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Fill 'er Up: Record Armada Of Tankers Bound For US Gulf To Load Oil

Fill 'er Up: Record Armada Of Tankers Bound For US Gulf To Load Oil

An unusually large number of crude oil tankers on the open seas has the American Gulf coast as a destination as the ships are redirected to load cargoes bound for markets around the world already experiencing shortages.

As Alton Wallace writes at The Center Square, second-term Republican President Donald Trump said Saturday on social media that “massive numbers” of “completely empty” oil tankers are en route to the United States to purchase American energy.

“Foreign buyers are voting with their ships: American energy means stability, strength, and freedom from Middle East blackmail,” the president posted on Monday.

Shipping data posted by maritime intelligence company Windward shows 171 crude tankers are bound for the U.S. Gulf to load crude oil cargoes, which compares with about 110 in a typical month.

The surging vessel traffic comes as nations throughout Europe and Asia grapple to secure energy supplies and regional prices skyrocket. Germany is providing emergency fuel relief to its citizens while officials in the Philippines recently declared a national energy emergency as the world looks increasingly to the U.S. to replenish war-starved oil and gas markets.

"Hundreds of supertankers, the kind that carry two million barrels each, are currently racing toward the US Gulf Coast from every direction, Atlantic, Indian Ocean, around Africa, the scenic route, the 'we were heading to Saudi Arabia but never mind' route," Jesús Enrique Rosas noted this weekend.

Oil markets research firm Kpler estimates U.S. crude oil exports in April will reach 5.2 million barrels per day, up about one-third from 3.9 million barrels a day in March, the Financial Times reported last week.

North Carolina-based Kpler analyst Matt Smith described the great volume of incoming ships as an “armada of tankers heading this way.”

Trump on Saturday remarked that the U.S. oil output is more than the combined total of Saudi Arabia and Russia, the next two largest producers, and the president promised a “quick turnaround” for the arriving fleet.

Shipping data shows approximately 28 very large crude carriers, which can hold about 2 million barrels of oil, have been contracted to load U.S. crude in May compared to a monthly average of just five in a typical month, according to Kpler.

Trump shared a post on Saturday by oil market researcher Rory Johnston that read “very cool seeing the wave of empty tankers heading to the U.S. to pick up some desperately needed crude for Hormuz-starved markets,” to which the president responded, “Great!!!”

"The more Iran leans on Hormuz, the faster global energy flows reroute around it. Over time, that erodes Tehran’s leverage and cuts into its long-term power," Osint613 posted Sunday.

America and Israel on Feb. 28 launched military strikes against Iran. The Iranians, with control of the Strait of Hormuz, has stymied an otherwise one-sided confrontation. An 11th-hour ceasefire to last two weeks was announced Tuesday.

As the shipping logjam continues, Windward’s daily intelligence report on Monday shows 732 vessels carrying oil, gas, refined fuels, and other fossil fuels-based products await transit through the Strait of Hormuz.

To avoid the volatile region, many of these vessels are now rounding the Cape of Good Hope at the southern tip of Africa – a detour that bypasses the Suez Canal but adds up to 15 days of travel time to reach American docks.

In March, Port of Houston officials announced completion of the Project 11 channel widening project, which eliminated longstanding nighttime vessel movement restrictions in place for more than a century, allowing large vessels to safely transit the channel without waiting for daylight.

Finally, as Stephen Green explains at PJMedia.com, there may be a strategy here...

Supporters and critics alike - the honest critics, that is, who deserve protection under the Endangered Species Act - understand that Trump acts as a chaos agent. He knows the end result he wants, even if sometimes only broadly defined as "Make America Great Again." The established rules and methods don't allow for that, so Trump is happy to blow things up (sometimes literally), and see what can be rebuilt from the pieces.

The thing about that Persian Gulf stranglehold is that, like the Sword of Damocles, it's most effective before it's used. Now that Tehran has tried (and only partly and temporarily succeeded) in closing the Strait of Hormuz, "About the only escalation option the IRGC has is to renew its missile and drone attacks on neighboring Gulf states," as my Hot Air colleague Ed Morrissey put it on Monday. But "Trump has an escalation for that as well: Bridge and Power Plant Day. Let's see how long it takes for Iran to provoke it."

Looking at the bigger picture, Rosas also wrote: "Iran played its biggest card and the main result is that the United States became the world's emergency gas station and China's cheap energy subsidy evaporated. The spice — er, oil — must flow. But Trump rewrote the rulebook about where it flows from."

But, as Andrew Moran writes at Liberty Nation, there is a tricky balancing act here...

On the one hand, the US economy is far more insulated from global oil shocks than it was during the Iraq War, as it is a net petroleum exporter.

The March, April, and May trade data, to be released later this summer and early fall, should yield fascinating economic insights into the Iranian conflict.

On the other hand, consumers still bear the brunt of higher gas prices.

Private-sector data suggest that consumers continued to shop in March, even after excluding gasoline station transactions. Whether they can keep their wallets open this spring, even with handsome windfalls from the One Big Beautiful Bill’s tax refunds, will be a wild card for GDP numbers.

In the end, will this be a winning message for November’s midterm elections? It will be challenging to convince voters of a grand 4D chess scheme involving America’s oil and military prowess.

Tyler Durden Tue, 04/14/2026 - 10:00

JPM Stock Fizzles Despite Blowout Quarter As Key Forecast Cut

JPM Stock Fizzles Despite Blowout Quarter As Key Forecast Cut

One day after Goldman Sachs reported its highest profit in 5 years (despite an ugly miss in FICC revenues), this morning JPMorgan impressed with just as solid results, when it reported that its Q1 profits rose 13% as the bank benefited from soaring market volatility and frantic trading amid the war with Iran and the US military operation in Venezuela.

The largest US bank reported net income of $16.5bn, beating analyst estimates of a $15.2bn print, up from $14.6bn a year ago and the bank’s second-best quarter ever. Its best quarter remains the $18.1bn the bank earned in the second quarter of 2024 when JPMorgan benefited from a one-off gain from the sale of its stake in Visa. 

One-upping Goldman, JPM reported the best quarter for trading in the bank’s history, boosted by the swings in equity and fixed income markets caused by geopolitical shocks. And unlike Goldman, JPM's FICC also came in much stronger than expected; in fact at $7.1bn it was the second biggest FICC revenue on record.  

The bank reported total trading revenues of $11.6bn, up 20% from the first quarter a year ago, which is a seasonally strong period for the business. It was the highest figure on record for the bank, beating its previous record from 2020.

Revenues from FICC rose 21% to $7.1bn, and beating estimates of $6.7bn; As we reported yesterday, Rival Goldman Sachs on Monday fell far short of what investors were anticipating from its fixed-income business. JPMorgan’s equities trading revenues also rose more than expected, up 17.5% to $4.5bn, and above estimates of $4.31bn. 

Investment-banking fees of $2.88 billion also beat analysts’ expectations of $2.6 billion: this was JPM's best quarter for the business since the end of 2021. It just beat the $2.8 bilion reported by rival Goldman Sachs on Monday, but Goldman’s year-on-year increase was higher at nearly 50%. Dealmakers advising on mergers and acquisitions were the standout, notching an 82% jump to $1.27 billion. Equity underwriting also rose more than expected to $472 million, while a 7% drop in debt-underwriting fees came in line with estimates.  

Here is the top highlights from the company's Q1 results, which also handily beat expectations:

  • Adjusted revenue $50.54 billion, beating estimates $49.26 billion
    • FICC sales & trading revenue $7.08 billion, +21% y/y, beating estimate $6.65 billion
    • Equities sales & trading revenue $4.48 billion, +17.5% y/y, beating estimates $4.31 billion
    • Investment banking revenue $3.14 billion, +38% y/y, beating estimate $2.73 billion
      • Advisory revenue $1.27 billion, +82% y/y, beating estimate $1.01 billion
      • Equity underwriting rev. $472 million, +46% y/y, beating estimate $453.2 million
      • Debt underwriting rev. $1.15 billion, -6.9% y/y, matching estimate $1.15 billion

JPM also reported managed Net Interest Income (ex. Markets) of $25.48BN, up 9% YoY, and above estimates of $25.18BN, driven by higher deposit balances, as well as higher revolving balances in Card Services, predominantly offset by the impact of lower rates. Costs, meanwhile, were $26.9 billion in the quarter, higher than expected. JPMorgan said in February that it expects to spend about $105 billion this year, excluding legal expenses, and it reaffirmed that figure Tuesday.

Commenting on the quarter, the bank's CEO Jamie Dimon said the firm delivered strong results in 1Q and consumer spending was still strong, businesses were healthy and the US economy “remained resilient”.

“Several tailwinds are supporting this resiliency, including increased fiscal stimulus, the benefits of deregulation, AI-driven capital investment and the Fed’s asset purchases,” Dimon said in a statement alongside the bank’s earnings. 

“At the same time, there is an increasingly complex set of risks — such as geopolitical tensions and wars, energy price volatility, trade uncertainty, large global fiscal deficits and elevated asset prices. “While we cannot predict how these risks and uncertainties will ultimately play out, they are significant and reinforce why we prepare the Firm for a wide range of environments,” he said

As usual, JPM paraded with its "fortress balance sheet"...

... with the following key updates for Q1:

  • Net yield on interest-earning assets 2.5%, estimate 2.57%
  • Standardized CET1 ratio 14.3%
  • Managed overhead ratio 53%, estimate 52.8%
  • Return on equity 19%, estimate 17.3%
  • Return on tangible common equity 23%, estimate 20.7%
  • Assets under management $4.79 trillion, estimate $4.89 trillion
  • Tangible book value per share $108.87, estimate $109.28
  • Book value per share $128.38, estimate $129.35
  • Cash and due from banks $22.04 billion, estimate $21.74 billion
  • Loans $1.50 trillion, below estimates of $1.5 trillion
  • Total deposits $2.68 trillion, above estimates of $2.58 trillion
  • Provision for credit losses $2.51 billion
  • Net charge-offs $2.32 billion, below estimate $2.63 billion

And some other notable highlights from the quarter: 

  • Compensation expenses $15.34 billion, estimate $15.04 billion
  • Non-interest expenses $26.85 billion, estimate $26.03 billion

Of note, JPMorgan increased the reserves set aside for potentially soured loans by only $191 million in the first quarter, less than analysts expected. That included a net build for the wholesale side, partially offset by a net release in consumer. With JPMorgan's net charge offs coming in below estimates, it appears that JPM was positioned well for the ongoing private credit meltdown.

“In the great scheme of things, private credit probably does not present a systemic risk,” Dimon wrote in his annual letter to shareholders earlier this month. “When we have a credit cycle, which will happen one day, losses on all leveraged lending in general will be higher than expected, relative to the environment. This is because credit standards have been modestly weakening pretty much across the board.”

The $1.8 trillion private-credit industry has been a focal point amid mounting concern that redemption requests and fears over the impact of artificial intelligence will weigh on the sector. For banks, that’s translated to investor questions about their lending to the industry. Earlier this year, JPMorgan marked down the value of certain loans that serve as collateral against the bank’s loans to private-credit funds. 

