Individual Economists

Ritholtz Wealth Management Is Coming to San Francisco!   

The Big Picture -

 

 

Ritholtz Wealth Management is heading west. The week of April 16, 2026, our team will be in San Francisco to meet with clients and advisors. If you’re in the Bay Area and want to connect, we’d love to hear from you.

We’re also thrilled to announce a special live taping of Masters in Business, hosted at Bloomberg San Francisco (Pier 3, The Embarcadero). I sit down with Glen Kacher, Chief Investment Officer and Founder of Light Street Capital, for an in-depth conversation about markets, technology investing, and what’s next for growth-oriented strategies. Glen has built one of the most respected technology-focused investment firms in the world, and this is a conversation you won’t want to miss.

This is an invite-only event. Space is limited. If you’d like to attend, please reach out to us directly for details.

Seats are extremely limited — you must ask your RWM or Bloomberg contact for tickets. 

Event Details

Date: April 16, 2026 Location: Bloomberg San Francisco — Pier 3, The Embarcadero, Suite 101, San Francisco Guest: Glen Kacher, CIO & Founder, Light Street Capital Host: Barry Ritholtz Admission: Invite only

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For those of you interested in learning about how RWM works with clients or information about the event, reach out to us at Info AT RitholtzWealth.com

The post Ritholtz Wealth Management Is Coming to San Francisco!    appeared first on The Big Picture.

10 Thursday AM Reads

The Big Picture -

My morning train WFH reads:

• Traders Placed $580mn in Oil Bets Ahead of Donald Trump’s Social Media Post on Iran Talks: Someone placed enormous oil bets right before Trump’s Iran post moved the market. Coincidence is one explanation, but not the most obvious one. (Financial Times)

Maybe Turning War Into a Casino Was a Bad Idea? A disturbing new low in the Polymarket era (The Atlantic) see also Prediction Markets Promised Better Information. Instead They’re Creating Powerful Incentives to Corrupt Information. (TechDirt)

• Millions of Americans May Be Owed a Tax Refund from COVID. How to Get It.: Turns out a lot of people never claimed pandemic-era tax credits. If you’re one of them, there’s still time—but the clock is ticking. (USA Today)

See which jobs are most threatened by AI and who may be able to adapt: It’s the most urgent question about artificial intelligence — and one of the hardest to answer. (Washington Post)

The Accidental Moat-Killer: How a Mission to Accelerate Cancer Research via Idle Devices Is Now Upending AI’s Inference Economics (Super Genius Chronicles)

How the Iran Conflict Is Widening, in Maps: So far the conflagration has hit more than a dozen other countries, eight bases with a U.S. presence and a number of commercial ships (Wall Street Journal)

Afroman Wins Lawsuit Filed By The Cops Who Raided His Home: After police stormed the rapper’s Ohio home, he turned the experience into an album and set of videos. Claiming defamation and invasion of privacy, seven deputies from the raid sued. (Vanity Fair)

• Iran Built a Vast Camera Network to Control Dissent. Israel Turned It Into a Targeting Tool: Iran’s domestic surveillance infrastructure—built to monitor its own citizens—was reportedly co-opted by Israeli intelligence for military targeting. Orwellian doesn’t begin to cover it. (Yahoo)

A Billionaire, a Scientist, and a Secret in the Florida Everglades: A yearslong battle between a celebrated hydrologist and a respected environmental juggernaut led to accusations about political motivations and stealing trade secrets (Rolling Stone)

• Remembering Robert Mueller: A reflection on the man who ran the most consequential investigation of the Trump era, and what his legacy looks like now that the rule of law is under renewed assault. (Doomsday Scenario)

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.

 

Traders placed $580mn in oil bets ahead of Donald Trump’s social media post on Iran talks

Source: Financial Times

Sign up for our reads-only mailing list here.

 

 

The post 10 Thursday AM Reads appeared first on The Big Picture.

Net Zero Activists Stumped By Shock New Evidence Showing No Link Between CO2 & Temperature Over Last Three Million Years

Zero Hedge -

Net Zero Activists Stumped By Shock New Evidence Showing No Link Between CO2 & Temperature Over Last Three Million Years

Authored by Chris Morrison via DailySceptic.org,

The climate science world (‘settled’ division) is in shock following the discovery in ancient ice cores that levels of carbon dioxide remained stable as the world plunged into an ice age around 2.7 million years ago. Levels of CO2 at around 250 parts per million (ppm) were said to be lower than often assumed with just a 20 ppm movement recorded for the following near three million-year period. In addition, no changes in methane levels were seen in the entire period. Massive decreases in temperature with occasional interglacial rises appear to have occurred without troubling ‘greenhouse’ gas levels, and this revelation has caused near panic in activist circles.

The assumed level three million years ago of CO2 was around 400 ppm, a convenient mark that has been used to explain the subsequent ice age and a drop to 250 ppm. Due to the recently published paper, this explanation has become more problematic and natural climate variation is correctly noted to have occurred with the temperature changes. Alas, similar explanations are mostly ignored in discussing today’s climate changes in the interests of promoting the Net Zero fantasy. Some cling desperately to a dominant CO2 role, including one of the authors of the findings published in Nature. The co-author states that the results suggest even greater climate sensitivity to the warming effect of CO2. In short, there is a great deal of applying the laws of physics and chemistry to one era, but failing to extend the same courtesy to another.

The title of the paper, produced by 17 America-based scientists, was enough to set alarm bells ringing in the ‘settled’ science, Net Zero-obsessed community: ‘Broadly stable atmospheric CO2 and CH4 levels over the past three million years.’related paper examining ocean heat content derived from the ice core record was also published. Carrie Lear, Professor of Past Climates and Earth System Changes at Cardiff University, claimed that the papers “don’t rewrite the role of CO2, they underline how sensitive the climate system is… that is why today’s rapid  CO2 rise is so alarming”.

Ah, yes. Even if CO2 movements are minimal, probably within a margin of potential error, they are still responsible for large variations in temperature. The laws of climate science are ‘settled’ – if the trace atmospheric gas CO2 is rising, falling or generally stable, it is almost wholly responsible for large movements in global temperature. Under this rather shaky assumption, humans must stop burning hydrocarbons and return to a neo-Malthusian pre-industrial age.

Study lead author Julia Marks-Peterson noted: “We definitely were a bit surprised. If correct, the findings may suggest that even small changes in greenhouse gas levels could trigger major shifts in climate.” That’s a little bit of a scary thought, she added, possibly with an eye on future grant funding. “May suggest” is doing a lot of the work here, and it may also be suggested that more plausible opinions are available.

Quoted in New Scientist magazine, Tim Naish, Professor of Earth Science at Victoria University in New Zealand, said it was “way too early to thrown the baby out with the bathwater”. Perish the thought that baby should be given its marching orders, ending a science-lite 40-year demonisation of CO2 and related promotion of a hard-Left Net Zero dream.

The latest Nature-published research gives a snapshot from ancient Antarctica ‘blue’ ice drilled in the Allan Hills area. It looks back further in time past the usual 800,000 ice core records. The key finding is that over the last three million years, when sea levels fell and ice periods intensified, the level of the main ‘greenhouse’ gases remained remarkably stable. For the first time, the work has pushed the direct gas measurements back into the late Pliocene era. Over the last three million years moving into the Pleistocene, global temperatures showed a long-term cooling trend of several degrees Celsius, interrupted by increasingly large interglacial oscillations. Interglacial temperature swings, as in the current Holocene, often see temperatures rise by 5°C and more.

Critics seeking to downplay ice core evidence often suggest it is too imprecise to provide a wholly accurate record of gas levels and temperature. But it is accurate enough to give a broad cyclical insight. It remains the source of some of the best data we have on the past climate. It is undoubtedly more accurate than most proxy evidence from millions of years ago. But whatever the evidence used, it is hard to detect any obvious and continuous link between CO2 and temperature across the entire geological record going back 600 million years to the start of abundant life on Earth. Certainly none to justify the political notion that humans control the climate thermostat by burning hydrocarbons.

In fact the evidence is so slim that Les Hatton, Emeritus Professor in Computer Science at Kingston University, was recently able to determine from ice core records that 100-year rises of 1.1°C in the current interglacial, which started 20,000 years ago, have occurred in one in six centuries. Going back 150,000 years, the frequency was around one in six to one in 20 centuries. None of these findings suggest that current warming is either unusual or primarily caused by human activity. Needless to say, none of these findings trouble the headline writers in narrative-addicted mainstream media.

Tyler Durden Thu, 03/26/2026 - 06:30

Hungary To Halt Gas Deliveries To Ukraine Over Its Energy 'Blackmail': Orban

Zero Hedge -

Hungary To Halt Gas Deliveries To Ukraine Over Its Energy 'Blackmail': Orban

Hungary is moving to choke off gas flows to Ukraine, escalating an energy standoff after Kiev halted Russian oil transit via the Druzhba pipeline.

Prime Minister Viktor Orban in a fresh social media video address reiterated that Ukraine has blocked the Soviet-era route for a month, and he newly warned: "As long as Ukraine does not provide oil, it will not receive gas from Hungary," according to a translation.

via Reuters

Orban added that diverted supplies will be stockpiled domestically, filling up the country's own reserves, arguing the move is justified as Ukraine "is also attacking the southern gas pipeline that supplies Hungary," referring to the TurkStream corridor.

Framing the dispute as an energy security battle, Orban declared: "We will defend Hungary’s energy security, the protected petrol price, and the reduced gas prices" - adding Hungary has so far "successfully defend against Ukrainian blackmail."

Orbán further called the Russian oil stoppage "Ukrainian blackmail". According to more from The Associated Press:

There was no immediate comment from Kyiv and a Hungarian government spokesperson did not respond to a request for comment by The Associated Press.

Ukraine imports a major portion of its gas needs through Hungary, amounting to around 45% of all gas imports last year, according to Ukrainian energy consultancy EXPRO. That number dropped to 38% by January.

This comes amid inter-EU turmoil and growing Brussels distrust of and anger toward Budapest:

The EU is limiting the flow of confidential material to Hungary and leaders are meeting in smaller groups — as Polish Prime Minister Donald Tusk warned of long-standing suspicions Viktor Orbán’s government is sharing information with Russia.

But there will not be any formal EU response to a fresh set of allegations because of the possible impact on the Hungarian election on April 12, according to five European diplomats and officials who told POLITICO they were concerned about the risk of Budapest leaking sensitive information to the Kremlin.

Last week Orban had made clear this week that Hungary will block all EU summit decisions in Ukraine's favor until oil Russian flows resume.

"We would like to get the oil, which is ours, from the Ukrainians, which is now blocked by the Ukrainians, I did not support any kind of decision here, which is in favor of Ukraine ... [as long as] the Hungarians are not able to get the oil which belong to us," Orbán stated.

