Individual Economists

MiB: Ed Perks, Chief Investment Officer, Franklin Income Investors / President, Franklin Advisers

The Big Picture -

 

 

This week, I speak with Ed Perks, president of Franklin Advisers, Inc. and chief investment officer of Franklin Income Investors. We discuss income based investment compared to equities, along with overall portfolio strategy. We also discuss the evolving pitch for private credit.

Ed explains how he became interested in finance when he took his first investment class with the legendary David Swensen of Yale’s endowment.

A list of his current reading is here; A transcript of our conversation is available here Monday.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube (video), YouTube (audio), and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

 

 

 

Current Reading/Favorite Books

 

 

Books Barry Mentioned

 

 

 

The post MiB: Ed Perks, Chief Investment Officer, Franklin Income Investors / President, Franklin Advisers appeared first on The Big Picture.

U.S. Military-Industrial Complex Agrees To Quadruple Bomb Production As Operation Epic Fury Rages On

Zero Hedge -

U.S. Military-Industrial Complex Agrees To Quadruple Bomb Production As Operation Epic Fury Rages On

U.S. Central Command said late Friday on X that U.S. forces struck 3,000 IRGC targets with air-delivered munitions during the first week of Operation Epic Fury, signaling that the campaign is only intensifying as it moves into next week.

President Trump wrote on Truth Social Friday that he would not accept a negotiated end to the war with Iran, suggesting the conflict could drag on for some time. "There will be no deal with Iran except UNCONDITIONAL SURRENDER!" he said.

We have reported that U.S. inventories of some critical munitions are running low, with U.S. forces scrambling for supplies of key air-defense interceptors as IRGC missiles and drones continue to target American and allied bases across Gulf states.

Dwindling supplies of critical munitions are being amplified by Ukraine's continued need for interceptors amid relentless Russian missile and drone barrages, a major problem that likely prompted President Trump to host top U.S. defense manufacturers to discuss accelerating missile and bomb production.

"We just concluded a very good meeting with the largest U.S. Defense Manufacturing Companies where we discussed Production and Production Schedules," Trump said on Truth Social late Friday afternoon.

Trump said the CEOs of BAE Systems, Boeing, Honeywell Aerospace, L3Harris Missile Solutions, Lockheed Martin, Northrop Grumman, and Raytheon were all in attendance and "agreed to quadruple" weapons production.

"They have agreed to quadruple Production of the 'Exquisite Class' Weaponry in that we want to reach, as rapidly as possible, the highest levels of quantity. Expansion began three months prior to the meeting, and the plants and Production of many of these Weapons are already underway," the President said.

"We have agreed to quadruple critical munitions production," LMT wrote on X shortly after the meeting.

As the conflict is set to drag on for weeks and weapons production ramps up, the Goldman Sachs index for U.S. defense firms is primed for a breakout. One reason the breakout could occur is USCENTCOM's X post, which reads "We Are Not Slowing Down."

Our defense pick since May 24, 2025, has been L3Harris, another defense firm that attended the meeting. Nearly a year ago, we outlined that L3Harris was a play on the "U.S. Hemispheric Defense Theme." Since then, the stock is up more than 50%.

What is clear to traders is that the moment Trump signals Iran is prepared to surrender, defense stocks and crude are likely to plunge as war risk premiums implode.

Tyler Durden Sat, 03/07/2026 - 11:05

British Lawmaker's Husband Arrested On Suspicion Of Spying For China

Zero Hedge -

British Lawmaker's Husband Arrested On Suspicion Of Spying For China

Weeks after China's mega-embassy opened in London (the one that's right next to all of their tappable communications cables), the husband of Labour Party whip Joani Reid was arrested over Chinese espionage concerns, prompting the lawmaker to step aside amid ongoing probes.

A member of the Metropolitan Police patrols the Oxford Street retail district in London on Oct. 2, 2025. Leon Neal/Getty Images

Reid's membership in the party is now under suspension while she remains an elected lawmaker, as her husband, 39-year-old David Taylor, was one of three men arrested on Wednesday under the National Security Act. The men allegedly assisted a Chinese intelligence agency. 

In addition to Taylor, former Labour Party press officer Matthew Aplin and former Welsh government special advisor Steve Jones were identified as the other two who were arrested.  

As the Epoch Times notes further, Reid stressed that she’s not under investigation and that neither she nor her children are involved in her husband’s business activities.

“I have done nothing wrong. I ⁠love ​my country,” she said in a statement, noting she has not seen anything to make her suspect her husband has “broken any law.”

She described the suspension as voluntary.

This week ​has been ​the worst ⁠of my life,” she said.

Chinese espionage concerns have grown in the country recently, with domestic intelligence agency MI5 warning the country’s politicians that they are targets of Chinese agents. On the same day of the trio’s arrests, two other men—a Hong Kong police superintendent and a UK border official—went on trial on charges of spying on the Hong Kong diaspora in the country.

The constituency offices of Joani Reid, the Scottish Labor MP for East Kilbride and Strathaven, in East Kilbride, Scotland, on March 4, 2026. Jeff J Mitchell/Getty Images

Authorities on March 4 also raided the house of a veteran British journalist over the latest spying case.

The journalist, Martin Shipton, described loud banging that woke him up early in the morning.

In a piece for Nation.Cymru, a Welsh news service, Shipton recalled going on an all-expense-paid trip with Taylor to Hong Kong at Taylor’s invitation. The trip happened about three years ago and lasted around a week, funded by a Chinese think tank that advised the top Chinese leader on international relations, he said. He emphasized that he was not under arrest and that he voluntarily gave a statement to the police about the trip.

At the House of Commons chamber, UK Minister of State for Security Dan Jarvis expressed alarm over “an increasing pattern of covert activity from Chinese state-linked actors targeting UK democracy,” whether it be gathering intelligence on policymaking or active interference in governance.

British officials have raised strong concerns with their Chinese counterparts in both London and Beijing, he said.

Multiple local lawmakers took the occasion to highlight security risks they saw with plans of a new, expanded Chinese embassy that their government greenlit in January.

“The Chinese only represent strength, and for them everything is transactional,” Conservative lawmaker Edward Leigh said.

He called on the UK authorities to summon the Chinese ambassador over the “intolerable” actions.

You cannot build this mega-embassy in just about the most sensitive site in London while you behave like this,” he said.

In the United States, Chairman of the House Select Committee on the CCP Rep. John Moolenaar (R-Mich.) echoed the view.

He noted another Chinese spy trial in London last fall, which collapsed before it began because the government failed to provide evidence that China represents a national security threat.

“The British government’s failure to properly prosecute alleged spies last fall, coupled with its approval of China’s mega embassy, only emboldens the CCP’s espionage activities in the UK,” Moolenaar said.

He urged the UK to rescind the Chinese mega embassy approval and prosecute the cases thoroughly.

As one of our closest security partners with access to American intelligence on China, the UK’s commitment to protecting sensitive information must be beyond doubt,” he said.

Reid’s office didn’t respond to a query from The Epoch Times by publication time.

Tyler Durden Sat, 03/07/2026 - 10:30

Russia Warns 'Vulnerable' Finland As It Moves To Lift Ban On Hosting NATO Nukes

Zero Hedge -

Russia Warns 'Vulnerable' Finland As It Moves To Lift Ban On Hosting NATO Nukes

The last thing the world needs at this moment of raging war in Iran and the Persian Gulf region is another round of nuclear saber-rattling related to that other raging hotspot - the Ukraine conflict, but that's precisely what is happening again this week.

The Kremlin is warning that Russia could respond if Finland moves forward with plans to scrap its longstanding ban on the transit and storage of nuclear weapons, framing the proposal as a direct security threat on its border.

The alleged nuclear discussions come after reports that NATO could look for alternatives to Washington providing Europe with NATO's 'nuclear shield' - as has always been the case since the Cold War. Finland is a new NATO member, having only just formally joined the alliance, abandoning historic neutrality, in April of 2023.

On Thursday, the Finnish government confirmed it will seek amendments to the country's Nuclear Energy Act and Criminal Code, removing legal barriers that currently prevent the import or hosting of nuclear weapons for defense purposes.

Source: Yle

Officials suggest the legislative changes could be implemented as soon as the summer, effectively clearing the legal path for deeper integration with NATO's nuclear posture.

Moscow has predictably reacted swiftly, with Kremlin spokesman Dmitry Peskov telling reporters Friday that such steps risk escalating tensions across Europe.

"Such decisions lead to an escalation of tensions on the European continent," he said, before issuing a blunt warning: "By deploying nuclear weapons on its territory, Finland is beginning to threaten us. And if Finland threatens us, we take appropriate measures." Peskov noted further that Helsinki's rhetoric only increases Finland's own vulnerability.

And of course, Russia and Finland share an over 800-mile border which has been increasingly militarized in the wake of the start of the Ukraine war over four years ago.

Finnish officials, however, are attempting to manage the fallout and reassure their nuclear-armed super power neighbor, with President Alexander Stubb insisting the legislative move does not signal plans to host nuclear arms, saying, “Finland does not want to have nuclear weapons on its territory, and there are no such plans in NATO.”

The Defense Ministry echoed that position, arguing the amendments are meant to remove legal obstacles rather than pave the way for direct deployment, allowing Finland to fully participate in NATO's defense framework. Moscow is unlikely to buy any of these arguments, seeing in the change a clear precedent for further escalation.

Tyler Durden Sat, 03/07/2026 - 08:45

Britain Is Trying To Censor Americans... But Washington Is Fighting Back

Zero Hedge -

Britain Is Trying To Censor Americans... But Washington Is Fighting Back

Authored by Daniel Lü via The Daily Sceptic,

Ofcom has confirmed it is referring 4chan to a final enforcement decision under the Online Safety Act. The target is a Delaware company that runs an entirely anonymous imageboard from the United States, with no offices, staff, servers or assets in Britain.

The demand: install age-verification systems and content filters so that British children cannot access the site or face daily fines levied from London on an American platform.

This case is not an outlier.

It is the clearest real-world demonstration of what the new generation of “online safety” laws requires: private companies must build automated filters that decide, in advance, which legal speech is too harmful for minors to see. The question the regulators never quite answer is simple: what exactly does the filter catch?

In the early 2020s, a political consensus formed on both sides of the Atlantic: social media is harming children and something must be done. The result in Washington was the Kids’ Online Safety Act (KOSA); in Westminster, the Online Safety Act (OSA), which received Royal Assent in October 2023 and began enforcement in 2025. The political appeal of both measures is genuine. Adolescent mental health deteriorated in the 2010s, parents are alarmed and platforms have appeared indifferent. But good intentions do not make good law, and the form these interventions took is constitutionally and morally indefensible. Both KOSA and the OSA rest on a duty-of-care model: platforms must take “reasonable measures” or implement “proportionate systems” to prevent minors from encountering content associated with depression, anxiety, eating disorders, self-harm and suicide. This is not a regulation of conduct. It is a mandate to suppress speech based on its topic and its predicted emotional effect on a reader: the very definition of content-based regulation.