Jamie Dimon said losses in private credit will have to be “very large” before banks like JPMorgan Chase face a significant hit from it. “You'll have very large losses in private credit before, at least it looks like, banks can get hit or something like that,” Dimon told analysts. “So it doesn't mean you won't feel some stress and strain, and you might have to do something about it. But I’m not particularly worried about it. I'd be more worried about when there's a credit cycle, how's that going to filter through the whole system.”

JPM CFO Jeremy Barnum said the bank is “reasonably comfortable” with its exposure to private credit, but cautioned that losses will increase if the credit cycle turns. He told reporters that "we’re reasonably comfortable with our exposure. But obviously, if you see a big credit cycle with significant increase in default rates, you’re going to see some losses across the whole system, including banks. And that’s just part of the business."

Wealthy investors attempted to pull more than $20bn from private credit funds in the first quarter, underscoring the growing strain on an asset class that had boomed into a dominant force on Wall Street.

But while its earnings were solid across the board, one reason why JPM stock dipped in kneejerk reaction and was currently unchanged is that the bank trimmed its forecast for net interest income for 2026. JPMorgan said it expected net interest income of about $103bn this year, down from the $104.5bn it forecast in February. Net interest income was almost $96bn in 2025. Excluding lending in its trading division, JPMorgan left unchanged its guidance for net interest income this year of around $95bn. 

Shares traded about 3% lower in the immediate aftermath of JPMorgan’s results announcement, but recovered some of their losses to trade less than 1% below Monday’s close.

Full earnings presentation below (pdf link)

JPM Q1 2026 Earnings Presentation by Zerohedge

Tyler Durden Tue, 04/14/2026 - 09:29

United CEO Pitches Trump On American Tie-Up To Build Highly Competitive Global Carrier

United CEO Pitches Trump On American Tie-Up To Build Highly Competitive Global Carrier

A Reuters report stated that United Airlines CEO Scott Kirby "pitched" a merger with American Airlines during a recent meeting with President Trump. Shares of both carriers rose in premarket trading in New York following the report.

Two sources told the outlet that merger discussions took place during a February 25 White House meeting with Trump about the future of Dulles Airport, just three days before the U.S.-Iran conflict sent jet fuel prices skyrocketing.

Kirby said that a combined United-American airline would be better positioned to compete internationally. He said that the merger of the two carriers would strengthen U.S. competitiveness globally.

It is unclear whether United made a formal approach to American or whether negotiations were underway, but one thing is certain: most domestic carriers, except Delta Air Lines, have been hit by soaring jet fuel costs.

Wells Fargo analyst Christian Wetherbee noted, "This idea furthers our belief that the fuel shock presents an opportunity for United and Delta to emerge better positioned, potentially suggesting upside to out-year estimates."

Wetherbee said a potential merger between United and American could be too large, as the combined carrier would control around 40% of domestic capacity without divestitures.

As an alternative, Wetherbee suggested JetBlue could emerge as a smaller, more realistic target if American rejected United, giving United valuable assets in New York and Florida with less regulatory fallout.

Reuters spoke with antitrust lawyer Seth Bloom, who said a United-American merger would be unlikely to clear regulatory hurdles.

"The administration has said it really cares about the issues that affect the consumer's pocketbook, and this would give the airlines more pricing power," Bloom said.

American traded up 9% in premarket, while United was up around 2%. The broader S&P 500 Passenger Airline Index is down 7.5% year to date amid the jet-fuel shock stemming from the Middle East conflict.

In mid-March, UBS analyst Atul Maheswari asked whether a possible bottom had formed in airline stocks. Read the note here.

Tyler Durden Tue, 04/14/2026 - 09:00

Xi Says "Global Order Crumbling Into Disarray" As Trump Turns Up Pressure Campaign On China

Xi Says "Global Order Crumbling Into Disarray" As Trump Turns Up Pressure Campaign On China

President Trump's four-and-a-half-month crusade across the Western Hemisphere, and now into the Middle East, increasingly looks like a massive blitz to acquire - or control - energy assets and maritime chokepoints as part of a broader economic pressure campaign against China, which depends heavily on the Gulf and Venezuelan crude. 

"Chokepoint after chokepoint: the administration is methodically building a portfolio of assets that they are stacking against China: the Panama Canal, which is the only exit route for oil and gas from the Gulf of Mexico to China; Venezuela and her oil that used to go to China; Kharg Island and Iran's oil which used to go to China, and SoH through which Iran's and all Arab countries' oil used to go everywhere but mostly to China," Zoltan Pozsar of advisory firm Ex Uno Plures wrote in a March note.

Pozsar's view is important because, when placed alongside Chinese President Xi Jinping's comments earlier today that the world is slipping into "disarray," the larger picture comes into sharp focus.

"The international order is crumbling into disarray," Xi told Spanish Prime Minister Pedro Sánchez in Beijing. He used a Chinese expression indicating not only chaos but also moral decay. 

What Xi calls disorder increasingly looks like the unwinding of the global order that allowed China to roam freely across markets, resources, and trade corridors for years. In the Trump era, that ability appears to have been systematically dismantled - to some degree - in just four months.

Xi's comments are his first public statements on the US-Iran conflict, as new economic data overnight show the conflict took a sharp toll on Chinese exports in March.

China has criticized Trump's military action against Iran and called the US naval blockade of the Strait of Hormuz "dangerous and irresponsible," while warning it could respond if Washington links the conflict to a new round of tariffs on Chinese exports.

For more context, about half of China's crude imports came from the Gulf/Middle East before the war disruption. Reuters reported the region accounted for 52% of China's oil imports. That share recently fell to 31% as Hormuz-related disruptions forced China to replace crude supplies with imports from Brazil and Russia.

Pozsar noted: "Again, the game is not to control Venezuela and Iran to choke China…"

And you might ask why Trump is squeezing China. Well, as Pozsar pointed out, "The aim is not to deny energy to China. The aim is to level the playing field between the two countries. To be blunt, in ways I couldn't be at Credit Suisse: if you fuck me on rare earths, I fuck you on energy."

President Trump has previously said his meeting with Xi in Beijing was pushed to May because of the conflict. The question now is whether Washington and Beijing can still strike a deal.

Tyler Durden Tue, 04/14/2026 - 08:45

US Producer Prices Cooler Than Expected In March Despite Surge In Energy Costs

US Producer Prices Cooler Than Expected In March Despite Surge In Energy Costs

The month-over-month change in producer prices had accelerated for five straight months ahead of today's March data, which is expected to surge thanks to Iran-war impacts on energy costs.

Against expectations of a 1.1% MoM rise, March's Headline PPI shocked everyone by rising only 0.5% MoM (equal to the revised lower 0.5% MoM rise in both of the last two months). This pushed PPI up 4.0% YoY (the highest since Feb 2023) but well below the +4.6% YoY exp...

Source: Bloomberg

Energy dominated the increase...

But the Energy PPI index appears to have 'underperformed' relative to oil...

Source: Bloomberg

PPI Final demand goods: The index for final demand goods increased 1.6%, the largest rise since August 2023. Most of the March advance can be traced to prices for final demand energy, which jumped 8.5%. The index for final demand goods less foods and energy increased 0.2% In contrast, prices for final demand foods declined 0.3 percent.

  • Product detail: Nearly half of the March advance in the index for final demand goods is attributable to a 15.7% rise in gasoline prices. The indexes for diesel fuel, jet fuel, home heating oil, meats, and primary basic organic chemicals also increased. Conversely, prices for fresh and dry vegetables fell 10.7%. The indexes for natural gas and for carbon steel scrap also decreased.

PPI Final demand services: The index for final demand services was unchanged in March following a 0.3% advance in February. In March, price increases of 1.3% for final demand transportation and warehousing services and 0.1% for final demand services less trade, transportation, and warehousing offset a 0.3% decline in margins for final demand trade services.

  • Product detail: Within final demand services in March, prices for airline passenger services rose 2.8%. The indexes for food retailing; apparel, jewelry, footwear, and accessories retailing; outpatient care (partial); and truck transportation of freight also moved higher. In contrast, margins for food and alcohol wholesaling fell 6.0%. The indexes for fuels and lubricants retailing; securities brokerage, dealing, and investment advice; deposit services (partial); and brokerage fees and commissions for residential property agreements also decreased.

However, in a similar manner to CPI, we see Core Producer prices (ex-food-and-energy) rising just 0.1% MoM (dramatically cooler than +0.4% MoM exp). This pulled the Core PPI YoY down from +3.9% to +3.8%...

Source: Bloomberg

So that's all 'good news'.

Here's the bad news... the pipeline for inflation is accelerating significantly...

Source: Bloomberg

It seems the panic over energy fears sparking massive inflation (in March) was overdone (again). 

For now, the market continues to price in a higher chance of a rate-cut next than rate-hike.

Tyler Durden Tue, 04/14/2026 - 08:40

The Iranian Regime's Crypto Shadow Arsenal

The Iranian Regime's Crypto Shadow Arsenal

Authored by Tamuz Itai via The Epoch Times,

In 2025, Iran’s crypto ecosystem swelled to more than $7.78 billion, according to Chainalysis, marking a notable acceleration from prior years amid economic collapse and geopolitical turmoil.

For ordinary Iranians—roughly one in six of the population—crypto served as a vital lifeline. Facing relentless rial depreciation (down nearly 90 percent since 2018), chronic inflation of 40 to 50 percent, and frequent power blackouts or internet shutdowns during protests, citizens turned to Bitcoin and stablecoins like U.S. dollar-pegged stablecoins (USDT) on the Tron network to hedge savings, facilitate remittances, and move value when traditional banking failed. Spikes in Bitcoin withdrawals to personal wallets often coincided with domestic unrest and regional conflicts.

Yet this parallel financial system has also become a powerful tool for the state. The Islamic Revolutionary Guard Corps (IRGC) steadily tightened its grip on Iran’s crypto flows. IRGC-linked addresses received more than $3 billion in 2025—up from over $2 billion in 2024—with their share rising to more than 50 percent of total Iranian crypto inflows by the end of 2025. These figures represent conservative lower bounds based only on identified and sanctioned wallets.

The regime and its proxies used these funds to facilitate illicit oil sales, procure dual-use goods for missile and drone programs, finance regional militias such as Hezbollah, Hamas, and the Houthis, and sustain sanctions evasion operations. USDT on Tron (USDT-TRC20) emerged as the preferred rail for its speed, liquidity, and relative resilience. Iran’s Ministry of Defense even began openly offering to accept cryptocurrency for arms exports.

This dual-use nature of cryptocurrency echoes the history of Tor, the anonymizing network originally developed by U.S. intelligence agencies to protect spies and assets. Designed for secure communication, Tor now powers both legitimate privacy efforts and dissidents in repressive regimes, as well as the vast criminal ecosystems of the Dark Web. Just like Tor, the same technical features—such as decentralization, pseudonymity, borderless transfers, and resistance to single-point censorship—that help ordinary people escape tyranny also let regimes and bad actors bypass accountability.

The Procurement and Laundering Pipeline

Once oil proceeds or other regime revenues entered the crypto ecosystem, they moved through a sophisticated international pipeline designed to convert funds into usable military capabilities. Iranian oil—primarily purchased by Chinese “teapot” refineries—was shipped via shadow-fleet tankers and often settled through shadow-banking networks. Chinese “teapot” refineries are small, privately owned, independent refineries that process heavily discounted crude from sanctioned countries like Iran, thereby shielding major state-owned firms from sanctions risk.

