56% Of Americans Now Suspect COVID-19 'Vaccines' Caused Mass-Deaths

Authored by Nicolas Hulscher, MPH,

Public opinion is shifting... and they want action.

A new Rasmussen survey of 1,158 likely U.S. voters - conducted September 7–9, 2025, with a ±3% margin of error - reveals that 56% believe side effects from the COVID-19 shots have likely caused a significant number of unexplained deaths. Nearly one-third (32%) say it’s very likely. Only 35% still dismiss the idea.

This shows that what was once called a “conspiracy theory” has become the mainstream view. The majority of Americans now believe vaccine harms are real and widespread.

Support for HHS Secretary Robert F. Kennedy Jr. reflects this shift. Half of voters (50%) say government health officials deserve criticism for their handling of the pandemic, while 42% even think CDC employees should be fired for their role in misleading the public.

Among those who strongly believe the shots caused deaths, over 70% want CDC firings.

Partisan divides remain—70% of Republicans, 46% of Democrats, and 54% of independents think the vaccines likely caused deaths—but the skepticism crosses party lines and racial groups.

In fact, black (64%) and Hispanic (57%) voters are even more likely than white voters (54%) to suspect deadly vaccine effects.

According to the survey, RFK Jr. is viewed favorably by 45% of voters, with strong support among Republicans and independents, even as Democrats turn sharply against him.

The takeaway: A credible, nationally representative poll now confirms most Americans believe COVID-19 shots have killed many people, and they want accountability from the CDC and government health leaders.

Tyler Durden Fri, 03/13/2026 - 14:20

Trump Admin Sues California To Block Electric Vehicle Mandate

Authored by Kimberley Hayek via The Epoch Times,

The Justice and Transportation Departments filed a lawsuit against California on Thursday to stop what they say is an illegal electric vehicle (EV) requirement, alleging that the state is mandating fuel economy standards that federal law places in the exclusive domain of the federal government.

Attorney General Pamela Bondi and Transportation Secretary Sean P. Duffy announced the lawsuit, which was filed for the National Highway Traffic Safety Administration (NHTSA). The suit takes aim at regulations formulated by the California Air Resources Board (CARB), which mandates automakers comply with stricter mileage standards.

CARB has implemented stringent rules, such as the Advanced Clean Cars II act approved in August 2022, which requires that 35 percent of new vehicles sold in the state must be zero-emission starting in 2026, gradually increasing to a complete ban on new gas-powered car sales by 2035.

The Clean Air Act bans states from establishing their own tailpipe emission standards for trucks and cars. However, California can get an exemption to the ban if it obtains a waiver from the Environmental Protection Agency (EPA).

Following the waiver approval, California can implement its own emissions rules. The waiver would allow state officials to enforce tougher standards than national ones, influencing automakers nationwide due to the state’s large market share.

However, federal law bars states from implementing their own fuel economy laws, officials argue in the suit.

California’s waivers were revoked in June 2025 when Congress passed resolutions under the Congressional Review Act (CRA), which President Donald Trump signed into law, preventing California from implementing the stricter standards. California and 10 other states filed a lawsuit, arguing that the CRA does not apply to EPA waiver decisions as they are not “rules.” The case is currently ongoing.

The Golden State’s new laws seek to require manufacturers to redesign the vehicles they sell across the country, increasing prices and curtailing consumer choices, officials state.

California Gov. Gavin Newsom and Attorney General Rob Bonta have not returned a request for comment.

Newsom previously accused Trump of “destroying” the state’s clean air and “America’s global competitiveness.” He also said that without the high standards, the low air quality in the state would cost California taxpayers an estimated $45 billion in health care costs.

The federal government’s legal action aligns with Trump’s “Freedom Means Affordable Cars” program, which targets the remaking of corporate average fuel economy standards and could save American families about $1,000 on the average new vehicle and also trim $109 billion in costs over five years, according to the Department of Transportation.

“Oppressive, expensive electric vehicle mandates drive up costs for American consumers and violate federal law,” Bondi said in a statement. “California is using unlawful policies from the last administration to create exorbitant costs for our citizens—this Department of Justice is proud to stand with President Trump and Secretary Duffy to bring litigation that will make life more affordable for American consumers.”

Duffy said the lawsuit is part and parcel of initiatives to halt EV policies.

“I was proud to stand alongside President Trump to unveil our plan to eliminate the Biden-Buttigieg EV mandate and allow auto manufacturers to produce cars American families actually want to buy at a more affordable price. But Gavin Newsom is determined to continue pushing Democrats’ radical EV fantasy—even if doing so is illegal,” Duffy said in a statement.

The departments filed the suit in the U.S. District Court for the Eastern District of California against the California Air Resources Board and its executive officer. The case claims the Energy Policy and Conservation Act overrides state rules, which gives NHTSA sole authority over fuel economy.

“This lawsuit continues [the Environment and Natural Resources Division’s] war on regulatory overreach by California that is set on undermining the national market for motor vehicles through unlawful state policies,” Principal Deputy Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division said in a statement.

“The state vehicle standards we are challenging today are preempted by federal law, just like the standards that were blocked by a court in our challenge to California’s so-called Clean Truck Partnership.”

NHTSA Administrator Jonathan Morrison also criticized EV policies.

“This litigation will help automakers design and produce cars and trucks to meet one federal fuel economy regulation. It was a mistake by Presidents Obama and Biden to enable California to set its own backdoor fuel economy policies, which have now spiraled into a costly patchwork quilt of individual state fuel economy requirements. This litigation will correct that misstep,” Morrison said.

Tyler Durden Fri, 03/13/2026 - 13:00

Michigan Synagogue Attack Suspect Was Naturalized US Citizen From Lebanon, CNN Immediately Blamed Trump

An armed man who allegedly rammed his truck into a Michigan synagogue on March 12 has been identified as a naturalized United States citizen born in Lebanon, according to federal officials.

Ayman Mohamad Ghazali, 41, was fatally shot by security officers after he drove through a hallway at Temple Israel in West Bloomfield Township near Detroit in a vehicle that then caught fire, authorities said.

The Epoch Times' Rachel Roberts reports that none of the synagogue’s staff, teachers, or the 140 children at its daycare center were injured, according to Oakland County Sheriff Mike Bouchard. He said the suspect was found dead inside his vehicle.

A security officer was hit by the vehicle and knocked unconscious, but did not suffer life-threatening injuries, Bouchard said. About 30 law enforcement officers were treated for smoke inhalation.

West Bloomfield Police Chief Dale Young said Temple security officers “engaged the individual and neutralized the threat.”

Ghazali came to the United States in 2011 on an immediate relative visa as the spouse of a U.S. citizen and was granted citizenship in 2016, according to the Department of Homeland Security.

The FBI is leading the investigation. Jennifer Runyan, the special agent in charge of the bureau’s Detroit office, described the incident as a “targeted act of violence against the Jewish community.”

Rabbi Arianna Gordon from Temple Israel thanked the synagogue’s security team, police officers, and teachers for getting the children out safely, calling them the “true rock stars of the day.”

Synagogues around the world have increased security since the United States and Israel launched airstrikes against Iran on Feb. 28.

Police respond to the scene of a shooting and vehicle attack near Temple Israel in West Bloomfield, Mich., on March 12, 2026. Jacob Hamilton/Ann Arbor News via AP

Over the weekend, two people were arrested following an attack in which improvised explosive devices were thrown during a counterprotest of an anti-Islamist group’s protest in New York City. The New York Police Department said that two devices outside Mayor Zohran Mamdani’s residence could have injured or killed someone and that the suspects were inspired by the ISIS terrorist group.

‘Terrible Thing’

U.S. President Donald Trump said the Michigan attack was a “terrible thing,” while Michigan Gov. Gretchen Whitmer said it was “heartbreaking.”

“I want to send our love to the Michigan Jewish community and all of the people in the Detroit area,” Trump said on March 12.

Jewish Federation of Detroit CEO Steven Ingber said on March 12 that his organization was trained and prepared for such an attack.

“I’d love to say that I’m shocked, that I’m surprised, but I’m not,” he told reporters.

Law enforcement responds to a call at Temple Israel synagogue in West Bloomfield Township, Mich., on March 12, 2026. Corey Williams/AP Photo

The majority of Detroit-area Jewish residents live in Oakland County, Michigan’s second-largest county, with roughly 1.3 million residents. Temple Israel has more than 12,000 members, according to its website, and describes itself as “the nation’s largest Reform synagogue.”

Minutes after the attack, CNN’s Juliette Kayyem floated the idea that President Trump’s military actions against Iran triggered the violence.

WATCH: CNN’s Juliette Kayyem seems to blame President Trump waging war on Iran for inciting violence against Jews, including now at a synagogue in Michigan, AND warns of “attacks against Iranian Americans”...

“[The sheriff] said specifically in the last two weeks, he has been in… pic.twitter.com/QgrnviU4AO

— Curtis Houck (@CurtisHouck) March 12, 2026

She added, “one of them is going to be incitement, radicalization, in particular, as Islamic terrorist groups are utilizing the war like ISIS to go online and to lure people to violence … One, of course, what we’ve seen today attacks against the Jewish community and then, of course, attacks against Iranian Americans.”

“And so all of that is part of this horrible stew of terrorism and incitement that we live in now in a world online and in a world where violence is too prevalent. And so once again, the fact that the sheriff said two weeks, that’s not a coincidental two weeks,” Kayyem further blathered.

This was the second attack at a place of worship in Michigan within the past year. Last September, a former Marine, Thomas Jacob Sanford, allegedly shot four people dead at a church north of Detroit and set it on fire.

White House press secretary Karoline Leavitt said on Sept. 29 that the suspect in that attack hated the Mormon faith. He was fatally shot by police during the incident.

 

* * * Please consider supporting ZeroHedge with the purchase of a hat, t-shirt, or multitool. Thank you. Tyler Durden Fri, 03/13/2026 - 12:40

US Senate Votes To Include CBDC Ban In Bipartisan Housing Bill

Authored by Vince Quill via CoinTelegraph.com,

The United States Senate voted on Thursday to include an amendment in the 21st Century Road to Housing Act that would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC).

The CBDC prohibition will remain in effect until Dec. 31, 2030, according to the amendment in the bill. The legislation, which passed 89-10, stated:

“The Board of Governors of the Federal Reserve System or a Federal Reserve Bank may not issue or create a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency, directly or indirectly through a financial institution or other intermediary.”

The 21st Century Road to Housing Act, which includes the CBDC ban amendment. Source: US Senate

However, the bill does not prohibit any dollar-denominated digital currency that is “open, permissionless, and private,” such as stablecoins.

US Treasury Secretary Scott Bessent and President Donald Trump have presented dollar-pegged stablecoins as a way to extend US dollar hegemony, while Trump and other Republican lawmakers have taken a hardline stance against CBDCs.

Lawmakers slam CBDCs as authoritarian surveillance technology

More than 30 US lawmakers signed a letter on March 6, urging the Senate to pass a permanent CBDC ban, rather than a temporary moratorium.

“A CBDC would give unelected bureaucrats unprecedented power over Americans’ finances and threaten basic economic freedom,” Representative Ralph Norman, one of the signatories of the letter, said.

A letter signed by 31 US lawmakers urging a permanent ban on CBDCs. Source: Representative Ralph Norman

Representative Warren Davidson, a long-time critic of CBDCs, has also criticized regulated dollar-pegged stablecoins as having the same surveillance capabilities as CBDCs.

