverified” from the bulletin that was sent by the FBI to its local Joint Terrorism Task Forces partners. He included a screenshot of ABC’s report and a screenshot text of the FBI’s bulletin.
“We recently acquired unverified information that as of early February 2026, Iran allegedly aspired to conduct a surprise attack” with drones targeting the United States from “an unidentified vessel,” the FBI bulletin stated, in part, according to his X post.
The bulletin added the law enforcement bureau has “no additional information on the timing, method, target, or perpetrators of this alleged attack.”
ABC News, which is owned by Disney, has not publicly responded to Leavitt or Williamson. The Epoch Times contacted ABC News for comment on Thursday.
The Los Angeles Sheriff’s Department said in a Wednesday post that the office is keeping “an elevated level of readiness and is maintaining increased vigilance as we continue to protect our residents of Los Angeles County. We are working closely with our federal and local law enforcement partners to share intelligence and monitor the ongoing conflict in the Middle East and assess any potential impacts in our communities.”
California Gov. Gavin Newsom’s office office said the bulletin was one of many security updates the state receives from federal partners daily. California, it said, had elevated its security posture since the start of the Iran conflict.
In a message posted on X, the governor’s office said Newsom was “in constant coordination with security and intelligence officials” to monitor “potential threats to California—including those tied to the conflict in the Middle East.”
The confidential alert, issued by the FBI, surfaced publicly on Wednesday as the war, which began on Feb. 28 with massive U.S.–Israeli bombardments of Iran, stretched into its 12th day.
The Iranian regime, whose supreme leader and other top officials were killed in the air strikes, has responded with missile and drone aircraft attacks against Israel and several Gulf states that host U.S. military installations. The regime has said it would target commercial vehicles in the strategic Strait of Hormuz, while the country’s new leader, Ayatollah Mojtaba Khamenei, said on Thursday that the strait should remain closed indefinitely.
President Donald Trump on Wednesday, when asked by a reporter about Iranian sleeper cells in the United States, said that the administration is tracking most of them and knows where they are.
Reuters contributed to this report.
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Large US Refueling Aircraft Downed Over Western Iraq In First Of Iran War
Summary:
State media: Iran claims responsibility for shooting down US refueling plane, says US refueling plane was downed with all crew killed in Western Iraq.
CENTCOM confirms search and rescue operation underway after large KC-135 refueling tanker goes down over Western Iraq.
Trump: Iran paying a ‘big price’ right now; situation ‘moving along rapidly’
Netanyahu confirms hitting IRGC and Basij checkpoints, in effort to ‘topple regime’
Iran’s top security official to Trump: ‘we will not relent until you are sorry’
Oil pares gains after report that Iran lets some ships cross strait, denies mining Hormuz
Bloomberg: Trump admin set to temporarily suspend Jones Act shipping rules to help cool rising oil prices.
Ayatollah Mojtaba in first public message says the closure of the Strait of Hormuz should be continued as a tool to pressure the enemy
Mojtaba vows to keep attacking US bases, and signals ‘new fronts’ could soon open
President Trump simultaneously says the US is stopping Iran “from having Nuclear weapons” and “destroying” the Middle East and “the World”.
Shipping turmoil escalates as multiple vessels (at least six) struck overnight
Brent crude oil prices top $100 amid “the largest supply disruption in the history of the global oil market,” the IEA reports.
Energy Secretary Chris Wright says the US Navy is not yet ready to escort tankers through the Strait of Hormuz, as military assets remain focused on degrading Iran’s offensive capabilities.
Dubai suffers significant drone attacks
Northern Israel hammered by Hezbollah, “largest wave” of missiles since war began
IDF says it struck key Iranian nuclear development site
US Intel assesses Iranian regime remains intact
Oman port operations halted
Trump proclaims “we won”
* * *
Update(1855ET): In a huge battlefield development and significant first and setback for US forces operating against Iran, a large American military aerial refueling tanker has gone down over Western Iraq, where it was operating in connection with Operation Epic Fury. CENTCOM says there’s a rescue effort ongoing, amid likely casualties. In an official statement it said:
U.S. Central Command is aware of the loss of a U.S. KC-135 refueling aircraft. The incident occurred in friendly airspace during Operation Epic Fury, and rescue efforts are ongoing. Two aircraft were involved in the incident. One of the aircraft went down in western Iraq, and the second landed safely.
