This week, I speak with Judd Kessler, author of “Lucky by Design: The Hidden Economics You Need to Get More of What You Want,” and a professor at The Wharton School of the University of Pennsylvania.

We discuss his research into the hidden markets that allocate value to desirable things such as restaurant reservations. We also delve into Judd’s research into how couples allocate their resources within a relationship and possible alternate ways to distribute concert tickets.

A list of his current reading/favorite books is here; A transcript of our conversation is available here Tuesday.

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

Be sure to check out our Masters in Business next week with Songyee Yoon, founder and managing partner of Principal Venture Partners, an AI-focused investment firm established in 2024, and since 2025 a member of the board of directors of HP Inc.

 

 

 

Authored Book

 

Current Reading/Favorite Books

 

 

 

The post MiB: Judd Kessler, Lucky by Design appeared first on 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:

• God is a comedian A stiff drink is recommended. A philosophical meditation on the absurdity of the current moment, delivered with the kind of dark humor the times demand.It is a well-established fact that the universe has a sense of humour. It is less well-established, but increasingly obvious, that the humour is of the kind best enjoyed from a great distance, like, let’s say the moon. Three weeks into the Iran war, reality has passed through the looking glass, out the other side, and is now selling tickets to the gift shop. What follows is not satire. Satire requires exaggeration, and you cannot exaggerate something that is already operating at maximum absurdity. This is simply the news, and nothing but the news. Told straight, in a universe that has clearly stopped taking its medication. (Gold and Geopolitics)

• Google Has a Secret Reference Desk. Here’s How to Use It. 40 Google features to find exactly what you need, the alternative search engines that do things Google won’t, and the reference desk framework underneath all of it. (Card Catalog)

• In search of Banksy: The British street artist’s identity has been debated, and closely guarded, for decades. A quest to solve the riddle took Reuters from a bombed-out Ukrainian village to London and downtown Manhattan — and uncovered much more than a name.  (Reuters)

• How to fix capitalism: A guide to building a company that defies gravity. (Ari Shapiro)

• The Chinese Billionaire Who Says America’s EV Market Is Doomed Without Him: Robin Zeng of CATL can’t build a factory in America, but Tesla, Ford and GM rely on its technology (Wall Street Journal)

• Welcome to a Multidimensional Economic Disaster: The AI boom wasn’t built for the polycrisis. (The Atlantic)

• ‘My Client Walked out Within Minutes.’ How AI Is Tanking Home Sales. When listing photos drift too far from reality, disappointed buyers and even legal concerns can follow. (Mansion Global)

• Inside the Sprawling World of MAGA Merchandise: MAGA merchandise is its own pocket universe in the world of retail. There are official diamond-studded gold watches for $100,000, promoted by President Trump. There are less official bobbleheads of Mr. Trump, smeared with blood, memorializing an assassination attempt against him. The industry is a cornerstone of Mr. Trump’s political movement… and it is only continuing to grow. (New York Times)

• Spylandia: How a Stretch of Florida Real Estate Has Become a Covert Corridor for Chinese and Russian Spies. The so-called Space Coast, with its rocket launches and military tech, is now an unassuming setting for espionage. (Vanity Fair)

• Trump’s red lines mean nothing now: Iran is exposing the limits of a presidency built on bluff, improvisation and submission rituals. (Washington Post)

• Why I Got Out Of The Gambling Business: I learned to sort gamblers into these categories during the years I worked for an online sportsbook. I worked in customer service, at first directly with customers and later in a more behind-the-scenes role. These jobs required a little bit of detective work, and I often found myself wading through piles of extremely detailed personal information about our customers. Names, addresses, payment history, net losses, geolocation, remarks left during previous customer service interactions; all of this was there for me to review any time there was a problem with a customer that needed to be solved. Through this process I got intimate looks into the lives of strangers. (Defector)

Be sure to check out our Masters in Business next week with Judd Kessler, the Howard Marks Endowed Professor at the Wharton School of the University of Pennsylvania. The winner of the Vernon L. Smith Ascending Scholar Prize,he is the author of is Lucky by Design The Hidden Economics You Need to Get More of What You Want.

The number of Americans worth eight or even nine figures is up markedly

Source: Wall Street Journal

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.

Why Is The Trump DOJ Still Enforcing The Biden Pistol Brace Rule?

Via Gun Owners of America,

The current Department of Justice is choosing to continue enforcing an unconstitutional legal theory being weaponized against gun owners by the Bureau of Alcohol, Tobacco, Firearms and Explosives.

GOA

According to a recent statement in GOA’s Texas et al. v. ATF case, DOJ claims that ATF “continue[s] to enforce the NFA’s and the GCA’s regulation of short-barreled rifles against some brace-equipped pistols, even though the Rule has been universally vacated.”

For those who are unfamiliar, in 2022 the Biden Administration issued an executive order instructing the Department of Justice to ban pistol braces, a popular firearm accessory designed to allow shooters with disabilities to “brace” their firearms against their forearm.

The Biden DOJ used this rule to effectively outlaw firearms equipped with stabilizing braces, by regulating them as short-barreled firearms under the National Firearms Act. This move turned the law-abiding owners of upwards of 40 million pistol braces  into felons practically overnight, unless they destroyed their firearm or registered it with the federal government.

GOA and other pro-gun groups challenged this pistol brace rule in multiple courts across the country, culminating with a total elimination of the rule in court.

With this victory, pistol braces were once again viable options for shooters, and owners of pistol-braced firearms were no longer in danger of becoming felons...or so they thought.

Unfortunately, it seems as though the current Justice Department is looking to pick up right where Biden’s DOJ left off.  And so ATF appears to be still enforcing the very same legal theories about braces, as confirmed by their statement in GOA’s pistol brace case.

This development is extremely concerning for GOA and millions of gun owners nationwide who own pistol brace-equipped firearms.

In addition, the continued possibility of felony NFA charges against at least some gun owners with braced pistols stands in stark contrast to President Trump’s repeated campaign promises to gun owners:

“I will eliminate the Biden ATFs ridiculous pistol brace rule, which orders law-abiding citizens to register or surrender guns with stabilizing braces.”

– President Trump on April 14th, 2023 in Indianapolis, Indiana

“[President Biden] imposed the so-called pistol brace rule which orders law-abiding citizens to register or surrender guns with certain equipment. You know that many of you are forced to do it. … All of those Biden disasters get ripped up and torn out my first week but maybe my first day in office okay, okay maybe my first.”

– President Trump on Feb. 9th, 2024 in Harrisburg, Pennsylvania

The disconnect between President Trump’s campaign promises and the Department of Justice’s recent threat to owners of firearms with pistol braces justifiably has led to a great deal of confusion and concern.

Over the past week, GOA brought this matter to the attention of multiple senior DOJ officials and expressed our members’ concerns.  Unfortunately, we were given no indication that ATF intends to reverse course.

To gun owners and the firearm industry, we urge caution. ATF and DOJ apparently intend to continue targeting at least some braced pistols.  But it is currently unclear which braced pistols the ATF believes are illegal short-barreled rifles.  In fact, ATF told one of our colleagues that it will not issue any classification letter classifying firearms with braces—unless it is in a criminal case.  This means that all pistol braced firearms—and their owners—are in jeopardy. 

To the Trump Administration, we request a swift re-affirmation of the President’s intention to end the Biden Pistol Brace Ban, and affirmation of the legality of all pistols equipped with stabilizing braces – once and for all. It’s 2026, and the National Firearms Act no longer even imposes a tax on short-barreled firearms. There is no reason for bureaucrats at ATF to fret over barrel length, or the ability of a firearm to be shouldered. DOJ must follow President Trump’s executive order and protect our Second Amendment rights!

