China Panics, Urges Ceasefire To Reopen Strait Of Hormuz As Beijing Is Addicted To Cheap Iranian Crude

Chinese Foreign Ministry spokeswoman Mao Ning said at Tuesday's regular press briefing in Beijing that all parties in the Iran conflict must ensure the safe transit of commercial shipping through the critical maritime energy chokepoint of the Strait of Hormuz.

"China urges all parties to immediately cease military operations, avoid escalating tensions, and safeguard the safety of navigation in the Strait of Hormuz," spokeswoman Ning said.

We've briefed readers that China is heavily exposed to cheap Iranian crude exports. About 80% of Iran's oil exports - about 1.6 million barrels per day - go to China.

While prices are fungible, the biggest loser from a Hormuz closure in terms of actual physical oil is China which is the main destination of the 13.1mm barrels of oil that passes through the Strait every day https://t.co/FwWVsHiwpZ pic.twitter.com/ozXwXpo2El

— zerohedge (@zerohedge) March 1, 2026

This means Beijing will do everything in its power to preserve this lifeline and remove any blockage in Hormuz.

And this. 

Chinese officials have reportedly been pressing Iran not to disrupt tanker traffic, damage Qatari gas exports, or hit major export hubs, according to Bloomberg.

The latest AIS shipping tracking data via Bloomberg shows the Strait of Hormuz remains paralyzed, with Iran's Revolutionary Guards commander threatening fire and destruction to any ship that transits the narrow waterway.

Our latest reporting shows that a day after a reported Iranian drone strike forced Saudi Arabia's largest oil refinery offline, there are numerous reports of drone strikes on critical Gulf energy infrastructure on Tuesday morning (read report).

We highly recommend that readers review a report titled "The Iran Question Is All About China" to better understand that this conflict extends well beyond Iran.

Looking ahead, top U.S. and Chinese trade negotiators are expected to meet in mid-March, according to Bloomberg, ahead of a planned Trump-Xi summit later this month. Trump's moves against Venezuela and now Iran can be viewed as an effort to tighten pressure on two of Beijing's cheap crude supplies before those talks (that's if those talks don't get canceled).

Tyler Durden Tue, 03/03/2026 - 10:10

As reported by the Senate Committee on Foreign Relations on February 10, 2026

This op-ed was originally published on MS NOW. Read the full piece here. 

President Donald Trump has said some strikingly out-of-touch things about affordability: that it’s a “hoax,” he’s “solved it” and he’s “won affordability.” In his State of the Union address, he even said “prices are plummeting downward.” U.S. families know this is nonsense. But to see how much Trump’s policies will erode affordability in the coming years, you must understand that affordability isn’t just about prices. 

Affordability is the outcome of a race between incomes and prices. And for typical families, the Trump agenda is near-guaranteed to harm their incomes far more than it can possibly reduce their prices. 

Even judged by the movement of prices alone, Trump’s record on affordability is poor. Inflation fell from 8.0% to 3.0% in the final two years of the Biden administration. This rapid downward movement slowed to a crawl in the first year of Trump’s second term, with inflation falling from 3.0% to just over 2.6%.

There are clear policy reasons why progress in reducing inflation has slowed. Electricity prices have surged as the Trump administration has ended subsidies for renewable generation passed during the Biden administration. The Trump tax cuts passed in the president’s first term were part of a law that gouged loopholes in the tax code, including inviting pharmaceutical companies to offshore their production and import back into the United States. Last year the Trump administration put tariffs on these offshored pharmaceuticals, pushing up their costs. When the administration failed to extend Obamacare subsidies for people buying health insurance through the exchanges, healthier enrollees who could afford to began opting out, driving up prices for everybody left in the Affordable Care Act marketplace.  

And these are not the only ways that Trump administration policies have intensified affordability issues for ordinary Americans.

Read the full piece here. 

The post A Real Abundance Agenda Starts by Rolling Back Patent and Copyright Monopolies appeared first on CEPR.

 

I always have fun chatting with Paulie. I always find it amusing to be on the other side of the mic.

He wanted to discuss AI and markets in light of the Citrini Research post that caused such a fuss. He always asks thoughtful questions, and it was a fascinating conversation with Paul Krugman about Artificial Intelligence, Tariffs, and all sorts of fun stuff (and I got to teach him a few AI tricks).

Paulie the K’s public persona and who he is as a person are very far apart. He is a gentle soul, and widely misunderstood.

Full transcript here

 

The post Paul Krugman in Conversation with Barry Ritholtz appeared first on The Big Picture.

What GAO Found Twenty-six of 49 states have not decreased the use of congregate care for youth in foster care despite provisions in the Family First Prevention Services Act (Family First) that limit funding for such placements. Family First limits the time states can claim federal Title IV-E foster care funds for certain congregate care placements to 14 days, as of October 1, 2021. Given these limitations, many states increased the use of state, county, or local funds to support these placements. Changes in Percentage of Youth Placed in State Child Welfare Congregate Care Since October 2021 All 49 states that responded to GAO’s survey of child welfare agencies reported challenges securing appropriate foster care placements for youth. Capacity challenges in non-congregate care settings, such as foster homes, can result in greater reliance on congregate care. A smaller number of states (20) reported benefits from Family First’s congregate care provisions. Some youth are involved in both the child welfare and juvenile justice systems (known as dually involved). Twenty-five state child welfare and 26 state juvenile justice agencies did not know if the percentage of these youth in juvenile justice placements had increased since Family First, according to GAO’s surveys. Among states with this information, 10 of 20 states reported an increase in the percentage of dually involved youth in detention (i.e., in a facility where a youth is housed while they await the outcome of their delinquency case) since October 1, 2021. During that same time, 12 of 26 states reported an increase in youth placed in secure placements (i.e., in a locked facility where a youth is housed after the disposition of their case). Family First requires states to certify that they will not enact or advance policies or practices that significantly increase their state’s juvenile justice population in response to the limitation on the use of Title IV-E funds for congregate care. According to Department of Health and Human Services (HHS) officials, all states submitted this certification, and it is the state’s responsibility to ensure it does not violate the certification. HHS monitors state spending under Title IV-E including whether states adhere to Family First’s 14-day limit on congregate care. One exemption to the 14-day limit is for facilities serving youth who have been found to be, or are at risk of becoming, sex trafficking victims. However, there is not detailed guidance regarding when to apply this exemption, and states have interpreted the exemption differently. These different interpretations may result in some states claiming less funds than they are eligible for, while other states claim all funds for which they are eligible. Without additional clarification of its guidance on using this exemption, states may continue to interpret these rules differently. This could result in a disparity in the amount of Title IV-E funding that states receive. Why GAO Did This Study Research has found that youth in foster care congregate settings (e.g., group homes and institutions) may have worse outcomes across a range of measures—such as emotional well-being and educational achievement— than youth placed in foster family homes. Over the last 20 years, states have taken steps to reduce the use of congregate care. Congress included a provision in Family First for GAO to evaluate the impact of limiting the use of Title IV-E foster care maintenance payments to support congregate care. This report addresses: (1) how congregate care use by states has changed since Family First implementation, (2) challenges states faced and benefits states experienced related to Family First's congregate care provisions, (3) how these provisions affected dually involved youth, and (4) HHS monitoring of the use of federal funds for youth in congregate care. GAO conducted surveys of the child welfare and juvenile justice agencies in the 50 states and Washington, D.C. We received responses from 49 child welfare agencies and 50 juvenile justice agencies. GAO also conducted an anonymous, non-generalizable survey of young adults with lived experience in congregate care. GAO conducted site visits to four states, selected on a variety of criteria, including that the state’s percentage of youth in congregate care was above the national average. GAO also reviewed relevant HHS documentation and interviewed HHS officials.