The American Civil Liberties Union (ACLU) stated the constitutional problem plainly in its July 2023 letter opposing KOSA: the bill “is a content-based regulation of constitutionally protected speech” that “will silence important conversations, limit minors’ access to potentially vital resources and violate the First Amendment”.  Under Reed v. Town of Gilbert, a law is content-based if it “applies to particular speech because of the topic discussed or the idea or message expressed”. Content-based regulations are “presumptively unconstitutional”.

The ACLU identified three specific constitutional failures.

First, the speech targeted is protected. The Supreme Court has never permitted government to suppress legal speech simply because a legislature finds it unsuitable for children. In Brown v. Entertainment Merchants Association, the Court was unambiguous: “Speech that is neither obscene as to youths nor subject to some other legitimate proscription cannot be suppressed solely to protect the young from ideas or images that a legislative body thinks unsuitable for them.” Creating a “wholly new category of content-based regulation” permissible only for speech directed at children would be “unprecedented and mistaken”.

Second, these regimes fail strict scrutiny because they are not premised on demonstrated causation. As the ACLU wrote, KOSA “is not premised on a direct causal link, but instead is based on correlation, not evidence of causation”. This is a decisive legal and moral point. In Brown, the Court struck down California’s video game restriction on exactly the same grounds: the state had produced only correlative data. A law that restricts the speech of millions of people must show that the restriction will actually prevent the harm it identifies. Neither KOSA nor the OSA can clear that bar.

Third, these regimes are both under- and over-inclusive. They leave news media, books, music and magazines entirely unregulated while targeting social media platforms. And they will, inevitably, sweep up beneficial speech alongside harmful speech: 92% of parental control apps have been found to incorrectly block LGBTQ+ content and suicide-prevention resources alongside material that is genuinely harmful. Congress, the ACLU concluded, may not rely on unproven future technology to save the statute.

The empirical premise of both regimes is that social media causes mental illness in adolescents. This claim is contested by a substantial body of peer-reviewed research. In a widely noted book review in Nature, Candice L. Odgers, a psychologist specialising in adolescent mental health at UC Irvine, wrote that the graphs produced by Jonathan Haidt in his work The Anxious Generation, which align the rise in teen mental illness with smartphone adoption, “will be useful in teaching my students the fundamentals of causal inference, and how to avoid making up stories by simply looking at trend lines”. Hundreds of researchers, Odgers wrote, “have searched for the kind of large effects suggested by Haidt. Our efforts have produced a mix of no, small and mixed associations. Most data are correlative.” The direction of causality may run the other way: distressed and isolated adolescents gravitate toward online community; social media does not necessarily create the distress.

The practical implication is stark. Existing criminal law already covers the most serious harms comprehensively: child sexual abuse material (CSAM), terrorist content, incitement to violence and harassment are all criminal in both jurisdictions and all designated “priority illegal content” under the OSA’s Schedules 5-7. The genuinely novel element of both regimes is the duty to suppress legal speech about mental health, gender identity and emotional distress. That element is what fails both the First Amendment and basic proportionality analysis.

The most immediate and documented casualty of the OSA’s implementation has been LGBTQ+ communities. This is not an implementation error. It is structural: the content filters platforms deploy to comply with age-assurance obligations cannot distinguish between content that causes harm to LGBTQ+ youth and content that protects them. Following the July 2025 enforcement rollout, Reddit moved significant LGBTQ+ community content behind age-verification barriers on the logic that queer content is “adult content” and therefore, under the Act, presumptively harmful to children. As OpenDemocracy documented, content creators who are “queer, trans or racialised”, or whose content focuses on these communities, have been “disproportionately targeted, with anything ‘queer’ indiscriminately labelled as ‘adult’”. For trans people, the harm is compounded by the identity documentation problem. Age verification requires users to produce government-issued identity matching their legal name and sex. In 2018, fewer than 5,000 trans people in the UK held a Gender Recognition Certificate, out of an estimated 200,000-500,000. For those without legal gender recognition, age verification is not a minor inconvenience, it forces them to out themselves to a commercial third party as a condition of internet access, creating a permanent record linking their legal identity to spaces they may be using precisely to explore their identity in safety. The moral stakes here are not abstract. For LGBTQ+ young people who cannot be open at home or school, online community is not a convenience but a lifeline. Stonewall has warned that anonymity-reduction measures create a “chilling effect” that puts LGBTQ+ people in genuine danger, particularly in the 12 countries where being LGBTQ+ carries the death penalty. As Stonewall’s Director of External Affairs wrote: “The UK’s Online Safety Bill could become the playbook for countries looking to use digital surveillance to identify and persecute their LGBTQ+ citizens.” The US State Department’s 2024 Human Rights Practices Report criticised the OSA for pressuring US social media platforms to “censor speech deemed misinformation or hate speech”.

The regulatory pressure on US platforms is not confined to Ofcom. On February 24th 2026, the Information Commissioner’s Office (ICO), the UK’s independent data protection regulator, issued Reddit, Inc. a £14.47 million fine for unlawfully processing children’s personal information: the largest penalty the ICO has ever imposed for breaches of children’s privacy. The ICO found that Reddit, despite prohibiting users under 13 by its terms of service, applied no robust age assurance mechanism from May 2018 until July 2025, and therefore had no lawful basis for processing the personal data of under-13s under the UK General Data Protection Regulation. Reddit’s omission to carry out a data protection impact assessment (DPIA) focused on the risks to children before January 2025 separately breached Articles 5, 6, 8 and 35 of the UK GDPR. Reddit has announced its intention to appeal, calling the ICO’s requirement to collect identity information from users “counterintuitive and at odds with our strong belief in our users’ online privacy and safety”. The ICO acted under its Age Appropriate Design Code (the ‘Children’s Code’) rather than the OSA, but the two regimes are coordinated: the ICO has openly admitted that it works in partnership with Ofcom, as the ICO stated in its December 2025 children’s privacy progress update, “to ensure efforts are coordinated”. The fine is legally distinct from OSA enforcement but functionally complementary to it: where Ofcom targets platforms’ content-governance duties, the ICO targets their data-governance failures, and the same underlying conduct of allowing age-unverified users to access content triggers liability under both regimes simultaneously. The ICO is now conducting a broader review of at least 17 platforms popular with children in the UK, including Discord, Pinterest and X. Reddit’s objection also surfaces another contradiction the ICO has not resolved: the age verification it effectively mandates creates a permanent record linking users’ legal identities to their platform activity, held by third-party age verification processors entirely outside the platforms’ own systems, and the data practices of those processors are, as the ICO’s own enforcement demonstrates, largely beyond the regulator’s concern.

The contrast between the ICO’s vigour against American social media platforms and its passivity toward British police forces is, on its face, a study in selective enforcement.

The same week that John Edwards announced the £14.47 million Reddit fine and spoke at the IAPP UK Intensive, the story of Alvi Choudhury was making national television. Choudhury, a 26 year-old British Bangladeshi software engineer, had been arrested at his home in Southampton in January 2026 by Thames Valley Police, who suspected him of committing a £3,000 burglary in Milton Keynes: a city he has never visited, 100 miles away. The arrest was triggered by a retrospective facial recognition match against Cognitec software that runs 25,000 searches per month against approximately 19 million custody photographs held on the Police National Database. Choudhury was held in custody for nearly 10 hours before officers examined the alibi evidence he had been offering since his arrest. When he eventually saw the CCTV footage that had identified him, he told the Guardian the suspect looked approximately 10 years younger, with lighter skin, a bigger nose, no facial hair and different eyes and lips. His own mugshot had been on the police system in the first place only because he was wrongly arrested in 2021 after being the victim of an assault; his DNA was subsequently deleted, but his custody photograph was not. Thames Valley Police’s response was, on its own account, revealing. The force acknowledged the arrest “may have been the result of bias within facial recognition technology”, but an officer told Choudhury that “as the use of facial recognition is already subject to review at a strategic level”, he did not feel the need to raise the matter for wider organisational learning. The force’s public statement went further, reframing the failure entirely: the arrest, it said, was based on the investigating officer’s own visual assessment after the algorithmic match, and therefore “was not influenced by racial profiling”. The position that a human officer confirming a racially biased algorithmic result absolves the institution of responsibility for racial bias merits no extended comment. This is not an isolated incident. In January 2026, another force paid damages to a black man wrongly arrested using the same technology. Home Office research, suppressed until December 2025 when it was published deep within a consultation document by Liberty Investigates, found that the algorithm generates false positive matches at a rate of 5.5% for Black faces and 4.0% for Asian faces, compared with 0.04% for white faces: a disparity of more than 100 to one.

When Edwards took the stage, he explained the ICO’s enforcement philosophy: the regulator must “very deliberately choose our focus”, concentrating on “AI and biometrics, children’s privacy and online tracking”. Police facial recognition involves all three. But the ICO has conducted audits, expressed concern through its Deputy Commissioner, and asked the Home Office for “urgent clarity” and stopped there. The Equality and Human Rights Commission has been more forthright: it was granted permission in August 2025 to intervene in a judicial review of the Metropolitan Police’s live facial recognition programme, arguing the deployments are unlawful for want of a clear legal basis. A comment made at the time about the ICO’s posture proved apt: the regulator had “stressed the need for FRT deployment with appropriate safeguards” while sitting “on the fence” as others sought judicial determination of whether current use is “strictly necessary”. The juxtaposition is instructive. The regulator charged with protecting personal data finds £14 million worth of urgency in Reddit’s failure to age-verify its users, and no comparable urgency in a biometric surveillance system that its own deputy has called “disappointing”, that the government’s own research shows discriminates against minorities by a factor exceeding 100, and that has produced wrongful arrests of racial minorities on the basis of a technology the operating force itself concedes may be racially biased. The filter, as always, catches what the filter is not intentionally designed to catch.

All of this would be a domestic British problem if the OSA’s reach were confined to British soil. It is not. Section 3 of the OSA applies to any service with “links with the United Kingdom”, which Ofcom has interpreted to include any platform with a significant UK user base regardless of where it is domiciled, incorporated or operated. In March 2025, Ofcom wrote to 4chan Community Support LLC, a Delaware LLC with no offices, staff or assets outside the United States, to inform it that it was a regulated service because approximately 7% of its traffic came from UK IP addresses and must therefore provide information regarding its illegal content risk assessment and its qualifying worldwide revenue. 4chan refused to respond to either request. In October, Ofcom issued escalating demands, investigations and a £20,000 fine plus a penalty of £100 per day for up to 60 days for non-compliance with information requests, all served by email to US addresses. 4chan again refused to pay. In August 2025, 4chan and Kiwi Farms (Lolcow LLC) filed a federal lawsuit against Ofcom in the District of Columbia, alleging violations of the First, Fourth and Fifth Amendments, pre-emption by Section 230 of the Communications Decency Act and conflict with the SPEECH Act. Ofcom responded by asserting sovereign immunity under the Foreign Sovereign Immunities Act, claiming both the right to issue binding censorship orders to Americans on American soil and immunity from any American legal response.