Even as the Department of Justice fights us in court, we continue to seek a permanent injunction against ATF’s enforcement of its legal theories regulating braced pistols as short-barreled firearms. And we continue to challenge the dubious regulation of short-barreled firearms under the guise of a non-existent $0 tax. We will not give up until the NFA is eliminated, and our rights are fully protected and restored.

[ZH] If you agree with GOA and their efforts, consider joining or contributing

Tyler Durden Fri, 03/27/2026 - 23:05

Black Women Bear Brunt Of Mass Layoffs With The Rise Of AI And The End Of DEI

Over the course of the last decade, the great social debate has mostly revolved around the issue of "merit vs equity", or equality of opportunity vs equality of outcome.  For anyone with common sense it's clear that "equity" is a non-starter; a system which skews accomplishment and hands success to unqualified people based solely on their ethnicity, gender or sexual identity.  The experiment has been disastrous for western civilization so far.

Women in general and black women in particular were initially sought out by companies to fill DEI quotas that should not have existed in the first place.  These quotas were instituted because governments and NGO's created the demand for them by offering numerous subsidies, tax breaks and special credit access.  Corporations that met the DEI requirements would then have a financial edge on the competition, so everyone had to participate to avoid being surpassed by the other guy.   

One interesting side effect has been the encouragement of cultural delusion among certain demographics.  The idea that minorities are somehow being "held back" by "white supremacy" and that they are at the same time far more accomplished than their oppressors is self perpetuating.  One of the most common arguments heard in defense of the woke era was that "black women are the most educated and successful group" in America today. 

This claim, of course, relied heavily on DEI in college admissions and DEI in corporate hiring.  Black women were by far the biggest beneficiaries of DEI practices.  Furthermore, the explosion in women's wages and minority wages was thanks to a unique but brief employment market built on easy venture capital.  This created an explosion in tech jobs, marketing jobs, HR and diversity positions, not to mention an avalanche of web media jobs promoting progressive ideologies.

On top of all this, government hiring accelerated dramatically under the Biden Administration, and a lot of these jobs went to women and minorities in order promote equity quotas. 

This all changed in 2025 with the virtual death of DEI, triggered by the Trump Administration crackdown through DOGE cuts and the advancement of civil suits against companies engaged in anti-white hiring practices.  Almost immediately black women were most affected by the change.

Over 300,000 black women faced layoffs last year, with the trend continuing into 2026 and some estimates at around 500,000 total job losses.  Currently, the unemployment rate for black women is 7.1%, far above the national average of 4.4%.  Black female employees represented 12% of all federal employees in 2024 (double their share of the population in the national labor force), but they were also 33% of federal layoffs in 2025-2026. 

The first response of progressives is to cry "racism" over these numbers, but they're not asking the question that really needs to be asked:  Did these women truly qualify for the jobs they were hired for?  Or, were they hired to make a political virtue statement and to collect subsidies?  If they were highly competent and well trained, then one would think companies and government agencies would keep them regardless of extra cash or tax breaks. 

Their value as workers should be enough.  Another potential cause of these layoffs beyond the end of DEI is the prospect that black liberal women are notoriously difficult to work with.  Companies tolerated them because there were financial benefits to having them on staff, but now those benefits are drying up.

The exodus of black women from the workforce has become a conundrum for the political left and the cope is flowing.  The media is running stories regularly on the "return of black women" through burgeoning communities and online support groups.  The discussion is often centered on the way in which black women can "regain their seat at the table".  The problem is, the dynamic that gave them so much access in the woke years no longer exists and it's probably never coming back.

Beyond the collapse of DEI programs there is the looming specter of AI.  Artificial Intelligence was initially heralded as an Apocalypse for low wage workers in entry level positions.  However, the real demographic under threat is women in corporate environments. 

Of the 6.1 million workers whose jobs are the most likely to be disrupted by AI and least likely to adapt, 86% are women, a recent Brookings analysis has found.  Labor markets most populated by women in air conditioned offices across the nation - secretaries, receptionists, payroll clerks, customer service representatives, middle management, marketing, online journalism, education, even HR and communications - are all under threat from AI. 

As easily as black women were elevated to six-figure incomes and the upper-middle class lifestyle, they are now on the verge of losing it all.  The sad thing is, DEI built an environment in which every minority in a high level position became suspect.  While there are certainly minority employees who are highly skilled and deserve the jobs they have, the decade of DEI has put them in a state of constant suspicion.  Today, no one knows who was hired based on merit, and who was hired because of their skin color.                         

Tyler Durden Fri, 03/27/2026 - 22:40

Macquarie: Two More Months Of War Could Send Oil To $200

Submitted by Tsvetana Paraskova of OilPrice.com 

Oil prices could hit a record $200 per barrel if the war in the Middle East drags on through the entire second quarter, analysts at Macquarie Group have warned. 

The odds of the Iran war dragging on until June were put at 40% by the analysts in a note carried by Bloomberg. But the scenario of the war ending by the end of March currently appears more plausible, with odds at 60%, according to Macquarie.   

“If the strait were to stay closed for an extended period, prices would need to move high enough to destroy an historically large amount of global oil demand,” Macquarie’s analysts wrote in the report. 

“The timing of the re-opening of the straits, and physical damage to energy infrastructure, is the main determinant of the longer-term impact on commodities,” they added. 

Many other analysts warn that if the Strait of Hormuz, which is already closed to most tanker traffic for nearly a month, remains blocked for another month or two, oil prices could jump to as high as $150 and even $200 per barrel, forcing a global economic shock.    

Analysts started expressing views that $200 oil is not a fantasy anymore—with 20% of global oil supply choked at the Strait of Hormuz buyers are racing to procure physical cargoes, refiners in Asia consider cutting processing rates, and Asian countries restrict fuel exports. 

Andrew Harbourne, Wood Mackenzie’s senior analyst for oil markets, notes that the record 400-million-barrel release coordinated by the International Energy Agency (IEA) will cover only about four weeks of disruption in the Gulf.

“Strategic stocks remain an effective emergency buffer, but they are a one-off intervention that must eventually be rebuilt and cannot cover a sustained supply gap,” Harbourne added. 

Supply shocks in the past suggest that if the war and the disruption in the Strait of Hormuz persist, Brent crude prices could surge to $150 to $200 per barrel. For some petroleum products, such as diesel and jet fuel, the effective prices could be $200 to $250 a barrel or more, according to WoodMac.   

Tyler Durden Fri, 03/27/2026 - 22:15

Israeli Military Chief Warns Army Nearing Internal Collapse As Netanyahu Pushes Service Extensions

In a surprising announcement splashed all over Israeli media front pages, especially given the ongoing censorship regimen related to the Iran war, Israel's military chief has sounded the alarm over a severe manpower crisis in the Israel Defense Forces (IDF).

Military Chief of Staff Lt. Gen. Eyal Zamir has warned the "IDF is going to collapse in on itself" during a security cabinet meeting this week, according to Times of Israel and others. This as Israeli forces are now fighting on multiple fronts: there's the major war against Iran, as well as the 'northern front' against Hezbollah in Lebanon and amid IAF airstrikes on Beirut, and Israeli forces are still operating in Gaza. 

via AFP

"I am raising 10 red flags in front of you," Gen. Zamir warned the country's civilian leadership, citing intensifying operational demands across all the fronts.

"Right now, the IDF needs a conscription law, a reserve duty law, and a law to extend mandatory service," he laid out, per local media sources. "Before long, the IDF will not be ready for its routine missions and the reserve system will not last."