But the statement also sought to emphasize: “This was not due to hostile fire or friendly fire.” But Tehran is contradicting this:
Iran claims responsibility for shooting down US refueling plane, says US refueling plane was downed with all crew killed in Western Iraq.
Typically three members operate KC-135, but there can sometimes be another navigators, or possibly up to six on board. This could be an event with serous casualties.
CENTCOM claims an accident led to the loss of a KC-135 refueling aircraft over Iraq. I wish I could take them and face value, bc they were flying in close proximity to Iranian fire.
But one way or the other, this is yet another cost to American forces. More reports are coming… https://t.co/wBSjpg7Dmg
— Daniel Davis Deep Dive (@DanielLDavis1) March 12, 2026
* * *
Update(1205ET): Some fresh development impacting closely watched oil prices:
OIL PARES GAINS AFTER REPORT IRAN LETS SOME SHIPS CROSS STRAIT
IRAN ALLOWED SOME SHIPS TO CROSS STRAIT, DEPUTY FM SAYS: AFP
IRAN DEPUTY FM SAYS NOT LAYING MINES IN HORMUZ STRAIT: AFP
IRAN DEPUTY FOREIGN MINISTER TAKHT-RAVANCHI SPEAKS TO AFP
Reuters reports say at least a dozen explosive mines have been put in shipping lanes. As for Iran’s denial, this doesn’t mean the war shows signs of immediately stoppage, instead per the AFP:
Iran wants to ensure that a war will not be imposed again on it in the future, deputy foreign minister Majid Takht-Ravanchi told AFP, as the conflict raged with the United States and Israel. “We want to see that war is not going to be imposed again on Iran,” said Takht-Ravanchi in an interview in Tehran.
“When the war started last June, after 12 days there was so called cessation of hostilities… but after eight or nine months, they regrouped and they did it again.“
* * *
Update(0940ET): Coming near in time to each other Thursday morning, President Trump and Iran’s Ayatollah Mojtaba Khamenei issued public statements. This marks the first public statement by supreme leader Mojtaba since replacing his slain father. The statement has been posted to Iranian state TV sources, and below are the most crucial remarks.
Mojtaba says the closure of the Strait of Hormuz should be continued as a tool to pressure the enemy. He additionally states that “all US bases should immediately be closed in the region and those bases should be attacked.” Indeed these attacks have been ongoing this week, as the cross Gulf drone and missile strikes continue, also reportedly most recently in northern Iraq, and around Erbil. On the question of base attacks, he claimed that Iran “only” targets military bases and sites, and says this will continue. However, he did try to assure angry Gulf neighbors, who have been pummeled by Iranian missiles and drones for close to two weeks now, that Iran believes in “friendship with our neighbors”. The message further praises ‘martyrs’ of the Islamic Republic and is one that emphasizes Iran is not backing down, despite the immense daily US-Israeli bombings. He also ‘thanked’ regional militias for their ‘support’ – at a moment Shia Iraq militant groups are said to be launching strikes on US targets inside neighboring Iraq. Ominously, the new Ayatollah is warning of opening “other fronts”.
As for President Trump, he’s still seeking to try and calm global oil prices, posting “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money. BUT, of far greater interest and importance to me, as President, is stopping an evil Empire, Iran.” This once again echoes lines from the Bush era war in Iraq. He also said he’s stopping Iran “from having Nuclear weapons” and “destroying” the Middle East and “the World”.
WTI Crude as the rival messages went out almost simultaneously:
An earlier Thursday threat from Iranian leadership:
Trump has said “we can take apart Iran’s electric capacity within one hour, but we have not done it.”
Well, if they do that, the whole region will go dark in less than half an hour and darkness provides ample opportunity to hunt down US servicemen running for safety.
— Ali Larijani | علی لاریجانی (@alilarijani_ir) March 12, 2026
* * *
Brent crude futures in Asian trading jumped above $101/bbl overnight, despite news of a planned record emergency SPR release by the International Energy Agency’s 32 member countries, in an effort aimed at capping triple-digit oil prices.
Today’s focus is on reports that IRGC forces struck two foreign oil tankers in the Gulf area, bringing the total to six vessels hit over the past 24 hours. Iranian kamikaze drones also struck an energy export hub in Oman, while IRGC naval mine threats in the Strait of Hormuz soared by midweek.