Proceeds were then routed via front companies in the United Arab Emirates (UAE) and Hong Kong, where Iranian facilitators converted them into stablecoins, especially USDT on the Tron network.

Key brokers, including Iranian nationals Alireza Derakhshan and Arash Estaki Alivand, both of whom were sanctioned by the U.S. Office of Foreign Assets Control in September 2025, coordinated the purchase of more than $100 million in cryptocurrency tied directly to Iranian oil sales between 2023 and 2025. They operated networks of UAE- and Hong Kong-based front companies, including entities like Alpa Trading–FZCO, to layer transactions, obscure origins, and settle payments for dual-use goods.

These funds financed procurement of critical components for Iran’s drone and missile programs—electronics, semiconductors, batteries, and unmanned aerial vehicle parts—sourced mainly from suppliers in China and Hong Kong. Goods were frequently mislabeled and transshipped to evade export controls, ultimately reaching the IRGC-Qods Force and Iran’s Ministry of Defense and Armed Forces Logistics.

For years, Dubai served as the central hub for these operations, leveraging its existing free zones, money changers (sarraf), and informal networks. However, in early 2026, UAE authorities arrested dozens of IRGC-linked money changers, shut down associated offices, and weighed broader asset freezes—delivering one of the most significant disruptions yet to Tehran’s sanctions-evasion architecture. Even so, the underlying networks demonstrated resilience, adapting to new routes as pressure mounted.

The Enablers: Chinese Money Laundering Networks

The final leg of the pipeline relies on a powerful new layer of professional criminal infrastructure: Chinese money-laundering networks (CMLNs), whose recent rapid development appears to be an unforeseen consequence of the imposition of capital controls in China, including a sweeping crypto ban and a strict $50,000 annual foreign exchange limit.

These sophisticated, profit-driven operations—frequently built around Telegram-based guarantee/escrow platforms, money mule networks, informal over-the-counter desks, and layered wallet structures—functioned like a full-service “Amazon for criminals.”

In 2025 alone, CMLNs processed an estimated $16.1 billion in illicit crypto funds, accounting for roughly 20 percent of all known global crypto money laundering activity. Operating through more than 1,799 active wallets, they moved the equivalent of about $44 million per day.

Broader Chinese-language escrow and underground banking networks handled even larger volumes, with TRM Labs estimating more than $100 billion to $103 billion in adjusted crypto flows in 2025. These services offered reliable “laundering-as-a-service,” converting tainted stablecoins (especially the above-mentioned USDT on Tron) into usable fiat currency, like the U.S. dollar, goods, or clean assets, while minimizing risk for clients.

CMLNs served a wide clientele, including scam operators, ransomware groups, and sanctioned state actors. They helped launder proceeds from North Korean hacks (including the record 2025 Bybit theft), supported Russian sanctions-evasion flows, and enabled Iranian/IRGC networks to off-ramp oil-related crypto and settle payments for dual-use goods. These networks provided the essential “last mile” that turned raw illicit crypto into operational funding for weapons programs and proxies. 

Despite enforcement actions—such as the U.S. Financial Crimes Enforcement Network’s 2025 designation of the Cambodia-based Huione Group as a primary money laundering concern—the networks demonstrated remarkable resilience, quickly migrating to new platforms and services.

While seemingly not under direct operational command and control by the Chinese Communist Party (CCP), CMLNs have grown into a multi-billion-dollar industry with conspicuous longevity. Given the CCP’s tight grip on China’s financial system, internet, and capital flows, and its aggressive crackdowns when it perceives threats to financial stability or political control, such large-scale, cross-border activity would be extremely difficult to sustain without, at the very least, tacit tolerance from Beijing.

Enforcement and Outlook

The Trump administration’s strongly pro-crypto domestic policies—including the creation of a Strategic Bitcoin Reserve—stand in contrast to its aggressive enforcement against adversarial use of digital assets. On-chain intelligence sharpened U.S. focus on IRGC procurement networks, Russian stablecoin flows, and North Korean thefts.

Under its “maximum pressure” campaign, the U.S. Treasury’s Office of Foreign Assets Control sanctioned entire crypto exchanges in January 2026, including the UK-registered Zedcex and Zedxion, for processing large volumes of IRGC-linked funds, including more than $94 billion in total transactions on Zedcex.

Crypto had evolved into an important battleground: a lifeline for civilians in sanctioned economies and a tool for rogue regimes and criminal financing. As evasion networks adapt and migrate, the long-term success of disruption efforts remains to be seen.

Tyler Durden Tue, 04/14/2026 - 08:05

Texas AG Probes Lululemon Leggings For "Forever Chemicals"

Texas AG Probes Lululemon Leggings For "Forever Chemicals"

Shares of Lululemon Athletica fell as much as 4.5% in late-morning New York trading after Texas Attorney General Ken Paxton launched an investigation into whether the company, known for its leggings, misled consumers about potential "forever chemicals" in its apparel.

Paxton's probe of Lululemon's athletic apparel centers around leggings that may contain PFAS, or "forever chemicals," and whether the company misled consumers about the safety, quality, and health impacts of its products.

The attorney general's office will also review the company's restricted substances list, testing procedures, and supply chain practices to determine whether its products actually meet the stated safety standards.

Paxton stated, "I will not allow any corporation to sell harmful, toxic materials to consumers at a premium price under the guise of wellness and sustainability. If Lululemon has violated Texas law, it will be held accountable."

Supply chain analysis platform Sayari provides the latest shipment data on Lululemon: 

Meanwhile:

Paxton has been widening his investigations tied to the "Make America Healthy Again" movement, which is linked to HHS Secretary Robert F. Kennedy Jr. His recent actions include probing WK Kellogg over artificial food colorings in Froot Loops and pressuring food companies to remove synthetic dyes from cereal and other products. He has also targeted toothpaste makers over fluoride.

Tyler Durden Tue, 04/14/2026 - 07:45

First Humanoid Robot With Embodied Intelligence For High-Risk Jobs Enters Service

First Humanoid Robot With Embodied Intelligence For High-Risk Jobs Enters Service

Authored by Mriogakshi Dixit via Interesting Engineering,

In the dizzying heights of a chemical storage facility, a new kind of worker is punching in. China has reportedly deployed its first “embodied” intelligent humanoid robot designed for high-risk industrial operations. 

Embodied AI robot can be seen working on the wall of a large chemical storage tank in testing.CCTV PLus

This isn’t just a fixed machine; it’s a 90-kg (198-pound) robot that can climb walls and work where humans can’t.

Interestingly, the multi-purpose system is intended to replace human workers in hazardous conditions, such as chemical storage tank construction.

According to reports, this machine uses a magnetic chassis to stick to walls, allowing its humanoid upper body to operate on any metal surface.

The robot could be used to execute core industrial tasks, including precision welding, rust remediation, and routine inspections.

15 degrees of freedom

Compared with earlier wall-climbing robots that were limited to a single repetitive function, this new system is said to be a multitasker. 

It moves beyond basic cleaning or inspection by leveraging advanced AI to adapt to its environment and handle a wide range of complex industrial tasks.

With 15 degrees of freedom and dual arms, the robot mimics human flexibility to safely multitask on scaffolds, performing precision tasks such as simultaneous welding and grinding. 

According to CGTN, this physical agility is driven by a massive AI brain trained on 100,000 hours of data, enabling it to navigate complex environments with ease.

This “embodied intelligence” allows the robotic machine to perceive its surroundings, adapt to complex real-world scenarios, and improve its performance through ongoing experience.

Moreover, it uses a tethered cable system to eliminate the power limitations that usually hold mobile units back. 

This constant supply of energy allows for nonstop, 24/7 operation, ensuring the machine stays productive without the downtime required for recharging.

Built for the danger zone

Tested at a large chemical storage site, the 90-kilogram robot uses a wheeled, magnetic chassis to move steadily across vertical metal surfaces. 

Its powerful electromagnetic adhesion enables it to perform complex operations while supporting additional weight, ensuring it remains mobile and secure even on steep walls.

In the future, entire fleets of these robots could maintain shipyards and refineries. It could lead to a new era where heavy infrastructure can essentially take care of itself.

Prior to this, China reached another milestone by integrating an embodied intelligent robot into SAIC Motor’s electric vehicle division’s mass production line.

The humanoid robot, known as “Nengzai No. 1,” has officially joined the battery assembly line for the Buick Electra E7 at SAIC Motor.

This move is a major step for the Shanghai-based carmaker as it starts combining smart, human-like robots with its regular factory machines.

China’s dominance in the humanoid sector is backed by massive state support, with over 140 companies focused specifically on humanoids and $26 billion in dedicated investment.

Even Elon Musk has acknowledged China’s lead in this “priority industry,” which benefits from extensive supply chains and government subsidies.

By 2050, the global market for these robots could reach $7.5 trillion, and China is positioning itself to lead that charge by deploying humanoids in factories and private homes.

Tyler Durden Tue, 04/14/2026 - 07:20

Irish Patriots Are Fighting Back

Irish Patriots Are Fighting Back

Authored by J.B. Shurk via American Thinker,

So you say you want a revolution?  Well, take a look at what’s happening in Ireland right now.  Tens of thousands of farmers, truckers, and other fed-up “normies” are taking to the streets of Dublin to protest fuel taxes, mass immigration, and poverty-inducing “climate change” policies.  For the most part, corporate news propagandists in both Europe and North America are intentionally ignoring the combustible situation.  Just when I had begun to think that all the “fighting Irish” had moved to America, the Old Country has started to show signs of life.  Perhaps there are still a few irascible pugilists willing to bash heads and take on the globalist empire after all.

Speaking of irascible pugilists, Irish slugger Conor McGregor issued a bit of an ultimatum to the ruling class after the government mobilized the military and sent tanks to intimidate the protesters: “One wrong move by government here, and you will see, at the very least, 250k Irish people descend on the capital in a blink.  They must step down, there is no other way.”  Declaring war against ordinary Irishmen isn’t a good look for an Irish Deep State that can’t be bothered to guard its borders from hordes of invading foreigners.  While McGregor and his compatriots are out feeding protesters in the streets, the Irish government is hiking taxes on those who can least afford to pay them.  “One wrong move” could spark a revolution. 

Perhaps that’s why — after an initial show of force — Ireland’s globalist government appears to be trying to settle things down.  Reports on the ground say that police officers have remained friendly with protesters.  Some have suggested that Irish authorities are wary of following in the footsteps of Canada’s former prime minister, Justin Trudeau, when he exercised martial law powers to seize the bank accounts of and jail “Freedom Convoy” truckers protesting coercive COVID “vaccination” mandates.  On the other hand, a lot of the Irish protesters have also described a sense that many of the law enforcement officers patrolling the streets appear to be on their side.  If that’s the case, then Ireland’s political class may be worried about the effectiveness of siccing the military on a broadly-backed citizen uprising.  