Davidson also warned that regulations under the Guiding and Empowering Nation’s Innovation for US Stablecoins (GENIUS) Act create an avenue to “control” and “coerce” the US population through financial surveillance techniques and programmable money.

Hedge fund manager Ray Dalio also recently warned that CBDCs would expand the government’s control over people’s finances. 

“There will be no privacy, and it's a very effective controlling mechanism by the government,” Dalio said in an interview with independent journalist Tucker Carlson.

CBDCs likely won’t be yield-bearing, meaning they do not offer inflation protection and can be automatically taxed or frozen by the government, he added.

Tyler Durden Fri, 03/13/2026 - 12:20

Weekend At Bernie's In Iran As IRGC Now Run The Country, Use Strait As Toll Road

By Ben Picton, senior market strategist at Rabobank

Mine, Yours

Major US, European and Asian equity indices all closed in the red yesterday as Brent crude prices again breached the $100/bbl level. Ten year sovereign yields were sharply higher for most countries (Sweden being an exception), with UK Gilts conspicuous for posting an 8.7bps increase. Short end yields rose even faster as markets priced in higher policy rate paths.

Canadian two year yields were up 9.8bps and in New Zealand yields rose 10.1bps. Canada now has 41bps worth of policy rate hikes priced into the forward curve for this year and New Zealand has 77bps priced. Prior to the outbreak of war, the market was still pricing cuts in Canada and it was still seen as uncertain that the RBNZ would be raising rates at all in 2026. Market bets on Fed rate cuts this year are evaporating fast.

Market optimism following Donald Trump’s comment earlier this week that the war is “very complete” and news that the G7 will coordinate on the release of 400mn barrels from strategic reserves appears to have been short-lived. Iranian Supreme Leader Khamenei (the new one) has issued his first public statement, in which he echoed previous IRGC vows to keep the Strait of Hormuz closed.

There was a bit of a ‘Weekend at Bernie’s’ vibe about this as Khamenei himself did not appear on camera. Rumors that he was injured – perhaps severely – in the opening strikes of the war are now circulating alongside suggestions that the Iranian Revolutionary Guard Corps are now running the country and that Khamenei is being used as a convenient figurehead to give the impression of continuity under external pressure.

Despite Khamenei’s vow to keep the Strait closed market pricing is still signalling optimism that the war will be relatively short – although this optimism waned somewhat over the last 24 hours. Prediction markets have a ceasefire before month end as a 21% probability (down 5pts since yesterday), before April 30th as a 45% probability (-2pts since yesterday) and before June 30th as a 61% probability (unchanged).

The Brent crude forward curve remains heavily backwardated, with prices converging back to $75/bbl by mid next year. There has been some speculation in recent days that the US government could play a bit of “mine, yours” in oil derivatives in an attempt to reduce energy prices. Some point to the wild gyrations in crude prices on Monday to suggest that this might have already happened, while others have nod towards a hastily-deleted X post by Energy Secretary Chris Wright claiming that the US navy had escorted an oil tanker through Hormuz as an indication of funny business going on in paper oil markets.

Whatever the case, the FT is today reporting comments from CME Chief Executive Terry Duffy that government intervention in oil derivatives would be a “biblical disaster”. Crypto bros might counsel newly-minted oil traders on the virtues of physical custody, while our own Michael Every has drawn parallels to how pricing in the former Soviet Union worked: “the price of bread is only three roubles, comrade. There is simply none available.”

Not one to be deterred, Secretary Wright said overnight that naval escorts of tankers through the Strait could begin by the end of the month. One might have thought that the (largely unsuccessful) experience of Operation Prosperity Guardian in the Red Sea would serve as a cautionary example that naval escorts could prove ineffective in restarting shipping, but the reaction to Wright’s deleted X post suggests that the market would see this as progress. Nevertheless, the end-of-month timeline implies that prospects of de-escalation in the short term are remote.

The situation in the Strait itself remains troubling. Three commercial ships have been struck over the last two days, with the IRGC saying that “American aggressors and their allies have no right of passage.” The FT reports that ships stuck on the wrong side of Hormuz are ‘Sitting Ducks’ and comments earlier this week from US officials that Iran had begun laying marine mines also complicate the picture for any near-term resumption in shipping.

News emerged yesterday that India and Bangladesh-bound cargoes have been granted permission to transit, and China-bound cargoes have been moving for days. The fact that some shipping is being allowed seemingly confirms that mine laying operations remain limited in scope, but that does not mean that Iran cannot escalate if it chooses to. CNN reports that Iran still has 80-90% of its mine-laying fleet and retains the capability to lay ‘hundreds’ of mines, so the IRGC could conceivably play a bit of “mine, yours” with world energy markets for months.

If Iran allows China and India oil through the Strait, that's more than half of normal oil traffic already (7mmb/d). Throw in the Saudi East-West pipeline for redirection (another 7mb/d) and the blockade suddenly shrinks a lot pic.twitter.com/64xoGJpiHG

— zerohedge (@zerohedge) March 13, 2026

As it stands. the IRGC is now effectively playing Little John with the Strait by insisting that anyone attempting transit must have Iranian permission. The world’s most important hydrocarbon chokepoint has – for now, at least – become an Iranian toll road. Is this acceptable to the United States, or broader Western civilization? Almost certainly not. That makes a Trump TACO all the more improbable, even if it were actually possible without catastrophic loss of US prestige.

So, tanker traffic through the Strait remains at a virtual standstill. Khamenei said in his statement that Tehran believes in “friendship” with Gulf neighbours, but that American bases in Gulf states will continue to be targeted. The message to GCC states is not subtle: break from the US, or suffer the economic and military consequences of continued association.

Of course, while the Iran war continues to dominate all of the headlines, other issues are bubbling away in the world economy. Problems in private credit markets remain a point of risk, perhaps even more so now that swings in commodity and equity markets are precipitating margin calls that need to be funded somehow. A number of funds have placed limits on redemptions, others have sought injections of new capital, and shares in Blackstone, Blue Owl, and KKR have come under pressure. Rising bond yields and widening credit spreads don’t help, and Bloomberg has noted that financials are the worst performing sector of the S&P500 over the last week.

Many portfolios have incorporated private credit exposures in recent years, to the extend that “the golden age of private credit” became a somewhat notorious meme in markets. Some investors have undoubtedly seen their portfolios bolstered as a result of incorporating these exposures, but others may now be hoping that private credit doesn’t ‘mine, theirs’.

Tyler Durden Fri, 03/13/2026 - 11:40

Italian Diplomatic Sources Deny Talks With Iran To Open Hormuz

Update(1140ET): Italy denies talks with Iran, but still nothing official on a public level from government ministers:

No negotiations are under way with Iran to guarantee safe passage through the Hormuz Strait for Italian ships or oil tankers, an Italian Foreign Ministry source has told Reuters, denying a report in The Financial Times.

“In their diplomatic contacts, Italian leaders want to favour the conditions for a general military de-escalation, but there is no under-the-table negotiation aimed at preserving only some merchant ships at the expense of others,” the source said.

* * *

Amid very confused and mixed messaging coming from Washington over the status and future fate of Hormuz oil transit, the EU is trying its hand at a solution.

France ⁠and ⁠Italy have ​opened 'tentative' talks ‌with Iran ‌seeking ⁠to ⁠negotiate a deal to ​guarantee safe ​passage for their tankers ⁠through vital strait which remains a crucial chokepoint for stalled global crude transit, the ​Financial ⁠Times reports Friday, citing people briefed on ⁠the efforts.

This comes as US Secretary of War Pete Hegseth said in a Friday morning Pentagon briefing there is "no clear evidence that Iran has laid mines" in the Strait. This contradicts an avalanche of reporting from earlier this week which said at least a dozen mines were laid.

The two key overnight and morning headlines which have most impacted oil markets remain confirmed India-Iran talks for safe passage, and now EU efforts to do the same...

Regardless, it's more than obvious that the waterway is de facto shut - with perhaps the exception of some Chinese or possibly an Indian vessel being allowed through - also amid persisting threats of rocket and drone attacks.

According to the Financial Times, "European capitals have opened the tentative discussions in an attempt to restart oil and gas exports without expanding the conflict, three officials briefed on the talks told the FT, as shipping companies look to western navies to provide potential escorts for their tankers."

"France is one of the countries involved in the talks, two of the officials said," the report continues. "The first official said Italy had also made attempts to open discussions with Tehran on the issue."

As for whether the war expands or not, that's in no way under Europe's control - but remains something pertaining only to Israel, the United States, and Iran - the main players in the conflict.

The case for some shred of optimism or hope? However, Trump and Hegseth's bellicose tones on Friday morning, vowing to keep ramping up military action over Tehran, underscores continued extreme uncertainty:

If Iran allows China and India oil through the Strait, that's more than half of normal oil traffic already (7mmb/d). Throw in the Saudi East-West pipeline for redirection (another 7mb/d) and the blockade suddenly shrinks a lot pic.twitter.com/64xoGJpiHG

— zerohedge (@zerohedge) March 13, 2026

Meanwhile the Trump administration has sought to push back against reporting by CNN and others which alleges war-planners didn't actually take into account that attacking Iran would result in Hormuz's closure or blockage.

Here's how Hegseth responded to the charge on Friday morning - while trying to paint a general picture that the mainstream media is clouding the picture, and just trying to make Trump 'look bad':

"This is always what they do, hold the strait hostage. CNN doesn't think we thought of that? It's a fundamentally unserious report," Hegseth said. "The sooner David Ellison takes over that network, the better."

Skeptics have pushed back against Pentagon and White House claims of lengthy preparations and plans to use military force to clear the Strait of Hormuz, and yet now 13 days into a war with Iran and there's been no US action in the waterway, and not so much as a single US naval escort that anyone is aware of.

Source: Yeni Safak

So far there does seem to be a constant flow of words on the issue coming from the White House and Pentagon - and yet a clear strategy still hasn't been articulated, much less clear action taking shape.

Tyler Durden Fri, 03/13/2026 - 11:39

Job Openings Unexpectedly Surge By Almost 400K: Biggest Increase Since 2024

Is the mini recession in the US job market ending? 

After slumping in late 2025, it has been a rocky road for the US labor market, especially after the February payrolls print shocked with how bad it was. But according to the latest JOLTS job openings and turnover report published by the BLS moments ago, by the time the February NFP picture was taking place, the seeds of a recovery may have been planted already thanks to a surge in US job openings, which rose by 396K in January, the biggest increase since Nov 2024, to 6.946 million from 6.550 million and the highest since last October.

Looking at the details, we find the the biggest increases were in finance and insurance (+184K), which is odd for a sector about to be swept by the private credit crisis. Other sector that saw a big jump in job openings were Trade, Transportation and Utilities, driven by a 130K increase in retail trade jobs; Private education and health services job opening also jumped by 123K, while Leisure and Hospitality increased by 185K. Professional and business services was the only major sector to see a sharp drop in job openings.

The jump in job openings means that after hitting a 5 year high, the labor demand deficit was cut in half, and in January there were 422K fewer job openings than unemployed workers, a big drop from the 953K the month prior.

Despite the jump in openings, the shift wasn't big enough to change the openings to unemployed ratio, which remained at 0.9x, the lowest it has been since 2021.