So this appears a major push to immediately get more personnel into active service, over and above the standard required 32-months of mandatory service (and women serve 24 months).

This is also in line with fresh Netanyahu efforts at expanding the size of the armed forces and increasing retention:

Israeli Prime Minister Benjamin Netanyahu said the government plans to extend mandatory military service as the army grapples with a deepening personnel shortage, the Israeli public broadcaster KAN reported Thursday.

Netanyahu made the remarks during a security cabinet meeting in response to Army Chief of Staff Eyal Zamir, who warned that the army could “collapse” if the crisis is not addressed.

He said the government would move to revise conscription laws and extend service periods after the Jewish Passover holiday.

Already due to years of fighting in Gaza against Hamas, the IDF was said to be reaching exhaustion among its ranks, with last fall The Wall Street Journal reporting that:

"The Israeli military is beginning to draw down the number of its reservists serving in Gaza and other arenas, in a sign that it is reducing the intensity of fighting after two years of war and as the U.S.-brokered cease-fire holds."

Currently, the warring sides - especially Iran and Israel - appear to be settling in for a long war even as Washington is said to be seeking to cobble together a ceasefire deal in search of an offramp. 

Israel is dropping 2,000lb bombs in residential districts in Tehran. "40-50 people" killed in a single strike, local authorities and residents told BBC.

The Israeli military says 3,600 bombs dropped on the Iranian capital alone.https://t.co/yY6KbvTfTW

— Mohammad Ali Shabani (@mashabani) March 27, 2026

Israel has indicated at least four soldiers killed in Lebanon operations, and as for casualties related to the ongoing Iranian bombardment, this isn't clear - amid broader reports of deaths and injuries to the civilian population.

*  *  * For Your Consideration

Spring Sale - Readywise

Anza - limited edition knives & mini shanks

Protein - your daily usual + peptides

Tyler Durden Fri, 03/27/2026 - 21:50

Vance Claims Iran Could Make Nuclear Suicide Vest

Authored by Dave DeCamp via AntiWar.com,

Vice President JD Vance on Thursday attempted to justify the continued US-Israeli war against Iran by implying that Iran could potentially turn a nuclear bomb into a suicide vest, a claim not grounded in reality.

Vance made the claim during a cabinet meeting while discussing military and diplomatic "options" that the US has regarding the conflict with Iran. He has continued to portray the war as being necessary to prevent Iran from making a nuclear weapon, though there was no evidence that Tehran had decided to build a bomb either before the June 2025 war or the current war that was launched on February 28.

File, illustrative: The Kansas City Star

"What we have now that we didn't have when the president took over, just a little over a year ago, is the ability to use every tool at our disposal to ensure that Iran doesn't get a nuclear weapon," Vance said.

"Because when I say options, I think it’s important the American people know options for what? And it’s options to ensure that Iran never has a nuclear weapon," the vice president added.

"You talk about people who walk into a crowded supermarket and have a vest on, and they blow up the vest and a couple of people get killed, and that’s a terrible tragedy. What happens when what's on the vest is not something that can kill a couple of people, but can kill many, many tens of thousands of people?”

A nuclear bomb could not be miniaturized to the point where it could be worn as a vest, and if Vance was alluding to a "dirty bomb" that uses some nuclear material, such a weapon at that size would not cause tens of thousands of casualties (and likely in the 'dirty bomb' scenario the wearer would die or become incapacitated from the radiation).

Plus, in recent decades, the overwhelming majority of suicide bombings in the region were carried out by Sunni Muslim extremists, not Iran and its Shia allies.

Vance suggests Iran could have used nuclear suicide vests: “You talk about people who walk into a crowded supermarket and have a vest on, and they blow up the vest and a couple of people get killed, and that's a terrible tragedy. What happens when what's on the vest is not… pic.twitter.com/6HiCHhi4S9

— The Bulwark (@BulwarkOnline) March 26, 2026

Before the US and Israel launched the war, Vance became one of the leading voices in the administration, making the claim that the coming conflict was about preventing Iran from developing a nuclear bomb, contradicting President Trump’s insistence that US airstrikes in June 2025 “obliterated” Iran’s nuclear program.

At one point, Vance even claimed there was evidence Iran was trying to "rebuild a nuclear weapon," something Iran has never had.

Tyler Durden Fri, 03/27/2026 - 21:25

Americans Are Becoming More And More Interested In Buying Chinese EVs

As electric vehicle (EV) adoption grows in the United States, a segment of American consumers is increasingly drawn to Chinese-made models—largely due to their affordability, advanced technology, and feature-rich designs. However, steep trade barriers and political resistance continue to keep these vehicles out of the U.S. market, according to Reuters. 

With the average price of a new car in the U.S. մոտ $50,000, Chinese EVs—many of which sell for under $30,000 in international markets—are gaining attention for offering strong value. Models from automakers such as BYD, Geely, and Zeekr often include premium interiors, advanced driver-assistance systems, and unique features like in-car entertainment and mini refrigerators, typically found in higher-end vehicles.

Reuters writes that industry experts note that Chinese automakers have rapidly improved both quality and innovation. China has recently surpassed Japan to become the world’s largest vehicle exporter, with growing sales across Europe, Latin America, and parts of North America. Countries such as Canada and Mexico have already begun integrating Chinese EVs into their markets at lower tariff rates.

In contrast, the United States has imposed tariffs exceeding 100% on Chinese vehicles, effectively blocking their entry. Policymakers cite concerns over data security, regulatory compliance, and the potential impact on domestic manufacturing jobs. Major U.S. auto industry groups have also urged continued restrictions, arguing that domestic automakers could face significant competitive pressure.

Despite these barriers, consumer curiosity remains strong. Surveys indicate that nearly half of prospective U.S. car buyers view Chinese vehicles as offering high value, and a notable share support allowing them into the domestic market. At the same time, concerns persist around safety standards, data privacy, and broader economic implications.

Auto dealers remain cautious. While many acknowledge that competitively priced Chinese EVs could attract buyers, only a small percentage currently support their introduction, citing uncertainty over compliance with U.S. regulations and market disruption.

For now, Chinese EVs remain largely absent from American roads. Yet as global competition intensifies and affordability becomes a growing concern for consumers, pressure may continue to build for greater access to lower-cost electric vehicles in the U.S. market.

* * * Be Prepared

Tyler Durden Fri, 03/27/2026 - 21:00

US Offers Up To $3 Million Bounty For Information On Finances Of Haitian Gangs

Authored by Kimberly Hayek via The Epoch Times (emphasis ours),

The U.S. government on March 25 announced a bounty of up to $3 million for information on the finances of Haiti’s ‌Viv Ansanm and Gran Grif gangs.

Armed police ride in the back of a truck after the streets of the Haitian capital, Port-au-Prince, were deserted following a call for a general strike launched by several professional associations and companies to denounce insecurity in Port-au-Prince, on Oct. 18, 2021. Richard Pierrin/AFP via Getty Images

The United States designated both groups, which bring together hundreds of gangs in the capital Port-au-Prince, the agricultural Artibonite region, and central Haiti, as terrorist organizations in May 2025.

The two gangs are a “primary source of instability and violence in Haiti” and are a “direct threat to U.S. national security interests in our region,” Secretary of State Marco Rubio said at the time, adding that they are “committed to overthrowing the government of Haiti.”

Gangs have grown in power since the assassination of President Jovenel Moïse in 2021. They are estimated to control about 90 percent of the capital, Port-au-Prince, according to a 2025 U.N. security briefing, and have expanded their activities into the countryside, including looting, kidnapping, sexual assaults, and rape. Haiti has not had a president since the assassination.