The Wall Street Journal reported that two oil tankers were struck in Iraqi waters. The U.K. maritime security agency UKMTO also said a containership was hit off the coast of Dubai, adding to earlier reports that three cargo vessels were struck around the Strait of Hormuz area. Also worth recalling is the dramatic video from yesterday showing an IRGC drone slamming into a critical tank farm in Oman.
Video footage from the deck of a Chinese cargo ship which allegedly shows the moment an Iranian one-way attack drone, a Shahed-136, struck an oil tank earlier today at the MINA Petroleum Facility on the Port of Salalh in Oman. pic.twitter.com/45KGfrjYak
The market reaction to the overnight hostilities, as Operation Epic Fury rages on this week and IRGC forces lob missiles and bombs at Gulf states, was a surge in Brent crude futures to the $101 handle.
The insane videos of tanker attacks just keep coming…
NEW: Video shows moment Iranian boat filled with explosives hits U.S.-owned oil tanker in the Persian Gulf pic.twitter.com/nYwnA2BzRl
Goldman’s Rich Privorotsky on the overnight energy market moves:
A series of attacks across the Gulf has sent oil up nearly another 10% (fading to up 5%), with Brent back briefly through the $100 level. The move in products looks even more acute, with distillates leading. Quite telling yesterday that, after yet another Whitehouse jawbone and the IEA’s record reserve release announcement, oil still failed to come in meaningfully. Overnight Reuters reported, “Iran has laid about a dozen mines in Strait of Hormuz, sources say” … if that is confirmed it’s not quickly reversible.
Goldman expects longer disruptions on the Hormuz chokepoint:
Here’s where things get even more complicated: Six commercial vessels and oil infrastructure in the Gulf area were hit in IRGC strikes, and attention is now shifting to another critical maritime chokepoint.
Overnight, Iran’s semi-official Fars News Agency warned that the Houthis in Yemen and other Iran-backed groups could move to shut the Bab el-Mandeb Strait at the southern tip of the Arabian Peninsula.
The overnight chaos sent Brent crude back over $101/bbl, but it has since fallen to $96/bbl by 0630 ET. This comes after the IEA’s 32 member countries agreed on a “record” 400 million barrel release to cap energy prices. U.S. Energy Secretary Chris Wright announced that the U.S. will contribute 172 million barrels. As we explained to readers on Wednesday, this SPR dump is likely to have only a minimal impact.
Meanwhile, President Donald Trump told supporters in Kentucky last night that Operation Epic Fury was effectively over almost as soon as it began. “It’s just a question of when—when do we stop?” he said.
“Let me say we’ve won. You know, you never like to say too early you won. We won. We won, in the first hour it was over, but we won,” Trump said.
He added, “We don’t want to leave early, do we? We’ve got to finish the job.”
It is clear that U.S.-Israeli operations have dealt a major blow to the IRGC’s conventional military capabilities, but the lingering threat will be asymmetric warfare, including drone attacks, naval mines, the potential sabotage of undersea cables, and a wide range of other low-cost, high-disruption weapons.
What’s important from the overnight (courtesy of Bloomberg):
Energy Market
The Iran war is causing the largest supply disruption in the history of the global oil market, hitting 7.5% of global supply and an even bigger share of exports
Oil prices surged above $100 a barrel as Iran escalated attacks on Dubai and shipping assets
IEA members agreed to release an unprecedented 400 million barrels from emergency reserves to calm the market
IRGC Military Actions
Iran escalated attacks on parts of Dubai with missile alerts and a drone that fell on a building in Creek Harbour on Wednesday night
Iran says it maintains control over the strategic Strait of Hormuz and claims it carried out strikes on Israeli military and intelligence facilities
Iran’s military announced the policy of reciprocal strikes has ended, stating, ‘from now on, our policy will be strike after strike’
More than 2,100 Shahed-136 weapons have been fired so far, damaging oil infrastructure, shutting airports and destroying military hardware
US Security Warnings
The US State Department warned that Iran and affiliated groups could be planning attacks on oil infrastructure owned by the United States in Iraq
US Central Command warned that Iran is using civilian ports along the Strait of Hormuz for military operations, making them legitimate targets
California Governor Newsom said he’s aware of potential drone strikes in California after FBI warnings that Iran has allegedly considered launching offensive drones against the West Coast
Economic Impact
Goldman Sachs and Citigroup told staffers in Dubai to stay away from their offices amid Iran threats
On the Beach suspended its full-year guidance due to a ‘significant slowdown’ in demand following the Middle East conflict, with shares dropping as much as 15%
Chinese oil refiners have begun canceling agreed refined fuel export cargoes as Beijing tightens curbs to cope with the war’s impact
Diplomatic Developments
Iran has told regional intermediaries that for a ceasefire, the US must guarantee that neither it nor Israel will strike the country in the future
A former IRGC chief said Iran would agree to no ceasefire until the country reaches a ‘definite outcome’
The UN Security Council approved a resolution condemning Iran’s attacks on its Gulf neighbors including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE and Jordan
Is it too early for Trump to be calling a “win” when asymmetric warfare is still a very big threat and will be lingering for many weeks, if not months? As one pundit has pointed out: “Endurance regimes do not need clean victory to change the game. They only need to survive the shock while making the old equilibrium too costly for their adversaries to restore.”