And another indication that the labor market slump may be ending, after slamming hard at the end of 2025, both the number of hires and quits has rebounded, although it is still too early to determine if this is a regime change or just a dead cat bounce.

Overall, today's JOLTs report was unexpectedly strong and should put to rest some of the fears sparked by last Friday's catastrophic jobs report.

Tyler Durden Fri, 03/13/2026 - 10:39

US Q4 GDP Growth Cut In Half To Just 0.7% After Revision

While it's useless most of the time, and especially so when the US has just entered war throwing a wrench into the entire economic calculus, moments ago the BEA reported that Q4 GDP in the US was slashed by half after the 1st revision of data: instead of 1.4%, the US grew just 0.7% in the last quarter of 2025 (0.660% to be precise), and far below estimates of a 1.4% print. It was also the lowest GDP print since Q1 2025. 

According to the BEA, GDP was revised down 0.7% point from the advance estimate, or exactly half, reflecting downward revisions to exports, consumer spending, government spending, and investment. Specifically, the revisions were as follows

• Personal consumption was slashed from 1.58% to 1.33% of the bottom line 0.7% print after the revision. 
• Fixed Investment was also revised lower from 0.4% to just 0.29%.
• The Change in private inventories was the only upward revision, from 0.21% to 0.28%
• Net trade (exports less imports) was also revised lower, from 0.08% to -0.21%.
• Government's contribution to GDP - which in Q4 was deeply negative due to the longest govt shutdown on record - was also lower than initially expected, subtracting -1.03% from the bottom line print, as opposed to -0.90%.

Final sales to private domestic purchases, which excludes government, trade and inventories, grew at ​a 1.9% pace. ​This measure ⁠of domestic demand, closely watched by policymakers, was initially estimated to have ​increased at a 2.4% rate. Domestic ​demand grew ⁠at a 2.9% pace in the July-September quarter.

While a pick up in growth is expected this ⁠quarter, ​the U.S.-Israeli war with ​Iran, which has driven up oil prices, is clouding the economic ​outlook, with many expecting a GDP hit should the oil price surge persist.

Tyler Durden Fri, 03/13/2026 - 09:19

JPMorgan Sued Over Alleged Role In $328M Crypto Ponzi Scheme

Authored by Helen Partz via CoinTelegraph.com,

JPMorgan is facing a lawsuit for allegedly enabling a $328 million crypto Ponzi scheme run by now-defunct Goliath Ventures.

Investors on Tuesday filed a proposed class action in the US District Court for the Northern District of California, accusing JPMorgan of ignoring suspicious transactions and allowing Goliath to use its infrastructure to collect investor funds.

A separate federal criminal complaint against Goliath CEO Christopher Delgado, however, says investor funds also flowed through a Bank of America account and directly into Coinbase wallets.

Together, the filings sketch a broader picture of how money moved through the alleged scheme while testing how far a major bank can be held civilly liable for servicing a crypto-related business later accused of fraud.

The California lawsuit states that despite JPMorgan CEO Jamie Dimon’s repeated criticism of Bitcoin, the bank allegedly failed to prevent crypto scammers from carrying out fraudulent wire transactions.

“Chase, by virtue of its Know Your Customer actually knew that Goliath was acting as a ‘private equity’ cryptocurrency pool operator investing money for investors, without being licensed at all to sell these investments,” the complaint reads.

Complaint focuses on JPMorgan account flows

The US Attorney’s Office for the Middle District of Florida announced the arrest of Goliath CEO Christopher Delgado on Feb. 24. He faces a maximum penalty of 30 years in federal prison if convicted on all counts.

Prosecutors said Goliath Ventures, formerly known as Gen-Z Venture Firm, operated the scheme from January 2023 through January 2026.

The civil complaint says Chase was believed to be Goliath’s sole banking institution for a period from January 2023 to May or June 2025. But the separate federal criminal complaint says Goliath also held a Bank of America business account. “Goliath obtained at least $328 million from what are believed to be over 2,000 investors,” the complaint states.

Source: Law.com

The complaint also describes money moved from a JPMorgan account to Goliath wallets held at Coinbase.

The investor suit alleges that about $253 million was deposited into JPMorgan account 0305 between January 2023 and June 2025, with roughly $123 million later transferred to Goliath wallets at Coinbase.

The separate federal complaint paints a broader picture, saying investor funds were primarily deposited into the JPMorgan 0305 account, the Bank of America 9136 account or sent directly to Goliath wallets at Coinbase. Prosecutors said about $75 million went into the BOA account and about $62 million was received directly by Coinbase wallets.

“Delgado was a co-signatory on the BOA 9136 account in the name of Goliath,” the criminal complaint states, adding that Goliath directors told at least one investor that Delgado controlled the account.

Source: US Department of Justice

The government also said Delgado was the sole signatory on Goliath’s Coinbase wallets.

More complaints are coming as the team is still identifying victims

The class action suit was filed by a team of attorneys from Shaw Lewenz, Sonn Law Group and Schwartzbaum. The first named plaintiff, Robby Alan Steele, said he invested a total of $650,000, including retirement funds.

Shaw Lewenz’ Jordan Shaw said there would be more complaints to come, as the team is still identifying individuals and entities they believe to be complicit.

“We are being purposeful and precise in who we file against, to be complementary to the receiver and his efforts," Shaw said, adding: “The goal is not to duplicate efforts, but instead to maximize recovery.”

Tyler Durden Fri, 03/13/2026 - 09:05

Savings Rate Highest In 6 Months As Fed's Favorite Inflation Indicator Rises Near 2-Year High

The Fed's favorite inflation indicator - Core PCE (a measure of price changes in consumer goods and services that excludes volatile food and energy costs) - rose o.4% MoM in January (in line with expectations) with YoY rising by 3.1% (as expected), slightly higher than the 3.0% in December...

Source Bloomberg

That is the highest YoY Core PCE since March 2024.

The headline PCE rose 0.3% MoM (as expected) driving prices up 2.8% YoY (down from December's +2.9% YoY)...

Source Bloomberg

Services continue to dominate the prices gains with Goods costs dropping very marginally in January...

Source Bloomberg

For those worried about the impact of crude oil's recent surge (since the start of the Iran war), it appears - somehow - that PCE's Energy component has already front-run a lot of the move...

Higher prices were met with higher incomes and higher spending (rising in line with one another for a change)...

On the income side, wage growth accelerated for both private and govt workers:

• Private worker salaries up 5.0% YoY in January, up from 4.8% in December

• Govt worker salaries up 2.3% YoY in Jan, up from 2.1% in Dec

Spending growth continues to outpace income growth

But, thanks to yet more revisions, the savings rate ticked up to its highest since July...

With rate-cut expectations already plummeting, this latest data will do nothing to support a dovish take going forward (unless oil crashes the global economy).

Tyler Durden Fri, 03/13/2026 - 08:43

Futures At Session Highs After Oil Drops Below $100 On India Hormuz Transit Hopes

US stock futures rebounded from their overnight selloff, and were trading near session highs after three days of losses on Wall Street as Brent slipped below $100 a barrel and investors waited to see if the war in the Middle East would escalate further. The catalyst for the bounce was news that India asked Iran to allow its tanker armada through Hormuz, which would lead to a substantial easing of the global oil shipping blockade. And while it remains to be seen if this will pave the way for other flows through the strait, for now futures have rebounded with Emini S&P futures up 0.3% at 6700 and Nasdaq futures rising 0.4%; in premarket trading Mag 7 stocks are flattish except for the -1.4% decline in META after it delayed the rollout of its new frontier model “Avocado.” Bond yields reverse an earlier rise and were flat higher this morning while the USD is 0.4% higher, with DXY now reaching above 100. Oil prices drop overnight with WTI trading around $93 after India stated it has an oil tanker moving out of the Strait of Hormuz. Other commodities are mixed: Aluminum added 1.7%, Silver fell -1.0% this morning. US economic data slate includes January personal income/spending, PCE price index, durable goods orders, 4Q second GDP estimate (8:30am), March University of Michigan sentiment, January JOLTS job openings (10am).

In premarket trading, Magnificent Seven are mixed (Tesla +0.9%, Alphabet +0.9%, Nvidia +0.8%, Apple +0.3%, Amazon +0.3%, Microsoft +0.1%, Meta Platforms (META) -1%)

• Adobe (ADBE) falls 7% as Chief Executive Officer Shantanu Narayen will resign from his position amid deep skepticism about the company’s ability to thrive in the AI era.
• EverCommerce Inc. (EVCM) drops 21% after the management software firm reported adjusted earnings per share for the fourth quarter that missed the average analyst estimate.
• KinderCare Learning Cos. (KLC) declines 31% after the childhood education company provided a disappointing 2026 earnings outlook.
• Klarna Group (KLAR) rises 7% after the fintech’s chairman bought 3.47 million shares worth about $50 million between March 3 and March 11.
• ServiceTitan (TTAN) falls 5% as the software company reported fourth quarter results. Bloomberg Intelligence says the results ran up against high expectations.
• Once Upon a Farm PBC (OFRM) drops 14% after the organic kids snacks maker forecast slowing sales growth in 2026 in its first earnings report as a public company.
• PagerDuty (PD) falls 12% after the software company gave a revenue forecast that’s weaker than expected.
• PAR Technology (PAR) falls 22% after pricing a private offering of $250 million aggregate principal amount of 4% convertible senior notes.
• SentinelOne (S) falls 4% after the software company’s outlook was seen as unimpressive.
• Ulta Beauty (ULTA) drops 7% after the cosmetics retailer offered guidance for the current year that was toward the low end of Wall Street’s expectations.

In corporate news, Adobe shares fell more than 8% in premarket trading after the maker of software for creative professionals delivered a lackluster forecast and announced its long-standing CEO Shantanu Narayen would step down amid deep skepticism about the company’s ability to thrive in the AI era. And Apple is lowering the fees it collects from app developers in China, a major concession in a hugely lucrative market where

Nearly two weeks into the war in the Middle East, investors are struggling to find havens as bonds fall alongside equities and hopes for further policy easing fade while stagflation risks mount. There were a few new articles on Iran, pointing to the oscillating narrative between US off-ramp and the closure of the Strait. A global equity index was set for a second week of losses, having fallen from record highs hit before the conflict. A key sentiment indicator compiled by Bank of America Corp. showed the recent selloff hasn’t yet created conditions for investors to buy beaten-down securities.

“Markets have sailed through the last quarter with an optimistic bias, sticking to a buy-the-dip mantra, but this spike in volatility is likely to put an end to this,” said Benoit Peloille, chief investment officer at Natixis Wealth Management. He added that even if the conflict doesn’t last much longer, “it may already have a palpable negative impact on economic growth and inflation.”

Oil prices are now more than 60% higher than at the start of 2026, shrugging off coordinated moves by wealthy nations to release crude reserves and temporary US waivers allowing purchases of Russian oil. Crude could exceed the 2008 peak close to $150 a barrel, should flows via the Strait of Hormuz remain depressed through March, Goldman Sachs Group Inc. warned.

As energy price pressures build, the risk of an inflation shock is trumping the traditional appeal of bonds as a haven. Treasuries volatility jumped to a nine-month high, yields are marching higher across the curve and markets are no longer fully pricing in even one quarter-point rate cut by the Fed this year. Higher yields are exacerbating already elevated concern about stress in the private credit market, hurting risk appetite generally and the banking sector specifically.  