The U.S. Embassy in Haiti said in a March 25 statement that Viv Ansanm members are “responsible for an ongoing campaign of violence, including attacks against the government of Haiti, prison systems, police stations, hospitals, and the nation’s main airport in Port-au-Prince,” while Viv Ansanm is “directly involved in the mass murder and collective rape of Haitian civilians, including violence against American citizens in Haiti.”

Haitian security ​forces, with the support of a partially deployed U.N.-backed force and a U.S. private ⁠military company, have intensified attacks on armed gangs that control most of the capital, but ​have yet to make a major gang leader’s arrest.

Even if gang members are arrested, Haiti’s judicial system is barely functional. A 2024 U.N. report found that “many courthouses remain destroyed, non-operational, or located in inaccessible areas, effectively barring judicial personnel and lawyers from accessing them.”

More than ​a million people have been displaced by the conflict with gangs, which has exacerbated food insecurity, and ‌close ⁠to 20,000 have been reported killed in Haiti since 2021. The death toll has climbed every year.

According to a Mercy Corps survey published this month, which ⁠surveyed thousands of displaced people across the capital Port-au-Prince, 99 percent had no job or income after being displaced, and 95 percent felt unsafe in ​their new lodgings.

An overview of Port-au-Prince, Haiti, on June 3, 2025. Clarens Siffroy/AFP via Getty Images

Less than half had access to a functioning toilet, ​and the vast majority were eating fewer than two meals a day. Just a third of children were attending school, and a third of women said they had suffered physical or sexual violence at ⁠the displacement ​site, the report found.

The United Nations estimated that 1.45 million people ​were internally displaced across Haiti by the end of last year, with more than 400,000 displaced in the past ​year alone.

Reuters and The Associated Press contributed to this report.

*  *  * Nighty night

Tyler Durden Fri, 03/27/2026 - 20:35

Moore Problems? Maryland Gov. Wes Moore Booed At Baltimore Stadium In Deep-Blue Territory

Left-wing Maryland Gov. Wes Moore was greeted Thursday afternoon by a stadium full of boos at Camden Yards on Opening Day for Orioles baseball, a striking public rebuke of the struggling governor and the one-party rule of Democratic Party kings and queens running the state into the ground.

Gov. Wes Moore was booed by the crowd ahead of the Orioles home opener on Thursday. https://t.co/KdJaF2jx68 pic.twitter.com/pA0p6G2z8m

— FOX Baltimore (@FOXBaltimore) March 26, 2026

After years of fiscal mismanagement, Annapolis Democrats have driven Maryland into a fiscal crisis, compounded by the death spiral of higher taxes and backfiring green energy policies that are now colliding with surging data-center power demand across the region, sparking a power bill crisis for Marylanders.

The end result of this epic mismanagement is extraordinarily sad: a growing exodus of residents, with net migration trends turning negative for the state as people flee to places where common sense is prioritized, not state-ruining far-left experiments.

One notable observation about the boos is that they occurred at Camden Yards in Baltimore City, which is controlled by a crazed left-wing mayor in a deeply blue city. In fact, the boos should never have been heard there, but among voters in the state, left or right, the cost-of-living crisis sparked by out-of-control taxes and state-ruining progressive policies is crushing pocketbooks everywhere.

Let’s remind readers that Gov. Moore has been positioned by the Democratic Party machine as a possible nominee in 2028.

Moore smiling with far-left radical Alex Soros. 

However, Polymarket odds show his chances of securing the nomination at just 2%, and for good reason: the endless mismanagement of the state is a massive liability on the national stage. 

On Friday morning, Republican Del. Matt Morgan joined local outlet Fox 45 Morning News to discuss the boos at Camden Yards. He said the crowd at the stadium was upwards of 40,000 people and nonpartisan.

Morgan said, referring to the boos, "It was basically a state poll that told you Marylanders are fed up with the policies coming out of Annapolis and the Moore administration.”

Earlier this week, on the two-year anniversary of the catastrophic collapse of the Francis Scott Key Bridge at the Port of Baltimore, there is still no bridge, while Democrats in recent days prioritized “appropriately sized tampons” for men’s bathrooms.

Maryland Delegate Kathy Szeliga (R) EMBARESSES Democrats who want to force "appropriately sized tampons" into men's bathrooms.

Szeliga: "I've never heard of such a thing... what do you consider appropriate???"pic.twitter.com/jjasHIMtRE https://t.co/gsjXEzXVre

— Libs of TikTok (@libsoftiktok) March 24, 2026

Baltimore City is broken. Maryland is broken. Democrats broke the state. Moore's aspirations for 2028 have imploded. Perhaps he can work on his golf swing at the local elite golf clubs he frequents in Baltimore. 

Tyler Durden Fri, 03/27/2026 - 20:10

$100 Oil Is Solving Russia's Budget Problem

Submitted by Charles Kennedy of OilPrice.com

Russia is getting an unexpected windfall from the war in the Middle East. The Kremlin’s oil revenues this month hit a four-year high as oil prices jumped to $100 per barrel amid the Iran war and the de facto closed Strait of Hormuz.

Moscow expects so much additional revenues from the oil price spike that authorities are unlikely to downgrade Russia’s economic prospects, hold off on planned budget cuts, and even boost military spending on the war in Ukraine, Bloomberg reports, citing sources with knowledge of the matter.

A month ago, Russia was considering lowering the oil price level above which it sends the proceeds to its wealth fund as oil and gas revenues were plummeting with widening discounts and key Russian buyers like India pulling out of the spot market.

But the Middle East war and the worst disruption in the history of the global oil market pushed oil prices above $100 per barrel and prompted the United States to give buyers a free pass on Russian oil purchases.

As a result, the price of Urals, Russia’s flagship crude, has now nearly doubled to about $100 per barrel as demand for Russian oil in India is soaring again.

The oil price spike has already given Russia a reason to postpone the planned budget tightening.

Moscow has now scrapped plans to make a substantial downgrade to its economic growth forecast for 2026, according to Bloomberg’s sources.

Russian oil revenues have steadily increased in March, thanks to higher shipments and soaring oil prices, according to tanker-tracking data monitored by Bloomberg. In two of the weeks this month, Russia was estimated to cash in the highest amounts of oil revenues since 2022, just after its invasion of Ukraine drove prices above $100 per barrel.

Russia is cashing in on the Iran war even as it cannot take full advantage of the oil price spike as Ukraine targets its key Baltic Sea ports in an attempt to undermine Moscow’s oil export capabilities.

Tyler Durden Fri, 03/27/2026 - 19:45

US Deploys Ukrainian-Style Drone Boat In Iran War As AI Weapons Race Accelerates

The Department of War confirmed to Reuters that it deployed Ukrainian-style drone boats to the Middle East as part of Operation Epic Fury against Iran. This move signals that the DoW is quickly learning a major lesson from the four-year Russia-Ukraine war: inexpensive autonomous systems, from drone boats to kamikaze drones, are necessary and are becoming core assets (very cheap) on the modern battlefield.

Tim Hawkins, a DoW spokesperson for Central Command, told the outlet that the drone boats deployed in the operation were built by Baltimore-based BlackSea and are known as the Global Autonomous Reconnaissance Craft, or GARC. He said the drone boats are being used for reconnaissance missions.

"U.S. forces continue to employ unmanned systems in the Middle East region, including surface drone assets like the GARC. This platform, in particular, has successfully logged over 450 underway hours and more than 2,200 nautical miles during maritime patrols in support of Operation Epic Fury," Hawkins said.