Orban has already blocked a proposed €90 billion ($103 billion) loan for Ukraine as well as efforts to slap new sanctions on Moscow, despite the pleadings, pressure, and interventions from other EU leaders.

"I will never support any kind of decision here which is in favor of Ukraine," Orbán made clear at an EU meeting Thursday. "The Hungarian position is very simple. We are ready to support Ukraine when we get our oil, which is blocked by them," Orbán underscored further.

Tyler Durden Thu, 03/26/2026 - 05:45

The US Shows A Way Out Of Germany's Energy Trap

Zero Hedge -

The US Shows A Way Out Of Germany's Energy Trap

Submitted by Thomas Kolbe

Big developments are underway in Tennessee and Alabama. Over the next five years, the joint Japanese-American project will bring several so-called small modular reactors (SMRs) of the BWRX-300 type online. Almost one percent of U.S. electricity production—slightly more than three gigawatts—will be added to the existing energy mix by reactors designed by Hitachi and GE Vernova.

A caveat for purists of market economics: this is a hybrid project. While the majority is privately financed, export support from Japan as well as offtake guarantees and credit facilities accounting for roughly one percent of the total volume come from the U.S.

Overall, this project represents an investment of $40 billion. It joins a number of major initiatives currently being driven largely by the private sector in the U.S. Major platform operators and tech giants—Google, Meta, and Microsoft—are deeply involved in building new nuclear capacities. This disproves, above all, the claims of most German ideologues who insist that nuclear power has no future worldwide.

The fog has lifted. The truth is indisputably on the table. The closure of the Strait of Hormuz completes the evidence that Germany’s energy transition has not only failed but has destroyed hundreds of billions, if not trillions, of euros. Once the work of the eco-socialists is complete, we must conclude, more than a year’s worth of economic output may have gone up in smoke. This is economic substance and the guarantee of our prosperity. It is a reminder that the societal damage of this policy far exceeds what GDP figures alone can convey.

In the wake of this realization—now felt in everyone’s wallet—several fatal insights emerge, describing the current state of the Federal Republic. First is the successful narrowing of public discourse to Merkel’s principle of “no alternatives.” Like a pyramid scheme set from the top, the issue of CO2-driven climate change dominated not only politics. State-aligned media and corporations closely tied to the government played along, submitted to the rules, and positioned themselves at the forefront of executing this new moral framework.

After the Fukushima accident, Germany’s nuclear phase-out was sealed: too dangerous, not future-oriented. The future would lie in energy forms that, according to the green agitprop department, sent no bills. Nearly all politicians joined this intellectual blackout, enacting a monogenetic correction of party DNA across the spectrum, which now sits in front of the “firewall.”

The narrative frame was set, deeply embedded into public consciousness by the omnipresent NGO influence. A chain of guilt linked every action to a supposedly burning planet. It helped install subsidy and redistribution mechanisms and drowned even the faintest critique of the grand looting in a mixture of climate apocalypticism, moral sauce, and Thunberg-style infantilism.

That this looting continues unabated through the productive sectors of our society, and even accelerates, speaks volumes about the state of our society. Political apathy among voters combines with extraordinary arrogance and ideological stupidity in the highest ranks of this catastrophic regime.

Alongside intermittent green energy, a megastructure of new backup gas plants is to be built. Authorities speak of up to 50 such “backstops” to prevent the country from literally collapsing into social chaos during a dark doldrums period.

The statistics are indisputable. Since 2004, electricity production in China has increased by over 330 percent; in the U.S., roughly 11 percent. Germany, however, has lost 13 percent of its electricity production since its peak year 2021 and is now a net importer. Prosperity derives from energy production. Any self-imposed restrictions at this point lead society down the path of impoverishment. A historical and economic lesson, apparently never contemplated in union seminars or green think tanks. Meanwhile, in the circles of degrowth enthusiasts, rationality and bourgeois values trigger an immune-like resistance similar to the effect of advanced humanistic education.

In the U.S., President Donald Trump set in motion a shift back in 2016, briefly interrupted by the Biden administration: away from the European model of artificially constrained energy production and toward a deregulated market. Trump’s slogan “Drill, Baby, Drill” benefits the United States as a net exporter of oil and gas in the current crisis. Across the Atlantic, it is understood that autonomous control over energy capacities translates seamlessly into geopolitical leverage. The U.S. seeks strong access to energy markets to maneuver more effectively against China, for example, in the area of rare earth elements.

The emerging U.S. energy power structure, controlling Venezuelan oil, soon the Strait of Hormuz, and fostering closer ties with Arab energy states, is likely to consolidate America’s dominant position for the foreseeable future.

While Germany sheds crocodile tears over shifting geopolitics and remains frozen watching events in the Strait of Hormuz, one must ask: what is to be made of a chancellor who, despite the failed energy transition, ostentatiously rejects a return to nuclear power? Merz embodies with full force the destructive spirit of ideological blindness, too often mingled with foolish power-seeking in Berlin.

Or will the Social Democrats continue to suffice to form another left-ecologist coalition and carry Merkel’s globalist project into the future?

Germany gives the impression of a stagnant pond, where sedated frogs have grown accustomed to the stench of decay. The fresh stream flowing past them is unseen—or unwelcome.

Even so, EU Commission President Ursula von der Leyen has finally noticed, years late, that something is moving in the nuclear sector.

Tactically following Brussels’ handbook, she announced support for existing and planned nuclear projects across the EU. Whether in France, Poland, the Czech Republic, Romania, or even Italy, where further nuclear investment is under consideration—the political dam is broken. From nuclear investment, we can gauge Europeans’ efforts to preserve national sovereignty against Brussels’ green transformation machine.

It is obvious: technological progress will not stop even European utopians in Brussels.

To counteract the erosion of her influence, von der Leyen offered a “fund” of €200 million—a joke against the backdrop of hundreds of billions burned in the green crony economy. Yet she seeks to publicly position herself at the head of a caravan long already in motion. It is a display of power, not real politics, but at least a form of indirect acknowledgment that ideological, irrational policies have pushed the old continent deep into an economic dead end.

The entry into modern forms of nuclear power, driven by free markets, backed by reintegration of cheap Russian gas to buy time, would shatter the walls of the one-way street. Yet Degrowth Chancellor Friedrich Merz shows no interest in this path.

* * * 

About the author: Thomas Kolbe, a German graduate economist, has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden Thu, 03/26/2026 - 05:00

The One Market Where Meta's New AI Glasses Can't Be Sold

Zero Hedge -

The One Market Where Meta's New AI Glasses Can't Be Sold

Meta Platforms' new AI Ray-Ban smart glasses with a built-in display are facing three major roadblocks in the European Union, where battery rules, AI regulations, and supply constraints have derailed plans to roll out the glasses across the continent.

Bloomberg spoke with people familiar with the new AI glasses, an upgrade over the previous model, which lacked built-in optics, and warned that Meta is attempting to launch the glasses in the EU, but its manufacturing partner, EssilorLuxottica SA, will not be able to secure enough supply to support the rollout.

Compounding EssilorLuxottica's supply woes, the people warned that the delayed EU launch is also due to regulations governing AI features and batteries.

The big obstacle on the battery front is that one EU requirement mandates that devices sold on the continent must have removable batteries by 2027, which creates big design challenges for compact wearables like these glasses, as well as headlines and other similar devices.

Meta is reportedly pushing for an exemption with Brussels, arguing the rule would hurt not just glasses but other wearables across the consumer electronics market. 

Making matters worse for Meta, EU rules would also limit some of the AI functions that are key to the glasses, making a stripped-down launch very unattractive to consumers. 

EssilorLuxottica's supply woes are understandable, but Brussels's overregulation of nearly everything, including AI and batteries, shows how elected and unelected bureaucrats can slow or kill innovation.

Andrew Puzder, the US ambassador to the European Union, told an audience at an event earlier this week that the glasses will not be available in the region.

"Where is the one place in the world that you can't sell these glasses? The European Union. Why? Because the battery isn't removable," Puzder said.

Earlier this year, we cited Goldman analyst Jerry Shen's report on how the mass adoption cycle for AI glasses is just ahead, outlining the full supply chain of companies that make every component of these glasses (read here and here).

Tyler Durden Thu, 03/26/2026 - 04:15

"Lord, What Fools These Mortals Be!" Shakespeare's Birthplace To Be "Decolonized"

Zero Hedge -

"Lord, What Fools These Mortals Be!" Shakespeare's Birthplace To Be "Decolonized"

Authored by Jonathan Turley,

In Hamlet, William Shakespeare famously wrote, “To thine own self be true.”

The problem is when others want to present a different “truth” long after you are gone.

Shakespeare is under an unrelenting attack in the United Kingdom from trigger warnings to censoring his prose.

Now, Shakespeare’s Birthplace Trust has announced that it will “de-colonise” the Bard.

In the name of creating “a more inclusive museum experience,” the Trust is moving away from Western perspectives to avoid the dangers of “white supremacy.”

A prior research project between the trust and Dr Helen Hopkins at the University of Birmingham raised concerns over just praising the writer. 

Even recognizing Shakespeare’s genius “benefits the ideology of white European supremacy.”

The new push at the Trust follows The Globe Theatre’s previous move to “decolonise” Shakespeare’s famous plays.

Again, while many of us denounce this type of revisionism, it appeals to this community of cultural overlords.

It is personally advancing for these academics and experts to seek to change or cancel such works.

The same voices are being heard in the United States. As we previously discussed, in a column in the School Library Journal, Minnesota librarian and journalist Amanda MacGregor questioned why teachers were even still exposing their students to this harmful influence: “Shakespeare’s works are full of problematic, outdated ideas, with plenty of misogyny, racism, homophobia, classism, anti-Semitism and misogynoir.”

Lorena German, National Council of Teachers of English Anti-Racism Committee chair and a co-founder of the Disrupt Texts forum, insisted “everything about the fact that he was a man of his time is problematic about his plays. We cannot teach Shakespeare responsibly and not disrupt the ways people are characterized and developed.”

It is time for the dwindling population of sane Brits to step forward and fight for their culture and heritage. These advocates have used academia and the media to attack the foundations of British culture. It is not enough to foster diversity in other areas, they must change and reframe how historical figures and works are presented.

They recognize this as a culture war, but have met little resistance. It is time, as the Bard himself wrote, to “Cry havoc! and let slip the dogs of war.”

Tyler Durden Thu, 03/26/2026 - 03:30

Danish PM Resigns After Disastrous Election Losses For Social Democrats

Zero Hedge -

Danish PM Resigns After Disastrous Election Losses For Social Democrats

When challenging progressives to give an example of a socialized welfare state that actually works, they will invariably bring up Denmark with its extensive public subsidy programs.  However, the Danish system only functions when the population is small and generally homogeneous (mostly European).  In the past decade, the far-left Danish government under the Social Democrats has allowed over 1 million migrants to enter the country with a population of only 5 million.