Ofcom’s enforcement action against 4chan did not end with the October 2025 information-gathering fine. On February 12th 2026, Ofcom issued a second Provisional Decision against 4chan, proposing both a single penalty and a daily rate penalty for contraventions of sections 9, 10, and 12 of the OSA: its substantive duties to conduct a suitable illegal content risk assessment, to set out adequate user protections in its terms of service, and to implement age verification to prevent children from encountering explicit content. Counsel for 4chan, Preston Byrne, replied the same day: “Increasing the size of a censorship fine does not cure its legal invalidity in the United States.” The deadline for representations having passed without compliance, Ofcom confirmed on February 27th that it was referring the matter to a final decision maker under its Online Safety Enforcement Guidelines. The progression is systematic: from information requests under section 100, to a confirmation decision imposing penalties, to a second provisional decision targeting the Act’s substantive content-safety and age-verification duties. Each escalatory step expands the scope of demanded compliance and raises the potential penalty exposure. For an anonymous platform operating exclusively in the United States, age verification for an anonymous imageboard is not a technical requirement: it is an existential one.

The domestic British appeals framework for these decisions is itself still being constructed. On February 26th 2026, the Tribunal Procedure Committee (TPC) opened a consultation on amending the Upper Tribunal Procedure Rules to accommodate the new rights of appeal created by the OSA. Under section 168 of the Act, any person with a sufficient interest may challenge Ofcom’s confirmation decisions, penalty notices and technology notices before the Upper Tribunal. The TPC provisionally proposes a three-month window for permission-to-appeal applications by interested persons who are not the direct recipients of an Ofcom notice, departing from Ofcom’s own preference for one month. On costs, the TPC agrees with Ofcom’s proposal to displace the usual no-costs rule, recognising that the tribunal should have broader discretion to award costs in OSA cases given the likely complexity and evidence-heavy nature of such appeals, and that the existing rule would leave Ofcom unable to recover costs even where it successfully defends a decision. Ofcom is a regulator with the power to fine companies hundreds of millions of pounds, funded by fees levied on the very industry it regulates, and it is now asking for the right to make anyone who challenges it in court pay Ofcom’s legal bills if they lose. The consultation closes May 21st 2026.

This structural asymmetry is what the GRANITE Act directly addresses. Conceptualised by Byrne and introduced in the Wyoming Legislature as HB 70, the ‘Guaranteeing Rights Against Novel International Tyranny and Extortion Act’ passed the Wyoming House of Representatives 46-12 on February 23rd 2026. It strips foreign sovereigns of immunity in US state courts when they attempt to enforce censorship orders against US persons and creates a private right of action with minimum statutory damages of $1 million per violation, or 10% of the defendant’s annual US-related revenue, whichever is greater. It also prevents Wyoming courts from recognising any foreign judgment that infringes constitutionally protected speech, extending the model of the SPEECH Act (28 U.S.C. §§ 4101-4105) from defamation to the full range of First Amendment-protected expression. If censoring an American exposes a foreign regulator to a sufficiently significant civil judgment, the cost-benefit calculation changes dramatically.

A separate American legal theory operates through the Sherman Act and does not depend on overcoming FSIA immunity at all. Ofcom’s sovereign immunity defence may insulate the regulator itself from direct suit, but it extends no protection to the private actors who shaped the OSA’s regulatory design. The OSA imposes identical nominal obligations on all regulated services, but its fixed compliance costs fall proportionally far harder on smaller platforms than on large incumbents with existing legal, technical and compliance teams that can simply be redirected to satisfy new requirements: a pattern antitrust economists describe as raising rivals’ costs. For example, where well-resourced incumbents privately coordinated with regulators to embed compliance standards they could more easily satisfy than their rivals, the resulting framework may reflect competitive preferences rather than independent regulatory judgement. Under Continental Ore Co. v. Union Carbide & Carbon Corp., routing an anticompetitive scheme through a foreign governmental apparatus does not immunise the private actors who designed it. The Noerr-Pennington doctrine, which ordinarily protects petitioning activity, rests on First Amendment foundations that protect the right to petition American government; the stronger legal argument is that it does not extend to petitioning of foreign regulators. Where the factual record supports coordination beyond ordinary advocacy, Sections 1 and 2 of the Sherman Act remain available tools even where the regulatory mechanism is British.

If you care about children’s mental health and safety online, there are three new bills in Congress that are worth knowing about: the SAFE Act, the ECCHO Act and the Stop Sextortion Act (collectively known as the James T. Woods Act). Together they address real, documented harm in ways that KOSA and the UK’s Online Safety Act, simply do not.

The package addresses three documented gaps in federal law.

  • The SAFE Act repeals outdated CSAM sentencing provisions and directs the US Sentencing Commission to develop updated guidelines reflecting modern patterns of dangerous conduct. Right now, federal sentencing rules are outdated and largely ignored: fewer than one in three cases are sentenced within the existing guidelines. This bill would clear the way for the US Sentencing Commission to write new, updated rules that reflect how online abuse works today.

  • The ECCHO Act creates a new federal crime targeting networks, most notoriously Network 764, that use online group chats to coerce emotionally vulnerable children into self-harm, suicide and violence, with penalties up to life imprisonment where a victim dies or attempts suicide.

  • The Stop Sextortion Act explicitly criminalises sextortion for the first time under federal law, responding to a 33% rise in financially motivated cases in 2024 and more than 40 child deaths linked to these schemes. Unlike KOSA or OSA, the James T. Woods Act does not try to police what people say online. They target what predators do: coercion, blackmail and the deliberate manipulation of children into harm. That is a meaningful distinction, and it is why this package has earned support from more than two dozen organizations across the political spectrum, including the FBI Agents Association, RAINN, the National District Attorneys Association, the National Centre for Missing and Exploited Children and Thorn.

The moral case against both the OSA and KOSA is not that children’s wellbeing is unimportant. It is that suppressing protected speech is both the wrong instrument and a dangerous one. The wrong instrument because the science does not establish that social media causes the harms these laws address, and because the content filters that implement these regimes cannot distinguish beneficial from harmful speech. A dangerous one because the same mechanism that blocks, for example, pro-anorexia posts will also block access to eating disorder recovery communities; the same filter that catches self-harm instructions will catch trans youth support forums; and the same regulator empowered to define ‘harmful’ content today may be led by someone with very different ideas about what speech is harmful tomorrow. Above all, it is dangerous because the machinery of protection, once built, does not confine itself to its original target: Japanese Americans were interned after Pearl Harbour; Muslims were surveilled, infiltrated and placed on no-fly lists after September 11th, some rendered to CIA black sites abroad and others tortured at Guantanamo Bay without charge or trial; McCarthyite loyalty boards destroyed careers on the basis that association predicted subversion; and the FBI’s COINTELPRO program turned the apparatus of domestic security against the civil rights movement, monitoring Martin Luther King Jr. as a threat to national security on the pretext of alleged communist infiltration. In each case, the instrument was constructed in good faith to address a genuine fear; in each case the stated rationale was correlation dressed as causation; and in each case the same institutional machinery, once normalised, was available for use against the next group a future administration found threatening.

Ofcom’s attempt to extend this regime to American soil raises the stakes further. It asserts, in effect, that British regulators may determine what Americans are permitted to say on the American internet and that American law has no recourse. That is not a tenable position under the First Amendment, under any established principles of international jurisdiction or under any defensible conception of democratic self-governance. The GRANITE Act is the beginning of the American legal system’s answer.

A brief postscript. I recently sent a prior version of this article to a member of the House of Lords who had asked to read it. Parliament’s email filter blocked it. Repeatedly. The peer could not open the attachment because the system flagged it as suspicious. The article, with working title ‘What the Filter Catches’, was itself caught by a filter. I could not have asked for a better illustration of the argument. Sometimes the world just does the work for you.

Note: The author has submitted Freedom of Information requests to the US Department of State, the Department of Justice, the National Security Council, the Federal Bureau of Investigation, the Federal Trade Commission, the UK ICO as well as Ofcom itself seeking documents relating to Ofcom’s extraterritorial enforcement strategy. Those requests remain pending.

Tyler Durden Sat, 03/07/2026 - 08:10

Mind-Numbing Irony: US Asks Ukraine's Help To Shoot Down Iran's Shahed Drones In Gulf

Zero Hedge -

Mind-Numbing Irony: US Asks Ukraine's Help To Shoot Down Iran's Shahed Drones In Gulf

In the ultimate irony of ironies, Financial Times is reporting US officials are discussing the purchase of Ukrainian-made drone interceptors to counter Iranian drones, which some analysts say have proven harder to stop than expected.

Patriot missile interceptors used by US allies cost more than $4 million each, while the Ukrainian systems are significantly cheaper and designed to defeat the same Shahed-type drones used by Russia.

Image source: Come Back Alive Foundation

Supplies are dwindling and costs are soaring, after approaching a full week in to Iran's retaliation on Gulf nations hosting American bases, given that Patriots have remained the interceptor of choice to defend Gulf cities as well as foreign bases, with a single Patriot interceptor possibly running over $13.5 million.

So Ukraine's experience in facing down Russia's significant aerial war over four years of conflict could provide for a cheaper alternative.

The Financial Times describes, citing sources familiar with the discussions, that "Ukrainian drone interceptors are proving they can take down Shaheds at a fraction of the cost."

However, officials have also stated that any export of Ukrainian systems would need Ukrainian government approval, even if assembled abroad.

This might prove a tall order given that Ukraine is already desperate to get more defense weaponry from the West, and in reality is the last country that can just spare some major weapons systems, or even parts and ammo.

But President Zelensky, who has clearly expressed concern that the globe's attention is fixed squarely on the Iran war, has affirmed he's in talks with Qatar and the United Arab Emirates.

"Ukraine’s expertise in intercepting Shahed drones is among the world’s most advanced," Zelensky has said. "Any cooperation must not compromise our own defenses."

Across the Gulf, there has remained a situation of steady Iranian missile and drone attacks on US Gulf allies. Below is a breakdown of overnight and Friday morning attacks, via Newsquawk:

Saudi Arabia

• Intercepted ballistic missiles, cruise missiles, and drones, including strikes targeting the Prince Sultan Air Base and areas near Riyadh and Al-Kharj.

Qatar

• Intercepted a drone targeting Al-Udeid Air Base, the largest US military base in the region.
• Residents received emergency alerts instructing them to avoid open areas.

UAE

• Intercepted 9 ballistic missiles and 109 drones in a single day.
• Three drones fell inside the country.
• Since the war began: 3 killed and 112 injured in UAE attacks.