What GAO Found Tips and disclosures from the public, including workers, are an important source of information for agencies that enforce the law or issue regulations. However, workers who wish to notify agencies of potential wrongdoing risk reprisals from their employers and may have concerns about what their organizations’ non-disclosure and employment agreements allow. Differences in mission and statutory authority mean that federal agencies use a variety of mechanisms to protect disclosers and encourage them to report wrongdoing. These range from providing confidentiality to those who come forward with information to incentivizing disclosures through award programs. In addition, some agencies have warned that organizations’ overly broad non-disclosure agreements are unenforceable if they contain language that restricts employees’ ability to report concerns about wrongdoing to the government. Mechanisms Selected Federal Agencies Report Using to Protect Disclosers Agency Pays Awards for Disclosures Investigates Retaliation Provides Relief for Retaliation Provides Confidentiality Internal Revenue Service Yes N/A N/A Yes Securities and Exchange Commission Yes Yes N/A Yes Occupational Safety and Health Administration (OSHA) N/A Yes Yes Yes Federal Trade Commission (FTC) N/A N/A N/A Yes Source: GAO Analysis of Agency Statutes and Annual Reports. | GAO-26-107650 Notes: For OSHA, confidentiality is only offered to certain non-complainant witnesses. FTC officials told us that, depending on circumstances, some instances of retaliation may violate the laws they enforce. Use of “N/A” indicates that the agency did not report using the mechanism. Agency officials noted that accepting disclosures from the public may lead to challenges. For example, serving as a witness may risk revealing the discloser’s identity, and agencies generally consult with disclosers about these risks. Disclosures also lead to benefits, for both the government and disclosers. Enforcement work by the Federal Trade Commission (FTC), the Securities and Exchange Commission (SEC), and Internal Revenue Service (IRS), using information from the public, has resulted in billions of dollars in collections returned to the U.S. Treasury since 2019. The Occupational Safety and Health Administration’s (OSHA) findings in retaliation cases have also led to employee reinstatement, as well as awards of backpay, attorney fees, and compensatory damages. Why GAO Did This Study Private sector employment practices can have adverse impacts on employees' willingness to report potentially illegal activity to federal authorities. However, federal law offers protections for disclosures and some agencies provide monetary incentives for information that leads to recovered funds that can help to encourage disclosures. GAO was asked to review issues related to the potential effects of non-disclosure agreements on disclosures to FTC and other federal agencies. This report describes (1) employment practices that provide incentives or disincentives to employees who disclose potential wrongdoing, (2) mechanisms used to enforce private sector whistleblower protections, and (3) challenges selected federal agencies say they face in receiving tips and disclosures as well as the benefits of enforcing whistleblower protections. GAO selected agencies using judgmental criteria to ensure representation across agency programs: 1) providing retaliation protection in the employment context, 2) acting against NDAs that prevent disclosure to the federal government, or 3) providing monetary rewards to individuals who disclose wrongdoing. GAO analyzed documents and collected testimonial information from four agencies and six organizations with direct experience of issues relating to making and receiving disclosures. We used this to describe incentives and disincentives to disclosures, protections for disclosers, enforcement mechanisms used to protect disclosers, as well as challenges and benefits experienced by these agencies. For more information, contact Yvonne Jones at JonesY@gao.gov.

What GAO Found High development costs and limited markets have led to a lack of U.S. Food and Drug Administration (FDA)-approved animal drugs for minor animal species. These are all animals other than the most common pets, livestock, and poultry (major species). There are also few approved drugs for rare conditions in major species (called “minor uses”) or for serious or life-threatening conditions where showing a drug’s effectiveness requires complex or difficult studies. From fiscal years 2018 through 2025, FDA conditionally approved 11 new animal drugs, all of which were for major species. Nine were for pets, and two were for cattle. As of January 31, 2026, FDA conditionally approved two additional drugs. To get full or conditional FDA approval, sponsors must conduct studies showing evidence of the drug’s effectiveness. These studies, particularly those needed for full approval, can be expensive and difficult for some conditions and species. FDA developed guidance for alternative approaches that sponsors can use, such as foreign-generated data or adjustable sample sizes. However, FDA has not developed a benefit-risk assessment that would help it evaluate sponsors’ use of alternative approaches to demonstrating a drug’s effectiveness. Doing so, and developing related guidance for industry, could encourage sponsors to address unmet animal health needs and address the lack of FDA-approved drugs. Examples of Unmet Animal Health Needs The conditional approval pathway and other incentives have had a limited effect on new animal drug development. Many of the unmet animal health needs that existed when the conditional approval pathway was created in 2004 remain unmet. These include the need for FDA-approved drugs to treat parasites in sheep and goats and bacterial infections in fish. Sponsors and others said that conditional approval’s flexibilities were not enough to overcome the drugs’ limited return on investment. For example, they said that conditional approval’s statutory 5-year limit for sponsors to gather enough effectiveness data to obtain full approval of their drugs is too short. FDA officials are considering policy changes to further incentivize drug development, but changing the 5-year limit on conditional approval would require congressional action. Considering an expansion to this time frame could help Congress determine whether the current limit balances multiple objectives, including increasing animal drug availability, protecting animal and human health, and maintaining incentives for sponsors to develop drugs for markets with limited profitability. Why GAO Did This Study Animal drugs play a vital role in preventing and treating diseases in animals. FDA regulates the safety and effectiveness of new animal drugs. Noting the scarcity of approved drugs for minor species and minor uses, in 2004, Congress established economic incentives to encourage drug sponsors (e.g., companies) to fill this gap. These incentives included a conditional approval pathway for new animal drugs for minor species and uses. Conditional approval allows sponsors to legally sell a drug for up to 5 years while completing studies to demonstrate substantial evidence of the drug’s effectiveness. In 2018, Congress expanded this pathway to include serious conditions or unmet needs. The Animal Drug and Animal Generic Drug User Fee Amendments of 2018 included a provision for GAO to review, by 2026, FDA’s conditional approval pathway and how it could be improved. This report (1) describes the animal drugs FDA conditionally approved in fiscal years 2018 through 2025; (2) evaluates the extent to which FDA has accepted alternative study designs for new drugs; and (3) evaluates the extent to which conditional approval has incentivized new drug development. GAO reviewed relevant statutes, regulations, and FDA data and documents. GAO also interviewed FDA officials, animal drug sponsors, researchers, and other stakeholders, and made two site visits.