The non-western population of Denmark is now 10% (or more), and a large percentage of this immigration is Muslim.  For such a tiny country, this kind of abrupt demographic change can be destabilizing.  The government was forced to respond with tougher restrictions on asylum and tighter controls on border. 

They have also instituted measures to prevent third world "no-go" zones - Third world immigrants have a tendency to pack into small areas and "tribalize" neighborhoods, making those areas into colonized enclaves.  The level of complaints from these people in the face of common sense immigration reforms is telling.  They see Europe as an open buffet; a place where they are entitled to feed until their buttons burst.  They cannot comprehend the idea that they could be limited in any way.     

 

The Danish population does not feel that the restrictions imposed by Social Democrats are enough.  They want deportations. Critics argue that the party only decided to take the immigration issue seriously after growing pressure from the public, along with the threat of election defeat.  Their actions were too little too late and the Social Democrats were pummeled in the latest election.

Danish Prime Minister ​Mette Frederiksen on ‌Wednesday submitted her government's ​resignation to ​the king after her ⁠three-party coalition ​suffered a crushing ​defeat in the general election, the royal ​palace said ​in a statement.  Parties are ‌set ⁠to launch potentially tough negotiations ​to ​determine ⁠whether the next ​government will ​be ⁠formed by Frederiksen or another ⁠party ​leader.

Socialist Democrats ran largely on geopolitical issues, including their handling of the Trump Administration's attempted purchase of Greenland (Denmark still maintains extensive control over Greenland's political and economic affairs). 

Frederiksen called the snap election in late February 2026 partly to capitalize on a temporary poll boost from her "firm stance" against Trump’s comments regarding Greenland. She also assumed her strong support for Ukraine and increased defense spending would win over the voters. However, her plan backfired.

Once the short campaign began, domestic “bread-and-butter” issues overwhelmingly dominated the agenda for the Social Democrats and most other parties.  They probably should have taken into account popular polls.  A recent Gallup poll in Denmark found that 54.5% of Danes are "completely in disagreement" or "in disagreement" with the statement that Islam is compatible with Danish values.

Only about 17.4% (3.3% "completely in agreement" + 14.1% "in agreement") think it is compatible, with the rest neutral or unsure.  The same survey showed 33.3% of Danes view Muslim immigrants as a threat to the country.  The right-wing "Blue-Bloc" gained 8 seats, bringing their total to 77.  The right-wing bloc's overall seat increase was driven mainly by the strong recovery of the Danish People's Party, reflecting continued voter concern over immigration, integration, and welfare sustainability.  

The core issue of the Blue Bloc is deportations of incompatible migrant groups; a subject which progressive parties traditionally refuse to address, but one that is becoming increasingly important for the success of any political party in the west.  

Tyler Durden Thu, 03/26/2026 - 02:45

Germany's Economy At The Point Of No Return

Zero Hedge -

Germany's Economy At The Point Of No Return

Submitted by Thomas Kolbe

If anyone still needed a concrete figure to illustrate the dramatic state of the German economy, the Federal Statistical Office has now delivered it. The country’s investment ratio is negative, as depreciation exceeds nominal investments. Slowly but surely, the lights are going out.

Public discourse in Germany often sounds monocaudal and lacks complexity. Regardless of which social conflicts, administrative difficulties, or economic issues are being debated, for the majority of Germans, the state is not the cause of many problems but the ultimate solution.

A majority of Germans regularly fall for the statist-arguing snake-oil salesmen of the major party cartel beyond the firewall. The solutions that Chancellor Friedrich Merz and his junta of green, red, and dark-red socialists apply to every problem arising from the long-term recession are simple and resonate with voters – as we have seen recently in Baden-Württemberg and Rhineland-Palatinate.

To put it bluntly: more of the same medicine, more state intervention, more regulation, all intended to cover up the loss of control in the fundamental areas of our time – migration, the definition of our social system, and the organization of the economic framework.

It sounds so simple, socially warm, yet resentment-laden: higher taxes on the wealthy, squeezing heirs harder. Fundamentally, Donald Trump and Vladimir Putin are blamed for the energy crisis. Once these childish narratives are established, it’s eyes closed and full speed ahead on the path of green transformation, which has paralyzed the economy. Germany’s economy is running on wear and tear, consuming its own substance just to stay afloat.

This statist mindset, cultivated since reunification, comes at a cost. Economists call it “crowding-out,” which can be observed everywhere. Private-sector engagement is being crowded out by the NGO complex, green subsidy entrepreneurs, and all the incentive hunters who offer no real products or services on the market but are very adept at exploiting public funding.

Meanwhile, the real economy, the free private sector, is packing its bags. The widespread investment restraint of private industry spans all sectors. Whether in mechanical engineering, automotive, or chemicals, companies are retreating and increasingly investing abroad. In 2024, over €60 billion in net direct investment was withdrawn from Germany, down from €120 billion previously.

The data point released by the Federal Statistical Office on Tuesday is more than alarming. It proves that the situation has long passed the point of no return. This crisis is no longer avoidable. The statisticians in Wiesbaden reported the lowest net capital formation ratio since the chaos year of 1990: minus 0.23% of GDP. The figure shows that depreciation exceeded net investment – in other words, depreciation outstripped the renewal of the capital stock.

Germany’s infrastructure, building stock, and industrial capital are eroding over time and are not being maintained. It is clear that an economy unable to renew its capital stock in a market-conform, competitive way is falling behind. People are impoverishing, and society risks severe social upheavals.

It is baffling and evidence of deep-seated cognitive dissonance not to recognize the collapse of German industry for what it is: the dismantling of our prosperity. Since 2018, Germany’s industrial sector has lost about one-fifth of its production volume. This is not a normal recession – it is the fall as the table’s last-place finisher, potentially followed by the immediate insolvency of the entity.

Germany now survives on wear and tear, consuming its own substance while remaining silent to avoid confronting these threatening facts. The hospitality industry, a prime indicator of private household purchasing power, lost around four percent in real turnover last year and started this year at least two to three percent weaker. Households are holding on to their money.

The self-inflicted energy crisis, which now accelerates in public awareness through the Strait of Hormuz, has caused a shock. Yet it has evidently not been enough to produce political course corrections at the ballot box.

German statism has deeply embedded itself into the collective consciousness through the state education system, state-aligned media, and the constant barrage of green-socialist NGOs. This naive faith in the state is a deeply rooted, metapolitical anchor that cannot be easily uprooted.

In the Federal Republic, there is a real risk that society, in the coming years of crisis, will increasingly follow socialist charlatans. They present a painless therapy of simple wealth redistribution as a solution. It is as if a cancer patient, still with a chance of recovery, entrusted themselves to flower remedies, stubbornly refusing to confront the severity of the disease, its causes, and realistic treatment options.

Free media and truly independent academia are now called upon to counter this socio-political super-GAU – the return to complete socialist barbarism, which is becoming increasingly evident. Only a few media outlets, such as Tichys Einblick, are standing up against this decay.

The statist portion of commentary glorifies the nonsense fed into public discourse by pseudo-economists such as Marcel Fratscher of the German Institute for Economic Research. All of them, in one way or another, hang like puppets on the strings of state institutions and have no economic incentive to side with the libertarian renegades.

* * * 

About the author: Thomas Kolbe, a German graduate economist, has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden Thu, 03/26/2026 - 02:00

'Guard Your Mind': The Techno-Libertarian Manifesto

Zero Hedge -

'Guard Your Mind': The Techno-Libertarian Manifesto

Via zeptabot substack,

Introduction

The modern nation-state is not natural nor permanent. It’s a technological product of the industrial era’s logic of mass warfare, bureaucracy, and centralized taxation. That logic is breaking down. In a world of cyberspace, mobile capital, and digital commerce and geography, brute force lose much of their leverage. You cannot conquer the internet with tanks, nor can a government easily tax a truly digital wallet whose private keys are hidden in someone’s mind. The Information Revolution is a shift in the logic of power as fundamental as gunpowder was to medieval knighthood. Every institution built on yesterday’s logic of violence will either adapt or crumble. This was the original thesis of the 1997 book The Sovereign Individual (Davidson & Rees-Mogg, 1997). And in 2026—with the rise of China, the regional military conflicts now underway, and the polarization of politics both within nations and between them—that shift is no longer speculatory. It is existential.

What matters now is what kind of order will emerge from it. The battle is no longer between rival “-isms” competing for control of the same nation-state, but between two fundamentally different civilizational logics: an empowering future that facilitates progress and an authoritarian one that dooms humanity.

A civilization can survive poverty. It can survive corruption. It can survive decadence for a time. What it cannot survive indefinitely is the slow freezing of criticism, the politicization of truth, the administrative management of thought, and the suppression of the independent mind. If centralized authoritarian models become the dominant operating system of the twenty-first century, then the danger is that humanity becomes less capable of discovering what is true, building what is new, and expanding beyond its present limits. In other words, stagnation. And stagnation necessarily leads to extinction.

This manifesto therefore renews the sovereign individual thesis under harsher conditions. The survival argument is simple: decentralization is the only civilizational trajectory that does not end in extinction. The individual mandate follows. Do science. Build technology. Start or fund companies at the frontier—AI, DeFi, fintech, data science, space, neurotechnology, anything that compounds intelligence and autonomy.

For every unit of wealth created, disperse it: into offshore jurisdictions that compete for your presence rather than conscript you, and into cryptographic infrastructure that answers to mathematics rather than to ministers.

Sections I through IV establish the theory. Sections V through VIII show how to live it.

I. Progress Only Happens Where Criticism Is Free and Error Is Correctable

Human progress has a habitat.

Modern science became cumulative, self-correcting, and civilization-transforming within a moral and institutional ecology shaped by the Scientific Revolution and the Enlightenment: criticism over dogma, experiment over inherited authority, open dispute over enforced orthodoxy, and a growing recognition that no claim is final simply because it is backed by rank or power (Deutsch, 2011). What mattered was a method that can be stated plainly as: reality must answer, error must be corrigible, and no authority may permanently close inquiry.

Decentralization is the political expression of that humility. It begins from the recognition that no ruler, committee, ministry, or expert class knows enough to centrally design the future. Discovery is distributed. Knowledge is local before it is general. Progress emerges through criticism, variation, risk, and recombination, not through administrative command (Deutsch, 1997, 2011).

Where thought is free, error can be exposed. Where error can be exposed, knowledge can compound. Where knowledge compounds, civilization advances.

Where criticism becomes dangerous, speech is narrowed, capital is trapped, and individuals are reduced to manageable units inside a bureaucratic machine, the range of possible futures contracts. Centralization misallocates resources. It narrows the imagination.