Bahrain

• Iranian drones were intercepted over Manama, with debris reportedly damaging buildings, including a hotel.

Meanwhile, this sarcastic observation sums up the awkward situation perfectly: 

Broke: We need to arm Ukraine; Woke: We don’t need to arm Ukraine; Bespoke: We need Ukraine to arm us.

Tyler Durden Sat, 03/07/2026 - 07:35

Germany Is Now Officially A Planned Economy

Zero Hedge -

Germany Is Now Officially A Planned Economy

Authored by Eduard Braun via Mises Institute,

Germany’s push for a social-ecological market economy rests on far-reaching state interventions in energy and industry, including a government-driven hydrogen strategy. In a recent report Germany’s Federal Audit Office explicitly describes the policy as a planned economy and highlights fundamental problems. At the same time, it doubts that the government will reach its own targets, indicating that these climate-policy experiments are likely to fail even on their own terms.

Germany’s “social-ecological transformation” is the political program of turning the existing social market economy into what the government calls a “social-ecological market economy.” In practice, this means that climate and environmental targets are placed above the spontaneous outcomes of markets, and the state increasingly directs investment, production, and consumption through detailed regulation, bans, subsidies, and new bureaucratic structures.

The federal government has committed itself—through the Paris Agreement, the EU Green Deal, the EU Climate Law, and Germany’s own Climate Change Act—to achieving greenhouse-gas neutrality by 2045. On this basis, it is pushing a comprehensive restructuring of the entire energy and industrial base. Fossil fuels are to be phased out and replaced by renewable energy sources and new technologies. To enforce this, Berlin is tightening emissions limits, introducing sector-specific reduction paths, and expanding carbon pricing. At the same time, it is rolling out large-scale subsidy programs and support schemes aimed at “climate-friendly” investments, ranging from energy-intensive industries to housing, transport, and agriculture. According to the Scientific Service of the German Bundestag, the transformation will cost about 13 trillion euros (roughly 15.3 trillion dollars).

Central to this transformation is not merely setting general framework conditions, but steering concrete technological choices: the government explicitly promotes certain technologies (such as hydrogen, battery-electric mobility, and “green” industrial processes) and discourages or prohibits others. It also relies on binding planning instruments and long-term “transformation roadmaps” for entire sectors of the economy. Officially, this is presented as a modernization strategy that will preserve prosperity while making Germany climate-neutral. In reality, it increasingly replaces decentralized entrepreneurial decisions and price signals with political targets and administrative plans.

Germany’s Federal Audit Office (“Bundesrechnungshof”) is an official state institution, not a libertarian think tank. It reports to parliament and examines whether the federal government uses public funds lawfully and efficiently. Precisely this body, in its October 28, 2025 report on Germany’s national hydrogen strategy, delivers an unusually clear verdict on the economic character of current climate policy.

The report states that hydrogen is supposed to play a “key role in the energy transition,” yet “there is a lack of supply, demand, and infrastructure” (p. 2). In other words, the government is trying to build an entire market around a product that is scarcely available, scarcely needed under current conditions, and cannot be traded at scale because the necessary pipelines and facilities are missing. The Audit Office further emphasizes that “hydrogen is significantly more expensive than energy sources used to date. The Federal Government is supporting the ramp-up of the hydrogen economy with several billion euros annually, following a planned economy approach” (p. 2, emphasis added). Here, the central term—“planned economy approach”—comes directly from an official oversight body describing government policy, not from its critics.

Despite this massive use of subsidies and dirigiste steering, the Audit Office concludes that the government remains “far from reaching its goal of establishing a hydrogen economy by 2030” (p. 2). In short, the watchdog authority finds that Berlin is using a planned economy method, paying far higher costs for hydrogen than for existing energy sources, and still failing to come close to its own targets.

From the perspective of Austrian economics, none of this should be surprising. Ludwig von Mises argued that once governments move from a market order to a system of political planning, they inevitably undermine the very mechanisms—prices, profits, and losses—that coordinate economic activity. Central planners cannot know the relative scarcities, preferences, and technological possibilities that millions of entrepreneurs discover only through free exchange. The result is misallocation of capital, persistent shortages and surpluses, and a gradual erosion of prosperity.

Germany’s “social-ecological market economy” is a textbook illustration of this dynamic. The state declares hydrogen and other favored technologies to be the “future,” pours billions into subsidies, and attempts to construct markets by decree. Yet even an official body like the Federal Audit Office now describes this as a “planned economy approach” and doubts that the government will reach its own goals. In all likelihood, Germany is about to confirm once again what Mises showed in theory a century ago: planned economies do not deliver their promised outcomes. Instead, they generate rising costs, failing projects, and increasing chaos—while making society poorer in the process.

Tyler Durden Sat, 03/07/2026 - 07:00

10 Weekend Reads

The Big Picture -

The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat outside, and get ready for our longer-form weekend reads:

• The Iran War’s Most Precious Commodity Isn’t Oil: Forget crude—the real strategic resource at stake in the Middle East is water, and nobody’s talking about it. (Bloomberg free)

Capital Group’s Weird Passive Bravado: The giant active manager is trash-talking index funds while quietly borrowing from their playbook. (Financial Times) see also The attention economy is coming for investment research: FT Alphaville on how the same forces that destroyed journalism and music are now eating Wall Street research — virality over rigor, engagement over accuracy. (FT Alphaville / Substack)

How Do We Deal with the Catastrophe of Uninsurability?: Whole regions of the world are becoming uninsurable, bringing radical uncertainty to the economy. As climate risk makes more and more properties uninsurable, the financial system faces a reckoning it hasn’t priced in. (Aeon)

The US Had a Big Battery Boom Last Year: Despite Donald Trump’s unrelenting attacks on renewable energy, there’s a quiet revolution happening on US grids. (Wired)

• GLP-1 Drugs May Fight Addiction Across Every Major Substance: A massive study of 600,000 people suggests Ozempic and its cousins might be the most important addiction treatment breakthrough in decades. (The Conversation)

The New Miami Gold Rush: The ultrawealthy are vying for a limited number of exclusive properties on the islands and shorelines of South Florida. (New York Times) see also What Is a City When Its Wealthiest Leave? The stickiness that once anchored people and capital to great cities is gone. It is not coming back. (Wall Street Journal)

• 6 Takeaways From Citrini’s Viral AI Doomer Article (and a Bunch of Rebuttals): The Citrini AI doomsday report went mega-viral. Read Trung breaks down the key claims, the strongest counterarguments, and what investors should actually take away from the noise. (Read Trung)

Apocalypse No: How Almost Everything We Thought We Knew About the Maya Is Wrong: The collapse narrative is a myth, and the real story is far more interesting than the doomsday version. (The Guardian)

• Pentagon Eyes Ukrainian Interceptor Drones to Counter Iran: Kyiv pioneered cheap, mass-produced machines to battle Russian Shaheds—now the U.S. military wants in on the action. (Financial Times) see also Iran’s Underground ‘Missile Cities’ Have Become One of Its Biggest Vulnerabilities: U.S. and Israeli aircraft are circling over the subterranean bases, destroying missile launchers as they emerge to fire (Wall Street Journal)

• Scrubbing Back In: The Scrubs reboot is happening. The Ringer goes inside what Zach Braff, Bill Lawrence, and the original cast are planning — and whether lightning can strike twice. (The Ringer)

Be sure to check out our Masters in Business this weekend with Ed Perks, president of Franklin Advisers and chief investment officer of Franklin Income Investors. He serves as lead portfolio manager of Franklin Income Fund, as well as Franklin Managed Income Fund. He is a member of the Franklin Templeton executive committee, a small group of the company’s top leaders responsible for shaping the firm’s overall strategy.

 

Korea’s Kospi: From cheap to world beating to expensive…

Source: Jim Reid, Deutsche Bank

 

Sign up for our reads-only mailing list here.

~~~

To learn how these reads are assembled each day, please see this.

~~~~

 

The post 10 Weekend Reads appeared first on The Big Picture.

Cement, Drugs, And Oil - How The Iran Conflict Could Disrupt Global Supply Chains

Zero Hedge -

Cement, Drugs, And Oil - How The Iran Conflict Could Disrupt Global Supply Chains

Authored by Andrew Moran via The Epoch Times (emphasis ours),

The conflict in Iran could have consequences for international trade that extend beyond oil and gas.

It has been less than a week since the start of the U.S.–Israeli operations in Iran, and oil tanker traffic in the Strait of Hormuz—a key global chokepoint for energy shipments—has come to a screeching halt. Approximately 200 oil tankers have been stranded in the Gulf, according to data from Lloyd’s List Intelligence.

The strait handles an estimated 20 million barrels of crude oil and petroleum products per day, with a majority being directed to Asia.

While Tehran has not officially shuttered the narrow waterway, it has been effectively closed by Western insurers, which have canceled coverage or raised risk premiums.

It is not only maritime commerce and energy that are being adversely affected by the conflict.

Planes carrying air cargo out of the Middle East have been grounded. Other vessels have started detouring around Africa’s Cape of Good Hope, a move that adds days and raises fuel costs to a trip.

The longer the war drags on, the greater the odds that it could bleed into the broader global supply chain, whether for consumer goods or construction equipment.

Key construction and manufacturing materials such as cement, concrete, and sand are produced across the Middle East. Seven percent of the global aluminum supply flows through the strait. Pharmaceuticals manufactured in India or natural-gas-based products produced in Saudi Arabia traverse the region.

A prolonged conflict in Iran would cause delays and potentially product shortages, leading to higher production and transportation costs.

The Containerized Freight Index has already climbed by more than 5 percent in the past month. In the liquefied natural gas market, shipping rates have increased by 650 percent to $300,000 per day, according to shipbroker Fearnleys.

These developments could revive broad-based price pressures at a time when aggregate inflation levels have been slowing despite the United States’ global tariffs.

The annual inflation rate in the United States is running at 2.4 percent.

Mitigating High Energy Prices

The administration has sought to thaw frozen trade and stabilize global energy markets by offering naval escorts and political risk insurance guarantees—coverage that protects companies against financial losses caused by conflict and hostile geopolitical environments.

It is a welcomed step, but industry players are still cautious, according to Stamatis Tsantanis, CEO and chairman of Seanergy Maritime.

“Shipowners and operators will need to see a clear, secure corridor established before confidence fully returns,” Tsantanis said in a note emailed to The Epoch Times.

“The priority for the industry is not just moving cargo, but protecting the lives of seafarers, the value of vessels, and avoiding what could become a major environmental disaster if a tanker were seriously hit in such a narrow and sensitive waterway.”

(L–R) Speaker of the House Mike Johnson, Energy Secretary Chris Wright, and President Donald Trump in the Eisenhower Executive Office Building on the White House campus on March 4, 2026. Andrew Caballero-Reynolds/AFP via Getty Images

Uncertainty about the vital artery has contributed to this week’s spike in energy prices.