Centrus Partners With Palantir As Wright Pushes End To Russian Imports
In a move underscoring America’s drive for nuclear fuel sovereignty, Centrus Energy and Palantir announced an AI-powered partnership aimed at slashing costs and fast-tracking the multi-billion-dollar expansion of U.S. uranium enrichment capacity.
The collaboration, showcased at Thursday’s AIPCon 9 event, deploys Palantir’s Foundry and Artificial Intelligence Platform across Centrus’ operations. Early work since late January has already pinpointed nearly $300 million in potential cost savings and efficiencies. This would be on top of the $900 million they were recently awarded for their expansion efforts.
Further gains are expected to compress manufacturing lead times and accelerate the rollout of new capacity at Centrus’ Ohio plant, which is the only U.S.-owned commercial enrichment facility currently operating. The company is already starting to prepare additional centrifuges at their manufacturing facilities.
Centrus President and CEO Amir Vexler remarked on the immediate cost savings and their ongoing EPC partnership with Fluor, while Palantir Industrials EVPs Joanna Peller and Tom McArdle noted how the partnership demonstrates how “AI-powered software can drive measurable impact in critical infrastructure projects”.
The announcement between the two companies came on the same day Energy Secretary Chris Wright was providing comments to CNN regarding enriched uranium imports from Russia.
The U.S. will rely on “our partners in Europe” to enable the U.S. to fully cut off uranium imports from Russia by the current deadline of 2028.
As Demand Grows, US Nuclear Energy Industry Faces Looming Crunch In Reactor Fuel Supply https://t.co/DfRbhoNGzD
There’s an obvious desire by the U.S. to cut their dependence on Russian imports, given the Russians currently supply about 20-25% of the feedstock required by the U.S. commercial nuclear fleet.
As Secretary Wright noted on Thursday morning, the quickest likely path are the ongoing expansion efforts at the already-operating enrichment facility in New Mexico owned by Urenco.
Aave Labs founder and CEO Stani Kulechov said a crypto user “attempted to buy AAVE using $50 million in USDT through the Aave interface” but only received about $36,000 worth of the token in return.
CoW Swap said the “transaction executed according to the parameters of the signed order” and that “clear price impact warnings” were given.
When someone in crypto loses millions of dollars in an instant, it’s usually due to a hack or an exploit. But, on Thursday, one crypto whale appears to have lost nearly $50 million simply trying to swap USDT for AAVE.
“Earlier today, a user attempted to buy AAVE using $50 million USDT through the Aave interface. Given the unusually large size of the single order, the Aave interface, like most trading interfaces, warned the user about extraordinary slippage and required confirmation via a checkbox,” Aave Labs founder and CEO Stani Kulechov said in a post to X.
Earlier today, a user attempted to buy AAVE using $50M USDT through the Aave interface.
Given the unusually large size of the single order, the Aave interface, like most trading interfaces, warned the user about extraordinary slippage and required confirmation via a checkbox.…
Thursday’s mishap could be the largest of its kind in history. Last year, a crypto trader lost considerably less when they swapped about $733,000 of USDC for roughly $19,000 in USDT as a result of a large sandwich attack.
“The user confirmed the warning on their mobile device and proceeded with the swap, accepting the high slippage, which ultimately resulted in receiving only 324 AAVE in return,” Kulechov added.
Slippage is the difference between the price a trader would expect to get in a trade and the price they receive once the transaction executes. This can happen in large orders or when liquidity is weak.