What GAO Found During the first year of the COVID-19 Economic Injury Disaster Loan (COVID-19 EIDL) program, the Small Business Administration (SBA) was statutorily prohibited from requiring taxpayer information to verify applicant eligibility and application details. In April 2021, after receiving authorization, SBA began requesting tax data from the Internal Revenue Service (IRS). SBA and IRS established a legal framework and enhanced processes for sharing tax data. The agencies approved an administrative agreement for the COVID-19 EIDL program that identified the tax information IRS would provide to SBA. To process the large volume of requests, both agencies upgraded IT system components and implemented process changes, including for obtaining applicants’ consent to access their tax information. However, IRS backlogs led SBA to request taxpayer information from some applicants directly. SBA and IRS Data-Sharing Process for COVID-19 EIDL Program GAO analyzed SBA COVID-19 EIDL data on almost 3.7 million approved loans totaling about $360 billion. About half of the loans had tax-related documents in their application records and these loans accounted for about 73 percent of COVID-19 EIDL funding (about $261 billion). But some tax-related documents may not have contained actual tax data (i.e., they contained IRS messages that tax records were not available). SBA and IRS actions to share data for COVID-19 EIDL and the ongoing Disaster Loan Program (which uses tax data for similar purposes) generally reflected relevant leading practices for data sharing and interagency collaboration. For example, the agencies conducted periodic data quality control reviews and documented roles and responsibilities. SBA does not have the statutory authority to receive tax information from IRS without the loan applicant first providing consent through tax request forms. Both agencies manually verify these forms, a process that requires time and staff resources and carries the risk of backlogs or delays. The challenges could be mitigated if SBA were authorized to receive taxpayer information directly from IRS through an amendment to section 6103(l) of the Internal Revenue Code. SBA and IRS have begun to explore opportunities for technological improvements that could introduce efficiencies. By taking steps to improve the efficiency of tax data sharing for the Disaster Loan Program, SBA would be better positioned to leverage existing federal data to serve applicants during future disasters and emergencies and to prevent fraud, waste, and abuse. Why GAO Did This Study From March 2020 through May 2022, the temporary COVID-19 EIDL program assisted small businesses and nonprofits affected by the pandemic. SBA’s ongoing Disaster Loan program, which offers similar loans, continues to assist businesses and nonprofits affected by disasters. Since March 2021, COVID-19 EIDL has been on GAO’s High Risk List due to control deficiencies that make it susceptable to improper payments and fraud. The explanatory statement accompanying the Further Consolidated Appropriations Act, 2024, includes a provision for GAO to examine SBA and IRS data sharing for COVID-19 EIDL. This report examines (1) SBA and IRS processes for sharing tax information, (2) available data on the extent to which SBA obtained this information, and (3) the extent to which the agencies’ data sharing reflected relevant leading practices. GAO reviewed laws, regulations, and agency agreements for sharing tax data and analyzed application-level COVID-19 EIDL data covering the full application period (March 2020–May 2022). GAO also assessed the agencies’ data-sharing process against leading practices and interviewed SBA and IRS officials.

Britain Reconsiders 78% North Sea Oil Tax As Investment Slows

Authored by Julianne Geiger via OilPrice.com,

The UK may be quietly inching toward an awkward admission: the windfall tax experiment on oil and gas has been a flop.

The Treasury is holding talks with North Sea oil and gas producers about potentially scrapping the Energy Profits Levy before its scheduled 2030 expiry, according to people familiar with the discussions. After multiple extensions and rate hikes, the levy has pushed the sector’s headline tax burden to 78% - a level producers argue borders on confiscatory, and a level critics argue borders on ridiculosity.

The EPL was introduced in 2022 after Russia’s invasion of Ukraine sent oil and gas prices soaring. Back then, it was framed as a temporary measure to capture extraordinary profits and ease pressure on households. But prices have since cooled, while the tax has lingered and grown.

Under current rules, the levy can end early if six-month average oil and gas prices fall below preset thresholds of $78.65 per barrel and 61 pence per therm for 2026–2027. Otherwise, it runs through March 2030.

There has been anticipated industry pushback. Offshore Energies UK has warned that the levy risks long-term damage to domestic production. Harbour Energy saw nearly all of its 2022 profits evaporate under the expanded tax regime, forcing it to cut jobs and shelve projects. BP and Shell have publicly reviewed UK investment plans. TotalEnergies trimmed spending.

Politically, it’s a minefield. Labour must juggle climate goals with energy security, jobs, and the rising pressure from Nigel Farage’s Reform UK, which has pledged to scrap the levy outright. Meanwhile, the Greens want it made permanent, and the Scottish National Party argues that it threatens tens of thousands of North Sea jobs.

Then comes the strategic backdrop. The UK’s grid operator and the state-owned system operator have both warned that shrinking domestic production could increase reliance on imports and leave the country more exposed to supply shocks.

For the UK Continental Shelf, some are left to wonder if the levy quietly accelerated decline in a basin already fighting gravity.

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

Macron Throws Out French Nuclear Policy Over Russia And China Threats

President Emmanuel Macron on Monday broke several decades of French nuclear taboos, promising to increase the country's arsenal and positioning France for a lead role in European security.  Macron also called for the deployment of French nuclear capable aircraft to allied nations (which could potentially include Ukraine).  The new policies are some of the most significant changes in French nuclear doctrine since the end of the Cold War.

“Today, a new phase in French deterrence may therefore be taking shape. We are embarking on what I would call forward deterrence,” the French president said. That means increasingly including European countries in France's deterrent - starting with participation in nuclear drills. 

“It will ultimately provide for the circumstantial deployments of elements of our strategic air forces to allied countries," Macron added, referring to the squadrons of nuclear-capable Rafale fighter jets.

Macron cites threats from Russian and China as reasons for the decision. His announcement comes only a week after Russian Intelligence claimed they had uncovered a British and French plot to provide Ukraine with relevant European components and equipment that would then be misrepresented to the world as proof of a domestically developed nuclear program. This also allegedly included a plan to give Ukraine at least one actual warhead and/or materials for a dirty bomb.

It may be that there was some truth to this report and now France is simply abandoning clandestine strategies and implementing nuclear plans out in the open.  The Kremlin has warned that any presence of nuclear weapons in Ukraine would result in a direct military response to European suppliers.  They say this could include a nuclear response.

French political analysts note that Macron and his leftist political compatriots may be attempting to lock France into military action before the next presidential elections in 2027, so that new leadership will be unable to reverse course.  In other words, conservatives in France are gaining significant ground due to mass immigration issues and the leftist establishment is hoping to embed military forces in Ukraine before they lose power in government.  

Macron argued to qualify nuclear proliferation in his speech while standing at a podium in front of a nuclear submarine.  The statements came off as empty posturing, but the implications are still broad.

"Whoever wants to be free must be feared. Whoever wants to be feared must be strong...To be free, we have to be feared."

France is, of course, not free.  The government has arrested and jailed numerous citizens in the past few years over online posts that violate the country's leftist "hate speech" laws.  This mostly involves punishing people for speaking out against mass immigration.  This is why Macron's strategy to bolster French military strength is unlikely to gain popular traction - Most young French people have no interest in dying for a government that wants to replace them with third world migrants.

Critics of the NATO handling of Ukraine have predicted that Europe has no intention of pursuing peace with Russia. Rather, they believe that European elites are seeking to trigger a wider war with Russia and drag the US into the middle of it.  The Trump Administration has been reticent rattle sabers over Ukraine and its peace proposals have been consistently thwarted by European leaders. 

Russian forces in the region continue to gain ground and Ukrainian troop strength is dwindling.  It would appear that the Europeans have decided to escalate rather than accept any agreement that would result in ceding territory to Vladimir Putin.    

Tyler Durden Tue, 03/03/2026 - 02:45

Trump Says He's 'Disappointed' by Starmer For Blocking Use Of Diego Garcia For Iran Strikes

Authored by Evgenia Filimianova via The Epoch Times (emphasis ours),

U.S. President Donald Trump said he was disappointed by British Prime Minister Keir Starmer’s refusal to use the joint UK–U.S. military base on Diego Garcia island to strike Iran.

A US Air Force weapons loader delivers a 2,000lbs bomb for loading into a B1 bomber at the Diego Garcia base, UK, on 22 Oct. 2001. USAF/DOD/AFP via Getty Images

In an interview with The Telegraph, published on March 2, Trump said that Starmer’s initial refusal to let Washington use the Chagos Islands base was unlike anything that had “happened between our countries before.”

Starmer confirmed late on March 1 that the UK had initially decided not to take part in U.S. strikes against Iran, but said the security situation had changed as Iranian actions began threatening British personnel and interests in the region.