Investors will turn their attention to US inflation figures due later Friday. The Federal Reserve’s favored price gauge is expected to show inflation remaining stubbornly high. Meanwhile a preliminary March survey will show how American consumers view the impact of the Iran conflict, given the rise in gasoline prices.

“Inflation is actually ramping up as a big risk,” Tracy Chen, a portfolio manager for global fixed income at Brandywine Global Investment Management, said on Bloomberg Television. “Duration of the conflict is key. We have been raising US dollar weighting a little bit just to increase our hedge.

European stocks are off well their worst levels, with the Stoxx 600 almost back to flat for the day having lost over 1% at the lows. A pullback in energy prices helped with European natural gas futures falling more than 1%.  BE Semiconductor is the day’s most significant outperformer, after reports about takeover interest. Here are the biggest movers Friday:

• BE Semiconductor shares surge as much as 14% in early Friday trading after Reuters reported that the semiconductor equipment firm has been fielding takeover interest
• Zalando rises as much as 6.4%, building on yesterday’s result-driven gains and trading at a five-week high, after being upgraded at Bernstein. Analysts believe the risk-reward profile is more balanced
• Worldline shares gain as much as 46% after the payments company launched a capital increase. Heavily targeted by short sellers, the stock gets a boost when shareholders participating in the rights offering recall the shares back
• Siltronic shares rise as much as 3.3%, building on Thursday’s gains after the silicon wafer manufacturer reported results. Analysts at Oddo BHF raised their price target on the stock this morning as well
• Medacta climbs as much as 6.5%, the most since the end of July, after the Swiss medical-implant firm reported its full-year results and raised guidance
• Webuild drops as much as 6% after BNP Paribas downgraded the stock to neutral from outperform, citing the Italian construction company’s outlook for flat sales in 2026 along with slower growth in the Middle East
• ID Logistics shares drop as much as 9.7%, extending yesterday’s result-driven losses and slumping to a fresh 11-month low. TP ICAP trimmed its target price on the stock this morning

Hours after Deutsche Bank flagged a €26 billion ($30 billion) exposure to private credit on Thursday, the head of structured credit at Dan Loeb’s Third Point said the hedge fund is readying to scoop up credit assets others are selling to raise liquidity. “This is probably one of the most exciting times to be a credit investor,” Shalini Sriram said on the latest Bloomberg Intelligence Credit Edge podcast. 

Earlier in the session, Asian stocks fell on Friday, notching a second-consecutive weekly decline as the Iran war stokes concerns of elevated oil prices and the impact on inflation. The MSCI Asia Pacific Index slid as much as 1.4% Friday, with chipmakers TSMC, Samsung and SK Hynix the biggest drags. India and South Korea led a broad regional decline, while Indonesia’s benchmark entered a bear market.
Investors remain concerned about tight energy supply, with oil trading above $100 a barrel. A prolonged war could hobble manufacturing and drive up costs, and faster inflation may drive more hawkish monetary policy.

In FX, the Bloomberg Dollar Spot Index rises 0.4% to a year-to-date high. The pound is among the weakest of the G-10 currencies, falling 0.6% against the greenback after the UK economy unexpectedly failed to grow in January. The yen is flat having earlier dropped to its lowest since July 2024.

In rates, Treasury futures ticked higher as oil prices dipped in early US session after India said it had an oil tanker that has started moving through the Strait of Hormuz. Yields flipped to slightly richer on the day across front and belly of the curve, ahead of a day packed with US data including GDP, PCE and JOLTS job openings. US yields richer by around 1.5bp across front and belly of the curve, slightly cheaper across the long-end, steepening 2s10s and 5s30s spreads by 1.5bp and 2bp on the day, unwinding a small portion of Thursday’s aggressive flattening move as Fed rate cut premium eroded from the front-end of the curve. European government bonds also recovered as traders trimmed bets on tightening by the European Central Bank and Bank of England this year. UK and German 10-year borrowing costs are flat. US 10-year yields rise 1 bp to 4.27%.

In commodities, WTI futures lower on the day by around 2%, dropping following the India headline, after rising as high as $98 a barrel on Friday after a 9.7% jump on Thursday as defiant tones from Trump and Iran’s new leader Mojtaba Khamenei drained optimism about any swift resolution to the conflict. Betting on Polymarket puts the chance of a ceasefire by the end of the month at just 21%. Spot gold edges higher while silver drops over 1%. Bitcoin climbs 3%.

Today's US economic data slate includes January personal income/spending, PCE price index, durable goods orders, 4Q second GDP estimate (8:30am), March University of Michigan sentiment, January JOLTS job openings (10am)

Market Snapshot

• S&P 500 mini +0.3%
• Nasdaq 100 mini +0.4%,
• Russell 2000 mini +0.3%
• Stoxx Europe 600 -0.2%,
• DAX -0.5%,
• CAC 40 -0.6%
• 10-year Treasury yield unch basis point at 4.26%
• VIX -0.3 points at 27.02
• Bloomberg Dollar Index +0.3% at 1213.01,
• euro -0.5% at $1.1456
• WTI crude little changed at $95.76/barrel

Top Overnight News

• Arab diplomats trying to find a diplomatic path out of the war now being waged by the U.S. and Israel against Iran say Tehran, emboldened by its ability to rattle the global economy by choking oil shipments, has laid out steep preconditions for any return to talks. WSJ 
• Iran has started laying mines in Hormuz and is utilizing thousands of small boats in the country’s navy to do so. NYT 
• Israeli officials now assess that Iran’s ruling regime is unlikely to fall in the immediate future, as Tehran’s battered rulers remain in control and conditions on the ground aren’t yet ripe for a popular uprising, people familiar with the matter said. WSJ 
• Donald Trump warned Iran to “watch what happens” today in a social media post, claiming the US is “totally destroying” Iran militarily and economically. Benjamin Netanyahu said regime change can’t happen without an internal uprising. BBG 
• The US expanded a short-term waiver allowing buyers to purchase Russian oil already in transit, potentially freeing up about 19 million barrels of crude and refined products in Asian waters. BBG 
• The framework for US President Donald Trump’s summit with China’s Xi Jinping is set to be mapped out this weekend as negotiators meet to discuss thorny issues such as tariffs, fentanyl and Taiwan. Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer and China’s Vice Premier He Lifeng will convene in Paris on Sunday and Monday to map out deliverables for the leaders’ summit slated for March 31 to April 2 in Beijing. BBG 
• US Secretary of State Rubio will join US President Trump during his trip to China later this month.
• TikTok’s Chinese parent, ByteDance, is assembling computing power with high-end Nvidia chips outside China to fuel its ambition of becoming a global artificial-intelligence leader. WSJ 
• India is delaying signing a deal with the US for several months after new investigations, Reuters reported. New Delhi had originally aimed to finalize an interim deal this month. BBG 
• Adobe CEO Shantanu Narayen is stepping down after 18 years amid concerns about the company’s ability to compete in AI. Shares are down -8% in the premkt. BBG 

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly subdued with the region cautious amid headwinds from the recent double-digit surge in oil prices after Iran's new Supreme Leader dug in and called for a continued closure of the Strait of Hormuz, as well as warned that other fronts will be opened if the war persists, while the US also initiated 60 Section 301 investigations related to failures to take action on forced labour. ASX 200 traded indecisively as strength in financials and energy offset the losses in mining and materials. Nikkei 225 underperformed as oil and inflationary-related pressures weighed on the large exporting industries, including tech and autos, with Honda among the worst hit after it cancelled three planned EV launches in North America and revised its FY25/26 outlook to a loss of as much as JPY 690bln from the previous guidance of JPY 300bln profit. Hang Seng and Shanghai Comp were lacklustre in rangebound trade with a lack of conviction heading into talks between US Treasury Secretary Bessent, USTR Greer and Chinese Vice Premier He Lifeng in Paris beginning on Sunday.

Top Asian News

• Japanese Finance Minister Katayama said prepared to take all necessary steps on FX and are in closer contact with US authorities on FX.
• South Korea could reportedly see KRW 20tln extra budget on chip boom, according to Chosun.

European bourses (STOXX 600 -0.2%) continue to trade on the softer side as energy prices remain at elevated levels. Once again, the IBEX 35 (-0.2%) is the worst performer as Banks continue to weigh on the index. The FTSE 100 (-0.1%) is also under modest pressure, after the UK showed no growth M/M in January. European sectors are mixed, with Energy (+0.8%) outperforming as Brent holds above USD 100/bbl. Basic Resources (-1.2%) lags as the stronger dollar weighs on metals prices. Consumer Products and Services (-1.4%) and Banks (-0.7%) are also underperforming as higher inflation expectations and poor growth prospects weigh on the sectors. For the semiconductor space, BE Semiconductor has reportedly been fielding takeover interests and has refused to respond to the rumour.

Top European News

• UK GDP YoY (Jan) Y/Y 0.8% vs. Exp. 0.9% (Prev. 0.7%, Low. 0.8%, High. 1.0%).
• UK GDP MoM (Jan) M/M 0.0% vs. Exp. 0.2% (Prev. 0.1%, Low. 0.1%, High. 0.3%).
• UK Balance of Trade (Jan) 3.922B vs. Exp. -6.2B (Prev. -4.340B).
• UK Goods Trade Balance (Jan) -14.45B vs. Exp. -22.2B (Prev. -22.72B, Low. -23.3B, High. -21.2B).

FX

• DXY is stronger this morning and currently just off best levels, within a 99.58-100.29 range; upside today lacked a fresh fundamental driver, but came alongside the strength in crude prices, where Brent once again topped USD 100/bbl. Interestingly, the USD-Brent correlation is currently 0.91. On the oil situation, the US issued a new Russia-related general licence permitting the sale of Russian crude oil – this only applies to oil in transit. A waiver which did little to cull the upside in the oil complex, given this does not nearly replace the lost supply from the Gulf. ING writes that “we cannot see investors wanting to fight this dollar rally, given there is so little certainty as to when this crisis will end”. Focus now turns to Core PCE Price Index (Jan), Durable Goods Orders (Jan), Personal Spending (Jan), JOLTS (Jan), University of Michigan Consumer Sentiment Prelim. (Mar) and Atlanta Fed GDP.
• EUR has now sunk below the 1.1500 mark, and made a trough at 1.1433 – levels not seen since early August, where the single currency made a low at 1.1391 (1 Aug). Ultimately, the region's status as a net-importer of oil continues to weigh on the single currency. In the meantime, focus will be on any hints of government intervention to ease the impact of higher energy costs, before focus then turns to the ECB next week, where the Bank is likely to raise concerns about the Middle East situation, with an outside chance that it signals possible policy adjustments.
• GBP also remains pressured alongside peers. Sterling opened lower, given the USD strength, but then reacted negatively to the region’s GDP metrics, which showed that the UK stagnated in January, even before the Iran war started. Cable fell from 1.3315 to 1.3306 within a couple of minutes, before trundling lower as the USD strength picked up. The impact on the BoE following this data will likely not be impactful on policy in the near term, given the Iran war.
• JPY remains the only G10 flat vs USD. Potentially a function of traders seeing the possibility of near-term intervention/rate checks as USD/JPY sits firmly in the intervention zone, beyond 158.00. Overnight, Finance Minister Katayama said that they are in closer contact with US authorities on FX, and separately commented that they are prepared to take all necessary steps on FX. As a reminder, the NY Fed conducted a rate check on USD/JPY back in January. As mentioned previously, intervention seems unlikely given a) it would prove to be ineffective given the current geopolitical environment, b) low volume short positions on the JPY, c) the move is fundamentally driven by higher energy prices, and d) the recent lack of verbal intervention suggests potentially a higher bar for USD/JPY to rise. Nonetheless, markets will be cognizant of any jawboning heading into the BoJ meeting and wage negotiations next week.