Crude oil prices are still surging, with a barrel of West Texas Intermediate approaching $80 on the New York Mercantile Exchange. Brent, an international benchmark for oil prices, is inching closer to $85 per barrel.

Natural gas has edged up to about $3 per million British thermal units. Gasoline prices and heating oil futures have risen by 9 percent and 37 percent, respectively, over the past week.

Even with security guarantees or an end to the conflict, restoring trade flows would still take time.

“Shipping has always adapted to geopolitical tensions, but restoring normal flows through Hormuz will depend on credible security arrangements that give crews, owners, and insurers the confidence that transit through the strait is genuinely safe,” Tsantanis said.

‘Magnitude of the Drag’

For now, market watchers are mainly concerned about the effects of rising energy costs on near-term inflation and growth prospects—and the Federal Reserve’s policy strategies.

“A brief spike in oil prices would have little lasting effect on inflation. Energy prices would need to be sustained higher over weeks or months before we see it push CPI meaningfully higher,” David Rees, global head of economics at Schroders, said in a March 3 note.

“However, higher sustained energy inflation would squeeze real incomes, weigh on growth, and raise doubts about whether central banks, such as the U.S. Federal Reserve, can continue easing monetary policy.”

The rule of thumb is that every $10 jump in oil prices shaves off 0.1 percentage point from gross domestic product growth and increases inflation by 0.2 percentage points.

Additionally, rising oil prices tend to have a lag effect in the broader economy, according to Sarah Wolfe, a strategist at Morgan Stanley Wealth Management. Consumption generally begins to slow two to three months after a price shock and remains tepid for five to six months.

The magnitude of the drag depends on the duration and persistence of higher energy prices,” she said in a March 4 note.

The situation, meanwhile, could force the Federal Reserve and other central banks to reconsider easing efforts.

The Fed, facing an energy supply shock, is likely to keep interest rates on hold as officials assess the situation and watch the incoming data.

At a March 3 Bloomberg event, Minneapolis Fed President Neel Kashkari said the conflict has ignited uncertainty surrounding the outlook for policy and the economy.

The question I think that we are wrestling with, and markets are wrestling with, is, how long is this going to ​last? How bad is it going to get? Is it going to look more like Russia–Ukraine, or is it going to look more like Hamas attacking Israel, ​and that’s going to have effects on monetary policy,” Kashkari said.

These conflicts can make the inflationary trajectory harder to predict, he said.

Futures market data indicate that traders have started pushing out the first quarter-point rate cut of 2026 to September, even as Fed Chair Jerome Powell’s term expires in May and the president’s new pick takes over the job.

But the brief Iran–Israel war in June 2025 underscored how resilient the global economy has become to Middle East shocks. Oil spiked above $82 a barrel after the United States and Israel struck Iranian nuclear sites, but prices slid back below $70 within months. Growth and inflation in the United States and other major economies were hardly impacted.

Tyler Durden Fri, 03/06/2026 - 23:25

How To AI-Proof Your Resumé

Zero Hedge -

How To AI-Proof Your Resumé

Authored by Autumn Spredemann via The Epoch Times (emphasis ours),

Artificial intelligence (AI) has become a critical threshold that online job seekers must cross, but the technology has presented a unique challenge.

Illustration by The Epoch Times, Shutterstock

As employers increasingly lean on AI systems to screen, schedule, and evaluate candidates, applicants must learn how to get past the algorithm before reaching human consideration.

More hiring and recruiting professionals are using applicant tracking systems, many of which involve generative AI, according to a report from the International Research Journal on Advanced Engineering Hub. At a glance, these systems help overwhelmed employers sort and prioritize resumes, schedule interviews, and more.

Last year, nearly 98 percent of Fortune 500 companies used some type of applicant tracking systems, according to a Jobscan analysis. Research from Select Software Reviews found that 70 percent of large companies are using an applicant tracking systems, as well as 20 percent of small- to mid-sized businesses.

This has given rise to fears that resumes are being filtered out without any human judgment. Critics have brushed aside these concerns as myth or a misunderstanding of how an applicant tracking systems works, according to findings from Enhancv.

However, an EDLIGO analysis of 1,000 resumes from qualified candidates across multiple industries showed 43 percent of applicants were rejected for reasons that had nothing to do with their skills. The independent study ran selected, verified resumes through the top three applicant tracking systems platforms: Workday, Taleo, and Greenhouse. The 43 percent rejection rate was due to “formatting, parsing, or arbitrary filter failures.”

People who work in hiring say job seekers’ fears of an applicant tracking systems rejecting their resume aren’t unfounded.

“This isn’t just a claim; it is the fundamental reality of modern hiring,” Gloria Espina, founder of Recruitment Gal, told The Epoch Times.

Espina said job hunting has become a type of “algorithmic audition” that was born out of necessity.

“The ‘easy apply’ button has effectively broken the top of the hiring funnel. It turned applying for a job into a mindless, low-friction swipe,” she said. “As a result, recruiters are flooded with thousands of applications that aren’t even remotely suitable, which completely buries the highly qualified candidates under a mountain of digital noise.”

An employee sets up a laptop for a job application page during a hiring fair for postal workers and mail carrier assistants at a U.S. Postal Service facility in Inglewood, Calif., on July 18, 2022. Patrick T. Fallon/AFP via Getty Images

Espina acknowledged that an applicant tracking system is an essential gatekeeper to manage applicant chaos, but it’s also a rigid one.

“Most legacy systems are painfully literal. They scan for keywords but completely fail to identify entities or context. An algorithm might check the box for the word ‘leadership,’ but it misses the contextual power of ‘scaled a remote team across three time zones during a merger,’” she said. “Context is where the actual value of a candidate lives, but our systems are still grading them on a basic vocabulary test.”

Digital Tripwire

The problem of software rejecting a job applicant without human consideration isn’t a new one.

A 2021 Harvard Business School study found that 88 percent of job candidates were rejected by an applicant tracking system because their resumes didn’t match the posted criteria closely enough. However, the study authors stated the same applicants were capable of performing the necessary tasks at a “high level” with proper training.

And therein lies the nuance. The sheer volume of job applicants for most posted openings has created the algorithmic audition.

“Many candidates likely don’t realize how many applications the average job posting receives. We often receive 300 [to] 500 applications within a week of posting a mid-level professional role, and using an ATS [applicant tracking system] helps us sort them by relevance and prioritize the queue,” Matt Erhard, managing partner at Summit Search Group, told The Epoch Times.

Erhard said the issue isn’t software. He said the real problem is that many resumes are “unclear, generic, or misaligned with the role,” which makes it challenging for a reviewer to identify candidates who are a good fit.

Alex Chepovoi, CEO of the job search platform Global Work AI, said the first thing to read your resume “is an algorithm.”

A hiring ad is displayed at a store in Columbia, Md., on Sept. 18, 2025. Experts say job seekers must optimize their resumes for relevant skills to pass automated screening systems and reach employers. Madalina Kilroy/The Epoch Times

“Applicant tracking systems scan, filter, and reject resumes in seconds based on keywords, education, and experience specifics, and sometimes even demographic indicators,” Chepovoi told The Epoch Times.

He said to pass the “AI gate” and catch the attention of an employer, a savvy job hunter must first optimize their resume for skills.

“Make sure your experience section clearly reflects the keywords used in the job description. If the vacancy says ‘project management,’ don’t just say ‘led initiatives,’ say project management,” he said.

Another recommendation Chepovoi offered was minimizing personal data on the resume.

“Age, exact address, even gender indicators can unintentionally trigger filters. Focus on professional value.”

Gregg Podalsky, president of American Recruiting & Consulting Group, said candidates should focus on creating tailored resumes that match the job description.

“The real issue is alignment. If a resume does not clearly reflect the skills and requirements outlined in the job description, it may rank lower and never get serious consideration. That is not a flaw in the technology; it is a mismatch in presentation,” Podalsky told The Epoch Times.

He noted it’s critical to mirror the language of the job description where appropriate, clearly list measurable accomplishments, and make skills easy to identify.

“Avoid overly creative formats that [applicant tracking] systems cannot parse properly. Clarity, structure, and relevance matter more than design,” Podalsky said.

Getting past the initial AI gatekeeper and not ending up at the bottom of a list is a challenge that’s recognized across the board. In January, the job search engine Indeed published a list of best practices for “beating” an applicant tracking systems, which includes things like avoiding acronyms, adding a skills section, using relevant keywords, and submitting the correct file type.

In the EDLIGO study, 23 percent of resumes were rejected due to the inability to read the file, and another 12 percent were declined due to formatting issues.

Microsoft Bing is displayed on a monitor during an event introducing AI-powered Bing and Edge at Microsoft in Redmond, Wash., on Feb. 7, 2023. As generative AI becomes more common in hiring, specificity has grown more important for job applicants. Jason Redmond/AFP via Getty Images The Details

Sleek, clever formatting can actually do more harm than good when it comes to getting your resume in front of an actual person.

“To survive the filter but stand out to the human on the other side, you must anchor those keywords to measurable outcomes,” Espina said.

“Eliminate the fluff, the generic soft skills, and the complex formatting. Nobody cares that you are a ‘highly motivated team player.’ Take out the objective statements, the heavy graphics, and the columns. Those break in the [applicant tracking system].”

Podalsky said, “In 2026, strong resumes will focus on impact. Quantifiable results, specific tools used, and clear examples of problem-solving stand out.”

He agreed job seekers should eliminate vague phrases like “team player” or “results-driven” and replace them with evidence.

“Authenticity, relevance, and measurable contribution will always outperform keyword stuffing or AI-polished fluff,” he said.

Erhard concurred, saying, “Hiring managers today want evidence of impact. Candidates should add quantified achievement, including the scope, metrics, and outcomes.”

As an example, Erhard said, “led a team of eight and reduced project delivery times by 20 percent,” was better than just listing responsibilities on a resume.

Read the rest here...

Tyler Durden Fri, 03/06/2026 - 23:00

Minnesota State Employee Who Vandalized Teslas Last Year 'Punished' With 1-Day Suspension

Zero Hedge -

Minnesota State Employee Who Vandalized Teslas Last Year 'Punished' With 1-Day Suspension

Authored by Debra Heine via American Greatness,

A Minnesota state employee who vandalized six Tesla vehicles last year, causing up to $21,000 in damage, received no jailtime and just a single-day suspension from his job, state records show.

Dylan Adams, an employee with the Minnesota Department of Human Services (DHS), was caught on Tesla security cameras keying the vehicles in March and early April 2025, amid a rash of anti-Tesla vandalism and firebomb attacks throughout the nation.

The anti-Tesla attacks coincided with nationwide “Tesla Takedown” demonstrations organized by ActBlue-funded groups to agitate against Tesla CEO Elon Musk’s role in the Trump administration as the head of the Department of Government Efficiency (DOGE).