“We have British jets in the air as part of coordinated defensive operations which have already successfully intercepted Iranian strikes,” Starmer said. “But the only way to stop the threat is to destroy the missiles at source – in their storage depots or the launchers which used to fire the missiles.”

Starmer said that he would now allow the United States “to use British bases for that specific and limited defensive purpose.”

Trump said it “took far too long” for Starmer to change his mind.

“It sounds like he was worried about the legality,” he said.

The base on Diego Garcia is regarded by the United States as one of its most strategically important military hubs. Located roughly 2,300 to 2,400 miles from the southern coast of Iran, it allows long-range bomber and naval operations across the Middle East, East Africa, and the Indo-Pacific.

In a Feb. 18 post on Truth Social, Trump warned that the facility could become critical if tensions with Iran escalated further. He wrote that if Tehran refused a diplomatic agreement, the United States might need to use Diego Garcia and the airfield at RAF Fairford in England to prevent a potential Iranian attack on the UK or its allies.

Diplomatic Tensions, Parliamentary Delay

Trump’s criticism also comes amid continuing debate over the UK’s decision to transfer sovereignty of the Chagos Islands, a British overseas territory, to Mauritius.

Under the terms of the agreement, signed in October 2025, the British–U.S. naval and bomber base on Diego Garcia would remain under UK control for at least 99 years, ensuring continued access for U.S. forces.

The UK government has said the agreement was necessary to safeguard the long-term operation of the base, following a series of international court rulings that weakened the UK’s legal position.

An image released by the U.S. Navy shows an aerial view of Diego Garcia. U.S. Navy via AP

According to Starmer’s remarks in January, the issue of the Chagos deal had been raised repeatedly with the White House, and he maintained that the Trump administration had already reviewed and supported the agreement at an agency level.

Trump has criticized the UK’s decision to cede sovereignty of the Chagos Islands to Mauritius, calling it an “act of total weakness” in January.

“All of a sudden [Mauritius] was claiming ownership. He [Starmer] should have fought it out and owned it or make him take it, if you want to know the truth. But no, we were very disappointed in Keir,” Trump told The Telegraph, describing the Chagos deal as a “very woke thing.”

Last week, UK officials confirmed that Downing Street was pausing to discuss the matter with the United States before bringing the bill to ratify the Chagos deal back to Parliament.

“We are sometimes going to disagree with our friends and allies in public, but we will seek to resolve those issues in private,” British Foreign Office minister Hamish Falconer told lawmakers on Feb. 25.

Referring to the UK’s decision to pause the process, Trump said it “is useful,” adding that “it took far too much time.”

“It would have been much better on the legal front if he just kept the ownership of the land and not given it to people that weren’t the rightful owners,” Trump said.

Security Risks

Roughly 300,000 Britons are believed to be in countries targeted by Iran, with 102,000 registered with the Foreign Office for alerts as officials weigh all options, including a potential mass evacuation.

Trump suggested Starmer should have always approved American use of the base, because Iran was responsible for killing “a lot of people from your country”.

“[There are] people without arms and legs and faces that have been blown up. Iran is 95 per cent of those. Those horrible events were caused by Iran,” Trump said.

Starmer said in his March 1 statement that Iran is “striking British interests” and “putting British people at huge risk.”

“Our partners in the Gulf have asked us to do more to defend them, and it is my duty to protect British lives,” he added.

Hours after his statement, a Shahed-type unmanned aerial vehicle crashed into the UK’s Royal Air Force base at Akrotiri in Cyprus. The drone struck military facilities at the base at 12:03 a.m., causing minor damage but no casualties, Cypriot President Nikos Christodoulides said in a post on X.

A dog sits at the main gate of the UK's RAF Akrotiri air base after it was hit by a drone strike near Limassol, Cyprus, on March 2, 2026. Petros Karadjias/AP

In an emailed statement to The Epoch Times on March 2, a spokesperson for the UK’s Ministry of Defence said that it regularly reviews the security of its overseas bases, including the Sovereign Base Areas in Cyprus.

The ministry also said additional capabilities had recently been deployed to the island as part of efforts to maintain regional security and stability in the Middle East.

Those capabilities are focused on defensive operations and include radar systems, counter-drone technology, F-35 fighter jets and ground-based air defence systems designed to detect and defeat airborne threats.

PA Media contributed to this report. 

Tyler Durden Tue, 03/03/2026 - 02:00

Telegram Has Reportedly Become A Pressing National Security Threat For Russia

Authored by Andrew Korybko via substack,

Authorities in Russia believe that Ukraine has quick access to Russian servicemen’s messages and exploits this for military purposes, which wouldn’t be possible without some degree of complicity on Telegram’s part, thus impugning its founder’s character after he denied working with foreign spooks.

The FSB claimed to have “reliable information that the Ukrainian armed forces and intelligence agencies are able to quickly obtain information posted on the Telegram messenger and use it for military purposes.” This coincides with the government allegedly throttling Telegram on the grounds that it’s not in compliance with local laws, which preceded reports that it’ll be banned on 1 April. The authorities denied that they have nay such plan but there’s no doubt that Telegram is now controversial in Russia.

Speculation about Ukraine’s access to the messages sent by Russian servicemen on that platform, which the FSB also touched upon in their two-sentence press release, is credible in light of founder Pavel Durov’s brief detention by the French authorities in 2024. Although he vehemently denied that he cut a deal with them for granting their authorities access to certain users’ messages and has since accused them of askingz him to ban conservative Romanian accounts, he might be lying and it could all be an act.

After all, criticizing the French authorities in the aftermath of his scandalous detainment could be meant to convince observers that he didn’t cut a deal with them even though he might have, or he could at least have been coerced by the American ones to that end or even voluntarily decided to help the Ukrainian ones. In any case, however it ended up happening, the FSB arguably does indeed believe that Ukraine has access to Russian servicemen’s messages and uses them for military purposes.

It would therefore be best for them to speedily replace Telegram with Russia’s Max messenger app instead, which was developed for strengthening Russia’s “digital sovereignty”. That concept refers to the trend of countries asserting their sovereignty in this sphere through regulations like banning certain sites like Russia banned Facebook, Twitter/X, and others for non-compliance with local legislation and creating their own alternatives that can’t be exploited by their adversaries. It’s a sensible policy in today’s world.

In fact, so sensible is it that some cynics speculate that the pressure that Telegram has recently come under in Russia is part of the state’s campaign to get citizens to use Max, but that still doesn’t discredit the FSB’s claim about Ukraine having quick access to Russian servicemen’s messages. Telegram is used by many of them to communicate with each other as well as by many Russian businesses to engage with their clients. It’s also a useful channel for sharing facts about Russian policy with the rest of the world.

Even in the scenario of Russia banning Telegram, it could still be used with a VPN just like Facebook, Twitter/X, and other banned sites are, which the FSB obviously knows and thus challenges the cynical speculation that it might be lying about the app as part of a ploy to get Russians to use Max instead. Accordingly, their claim about it being compromised by Ukraine is credible, and this in turn impugns Durov’s character since it wouldn’t be possible without some degree of complicity on his part.

Whatever Telegram’s fate in Russia may be, Russia and others are correct in doubting the integrity of that app and all foreign ones in general since there are credible reasons to believe that they’re exploited by adversarial intelligence agencies for hostile purposes. The solution is therefore creating national alternatives and getting citizens to use them instead for strengthening “digital sovereignty”. Some states might struggle with this, however, so their citizens would then have to choose the “lesser (foreign) evil”.

Tyler Durden Mon, 03/02/2026 - 23:25

China Conducts Patrol In South China Sea, Accuses Philippines Of Disturbing Regional Peace

Authored by Alex Wu via The Epoch Times,

The Chinese regime’s navy conducted patrols in the South China Sea from Feb. 23 to Feb. 26, while the United States, Japan, and the Philippines were holding joint military exercises in international waters.