Although few people saw the present brouhaha coming, Ireland makes a natural “ground zero” in the war between Big Government globalists (aka, the “international rules-based order” club of World Economic Forum totalitarians) and ordinary citizens willing to defend their nation’s sovereignty and their own personal freedoms.  For two decades, the globalists have been taking over Ireland and stripping it for parts.  As a country that once took pride in its meaningful traditions, customs, family loyalties, and Catholic heritage, Ireland has been one of the globalists’ favorite targets for conquest.  If the “multicultural” atheists could convert Ireland into another globalist outpost devoid of religious or civilizational allegiances, they knew that they would collect a valuable scalp in their war against the West.  Sadly, the globalists have been largely successful.  By transforming a conservative, staunchly pro-life, Catholic nation into a “woke” re-education zone embracing abortion, “trans” surgeries for children, open borders, Islamic supremacy, and the fetishization of “diversity,” the World Economic Forum’s “Borg” hive mind gutted one of the most culturally rich nations on the planet and mounted Ireland’s head on globalism’s wall of slaughtered states.  

Two months ago, free speech defenders Lorcán Price and Graham Linehan testified before the House Judiciary Committee concerning the mass censorship operation being run through the expanding Big Tech enclave in Dublin.  There are over 32,000 NGOs in Ireland receiving billions of dollars in U.S. and E.U. grants meant to help shape public opinion.  These organizations — one for every 155 Irishmen — represent the “information warfare” army that supports Europe’s globalist policies.  Over 70% of Irish legislation is copy-and-pasted from bureaucratic edicts originating in the European Union.  These laws include special incentives for illegal immigrants who arrive on Ireland’s shores.  They also include “hate speech” laws that have been used to criminally prosecute Irish citizens who object to foreigners raping and murdering their children.  The NGO-E.U. takeover of the Irish political system this century has drastically reshaped the country.

Once Christian Ireland now has constitutional protections for gay “marriage” and abortion up to a baby’s birth.  Two years ago, Ireland’s globalist cabal nearly succeeded in removing all mentions of “women” from the national constitution, as well as nearly redefining “family” as a “durable relationship.”  The Irish government continues to attack Ireland’s Catholic history, going so far as to depict Catholic saints as pagan goddesses in shameless acts of historical revisionism.  Globalists continue to rename historic institutions due to ludicrous accusations that Irish clergymen and scholars had ties to slavery and “white supremacy.”  As Irish writer Roger Berkeley sorrowfully observes, “Ireland shows what happens when elites, bureaucracies, and ideology override national identity.”

Wherever they conquer, modern globalists prefer to implement blunt-force “divide and conquer” tactics that pit parts of society against each other.  Women versus men.  Young people versus families.  “Green energy” fanatics versus small businesses.  Islamic supremacists versus Christians.  “Multiculturalism” versus Western civilization.  Non-whites versus whites.  Globalists succeed wherever they are able to stir up so much domestic strife that nobody pays attention to the cultural, economic, and political agendas being enforced upon the invaded countries.  After targeting Ireland for destruction and subverting its traditional culture, globalists appeared to have taken over the island for good.  

However, when an outside force conquers a nation, there’s always an inherent risk that forced subjugation sparks a rebellion.  When those being gradually enslaved begin to believe that they have nothing else to lose, the ruling class has real problems.  Despite the corporate news media’s best attempts to cover up what is going on in Ireland, the current protests against “climate change” taxes and mass immigration suggest that the natives are growing restless.  What happens next isn’t entirely clear.  

What is clear is that ordinary people in nations across the West are becoming aware of the information war that has long been waged against them.  For decades, they have been conditioned to believe false things: “Diversity is our strength.”  “Islam is a religion of peace.”  “Trans-women are real women.”  “Sex is a social construct.”  “Man-made climate change is killing the planet.”  “New taxes will save the planet.”  “Christianity is hate speech.”  “Hate speech is a violent crime.”  “Free speech requires government-moderated censorship.”  “National sovereignty is fascist.”  “Families promote white supremacy.”  “Merit is white supremacy.”  “Math, home ownership, mowed lawns, and punctuality are all forms of white supremacy.”  “Equal rights require ‘Diversity, Inclusion, and Equity.’”  “Unelected bureaucrats protect democracy.”  “NATO must protect non-NATO Ukraine.”  Et cetera ad infinitum.  

Perhaps globalism’s lies have become too numerous for the average Westerner to ignore.  Or perhaps globalists’ hubris has grown too grating for the average Westerner to tolerate.  Either way, there is a growing movement of people dedicated to defending Western civilization from the pernicious cancer of godless, multicultural, “woke,” and totalitarian globalism.  Because globalists control the corporate news media, these people are disparaged as “populists.”  In truth, they are Western citizens committed to national self-determination, the preservation of individual rights, and protections for personal liberty.  

Globalists call the will of the people “populism” and the will of bureaucrats “democracy.”  But when enough people decide to fight back against the bureaucrats, the spirit of revolution hangs in the air.  Perhaps that’s what we’re seeing right now in Ireland — a fresh reminder of Thomas Jefferson’s observation that no “country can preserve its liberties” if its “rulers are not warned from time to time that their people preserve the spirit of resistance.”  After all, the “tree of liberty must be refreshed ... with the blood of patriots and tyrants.  It is its natural manure.”

Tyler Durden Tue, 04/14/2026 - 06:30

Latest Global Sportswear Supply Chain Read-Through Remains Bearish

Latest Global Sportswear Supply Chain Read-Through Remains Bearish

The S&P 500 Textiles, Apparel & Luxury Goods sub-industry index (S5TEXA Index), which includes names such as Nike, Lululemon, Deckers Outdoor, Ralph Lauren, and others, is down 15% year-to-date and roughly 65% from its late 2021 peak. With the index now hovering around Covid-era lows, Goldman analysts have published their latest read on textiles, apparel, and footwear, which explains why sentiment across the global industry remains so bleak. 

Analysts led by Michelle Cheng reported that major Asian sportswear OEM March orders were mixed, with Eclat outperforming peers, while Makalot and Yue Yuen delivered in-line first-quarter results despite holiday-related pressure in Indonesia. Feng Tay continued to report year-on-year declines in orders, and Huali reported muted first-quarter orders.

Cheng said the latest earnings season and outlook for apparel this year appear mixed. She noted that geopolitical tensions are beginning to cloud demand and ordering patterns, while higher raw material costs could increasingly pressure OEM margins in the second half of the year if input prices remain elevated.

She said competitiveness among brands may also limit suppliers’ ability to pass those costs through, particularly if brands push part of the burden back onto manufacturers. Nike’s slower-than-expected reset is another major headwind for the industry.

"Most players said March orders were unaffected; but select players have noted lower forward order visibility from brands due to rising costs and concerns over demand," the analyst said.

She said that on the demand side, US conditions in March appeared resilient, based on commentary from Levi Strauss, PVH, and Nike, as well as high-frequency data - likely because the energy shock has yet to fully hit household budgets. Europe, the Middle East, and Africa were more uneven, she said, adding that sentiment across developed markets deteriorated after the outbreak of the US-Iran conflict.

Cheng said, "Sentiment worsened across developed markets following the start of the Iran war, but we will watch for data post the recent two-week ceasefire. At a brand level, we see negative read-across from Nike but positive from Fast Retailing." 

She pointed to Pou Sheng International, a major Chinese sportswear retailer for Nike, Adidas, PUMA, and Converse, whose March sales fell 6% from a year earlier, reflecting a typical post-holiday slowdown. First-quarter revenue declined 1%, which was broadly in line with expectations.

As of March 26, the latest read of sportswear supply chains is largely bearish:

As for when the S5TEXA Index will finally bottom, that likely depends on a reversal in consumer sentiment. President Trump suggested on Sunday that elevated gasoline prices could persist through the second half of the year, reinforcing the risk that pressure on household budgets may continue into the summer.

Professional subscribers can read the full "Asia Pacific Textile, Apparel & Footwear" note here at our new Marketdesk.ai portal

Tyler Durden Tue, 04/14/2026 - 05:45

ECB Backs Tokenized EU Capital Markets (With Strict Guardrails)

ECB Backs Tokenized EU Capital Markets (With Strict Guardrails)

Authored by Christina Comben via CoinTelegraph.com,

The European Central Bank (ECB) set out a cautious path toward tokenizing Europe’s capital markets, saying the technology can deliver efficiency gains only if it remains anchored to central bank money, infrastructures remain interoperable, and regulation is “robust and supportive.” 

In its latest Macroprudential Bulletin published on Monday, the ECB said distributed ledger technology (DLT) could help deepen the European Union’s savings and investments union, but warned that benefits will depend on interoperable infrastructure and policymakers keeping pace with new risks. 

The central bank’s stance highlights a push to modernize market plumbing in the bloc without loosening control over settlement or financial stability.

The ECB said that tokenization and DLT are “moving from concept to early-scale deployment,” but the benefits will “only be realised safely if European policy action keeps pace.”

ECB maps conditions for tokenized capital markets

One article in the Bulletin lays out how tokenized assets could rewire the issuance-to-settlement chain, cutting operational frictions and potentially improving secondary market liquidity. By moving securities and cash onto compatible ledgers and automating corporate actions, the authors argue, tokenization could streamline processes that today rely on multiple intermediaries and legacy systems. 

Digital assets landscape. Source: ECB

The analysis underlines, however, that efficiency gains hinge on avoiding a patchwork of incompatible platforms and ensuring that central bank money, not just commercial bank money or privately issued tokens, can be used for settlement in tokenized markets.

A further piece drills into the nascent market for tokenized bonds, finding early evidence that they can already lower borrowing costs and tighten bid-ask spreads compared with traditional formats. 

The authors attribute this partly to operational efficiencies and partly to improved transparency and programmability around settlement and collateral management. Still, they frame these benefits as tentative and conditional, cautioning that technology, legal and liquidity risks remain and that policymakers will need to monitor whether advantages persist once tokenization scales beyond flagship deals and highly selected issuers.

Tokenized MMFs and euro stablecoins under the microscope

The Bulletin also takes a hard look at tokenized money market funds and euro-denominated stablecoins, treating them as parallel experiments in onchain cash-like instruments.

One article stresses that tokenized money market funds (MMFs) largely replicate familiar liquidity and run risks but layer on new operational vulnerabilities, raising questions about how they would behave under stress alongside stablecoins.

Comparison between balance sheet and asset-backed model. Source: ECB

Another argues that Markets in Crypto-Assets Regulation (MiCA) compliant euro stablecoins could reshape demand for sovereign bonds and act either as a liquidity buffer in turbulent markets or a new channel of bank contagion, depending on how issuers meet deposit and reserve requirements. 

Across the five pieces in the Bulletin, the ECB’s stance is clear: Tokenization can support its vision of an integrated capital market, but only if policy, prudential rules and central bank infrastructure evolve in lockstep.

Cointelegraph reached out to the ECB for comment, but had not received a response by publication.

Tyler Durden Tue, 04/14/2026 - 05:00

US-Sanctioned Tanker Signaling Chinese Ownerships Test Trump Blockade With Hormuz Crossing

US-Sanctioned Tanker Signaling Chinese Ownerships Test Trump Blockade With Hormuz Crossing

Following news that two tankers, one of which indicated China as its destination, had turned around earlier in the day after the Trump blockade of the Straits of Hormuz had kicked in, one of them - a tanker linked to China - is making its way through the Strait of Hormuz, testing President Trump’s naval blockade, Bloomberg reported.