BlackSea's high-speed drone boat is described as a modular, autonomous, and remotely operated USV (unmanned surface vehicle) built for missions such as ISR (Intelligence, Surveillance, and Reconnaissance), communications relay, mine countermeasures, survey, interdiction, and potentially strike roles.

The DoW's push for inexpensive, scalable autonomous air, ground, and maritime systems has only been reinforced by Operation Epic Fury and appears to take a page from Ukraine's playbook in its war of attrition against Russia, where FPVs and killer ground bots have dominated 'no man's land.'

In addition to drone boats, U.S. forces have deployed kamikaze drones based on the Iranian Shahed-136 attack drone - yet another acknowledgment by the DoW that autonomous systems are the future of warfare.

None of this should surprise readers, as we have outlined how four years of rapid development in war technology across Ukraine, Russia, and China have provided a glimpse of 2030s warfare.

• AI' Kill Chains' And Rise Of Skynet-Like Weapons Offer Glimpse Of 2030s Battlefield

Latest snapshot of the two wars across Eurasia: we overlaid natural gas pipelines on the map.

Next up are humanoid robots as physical AI on the battlefield.

*  *  *

Grab our favorite knife. Hand-made in the USA. 

Tyler Durden Fri, 03/27/2026 - 19:20

Louisville Shells Out $800,000 For Unconstitutional Demands On Christian Photographer

Authored by Jonathan Turley,

The city of Louisville, Kentucky, has agreed to pay $800,000 in attorney fees to settle a case with a Christian photographer who fought to protect her religious and free speech rights over the years of litigation.

Louisville ultimately spent a fortune to force Chelsey Nelson to photograph same sex marriages under its nondiscrimination laws.

When combined with its own litigation costs, the case likely cost the city and the courts millions to deny Nelson her constitutional rights.

In prior columns, academic articles, and my book, “The Indispensable Right, I discussed the never-ending litigation targeting Jack Phillips, the Christian baker who declined to make cakes that violated his religious beliefs.

The case went all the way to the Supreme Court in what many of us hoped would be a final resolution of this conflict.

I had long criticized the framing of the case (and other cases) under the religious clauses rather than treating it as a matter of free speech.

In the end, the Supreme Court punted in a maddening 2018 decision that technically ruled in favor of Phillips based on a finding that the Commission showed anti-religious bias against Phillips.

In 2023, the Supreme Court delivered a major victory for free speech in 303 Creative v. Elenis, when it ruled that Lorie Smith, a Christian website designer, could refuse to provide services for a same-sex marriage.

Justice Neil Gorsuch wrote, “the framers designed the Free Speech Clause of the First Amendment to protect the ‘freedom to think as you will and to speak as you think.’ … They did so because they saw the freedom of speech ‘both as an end and as a means.’”

In the September ruling, the court cited 303 Creative:

“That 2023 decision confirmed this Court’s 2022 interpretation of the First Amendment to bar the City of Louisville from enforcing an ordinance prohibiting wedding photographer Chelsey Nelson from stating her traditional (now dissenting) views on traditional marriage or declining to participate in those ceremonies.”

Louisville is only the latest blue city to spend millions trying to force individuals to create products — from cakes to wedding albums — that violate their religious, speech, and associational rights.

The settlement is a victory not just for Nelson but also for the Alliance Defending Freedom.

Tyler Durden Fri, 03/27/2026 - 18:55

After Putin's Guarded Iran War Comments, Medvedev Enters The Chat

Earlier this week President Putin weighed in on America's Iran operations, and as we detailed his comments were predictably a bit guarded. He had compared the war and the Hormuz Strait closure - and subsequent impact on global energy - to the massive widescale impact of the Covid-19 pandemic. But fundamentally he highlighted the "unpredictable" nature of the conflict in terms of where it's headed, as Washington appears to be searching for an offramp on its terms.

On Friday Dmitry Medvedev weighed in, and as expected the former Russian president and current Deputy Chairman of the Security Council was much less guarded in his assessment. He warned at a moment thousands of US Marines and Airborne troop are en route to the Middle East that if the US enters a ground war in Iran it will be another "Vietnam".

American boots on the ground so far from US shores "threatens roughly the same consequences as what happened in Vietnam," Medvedev said as quotes in NBC and others.

"When Washington intervened in a foreign country, located a thousand miles away, and for ten years was unable to find a dignified way out of this conflict," he told the state-run RIA news agency.

He added that a potential ground operation in Iran would have "fatal consequences" for the broader region and for all involved in the war.

Size comparison: Vietnam overlaying Iran

The White House has been insistent that Trump's Iran "excursion" is not a quagmire. It has especially been Pentagon chief Pete Hegseth who has repeatedly denied that this conflict can be comparable to the start of 'forever wars' in Iraq and Afghanistan. 

But clearly the US doesn't have good track record when its forces must endure extended asymmetric warfare and insurgency conditions. Yet that's exactly where things will likely head if the White House introduces ground forces.

Iran's Foreign Minister Abbas Araghchi has actually seized on this historic theme as well, earlier writing on X: "Americans haven’t forgotten how (in 1967), even as hundreds of U.S. soldiers were dying in Vietnam, and the outcome was already clear, General William Westmoreland was flown home to reassure everyone that the war was going well - that the U.S. was ‘winning’."

"The media haven’t forgotten either; those briefings full of fantasy from the frontlines became infamous as the ‘Five O’Clock Follies’," he said. The "same script, different stage" is now unfolding, Araghchi insisted, adding: "Hegseth steps up, and the message is still detached from reality."

*  *  * CHECK IT OUT

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Tyler Durden Fri, 03/27/2026 - 18:30

Trump To Put His Signature On US Dollar Bills, Breaking Tradition Since 1861

Authored by Brian Quarmby via CoinTelegraph.com,

US President Donald Trump is set to become the first sitting president in history to have his signature put on US paper currency.

In an announcement on Thursday, the US Department of the Treasury said the move would mark the 250th anniversary of the US.

It will put both Trump and Treasury Secretary Scott Bessent’s signatures on future US notes.

“There is no more powerful way to recognize the historic achievements of our great country and President Donald J. Trump than U.S. dollar bills bearing his name, and it is only appropriate that this historic currency be issued at the Semiquincentennial,” Bessent said.

Until now, the tradition has been to put the signatures of the treasurer and the Treasury secretary on US paper currency.

This move would mark the first time in history that a sitting president is placing his signature on US currency.

Source: Brandon Beach

According to a report from Reuters on Thursday, the first $100 bills with Trump and Bessent’s signatures will be printed in June, with other bills following in later months.

Trump’s name and likeness have also made their way to cryptocurrencies, famous landmarks and commemorative coins.

Alongside the Treasury’s plans to put Trump’s signature on US notes, there are also potentially $1 coins with the president’s face on them that could enter circulation as part of the US’s 250th anniversary.

In late 2025, the US Mint released three proposed designs bearing Trump’s face and the caption “In God We Trust.”

Proposed $1 coin designs. Source: US Mint

Trump has also helped oversee the renaming of major US landmarks such as the John F. Kennedy Center for the Performing Arts. 

The board of the Kennedy Center, reportedly filled with Trump appointees, voted in late December to change the name to the “Donald J. Trump and the John F. Kennedy Memorial Center for the Performing Arts.”

This has prompted pushback, however, with lawmakers arguing that the move is illegal when done without authorization from Congress.

In the crypto world, Trump has a memecoin named after himself and he has also released multiple NFT projects, including the Trump Digital Trading Cards. 