CoW Swap, which has an established integration with Aave, also took to social media. “Based on what we’ve seen so far, there’s no indication of a protocol exploit or otherwise malicious behavior. The transaction executed according to the parameters of the signed order,” the organization posted to X. “Our interface shows clear price impact warnings for swaps of this magnitude. We’re continuing to review the details and will share updates as we learn more.”
Kulechov said Aave sympathizes with the user and is trying to contact them and return “$600,000 in fees collected from the transaction.”
UN Security Council Passes Iran War Resolution, Yet With No Mention Of US Or Israel
Many independent pundits have long complained of the emptiness of the United Nations as some kind of ‘moral authority’ – given it often claims to be just this. The vacuous nature of UN statements connected to war is on display once again as the Security Council (UNSC) issued a formal condemnation of the Iran war on Wednesday, but without mentioning either the United States or Israel at all.
For this reason, Iran quickly slammed the vote, also as Russia and China abstained. The passed resolution demands an end to Iranian attacks across the Gulf, and notably made zero reference to US or Israeli strikes on Iran.
It was tabled Bahrain and backed by 135 countries, and calls for “the immediate cessation of all attacks by the Islamic Republic of Iran against Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Jordan.”
It further condemns actions or threats by Iran “aimed at closing, obstructing, or otherwise interfering with international navigation through the Strait of Hormuz.”
The measure passed 13-0, and a second draft resolution was proposed by Moscow, which called on all sides to cease hostilities, however it failed to pass.
US Ambassador to the UN Mike Walz stated: “Iran’s strategy of sowing chaos, of trying to hold their neighbours hostage, trying to shake the resolve of the region, has clearly backfired, as shown by this vote today.”
China’s UN envoy Fu Cong said the text “does not fully reflect the root cause and overall picture of the conflict in a balanced manner.”
The US and Israel attacked Iran on February 28, without warning, and while Iran was engaged in several rounds of nuclear talks with Trump envoys.
Like the June war, the assault appears to have caught Tehran completely by surprise, and Iranians have condemned the unprovoked nature of the assault.
Iran tells the UNSC that it does not recognise the stupid resolution they just adopted. pic.twitter.com/wNv7CSbEP8
U.S. District Judge Brendan Hurson imposed a temporary restraining order halting construction of the center near Williamsport in Washington County.
Maryland officials recently sued the Department of Homeland Security (DHS) over the facility, alleging authorities did not perform required steps under the National Environmental Policy Act (NEPA), such as an environmental review.
“The State has shown that Defendants likely failed to comply with their obligations under NEPA,” Hurson said. “Defendants do not appear to have taken a ‘hard look’ at the potential environmental consequences of their plans for the Williamsport Warehouse.”
Hurson said that there is no evidence that authorities completed an environmental impact statement or environmental assessment, as is generally required under federal law. He said that the “slight inconvenience of a delay in construction” was outweighed by “ongoing and possible future irreparable harms” that the state faced absent a restraining order.
DHS did not respond to a request for comment by publication time.
The temporary restraining order is in place for two weeks.
Such orders can be rescinded by judges, allowed to expire, or upgraded to preliminary injunctions or blocks that remain in place as litigation proceeds.
DHS purchased a 54-acre warehouse in Williamsport for $102 million in January and was set to begin converting it into an Immigration and Customs Enforcement (ICE) facility on March 6 as the government ramps up efforts on immigration enforcement, including deportations.
Planned work included installing perimeter fencing, installing exterior lighting, and modifying the sanitation system, according to a government notice.
The conversion was described in a complaint from Maryland Attorney General Anthony Brown as likely to harm Maryland’s natural resources and environment, including local waterways and endangered species.
He also said that authorities did not conduct an environmental review before carrying out construction and had provided little information about their plans to the state.
DHS has not yet filed any documents in the case.
“Today a federal court handed Maryland a critical victory, stopping construction that threatened our waterways, endangered species, and communities before irreversible harm could be done,” Brown said in a March 11 statement.
“Though temporary, this ruling stops the construction of this massive immigration detention center while our lawsuit continues to play out in court. We will not let DHS and ICE rush through the proper legal process in their haste to ramp up deportations. We will keep fighting to make sure the law is followed and Marylanders are protected.”