Trade/Tariffs

• USTR confirms to start 60 Section 301 investigations related to failures to take action on forced labour.
• China's MOFCOM said US 301 tariffs violate WTO rules, urges the US to correct wrong practices and return to dialogue. China is analysing and assessing the situation. Will take necessary measures to safeguard legitimate rights and interests.
• China's MOFCOM is to impose tariffs of up to 30.1% on imports of rubber from Japan and Canada, effective March 14th.
• US ambassador to India said they're moving to a critical stage of finalising critical minerals agreement, adds expect countries we have made deals with to honor those deals.

Fixed Income

• A choppy start to the day with benchmarks in narrower ranges than usual, though still posting a c. 50 ticks band for Bunds, for instance. Action this morning has largely been a function of energy and, by extension, the general risk tone. A grind higher in the first few hours in energy benchmarks to a USD 98.09/bbl peak for WTI sparked a bout of fixed downside, equity pressure and USD strength.
• However, the move in fixed income has pared with benchmarks marginally firmer as energy wanes from best. The main headline update amidst this was Axios reporting that US President Trump told the G7 on Wednesday that Iran was close to surrender; however, commentary from the new Supreme Leader on Thursday and Iran announcing a fresh wave of attacks today somewhat disputes that assessment.
• Specifically, USTs in a 111-12 to 111-20 band, currently firmer by a tick or two in that. Nonetheless, the benchmark is set to end the week lower by around a full point.
• For Bunds, they are yet to make a lasting move into the green, despite hitting a 126.18 peak with gains of two ticks briefly. Drivers much the same as above. Furthermore, the benchmark is also set to end the week lower by around a full point.
• Finally, Gilts opened lower by just under 20 ticks today before slipping to a 88.49 low and then rebounding to near-enough unchanged. Downside a function of the benchmark catching up to post-close action and the morning's initial energy move. However, this was somewhat offset by the morning's data showing the UK started the year with no growth. A series that may have otherwise cemented a March cut by the BoE. However, the recent Middle East related energy disruption and associated moves mean a near-term cut is entirely off the table, though the MPC will likely remain divided next week in another split decision.
• Japan sold JPY 300bln in 10yr Climate Transition Bonds b/c 3.42 (Prev. 3.56).

Commodities

• WTI and Brent futures are off their best and worst levels at the time of writing, with traders gearing up for another week of geopolitical risks as the war shows no signs of abating. It was reported that the US issued a second short-term waiver allowing buyers to receive Russian oil already at sea, expanding a previous India-only authorisation without materially benefiting the Russian government. Modest downticks were seen in the complex following an Axios report that US President Trump told G7 leaders in a virtual meeting Wednesday that Iran is "about to surrender," according to three officials from G7 countries briefed on the contents of the call, although the report caveats that 24 hours later after that call, Iran's new supreme leader issued his first public statement vowing to keep fighting. WTI resides in a USD 94.52-98.09/bbl range and Brent in a 99.51-102.75/bbl range. Nat Gas prices are flat at the time of writing, but remain above EUR 50/MWh amid the ongoing energy woes emerging from the Iranian crisis.
• Spot gold rose above USD 5,100/oz overnight and hovers on either side of the figure in recent trade, but still remains on track for a second weekly decline, as the Middle East conflict keeps oil near USD 100/bbl and in turn pushes up the USD (DXY north of 100) amid inflationary woes. Spot gold resides in a USD 5,061.32-5,128.47/oz. Spot silver resides closer to weekly lows after finding resistance at USD 90/oz on Tuesday.
• In terms of base metals, 3M LME copper is on a softer footing amid the firmer USD and with sentiment also dampened as the US opened a Section 301 probe into forced-labour practices across 60 economies, including the EU, China, Japan, South Korea, Canada, Mexico, India, Taiwan and the UK. Iron is set for its biggest weekly gain in more than a year after China state-backed buyers expanded restrictions on BHP Group (BHP AT) products.
• India asks Iran to allow tankers through the Strait of Hormuz, according to the WSJ; India is in active talks to allow 23 tankers through the Strait, with first crossing expected this weekend
• Kremlin envoy Dmitriev said US sanctions waiver affects around 100mln barrels of Russian oil.
• US has issued a new Russia-related general license permitting the sale of Russian crude oil and petroleum products loaded on vessels as of March 12, according to the Treasury website. US license permits sale of such Russian crude oil and petroleum products until 12:01 AM EDT on April 11th.
• US Treasury Secretary Bessent clarified that new general licence applies only to Russian oil already in transit and will not provide significant financial benefit to the Russian government.
• EU Commission said gas storage filling levels in the EU remain stable and oil stocks are at a high level, via statement; gas storage should not be refilled at all costs.
• Japan's Defence Minister Koizumi said it would be possible to provide escort for Japanese ships through Hormuz, however PM Takaichi clarified that no decisions have been made.
• Saudi Aramco offers to sell 2 mln barrels of Arab Light crude for March loading at Yanbu port.
• Australia's energy minister announces lowering minimum stock obligations for diesel and fuel. said: To address fuel supply chain disruption by reducing up to 20% of the baseline minimum stockholding obligation for petrol and diesel, which would allow the release of up to 762mln litre of petrol and diesel from Australia's domestic reserves.
• Venezuela and Repsol (REP SM) signed strategic agreements, while Venezuela's interim president Rodriguez said that the deal can make Venezuela a gas exporter.
• Rio Tinto (RIO AT) suspends all mining operations at its Kennecott copper facility following a fatal incident.
• Goldman Sachs expects Brent crude prices to average over USD 100/bbl in March and USD 85/bbl in April, while it sees Brent crude gradually easing back to the low USD 70s late in the year.

Geopolitics

• NATO intercepts an Iranian missile targeting Turkey, the 3rd occasion since the Middle East conflict began. Missile was launched from Iran and destroyed by defences in the eastern Mediterranean.
• US President Trump told G7 leaders in a virtual meeting Wednesday that Iran is "about to surrender," according to three officials from G7 countries briefed on the contents of the call, Axios reported.
• US has burned through ‘years’ of munitions since the Iran war began, while the rapid depletion of stockpile including Tomahawk missiles raises pressure on US President Trump regarding the cost of the war, according to FT.
• US officials say Iran has begun laying mines in the Strait of Hormuz as of today, according to NYT.
• US Treasury Secretary Bessent said we know that Iran has not mined the Strait of Hormuz, noted a lower oil price regime over the medium-term after the conflict.
• US weapons package for Taiwan could be approved after US President Trump's China trip, according to sources.
• Israeli Security Official said that Iran has around 150 missile launch platforms, these will continue to be targeted.
• Israeli army said it has begun a wave of air strikes targeting government infrastructure in Iran’s capital, Tehran, Al Jazeera reported.
• Israeli air strikes are underway in Iran and explosions were reported in Tehran.
• Israel's army identified missiles launched from Iran and defence systems were activated to counter threat.
• Israel conducts a series of raids on southern suburbs of Beirut.
• Israeli army issues orders to evacuate areas in the southern suburbs of Beirut, Sky News Arabia reported.
• Iran announces a fresh wave of attacks on US bases and Israel, ISNA reported.
• "Iranian state television reported a large explosion in a Tehran square where demonstrations are happening", via AP's Gambrell.
• Iranian missile successfully hits target after Israeli interceptors failed to stop it.
• Iran claims responsibility for shooting down US refueling plane, said US refueling plane was downed with all crew killed in Western Iraq, according to Tasnim.

US event calendar

• US economic data slate includes January personal income/spending, PCE price index, durable goods orders, 4Q second GDP estimate (8:30am), March University of Michigan sentiment, January JOLTS job openings (10am)

DB's Jim Reid concludes the overnight wrap

Without putting too much of a downer on things, today marks the first occurrence of successive monthly Friday the 13ths since 2015. Thanks to a client with an impressive archive, I was sent the EMR from the last time I commented on this—11 years ago today. I wouldn't have known otherwise.  The next back-to-back Friday the 13th doesn’t arrive until March 2037. I have mixed feelings about whether I’d like to still be writing about that particular statistic when it comes around again, especially as the EMR will be exactly 30 years old at that point.
Perhaps back-to-back Friday the 13ths will reverse the usual superstition and bring a bit of luck instead—something markets could certainly use when conditions are becoming ever more fraught. The challenge for investors is that a sharp turnaround could materialise at almost any point if both sides de escalated. There are obvious incentives to do so. However, there are currently no signs that such an outcome is imminent. Our house view, articulated by Helen Belopolsky in my team, is that events are likely to get worse before they get better, although de escalation remains plausible at some point over the next few weeks. 

Over the past 24 hours, we’ve seen another round of escalatory rhetoric from both sides, which pushed Brent crude (+9.22%) back up to $100.46/bbl, the first time it’s closed above $100/bbl since August 2022. We’re still hovering around those levels overnight, with Brent at $100.11/bbl this morning. While it remains feasible that the most intense phase of the conflict ends relatively quickly, concerns are clearly growing that this will turn into a much more prolonged confrontation. Indeed, that uncertainty reignited inflation fears yesterday, leading to the most hawkish central bank pricing of the year so far for both the ECB and the Fed. Sovereign bonds sold off again, with 10yr bund yields (+2.5bps) reaching a post 2023 high of 2.95%. And in turn, those geopolitical concerns and expectations of a more hawkish policy response triggered a fresh equity sell off, with the S&P 500 (-1.52%) falling to its lowest level since November. By contrast, the dollar index (+0.51%) reached its highest level since November.

In terms of the latest, the harsh rhetoric continued yesterday, alongside the first public comments from Iran’s new Supreme Leader Khamenei. He said the Strait of Hormuz should remain shut and warned that, if the war persisted, other fronts would be opened. Meanwhile, President Trump posted that preventing Iran from acquiring nuclear weapons was “of far greater interest and importance to me” than oil prices. And in the last couple of hours, Trump has posted that we should “watch what happens” to Iran today. There were also conflicting reports about mines in the Strait of Hormuz, with UK Defence Secretary Healey cautioning that “the Iranians may have started mining in the strait”. However, US Treasury Secretary Bessent claimed “we know that they have not mined the straits” as some tankers are coming through. Meanwhile, US Energy Secretary Wright suggested that the US could start escorting tankers through the strait by the end of March.
With no sign of an imminent resolution, oil prices posted significant gains yesterday. Brent crude (+9.22%) rose to $100.46/bbl, while WTI (+9.72%) climbed to $95.73/bbl. And even though this is still well below Brent’s intraday high of $119.50/bbl right after the weekend, the longer prices hover around $100/bbl, the greater the risk of serious inflationary consequences. That’s been reflected in expectations, as the 1yr Euro inflation swap jumped +19bps yesterday to 2.96%, its highest level since late 2023. Moreover, investors are also pricing a longer period of elevated energy prices, with the 12-month Brent future (+2.67%) rising to $76.15/bbl, with a further move up to $76.68/bbl overnight.