Rich Starry, a 188-meter medium-range tanker earlier known as Full Star, was blacklisted by Washington in 2023 for helping Tehran evade energy sanctions. It was not clear on this occasion whether it visited Iranian ports before its transit, or is carrying cargo. 

This exit from the Persian Gulf is a second attempt for the carrier in less than 24 hours. Just as the blockade came into effect, the Rich Starry was making its way into the narrow waterway near Iran’s Qeshm Island and turned back, as reported earlier, only to restart its exit just hours later, broadcasting that it has a Chinese owner and crew. While this is a safety mechanism frequently used by vessels not to attract Iran's attention, it will now test US resolve to challenge vessels tied to the world’s largest oil importer.

Rich Starry is owned by Full Star Shipping Ltd., which shares the same contact details as Shanghai Xuanrun Shpg. Co. Ltd., maritime database Equasis shows. A call made to Shanghai Xuanrun did not get through, while the company didn’t immediately respond to an emailed request for comment. The Shanghai-based entity is also sanctioned by the State Department.

Another tanker, the Elpis, headed into the Gulf of Oman via the strait just as the blockade began. Ship-tracking platforms Kpler and Vortexa indicate that Elpis had docked at an Iranian port in the gulf before attempting to pass through Hormuz.  Elpis’s owner is Chartchemical SA that uses its manager, IMS Ltd.’s contact details. A call made to Malaysia-based IMS failed to connect. IMS did not immediately respond to an emailed request for comment.

No vessels with their transponders on have been seen sailing into the Persian Gulf since the blockade came into effect.

The global shipping community and energy traders have been on edge since Trump announced a naval blockade of Iran beginning on Monday at 10 a.m. New York time, leaving them scrambling to understand the fine print. Most of those reached by Bloomberg across the Middle East and Asia said they would pause moves until the detail of the US blockade, which is meant to restrict Iran’s capacity to sell its oil to China, was clear.

According to unconfirmed reports earlier on Monday, China’s Defense Minister Dong Jun reportedly sent a message to the Trump administration and the U.S. Navy emphasizing Beijing’s intent to continue operating in the Strait of Hormuz and uphold its agreements with Iran. “Our ships are moving in and out of the waters of the Strait of Hormuz. We have trade and energy agreements with Iran. We will respect and honor those agreements and expect others not to interfere in our affairs" adding that “Iran controls the Strait of Hormuz and it is open for us.”

Whether this was true or not, we are about to find out what happens when an "Iran-friendly" ship tried to penetrate Trump's blockade which according to the WSJ counted more than 15 ships - including an aircraft carrier, multiple guided-missile destroyers, an amphibious assault ship and several other warships in the Middle East - in place to support the blockade. These ships have the ability to launch helicopters that support boarding operations, and some are capable of marshalling commercial vessels to specific areas to hold them in place.

Tyler Durden Tue, 04/14/2026 - 04:28

From Fiestas To Ferraris, Britain's Fuel Shock Has Rich And Poor Stealing Petrol

From Fiestas To Ferraris, Britain's Fuel Shock Has Rich And Poor Stealing Petrol

Across the U.K., motorists face record-breaking fuel costs at the gas pump as the Gulf energy shock ripples around the world. One of the clearest second-order effects now emerging is a surge in petrol station thefts, spanning from organized crime gangs to even drivers in exotic cars simply filling up and driving off.

British newspaper The Times cited new data from 500 UK filling stations showing that the daily value of stolen fuel jumped 27% from February to March. The spike coincided with the start of the U.S.-Iran conflict, which sent energy prices sharply higher. This means around £1.2 million worth of fuel is now being stolen every week across Britain.

What stands out in the report is that folks stealing fuel are not just desperate working poor folks or criminal gangs, but in fact, some petrol station owners report that even drivers of Ferraris and Mercedes are filling up and zooming off without paying.

Research firm Forecourt Eye, which helps petrol stations detect, track, and recover unpaid fuel bills, said that current theft levels across the UK have exceeded those of the early days after Russia invaded Ukraine in 2022.

Michelle Henchoz, managing director of Forecourt Eye, said:

With someone taking fuel you think that you'd have a vision of what they look like but they aren't what you think. They are driving supercars.

One came up yesterday and the car was a Mercedes AMG GT and they did a drive-off at one of our petrol stations. I checked online what the value of the car was. It was beautiful. I was thinking, how can they drive off? The fuel energy crisis in 2022 wasn't as bad.

What we're seeing is not just more fuel theft, but a different kind of behaviour that shows a clear increase in first-time offenders and in people who aren't attempting to flee, but instead are declaring they cannot pay.

Henchoz noted:

The data suggests this may reflect growing financial pressure, with more drivers filling full tanks rather than taking small amounts. Career criminals continue to do it but now ordinary people do it too because they can't cover the cost of fuel.

Goran Raven, who runs a petrol station in Essex, told the outlet that fuel thefts are noticeable and alarming:

You'll see everything from a crappy Fiesta going to a Ferrari. It really depends. The people who do it are brazen. They don't worry about covering up their faces, they will even wave at cashiers.

On one occasion we had an Aston Martin and Ferrari drive off within 30 seconds here. It was just short of £300 for two cars.

I'm sure there are people on the breadline who are desperate, that must be the case, but I reckon that would be single-digit percentage of people committing these crimes out there.

Goran Raven, who runs a filling station in Essex, said the first fortnight of the conflict resulted in a "definite and noticeable increase" in theft. Source: The Times

The energy shock is taking longer to materialize in the U.S. because of robust domestic energy supplies and President Trump's continued push for "drill, baby, drill." While there are no indications that fuel theft is surging at gas stations across the country, there are early signs that consumers are starting to look at EVs again, given that the national average price for regular 87-octane gasoline is trending above the politically sensitive $4-per-gallon line.

Tyler Durden Tue, 04/14/2026 - 04:15

Jury Trials Are Vital To The Constitutional Order

Jury Trials Are Vital To The Constitutional Order

Authored by David Thunder via 'The Freedom Blog' substack,

The Labour-led British government is currently attempting to hollow out an ancient pillar of English constitutionalism, trial by jury.

Under their planned reforms, trial by jury would survive in England and Wales for certain types of crimes, but its use would be significantly curtailed. For example, according to a government press release issued earlier this month, new “Swift Courts” will assign cases “with a likely sentence of three years or less” to be heard by “a Judge alone.”

The campaign against jury trials, one of the most free-spirited and universally lauded institutions bequeathed to us by the common law tradition, would be baffling in a healthy constitutional regime. But sadly, it is predictable enough in a regime whose political leaders have developed the habit of tinkering with civil liberties as though they were trimming their lawn.

Being an ancient institution that evolved gradually over a millennium, a significant restriction of jury trials would have unpredictable effects on the justice system. We simply do not know with any confidence how, in the long run, such a move would alter the incentives of prosecutors, change the pattern of convictions for different crimes, or alter public perceptions of the justice system.

What we do know is that it would constitute a dangerous and completely unnecessary constitutional experiment, eroding one of the most time-honoured bulwarks of civil liberty. Furthermore, it is worth noting that according to an analysis published by the Free Speech Union, drawing on Ministry of Justice data, overall acquittal rates are much higher with juries than with magistrates’ courts (21.6% vs. 11.4%), and this difference also holds specifically for speech-related offences (27.6% vs. 15.9%). Assuming these figures are accurate, citizens will likely be much more vulnerable to prosecution and conviction if the use of jury trials is thrown out or significantly eroded.

Trial by jury has been lauded by generations of learned and respected scholars of law and democracy as a cornerstone of a free society. Alexis de Tocqueville, whose 1835-40 volume Democracy in America offers one of the most incisive of reflections on the pros and cons of modern democracy, opined that “the jury... is the most energetic means of making the people rule, [and] is also the most effective means of teaching it how to rule well.”

An eminent 17th-century English jurist, Sir Edward Coke, insisted that no Englishman could be lawfully condemned “but by the lawful judgment of his peers.” The esteemed 18th-century legal commentator, Sir William Blackstone, likewise described trial by jury as “the glory of the English law” and “the most transcendent privilege which any subject can enjoy,” emphasising its role as a shield between the individual and arbitrary power.

Budding constitutional reformers would do well to pay heed to Lord Patrick Devlin’s warning that “the first object of any tyrant... would be to make Parliament utterly subservient to his will; and the next to overthrow or diminish trial by jury, for it is the lamp that shows that freedom lives.”

If marginal gains in the duration of trials are deemed an adequate justification for tinkering with this bastion of the legal order, then we might as well just go ahead and subject the whole constitutional order to an “efficiency” test: if we can shave a few days or weeks off this or that legal procedure, then why not engage in a bit of constitutional engineering?

But this is a cheap and shallow argument. To begin with, we should not be so sure of our own understanding of the mechanics of such a complex and evolved order, nor should we be so confident that we can predict the short- and long-term impact of our well-intentioned meddling.

Equally importantly, those who bring a revolutionary pick-axe to the constitutional edifice destabilise public expectations about the basic “rules of the game.” In doing so, they open the door to political opportunists who would happily overturn the rules and conventions that keep citizens free in order to advance their own careers or curry favour with party bosses or the fickle tides of public opinion.

These constitution-wreckers have bought into a reckless form of positivism that views the legal system as the handiwork of each new generation of human lawgivers rather than as a hallowed constitutional inheritance, and conceives the legislator as an ambitious constitutional reformer, ever poised to introduce “enlightened” reforms in the longstanding customs of liberty, whether in the name of “efficiency” “progress,” “social justice,” or some other ostensibly noble end. While the seeds of positivism and its contempt for the common law have been in place for centuries, its bitter fruits are now on full display.

The outcome of happy-go-lucky constitutional engineering is that citizens are perpetually vulnerable to political fanaticism. And not just any old fanaticism, but the sort that dismantles or radically alters fundamental constitutional rights such as privacy, freedom of speech, or the right to be tried before one’s peers.

Sadly, the move against jury trials is not an anomaly. Rather, it reflects a growing trend among modern governments and legislators – not only in the United Kingdom, but in many other places – to assert their own authority over the constitutional order in exaggerated and destructive ways.

Instead of recognising that they are standing on the shoulders of giants and acting as humble stewards of an ancient tradition of ordered liberty, whose inner workings have evolved gradually over countless generations, legislators and government ministers have gotten it into their heads that they are can stand majestically above the constitutional order and remake it at will, as one might re-arrange one’s bedroom.

Unfortunately, the citizenry of Western societies, or at least a large portion of it, is in a state of moral stupor and has become complacent about the risks of governmental tyranny. Many are no longer well equipped to distinguish between the arbitrary utterances of a legislator and the longstanding rules of humanity and decency.

The idolisation of positive law and the downgrading of the customary liberties of Western societies came to a head during the pandemic: people were happy to go along with laws that made life hell for their unvaccinated neighbours, just because they were unvaccinated; large segments of the public acquiesced in, or actively supported, these measures, looking on approvingly while police suppressed public protests in the name of “public health”; and people reported their neighbours for the “offense” of having social gatherings in their homes.