II. Every Decisive Breakthrough Has Come From Free Civilizations First

The United States achieved the first controlled fusion experiment in history to produce more fusion energy than the laser energy used to drive it at Lawrence Livermore National Laboratory’s National Ignition Facility in December 2022 (Lawrence Livermore National Laboratory 2022).

Europe’s Joint European Torus then set a record of 69 megajoules in its final 2023 deuterium-tritium campaign, announced in 2024 (UK Atomic Energy Authority, 2024).

China has simultaneously pressed forward with its own fusion program. Its Experimental Advanced Superconducting Tokamak (EAST)—built on a tokamak architecture first conceptualized by Soviet physicists Andrei Sakharov and Igor Tamm and further refined across Western laboratories—set a world plasma confinement record of 403 seconds in 2023, then broke it again with 1,066 seconds in January 2025 (Chinese Academy of Sciences, 2025). EAST itself is described by its own engineers as a testbed for ITER technologies. China is now constructing the China Fusion Engineering Test Reactor (CFETR), a demonstration-scale plant expected to break ground by the late 2020s, explicitly designed as the next step after ITER, the Western-led international megaproject under construction in France. China’s flagship fusion facility is, by its own characterization, an implementation vehicle for a scientific framework established elsewhere.

Each of China’s fusion milestones is a record in plasma confinement duration—engineering feats of operational endurance within a device architecture invented and theorized outside China. The NIF’s December 2022 result was a foundational physics threshold: the first time in history that a fusion experiment produced more energy than the laser energy used to initiate it. China has not attempted that category of result.

The modern West’s greatest contribution was the creation of environments in which invention could become self-sustaining.

The atomic bomb emerged from the Manhattan Project in the United States, culminating in the Trinity test on July 16, 1945.

The Soviet Union detonated its first atomic bomb in 1949—four years after Trinity. China followed in 1964, nineteen years behind.

The first full-scale thermonuclear device, Ivy Mike, was detonated by the United States on November 1, 1952. Russia followed on August 12, 1953. China on December 28, 1966.

The first practical transistor was invented at Bell Labs in New Jersey in December 1947.

The first programmable general-purpose electronic digital computer, ENIAC, was built in the United States during the Second World War and unveiled in 1946.

The Apple II in 1977 and the IBM PC in 1981—both products of the American free market—first transformed computing from a state and corporate instrument into a mass-market personal tool.

In quantum theory, David Deutsch, working in Britain, published the foundational paper on the universal quantum computer in 1985, establishing the modern theory of quantum computation.

The first cloud-accessible quantum processor was made online in 2016, and the first integrated commercial quantum system was unveiled in 2019, both by IBM in the United States.

China, on the other hand, launched the Micius quantum satellite in 2016 and achieved major quantum-communication and quantum-computational milestones by 2017, 2020, and 2021.

The record is consistent: authoritarian systems can mobilize labor, direct capital, and scale what already works with systematic, disciplined execution—but always within frameworks that open scientific civilization originated. As we can observe, “China is copying at terrifying speed everything the free world originates.” That strength is real. But it is downstream. What such systems cannot reliably reproduce is the civilizational ecology—tolerant of eccentricity, dissent, and unplanned combinations of ideas—from which those originals emerged. The decisive breakthroughs—first fission, first thermonuclear device, the transistor, the personal computer, net-energy fusion ignition—emerged first in civilizations that made criticism productive rather than obedient.

That inheritance can be lost. A civilization can live for a long time on imitation. But if every civilization becomes too centralized to permit genuine criticism, eventually there is nothing left to copy. When that happens, decline is inevitable, and eventually leads to extinction—as all resources available to the static world are exhausted.

III. The Free Market Is the Only System That Actually Discovers Solutions

Socialism mistakes compassion for intelligence and assumes that visible suffering is evidence that command must be superior to emergence.

The free market is superior because it is a discovery process. Prices encode information about supply and demand that no planner can fully aggregate. Profit and loss expose reality faster than administrative committees. Hayek’s Knowledge Problem overwhelms any centralized economic system: all actual knowledge is on the edges, in the hands of the people closest to the transaction. Decentralization harnesses that complexity; centralization will starve you to death.

Markets lift people out of poverty—by far the most effective mechanism in history for doing so. Even under totalitarian regimes, an incremental relaxation of state control over production and trade produces rapidly rising incomes.

William Nordhaus showed that innovators capture roughly two percent of the economic value created by their technology—the other ninety-eight percent flows to society as surplus. Technological innovation in a market system is inherently philanthropic. A static morality says: solve the suffering directly in front of you. A civilizational morality says: build the engines that make fewer people poor, sick, and trapped across generations.

Nassim Taleb’s framework reaches the same conclusion from a different direction. Decentralized systems grow on volatility, error, and disorder—they are antifragile. Centralized systems suppress volatility, accumulate hidden fragility, and eventually shatter. A market economy processes errors continuously through profit and loss, killing bad ideas cheaply and at small scale. A planned economy suppresses error signals until failures compound invisibly and collapse catastrophically. The Soviet collapse was a fragility event—the accumulated cost of suppressed error, finally clearing (Taleb, 2012). That is what a decentralized system does: it processes failure continuously and cheaply, so collapse never has to be total. The free market is that system.

IV. Humanity Is Doomed on One Planet—and a Multiplanetary Civilization Cannot Be Centrally Governed

Fact: Humanity is doomed unless it becomes multiplanetary.

Solve every resource problem. End every war. Cure every disease. Feed every child. The sun still expands into a red giant in roughly five billion years, incinerating the Earth and everything on it. No redistribution policy, no sustainability framework, no amount of earthly justice changes that sentence. The only exit from it is leaving. As Deutsch observed, our history, science, art, philosophy, and moral values are, from the cosmos’s vantage point, “tiny side effects of a supernova explosion a few billion years ago, which could be extinguished tomorrow by another such explosion”—unless intelligence spreads far enough to prevent it (Deutsch, 2011). Stephen Hawking stated the nearer-term version with characteristic bluntness: humanity has “no future if it doesn’t go into space” (Hawking, 2014, 2016).

The objection—how can anyone spend capital becoming multiplanetary when we have the poor still here in front of us—is a false dilemma. Injustice always exists. The decel doomers who make this argument often also believe humans on Earth will probably go extinct within a thousand years anyway—through war, environmental collapse, or some other catastrophe. There is no substantial difference between extinction in a thousand years and five billion due to the sun’s expansion. Either way, we have to deal with it. We need to be on our way to escape velocity.

Another fact: Space civilization is necessarily decentralized. NASA analyses show one-way communications delays to Mars can reach roughly 21 to 23 minutes, with further disruption and blackout periods (McBrayer et al., 2022; NASA, 2024a). That already makes management harder. The principle becomes far more severe as humanity moves outward.

Alpha Centauri is 4.3 light-years away—a round-trip exchange takes 8.6 years (NASA, 2018). Kepler-452b is 1,400 light-years away—a round-trip takes 2,800 years (NASA, 2015, 2025). Andromeda is 2.5 million light-years away—communication crosses out of politics and into geological time (NASA, 2024b).

A civilization spread across stars cannot be governed like one compressed onto a single planet. Delayed feedback, local scarcity, environmental hostility, and divergent adaptation all destroy the fantasy of centralized control. Multiplanetary humanity decentralizes by physics as astronomical distance enforces autonomy.

V. Accumulating and Dispersing Wealth Away From Predatory States Is a Moral Imperative

Wealth is stored optionality—the capacity to migrate, fund research, defend speech, exit failing systems, and act without pleading for permission. Davidson and Rees-Mogg predicted that individuals would “achieve increasing autonomy over territorial nationstates through market mechanisms” (1997). Mobile capital is the mechanism.

Davidson and Rees-Mogg warned in 1997 that as wealth became more mobile, states would turn against their most productive citizens with increasing desperation: “like an angry farmer, the state will no doubt take desperate measures at first to tether and hobble its escaping herd. It will employ covert and even violent means to restrict access to liberating technologies” (Davidson & Rees-Mogg, 1997). We are living that future right now.

In November 2020, the Chinese Government cancelled the Ant Group IPO overnight—what would have been the world’s largest, at a $37 billion valuation—after founder Jack Ma gave a speech mildly critical of financial regulators. Beijing’s regulatory crackdown that followed wiped more than a combined $1 trillion from China’s biggest tech companies. Alibaba was fined $2.8 billion; Didi, valued at $70 billion at its U.S. IPO, was forced to delist; the entrepreneurial business model that had driven China’s tech boom was, in the assessment of analysts, permanently extinguished. Ma himself disappeared from public view for months. The message was unambiguous: private wealth that grows too autonomous will be brought to heel. The state does not negotiate with capital it can still reach.

This is the coercive nature of the centralized nation-state in its full honesty. The accumulated capacity to relocate, fund research, exit failing institutions, and act without permission is precisely what Beijing’s model cannot tolerate.

We believe David Deutsch when he said that wealth is the set of all physical transformations that you are capable of bringing about. Accumulating that wealth and dispersing it into offshore jurisdictions and cryptographic cyberspace is therefore morally just. Every dollar removed from the reach of predatory institutions is a dollar withdrawn from the machine that kills the only process by which genuine knowledge grows. Left unchecked, it forecloses that growth. To starve that institution of capital is to fight for the survival of the species. Cryptographic infrastructure is the most powerful tool in this fight to date.

VI. Cryptography Is the Technical Instrument of Individual Sovereignty

Davidson and Rees-Mogg predicted in 1997 that cybermoney would become “the new money of the Information Age, replacing the paper money of Industrialism”—and that it would “substantially free you from the power of the state” (Davidson & Rees-Mogg, 1997). The mechanism they described was Hayek’s: competitive private currencies, freed from legal-tender requirements, would force issuers to preserve value or lose customers—eradicating inflation by market discipline alone. Physical offshore jurisdictions had long allowed the wealthy to escape predatory taxation. Cybermoney would complete what geography had only partially achieved: an economy with no territorial jurisdiction, where “cyberspace is the ultimate offshore jurisdiction” (Davidson & Rees-Mogg, 1997). The cows, as they put it, would have wings.

Bitcoin is that prediction realized.

Cryptocurrency altered a balance that had held for all of recorded history: for the first time, individuals could store value, communicate, and coordinate across borders in systems that do not require the permission of any institution to operate.

In the foreword to the 2020 reprint of The Sovereign Individual, Peter Thiel described the technology conflict of the Information Age as running on two poles: “Artificial Intelligence holds out the prospect of finally solving what economists call the ‘calculation problem’—AI could theoretically make it possible to centrally control an entire economy. It is no coincidence that AI is the favorite technology of the Communist Party of China. Strong cryptography, at the other pole, holds out the prospect of a decentralized and individualized world. If AI is communist, crypto is libertarian” (Thiel, 2020).