Tyler Durden Fri, 03/27/2026 - 18:05

Asia Begins Pricing US Oil Against Brent As Dubai Volatility Spikes

Submitted by Michael Kern of OilPrice.com

Asian refiners have started pricing their orders for U.S. crude oil against the ICE Brent benchmark instead of the typical pricing on Dubai crude, as the Middle Eastern benchmark has seen wild fluctuations amid choked physical supply from the Persian Gulf.

Dubai crude prices soared last week to an all-time high of $169.75 per barrel, and were around  $130 a barrel early on Friday.

These highly volatile prices and the uncertainty about supply from the Middle East have prompted refiners in Asia to seek pricing against Brent, instead of the Dubai benchmark which has traditionally been the marker dictating the price of imports into the world's top crude-importing region.

Some Japanese refiners have already bought U.S. crude cargoes for delivery in July priced against ICE Brent, sources at trading and refining firms told Reuters on Friday. Taiyo Oil, for example, has purchased 2 million barrels of U.S. light crude via a tender at a premium of $19 per barrel over ICE Brent for July delivery, according to Reuters' sources. Taiyo Oil usually buys U.S. West Texas Intermediate crude priced against the Dubai benchmark.

The major shift in Asian pricing shows the market's unwillingness to price trades against Dubai crude, whose prices have been severely distorted in recent weeks due to the major physical supply disruptions with the de facto closure of the Strait of Hormuz.

Asian refiners are also forced to pay massive premiums for non-Middle Eastern crude, especially for the sour variety suitable for Asian refineries geared to process the sulfur crude from the Persian Gulf. The most suitable grade from Norway, Johan Sverdrup, was being bid last week at record-high double-digit premiums over Dated Brent.

Refiners in Asia are also cutting processing rates due to a lack of crude, fuel prices are skyrocketing, and governments are implementing fuel-saving measures such as four-day work weeks, work from home, and extended national holidays. Many Asian countries are also banning exports of fuels, which ripples through the global fuel supply, especially in jet and diesel markets.

Tyler Durden Fri, 03/27/2026 - 17:15

Disturbing "Five Nights At Epstein's" Online Game Spreads Rapidly Through Classrooms

A disturbing browser game called Five Nights at Epstein’s is spreading in schools, with students playing it during class and sharing videos online, according to Bloomberg.

In the game, players take on the role of victims trapped on Jeffrey Epstein’s island, trying to survive five nights by avoiding assault. Its popularity has been fueled by social media, where clips of students playing have drawn large audiences and, in some cases, even demonstrate how to bypass school restrictions. The game’s accessibility through web browsers makes it especially easy for students to access on school-issued devices.

Parents and educators are alarmed not only by the game’s content but by how casually students engage with it.

One parent noted that classmates seemed “disconnected to the reality that there were real victims,” often joking about the scenario in ways that felt dehumanizing.

Photo: Bloomberg

Bloomberg writes that despite platform policies that prohibit harmful or exploitative material, videos and links continue to circulate, frequently disguised with misspellings to avoid detection. The game reflects a broader pattern of meme-driven parody content that turns real-world abuse scandals into entertainment, blurring the line between satire and harm.

Educators warn that repeated exposure to this kind of content risks desensitizing young people to serious issues like sexual violence.

As one librarian put it, “That’s not kids being kids; that’s kids hiding from being sexually assaulted,” emphasizing concerns about how such media may shape attitudes and empathy.

Schools are attempting to respond through stricter device monitoring and usage policies, but many believe these measures alone are insufficient. Addressing the issue, they argue, requires a coordinated effort between tech platforms, parents, and educators to help students better understand the real-world consequences behind what they see on screens.

* * * Be Prepared

Tyler Durden Fri, 03/27/2026 - 16:50

"Too Many Things Are Out Of Whack..."

Authored by James Howard Kunstler,

"The people we care about most, the undocumented migrants..."

- Sen. Chris Murphy (D-CT)

Cult Classics

Tensions rise as the green fuse drives the flowers of springtime (and thank you, Dylan Thomas, for the loan.)

Too many things are out of whack. Some are actually breaking.

A physics of events is at work that will bring our affairs back to true, but expect it to be painful.

Okay, you’ve been warned.

Asia, especially, suffers bigly with the Persian Gulf shut-down.

For decades these countries took the oil flows for granted without having to do anything. No thoughts of maritime security. No cares for the chaos Iran sowed across the region (and beyond). Leave the tanker insurance to London.

Now, they are rationing the diesel, gasoline, natgas, and aviation fuel.

For the moment they are just stunned. Soon, they’ll be hollering, stomping, jumping up and down crying woo-woo-woo.

Europe, for years, has garishly, and in plain sight, planned its own journey to a de-industrialized neo-medieval Palookaville.

The poster-child, Germany, destroyed its energy prospects with lunatic glee, in thrall to retarded climate change politics, while the European Union turned into a devouring mother, stole her children’s sovereign agency, and herded them into a Klaus Schwab death camp.

No more atomic energy for you! No more cheap gas from Russia. No more heat in wintertime. Jihad for entertainment. The lights are going out and it might be too late to make other arrangements.

Don’t think for a moment that Iran was not a threat to the world, and especially to The Great Satan, as they styled us.

The Persians have been hostage to a cult for half a century, and all cults are crazy. This one, the reign of the Shia ayatollahs, was apocalyptic in the pure sense of the word. They prayed and labored avidly for the destruction of others and relished their own martyrdom. The craziest part was thinking that the USA under Donald Trump might possibly roll over for them.

Quit swallowing those black pills, everybody.

Iran is not some super-monster out of the Marvel Comics movies. Iran doesn’t have the mojo to shut down the Strait of Hormuz indefinitely. It will run out of missiles, drones, torpedoes, mines, launch sites, and a command structure for deploying any of that.

It has converted the other neutral Gulf states into raging enemies eager to help the US — and by extension, most ironically, Israel, too.

This rearrangement of interests in the Middle East would have been unthinkable a mere month ago.

We have way more to worry about here in America with our own apocalyptic coteries and claques.

And our broken institutions. Is it not obvious that the Democratic Party exists now solely to punish half of the country that would prefer to not wreck our republic?

The Democratic Party has no other program. It’s just another death cult.

That’s why you were made to wait four and half hours in some far-off precinct of the airport for a flight that you were guaranteed to miss.

Well, at least that’s over for now, since the Senate passed a spending bill at two o’clock in the morning today and DHS will be up-and-running again — while Congress takes two weeks off for Easter.

Now consider those figures and factions in the Republican Party who won’t lift a finger to allow election reform.

Thune, McConnell (what little is left of him), Murkowski, Tillis, maybe Collins.

What possible calculus judders their brains?

They are about to be drowned in a tsunami of revelation about organized ballot fraud in Arizona, Georgia, Pennsylvania, Michigan, and Wisconsin.

How will they explain that?

Maybe “election denial” wasn’t a thing all along. Thune’s game is plain stupid. He’s engineering his own downfall as majority leader as he attempts to usher the SAVE Act into a ditch. Our election procedures are patently insane, and only the insane fail to notice. So, failing to notice is an option, at least.

Tomorrow, Saturday, brings another Neville Roy Singham production of “No Kings” demos across the nation, a field-day for the senile.

They want to abolish ICE. They want illegal aliens to stay here and they want them in the voting booth.

Go out and ask them why that’s a good idea.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.