Legal systems are meant to set us free, by providing a framework of public order and reaonable expectations within which we can get on with our lives. But they can only do this if they are beholden to a higher law, of the sort that is discovered rather than made by human fiat.

This is the sort of law that binds the King and cannot be unmade by the King, as the Magna Carta famously recognises.

Only if citizens believe passionately in a moral code superior to the say-so of legislators and politicians can they find a firm foothold for resisting egregiously unjust and tyrannical laws. But belief in a morality that transcends the will of the legislator is not easy in a culture saturated with moral relativism. We need to recover our confidence in a higher moral law, if we are to reverse the current drift toward legal and political authoritarianism.

Tyler Durden Tue, 04/14/2026 - 03:30

The 5 Places In America You Don't Want To Be When Society Collapses…

The 5 Places In America You Don't Want To Be When Society Collapses…

Authored by Milan Adams via preppgroup.home.blog,

There’s a strange kind of comfort people have when they think about disaster. Not the dramatic kind you see in movies, but something quieter, almost subconscious—the belief that if something really bad were to happen, there would still be time to react. Time to think. Time to leave. Time to make the right decisions.

The problem is, history doesn’t really support that idea.

When things begin to fail on a large scale, they don’t do it in a clean or predictable way. Systems don’t politely warn you before they collapse. They stall, they glitch, they slow down—and then suddenly, they stop. And in that moment, when what people assumed was permanent turns out to be fragile, the real danger begins. Not from the disaster itself, but from the reaction to it.

People don’t like uncertainty. And when uncertainty turns into fear, fear turns into something much harder to control.

Most conversations about collapse focus on causes. People argue about what would trigger it—a massive cyberattack, a coordinated terrorist event, an EMP that wipes out electronics, or an economic crash that spreads faster than anyone can contain it. All of those are possible, in their own way. But they all share one thing in common: they don’t need to destroy everything to create chaos. They only need to disrupt enough of the system for people to realize that normal life isn’t coming back anytime soon.

And when that realization spreads, it spreads faster in some places than others.

The uncomfortable truth is that the places most people feel safest today—the big, powerful, resource-rich cities—are often the ones that would deteriorate the fastest. Not because they’re weak, but because they are so heavily dependent on constant flow. Food, energy, transportation, law enforcement, communication—everything has to keep moving. And when it doesn’t, even briefly, the cracks start to show.

At first, it looks manageable. Maybe a power outage. Maybe empty shelves in a few stores. Maybe delayed services. Nothing that feels like the end of the world. But then the pattern becomes harder to ignore. Supplies don’t come back. Information becomes inconsistent. People start noticing the same small problems everywhere they go. And slowly, quietly, a kind of tension builds in the background.

It’s not panic yet. Not openly. But it’s there.

And once it reaches a certain point, it doesn’t stay contained.

That’s when the environment around you starts to matter more than anything else.

Because not all places break the same way.

Some collapse quickly, almost violently, as if the system holding them together was under pressure for too long. Others decay more slowly, stretching the crisis out over days or weeks until people wear down mentally and emotionally. But the outcome tends to be the same: resources become scarce, movement becomes difficult, and trust between people starts to erode.

When that happens, the difference between a survivable situation and a dangerous one often comes down to location.

Population density plays a bigger role than most people realize. In highly concentrated areas, everything accelerates—shortages, frustration, conflict. A grocery store that might serve a small town for weeks can be emptied in hours in a major city. Roads that seem efficient under normal conditions become completely unusable when everyone tries to leave at the same time. Even basic services, like access to clean water or medical care, can become limited far faster than expected.

But density isn’t the only factor. There are other, less obvious risks that tend to overlap in the worst possible places: dependence on external supply chains, limited natural resources, high living costs that leave people with little financial buffer, strict regulations that limit self-defense, and geography that works against you rather than for you.

When several of these factors exist in the same place, the result is something that looks stable on the surface—but is extremely vulnerable underneath.

And there are a few places in the United States where that vulnerability is hard to ignore.

1. New York City, New York — A System That Can’t Afford to Stop

New York City has always had a kind of energy that’s difficult to describe unless you’ve experienced it. Everything moves quickly, constantly, almost as if the city itself doesn’t really rest. There’s an underlying assumption built into that rhythm—that things will keep working, that the systems behind the scenes will continue to function no matter how much pressure they’re under.

But that assumption is exactly what makes the city so fragile in a crisis.

New York doesn’t produce what it consumes. It relies almost entirely on continuous inflow—food shipments arriving daily, fuel being transported in, goods moving through a tightly coordinated network that leaves very little room for disruption. Under normal conditions, that system works so efficiently that most people never think about it. But in a collapse scenario, efficiency becomes a liability.

If those supply lines are interrupted, even briefly, the effects would be immediate. Not catastrophic at first—just noticeable. Stores would still have food, but less of it. Certain items would disappear faster than others. People would begin to buy more than usual, not necessarily out of panic, but out of instinct. That instinct alone would accelerate the problem.

Within a very short period of time, the situation would shift from inconvenience to scarcity.

And scarcity changes behavior.

* * * Ahem...

In a city as densely populated as New York, even a small imbalance between supply and demand becomes amplified. There are simply too many people relying on too little space, too few resources, and too many assumptions about how things are supposed to work. When those assumptions break down, the psychological impact can be just as dangerous as the physical one.

Another factor that often gets overlooked is movement—or more accurately, the lack of it. People tend to believe that if things get bad, they can just leave. It’s a comforting idea, but in a place like New York, it’s not realistic. The city’s layout doesn’t allow for easy evacuation under pressure. Bridges and tunnels act as bottlenecks, and highways leading out can become congested within hours, if not sooner.

Once traffic stops moving, it doesn’t gradually improve—it locks in place. Cars become obstacles instead of transportation. And when people start abandoning them, the situation becomes even more chaotic. Movement shifts from organized to unpredictable, with thousands of individuals trying to find their own way out at the same time.

At that point, the city changes in a way that’s difficult to reverse.

It becomes quieter, but not in a peaceful sense. The usual background noise—traffic, conversation, music—fades, replaced by something more irregular and harder to interpret. Distant sounds carry further. Small disturbances feel larger. And the sense of anonymity that normally defines the city begins to disappear, replaced by a heightened awareness of everyone around you.

That’s often when the real tension begins.

Because once people understand that the system isn’t coming back quickly, priorities shift. Survival becomes more immediate, more personal. And in a place where millions of people are facing the same realization at the same time, even small conflicts can escalate faster than expected.

New York doesn’t need a catastrophic event to become dangerous. It only needs a disruption that lasts long enough for people to lose confidence in the system.

And once that confidence is gone, it’s very difficult to restore.

2. Los Angeles, California — Distance Becomes a Problem

If New York’s vulnerability comes from density, Los Angeles presents a different kind of risk—one that isn’t immediately obvious because it’s spread out over a much larger area. At first glance, that might seem like an advantage. More space, more routes, more options. But in reality, that distance is exactly what makes the city difficult to navigate in a crisis.

Los Angeles is built around movement. Not just casually, but fundamentally. Daily life depends on the ability to travel—often long distances—between home, work, and essential services. Without reliable transportation, the city doesn’t function the way it’s supposed to. It fragments.

In a collapse scenario, that fragmentation would happen quickly.

Fuel shortages alone would be enough to disrupt the entire system. Even before fuel runs out completely, the perception that it might become scarce would trigger a rush. Long lines at gas stations would form almost immediately, and within a short time, availability would become inconsistent. Some areas might still have access, while others would not, creating uneven conditions across the city.

That unevenness is where problems begin to grow.

Because when people don’t have equal access to resources, tension increases—not just between individuals, but between different parts of the same city. Movement becomes restricted, not by official barriers, but by practical limitations. And when people can’t move freely, their options start to narrow.

Water is another critical factor that adds pressure to the situation. Los Angeles depends heavily on imported water, transported from distant sources through a complex infrastructure system. If that system is disrupted, even partially, the consequences wouldn’t be immediate collapse—but a steady, escalating problem that becomes harder to manage over time.

Unlike food, which people might ration early, water tends to become urgent more quickly. And once access becomes uncertain, behavior shifts in a way that’s difficult to control.

What makes Los Angeles particularly concerning in a long-term scenario is the way time works against it. The city doesn’t necessarily break all at once. Instead, it deteriorates in stages. At first, people adapt. They adjust routines, conserve resources, find temporary solutions. But as the situation continues without resolution, those adjustments become harder to maintain.

Fatigue sets in.

And fatigue changes how people think.

Decisions become shorter-term, more reactive. Patience decreases. Cooperation becomes less reliable. And as more people reach that point, the overall stability of the environment begins to decline.

By the time the situation becomes openly dangerous, it often feels like it happened gradually—even though the underlying causes were present from the beginning.

Los Angeles doesn’t collapse in a dramatic way.

It wears down.

And by the time people realize how serious the situation has become, many of the options they thought they had are already gone.

If the first places on this list feel dangerous because of people, the next ones are different in a way that’s harder to ignore. Here, it’s not just density or infrastructure that works against you, but the environment itself—geography, climate, and the kind of risks that don’t wait for society to weaken before they become a problem. In these places, even in normal times, there’s already a quiet tension beneath the surface, a sense that things are being held together with more effort than most people realize.

And when that effort disappears, the situation doesn’t just become unstable—it becomes unforgiving.

3. New Orleans, Louisiana — A City That Can Disappear Overnight

There’s something about New Orleans that feels different even on a normal day. It’s not just the culture or the history, but the awareness—subtle, almost unspoken—that the city exists in a place where it probably shouldn’t. Much of it sits below sea level, protected not by natural elevation, but by systems that have to work perfectly to keep everything in place. Levees, pumps, barriers—structures that hold back something much stronger than themselves.

And as long as those systems function, life goes on.

But in a collapse scenario, the assumption that those systems will keep working becomes a risk in itself.

Unlike other cities where failure unfolds gradually, New Orleans carries the possibility of sudden, overwhelming change. A major storm doesn’t need much warning, and without reliable infrastructure or coordinated response, even a manageable event can escalate into something far more destructive. Water doesn’t negotiate. It doesn’t slow down out of consideration. When it comes in, it takes space immediately and completely.

What makes the situation more unsettling is how quickly familiar surroundings can become unrecognizable. Streets turn into channels, neighborhoods into isolated pockets, and movement becomes not just difficult, but dangerous. Even small changes in water levels can cut off entire areas, making escape routes unreliable or nonexistent.

In a functioning society, emergency services, coordinated evacuations, and resource distribution help manage these risks. But without that structure, individuals are left to navigate conditions that are constantly changing and increasingly hostile. The difference between a safe area and a dangerous one can shift in hours, sometimes minutes.

There’s also a psychological factor that often goes unnoticed until it’s too late. When people are surrounded by an environment that feels unstable, their sense of control begins to erode. Decisions become reactive rather than planned, and the margin for error becomes smaller with each passing hour. In a place like New Orleans, where the line between stability and disaster is already thin, that loss of control accelerates everything.

It’s not just about surviving the initial event. It’s about what comes after—limited clean water, damaged infrastructure, reduced access to supplies, and an environment that doesn’t return to normal quickly, if at all. Recovery, even under ideal conditions, takes time. Without support, that time stretches into something much more uncertain.