Those oil price gains came even as the US has looked to introduce additional measures in response to the energy shock. For instance, Bloomberg reported that the administration plans to waive the Jones Act, which requires shipping between US ports to be done by American ships. So that could reduce costs for shipping fuel within the US and helped a modest decline in US crack spreads yesterday (the difference between crude oil and wholesale petroleum). Then in the evening, the US Treasury announced an expansion of temporary sanction waivers for purchases of Russian oil.

Beyond commodities, sovereign bonds saw another broad sell off as inflation fears fed into renewed rate hike speculation. The move was especially clear in Europe, where 10yr bund yields (+2.5bps) rose to 2.95%, their highest level since October 2023. France’s 10yr OAT yield (+5.6bps) climbed to 3.62%, its highest since the peak of the Euro crisis in 2011. UK gilts fared even worse, as market pricing for a BoE rate hike this year hit an 82% probability by the close, with the 10yr gilt yield (+8.7bps) closing at a six-month high of 4.77%.

US Treasuries followed a similar pattern, with particularly pronounced increases at the front-end as doubts grew about the Fed’s ability to cut rates this year, even under a new Chair. So there are now just 20bps of cuts priced in by the December meeting, meaning that—for the first time this year—a 2026 rate cut is no longer fully priced. Instead, investors have to look as far out as the June 2027 meeting for the first fully priced cut. That backdrop drove another sell off, with the 2yr Treasury yield (+9.0bps) rising to a six-month high of 3.74%, while the 10yr yield (+3.1bps) moved up to 4.26%.

That combination of higher oil prices and more hawkish central bank pricing weighed further on risk assets, with equities declining on both sides of the Atlantic. The S&P 500 (-1.52%) fell for a third consecutive session, reaching its lowest level since November. Yet even so, the index is still only -4.4% off its record high and -3% below its pre strike level. So despite the volatility, it’s still not halfway to technical correction territory, let alone a bear market. Energy stocks (+0.98%) outperformed, with that segment of the S&P 500 reaching a record high. Meanwhile in Europe, the STOXX 600 (-0.61%) fell for a second day, though it remains above Monday’s levels and is still -5.5% below its prestrike record high, again some distance from correction territory.

That said, the equity performance was increasingly challenging yesterday, with 391 decliners in the S&P 500, the most since January. The Mag-7 (-1.86%) snapped a three-day winning streak, moving to within half a percent of technical correction territory, while the small cap Russell 2000 (-2.12%) closed at a 2026 low. In addition to the oil spike, market sentiment was weighed on by renewed concerns over private credit, the S&P 500 Banks (-2.16%) underperforming the broader index, whilst US IG credit spreads widened +4bps to 90bps, their highest level since May.

Overnight in Asia, that slide has continued for the most part, with sizeable losses for the Nikkei (-1.37%) and the KOSPI (-1.76%). Chinese equities are faring relatively better however, with the CSI 300 (+0.36%) and the Shanghai Comp (+0.02%) posting modest gains. In the meantime, the Japanese yen has weakened further in the last 24 hours, closing at 159.35 per US Dollar yesterday, the weakest since July 2024. Indeed, it’s getting closer to levels where the authorities have previously intervened to support the currency. Looking forward however, equity futures in the US and Europe are a bit more positive this morning as oil prices have been relatively stable in the last 24 hours. So those on the S&P 500 are up +0.17%, and those on the DAX are up +0.13%.

Looking ahead, today’s data releases include UK GDP and Euro Area industrial production for January. In the US, we’ll also see January PCE inflation, the second estimate of Q4 GDP, and preliminary durable goods orders for January. Central bank speakers include the ECB’s Wunsch.

Tyler Durden Fri, 03/13/2026 - 08:34

US Tariff Investigations Put China, EU And Other Major Trading Partners In New Crosshairs

The Trump administration has opened a new round of tariff investigations that could lead to higher duties on at least 16 trading partners, as officials seek to rebuild a trade enforcement framework after the Supreme Court invalidated a number of the president’s second-term tariffs.

The probes, announced Wednesday by the Office of the U.S. Trade Representative, will be conducted under Section 301 of the Trade Act of 1974, a statute that allows the U.S. to impose tariffs on countries whose policies are deemed to discriminate against American commerce. The investigations require consultations with foreign governments as well as public hearings and comment periods before any new tariffs can be imposed.

The effort is intended to replace temporary global tariffs of 10% that President Donald Trump imposed last month after the Supreme Court ruled many of his earlier duties unlawful. U.S. Trade Representative Jamieson Greer said officials have not yet determined how high the replacement tariffs might be, declining to prejudge the outcome of the investigations. Administration economic officials have previously indicated they aim to generate tariff revenue comparable to levels collected before the court’s decision, the WSJ reports.

The Probes

One investigation launched Wednesday will examine what U.S. officials describe as industrial overcapacity in export-oriented economies. The administration argues that subsidies in some countries allow producers to flood global markets with underpriced goods, undermining American manufacturers. Nations likely to face scrutiny include major U.S. trading partners such as China, India, Mexico, Japan, South Korea, Vietnam and the European Union.

“Our view is that key trading partners have developed production capacity that is really untethered from the market incentives of domestic and global demand,” Greer told reporters ahead of the investigation’s release.

A second probe, expected later this week, will examine foreign policies related to forced labor. The inquiry could result in tariffs on countries that do not prohibit the sale or importation of goods produced through coerced labor. Greer said the investigation would target roughly 60 nations.

Section 301 investigations typically take months or even years to complete. Greer said the administration intends to accelerate the process and aims to finish the probes by mid-July, when the temporary tariffs are scheduled to expire.

Additional investigations could follow in the coming weeks, Greer said, potentially targeting specific countries or policy areas. Some could focus on blocs such as the European Union, while others may address issues like digital trade policies that the U.S. considers discriminatory toward American companies.

Let's Make a Deal

Many of the countries likely to be affected have already negotiated trade agreements with the U.S. during Trump’s second term in an effort to limit tariff exposure. Greer said he expects those agreements to remain in force, noting that trading partners had already anticipated some level of U.S. tariffs.

"The United States will no longer sacrifice its industrial base to other countries that may be exporting their problems with excess capacity and production to us. Today’s investigations underscore President Trump’s commitment to reshore critical supply chains and create good-paying jobs for American workers across our manufacturing sectors," said Greer in a statement. 

Trump’s earlier global duties had exempted products already covered by national-security tariffs imposed under Section 232 of the Trade Expansion Act of 1962. Greer said it is too early to determine whether the new Section 301 tariffs will include similar exemptions, though the administration wants to avoid creating additional compliance complexity for companies.

While Section 301 provides a stronger legal foundation than the emergency powers used for the tariffs struck down by the Supreme Court, the move is likely to face political scrutiny. Democrats have warned that new duties could raise costs for consumers during an election year.

“Section 301 tariffs are meant to address specific and legitimate unfair trade practices,” Senator Tim Kaine, a Virginia Democrat, said in a statement. “They should not be used to drag the United States back into a cost-raising, broad-based tariff regime now that the Supreme Court struck down President Trump’s illegal Ieepa taxes on American consumers.”

Companies will have until mid-April to submit comments related to the industrial overcapacity probe, Greer said, with public hearings scheduled for early May.

h/t Capital.news

Tyler Durden Fri, 03/13/2026 - 07:45

Ten Maersk Ships 'Trapped' In Persian Gulf

Authored by Stuart Chirls va Freightwaves.com,

The closure of the Strait of Hormuz by Iran has effectively trapped 10 Maersk ships in the Persian Gulf, its chief executive said.

In separate interviews with CNN and the Wall Street Journal, Vincent Clerc said the Danish carrier’s ships “cannot get out,” are “stuck in the Upper Gulf” and cannot leave the region.

As a safety measure, Clerc said the vessels have been grouped offshore and away from ports under attack. At least one ship is under contract to the U.S. government’s Military Sealift Command, according to data on maritime identification websites.

Even if a ceasefire allowed vessel traffic to begin moving, Clerc said it would take a week to 10 days for the world’s second-largest liner (MAERSK-B.CO) to resume normal operations.

Clerc’s comments underscore the frustrations of shipping lines who have requested and repeatedly been denied naval escorts by the Trump administration. Carriers have been told in briefings that the Strait is still too dangerous for transit. 

Iran on Wednesday used unmanned boats to attack two tankers, and also deployed missiles and drones to attack ports, airports and other landside targets in the Gulf region. A ONE container ship sustained damage from unidentified projectiles.

Maersk is prioritizing the safety of crews, ships, and customers’ cargo, said Clerc, and will only restart voyages if that safety is guaranteed.

Shipping executives gathered in Connecticut for an industry conference said that the Iran war has idled 10,000 merchant crew and hundreds of vessels in the Persian Gulf. Mariners have little choice but to stay with their ships, since most airlines have suspended flights into and out of the area.

Maersk, like others major carriers, has suspended or re-routed some services to and from Gulf states and is rerouting vessels via alternate hubs, to stage cargo until the strait is re-opened. It has also assessed shippers with a number of emergency surcharges.

The closure of Hormuz and related disruptions in the Red Sea have had “profound” effects on global shipping and supply chains, Clerc said, and that Maersk is in “uncharted territory.”

Bunkering terminals in Asia and the Middle East could risk running dry amid the disruption of fuel supply chains, and he warned added costs for diversions and delays will be passed on to customers.

Tyler Durden Fri, 03/13/2026 - 07:20

Bessent Greenlights Sale Of Russian Oil At Sea To "Promote Stability In Global Energy Markets"

In a statement late Thursday on X, U.S. Treasury Secretary Scott Bessent announced that the U.S. will allow countries to purchase Russian crude oil already at sea. The move aims to temporarily boost global supply availability, as the IEA warned earlier that the Middle East conflict has sparked one of the worst energy shocks on record.

"To increase the global reach of existing supply, @USTreasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea," Bessent said.

He continued, "This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction."

.@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime.

To increase the global reach of existing supply, @USTreasury is providing a temporary…

— Treasury Secretary Scott Bessent (@SecScottBessent) March 12, 2026

UBS analyst Nana Antiedu told clients earlier this morning that about 124 million barrels of Russian-origin oil were at sea across 30 locations worldwide.

More specifically, Bloomberg analysts said about 30 Russian tankers are in Asian waters and may be available for purchase. These tankers carry about 19 million barrels of Russian crude and 310,000 tons of refined products.

Bloomberg data show these Russian tankers are signaling "for orders" or, in other words, have no clear destination yet. They could be unloaded in Singapore or Malaysia.

Robert Rennie, head of commodity research at Westpac Banking, was quoted by Bloomberg as saying, "Of course, any supply helps, but this is a smaller help than it looks."

Rennie estimated that of the 125 million to 150 million barrels of Russian crude on the water, about a third is off China and is likely to end up in storage, while 30 million to 40 million barrels are in India and are likely to be consumed there.

Rennie said the rest is in the Mediterranean and the Atlantic. "We are only really talking about replacing maybe four or five days of lost Gulf exports. Sure, it helps, but it is no panacea," he added.

Bessent's office also issued India a 30-day waiver at the beginning of the month so that New Delhi could buy Russian oil at sea to build reserves and cushion against an oil shock.