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Musk Whips Out ‘Macrohard’ In Disruptive Tesla-xAI Bid To Shaft Software Companies
Elon Musk on Wednesday announced a joint project between Tesla and his AI startup xAI, which he dubbed “Macrohard” or “Digital Optimus” that can ‘basically automate entire companies’ by observing and intelligently simulating their functions.
“Grok is the master conductor/navigator with deep understanding of the world to direct digital Optimus, which is processing and actioning the past 5 secs of real-time computer screen video and keyboard/mouse actions. Grok is like a much more advanced and sophisticated version of turn-by-turn navigation software.”
So Digital Optimus is the ‘instinct’ while Grok is the ‘thinking part of the mind’ according to Musk.
The setup will run “very competitively on the super low cost Tesla AI4 ($650) paired with relatively frugal use of the much more expensive xAI Nvidia hardware,” and “will be the only real-time smart AI system.”
“In principle, it is capable of emulating the function of entire companies. That is why the program is called MACROHARD, a funny reference to Microsoft.” -Elon Musk
It gets even more wild; Musk says it works “in all AI4-equipped cars, so your car can do office work for you when not driving,” and he will deploy millions of dedicated Digital Optimus units at Supercharger stations.
Oh and it works in all AI4-equipped cars, so your car can do office work for you when not driving.
We’re also deploying millions of dedicated Digital Optimus units in the field at Superchargers where we have ~7 gigawatts of available power.
1. Auto data entry from invoices/docs.
2. Real-time code fix from error messages.
3. Deal hunting while shopping online.
4. Contextual email response generation.
5. Seamless enterprise software ops.
6. Auto video edits from timeline.
7. Live stock trade execution.
8. Tutorial step automation.
9. Instant security threat spotting.
10. Entire company workflow emulation.
According to Musk, Digital Optimus will be ready to rock in 6 months.
xAI was acquired by SpaceX last month in an all-stock deal that valued the rocket maker at $1 trillion and xAI at $250 billion, which comes ahead of a potential SpaceX IPO later this year.
Joint U.S.–Israeli strikes killed many top leaders in Iran, including Ayatollah Ali Khamenei, and denigrated the country’s military, prompting concerns that Iranian undercover terrorist cells, or sleeper cells, may act inside the United States.
Texas Gov. Greg Abbott and Sen. Ted Cruz have both publicly warned of a heightened risk of terrorism in recent days.
When asked about reports of an internal government bulletin warning of an Iranian cell in California and a question regarding how many sleeper cells are in the United States at the moment, Trump said, “We know where most of them are; we’ve got our eye on all of them,” adding that “a lot of people came in” through the border policies of the previous administration.
Earlier this month, Abbott warned of potential sleeper cells in Texas after a Senegalese man fatally shot three people and injured more than a dozen people at a bar in Austin, Texas. A law enforcement official told The Associated Press that the man, Ndiaga Diagne, was wearing clothing featuring an Iranian flag and the words, “Property of Allah.”
Earlier this week, Cruz told a reporter that the “risk of terrorism right now is quite high” as he made note of the Austin shooting and another alleged terrorist attack in New York City over the past weekend.
In the New York incident, two people were arrested following the attack in which improvised explosive devices were thrown.
On March 12, Iran’s new leader, Mojtaba Khamenei, issued his first statement on the conflict in the Middle East, saying that the closure of the Strait of Hormuz should be used as leverage, and that attacks on Iran’s Gulf Arab neighbors will continue. Mojtaba Khamenei, who is the son of Ali Khamenei, has not yet made a public appearance.
The statement from Mojtaba Khamenei, according to Iran’s state-run PressTV, said that the “will of the people is to continue effective defense, and their presence on the scene must be maintained.” He added that the Strait of Hormuz, a crucial waterway for oil and natural gas transport, “must remain closed.”
Khamenei said he will “will not abandon the pursuit of justice for the blood of our martyrs,” according to PressTV. “The revenge we seek is not limited to the martyrdom of the great leader of the revolution but extends to every member of the nation who is killed by the enemy,” he added.
Earlier on March 11, Trump said the war with Iran is “not finished yet.” He said that Tehran’s air force and navy have been destroyed, adding there will be “more of the same” coming to the country.
“Right now, they’ve lost their navy. They’ve lost their air force. They have no anti-aircraft apparatus at all,” he said. “They have no radar. Their leaders are gone, and we could do a lot worse.”