New Orleans isn’t just vulnerable.

It’s exposed.

4. San Francisco, California — When the Ground Itself Isn’t Stable

San Francisco presents a different kind of unease, one that doesn’t come from water or distance, but from something far less predictable. The ground beneath the city isn’t as stable as it appears, and that fact alone changes how you have to think about long-term safety. Earthquakes aren’t constant, but they don’t need to be. The possibility is always there, quiet and invisible, waiting for the right conditions.

In everyday life, it’s easy to ignore that risk. Buildings stand, roads function, and the city moves with its usual rhythm. But in a collapse scenario, the ability to respond to a major seismic event becomes severely limited. Infrastructure that might otherwise be repaired quickly remains damaged. Services that would normally be restored in hours or days stay offline indefinitely.

And when that happens, the city doesn’t just pause—it fractures.

San Francisco’s layout adds another layer of complexity. It’s a dense urban environment built on uneven terrain, with limited space and a high dependence on external resources. There’s very little room for expansion, very little flexibility in how the city can adapt under pressure. When systems fail, there aren’t many alternatives.

A significant earthquake in an already unstable situation wouldn’t just cause physical damage. It would disrupt everything that people rely on to maintain order—transportation, communication, access to basic necessities. Roads could become impassable, not just from debris, but from structural instability. Bridges, which connect the city to surrounding areas, could become unusable, effectively isolating large portions of the population.

Isolation, in that context, becomes more than just an inconvenience.

It becomes a serious risk.

Another factor that makes San Francisco particularly challenging is its cost of living. In normal times, that translates into economic pressure. In a collapse scenario, it means many people have fewer reserves—less stored food, fewer backup resources, less margin for unexpected disruption. When the system fails, there isn’t much of a buffer.

And then there’s the atmosphere itself. San Francisco often feels enclosed, not in a physical sense, but in a psychological one. The combination of dense development, surrounding water, and limited escape routes creates a subtle sense of containment. In normal conditions, it’s part of the city’s character. But in a crisis, that same feeling can become something else entirely.

Something more restrictive.

Because when movement becomes limited and the environment becomes unpredictable, the sense of being able to leave—of having options—starts to disappear.

And once that happens, people begin to act differently.

San Francisco doesn’t just face the risk of collapse.

It faces the risk of being cut off in the middle of it.

By the time you get to this point, a pattern starts to form. Not the kind that’s obvious at first glance, but something deeper—the realization that collapse doesn’t look the same everywhere, yet it always leads to the same kind of silence. Not peace, not calm… just the absence of what used to be normal.

And sometimes, the most unsettling places aren’t the ones that fall apart suddenly, but the ones that already feel like they’re halfway there.

5. Detroit, Michigan — When Collapse Isn’t Sudden… It’s Familiar

Detroit is different from the other places on this list in a way that’s difficult to ignore once you think about it long enough. It doesn’t rely on a single point of failure, or one overwhelming risk that could trigger everything at once. Instead, it carries something slower, something that has already been unfolding for years—a gradual weakening of systems, a steady loss of structure, a kind of quiet erosion that doesn’t attract attention until it becomes impossible to reverse.

In some areas, that process is already visible. Entire neighborhoods that feel disconnected from the rest of the city, buildings left empty long enough that they no longer look temporary, streets where movement is limited not because of traffic, but because there’s simply less reason for people to be there. It creates an atmosphere that’s hard to describe unless you’ve experienced it directly—something between absence and tension, as if the space itself remembers what used to exist there.

And that’s what makes Detroit unsettling in a collapse scenario.

Because when something is already weakened, it doesn’t take much to push it further.

Unlike cities that depend heavily on constant inflow, Detroit’s risks are tied more to what’s already missing. Economic instability, reduced infrastructure in certain areas, and a long-standing struggle to maintain consistency across the city create conditions where recovery is already uneven. In a full-scale collapse, that unevenness becomes more pronounced.

Some areas might hold together for a while. Others might deteriorate quickly.

And the gap between them becomes harder to navigate.

There’s also a psychological weight that comes with being in a place where decline isn’t entirely new. People adapt to difficult conditions over time, but that adaptation can work both ways. It can build resilience, but it can also normalize instability. When the line between “temporary problem” and “permanent change” has already blurred, it becomes harder to recognize when a situation has crossed into something more serious.

In Detroit, a collapse wouldn’t necessarily feel like a sudden break.

It would feel like a continuation.

A deepening of something that was already there.

And in some ways, that’s more dangerous than a rapid collapse, because it doesn’t trigger immediate action. It doesn’t create a clear moment where people decide to leave or change course. It lingers, stretches, and slowly removes options until there are very few left.

By the time it becomes undeniable, it’s often too late to react effectively.

Final Thoughts — The Places You Choose Matter More Than You Think

There’s a common idea that survival in a collapse scenario depends mostly on preparation—having supplies, having a plan, knowing what to do when things go wrong. And while all of that matters, it overlooks something more fundamental.

Where you are when it begins matters just as much, if not more.

Because no amount of preparation fully compensates for being in the wrong environment.

What all of these places have in common isn’t just risk. It’s dependency—on systems, on infrastructure, on conditions that have to remain stable for everything else to function. When those conditions disappear, the transition isn’t smooth. It’s abrupt, uneven, and often unpredictable.

New York shows how quickly density can turn pressure into chaos, how a system that feels powerful can become fragile the moment it stops moving. Los Angeles reveals how distance and dependency can isolate people, turning space into a barrier rather than an advantage. New Orleans stands as a reminder that nature doesn’t need permission to take over, and that some places exist on borrowed stability. San Francisco highlights how invisible risks—like the ground beneath your feet—can become decisive when there’s no capacity to respond. And Detroit, in its own way, demonstrates that collapse doesn’t always arrive suddenly. Sometimes, it’s already there, waiting to deepen.

The unsettling part is that none of these places feel dangerous in everyday life.

That’s what makes them so easy to overlook.

Because collapse doesn’t announce itself clearly. It doesn’t give you a perfect moment to act. It begins quietly, spreads unevenly, and only becomes obvious when enough has already changed that going back isn’t simple anymore.

And by then, your options are limited by where you started.

That doesn’t mean the situation is hopeless. It just means that awareness matters more than comfort, and realism matters more than assumption. The idea isn’t to live in fear, but to understand how different environments respond under pressure, and to think about what that means before it becomes necessary.

Because when everything else becomes uncertain, the one thing you can’t easily change… is your location.

And sometimes, that’s the difference between adapting to a situation—and being trapped inside it.

Tyler Durden Mon, 04/13/2026 - 22:35

Marjorie Taylor Greene Predicts GOP "Slaughter" In November

Marjorie Taylor Greene Predicts GOP "Slaughter" In November

After six years as one of Donald Trump's most reliable foot soldiers, Marjorie Taylor Greene has made it clear that she's done - not just with Trump personally, but with what she believes the Republican Party is about to become, and is pretty much predicting disaster for them.

Republicans are going to get slaughtered in the midterms," Greene told Politico in a new interview, warning the party stands to lose the House and possibly the Senate. She says she's been making that prediction since early 2025, but that nobody wanted to hear it then. 

Greene resigned from Congress in late 2025, following a rather public break with Trump over the administration’s mishandling of the Epstein files. Reports also surfaced that Trump privately urged her not to pursue a Senate bid - something she denies. 

Whatever the backstory, the relationship between her and Trump has soured, and she now counts herself among Trump's most persistent critics, often sounding more like a Democrat than a Republican.

Trump’s recent rhetoric on Iran appears to be the latest flashpoint.

When the president posted on Truth Social that "a complete civilization could perish tonight, never to be restored," Greene reacted with alarm rather than applause. "I was so shocked by his statement of taking out an entire civilization of people," she said. "To me, that displayed a severe mental state." She went further than most - calling the rhetoric "evil and madness" and joining many in the Democratic Party expressing openness to invoking the 25th Amendment.

Trump's approach, however, did produce results: Pakistan announced a two-week ceasefire in the aftermath. Whether that justifies the language is a matter Greene has already settled in her own mind.

Her critique extends beyond Iran. Greene argues that "MAGA" has become whatever Trump personally declares it to mean - a shifting standard with no fixed ideology. 

She describes the Republican base as fragmented, divided among "America First" voters, traditional conservatives, self-described MAGA Republicans, and more moderate voters increasingly disoriented by a party they no longer fully recognize. 

"I'll say this: This pro-war, the neocon, whatever this new gross version of MAGA is, it's not going to last because the younger generations just don't support it,” she claimed. 

The polling doesn't yet support the civil war narrative — certainly not on Iran specifically.

CNN's early-March survey found that 59% of all Americans disapproved of the Iran strikes. Democrats came in at 82% disapproval, and independents at 68%. Republicans, by contrast, approved at 77%. Among MAGA Republicans specifically, the numbers are even more striking — 30 points more "strongly approve" than non-MAGA GOP voters, 34 points more confident the strikes will neutralize Iran's threat, and nearly 50 points more certain that Trump was right to use force. 83% of Republicans say they trust that Trump has a plan. That is a coalition holding together, not fracturing under the weight of Greene's discontent.

In almost every way, Greene seems intent on amplifying Democratic Party messaging on various issues, even those not directly related to Trump, in the recent special election in Georgia for her former seat, which Republican Clay Fuller won by 12 points, a margin 25 points smaller than the one she had won by in 2024. She even suggested that Sen. Jon Ossoff (D) could survive reelection. 

Whatever her intentions, Greene has become the left's favorite Republican — not because they respect her, but because she's useful. When your sharpest attacks on a sitting Republican president are getting amplified by CNN and Democratic strategists, the label writes itself.

Tyler Durden Mon, 04/13/2026 - 22:10

New York Versus The Nuns: The Dominican Sisters Face Penalties For Refusing To Yield On Religious Values

New York Versus The Nuns: The Dominican Sisters Face Penalties For Refusing To Yield On Religious Values

Authored by Jonathan Turley via jonathanturley.org,

New York has been a godsend for gun rights in passing a series of unconstitutional limits on Second Amendment rights only to result in major adverse rulings. It may soon do the same for the free exercise of religion. New York is now going head-to-head with a group of Dominican nuns over a law challenged as unconstitutional. New York Gov. Kathy Hochul and the state are being sued over a law that forces religious organizations to adhere to LGBTQ policies.  

Mother Marie Edward, O.P., explained to Fox News Digital that they will not set their faith aside under the threat of fines, loss of licensing and even jail time. She noted that they ask nothing from the state and ask to be allowed to offer charity without abandoning their religious principles:

We are consecrated religious Sisters and have one mission. It is to provide comfort and skilled care to persons dying of cancer who cannot afford nursing care. We do not take insurance or government funds or money from our patients or families. The care is totally free…

We are supported by the goodness of our benefactors. We do this without discriminating on the basis of race, religion, or sex. We do it because Jesus taught us that, when the least among us are sick, we should care for them, as if they were Christ himself.”

The Dominican Sisters of Hawthorne, who run Rosary Hill Home in Hawthorne, New York, objected that the law requires them to assign rooms by gender identity, not biological sex; allow access to opposite-sex bathrooms and coerce speech recognizing identities and relationships that violate Catholic values. It would also require staff training on gender ideology and the posting a public notice stating compliance with these demands.