As the Fiscal Policy Analyst and Compliance Lead on DHS’s Program Integrity Team, Adams is reportedly responsible for preventing  waste, fraud and abuse in public benefit programs in a state that has recently seen an estimated $300 million in child nutrition funds and $9 billion in Medicaid funds lost to waste, fraud, and abuse.

According to a report on the Minnesota DHS investigation, Adams indicated that he was “concerned” about Musk making a “Nazi salute” during a 2024 campaign eventa malicious smear propagated by Democrats and their allies in the media.

He also admitted that he vandalized the Teslas “in hopes the owners would disassociate themselves from Elon Musk and Tesla.”

Adams told investigators he was “on a break” or “out sick” during the times he was out keying Tesla vehicles, however Adams’ state time card, obtained by Alpha News, shows he logged a full eight-hour workday during the time period he was committing some of the crimes.

Regardless, he was “punished” with just an unpaid, one-day suspension on Thursday, Jan. 22, 2026.

“You are reminded that you are expected to comply with all Enterprise and Agency policies and fulfill your responsibility of maintaining public trust; failure to do so could result in further disciplinary action up to and including termination of your employment,” a letter sent to Adams on Jan. 20 reads.

Adams was informed that he had the right to appeal the day off, but there is no indication that he objected to the minor slap on the wrist.

Minnesota House Republican Leader Harry Niska said:

“the message is clear: if you belong to a certain class of state employees, Gov. Walz and Minnesota Democrats will protect you.”

Soros-backed Hennepin County Attorney Mary Moriarty (D.) announced last year that the vandal would not be charged with a crime and would instead opt for a “diversion program” for him.

“We offered diversion as we often do with property damage cases when the person has no record,” Moriarty’s spokesman said.

“Mr. Adams will have to complete the requirements of the program. He will also have to pay every penny in restitution to the victims. If he does not meet those requirements, we will proceed through the criminal legal system process.”

Minneapolis Police Chief Brian O’Hara expressed frustration with the decision not to pursue felony charges, noting the significant damage and impact on multiple victims.

“The Minneapolis Police Department did its job. It identified and investigated a crime trend, identified, and arrested a suspect, and presented a case file to the Hennepin County Attorney Office for consideration of charges,” O’Hara said in a statement to media outlets last April.

“This case impacted at least six different victims and totaled over $20,000 in damages. Any frustration related to the charging decision of the Hennepin County Attorney should be directed solely at her office. Our investigators are always frustrated when the cases they poured their hearts into are declined. In my experience, the victims in these cases often feel the same.”

Tyler Durden Fri, 03/06/2026 - 22:35

California May Flip 50-Year Nuclear Moratorium

Zero Hedge -

California May Flip 50-Year Nuclear Moratorium

California, long a leader in aggressive renewable energy mandates, is showing early signs of softening its decades-old ban on new nuclear power. Bloomberg reported cracks are appearing in the state’s 1976 moratorium, driven by surging electricity demand from AI data centers and the challenge of hitting absurd climate targets like 90% clean electricity by 2035 and 100% by 2045.

At the center of the development is Assembly Bill 2647, introduced last month by Democratic Assembly Member Lisa Calderon with Republican co-sponsors. The legislation would exempt “advanced nuclear reactors”, defined as systems licensed by the Nuclear Regulatory Commission since 2005, from the state’s long-standing prohibition. Calderon stated the bill keeps nuclear “on the table” as an essential tool for reliable, low-carbon power.

The move aligns with a broader U.S. resurgence in nuclear interest, but in California it comes against a backdrop of chronic grid strain.

The state has already leaned on its sole remaining nuclear facility, Diablo Canyon, to avoid worse outcomes. In 2022/23, Governor Gavin Newsom pushed through lawsuits for an extension of the plant’s operations past its original 2025 closure date after warnings of rolling blackouts. It was a glaring admission that electric grids are far from being sustainable with just wind and sunlight

Just last week, Diablo Canyon cleared its final state permitting hurdles, paving the way for continued operation through at least 2030 and potentially longer pending federal relicensing.

We’ve chronicled these pressures for years. As far back as 2023 we detailed the legal battles surrounding Diablo Canyon’s then-planned shutdown. Last year, we also noted Newsom’s clean-energy claims and how extensions of both Diablo Canyon and natural-gas plants were critical to preventing blackouts during peak summer demand.

Even with massive investments in solar, wind, and batteries, California’s grid has repeatedly flirted with instability, especially when intermittent renewables fall short during heat waves or evening ramps. The AI boom has only accelerated the problem; data centers are projected to drive unprecedented load growth nationwide, and California utilities are scrambling to keep pace.

The bill does not mandate new reactors or repeal the moratorium outright. It simply removes a regulatory barrier rooted in 1950s-era technology concerns and unresolved federal waste-storage issues. Whether it passes and whether utilities or tech firms actually pursue advanced nuclear projects remains to be seen. 

Tyler Durden Fri, 03/06/2026 - 22:10

Why'd The US Temporarily Waive Sanctions On India's Purchase Of Russian Oil?

Zero Hedge -

Why'd The US Temporarily Waive Sanctions On India's Purchase Of Russian Oil?

Authored by Andrew Korybko,

The “politically inconvenient” truth is that the US is unilaterally reshaping the world order in a bid to restore unipolarity, and regardless of one’s opinion about this, it’s objectively achieved some tangible progress as of late.

Treasury Secretary Scott Bennett announced that Indian refiners had just been provided with a 30-day waiver to purchase Russian oil, but only if it’s that which is already stranded at sea, thus ensuring “no significant financial benefit to the Russian government”. The stated purpose is “To enable oil to keep flowing into the global market” due to disruptions around the Strait of Hormuz caused by the Third Gulf War, which the US initiated as part of its grand strategy against China as explained here.

Depriving China of the 13.4% of its oil imports that it received from Iran last year is designed to give the US enormous leverage ahead of Trump’s upcoming trip at month’s end with the hope of then coercing the People’s Republic into agreeing to a lopsided trade deal for derailing its superpower rise. It’s beyond the scope of this analysis to critique that strategy, but the point in referencing it is to draw attention to how India could have suffered collateral damage had the US not temporarily waived its sanctions.

After all, Trump threatened last month to reimpose his punitive 25% tariffs on India for these purchases if they’re resumed after claiming that Modi agreed to zero them out as part of the Indo-US trade deal, which India denied. Nevertheless, India did indeed reduce its imports under what top Russian expert Fyodor Lukyanov described as “US pressure”, though he also clarified that this doesn’t mean that India isn’t a sovereign state despite the US unofficially exerting influence over its energy security.

In his words, “India’s understanding (of sovereignty), like that of many other states, is different (than Russia’s). Sovereignty does not necessarily mean refusing to bend under pressure; it means finding ways to realize one’s interests under less-than-ideal conditions…This is the practical reality of what is often called a multipolar world…look after your own first.”

This insight frames the rest of Bennett’s announcement about how “we fully anticipate that New Delhi will ramp up purchases of U.S. oil”.

Trump 2.0 weaponized tariffs to re-engineer India’s energy ties in order to place more long-term financial pressure on Russia while reaping more profits for US companies. Even though the Supreme Court ruled that some of its tariffs were unconstitutional, it was explained here how that only slightly complicates Trump 2.0’s foreign policy, while this analysis here argued that India is unlikely to defy Trump on Russian oil. Simply put, it doesn’t want to face Trump’s wrath no matter what form it takes, which is reasonable.

Be that as it may, it would be inaccurate to describe India as a US vassal in spite of the newfound influence that the US now wields over its energy security since “India’s New Multi-Alignment Trend Prioritizes Middle Powers For Tri-Multipolarity Purposes”. In simple English, India’s partnerships with similarly positioned countries in the emerging world order are aimed at collectively balancing the influence of the American and Chinese superpowers therein, thus preserving some of their sovereignty.

The “politically inconvenient” truth is that the US is unilaterally reshaping the world order in a bid to restore unipolarity, and regardless of one’s opinion about this, it’s objectively achieved some tangible progress as of late. The new world order that it envisages has India playing a prominent geo-economic and geopolitical role, especially vis-à-vis China, ergo why it temporarily waived the sanctions on Russian oil purchases in order to avoid India sliding into turmoil and possibly offsetting this scenario if it didn’t.

Tyler Durden Fri, 03/06/2026 - 21:45

These Are The Retailers That Change Prices Most Often...And When They Offer The Largest Discounts

Zero Hedge -

These Are The Retailers That Change Prices Most Often...And When They Offer The Largest Discounts

Dynamic pricing is becoming a defining feature of modern retail, with more of America’s best-known brands adjusting prices in real time based on demand, timing, and market conditions, according to Decodo

A new report from Decodo, which analyzed more than 1.5 million data points across 120 global eCommerce retailers, reveals which companies are changing prices most often — and when shoppers are most likely to find a deal.

At the top of the list is Amazon, which recorded 116,509 price changes over the past year — far more than any other retailer analyzed. The online marketplace also offered the deepest average discounts, with prices dropping by 35.3% on average. According to the data, Wednesday is the best day for shoppers to find bargains on Amazon. Walmart ranked second with 68,926 price adjustments and an average discount of 10.6%, while Kroger came third, making 55,601 changes with an average 9.1% reduction. For both Walmart and Kroger, Monday emerged as the most favorable day for deals.

Other major retailers also showed significant pricing activity. Target recorded 39,386 changes, with Saturday offering the best savings. In electronics, Best Buy posted over 30,000 price shifts, with Friday standing out for discounts. Fashion brands were particularly active, with companies such as H&M, Uniqlo, and ASOS frequently adjusting prices to keep pace with trends and demand.

The United States leads the world in dynamic pricing activity, accounting for 542,946 price changes — far ahead of Germany, India, the United Kingdom, and Korea. Notably, U.S. price shifts were almost evenly split between increases and decreases, reflecting a highly competitive retail environment. This challenges the perception that dynamic pricing primarily pushes costs upward, as roughly half of all recorded adjustments were price reductions.

Decodo found that that by sector, fashion experienced the greatest volatility, with 427,340 pricing changes over the past year. Electronics followed with more than 351,000 adjustments, and groceries saw nearly 319,000 changes. Health and beauty, DIY and home, and online marketplaces also recorded substantial fluctuations, underscoring how widespread automated pricing strategies have become across industries.

The report comes amid growing political scrutiny of dynamic pricing practices in several U.S. states, where lawmakers are questioning whether constantly shifting prices disadvantage consumers. Decodo’s leadership argues that the approach allows businesses to respond quickly to demand, manage inventory more efficiently, and remain competitive in fast-moving markets. Company representatives also note that about half of all price changes tracked in the study resulted in lower prices, meaning shoppers regularly benefit from real-time discounts.