The Chinese regime criticized the Philippines for “disturbing peace” in the region.

Analysts told The Epoch Times that the standoff in the South China Sea does not necessarily mean that the situation will escalate soon, and the Chinese regime’s rhetoric reflects complicated political considerations.

The United States, the Philippines, and Japan this week conducted joint exercises over the Bashi Channel that separates the Philippines from Taiwan in the South China Sea, according to a statement by the Philippine military on Feb. 27. The drills were aimed at showcasing the forces’ “ability to operate seamlessly together in complex maritime environments,” the Philippine military said.

This was the first time that such joint exercises have been conducted in the Bashi Channel.

The Chinese regime reacted angrily to the joint drills. On Feb. 27, a spokesperson for the People’s Liberation Army’s (PLA) Southern Theatre Command accused the Philippines of “disrupting peace and stability by organizing joint patrols with countries outside the region.”

China conducted a “routine patrol” of the South China Sea from Feb. 23 to Feb. 26, according to the spokesperson.

While China claims sovereignty over the waters, citing the historical nine-dash demarcation line within the South China Sea, the Philippines, Brunei, Malaysia, Vietnam, and Indonesia each claim sovereignty over their exclusive economic zones in the South China Sea. Some of these zones overlap with each other, with communist China’s nine-dash line, and with Taiwan’s 11-dash demarcation.

On July 12, 2016, an international tribunal ruled that the nine-dash demarcation couldn’t be used by the regime in Beijing to make historic claims to the South China Sea, parts of which are claimed by six governments. China rejected the ruling and has continued to assert its sovereignty claims and operations in the South China Sea.

“China has taken strong measures to drive away ships or fishing boats that enter the area, especially Philippine supply ships,” Shen Ming-shih, research fellow at the Division of National Security Research at Taiwan’s Institute for National Defense and Security Research, told The Epoch Times.

“In such disputed areas, disputes should be shelved. It is because of China’s strong expulsion that the United States, Japan, and the Philippines are preparing for the worst-case scenario.”

Some of a total of 220 Chinese vessels are moored at Whitsun Reef, South China Sea on March 7, 2021. Philippine Coast Guard/National Task Force-West Philippine Sea via AP

Judging from the joint drills, it’s clear that the United States and Japan are paying particular attention to security in the South China Sea region, Shen added.

Commenting on the joint U.S.–Japan–Philippines drills conducted over the Bashi Channel, Wang Shiow-wen, an assistant researcher at the Taiwan’s Institute for National Defense and Security Research, said, “This may be to test the PLA’s reaction, to see if the PLA has already considered the Bashi Channel and the South China Sea or even the Taiwan Strait as its own.”

As to the PLA’s accusation against the Philippines, she told The Epoch Times: “Why is it that the PLA’s daily harassment of Taiwan under the pretext of ‘exercises and training’ is not considered ‘disturbing peace and stability in the region,’ but other countries’ joint exercises are considered ‘disturbing the regional peace and stability’?”

The PLA spokesperson’s avoidance of directly naming the United States and Japan in its accusation may be laying the groundwork for future joint military exercises between China and Russia, or possibly North Korea, Wang said.

Furthermore, with an April meeting scheduled between U.S. President Donald Trump and Chinese leader Xi Jinping, both sides are currently cultivating a “friendly” atmosphere, making direct criticism inappropriate, she said.

Shen has a similar assessment. “Because the Chinese Communist Party (CCP) is currently hoping to ease tensions with the United States, and relations between China and Japan have already deteriorated, in order to avoid further complications, the Southern Theater Command only dared to condemn the relatively weaker Philippines in its statement this time.”

Deterrence

As to whether both sides doing military drills and patrols in the South China Sea in the same week might escalate the tension into a conflict, Shen said that “the main policy of the United States is to strengthen the defense capabilities of various countries in the First Island Chain region in order to deter China from easily launching a conflict or war in this region.”

An MH-60S Sea Hawk helicopter, attached to Helicopter Sea Combat Squadron (HSC) 14, prepares to land on the flight deck of Nimitz-class aircraft carrier USS Abraham Lincoln (CVN 72) on Jan. 15, 2026. Mass Communication Specialist Seaman Apprentice Cesar Zavala/U.S. Navy

If war becomes unavoidable in the region, the United States should have many ways to participate. “Ultimately, war with the CCP will only be a last resort. Before that, political, economic, and cyber warfare are already underway,” he said.

Regarding the PLA spokesperson’s statement about China’s need to “safeguard China’s territorial sovereignty” and “uphold regional peace and stability,” Wang said that the Chinese regime is actually saying that as long as the United States, Japan, and the Philippines are not taking Chinese territory, the PLA won’t launch a preemptive attack.

Given the current military strength of the CCP, starting a war is not the problem, according to Wang. “The problem lies in how to sustain and end the war,” she said. “The Russia–Ukraine war has entered its fifth year, which should serve as a great warning to the CCP.”

“If the CCP leader Xi Jinping wants to escape his various domestic crises by starting a war, then it can only be said that he himself has determined the fate of the CCP regime,” she said.

A Chinese PLA Navy ship (background L) is seen while an Australian Navy destroyer (R) takes part in a maritime cooperative activity near Scarborough Shoal, on Sept. 3, 2025. Ted Aljibe/AFP via Getty Images

Shen believes that the PLA’s patrol was routine, saying, “I don’t think it’s likely to start a conflict or war right now.”

“I think maintaining internal stability, conducting the CCP’s Fifth Plenary Session effectively, and balancing the power should be the top priorities right now.”

Shen added that when the internal power struggle within the CCP deteriorates or intensifies, “if [the regime] wants to take actions to divert [the] Chinese public’s attention from the domestic to the international, it might target the relatively weaker Philippines or the South China Sea.”

Tyler Durden Mon, 03/02/2026 - 20:55

Watch: Israel Neutralizes Hezbollah Missiles With Game-Changing "Iron Beam"

Hezbollah opened a new front in the broadening U.S.-Israeli war with Iran overnight, launching a barrage of missiles and kamikaze drone swarms at an Israeli military base in northern Israel. 

Footage of one of those missile launches posted on X by the Israeli Public Broadcasting Corporation (IPBC) shows what appears to be some of those Hezbollah missiles prematurely exploding moments after launch. 

IPBC explained that the apparent misfires were due to the "Interception of the Rocket from Lebanon Carried Out Using the "Iron Beam" Laser System." 

⚡HISTORIC: For the first time ever, Israel used the Iron Beam to intercept rockets fired by Hezbollah. pic.twitter.com/DU63REU22k

— Israel War Room (@IsraelWarRoom) March 2, 2026

We reported last fall that Israel Defense Forces rolled out its new high-powered laser defense system, known as the "Iron Beam."

The laser-based air defense system was developed by Rafael and built to complement the Iron Dome missile defense shield. Instead of launching expensive interceptor missiles, it uses a high-energy laser to destroy short-range threats such as rockets, mortar rounds, and drones.

The footage likely shows the 100 kW-class Iron Beam in action, able to neutralize incoming projectiles for only a few dollars per shot, versus roughly $100,000 for a traditional interceptor rocket.

11 Patriots cost $44M.

They downed a $250K Iranian missile.

The math is brutal.

Video shows intercepts over Haifa as Israel counters more waves. pic.twitter.com/QO43UiWYu0

— Brandon Straka #WalkAway (@BrandonStraka) March 2, 2026

One of the major problems for U.S. and Israeli forces is that the cost per counter-missile and drone is extraordinarily expensive and uneconomical if the war dragged on for a prolonged period of time.