Brent crude futures are largely unchanged from when Bessent posted on X overnight. President Trump said the U.S. has "plenty of time" in the Iran war. Brent hovers around $100/bbl as of 0630 ET.

The Trump administration has taken several steps to combat triple-digit Brent and WTI prices, including the planned release of 172 million barrels from the U.S. SPR. The release is part of a much larger 400-million-barrel SPR dump worldwide, agreed upon by the 32-nation IEA. This comes as the IEA warned about the worst-ever energy shock to hit the world. Also, the Trump administration is waiving a century-old law that requires U.S. ships to transport goods between American ports, so that domestic supplies can be shifted around more quickly.

Tyler Durden Fri, 03/13/2026 - 06:55

'Societal Time Bomb' – Explosive German Police Study Finds Nearly Half All Muslims Under 40 Has 'Islamist' Attitudes

Via Remix News,

A newly released study by the German Federal Criminal Police Office (BKA), nearly 50 percent of Muslims under the age of 40 in Germany hold “Islamist” views, with these Muslims expressing an attraction to Islamism, a preference for Sharia law over the German Basic Law, and harboring anti-Semitic prejudices.

The findings, described as “explosive in nature,” were featured in the latest edition of the “Motra Monitor.” The study reports that as of 2025, Muslims in Germany under the age of 40 (45.1 percent) hold “latent or manifestly Islamist attitudes.“

Some German politicians have already voiced their views on the study’s release. Wolfgang Kubicki, a prominent politician in the Free Democrats (FDP) and former MP, stated on X: “This study should set off all the alarm bells. It is a societal time bomb. We must not only talk about migration, but also about integration and religion. The policy of naively looking away has favored this development. The naivety must stop.”

He further stated that “anyone who demands a caliphate is an enemy of democracy. Enemies of democracy without German citizenship must leave the country. Neighborhoods where ghettoization provides fertile ground for radicalization must be restructured. Islamic associations without a clear demarcation from extremists must not be interlocutors for politics. Germany must act secular and self-confident.”

He further called for an end to headscarves in schools and other state institutions “not to harass or suspect the wearers, but to make it clear that the only binding source of our values is the Basic Law.”

Bei dieser Studie müssen alle Alarmglocken angehen. Das ist eine gesellschaftliche Zeitbombe. Wir dürfen nicht nur über Migration reden, sondern auch über Integration und Religion. Die Politik des naiven Wegsehens hat diese Entwicklung begünstigt. Die Naivität muss aufhören.
Wer… pic.twitter.com/h7rvl4GjbQ

— Wolfgang Kubicki (@KubickiWo) March 12, 2026

Beyond rising crime rates, terrorism offenses, and demographic change, the soaring numbers of Muslims in Europe also raise fundamental questions about worldview and society.

The “Motra monitor,” a monitoring system tracking radicalization, spans 598 pages. It is published by the BKA and receives funding from several entities, including the Federal Ministry of the Interior and the Ministry of Family Affairs. While the report addresses various forms of extremism, including right-wing movements, it places a significant focus on Islamist extremism.

Evidence of these tensions surfaced in the summer of 2025 when “young Muslims and radical left-wing Germans occupied the Gutenberg Memorial in Frankfurt to demonstrate against Israel, some of them willing to use violence.“

The study’s researchers highlight a concerning core demographic, noting that “manifest Islamist attitudes are most prevalent among Muslims under 40, at 11.5 percent.“

In this context, “manifesto“ indicates that a person’s radicalization toward Islamism is already clearly evident and pronounced.

Further complicating the social landscape is a much larger group identified by the authors as having “latently Islamism-savvy attitudes.” This segment has seen a massive increase since 2021. The research group writes that “this amounts to 33.6 percent for those under 40 in 2025.“

While “latent” suggests these Islamist attitudes are present, the radicalization has not yet become openly visible. Combined, these two groups account for “45.1 percent“ of all under-40 Muslims in Germany.

Renowned Islamism researcher Prof. Susanne Schröter, who conducted most of her research into Islamism at the Institute of Ethnology at Goethe University Frankfurt and served as the director of the Frankfurt Research Center for Global Islam until 2025, said to Bild: “Islamism-savvy means that Muslims consider Islamist interpretations of Islam to be correct, are attracted to Islamist organizations close to the Muslim Brotherhood or Salafism, prefer Sharia to the Basic Law, and usually also have anti-Semitic prejudices.”

The BKA study suggests that the radicalization of young Muslims accelerated significantly following the Hamas terrorist attacks on Oct. 7, 2023.

Germany is far from the only country seeing the rise of Islamism within the populace. A sobering study from the prestigious polling service Ifop from last year shows that hardline views are growing amongst Muslims in France, including an emphasis on the laws of Islam being placed over those of the state, particularly among young Muslims. At the same time, Christianity is collapsing in France.

Among Muslims in general, 44 percent polled say they “respect the rules of Islam” as being more important “than respect for French laws.” For those aged 15-24, 57 percent believe the rules of Islam are more important than “respect for French laws.”

Some 38 percent of French Muslims approve of all or part of Islamist positions, doubling the figure of 19 percent in 1998, underlines Ifop.

Correspondingly, the share of Muslims who want Islam to modernize has fallen from 48 percent in 1998 to 21 percent today. When Ifop requested respondents to choose between the Civil Code and Sharia law on “an important subject in your family, such as ritual slaughter, marriage or inheritance,” 49 percent of Muslims chose to respect French laws, down from 62 percent in 1995. The consumption of alcohol among Muslim men has also fallen sharply, from 46 percent in 1989 to only 26 percent today.

Today, 33 percent of Muslims residing in France — French citizens or foreign nationals — feel sympathy for one of the Islamist movements, a figure that rises to 42 percent among young people. Within this population, 3 percent have sympathy for the most radical and bloody ideology, jihadism.

Read more here...

Tyler Durden Fri, 03/13/2026 - 06:30

Feminist Monster Film "The Bride" Is Biggest Box Office Bomb Of 2026

According to polls, around half of the US population identifies with feminism and feminist activism (though, this stat is in steep decline among Gen Z men).  But if this is truly the case and there is such a large population of feminist allies out there in the ether, why don't they ever show up to movie theaters to support films with blatant feminist messaging? 

The obvious conclusion is that the public has been lied to and there is no vast feminist movement.  It's a paper tiger, a fantasy, a mirage. 

We have seen this reality play out time and time again over the past few years as the American populace has now awakened to Hollywood's woke propaganda agenda.  Almost every instance of a new film or streaming series being exposed as far-left in its content results in financial failure.  There is no audience for these projects.   

The entertainment industry has resorted to masking feminist propaganda behind popular branding and false marketing in order to trick consumers into theater seats (the Barbie movie comes to mind), but these successes are few and far between.  Such projects might have a small, niche market on militant progressive streaming services like Netflix, but they still call for a bare bones budget and minimal marketing on dedicated woke media platforms. 

Around 20 years ago, feminist art house flicks, LGBT dramas and race based commentaries were made for around $10 million a pop and were relegated to festivals like Sundance and Cannes.  At these exclusive events they would garner ample and pompous applause from uppity New York and LA socialites and then fizzle into obscurity where they belong.

Today, major studios are spending upwards of $150 million in production and marketing costs to make and distribute the same kinds of film school garbage, and they are losing their shirts. 

A recent example is aging actress and amateur director Maggie Gyllenhaal's feminist monster film "The Bride", which latches onto the public domain story of Frankenstein (every movie must be a remake or a reboot to get greenlit these days). 

The project was given a production budget of $90 million and a marketing budget of $65 million - A total of $155 million spent to bring the dead plot to life.  In its opening week, The Bride has brought in around $14 million in global box office receipts, and keep in mind, half those revenues go to theaters.  

It's a unmitigated disaster; the biggest theatrical flop of the year and it probably won't be beat in 2026.  That said, anyone with any sense could have predicted this movie's downfall. 

The story follows a woman possessed by the spirit of Mary Shelley, who is back from the dead to tell the story of "the bride" she had always meant to tell.  She says she was "held back by the patriarchy" from writing the tale, but now you get to see it on the big screen for $20 per ticket and $50 for popcorn and soda.  Lucky you.

The woman is, of course, murdered by evil men and then brought back to life by a scientist who is seeking a companion for the Frankenstein Monster (played by Christian Bale), who is lonely after 100 years of being an angry "incel".

The story then devolves into a college girl's self indulgent fan fiction of the Bride of Frankenstein, mixing elements of Sid and Nancy with Bonnie and Clyde.  The main character and her male sidekick go on a killing spree, which inspires other women across the country to commit copycat crimes and murder the "men who wronged them".

Maggie Gylenhaal:

“Maybe I’ll get in trouble but…when I really became a director was actually… the morning that Trump was first elected.”

She explains it was in order to fight "sexism"...

Get ready for more of this retarded crap at the Oscars..pic.twitter.com/XZkCpfD1IB

— Aɴᴛ (@AntSpeaks) March 10, 2026

There is nothing new or groundbreaking about the concept.  From "Thelma and Louise" to the movie "I Shot Andy Warhol", there are hundreds of movies and TV shows affirming the feminist notion that women are immune to accountability. In other words, if a women does something evil, we must assume she has a good reason.  Or, women are allowed to do evil as long as they perceive themselves to be victims. 

The Bride is yet another tired version of this ongoing feminist trope of women being "empowered" by psychopathy.  Not only that, but it regurgitates the leftist extremist fantasy of becoming some kind of Marxist martyr and triggering a bloody mob frenzy.  The fundamental motivation of these stories is narcissistic in nature; a desperate desire to be so adored and worshiped that people would gleefully destroy or kill to honor your name.  

The theatrical apparatus is still being bombarded with woke content into 2026 despite dismal audience attendance because most of these movies were approved and started filming during the Biden Administration when studios thought the woke indoctrination machine was well protected.  The Bride received approval in January of 2024 and started filming that same year.  A lot has changed since then. 

For now, entertainment productions are plummeting (down 60%) and Hollywood is lost.  They centered their entire business model around the woke agenda and now they have no idea how to restructure and create real content again.  It is likely these companies will collapse in due course, making way for newcomers with better ideas, greater talent and less political zealotry.   

Tyler Durden Fri, 03/13/2026 - 05:45

UK Govt Urges Schools To Snitch On 'Anti-Muslim Hostility' In Orwellian Crackdown

Authored by Steve Watson via Modernity.news,

The UK government is ramping up its assault on free expression, now urging schools, councils, and workplaces to monitor and report “anti-Muslim hostility” as part of a broader strategy that critics slam as a tool to silence legitimate debate.

Under Labour’s plans, institutions will be encouraged to track incidents of ‘prejudice’ against Muslims, with a new definition adopted to clarify unacceptable behavior. This comes amid a surge in hate crimes, but opponents warn it could muzzle criticism of Islamism or immigration policies.

Schools are at the forefront, with the government pushing for monitoring in education settings where antisemitism and anti-Muslim hate have reportedly normalized.

Schools, councils and workplaces will be encouraged to monitor incidents of anti-Muslim hostility under Labour 'Islamophobia' plans that critics warn risk having a "chilling effect" on free speech. https://t.co/URDChhiVht

— The Daily Sceptic (@LD_Sceptics) March 10, 2026

This escalating surveillance in schools reeks of authoritarian control, prioritizing thought policing over genuine security.