The findings are based on a year-long analysis conducted between January and December 2026, during which researchers monitored 12 products on each of more than 120 eCommerce websites across 40 countries. Prices were recorded every four hours, generating more than 1.5 million data points. As dynamic pricing becomes increasingly common, the data suggests that shoppers who pay attention to timing — particularly specific days of the week — may improve their chances of securing better deals.

Tyler Durden Fri, 03/06/2026 - 21:20

'Victory' In Iran Will Look Nothing Like 1945

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'Victory' In Iran Will Look Nothing Like 1945

Authored by James Howard Kunstler,

You probably wonder what the end of this war will look like. It won’t look like V-J Day in Times Square, 1945, with sailors kissing girls they met five seconds ago. Our country is way too divided and disturbed with politically-inflected mental illness for love to bloom in the streets like it did then. If you happen to catch the glum crew on CNN you will detect that they really want this operation to fail because, you know, Trump.

Terminally Depressed on CNN

The war will be over when Iran loses the ability to spray missiles and drones all over the place — and notice how they are pouring it on the Emirate states, Saudi Arabia, Kuwait, Iraq, and even Azerbaijan, for Gawdsake, turning would-be bystanders into pissed-off additional enemies they need like a hole in the head.

At some point they will run out of ordnance, or the will to roll them out of the supposed 10,000 bat caves their weapons are stashed in. Our side apparently has an uncanny knack for seeing the launchers creep into daylight and efficiently blowing them up. Creates a disincentive to even think about launching. Of course, Iran might have some spectacular last-ditch thingie they can unleash to horrify the world — perhaps a “dirty” bomb that uses the 460 kilos of 60-percent enriched uranium they bragged about at one of the last negotiation sessions before the war with Witkoff and Kushner. Standing by on that.

But, at some point a week or so hence, a stillness will fall upon the earth and sky above Iran, and that will be all she wrote for sheer havoc. Victory will not look much like anything. Just that stillness. The body politic in Iran is another matter. Expect awful turmoil. Iran’s command structure is shattered. Officials don’t dare pick a room in some building to meet in. The Internet is down and most communication with it. Nobody knows who is really in charge, and nobody may be in charge, not for quite a long time to come.

Let’s hope we have the patience to let the Iranians sort out their own governing structure, and that it will be made up of people who are not insane, not fanatics of the martyrdom cult that has ruled the place for fifty years. It’s probably not part of the US plan to slaughter the Revolutionary Guard, or Sepah, the chief apparatus of despotic control in the country. Or the Basij, (Sâzmân-e Basij-e Mostaz’afin, which means “Organization for the Mobilization of the Oppressed”), an auxiliary volunteer paramilitary militia that acts as the “morality police” and cracks down on dissent. Hundreds of thousands are employed by these groups.

You might imagine circumstances in which the members of those dastardly outfits decide to peel away from them, sensing a loss of legitimacy and danger in remaining on-board. Surely, a lot of Iranians will have blood in their eyes, looking for scores to settle, just as the people took revenge on members of the Shah’s secret police, the Savak, after the 1979 Islamic Revolution. Even now with the bombs still falling in Tehran (perhaps even because of them), many ordinary Iranians are dancing in the streets. You must suppose there is massive opposition to the regime. But first, chaos.

Why would we feel any necessity to put “boots on the ground” in there? Why expose American troops to the factional fighting that is apt to break out, as it did in Iraq? Did we not learn the lessons of Fallujah? Wouldn’t it be enough that Iran just loses its ability to fire weapons at anyone? Loses its ability to mess with shipping in the Persian Gulf? And loses its ability to foment mischief in other countries, including any ideological influence it might still have, or any financial mojo for sponsoring terrorism? Can we not just stand by and let the Iranians figure out their own future?

Try imagining a peaceful Iran not bent on exporting Jihad (just like you might imagine a peaceful Ukraine, not making itself a problem for the rest of the world). Forgive the cliché, but Iran (a.k.a. Persia), is an old and durable culture, with a highly educated population, one of the world’s largest oil-and-gas reserves, and plenty of other resources. Iran could be somebody. It doesn’t have to be a bum with a one-way ticket to Palookaville.

As for our own country, too many people here are busy wolfing down the black pills with their Adderall and their Starbucks iced lavender cream chai. It’s actually possible that there is a satisfactory outcome to this Iran operation. Would that disappoint you — as it apparently disappoints the glum crew at CNN? As with Iran, it doesn’t pay to be insane, and something close to half of America is insane. That perturbation is mostly lodged in the American Left these days, the Democratic Party, devoted to a long list of ideas and propositions at odds with reality and locked into a strange willful hysteria that regards any kind of good faith as poison. That is exactly why we can’t have clean elections. How about fixing that?

Tyler Durden Fri, 03/06/2026 - 20:55

Bessent Says US May "Unsanction" More Russian Oil Amid Energy Crisis

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Bessent Says US May "Unsanction" More Russian Oil Amid Energy Crisis

Yesterday, when discussing the stunning development that Russia would be granted a one-month license to sell (formerly) sanctioned oil to india while the Straits of Hormuz are blocked, we said that this step is just the start, and precited "unlimited extensions" in the future. We had to wait less than 24 hours for this to come true.

Speaking to Fox Business, Treasury Secretary Scott Bessent said the US may lift sanctions on further Russian oil supply after a move Thursday to give Indian refiners the green light to purchase crude from the nation.

“Treasury agreed to let our allies in India start buying Russian oil that was already on the water,” Bessent said, explaining that "to ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil. We may unsanction other Russian oil.”

Bessent said there’s “hundreds of millions of sanctioned barrels of crude on the water now and in essence, by unsanctioning them, Treasury can create supply,” he said, quoting verbatim what we said on February 19.

He was referring to this chart:

Crude prices surged past $90 a barrel on Friday, rising to the highest level since 2023, as fighting in the region kept tankers away from the Strait of Hormuz, with some traders and energy executives warning that prices could climb to more than $100 per barrel if the conflict continues and local producers are forced to shut in production.

Bessent echoed other officials in anticipating the US efforts to defeat Iran will prove victorious. “Our campaign has been overwhelming,” he said. “They’re trying to create economic chaos, and I don’t think they’re going to be able to do it.” Meanwhile, NBC reported citing anonymous officials, that "Trump has privately shown serious interest in U.S. ground troops in Iran."

“We’ve considered all this,” Bessent said. “This is in the president’s calculus, and things are proceeding as planned.”

It's unclear if the president's calculus also accounts for $3.80 gas at the pump which is what the surge in oil prices will translate to unless there is a quick resolution to the Iran crisis.

Tyler Durden Fri, 03/06/2026 - 20:30

3 Reasons Why Obamacare Is So Hard To Fix

Zero Hedge -

3 Reasons Why Obamacare Is So Hard To Fix

Authored by Lawrence Wilson via The Epoch Times,

Obamacare had problems even before it launched in 2014. Marketplace websites were glitchy during the open enrollment period, frustrating many would-be customers.

Sweeping changes ushered in by the Affordable Care Act, the law creating Obamacare, all but guaranteed that premiums would increase—which they did by 23 percent in the program’s first year.

Even so, public opinion swung in favor of Obamacare starting in 2017 and remains positive, according to KFF Health Tracking polls.

More than 24 million people were insured through the program by 2025.

And insurers learned to thrive under the new rules, more than doubling annual revenue to $1.1 trillion and consistently generating a profit between 2014 and 2024.

Problems do persist, however.

Premiums have more than doubled over 12 years. Some consumers have only a few plans to choose from. And flaws in the program’s design continue to waste taxpayer dollars.

Lawmakers on both sides of the aisle have proposed solutions, many with bipartisan support. Yet permanent reform remains elusive.

The reason may have less to do with the ideas themselves and more to do with the most persistent disagreement between Republicans and Democrats: the role of the federal government.

Here are three commonly proposed remedies for problems within Obamacare, and why those problems remain.

1. Increase Plan Options

Of the more than 1,100 health insurers doing business in the United States, about 10, on average, offer plans through Obamacare in each state.

About 5 percent of Obamacare users have only one or two insurers to choose from.

“Obamacare created a system that left American families with fewer choices,” said Sen. Rick Scott (R-Fla.), who proposed legislation to improve Obamacare in 2025.

Scott’s proposal would have allowed consumers to buy health insurance across state lines, which is now prohibited by most states with limited exceptions.

Five years ago, Sens. Tim Kaine (D-Va.) and Michael Bennet (D-Colo.) proposed allowing more choice by allowing consumers to opt into Medicare in counties where fewer than three insurers offered Obamacare plans. That plan, called Medicare X, later expanded to other counties with high-cost plans and few options.

Bennet and Kaine said the plan would both reduce costs and offer health coverage to people with few options. The plan was introduced in 2021 and again last year.

Others have suggested broadening the availability of catastrophic plans, which have low premiums but high deductibles.

That proposal and Scott’s proposal had been suggested by Democrats in 2017.

Still others have proposed allowing insurers to offer short-term health insurance plans through Obamacare. These three-month to six-month plans are popular with people between jobs or in a waiting period for employer-sponsored insurance.

“Short-term plans typically offer far lower premiums, substantially broader provider networks, and greater overall value for many middle-class families,” Brian Blase, president of Paragon Health Institute, said.

None of these ideas received a vote in Congress.

Conservatives were skeptical of the Medicare X proposal, seeing it as a step toward socialized medicine.

“​​Democrats claim that they just want to offer another health insurance choice. But Medicare X would simply nudge us along toward the Democrats’ endgame: a complete government takeover of the health insurance system,” Sally C. Pipes, president and CEO of Pacific Research Institute, wrote on the think tank’s website in 2024.

Left-leaning politicians and analysts have been skeptical of any plan that would offer what they see as inferior health coverage through Obamacare, including short-term insurance and catastrophic plans.

“Short-term coverage is not community-rated (that is, people can be charged more based on their health status, gender, or other factors) and it typically does not cover preexisting conditions,” Mark A. Hall and Michael J. McCue wrote in a 2022 article for The Commonwealth Fund.

2. Empower Consumers

Obamacare subsidizes health insurance for people earning between 100 percent and 400 percent of the federal poverty level. The subsidy comes in the form of an advanced tax credit. But the money is paid directly to insurance companies, not to the insured individuals.

President Donald Trump and several others have proposed making those funds available to consumers, which they say would increase choice and lower prices.

Trump’s plan, and some others, would provide funded Health Savings Accounts, which enrollees could use only for health expenses. That would include buying insurance, paying out-of-pocket expenses, or buying health care directly from providers.

Scott made a similar proposal, as did Sens. Mike Crapo (R-Idaho) and Bill Cassidy (R-La.), and Sen. Roger Marshall (R-Kan.).

“Giving billions of taxpayer dollars to insurers is not working to reduce health insurance premiums for patients,” Crapo said in a statement announcing his plan in December 2025. “We need to give Americans more control over their own health care decisions.”

The Crapo–Cassidy plan failed to advance in the Senate last year. None of the other plans have even been put to a vote. Democrats have opposed the idea as a halfway measure that would undermine the value of Obamacare.