The reason Satoshi Nakamoto, the founder of Bitcoin, kept his identity unknown is integral to Bitcoin’s history: had the creator been identified, “our too powerful central government would probably do some very unpleasant things to that person” (Thiel). Bitcoin’s founding anonymity was a design principle. An act of decentralized, individual liberty from the start.

Bitcoin’s implementation has been far from clean. Short-sighted cash-grabbers have hijacked the category and turned swaths of it into speculation and outright fraud. Governments and major institutions have moved to integrate cryptocurrency into regulated platforms rather than displace them—BlackRock’s iShares Bitcoin Trust accumulated over $91 billion in assets under management by 2025, making the world’s largest asset manager the second-largest known holder of Bitcoin, its ETF structure reintroducing the very centralized custody and intermediary dependence the protocol was designed to eliminate (Bitget Academy, 2025; TRM Labs, 2026). The subcultures that formed around crypto are often ideologically shallow, speculative, and corrosive to its founding purpose.

None of this refutes the underlying architecture. The potential of sovereign cybermoney remains infinitely worth pursuing because no better instrument for individual financial autonomy and exit optionality has been invented. The protocol itself is structurally resistant in ways its capture by institutions cannot undo. A Bitcoin transaction is a signed string of text. It can be transmitted by email, by radio, by any communications medium that exists. It does not require a Bitcoin node inside any particular jurisdiction. As one technical analysis put it: “a protocol cannot be blocked. Ports can be blocked but software quickly learns how to port-hop—see torrents for example. Impossible without shutting down all internet communications. If there’s a communications medium, there’s nothing stopping bitcoin blocks and transactions from being transferred over it” (Stack Exchange, n.d.). Gavin Andresen, one of Bitcoin’s earliest core developers, demonstrated the point at the MIT Bitcoin Expo by blinking a transaction in morse code. China cannot block Bitcoin. No government can. It can be built better, made to serve its true purpose more faithfully, and freed from the institutions that have tried to domesticate it. That is the work.

VII. Decentralization Is Not Inevitable—It Must Be Actively Fought For

Davidson and Rees-Mogg wrote in 1997 as if decentralization were a tide—inevitable, irresistible, beyond the capacity of any state to reverse. They were only partially correct. The Chinese Communist Party read the same trends and built a counter-architecture: a digital panopticon that captured the Information Age’s tools and turned them toward total surveillance and nationalist control. Populist movements across the democratic world are closing jurisdictional exits, weaponizing tax law, and criminalizing the financial privacy that sovereign individuals require. The technology arc bends toward decentralization. It can be bent back.

This is the existential update to the 1997 thesis. The sovereign individual is the force that determines which direction history moves. Centralization wins through atmosphere: caution, exhaustion, guilt, and managed decline. That outcome must be actively refused.

VIII. What You Must Do

Depending on your circumstances, each of the following points may or may not apply to you. The more you can check, the better.

  1. Obtain additional passports. Reside primarily in a country other than the one from which you hold your first passport. Keep the bulk of your money in a third jurisdiction—preferably a tax haven. Never leave your money in any jurisdiction that claims the right to conscript you or your descendants (Davidson & Rees-Mogg, 1997).

  2. Travel widely. Select alternative residences in attractive locales where you will have right of entry in an emergency.

  3. Domicile your businesses offshore where possible. Structure corporations as virtual entities—“bundles of contracting relations without any material reality” held through offshore trusts—to minimize political surface area (Davidson & Rees-Mogg, 1997).

  4. Hold sovereign assets. A meaningful share of wealth in Bitcoin or equivalent seizure-resistant, inflation-proof, borderless instruments—not as speculation, as infrastructure. Cybermoney is the offshore tax haven that fits in your mind. Aggressive governments will attempt to bar effective encryption and fail—just as the medieval Church failed to ban printing, the technology will retreat to wherever authority is weakest and resurface more subversively (Davidson & Rees-Mogg, 1997).

  5. Avoid debt. Pursue savings with urgency. Structure compensation flexibly. “Debt should be avoided; savings and cost reductions should be pursued with greater urgency” as entitlement programs collapse and deflation accompanies the reordering of power (Davidson & Rees-Mogg, 1997). The sovereign individual does not depend on the system he is routing around.

  6. Get equity. Invest in, co-found, or build companies, as salary is becoming less stable and trustworthy. “Jobs will increasingly become tasks or piece work rather than positions within an organization” (Davidson & Rees-Mogg, 1997). Hold equity, not just a role.

  7. Play long-term, iterated games with long-term people. All returns in life—wealth, relationships, reputation—come from compound interest. Trust compounds. Knowledge compounds. The growing danger of crime and fraud, Davidson and Rees-Mogg observed, “will make morality and honor among associates more crucial and highly valued” (Davidson & Rees-Mogg, 1997). Pick people with high intelligence, high energy, and high integrity. Build relationships you can keep for decades.

  8. Guard your mind. The Techno-Optimist Manifesto names the disposition required: “free thought, free speech, and free inquiry” and “an absolute rejection of resentment” (Manifesto, n.d./uploaded text). Do not let institutional credentialism or the political management of information corrupt unimpaired reasoning. “Thinking about the end of the current system is taboo,” Davidson and Rees-Mogg wrote—“you must transcend conventional thinking and conventional information sources” (Davidson & Rees-Mogg, 1997). Ideas are the primary form of wealth in the Information Age.

  9. Get out early. Those who recognize systemic collapse and reposition before the nationalist reaction hardens are consistently better placed than those who wait for social consensus. The window for frictionless departure narrows as the crisis deepens. “The dangers of a nationalist reaction to the crisis of the nationstate make it important not to underestimate the scope for tyranny,” Davidson and Rees-Mogg warned (Davidson & Rees-Mogg, 1997).

  10. Refuse the moral vocabulary of stagnation. Wealth creation is not extraction. Jurisdictional optimization is not evasion. Ambition is not greed. Privacy is not criminality. Building technology is not exploitation. These framings exist to keep productive individuals legible, taxable, and stationary. The Techno-Optimist Manifesto identifies the source: a “mass demoralization campaign” run under names like sustainability, de-growth, stakeholder capitalism, and the precautionary principle (Manifesto, n.d./uploaded text). Reject every version of it.

  11. Build foundational leverage. Skills that apply leverage to any domain: logic, computers, arithmetics, probability, statistics, and microeconomics—the tools that allow you to reason about systems, incentives, and price signals rather than just memorize facts. Add persuasion and communication, because selling—in the broadest sense of conveying ideas—is the other half of building. These are the foundations. Everything else compounds on top of them.

  12. Build, or invest in, the technologies that widen human agency. AI systems that decentralize intelligence rather than concentrate it. DeFi protocols that remove institutional gatekeepers from finance. Cryptographic infrastructure that makes individual sovereignty technically enforceable. Fintech that routes around the rent-extracting intermediaries of the old banking stack. Every product that empowers the individual at the expense of the administrative machine is a contribution to the civilizational project this manifesto describes.

  13. Build, or invest in, the technologies that extend human reach. Nuclear fusion—the only energy source capable of powering both a post-scarcity Earth and an interplanetary civilization. Neurotechnology that expands cognitive capacity and ultimately may permit the transport of mind beyond the biological substrate. Hibernation and long-duration life support systems that make deep space survivable. Cheaper launch, reusable propulsion, orbital manufacturing. These are the literal instruments of the transition from a single-planet species to a multiplanetary one. Andreessen’s challenge stands: “our forefathers built roads and trains, farms and factories, then the computer, the microchip, the smartphone”—the only way to honor that legacy is to build the next layer (Andreessen, 2020).

Every one of these imperatives serves the same end. The sovereign individual who holds seizure-resistant assets, operates transnationally, invests in the companies that widen human agency, and builds the frontier technologies is tending the decentralized ecology—of open inquiry, corrigible error, unimpeded conjecture, and free exchange—that David Deutsch identifies as the only habitat in which genuine progress has ever occurred. He is starving the institutions that would freeze that ecology. He is planting the seeds of a civilization capable of reaching the stars, rather than one that kills growth and shall live out its days in stagnation.

The stakes are high. It’s time to act.

Tyler Durden Wed, 03/25/2026 - 23:50

New Lord Of The Rings Movie To Be Written By...Stephen Colbert?

Zero Hedge -

New Lord Of The Rings Movie To Be Written By...Stephen Colbert?

There is perhaps nothing more revealing about the desperate state of Hollywood than its obsession with digging up old franchises in a futile race to capitalize on audeince nostalgia.  In fact, it has been widely understood in the film industry for the past decade that almost no project will be greenlit unless it is a reboot, remake or "re-imagining" of a previously popular story property.

The problem, which everyone except Hollywood executives understands, is that you cannot recapture the magic of older hit movies, especially when your stable of writing talent is populated by an army of left-wing, pill popping ideological lunatics with no moral standards to speak of.  These kinds of people are simply incapable of relating to the common moviegoer.

This dynamic has led Hollywood down a path of financial destruction, with dozens of big budget films bombing at the box office in the past year alone.  Some projects have lost hundreds of millions of dollars and the smell of napalm is heavy in the air. 

One disastrous reboot attempt that set Hollywood on the path of total defeat is Amazon's ludicrous Lord Of The Rings project, "The Rings Of Power".  A non-canonical adaptation of limited parts of The Silmarillion, the show turns Galadriel, the personification of the pure feminine, into a spitting, angry feminist girl-boss that slaughters orcs by the barrel.  The show's writing was saturated with sad approximations of Tolkien-style dialogue written by people with no life experience or wisdom.   

Tolkien was a historical linguistics professor who fought in some of the bloodiest battles of WWI.  His insight into mythology and the human condition was deep and compelling.  The idea that anyone in current-day Hollywood could hold a candle to him is absurd. 

The series was meant to exploit the pre-existing fanbase of the Peter Jackson trilogy.  Amazon execs bragged that the franchise was a sure thing, suggesting that the fans were a "captive audience" that would rush to consume whatever drivel Amazon produced.

It was also designed with the illusory left-wing "modern audience" in mind, and of course, that audience never showed up to watch.  Rings of Power is now considered a critical failure and a huge money-loser for Amazon.  But, one celebrity who jumped on the bandwagon early was leftist propagandist Stephen Colbert, a self proclaimed Lord of the Rings "superfan". 

Colbert was a primary promoter for the Rings Of Power series launch and at no point did he ever question the validity of the story or its major deviations from the spirit of the source material.  What better person to co-write the next installment of the Lord Of The Rings film series? 

 

New Line has recruited an aging Peter Jackson to helm a series of film spinoffs, but it's hard to say yet how much freedom his team will have in the production.  The idea to include Colbert could very well bury the effort before it begins.

The announcement is bizarre, given The Colbert Show's collapsing audience numbers and his dwindling popularity.  He is a largely hated figure in the world of entertainment and in politics.  But, the decision does make perfect sense if you consider the possibility that Hollywood's only goal at this point is to destroy every single beloved franchise of the past and give a big middle finger to fans. 