Related: 

• War Stocks Jump: These Firms Have The Most Middle East Exposure

But there is a big caveat, per the Times of Israel: "The main downside of a laser system is that it does not function well in low visibility, including heavy cloud cover or other inclement weather."

Tyler Durden Mon, 03/02/2026 - 20:30

Canadian Property Management reports CPP Investments inks Nordic data centre deal:

Canada Pension Plan Investment Board (CPP Investments) is furthering its collaboration with the global digital infrastructure company, Equinix, through joint acquisition of the atNorth data centre portfolio, stretching across five Nordic nations. CPP Investments will contribute roughly USD $1.6 billion to secure a 60 per cent controlling interest in atNorth, which encompasses eight operational data centres and three high-density colocation facilities now in development.

“The Nordics are an attractive market for data centre growth and the opportunity to partner with Equinix on this acquisition allows us to deploy capital at scale into a high-quality platform,” says Maximilian Biagosch, senior managing director and global head of real assets with CPP Investments.

The two investors are already part of a three-way partnership with the sovereign wealth fund, GIC, focused on developing hyperscale data facilities in the United States. The atNorth deal aligns with CPP Investments’ data centre strategy and augments publicly traded Equinix’s presence in the Nordics, where it currently operates eight data centres in Helsinki, Finland and Stockholm, Sweden.

The new acquisitions will continue to operate under the atNorth brand, which is headquartered in Reykjavik, Iceland, with presence in Denmark, Finland, Norway and Sweden. The data centre provider has 800 megawatts of installed or in-development capacity, and has power agreements in place to enable an additional 1 gigawatt of capacity and a move into hyperscale services. Its existing portfolio applies renewable energy resources, heat reuse technology and design efficiencies to reduce environmental impacts — also in step with Equinix’s renewable energy footprint for its European operations and target for net-zero emissions globally by 2040.

“Combined with our joint focus on sustainability, this acquisition is expected to enhance our ability to help customers unlock the full potential of the Nordics’ expanding digital landscape,” maintains Bruce Owen, president of Equinix in the EMEA (Europe, Middle East, Asia) market. “We are delighted to partner with CPP Investments, whose long-term track record of investing in the sector is highly complementary to Equinix’s connectivity services.”

“I’m extremely proud to announce the next step in our chapter, welcoming this investment from CPP Investments and Equinix, which will enable access to capital, global enterprise and hyperscale relationships, and supply chain strength required to scale at pace,” says Eyjólfur Magnús Kristinsson, atNorth’s chief executive officer.

The USD $4.2 billion agreement covers both the acquisition and capital for future expansion, with underwriting advanced by Canadian and European lenders. It will be finalized subject to regulatory approvals and other closing conditions.

Last week, CPP Investments issued a press release stating it entered into a joint agreement with Equinix to purchase atNorth, a leading Nordic data center provider:

Leading Data Center Provider in the Nordics Has Operations in Five Countries, Providing Equinix with Access to Capacity to Meet Enterprise, AI and Hyperscale Demand in Key Markets

TORONTO, Canada and AMSTERDAM, Netherlands – February 27, 2026 – Canada Pension Plan Investment Board (CPP Investments) and Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company®, today announced they have entered into a joint agreement to purchase atNorth—a leading Nordic high-density colocation and built-to-suit data center provider—from Partners Group, one of the largest firms in the global private markets industry.

The US$4 billion enterprise value transaction is subject to customary closing conditions, including regulatory approvals. The agreement between CPP Investments and Equinix will support atNorth in its continued rapid scaling, through capturing opportunities created by rising demand for data center infrastructure. CPP Investments will invest approximately US$1.6 billion, owning an approximate 60% controlling interest, and Equinix will own an approximate 40% stake. The transaction is expected to be immediately accretive upon close to Equinix’s adjusted funds from operations (AFFO) per share.

atNorth’s portfolio includes eight operational data centers alongside several sites under development across Denmark, Finland, Iceland, Norway and Sweden, as well as plans for further expansion, with 1 GW of secured power and a considerable amount of additional future capacity planned. Designed to meet increasing demand for AI and high-performance computing, several of the company’s facilities are liquid cooling-enabled to support high-density workloads. Across its portfolio, atNorth integrates renewable energy sourcing, heat reuse initiatives and efficient modular design to advance circular economy principles and minimize environmental impact.

“This acquisition is a powerful validation of atNorth’s journey and its market position as the leading Nordics data center platform,” said Eyjólfur Magnús Kristinsson, CEO of atNorth. “It further illustrates the strategic importance of the region as Europe’s rising AI powerhouse. I’m extremely proud to announce the next step in our chapter, welcoming this investment from CPP Investments and Equinix, which will enable access to capital, global enterprise, and hyperscale relationships, and supply chain strength required to scale at pace. Our strategy remains firmly rooted in the Nordics, and we will continue to operate independently under the atNorth brand, preserving our dedication to the communities where we operate and the culture and values that have defined our success to date.”

“This transaction builds on our long-standing and highly productive relationship with Equinix,” said Maximilian Biagosch, Senior Managing Director & Global Head of Real Assets, CPP Investments. “It demonstrates our conviction and commitment to the data center sector, where demand continues to accelerate, fueled by continued strong enterprise demand as well as cloud and AI adoption. The Nordics are an attractive market for data center growth and the opportunity to partner with Equinix on this acquisition allows us to deploy capital at scale into a high-quality platform, helping us deliver attractive risk-adjusted returns for CPP contributors and beneficiaries.”

“The scalable sites of atNorth are very complementary to Equinix’s connectivity services and global footprint. Combined with our joint focus on sustainability, this acquisition is expected to enhance our ability to help customers unlock the full potential of the Nordics’ expanding digital landscape,” explained Bruce Owen, President, EMEA, Equinix. “For businesses looking to scale with resilience, Equinix offers a future-ready infrastructure for long-term success, maintaining the jurisdictional and data sovereignty of organizations operating in the region. We are delighted to partner with CPP Investments, whose long-term track record of investing in the sector is highly complementary to Equinix’s connectivity services.”

There are multiple factors contributing to the Nordics’ burgeoning status as a critical hub for the next generation of digital growth. The Nordics region is widely recognized for its strong and resilient economy, supported by a long‑standing emphasis on innovation, research and technical expertise. Renowned worldwide for its leadership in environmentally sustainable projects, the Nordic region provides access to renewable energy sources, bolstered by its naturally cool climates.

Highlights / Key Facts

• As part of the transaction, CPP Investments and Equinix have provisionally agreed to a financing package of US$4.2 billion (€3.6 billion), underwritten by a group of European and Canadian lenders to fund the transaction as well as the capital required to fund the expansion of the business.
• atNorth has an installed and active development pipeline of approximately 800 MW that will come online over the next five years. In addition, it has plans for significant further expansion, with an additional 1 GW of secured power and a considerable amount of future capacity planned, providing a platform for future expansion across the Nordics.
• Equinix currently operates eight data centers in the Nordics, including five in Helsinki and three in Stockholm, contributing to a wider European footprint of over 100 facilities across 20 countries. This regional reach enables customers to deploy infrastructure close to end users and directly connect with AI, cloud, network and enterprise partners anywhere in the world.
• The transaction adds to CPP Investments’ long-standing collaboration with Equinix, which includes a 2024 joint venture alongside GIC to expand the Equinix xScale® data center program.
• The investment further enhances CPP Investments’ global data center strategy and builds out its presence in Europe.
• Designing for responsible operations and in line with atNorth’s sustainability focus, Equinix operates all its European facilities with 100% renewable energy coverage and is on track to achieve its global net-zero target by 2040. The company’s environmental strategy centers around implementing energy efficiency initiatives to optimize energy usage, piloting innovative decarbonization solutions and collaborating with suppliers to address emissions.
• Equinix delivers customer-controlled sovereignty, providing the foundation of digital infrastructure—secure facilities, reliable power, private connectivity—with customers keeping 100% control of their technology stack, data and operational decisions. The company’s global infrastructure enables organizations to access comprehensive ecosystems around the world while maintaining uncompromising local control.
• Equinix was advised by Guggenheim Securities Europe Ltd. as financial advisor as well as Slaughter and May as legal advisor.