Health Savings Accounts are available only with insurance plans that have a high deductible, leading some analysts to conclude that they wouldn’t benefit people who have the most trouble affording health care.

“While healthier people could benefit … sicker people could be stuck with higher premiums or higher out-of-pocket health costs,” wrote Larry Levitt and Cynthia Cox of KFF.

Democrats objected also to other provisions of the Crapo–Cassidy plan, like verifying citizenship and immigration status before enrolling in coverage, and excluding abortion as an essential health benefit in Obamacare plans.

Senate Minority Leader Chuck Schumer (D-N.Y.) called the plan “junk insurance.”

3. Fix Structural Problems

One feature of Obamacare was intended to lower premium prices but produced the opposite result.

Insurers must offer cost-sharing reductions to customers making less than 250 percent of the federal poverty level who choose a silver-level plan.

The cost-sharing reductions mean lower copays and deductibles, which helps low-income enrollees.

It also increases costs for insurers, so the federal government reimbursed them for the added expense.

But a federal judge ruled that those reimbursements were improper because Congress had never authorized funds for them through an appropriations bill. Cost-sharing reduction payments to insurers were discontinued in 2017. However, insurers are still required to offer the cost-sharing reductions.

To compensate, insurers raised premiums on the silver-level plans, a practice known as silver loading.

Because all premium subsidies are based on the cost of a silver-level plan, any increase to silver-plan premiums has the knock-on effect of increasing federal subsidies on every plan sold through Obamacare.

The overall effect added billions per year in costs to taxpayers.

Politicians from both major parties have called for Congress to fix the problem by appropriating money to pay for the cost-sharing reductions. That would save taxpayers nearly $37 billion and reduce premiums for the most common Obamacare plans by 11 percent, according to the Congressional Budget Office.

Then-Sen. Lamar Alexander (R-Tenn.) and Sen. Patty Murray (D-Wash.) proposed this and other program changes in 2017.

The bipartisan House Problem Solvers Caucus also pitched the idea that year.

Rep. Mariannette Miller-Meeks (R-Iowa) introduced a health care bill in 2025 that included funding for cost-sharing reductions.

The idea is included in Trump’s Great Healthcare Plan, released in January.

Despite having bipartisan support, this proposal appears to have been overshadowed by larger questions about Obamacare.

The 2017 Murray–Alexander plan was proposed at a time when many Republicans were intent on repealing and replacing Obamacare.

Trump opposed the proposal, according to then-White House press secretary Sarah Huckabee Sanders, because it did not go far enough to expand options and drive competition.

“This president certainly supports Republicans and Democrats coming to work together, but it’s not a full approach, and we need something to go a little bit further to get on board,” Sanders told reporters in 2017.

Democrats opposed the Miller–Meeks proposal because it did not extend the expiring enhanced tax credits for Obamacare, which was their primary legislative aim in late 2025.

Rep. Bobby Scott (D-Va.) urged colleagues to vote against the Miller-Meeks proposal, saying, “This plan does nothing to extend the [Obamacare] enhanced tax credits which are set to expire.

Jeremy Nighohossian of the Competitive Enterprise Institute suggested that some policy makers oppose funding the cost-sharing reductions precisely because the higher federal subsidies that result from silver loading serve a political end.

“Some may prefer the indirect subsidy increase because it raises the proportion of the population with insurance,” Nighohossian wrote in January on the think tank’s website.

The Impasse

The legislative impasse over improving Obamacare appears to arise from the basic difference in approach by Republicans and Democrats to health care financing.

Republicans generally favor deregulation and other marketplace reforms that they believe will increase competition and lower prices.

“As President Trump has said, he will make our health care system better by increasing transparency, promoting choice and competition, and expanding access to new affordable health care and insurance options,” White House press secretary Karoline Leavitt told The Poynter Institute in 2024.

Republican proposals for Obamacare generally follow that blueprint: add choices, improve competition, and allow the market to lower prices.

Democrats generally favor increased government intervention in the form of regulation and subsidization with the goal of ensuring access to health care services for everyone.

“Access to high-quality health care should be a right available to every single American,” House Democratic Leader Hakeem Jeffries (D-N.Y.) said in December 2025. “One of the ways we can make sure that we strive to achieve that principle is to extend the Affordable Care Act tax credits.”

Democrat-led bills to extend those credits failed to advance in both the House and Senate. Republican proposals to increase choice and competition also failed to advance.

Obamacare’s benchmark silver plan premiums for 2026 increased by about 26 percent.

Tyler Durden Fri, 03/06/2026 - 20:05

FBI Investigating Suspected Cyber Attack On Sensitive Surveillance Network

Zero Hedge -

FBI Investigating Suspected Cyber Attack On Sensitive Surveillance Network

The FBI is scrambling to investigate a suspected cybersecurity incident involving a sensitive internal network used to manage court-ordered wiretaps and foreign-intelligence surveillance warrants, according to CNN.

The bureau confirmed the activity in a brief statement, saying that it had "identified and addressed suspicious activities on FBI networks" and deployed its full technical resources in response.

And of course, the timing couldn't be more interesting, as the incident comes amid heightened vigilance for retaliatory cyberattacks following the joint U.S.-Israeli military operation, dubbed Operation Epic Fury, which targeted Iranian nuclear, missile and command infrastructure and resulted in the killing of Supreme Leader Ayatollah Ali Khamenei. The strikes have triggered regional escalation, including Iranian counterstrikes and proxy activity in Saudi Arabia and the United Arab Emirates.

U.S. intelligence assessments, including a Department of Homeland Security bulletin, indicate that while large-scale physical attacks on U.S. soil remain improbable, Iran-aligned hacktivists and potentially state-linked actors are likely to pursue lower-level disruptive actions. Such attacks could include distributed denial-of-service instructions, website defacements and other intrusions aimed at causing nuisance or temporary disruption.

"Although a large-scale physical attack is unlikely, Iran and its proxies probably pose a persistent threat of targeted attacks in the Homeland, and will almost certainly escalate retaliatory actions - or calls to action - if reports of the Ayatollah’s death are confirmed," according to the bulletin obtained by ABC News.

"In the short-term, we are most concerned that Iran-aligned hacktivists will conduct low-level cyber attacks against US networks, such as website defacements and distributed denial-of-service attacks,” officials said in the bulletin.

Major banks and other institutions have intensified monitoring and fortified defenses in recent days. However, no significant breaches directly attributed to the current phase of hostilities have been publicly confirmed.

Speaking to investors this week, JPMorganChase CEO Jamie Dimon said that while he endorsed the U.S.-Israeli strikes as a necessary response to longstanding threats from Tehran but cautioned about the asymmetric risks ahead, including cyber attacks on major financial institutions.

"They can't match us militarily, so they'll hit where it hurts - our networks, our operations, our customers,” Dimon added.

“We always try to prepare for that,” the top Wall Street banker said, underscoring that he considers cyber attacks “one of the highest risks banks bear.”

Or that's all just propaganda and it's this guy...

Tyler Durden Fri, 03/06/2026 - 19:40

US Gasoline Demand Fell Further Amid Long-Term Structural Shift: Plunging Per-Capita Consumption

Zero Hedge -

US Gasoline Demand Fell Further Amid Long-Term Structural Shift: Plunging Per-Capita Consumption

Authored by Wolf Richter via Wolf Street,

Gasoline consumption in the US, in terms of product supplied to gas stations, declined by about 1% in 2025, to 8.91 million barrels per day, according to EIA data, below where consumption had first been in 2003, even though the US population increased by 52 million people, or by 18%, over the same period.

Compared to the peak in 2018, gasoline consumption in 2025 fell by 4.5%. Compared to the prior peak in 2007, gasoline consumption is down 4.1%.

Gasoline consumption is increased by miles driven – which inched up to a record – and is slowed by the improving efficiency of gasoline-powered vehicles and the growing share of EVs.

The effects of the two Oil Shocks in the 1970s on gasoline consumption was dramatic. High gasoline prices and a recession led to fewer miles driven, but it also unleashed efforts by US automakers to make and sell smaller, more fuel-efficient vehicles. And the small fuel-efficient Japanese models became immensely popular. This wave of smaller and more fuel-efficient vehicles held down gasoline consumption, and it didn’t surpass its 1978 high until 1993, though the population grew by 18% over those 16 years.

Per-capita gasoline consumption fell to 32.8 gallons per month in 2025, the lowest since 1967, except for the Covid year 2020, as a result of declining overall gasoline consumption amid a growing population.

This dynamic illustrates the structural decline in demand for gasoline.

Miles driven edged up 0.9% in 2025, to a record of 3,324 billion miles, according to data from the Department of Transportation (includes miles driven by cars, light trucks, buses, motorcycles, delivery vans, and commercial trucks). But that’s only 9.7% higher than at the prior peak in 2007.

That gasoline consumption declines even as miles driven increases attests to the impact of more fuel-efficient ICE vehicles and more EVs in the vehicle mix.

But people drive a little less: Miles driven per person residing in the US, at 9,710 miles in 2025, was 3.1% below the peak in 2004.

And average fuel economy keeps improving: that has been a big part of the long-term structural demand issue for gasoline.

Over the past 25 years, the average fuel economy of all passenger vehicles sold in the US rose by 43%, to a record of 28.1 “real world” MPG for the 2025 model year, according to preliminary data from the EPA last month.

Note the spike in average fuel economy coming out of the Oil Shocks, as compact Japanese vehicles made huge inroads, and as US automakers began offering smaller vehicles with better mileage.

Exports of gasoline have become an outlet for refiners.

Crude oil production in the US has surged by 172% since 2008, to a record 13.6 million barrels per day (MMb/d) in 2025, according to EIA data. Over the years, exports of crude oil and petroleum products (diesel, gasoline, jet fuel, petroleum coke, and many others) have soared, and imports have fallen. In 2020, the US became a net exporter of crude oil and petroleum products, exporting more than importing. In 2025, net exports of crude oil and petroleum products rose to a record 2.8 MMb/d (detailed analysis and charts here).

Gasoline exports have become a big profitable trade for US refiners, and an outlet to replace falling demand at home. Many refiners import crude oil and export value-added products, such as gasoline, including refineries in California which face steeply dropping gasoline demand amid the rapidly growing prevalence of EVs and hybrids in the state.

For example, the US had a trade surplus of 590,000 barrels per day in crude oil and petroleum products with Mexico in 2025, importing 500,000 barrels a day of crude oil and exporting 1.1 MMb/d in value-added petroleum products, largely diesel and gasoline.

Gasoline exports started soaring in 2008, surpassed 700,000 barrels per day for the first time in 2017, hit 879,000 barrels per day in 2018, and have stayed in that range since then. In 2025, gasoline exports edged up to 804,000 barrels per day.

Tyler Durden Fri, 03/06/2026 - 19:15

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