The Amazon series proved that LOTR audiences could not be suckered or controlled, so, instead, it appears the industry is bent on petty revenge instead.  The tentatively titled "The Lord of the Rings: Shadow of the Past" is set to be written by Colbert, Philippa Boyens and Peter McGee.  Colbert revealed that the film will be based on “Fogs on the Barrow-downs,” the eighth chapter of The Fellowship of the Ring  

The notion that a woke pariah and Big Pharma shill with no moral compass could ever write an adaptation of The Lord Of The Rings, a story based on the honor and inherent goodness in the hearts of men, is rather insulting.  But, maybe that's the point.    

Tyler Durden Wed, 03/25/2026 - 23:00

Russia Launches Springtime Offensive On Ukraine, As "That Other War" Drags On

Zero Hedge -

Russia Launches Springtime Offensive On Ukraine, As "That Other War" Drags On

Just days after we reported that trilateral peace negotiations between Russia, Ukraine, and the Trump administration had been suspended -  likely indefinitely - thanks to Washington's escalating involvement in the Iran war, Reuters is now confirming the inevitable: Moscow is pressing ahead with a fresh springtime offensive while Kiev scrambles to hold the line.

As we reported before, from the collapse of talks in Geneva and Miami to Putin's envoy shuttling back for what turned out to be fruitless charades, the Iran war has not only sucked up U.S. attention and air-defense munitions Ukraine desperately needs, but has also juiced Russian oil revenues at the worst possible moment for Kremlin planners. 

According to the latest from Kiev, Ukraine's strategy now boils down to "building on recent tactical successes and battlefield innovations like mid-range strikes" to blunt the assault on the so-called Fortress Belt, the heavily fortified cluster of cities in Donetsk including Sloviansk (northern anchor), Pokrovsk, and Kostiantynivka. Russia, fresh off capturing nearly all of the key logistics hub at Pokrovsk this winter, has already launched a battalion-sized push northeast of Sloviansk and smaller probing attacks around the southern end of the belt. The U.S.-based Institute for the Study of War (ISW) and Finnish analysts at Black Bird Group are calling it exactly what it is: Moscow creating conditions for a broader offensive now that the ground has thawed.

Sloviansk authorities just ordered the compulsory evacuation of children as Russian forces sit a mere 20 km away — a grim sign the "deteriorating security situation" is no longer hypothetical. Russian General Staff chief Valery Gerasimov boasted last week that the offensive is "underway in all directions," explicitly naming Sloviansk, Kramatorsk, and Kostiantynivka as targets. Over the past four days alone, Ukrainian General Staff data shows Russia conducted more than 600 assaults across the front, with the heaviest concentration (163) near Pokrovsk.

This is precisely the momentum we highlighted in our March 17 piece, "Russia Touts Capture Of A Dozen Ukrainian Settlements In Opening Weeks Of March," where Gerasimov himself confirmed 12 settlements "liberated" in just two weeks, with street fighting already deep inside Kostiantynivka.

Ukraine's Counter-Narrative: Drones, Starlink Sabotage, And "Metrics"

Kyiv isn't exactly waving the white flag. Officials point to modest territorial gains last month - around 400 sq km in Zaporizhzhia, the first net positive since summer 2024 - aided in no small part by Elon Musk's crackdown on Russian Starlink usage, which reportedly scrambled Moscow's comms. Ukraine's new Defense Minister Mykhailo Fedorov (the former digital guru) is pushing a "technology-driven, metrics-focused" plan, claiming Ukrainian forces are now eliminating more Russian troops than Moscow can recruit.

New recruits of the 65th Separate Mechanized Brigade of the Ukrainian Armed Forces attend a military training near a frontline, amid Russia's attack on Ukraine, in Zaporizhzhia region, Ukraine March 21, 2026.

Analysts like Rob Lee at the Foreign Policy Research Institute and Vladyslav Urubkov of the Come Back Alive charity acknowledge Russia's manpower edge but argue improved Ukrainian drone integration and tactical assaults could cap Moscow's gains at a few hundred square kilometers per month. ISW, for its part, expects "some tactical gains" around the Fortress Belt in 2026, but no major breakthrough.

The Real Story: Manpower, Money, And Distraction

Reality check: Ukraine is still bleeding manpower, struggling to recruit enough bodies for the meat grinder, while its finances teeter after Hungary vetoed a €90 billion EU loan package this month. Russia, meanwhile, watches oil prices soar courtesy of the Iran war, boosting export revenues (earlier we reported that India purchased 60 million barrels of Russian oil courtesy of the recent unsanctioning by the Trump admin). And those U.S. air-defense stocks Ukraine relies on? Now being diverted to the Middle East theater.

President Zelensky himself admitted on Sunday that Russia is exploiting warmer weather to intensify operations, a far cry from the "we're winning" rhetoric that dominated Western media for years. Commanders on the ground describe the expected Russian playbook: multi-axis pressure to rupture Ukrainian formations at weak points, with armored pushes (now rarer thanks to drone dominance) signaling Moscow's desire to accelerate.

The "Peace" Theater Was Always a Sideshow

Recall our coverage of the endless cycle: Zelensky exploding under U.S. pressure in February ("no time for unsuccessful decisions"), Putin reportedly floating intel-sharing swaps tied to Ukraine aid, and European meddling that only prolonged the agony while Russian forces kept grinding forward.

The Iran conflict didn't just pause talks — it exposed the whole farce. Washington can't mediate while fighting on another front, Europe can't deliver the cash, and Kyiv can't hold the line forever against a Russia that has already captured thousands of square kilometers since 2025.

The grinding war of attrition continues. Fortress Belt under assault. Peace talks? Suspended, likely indefinitely, especially with the world's attention glued to that "other", far bigger war.

Tyler Durden Wed, 03/25/2026 - 22:35

Chevron Warns California Facing Historic Fuel Crisis As Diesel Hits Record $7

Zero Hedge -

Chevron Warns California Facing Historic Fuel Crisis As Diesel Hits Record $7

The world's biggest energy execs are currently at the annual CERAWeek conclave in Houston where, understandably, they are dropping bulletin bombs reeking of fire and brimstone, and warning the already critical oil/gas situation will only get worse if the pre-war status quo isn't restored (which incidentally will be great for their bottom lines... until the world is tipped into a recession).

Take US oil giant Chevron, which warned that California is careening toward an energy crisis because of the Iran war (which will likely be resolved soon), and that the company may quit refining oil in the state unless officials roll back taxes and regulations (which is unlikely to ever be resolved as long as Dems are in charge of the Golden State).

California is highly exposed to the disruption rippling across commodity markets because it imports about 20% of its refined fuels from Asia. But as extensively discussed here, oil product shipments from China, South Korea, Singapore and elsewhere are at risk of slowing significantly as Iran blocks the Strait of Hormuz, leaving Asian nations struggling to meet their own demand at home let alone export to California.

Chevron’s oil refining head Andy Walz said the potential for fuel shortages in California is his worst fear: We have refineries in Asia that are having to cut crude, and so they’re going to make less products,” Walz said in an interview Tuesday. “What if San Francisco doesn’t have the jet fuel it needs? Or Los Angeles? Or maybe gasoline?”

And as if to confirm his warning, just hours later the price of California Diesel hit a record high just above $7 per gallon, or $7.072 to be precise. 

That topped the previous record of $7.012 in June 2022, in the first months of Russia’s war in Ukraine.

Source: AAA

Since California is disconnected from the US fuel-making centers of Texas and Louisiana, it is essentially an energy island. That’s compounded by multiple refinery closures in recent years due to increased costs driven by regulations designed to fight climate change and cap oil industry profits, not to mention the state's toxic and oppressive regulatory regime. 

As a result, California consumers are more exposed than most other Americans to surging energy prices because of the Iran war. They already pay nearly $6 for a gallon of gasoline, compared with a national average of close to $4, due to the state's ruinous legacy "green" regime. It’s a growing political problem for Governor Gavin Newsom, a Democrat who is expected to run for president in 2028.

“California has decided that they’re going to rely on imports,” Walz said at the CERAWeek by S&P Global conference in Houston. “It’s a dangerous game", Walz added tongue-in-cheek.

California officials should declare an “energy emergency,” reform its climate and tax rules and promote in-state oil production, Walz said. Without such action, Chevron could quit refining in California within a decade, he said.

A spokesman for California Governor Newsom’s office said oil companies are “cashing in” on the war in Iran and running a “coordinated campaign” to attack California. In other words nothing will change until prices get to be so high, the state's residents demand change.

“If they’re serious about protecting consumers, they should direct that concern where it belongs: at Donald Trump. There’s no end in sight to Trump’s war taxing American families at the pump,” the spokesman, Anthony Martinez, said in an email, confirming Newsom's plan is... to pretend there is no problem.

Meanwhile, anyone with a brain can see what's coming: the problem in California is one of the state’s own making, Walz said.

The Trump administration has already used emergency wartime powers to authorize Sable Offshore, a Houston-based driller, to restart oil production off the California coast. The president has also temporarily waived a century-old maritime law called the Jones Act to help make it cheaper and easier to ship gasoline, diesel and other commodities between US ports.

Meanwhile, California already has the nation’s toughest fuel standards as well as a carbon cap-and-trade program that critics say forces consumers to pay the highest prices in the nation. Its goal to reduce carbon emissions 85% by 2045 relies heavily on a near-complete phaseout of gasoline-powered cars and a large reduction in heavy industry — including refining. 

Nonetheless, California remains the country’s second-largest consumer of gasoline and the largest market for jet fuel, for which there’s currently no practical low-carbon alternative. The Democratic state's recent revulsion toward Elon Musk, and Tesla, has not helped the looming fuel crisis. 

The California intent to offshore carbon to other nations has offshored their security of supply,” Walz said. “They’ve offshored jobs and they haven’t had any impact on carbon.” 

Chevron, which has tankers sitting idle on each side of the Strait of Hormuz, is taking the unusual step of shipping Gulf Coast oil to California through the Panama Canal as the war disrupts shipments from the region that West Coast refiners typically use, Walz said. 

China has already imposed a fuel export ban as shipments from the Gulf dwindle. If the Strait of Hormuz remains blocked long enough, other Asian countries could follow suit. Chevron’s scenario planning initially looked at the Strait being closed until the end of March.

“Now our scenario plans are worse,” Walz said. “It’s going to be longer and we’re trying to look around the corner.”

California is home to more than 30 military bases. That includes one of the largest in the US, Travis Air Force Base, which Chevron supplies from its Richmond refinery.

“I think the US government should be concerned,” Walz said.

But wait, there's more because the state's green lunatics threaten to make an already dire crisis something truly historic: new emissions rules proposed by the California Air Resources Board, if implemented, threaten to drive costs for the state’s remaining refineries even higher. Chevron estimates the additional expenses could hit $500 million within five years.