Additional Resources

• Sustainability at Equinix [website]
• Unmatched interconnection, scalable colocation and infrastructure across Europe, the Middle East and Africa [website]
• What’s Driving the Digital Economy in the Nordic Countries? [blog]
• The Future of Autonomous Networking: How AI Is Redefining Connectivity [blog]

About atNorth

atNorth is the leading Nordic data center company that offers cost-effective, scalable high-density colocation and built-to-suit services trusted by industry-leading organizations. With sustainability at its core, atNorth’s data centers run on renewable energy resources and support circular economy principles. All atNorth sites leverage innovative design, power efficiency, and intelligent operations to provide long-term infrastructure and flexible colocation deployments. atNorth is headquartered in Reykjavik, Iceland and operates eight data centers in strategic locations across the Nordics, as well as a ninth under construction in Kouvola, Finland, a tenth site in Ølgod, Denmark and an eleventh campus in Stockholm, Sweden. The business has also announced a new mega-site development in the Sollefteå Municipality in Sweden.

For more information, visit atNorth.com or follow atNorth on LinkedIn.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2025, the Fund totaled C$780.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About Equinix

Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere. 

It's March break here in Quebec, so I will be very brief.

This is another fantastic acquisition for CPP Investments, partnering with Equinix to acquire atNorth. 

To really appreciate this transaction, I invite you read this 2024 interview where atNorth CEO Eyjólfur Magnús Kristinsson discussed the DEN02 project in Denmark:

In an interview, atNorth’s CEO Eyjólfur Magnús Kristinsson discussed the company’s newest project, DEN02—a mega data center in Denmark set to advance heat reuse for greenhouses and local housing. With an initial capacity of 250MW and plans for significant scalability, DEN02 aims to make atNorth a major data center provider in Denmark.

The center will support colocation and high-performance computing (HPC) needs, especially for AI-intensive workloads, leveraging Denmark’s green energy grid.

The DEN02 data center is strategically designed to support high-density workloads, providing infrastructure for both colocation clients and custom, build-to-suit projects tailored to AI and HPC applications.

The scale and advanced engineering of DEN02 make it one of the largest data center initiatives in Denmark. Designed with sustainability in mind, DEN02 will harness Denmark’s green energy grid and leverage innovative heat reuse methods, providing residual heat for large-scale greenhouses and local housing.

AtNorth’s partnership with WARM, a local greenhouse developer, ensures that DEN02’s heat reuse plan will directly benefit the region, contributing to local food production and reducing heating costs for nearby homes.

Expected to break ground by Q1 2026, DEN02 represents a milestone in atNorth’s growth and its commitment to integrating environmental and community benefits into data center operations.

atNorth’s vision includes strong local engagement, with DEN02 bringing jobs and sustainable infrastructure, positioning Denmark as a strategic hub for AI and HPC in Northern Europe.

Read the whole interview here. 

This company is top, Equinix did its homework here before presenting this deal to CPP Investments which is now taking a controlling stake, adding to its already impressive data center platform all over the world.

Below, following a varied career starting in sales before moving up into managerial roles across the IT industry, Eyjólfur Magnús Kristinsson is now at the helm of atNorth, a pan-Nordic colocation, high-performance computing and artificial intelligence service provider, which soon will be present in all Nordic nations (2024).

Opposition Leader Maria Corina Machado Says She Will Return To Venezuela In Coming Weeks

Authored by Victoria Friedman via The Epoch Times (emphasis ours),

Venezuelan opposition leader and Nobel Peace Prize winner María Corina Machado said on March 1 that she will return to her country in the coming weeks.

Opposition leader María Corina Machado during an interview with AFP in Caracas, Venezuela, on July 25, 2024. Federico Parra/AFP via Getty Images

Machado, 58, did not set a date for her return, but she said in a video posted to X that one of the objectives is to prepare for “a new and resounding electoral victory.”

“I will return to Venezuela in a few weeks. I want to do so, as do hundreds and thousands of Venezuelan exiles around the world,” she said. “We will arrive to embrace one another, to work together to guarantee an orderly and sustainable transition to democracy.”

Then-Venezuelan leader Nicolás Maduro and his wife, Cilia Adela Flores de Maduro, were captured in a U.S. military operation on Jan. 3 and taken to the United States, where the pair face drug trafficking-related charges. Both have denied the charges.

Delcy Rodríguez, who has been the interim leader of Venezuela since, said that Machado, who is under investigation in her home country, should have to “answer to Venezuela” for her support of U.S. military action against Caracas.

Shortly after Maduro’s capture, U.S. Secretary of State Marco Rubio said Venezuela must go through phases of stabilization, economic recovery, and then, finally, a transition of power.

Rubio has not indicated that elections could be held in the short term.

Nobel Prize Winner

In her video, Machado praised U.S. President Donald Trump for his “vision and courage,” having “brought Nicolás Maduro before international justice—international justice that, finally, on Jan. 3, served the people and not the tyrants, serving the sovereignty expressed through the vote.”

“We want to thank the people of the United States, their government, their members of Congress, their judges, and their military men and women who risked their lives for the freedom of Venezuela and for the national security of their country and the security of all the Americas,” she said.

On Oct. 10, 2025, Machado was awarded the Nobel Peace Prize for her work fighting for democracy in Venezuela. She left Venezuela in December 2025 for Oslo, Norway, to receive the award and is currently in the United States.

She later gave her medal to Trump when she met with the U.S. president at the White House on Jan. 15.

U.S. President Donald Trump and Venezuelan opposition leader María Corina Machado in the Oval Office on Jan. 15, 2026. Daniel Torok/The White House/Reuters

Machado was an opposition presidential candidate but was disqualified from running against Maduro in the 2024 election. He was replaced by Edmundo González.

After Maduro claimed victory, protests erupted, which triggered widespread repression by the state. The opposition claimed that it had evidence that González was the rightful winner. González was deemed the victor by the United States.

Maduro and his wife are being held in U.S. custody. In their first court appearance in New York City on Jan. 5, they were charged with narco-terrorism conspiracy, cocaine importation conspiracy, possession of machine guns and destructive devices, and conspiracy to possess those items.

Maduro, 63, and Flores, 69, pleaded not guilty.

The Associated Press and Reuters contributed to this report.

Tyler Durden Mon, 03/02/2026 - 20:05

California Strikes Out: Major League Pitcher Turns Down Padres $40 Million Offer Due To State Taxes

Authored by Jonathan Turley,

This week, “there is no joy in Mudville” – the mighty Padres have struck out.

The California Padres thought that they had secured Arizona Diamondbacks pitcher Merrill Kelly with an offer of $40 million for just two years.

The Diamondbacks were offering that payout over three years, but Kelly took the Diamondbacks.

The reason?

California’s ruinous tax burden is fueling an exodus of wealthy taxpayers and businesses from the state.

It is the latest example of how Democrats have reversed the Gold Rush with a long line of U-Hauls heading to more responsible states.

Explaining his decision, the pitcher told the media that “I don’t think it’s any secret on how much money you get taken out of your pocket when you go to California.”