According to a press release from the Catholic Benefits Association, the  New York State Department of Health sent the first in a series of “Dear Administrator” letters to the Hawthorne Dominicans’ Rosary Hill Home demanding compliance despite their religious objections. The nuns note that they have never had a single complaint filed over the treatment of its residents.

If they do not comply, the nuns face fines up to $2,000 per violation that increase up to $10,000 as well as the loss of licensing and up to one year in prison.

Hochul remains committed to compelling the nuns to comply — a position that may prove costly with Catholic voters in the upcoming election.

The Supreme Court has repeatedly struck down anti-discrimination laws compelling speech or conduct in violation of religious values.

For example, in Little Sisters of the Poor Saints Peter and Paul Home v. Pennsylvania (2020), the Supreme Court ruled 7-2 in favor of the Little Sisters of the Poor, allowing the Catholic nuns to refuse to provide contraceptive coverage in their health plans.

Tyler Durden Mon, 04/13/2026 - 20:55

Masters Prize Money Soars To Record High: Here's What Golfers Actually Earned

Masters Prize Money Soars To Record High: Here's What Golfers Actually Earned

The 2026 Masters delivered golf’s richest payday yet, with a record-shattering $22.5 million purse at Augusta National. This year’s champion, Rory McIlroy, scored a career-highlight $4.5 million, the largest winner’s share in tournament history, as the total prize fund rose $1.5 million from last year and a remarkable $7.5 million since 2022, according to Fox Business.

Rory Mcllroy

Runner-up Scottie Scheffler took home $2.43 million. Even deeper in the field, players who made the cut but finished outside the top 50 earned at least $55,250, with payouts tapering from there. Those who missed the cut still walked away with a guaranteed $25,000 each, Fox Business reported.

McIlroy finished at 12 under par for a one-stroke triumph at Augusta National, adding another major title to his growing legacy and cementing his place among the game's elite. President Donald Trump quickly offered high praise, posting on Truth Social: “Congratulations to Rory McIlroy on another Great Championship, The Masters! He performed tremendously under intense pressure, something which few people would be able to even think about doing. With each year, Rory is becoming more and more a LEGEND!”

Trump then pointed to McIlroy’s next stop, saying he’s eager to see him compete at Doral in Florida.

I look forward to watching him compete in two weeks at Doral. The quality of Professional Golfers today has become extraordinary, each and every one of them. They should all be proud of the way they played at The Masters this weekend!”

Trump and McIlroy's relationship goes back over a decade. The president was on hand when the Irshman appeared at the 2016 World Golf Championships-Cadillac Championship at Trump National Doral Blue Monster Course in Doral.

 

Tyler Durden Mon, 04/13/2026 - 20:30

Hong Kong And The Quiet Rewiring Of The Dollar System

Hong Kong And The Quiet Rewiring Of The Dollar System

Authored by Peter C. Earle, Ph.D,

Hong Kong’s decision to move forward with its first stablecoin issuer licenses may prove to be about far more than digital payments. With HSBC and a Standard Chartered-led venture among the first approved issuers under the Hong Kong Monetary Authority’s new framework, the city is placing major regulated banks at the center of the next phase of monetary technology. Stablecoins remain overwhelmingly USD- and US Treasury-denominated, with more than 90 percent of the market’s roughly $300 billion capitalization tied to the US Treasury by one or the other, but the more important long-term story may be Asia’s role in transforming stablecoins from simple crypto settlement tools into the foundation of a real-time, on-chain foreign exchange and collateral ecosystem. In monetary terms, this is one more step in the migration of fiat liabilities from legacy banking rails onto programmable bearer-like instruments, a development with potentially profound implications for currency competition, reserve demand, and the future topology of the international monetary order.

The immediate effect of Hong Kong dollar stablecoins is easy to see: faster, cheaper, and programmable movement of HKD liquidity across exchanges, wallets, and cross-border commercial networks. The more consequential implication is that Asia may become the proving ground for blockchain-native FX and eurocurrency-style offshore liquidity markets, but in tokenized form. The region already hosts the world’s densest trade, remittance, and supply chain corridors, making it the natural venue for the next generation of synthetic money markets. Once local currency stablecoins begin operating under credible legal frameworks - HKD today, possibly Singapore dollars, offshore yuan proxies, and other regional currencies tomorrow - firms could increasingly swap tokenized fiat claims instantly on shared rails instead of relying on correspondent banks, delayed settlement windows, and multiple layers of intermediary fees. Economically, this reduces transaction frictions, compresses spreads, and lowers the velocity drag traditionally imposed by cross-border settlement risk.

Yet this is what makes Hong Kong’s move strategically significant: Hong Kong’s currency board peg to the US dollar gives an HKD stablecoin an unusual dual identity. It remains a local currency instrument that borrows much of its credibility from its dollar link. That makes it a natural bridge between the existing dollarized stablecoin universe and a more plural currency architecture. Hong Kong is not really challenging dollar stablecoin dominance so much as creating a regulated side door into it, while also building optionality should regional trade blocs increasingly seek invoicing diversity. Because the HKD already trades in a tightly managed band against the greenback, an HKD token can function akin to a dollar settlement instrument – a quasi-dollar - for Asian commerce while preserving local currency denomination. In the larger dedollarization trend, it’s less about displacing the dollar as reserve money than about disaggregating the mechanisms through which dollar liquidity is accessed, transferred, and rehypothecated.

A more interesting take is that Asia may not be driving dedollarization so much as a competitive fiat pluralization under “shadow dollar” pricing. Dollar stablecoins such as Tether and USD Coin succeeded because users in emerging markets wanted a portable, digitally native dollar substitute - effectively a market response to weak domestic monetary institutions. What Hong Kong now points toward is the next evolutionary step: using the same blockchain infrastructure not merely to store dollars, but to exchange among currencies continuously, cheaply, and at near-instant speed. That could make foreign exchange itself – paradoxically, one of the world’s largest and most liquid but still infrastructure-heavy markets - more programmable, accessible, and dramatically faster. In that sense, stablecoins increasingly resemble a privately intermediated digital version of the classical gold exchange standard’s layered settlement logic: local claims circulating atop a trusted reserve anchor, except the anchor today is fiat credibility rather than specie.

There are, as always, risks. HKD stablecoins inherit not only the strengths but also the vulnerabilities of their native Hong Kong peg. Any future reassessment of the linked exchange rate system, however unlikely in the near term, would immediately raise questions about reserve composition, redemption certainty, duration mismatch, and collateral quality/sufficiency. That is precisely why Hong Kong’s emphasis on high-quality liquid reserves, segregated accounts, and bank-led issuance matters so much. The intent is clearly to make stablecoins an extension of trusted monetary plumbing rather than an exogenous, arguably speculative, parallel system. For sound money observers, the key issue is whether these instruments remain genuinely redeemable claims on short-duration, high-quality assets, or whether they gradually become another layer of maturity transformation disguised as digital certainty.

The larger point is that Asia’s real comparative advantage in stablecoins may not lie in issuing yet another dollar token. It may lie in building the first credible internet-native foreign exchange market, where local currencies, dollar proxies, and trade settlement instruments move across the same interoperable rails. Viewed this way, Hong Kong’s recent action is less a crypto story than a primal blueprint for how Asia could modernize the foreign exchange architecture of global commerce while subtly reshaping the channels through which dollar dominance is exercised. This is one important piece of the broader reserve currency puzzle: not the end of dollar primacy, but the emergence of new transactional layers beneath it.

A more provocative angle is that the future of stablecoins in Asia may not be about replacing the dollar, but about forcing a competition between fiat systems, gold-linked alternatives, and dollar proxies on rails where settlement quality, collateral transparency, and convertibility matter more than empty rhetoric or hopeful economic projections. In that sense, Hong Kong’s move is only the latest in an ongoing global search for a post-Bretton Woods III monetary architecture; one in which trust is increasingly measured not by sovereign declaration alone, but by the quality, liquidity, and auditability of the assets standing behind digital claims.

Peter C. Earle, Ph.D is Director of Economics, AIER

Tyler Durden Mon, 04/13/2026 - 20:05

Federal Judge Dismisses Trump's Defamation Lawsuit Against The Wall Street Journal Over Epstein Birthday Letter Report

Federal Judge Dismisses Trump's Defamation Lawsuit Against The Wall Street Journal Over Epstein Birthday Letter Report

A federal judge in Miami dismissed President Donald Trump’s defamation lawsuit against The Wall Street Journal (and related defendants including its parent company Dow Jones and Rupert Murdoch) on April 13, 2026, ruling that the complaint failed to adequately plead the “actual malice” standard required for public figures.

President Donald Trump departs the White House on March 11, 2026. Madalina Kilroy/The Epoch Times

U.S. District Judge Darrin P. Gayles issued a 17-page order dismissing the case without prejudice, meaning Trump’s legal team can file an amended complaint by April 27, 2026. The judge emphasized that the original filing relied on “conclusory” and “formulaic” allegations of malice and fell short of the high legal bar established by New York Times v. Sullivan.

Trump’s Response on Truth Social In a post on Truth Social shortly after the ruling, President Trump stated:

Our powerful case against The Wall Street Journal, and other defendants, was asked to be re-filed by the Judge. It is not a termination, it is a suggested re-filing, and we will be, as per the Order, re-filing an updated lawsuit on or before April 27th.”

A spokesman for Trump’s legal team echoed this, saying:

“President Trump will follow Judge Gayles’s ruling and guidance to refile this powerhouse lawsuit against the Wall Street Journal and all of the other Defendants. The President will continue to hold accountable those who traffic in Fake News to mislead the American People.”

Background on the Lawsuit Trump filed the roughly $10 billion lawsuit in July 2025, shortly after The Wall Street Journal published its July 17, 2025, article. The story reported on a leather-bound birthday album compiled by Ghislaine Maxwell for Jeffrey Epstein’s 50th birthday in 2003. It included a sexually suggestive letter - allegedly bearing Trump’s signature and featuring a drawing of a naked woman - that reportedly contained typewritten text ending with “Happy Birthday - and may every day be another wonderful secret.”

Trump has consistently denied authoring or signing the letter, calling it fake. White House officials, including press secretary Karoline Leavitt and deputy chief of staff Taylor Budowich, publicly rejected the story in September 2025 after additional materials surfaced.

Judge’s Reasoning Judge Gayles noted that The Wall Street Journal had sought comment from Trump (who denied involvement), the Justice Department (no response), and the FBI (declined to comment) before publication. The article itself included Trump’s denial. The judge wrote that these facts undermined claims that the newspaper ignored contradictory evidence or acted with reckless disregard for the truth—the core elements of actual malice.

The court declined at this stage to rule on whether the statements in the article were actually true or false, calling those factual disputes better suited for later proceedings if an amended complaint is filed.

A Dow Jones spokesperson told multiple outlets: “We are pleased with the judge’s decision to dismiss this complaint. We stand behind the reliability, rigor and accuracy of The Wall Street Journal’s reporting.”

The case remains ongoing pending any amended filing. This dismissal is procedural and does not resolve the underlying factual dispute over the authenticity of the 2003 letter.

Tyler Durden Mon, 04/13/2026 - 19:40

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