“They need to abandon the tax on refineries or they won’t have any refineries in 10 years,” Walz said. “If it stays that way — Chevron will be gone in 10 years for sure. We won’t be able to make it.”

* * *

But it's not just California that faces a historic crisis: Europe is about to get crushed as well. 

According to Shell CEO Wael Sawan, Europe will soon begin to experience the same kind of disruption to fuel supplies that Asia has faced due to the war in Iran in recent weeks. Sawan said the effects of the conflict continue to ripple out across global fuel markets, first in South Asia, then Southeast Asia and Northeast Asia, and increasingly in Europe as April approaches.

“We are trying to work with governments to just alert them to the various levers they will need to pull, including on the demand side, including what they need to do around storage,” he said Tuesday at the same CERAWeek conference. 

Just like California, expect Europe to do nothing besides pointing fingers, until it is too late. 

Tyler Durden Wed, 03/25/2026 - 22:10

"I'm Done": Robert Malone Exits CDC Vaccine Advisory Role

Zero Hedge -

"I'm Done": Robert Malone Exits CDC Vaccine Advisory Role

Authored by Zachary Stieber via The Epoch Times,

Dr. Robert Malone said on March 25 that he will no longer advise health officials on vaccines.

“I’m done,” Malone told The Epoch Times.

Malone was vice chair of the Advisory Committee on Immunization Practices (ACIP), which advises the Centers for Disease Control and Prevention on immunizations.

Health Secretary Robert F. Kennedy Jr. selected Malone and other new ACIP members in 2025, after removing the previous slate.

A federal judge recently ruled that Kennedy did not follow proper procedure in appointing the members and stayed the appointments. The judge also blocked changes to the CDC vaccine schedule, some of which were prompted by votes from the remade ACIP.

Malone, a former EpochTV host and an adjunct professor at Louisiana State University, has panned the decision, noting that the judge deemed him unfit even though he has decades of experience in the vaccine field.

Malone said Wednesday that he had already been trying to figure out how to leave ACIP “in some sort of a graceful, professional way for months now,” in part because of criticism from health care groups over matters such as the ACIP vote to recommend the CDC narrow guidance for messenger ribonucleic acid and other vaccines against COVID-19.

He is also focusing on working with the State Department on biological warfare agreements.

Malone said that members, who do not receive compensation, have not been treated well by the Trump administration, pointing to how Department of Health and Human Services (HHS) spokesman Andrew Nixon responded after Malone publicized how officials allegedly told members they would be reconstituting ACIP rather than appeal the judge’s ruling.

“I’m tired of thousands of hours of free labor for just chronic disrespect for all of us,” Malone said.

The Epoch Times has requested a comment from HHS, the CDC’s parent agency, which Kennedy heads.

Health Secretary Robert F. Kennedy Jr. in Washington on Jan. 29, 2026. Dimitrios Kambouris/Getty Images

Nixon pointed to how HHS adviser and former ACIP Chairman Martin Kulldorff told Roll Call, which first reported Malone’s departure, that he found Nixon “professional and honest in all his work supporting ACIP.”

The administration has still not appealed the ruling. Nixon told The Epoch Times in a March 20 email, “Unless officially announced by us, any assertions about what we are doing next is baseless speculation.”

Malone said that Kennedy called him on March 25 to provide an update.

“They’re still making decisions about what they’re going to do, trying to come up with a strategy that they can win on,” Malone said.

“And he gave me an update where that sat, but it would be inappropriate for me to share it.”

Dr. Wafik El-Deiry, director of the Legorretta Cancer Center at Brown University, who worked on an ACIP workgroup on COVID-19 vaccines with Malone, wrote in a post on X that he was sad to learn Malone was departing ACIP.

El-Deiry said in a follow-up post on X that his experience of working with Malone was “seeing only extremely knowledgeable, well-informed, always prepared, spontaneous and up to date, sharp, respectful and appropriately critical input as one would expect on a national advisory panel.”

Tyler Durden Wed, 03/25/2026 - 19:15

Hot Pot, Hot Mess: Service Robot Goes Berserk In San Jose Dining Room, Must Be Tackled By Staff

Zero Hedge -

Hot Pot, Hot Mess: Service Robot Goes Berserk In San Jose Dining Room, Must Be Tackled By Staff

On Tuesday, diners at a Haidilao hot-pot restaurant in San Jose saw an unexpected disruption when a service robot, apparently part of an in-house performance, malfunctioned and began moving erratically. Instead of entertaining guests, it knocked dishes to the floor and sent chopsticks flying as employees rushed to contain it. Video from the scene shows staff dodging the machine before eventually tackling it; no injuries are apparent, Hoodline wrote.

A short clip shared online captures the robot, dressed in an orange apron, flailing through the dining area and upsetting tableware. At one point, a worker appears to grab it near the neck while looking at a phone, seemingly trying to access controls as the situation unfolds.

The episode comes amid Haidilao’s broader push into automation. The company has spent years integrating technology into its restaurants, including delivery robots and highly automated kitchens. It also introduced a pilot “smart” restaurant in Beijing in 2018 that relied on robotic arms and guided vehicles.

After the footage spread, many online commenters focused on how the robot was shut down. Some pointed out that no obvious emergency stop button was visible and questioned whether clearer manual override systems should be required in restaurants using such machines.

Reports indicate the robot appeared as part of a promotional tie-in for Disney’s “Zootopia 2.” The incident has renewed concerns about how quickly staff can intervene and safely regain control when robotic systems malfunction in crowded public spaces.

*  *  * It works

Tyler Durden Wed, 03/25/2026 - 18:50

More Than 450 TSA Agents Have Quit During DHS Shutdown

Zero Hedge -

More Than 450 TSA Agents Have Quit During DHS Shutdown

Authored by Savannah Hulsey Pointer via The Epoch Times (emphasis ours),

More than 450 Transportation Security Administration agents have quit since the start of the partial Department of Homeland Security (DHS) shutdown.

Travelers wait in long security lines at George Bush Intercontinental Airport in Houston, Texas, on March 23, 2026. Ronaldo Schmidt/AFP via Getty Images

The partial shutdown has been ongoing since March 15, when funding for the agency lapsed without additional funding in place. 

Lauren Bis, acting assistant secretary for Public Affairs at DHS, told the Epoch Times in an emailed statement that as of day 38 of the partial shutdown, American travelers are facing hours-long waits at airports across the country.

More than 450 TSA officers quit and thousands have called out sick from work because they are not able to afford gas, childcare, food, or rent,” Bis said. 

“President [Donald] Trump is taking action to deploy hundreds of ICE officers, who are currently funded by Congress, to airports being adversely impacted. This will help bolster TSA efforts to keep our skies safe and minimize air travel disruptions.”

The department stated that callout rates for TSA agents remained elevated, reaching almost 11 percent on March 23, representing 3,200 officers absent from duty. The recorded high callout rate for the shutdown was nearly 12 percent the day before.

Major airports saw higher than average absences among agents, including 33.7 percent at John F. Kennedy International Airport, 30.4 percent at Baltimore/Washington International Airport, and 27.5 percent at Pittsburgh International Airport

LaGuardia Airport’s callout rate was 20.3 percent, 37.4 percent at Hartsfield-Jackson Atlanta International Airport, 34.9 percent at Louis Armstrong New Orleans International Airport, and 40.3 percent at William P. Hobby Airport in Houston.

Federal immigration agents were deployed to 14 U.S. airports starting on March 23.

Immigration and Customs Enforcement (ICE) agents went to the international airport in Atlanta, airports in New York City, and a dozen others to help TSA personnel as long lines formed due to a lack of agents. 

As part of the deployment, ICE agents have been sent to Chicago-O’Hare International Airport, Cleveland Hopkins International Airport, Hartsfield-Jackson Atlanta International Airport, Houston’s William P. Hobby Airport, John F. Kennedy International Airport (New York), LaGuardia Airport (New York), Louis Armstrong New Orleans International Airport, Luis Munoz Marin International Airport (San Juan, Puerto Rico), Newark Liberty International Airport, Philadelphia International Airport, Phoenix Sky Harbor International Airport, Pittsburgh International Airport, Southwest Florida International Airport (Fort Myers, Florida), and Houston’s George Bush Intercontinental Airport.

Senate Republicans are working on a plan to fully fund DHS, but that would exclude ICE enforcement and removal activities. The lawmakers say they would then look to fund the remainder of ICE through the reconciliation budget, which could be accomplished through a simple majority, rather than the 60 votes needed for the current funding plan.

Sen. Chris Coons (D-Del.) is cautiously optimistic but said the proposal needs to be in writing.

I think the deal is possible, but we’re down to that point where, like lots of people are talking, but you’ve got to reduce it to writing, and you’ve got to actually trade paper,” he told reporters.

Coons said he won’t support a bill that doesn’t include reforms to ICE’s detention and deportation operations.

“Conversations are ongoing, but this deal seems to be acceptable,” a White House official told The Epoch Times on March 24.

Senate Majority Leader John Thune (R-S.D.) said, “All I can say is that the discussions have been very positive and productive, and hopefully headed in the right direction.”

Senate Minority Leader Chuck Schumer (D-N.Y.) offered a similar sentiment, telling reporters, “Both sides are working in a serious way.”

Jackson Richman and Nathan Worcester contributed to this report. 

Tyler Durden Wed, 03/25/2026 - 18:25

Baltimore Democrats Triggered After Grok Generates Bikini Elon Musk, Sue xAI Over Sexual Deepfakes

Zero Hedge -

Baltimore Democrats Triggered After Grok Generates Bikini Elon Musk, Sue xAI Over Sexual Deepfakes

The left-wing one-party rule in Baltimore City can barely govern its own imploding metro area. Parts of downtown are ghost towns; the resident exodus has been severe; taxes are through the roof; industry has left; and decades of progressive policies have helped transform large parts of the metro area into crime-ridden no-go zones. Yet somehow, city officials still found the time to weaponize local agencies and go after Elon Musk. 

Baltimore Mayor Brandon M. Scott and the City Council of Baltimore, represented by the Baltimore City Law Department and DiCello Levitt, filed a lawsuit in the Circuit Court for Baltimore City against Elon Musk's xAI, claiming Grok users were able to create non-consensual sexual deepfakes, including images involving minors, and that the defendants violated Baltimore's Consumer Protection Ordinance.

The core claim in the lawsuit is that Grok was marketed as a general-purpose AI chatbot with supposed safeguards, but in reality, it allegedly allowed users to "undress," sexualize, and manipulate photos of real people, including children, with minimal prompting and without meaningful guardrails or age verification.

"Beginning in late 2025, x.AI expanded Grok's image-generation and image-editing features, which 'edit' existing photographs, including images of private individuals and children, into photorealistic, sexually explicit, or otherwise degrading content. These features allow Grok, with minimal prompting, to 'undress,' sexualize, or otherwise manipulate images uploaded by or depicting third parties," the lawsuit reads.