Tyler Durden Fri, 03/27/2026 - 16:25

CPAC Shocker: Dallas Crowd Cheers For Trump Impeachment Hearings

In a moment that captured the growing unease within conservative circles, Matt Schlapp, chairman of the American Conservative Union, found himself in an awkward spot at this year’s CPAC in the Dallas area on Friday. While attempting to rally the crowd, Schlapp asked, “How many of you would like to see impeachment hearings?” The audience erupted in cheers. Visibly caught off guard, he quickly backpedaled: “No… that was the wrong answer.” He tried again - “Let’s try that again, how many of you would like to see impeachment hearings?” - only for the crowd to cheer again. Flustered, Schlapp joked about needing coffee for the attendees before pivoting to a safer topic: keeping the House majority.

An attempt by @mschlapp to hype up the CPAC crowd goes horribly wrong —

"How many of you would like to see impeachment hearings?"

[cheers]

"That was the wrong answer..." pic.twitter.com/PQUCThdgV3

— Andrew Feinberg (@AndrewFeinberg) March 27, 2026

The incident unfolded against the backdrop of heated discussions at the conference about the U.S.-Israeli military actions in Iran. It was not the unified show of support Trump allies had hoped for - and it signaled deeper fractures in the MAGA base over foreign policy.

Those cracks are widening on Capitol Hill. Republican lawmakers, once solidly behind Trump, are now openly breaking ranks over the escalating conflict in Iran, warning that any deployment of U.S. troops could trigger a political backlash severe enough to cost the party in the midterms. Leading the charge is South Carolina Rep. Nancy Mace, who has repeatedly drawn a hard line against “boots on the ground.”

Mace: I’ll be voting against the funding if we’re putting troops on the ground. I’m not going to fund that—no U.S. troops. pic.twitter.com/qLDbT0OrvA

— Acyn (@Acyn) March 24, 2026

“If there are boots on the ground, public sentiment on this war changes overnight in a flash… people are not going to go for it,” Mace told ZeroHedge after a closed-door briefing. She has vowed to vote against any funding that would send American troops into Iran, stating plainly: “If a single boot of a single American soldier sets foot on Iranian soil, I will vote against this. I will not vote to fund sending South Carolina’s sons and daughters to die in a ground war in Iran.” Mace even stormed out of a House Armed Services Committee briefing, later telling colleagues “we were misled” about the scope of operations.

Her concerns are shared by other GOP voices who are far from the usual anti-interventionist suspects. Texas Rep. Chip Roy expressed “a lot of concern” among constituents, demanding clarity on objectives, timeline, and what “victory” would look like if troops are committed. Fellow Texas Rep. Brandon Gill stressed that voters reject “a long prolonged Middle East” engagement or nation-building. Even Sen. Rand Paul warned of an “uprising” at the gas pump if prices spike to $5 a gallon, noting that working families already squeezed by rent, food, and fuel costs will turn against the war the longer it drags on.

The GOP unease intensified after a Pentagon supplemental funding request reported at $200 billion - far beyond the White House’s initial framing of the operation as lasting mere “days” or “weeks.” Lawmakers were briefed on expanded objectives that reportedly include seizing Iran’s oil export hub at Kharg Island, targeting nuclear material, and even hints of regime change - options that could require thousands of ground troops. As of this week, roughly 7,000 U.S. forces from units like the 82nd Airborne are already heading to the region.

Missouri Sen. Josh Hawley highlighted the broader economic pain: voters want lower gas prices, cheaper healthcare, and rising wages - not endless foreign spending. Rep. Lauren Boebert echoed the “America First” frustration, saying she is “tired of the Industrial War Complex” while families back home struggle to afford basic living costs.

The CPAC episode and the congressional revolt come at a precarious moment for the Trump administration. What began as targeted strikes is now raising fears of another Middle East quagmire in a country twice the size of Iraq. With midterm elections looming, GOP members worry that prolonged conflict - especially one accompanied by higher energy prices and no clear exit strategy - could alienate the very MAGA voters who delivered Trump’s victory.

Trump may have even less time to wrap this up than previously thought... 

*  *  *

Tyler Durden Fri, 03/27/2026 - 16:05

US Signals Allies 'No Immediate Plans' For Ground Invasion, As Iran Warns 'Heavy Price' To Pay For Nuclear & Steel Plant Attacks Summary

• US signals to allies no ground invasion coming, with thousands of troops still en route: Iran denies requesting Donald Trump’s 10-day halt; Israel attacks steel & industrial sites. Also, Khondab Heavy Water Research Reactor, part of the Arak Nuclear Complex, targeted. Yellow Cake factory in Yazd province hit.

• Escalation on all fronts: IRGC HQ targeted by US-Israsel; Iran signals expansion by naming UAE targets, hitting Kuwait ports and sending drones on Riyadh. Iran newly warning it will hit Gulf industry.

• Rubio tells G7 foreign ministers war will continue for another 2-4 weeks.

• Israel doubles down amid reports of manpower strain: IDF chief warns of manpower pressure even as Defense Minister Katz vows to "intensify and expand" strikes.

• Risk rises that Iran is holding back more advanced missiles for a prolonged war: WSJ writes "The US and Israel are pounding Iran’s missile-launching sites... But Tehran’s missiles keep flying."

*  *  *

US Signals Allies: 'No Immediate Plans for Iran Invasion' As Tehran Says Bigger Retaliation Coming

Yesterday in Politico: I have no idea what they are trying to do’: Allies say Trump sends mixed signals on Iran. And today in Bloomberg, the latest: US Signals to Allies No Immediate Plans for Iran Invasion.

German Chancellor Friedrich Merz on Fridayopenly questioned whether Washington and Tel Aviv even have a workable plan, warning that President Trump is instead driving toward "massive escalation."

"I have great doubt about whether there is a strategy, and whether the strategy can be executed," Merz said, underscoring growing unease among allies. The German leader revealed a tense half-hour call with Trump earlier this week, saying he told the US president bluntly that if he expects allied backing, "then ask us please beforehand" instead of going straight to the media. The conversation, Merz admitted, was "not without controversy."

Merz said Trump repeatedly brushed off alliance coordination altogether, telling him, "I don’t need NATO." Meanwhile a new warning from Iran's Foreign Minister:

Israel has hit 2 of Iran's largest steel factories, a power plant and civilian nuclear sites among other infrastructure. Israel claims it acted in coordination with the U.S.

Attack contradicts POTUS extended deadline for diplomacy.

Iran will exact HEAVY price for Israeli crimes

— Seyed Abbas Araghchi (@araghchi) March 27, 2026

And via Newsquawk: Senior Iranian Official says US attacks on Iran while simultaneously calling for talks is intolerable.

More Iran Nuclear Sites Targeted; UAE Presses for Hormuz Security Force

The United Arab Emirates, which has been among the hardest-impacted Gulf states in Iran's ongoing retaliation, is pressing for a multinational maritime ​taskforce to reopen vital oil transit waterway, the Financial Times reports ‌Friday.

The UAE, with a navy that's not really going to strike fear into any enemy (much less the Iranians), says it is willing to participate in a "Hormuz Security Force" to defend the strait and escort shipping. Dozens of countries are being asked to join, sources cited in FT say. So far there have been no takers. Meanwhile, more alarming escalation with fresh US-Israeli attacks on nuclear sites, as Tehran threatens to launch revenge attacks in kind (on Gulf and Israel):

• IRAN SIGNALS POSSIBLE ATTACKS ON STEEL FACTORIES IN GULF AND ISRAEL, ACCORDING TO TASNIM.
• Aardakan yellow cake factory (nuclear) in Yazd province attacked by US and Israeli Friday evening (local)
• No radiation leak detected, local authorities say

Tasnim says that Iran's response will "not be limited to the region's steel industries" and that a "broader more severe response" is on the agenda. And... 