With the calls for billionaire taxes and attacks on the wealthy as “not paying their fair share,” Democrats and unions have doubled down on their “eat the rich” rhetoric. The problem is that wealth, like the wealthy, is mobile. Both are leaving, and the current estimate stands at a possible $2 trillion fleeing the state over the last year. California continues to lead the nation in the loss of citizens to other states.

In the meantime, Democrats are continuing their high-spending pattern under Gov. Gavin Newsom from boondoggle projects to reparations to bloated union pension agreements.

With California’s 13% tax rate on income above $1 million, players view California as illusory in terms of elite contracts. What the team giveth, the state taketh away. That does not include the higher collateral taxes and costs, including gasoline costs (which are also the highest in the nation).

It appears that the high-spending, high-taxing policies are not just benefiting red states but also their baseball teams. As a Cubs fan, I would be delighted except for the fact that Chicago and Illinois are also in the hands of Democrats pursuing the same disastrous policies.

The irony is that Texas and Florida could end up not only with more jobs but better baseball players.

Tyler Durden Mon, 03/02/2026 - 19:15

Bitcoin: Worthless Speculative Asset Or A True Monetary Alternative?

Authored by Daniel Lacalle,

The recent correction in Bitcoin has created a familiar debate. Is it a worthless speculative asset or a true monetary alternative? At $67,000, the price may be volatile, but it is hardly worthless. 

Bitcoin may be both a warning and an opportunity. It remains a strong hedge against the destruction of fiat money and financial repression for many citizens in the world, but it is also a volatile asset that can damage investors who believe its price can only rise. 

For many investors, the recent correction in bitcoin is a concern. However, this is only if we look at bitcoin in US dollars, euros or world reserve currencies.

For citizens all over the world, from Cuba to Iran, suffering the elevated inflation and currency demolition created by their governments, bitcoin is certainly a haven.

The huge growth in bitcoin’s price over the past few years shows that many investors have lost faith in fiat currencies and the solvency of states that are getting more in debt. 

Bitcoin and gold are showing that purchasing power is going down in a way that official CPI inflation measures aim to hide. Global money supply is rising faster than nominal GDP, and governments are reliant on deficits and financial repression. 

Bitcoin is a teenager that is slowly becoming a digital, decentralised, and nonforfeitable asset for many savers. It makes it harder for governments and central banks to steal wealth through inflation.

Bitcoin adoption outpaces expectations

This doesn’t mean that Bitcoin is going to take over the US dollar as a reserve currency or immediately become an alternative to fiat currencies in the world.

It can’t supply the liquidity, depth, and network effects of the main reserve currency, and it can’t totally replace fiat currency in everyday economic activities.

However, Bitcoin has become, like gold, a limit on predatory fiscal policy and a visible example of the results of monetary disorder since it is outside the control of politics and bureaucracy.

Bitcoin is more like a tech startup than a regular currency when you look at its price. However, many state currencies are more volatile than Bitcoin and have lost all their purchasing power. 

For an asset to be money, it must be a reserve of value, a generalised means of payment and a unit of measure. Dozens of state-issued currencies globally fulfil none of those criteria. Furthermore, money does not need to be issued by a state. That is simply a political construct.

Volatility is typical of what I call a teenager start-up currency. Some people can say that it has gone up a lot more than its current fundamentals or that it is still very inexpensive compared to its prospective market, depending on the assumptions they make of global adoption.

However, it is undeniable that bitcoin adoption today is much larger than what most predicted, both for transactions and as a reserve of value.

Investors need to keep in mind, though, that bitcoin is still very volatile and has significant execution risk. Understanding these challenges and how they work is essential, and the best thing to do is not to “chase the wave” but to look at it with a long-term view.

At the centre of the quest for independent money

The rise of spot Bitcoin ETFs has changed the way the market perceives Bitcoin risk by letting both institutions and individuals buy and sell it through regulated vehicles.

Inflows into ETFs have soared in the past two years, with major funds like BlackRock and Fidelity adding it into portfolios. 

In recent weeks we have seen substantial net withdrawals from many US spot Bitcoin ETFs, driven by overleveraged bets. Investors should not confuse the positive factors of an ETF with a promise of stability or guaranteed price increases.

Cleaning leveraged ETF bets is a positive in the long run but may create short-term volatility. For short-term investors, adding excessive volatility with leverage is a recipe for disaster.

A 10% drop in a day can wipe away 30% of capital, and a significant price drop added to substantial margin calls can kill a position even if the long-term trend is good.

Margin calls, forced liquidations, and automated risk systems are symptoms of an excess of leveraged bets but also an opportunity to clean up the buyer base.

If you use Bitcoin as a hedge against the destruction of money instead of a speculative asset, you would be staying away from leveraged products.

Bitcoin is not yet a total substitute for equities, productive assets, or gold within a cohesive wealth preservation plan; rather, it is a complementary asset. 

In a world where central bank balance sheets are getting bigger, government debt rises and the threat of digital currencies that may be used for monitoring and control is growing, keeping a small amount of decentralised, nonforfeitable assets makes sense, not as a fashion.

The most important thing is to think of Bitcoin as just another way to protect yourself, along with stocks in real businesses, real assets, and precious metals. 

The main recommendations for investors are to never use leverage on an asset that is so volatile, size positions based on extreme drawdowns and know that price corrections caused by ETF flows or liquidations do not change the long-term adoption pattern. 

If governments keep eroding the value of fiat money and making it harder for people to be financially independent, investors will look for ways to protect their wealth. Bitcoin may be young, but it remains at the centre of the quest for independent money, with all its risks and possibilities.

Tyler Durden Mon, 03/02/2026 - 17:40

Court Rules For WaPo Reporter In Major Win For Press In National Security Case

Authored by Jonathan Turley,

There was an important ruling last week by Magistrate Judge William B. Porter of the Eastern District of Virginia in favor of the press regarding the handling of files and materials taken in a search of the home of a Washington Post reporter.

Judge Porter ruled against the Trump Administration in what he called an “unsupervised, wholesale” search of the files of Hannah Natanson, who covers the federal government for The Post.

Instead, the court itself will conduct the review in camera.

In his opinion, Judge Porter chastized the Trump Administration for searching Natanson’s home without additional protections for the journalist’s interests in privileged sources. This has been a long-standing objection of the press to the Justice Department, which maintains that its own “filter teams” can review the files and materials relevant to their investigation and then hand them over to prosecution teams.

The Justice Department was investigating a Maryland government contractor, Aurelio Perez-Lugones, who has been indicted on charges of transmitting and retaining classified national defense information.

Judge Porter chastized the government for failing to mention a 1980 law, the Privacy Protection Act, in seeking a search warrant of Ms. Natanson’s home. The PPA mandates that a search for reporting materials “shall be unlawful” unless there is probable cause that the reporter committed certain crimes to which the materials relate. In a prior hearing, Judge Porter asked pointedly, “How could you miss it? How could you think it doesn’t apply?”

Judge Porter ruled that “[a]llowing the government’s filter team to search a reporter’s work product — most of which consists of unrelated information from confidential sources — is the equivalent of leaving the government’s fox in charge of The Washington Post’s henhouse.”

The court indicated that the search was too broad and was insufficiently protective of the journalistic interests in the case, noting that the government has a “legitimate interest in only an infinitesimal fraction of the data it has seized.”

The court said it would issue new guidelines for reviewing the material. It is a significant victory for the press.

Here is the opinion: IN THE MATTER OF THE SEARCH OF THE REAL PROPERTY AND PREMISES OF HANNAH NATANSON

Tyler Durden Mon, 03/02/2026 - 17:00