The strategy includes boosting security for mosques and Muslim schools through schemes upgrading CCTV, alarms, and fencing. A new “anti-Muslim hostility tsar” will oversee implementation, advising schools, universities, and public services on tackling hatred.

Communities Secretary Steve Reed defended the move in Parliament: “Today, we are adopting a non-statutory definition of anti-Muslim hostility. This gives a clear explanation of unacceptable prejudice, discrimination and hatred targeting Muslims, so we can take action to stop it.”

But Jonathan Hall KC, the government’s independent reviewer of terrorism legislation, has blasted the vague wording, warning it could chill free speech and make people afraid to criticize Islam, migration, or Islamist extremism. He argued it might be used to silence debate rather than stop actual attacks.

Labour’s Islamophobia definition ‘will curb free speech’ and inhibit criticism of religion, says counter-terrorism tsar.

The Government’s independent reviewer of terrorism legislation, Jonathan Hall KC, has said that the official definition could stop people freely criticising… pic.twitter.com/vhxKjwVodS

— The Free Speech Union (@SpeechUnion) March 9, 2026

Tory MP Miriam Cates echoed concerns, noting the definition raises serious questions. A recommendation from Hall suggested including examples of free speech not deemed anti-Muslim hatred to safeguard open discussion.

Richard Holmes, from the Free Speech Union, added: “It risks hindering free speech under the law and legitimate criticism of Islamism.”

Labour insists the definition won’t halt legitimate criticism of religion, focusing instead on tackling anti-Muslim hatred without protecting Islam from scrutiny.

This push also ties into the leaked “social cohesion” strategy previously covered earlier, where the government branded the Union Jack and other national flags as potential “tools of hate” wielded by the “extreme right” to intimidate.

That draft allocated £800 million over 10 years to areas under “pressure,” highlighting how antisemitism has become “normalised” in society, from schools to the NHS.

It’s also part of the regime’s broader censorship drive, like plotting another X shutdown over Grok’s “offensive” roasts targeting religions. As users pointed out, the likely real motive behind the push is that Kier Starmer’s administration can’t handle a platform exposing their constant lies and spreading of misinformation.

Meanwhile, counter-terror police are warning teens that sharing “funny” content online could land them a criminal record, framing memes as potential terrorism gateways. In one ad, a white schoolboy faces device seizures for linking material later deemed extremist—all while real threats from Islamist ideology go under-prioritized.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Fri, 03/13/2026 - 05:00

"Consumer Sentiment Going Down": EU Auto Heads Begin Blaming Iran Conflict For Industry Woes

The first-order effect of the U.S.-Iran conflict was widespread disruption across the Middle East. The second-order effect was an energy price shock that drove gasoline and diesel prices at the pump sharply higher. The third-order effect could be a deterioration in consumer sentiment amid higher energy costs, rising inflation fears, and broader economic/geopolitical uncertainty.

The transmission of the energy shock to consumers appears to have materialized just 12 days into Operation Epic Fury, according to executives at Volkswagen and Volvo Car, who report that consumer sentiment has already softened.

"We are already seeing customer sentiment decline in many markets," Volkswagen Head of Sales Martin Sander told an industry event in London earlier on Thursday. "Consumers were already facing a great deal of uncertainty, and this is now, of course, adding another layer of anxiety."

Volvo's UK managing director, Nicole Melillo Shaw, told the audience that economic uncertainty may soon weigh on consumer sentiment enough for households to begin pulling back on big-ticket purchases.

"If I don't need to and I've got other considerations around the cost of living going up, then maybe I won't buy another new car," Shaw said. Both EU car company heads were speaking at an industry event hosted by the Society of Motor Manufacturers and Traders.  

Earlier this week, UBS analyst Joseph Spak noted that investor concerns were mounting over a spike in crude prices and the threat it poses to auto demand. However, he noted that oil prices and auto demand in the U.S. show only a weak long-term linkage:

Investor concern around higher oil prices pressuring U.S. auto demand is understandable, especially considering affordability is already an issue. But historical data suggests the relationship is modest at best.

Looking back to 1970, U.S. light vehicle SAAR exhibits only a slight negative correlation with real oil prices (-0.15, Figure 1), and a similarly weak correlation with real gasoline prices since 1990 (-0.17, Figure 2).

While directionally intuitive, these correlations are small and insufficient to explain meaningful shifts in industry demand on their own.

The question now is whether European carmakers are merely scapegoating Trump's Operation Epic Fury, given that their sales were already sagging well before the conflict and Chinese brands were steadily taking market share.

Much more in the full note (available here to pro subscribers).

Tyler Durden Fri, 03/13/2026 - 04:15

Germany's Industrial Collapse: Degrowth And Ideology At Work

Submitted by Thomas Kolbe

Even with some temporal distance and broader perspective, the election result in Baden-Württemberg makes no sense. That the two eco-socialist parties, fused into a kind of political twin planet—Bündnis 90/Die Grünen and the CDU—could claim almost two-thirds of the votes cast is staggering given the economic situation in the country. It raises a fundamental question: Can—or will—Germans no longer connect economic decline with political responsibility in any meaningful way?

Baden-Württemberg’s capital, Stuttgart, is notably at the epicenter of this decline. The city serves, in a way, as a blueprint for the future envisioned by green transformation advocates.

It makes no difference whether it is green ideologues and hardliners like Jürgen Trittin exploiting the cultivated German guilt complex for their degrowth fantasies, or CDU politicians of the Merkel-Merz line staging placebo reforms for public consumption. Both strategies ultimately point to the same goal: replacing traditional German industry with a state-controlled command economy.

That the Mittelstand and major industry are collapsing under mounting fiscal pressure and the energy transition catastrophe is undeniable. Added to this is a kind of vacuum effect in the capital markets.

Every subsidy, especially the state-guaranteed high returns in the green art economy, drains valuable resources from the free market. Startup funding, growth financing, and venture capital are systematically squeezed or driven abroad.

Entrepreneurs may even choose the simpler path of marching along, extracting subsidies on the way to the green paradise. The problem is that state-run economics, whether executed by private companies as government proxies or directly by the state, adds no value to the economy. It is a destructive mechanism, felt even by city treasurers in Stuttgart, the new capital of ideological escapists.

Last year, trade tax revenue collapsed by roughly fifty percent—a clear sign of massive economic damage. The city budget deficit surged to €800 million. Only a €2.4 billion emergency credit keeps the city afloat over the next three years.

In real life, those responsible for this disaster might face court for insolvency mismanagement. But for politics in Germany—and much of the European Union—different standards evidently apply.

Hardly anyone seems to notice that the technological and emotional flagships with which the region identified over generations are collapsing under the green regime. Daimler alone cut 7,000 jobs in the Stuttgart region, Bosch another 4,000.

The state risks becoming a gigantic social park, partially deforested for monstrous wind turbines, its landscapes overrun with solar farms.

It is interesting to observe how conservative work ethic, once a prominent regional virtue, has translated over time into militant green-socialist moralism.

That the system still functions at all owes today’s Southwest Germany precisely to nuclear power from France. Even this shows: this universal law is sometimes tinged with bitter cynicism.

No matter how high Württembergers and Badeners have built their walls of illusion, the waves of real economics will shatter this political illusion of reform denial. Rumors are already circulating that Porsche may have to lay off up to 5,000 employees in the region. Regional industrial production is no longer competitive.

It will be a painful learning process. But even South German green enthusiasts cannot indefinitely evade the axioms of economics.

Competitiveness is not created in the seminars of flourishing NGOs or the numerous ecological interest groups preaching through the media in zealot tones.

No, companies will learn it the hard way: their real wealth, now overgrown with the swamp plant of moralism, was the product of rigorous discipline, market order, and rational bourgeois ethics. Globally sought-after engineering achievements contributed significantly.

Still, about twelve percent of the region’s total economic output comes from mechanical engineering—the very sector weakened most under the green-socialist regime, second only to the region’s automotive industry, another pillar. VDMA report

Like Shakespeare, the Romeo and Juliet of the German economy are now taking their own lives. Since 2018, industrial production in Germany has fallen over twenty percent, with mechanical engineering alone losing five percent last year.

This is no longer a recession—it is a conscious economic decline in the name of the green god, worshiped in Baden-Württemberg more fervently than anywhere else in the republic. A shame for this beautiful region with its rich and remarkable history.

* * * 

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 Fri, 03/13/2026 - 03:30

Volkswagen Plans 50,000 Job Cuts Due To Plunging Profits; Board Members Grab €1.75MM Each In Bonuses

Authored by Thomas Brooke via Remix News,

German automaker Volkswagen plans to cut around 50,000 jobs in Germany by 2030 as profits slump and the company struggles with rising costs, tariffs, and declining margins.

The job cuts were announced alongside the company’s 2025 financial results, which showed net profit falling 44 percent to €6.9 billion — the lowest level since the fallout from the Volkswagen emissions scandal.

At the same time, Volkswagen’s board has come under fire after securing additional bonus payments tied to the 2025 financial year.

According to reporting by Tichys Einblick, board members are set to receive bonuses of up to €1.75 million each after the company unexpectedly reported around €6 billion in net automotive cash flow for 2025, a figure that the news outlet claims was achieved by adopting “creative accounting practices.”

It pushed Volkswagen above the €5.6 billion threshold in its executive compensation scheme, activating the highest bonus tier for board members.

The cash-flow result was partly achieved through a factoring operation in which Volkswagen sold outstanding receivables from its operating business to generate immediate liquidity, according to the report.

In the same financial year, workers were forced to forgo bonuses of up to €5,000 due to the company’s weak performance.

In a letter to shareholders on Tuesday, CEO Oliver Blume confirmed the planned workforce reduction, saying the figure applies across the entire Volkswagen Group in Germany. The company had already announced plans to cut around 35,000 jobs at the core Volkswagen brand by the end of the decade.

The company said the drop in net profit was driven by billions of euros in charges linked to its sports car subsidiary Porsche AG, the impact of U.S. import tariffs, and the costs of restructuring across the group.

Revenue remained largely stable at just under €322 billion, down 0.8 percent compared with the previous year, while global vehicle deliveries slipped slightly to just under 9 million units.

Sales rose 5 percent in Europe and 10 percent in South America, but declined 12 percent in North America and 6 percent in China, where the Asian country’s domestic market continues to thrive.

Profitability was particularly affected by a sharp collapse in earnings at Porsche, where operating profit fell to just €90 million from more than €5 billion a year earlier.

CFO Arno Antlitz warned that the current level of profitability is not sustainable. “2025 was shaped by geopolitical tensions, tariffs, and intense competitive pressure, but the operating margin of 4.6 percent adjusted for restructuring is not sufficient in the long run,” his statement from the company’s press release read.

Volkswagen said its transition toward electric vehicles is also weighing on margins. Fully electric models now account for 22 percent of the company’s order backlog, and electric vehicle sales rose 55 percent last year, but high development and production costs continue to reduce profitability.

Looking ahead to 2026, the group warned that “challenges are expected in particular from the macroeconomic environment, uncertainties regarding restrictions in international trade and geopolitical tensions.”

It also cited “increasing competitive intensity, volatile commodity, energy and foreign exchange markets, as well as high requirements resulting from emissions-related regulations.”

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Tyler Durden Fri, 03/13/2026 - 02:00