Israeli/American airstrikes hit the Khondab Heavy Water Research Reactor located on the territory of the Arak Nuclear Complex in western Iran on Friday. pic.twitter.com/qP7ytrCfVb

— Status-6 (War & Military News) (@Archer83Able) March 27, 2026

The IDF announces the following [machine translation]:

After identifying rehabilitation attempts: The Air Force struck the heavy water plant in Arak - a key infrastructure for producing plutonium for nuclear weapons With precise guidance from Military Intelligence, the Air Force struck a short while ago the heavy water plant in Arak, located in central Iran. Heavy water is a unique material used to operate nuclear reactors such as the currently inactive reactor in Arak, which was originally designed to have the capability to produce weapons-grade plutonium. These materials are also used as a source for extracting neutrons for nuclear weapons.

Vital Iranian Steel Plants, Industry Attacked

Israeli media citing military officials on Friday: "The IDF attacked Iran's two largest steel plants, in Isfahan and Ahvaz. Both plants are vital to Iran's military industry and are partially owned by the Revolutionary Guards. The strikes on the plants are expected to cause billions in damage to the Iranian economy."

This could mark a new, expanded phase of the war as Israel goes after key defense industrial targets, which also serve central civilian infrastructure development. The US has still held off on pursuing more attacks on energy sites, but it seems Israel is maintaining a more gloves off approach - opting for total societal destruction, and going after industry. This seems to also be part of efforts to ensure ballistic missile production is degraded. 

Reuters: US is certain about having destroyed third of Iran's missiles, say sources. Another third is believed to be damaged, destroyed or buried.

Also, Khondab Heavy Water Research Reactor, part of the Arak Nuclear Complex, targeted.

Reports from Iran suggest that all three of Iran's largest steel production plants were struck in a coordinated targeted strikes.

This could substantially affect the national steel industry and manufacturing pic.twitter.com/mmrnyDS8UX

— Ben Tzion Macales (@BenTzionMacales) March 27, 2026

"One of the sources said the intelligence was similar for Iran's drone capability, saying there was some degree of certainty about a third having been destroyed," Reuters writes, noting that all of this contradicts White House claims of Iran having "very few rockets left".

Iran Didn't Request Trump's 10-Day Pause: WSJ

Iran has not requested a 10-day pause on strikes on its energy plants, peace talk mediators have been cited in WSJ as saying, and has still not issued formal response to the 15-point US plan delivered via Pakistan. This as the Pentagon is moving thousands of Marines and Army Airborne soldiers into the region.

The Wall Street Journal points out that "The U.S. and Israel are pounding Iran’s missile-launching sites, hitting some over and over across almost a month of war. But Tehran’s missiles keep flying."

One pundit questions, are we 'winning' yet?... writing the following brief assessment of where things stand: IRGC Joint Staff headquarters under US-Israeli strikes. Iran naming UAE targets as Abu Dhabi enters the war. IDF Chief of Staff warning publicly the Israeli military could "collapse" from manpower shortages. Iran claiming over one million fighters mobilised with IRGC lowering the age for support roles to 12. Pentagon considering 10,000 additional ground troops within striking distance of Kharg. Trump pausing energy-plant destruction for 10 days until April 6. Iran denying it requested the pause. Houthis warning they will enter the war. Lavrov saying the quiet part: “Iran did not violate any of its international obligations.” Russia’s oil revenue doubling to $24 billion this month.

Oil prices continued to spike this morning, with international Brent crude oil once again surpassing $110 per barrel. For the day so far that’s up another 3%. 

Aftermath of strikes earlier this week on central Israel

"After several glimmers of hope, fueled by comments from President Trump, which were quickly dashed, the market is becoming more demanding in terms of rhetoric," said Amélie Derambure, senior multi-asset portfolio manager at Amundi. "The TACO trade is more difficult to do because a return to square one is not possible from here."

Gulf Flashpoint Widens: Iran Signals No Let Up

Multiple GCC countries issued incoming-attack alerts as drones and missiles light up the region Friday, with Kuwait taking at least two new hits: Shuwaikh Port was struck by "hostile drones" - per the Kuwait Ports Authority, with a second target, Mubarak Al-Kabeer Port, reportedly hit by drones and cruise missiles. Infrastructure damage has been reported in both cases, but no reported casualties.

Saudi Arabia maintains its air defense footing, with the Ministry of Defense saying drones were intercepted and destroyed over Riyadh and the Eastern Province, following a warning for Al-Kharj - home to Prince Sultan Air Base. Six ballistic missiles were detected: two intercepted, with four splashing into the Persian Gulf and empty areas.

Absolute chaos in Tel Aviv...

Caos absoluto en Tel Aviv. La ciudad está en llamas. La sociedad israelí está viviendo su peor momento en décadas. Las nuevas oleadas de misiles de Irán son cada vez mas violentas y la situación se está volviendo insostenible. Se ha prohibido incluso la divulgación de todos los… pic.twitter.com/C5SDgtBigk

— Martín Dandach (@MartinDandach) March 26, 2026

New explosions have been reported in Dubai and Abu Dhabi on Friday. It's as if Iran and the IRGC are sending a clear "f-you" message to Trump in the wake of the series of ultimatums and deadlines Tehran never asked for. Trump earlier went from 48 hours to 5 days to now a 10-day window amid the threats to attack power and energy infrastructure.

Israel Escalates Too: Will 'Intensify & Expand' Strikes on Iran

The White House has been busy talking about its backchannel diplomacy and getting the beginnings of a peace deal off the ground via Pakistan, and at one point within the past week there was talk of Vice President J.D. Vance actually traveling to Islamabad - but the situation on the ground suggests the opposite, given also Israel has on Friday announced escalation of its posture. Israel has continued coming under consistent missile strikes.

⚡️Nahariya, Israel pic.twitter.com/5rl2HtWuYT

— War Monitor (@WarMonitors) March 26, 2026

Now, Defense Minister Israel Katz is vowing Israel's attacks will "intensify and expand" - citing that Islamic Republic had not heeded warnings "to stop firing missiles at Israel’s civilian population." Katz said: "The fire has continued - and therefore, IDF strikes in Iran will intensify and expand to additional targets and domains that assist the regime in developing and deploying weapons against Israeli civilians."

There remains a huge risk for Israel amid the expectation that Iran has been saving its biggest and most advanced, longer range missiles - rationing its arsenal as it settles in for a long war.

Strait of Hormuz Status & Overnight News

Tehran could still be playing a double game of public rejection coupled with private behind-the-scenes signaling. According to Axios' latest, Iranian officials are quietly showing interest in talks even as they reject Washington's proposal, with mediators leaning hard to force  or 'will into existence' a meeting in the coming days. "Things are progressing very slowly" in terms of negotiations between the US and Iran, and as of now, no meeting between senior officials is even on the calendar, per Isreal's i24NEWS.

An Iranian girl swings on a beach in Bandar Abbas as smoke rises from a nearby naval base hit by strikes.pic.twitter.com/8B2Pdt2iql

— Clash Report (@clashreport) March 27, 2026

The IRGC Navy is still declaring the Strait of Hormuz effectively shut: traffic "to and from" ports tied to enemy allies is banned outright, with warnings any movement will be "severely dealt with." In a rare twist, The Wall Street Journal and others report Iran has even blocked two Chinese vessels from transiting Hormuz - signaling enforcement isn't just for Western targets. Washington seems to be trying to adapt in real time, as Reuters reports the US has deployed uncrewed drone boats into the theater, opening yet another front in an already widening conflict.

*  *  * Nighty night

Tyler Durden Fri, 03/27/2026 - 16:05