The lawsuit claims xAI knew the chatbot could be abused on a large scale. It cites allegations that millions of sexualized images were generated in a short period, including thousands that appeared to depict children, and argues users in the metro area were exposed either to the content itself or to the risk that their own images could be turned into deepfakes. 

"These deepfakes, especially those depicting minors, have traumatic, lifelong consequences for victims, who are left with no way to prevent the spread of disturbing, sexualized images created of them without their consent," Mayor Scott wrote in a statement.

The only image in the lawsuit: 

DiCello Levitt Founding Partner Adam Levitt stated, "The City is setting a powerful example for municipalities nationwide in confronting a novel and rapidly advancing technology, and an emerging area of law, where accountability has not yet caught up with innovation."

Baltimore is seeking civil penalties, injunctive relief, restitution, disgorgement, and a jury trial.

What's odd is that Baltimore City officials weirdly found the time to hyperfocus on all things Elon Musk while ignoring all other chatbot companies. This lawsuit is merely a copy of how anti-free-speech Europeans went after Grok over nonconsensual deepfake images while failing to address other chatbots.

We wonder why Baltimore was chosen to target Musk. Let's not forget this is political warfare from the high-ups of the Democratic Party.

Mayor Scott appears to have Soros connections. 

The Govenor of Maryland with Alex Soros ... 

Perhaps the lawsuit from Baltimore is merely a shakedown of the world's richest man. These local Democrats have badly mismanaged the city's finances due to overspending and deficit woes. This mismanagement and failed progressive policies have sparked an exodus of residents, and since 2000, the metro area's population has declined by 1% per year, according to the city's own data.

This is political warfare. Shouldn't Baltimore focus on rebuilding the Key Bridge or stopping the mass hemorrhaging of residents, or perhaps the power bill crisis?

*  *  * Grab a ZeroHedge Multitool. Solid in the hand.

Tyler Durden Wed, 03/25/2026 - 18:00

BLM Activist Ordered To Pay Back $224,000 In COVID Relief Funds, Donations

Zero Hedge -

BLM Activist Ordered To Pay Back $224,000 In COVID Relief Funds, Donations

Authored by Jill McLaughlin via The Epoch Times,

A Black Lives Matter activist in Boston was ordered on March 23 to pay back more than $224,000 in pandemic relief funds and donations to her nonprofit.

Monica Cannon-Grant, 44, pleaded guilty last fall to multiple fraud charges and filing false tax returns. She was sentenced to serve six months of home confinement, 100 hours of community service, and four years of probation.

Federal District Court Judge Angel Kelly in Boston set the monetary judgment equal to the amount of money Cannon-Grant admitted taking from nonprofit Violence in Boston, which Cannon-Grant founded and where she formerly served as CEO.

In March 2023, a grand jury handed down a 27-count indictment against Cannon-Grant and her husband Clark Grant, charging them with fraud in connection to Violence in Boston, which they founded in 2017. Grant died in a motorcycle crash three weeks after the indictment was served while driving about 30 minutes east of Boston.

Federal prosecutors said Cannon-Grant paid herself about $25,100 in 2020 and more than $170,000 in 2021 from the nonprofit’s account, according to the charging documents.

About $181,037 of the total funds in question were donated to the organization and diverted for her personal use, $33,426 was obtained from pandemic unemployment assistance benefits, and $12,600 were from rental assistance funds, according to the judge.

In September, Cannon-Grant admitted to diverting thousands of dollars in donor money earmarked for the nonprofit for her own personal use, according to federal prosecutors.

In one instance, prosecutors say after receiving about $54,000 in pandemic relief funds from the city of Boston, Cannon-Grant withdrew about $30,000 in cash from the nonprofit’s account and made deposits of $5,200 and $1,000 into her personal checking account. She also made payments on her personal auto loan and car insurance policy.

Cannon-Grant also pleaded guilty to filing false tax returns for two years, among other tax charges.

“Monica Cannon-Grant repeatedly scammed multiple public financial programs and stole money donated by members of the public who believed their donations would aid in reducing violence and promote social awareness,” U.S. Attorney Leah Foley said in September in a statement. “She betrayed the trust of everyone who donated and the public who supported her fraudulent charity.”

Cannon-Grant’s attorneys asked the judge for a lighter sentence of two years of probation, no fine, and a special fee of $1,650. They described their client as a “loving mother, wife, and daughter who had dedicated her life to advancing social justice and serving communities in need.”

Black Lives Matter activists in Los Angeles on Dec. 30, 2020. John Fredricks/The Epoch Times

“She has inspired a generation of social activists to speak out against injustice and to support those around them who need a voice and access to daily essentials like food and housing,” her attorneys wrote in a sentencing memo to the judge.

“Ms. Cannon-Grant made fundamental errors in judgment. She is deeply sorry and has now taken full responsibility for her actions.”

Her attorneys also described Cannon-Grant’s home life as traumatic and violent. She grew up in deep poverty and subsidized housing, and lived on welfare and food stamps with a violent and alcoholic father, according to court documents.

Her attorneys didn’t immediately return a request for comment.

Tyler Durden Wed, 03/25/2026 - 17:40

Report Alleges Trump's Daily Military Briefing Scrubs Out Iran War Setbacks

Zero Hedge -

Report Alleges Trump's Daily Military Briefing Scrubs Out Iran War Setbacks

A fresh NBC report has alleged that President Trump is being presented with a very incomplete picture of how the Iran war is going, with the conflict now approaching its first month, and as Washington struggles to find an offramp amid global oil market disruptions.

The report says that his daily military briefing provided by the Pentagon features a roughly 2-minute long video update for President Trump that shows the biggest, most successful strikes on Iranian targets of the prior 48 hours. Negative developments frequently get omitted or glossed over.

via Associated Press

Anonymous US officials have voiced fears that the video briefings, which the president tends to respond positively to, fail to represent the full scope of what's going on. Also, Trump's aides have reportedly voiced greater approval for the briefings, which feature Iranian military equipment and bases and sites getting blown up.

The NBC report, which has been rejected by White House Press Secretary Karoline Leavitt, in essence suggests Trump is not getting properly briefed on major negative developments.

Or in other words, the fear is that briefers are simply favoring information that he wants to hear, and too afraid to deliver bad news. According to NBC:

They said the videos are also driving Trump’s increasing frustration with news coverage of the war. Trump has pointed to the success depicted in the daily videos to privately question why his administration can’t better influence the public narrative, asking aides why the news media doesn’t emphasize what he’s seeing, one of the current U.S. officials and the former U.S. official said.

Again, Leavitt has called all of this "an absolutely false assertion" from people who aren't in the briefing room; however NBC does offer the following example which seems consistent with its reporting:

One example came this month when five U.S. Air Force refueling planes were hit in an Iranian strike at Prince Sultan Air Base in Saudi Arabia, according to one of the current U.S. officials. Trump wasn’t briefed about the strikes, and he learned what had happened from media reports, the official said. When Trump inquired, he was told the planes weren’t badly damaged, the official said.

The official said Trump reacted angrily behind the scenes to the news coverage. Publicly he posted on Truth Social calling coverage of the strike misleading and accusing media organizations of wanting the U.S. “to lose the War.”

Given the initial projections by the administration that Operation Epic Fury would be rather quick (a mere 'days' was initially floated at the opener), there's been growing criticism concerning strategy, tactics, and vision - even from former Trump officials. For an example:

Many independent analysts have been pointing out, amid the effort to drum up some level of official Washington-Tehran peace talks, that Iran is in fact in a position to impose a high cost on the United States - particularly on the economic and political fronts. 

But still, official US military statements seem to just provide fodder for Trump's 'We Won' statements, which have lately been repeated by the president more and more. Pentagon/DOD spokesperson Sean Parnell said in a statement, cited by NBC: "Operation Epic Fury has been an overwhelming success, with our forces executing the mission with unmatched precision and achieving every objective set out from the beginning. Secretary of War Pete Hegseth is in constant communication with President Trump regarding every aspect of Operation Epic Fury. We are proud of the exceptional performance by our warfighters and remain fully confident in the commander-in-chief's decisions."

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Tyler Durden Wed, 03/25/2026 - 17:20

Pope Leo XIV Suggests Aerial Bombing Campaigns Should Be 'Banned Forever'

Zero Hedge -

Pope Leo XIV Suggests Aerial Bombing Campaigns Should Be 'Banned Forever'

Authored by Dave DeCamp via Antiwar.com,

Pope Leo XIV suggested on Monday that aerial bombing campaigns should have been “banned forever” following the atrocities committed from the sky during the 20th century, as he continues pushing an antiwar message following the start of the US-Israeli war against Iran.

“Airplanes should always be carriers of peace, never of war,” Leo said while hosting executives and staff from ITA Airways, Italy’s national airline, and the Lufthansa Group, according to Vatican News.

“No one should be afraid that threats of death and destruction might come from the sky.”

The Vatican News report said the US-born pope recalled the bombing campaigns of the World Wars and other conflicts.

“After the tragic experiences of the twentieth century, aerial bombings should have been banned forever,” he said.

“Instead, they still exist, and technological development, positive in itself, is being placed at the service of war. This is not progress; it is regression.”

Since World War I, the Vatican has been highly critical of modern war.

“The combatants are the greatest and wealthiest nations of the earth; what wonder, then, if, well provided with the most awful weapons modern military science has devised, they strive to destroy one another with refinements of horror,” Pope Benedict XV said in an encyclical in November 1914, a few months after the outbreak of the First World War.

“There is no limit to the measure of ruin and of slaughter; day by day the earth is drenched with newly-shed blood, and is covered with the bodies of the wounded and of the slain,” Benedict added.

Pope Pius XII, who led the Catholic Church during World War II, was outspoken about the impact that the strategic bombing campaigns and the war in general had on civilians.

“We have had to witness the harrowing scene of death leaping from the skies and stalking pitilessly through unsuspecting homes, striking down women and children,” Pius said in a 1943 letter to US President Franklin D. Roosevelt after US warplanes bombed Rome.

The Second Vatican Council’s 1965 document Gaudium et Spes strongly denounced strategic bombing campaigns aimed at destroying cities, saying:

“Any act of war aimed indiscriminately at the destruction of entire cities or extensive areas along with their population is a crime against God and man himself. It merits unequivocal and unhesitating condemnation.”

Leo has made opposing war a major theme of his pontificate since his election as pope on May 8, 2025.

Since the outbreak of the US-Israeli war on Iran, he has repeatedly called for an end to the conflict and suggested Christian leaders involved in starting wars should examine their conscience and go to confession, remarks seen as aimed at the Trump administration since Leo is American.

Tyler Durden Wed, 03/25/2026 - 17:00

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