Dry Van Spot Rates Highest Since 2022 As Spring Tightens Capacity

Submitted by FreightWaves,

The freight market momentum is building at a rapid clip.

National dry van spot rates — tracked via the SONAR National Truckload Index, the 7-day moving average of booked rates including fuel — have broken out to a new cycle high of $2.89 per mile.

This represents the strongest level since 2022 and confirms the market’s shift toward carriers is gaining real traction.

Even more telling: rates jumped $0.12 per mile in the past week alone. That’s a sharp weekly gain that underscores accelerating tightness and carrier pricing power. Spot rates have now recaptured roughly $0.50–$0.60 per mile net of fuel over recent months, climbing from the low $2.00s that defined much of 2023–2024. We’re witnessing 20–25% year-over-year recovery in key lanes and metrics, with volumes holding at multi-year highs reminiscent of late 2022.

This isn’t isolated noise — it’s driven by fundamentals. The return of industrial demand remains the core engine, with stronger manufacturing signals, flatbed activity, and overall domestic freight resilience putting sustained pressure on a shrunken truckload supply. Multi-year carrier attrition (exits, driver regulations, and structural challenges) has left capacity thin, making the market highly responsive to any demand pickup. National tender rejection rates sit stubbornly in the low-to-mid teens (around 13–14% recently), with the Midwest still leading above 18% and tightness now spreading more broadly.

Seasonal layers are piling on:

• Produce season is ramping in major growing regions.

• Construction is accelerating as weather improves.

• Gardening and home improvement demand is building.

• Beverage season is gearing up for warmer months.

These verticals compound the industrial rebound, further squeezing available trucks.

The West Coast awakening adds a powerful pull. Chinese New Year landed later this year (February 17, 2026, vs. earlier in prior cycles), prolonging the post-CNY slowdown and keeping Southern California unusually loose into early March (outbound rejections below 5%). But the rebound is hitting hard now: inbound containers are surging, outbound tenders are recovering, and rejections are set to rise meaningfully.

This creates a classic “magnet” for capacity. Long-haul carriers chase West-to-East port loads for their superior length of haul (1,500–2,000+ miles per move) versus shorter eastern runs that demand multiple loads for equivalent paid miles. As trucks reposition westward from Midwest/Southeast corridors (along I-35 and parallels) to capture higher-paying outbound freight via I-20 and I-40, interior markets face no relief — expect even tighter conditions back east. The Midwest’s industrial strength and elevated rejections mean any capacity drain will intensify pressure, not ease it.

Broader indicators align:

• Tender rejection rates remain high nationally, with seasonal builds accelerating the spread.

• Dry van spot rates continue rising on resilient volumes and persistent constraints.

• Ocean bookings are starting to recover sharply from Chinese New Year

The bottom line: Spring 2026 is igniting hotter and earlier than recent years. The $2.89 cycle high — fueled by a $0.12 weekly jump — reflects tightening capacity, resurgent industrial demand, seasonal verticals firing up, and the delayed-but-powerful post-CNY import surge creating synchronized tightness. Shippers unprepared for higher costs are under immediate strain, with routing guides tested early. Carriers positioned for West Coast outbound, industrial, and seasonal lanes are capturing the gains as capacity reallocates — but back east, conditions are set to tighten further as carriers shift their focus towards the West to East longhaul.

Monitor SONAR outbound rejections and spot rates from Southern California over the next 2–4 weeks, alongside Midwest/Southeast trends. The speed of this spread will show how broad and sustained the impact becomes.

The spring shipping season is just getting started — and it’s going to be a hot one

Tyler Durden Tue, 03/24/2026 - 08:05

Wall Street's Trillion-Dollar Bet On "Tax Alpha"

Tax alpha — the practice of improving investment returns by reducing taxes — has become one of the fastest-growing strategies on Wall Street, according to Bloomberg. 

Rather than focusing only on beating the market, many investment firms now design portfolios to minimize taxes, often producing higher after-tax returns even if pre-tax performance is similar to traditional strategies.

After years of rising markets, many wealthy Americans hold large unrealized gains in stocks and funds. To address the resulting tax burden, asset managers have developed a wide ecosystem of tax-optimization techniques. More than $1 trillion is now invested in strategies built around tax efficiency, ranging from simple ETF structures to complex hedge fund portfolios.

Some of the simplest approaches involve structuring funds to limit taxable events. Certain exchange-traded funds minimize distributions by carefully timing stock sales, reducing investors’ annual tax bills. At the other end of the spectrum are more complex strategies that deliberately generate losses or deductible expenses that can offset gains — and sometimes even ordinary income.

One of the fastest-growing segments is tax-aware long-short investing. These portfolios simultaneously hold long and short positions in stocks, seeking both overall market returns and realized losses that investors can use to offset capital gains elsewhere. Estimates suggest more than $100 billion is invested in these strategies.

Technology and new financial startups have also made tax optimization more accessible. Strategies once limited to ultra-wealthy investors with millions of dollars are increasingly available to clients with much smaller portfolios, thanks to automation and lower costs.

Bloomberg writes that large asset managers have joined the trend as well. Firms such as BlackRock and Vanguard have expanded offerings in separately managed accounts and direct indexing. Instead of buying a fund that tracks an index, direct indexing allows investors to own the individual stocks themselves, making it easier to sell losing positions and offset gains elsewhere in the portfolio. Direct indexing alone has grown to more than $1 trillion in assets.

Hedge funds are also adapting their strategies to focus on after-tax returns. Quantitative firms including AQR Capital Management and Man Group have introduced tax-aware versions of their portfolios that actively manage gains and losses to improve clients’ tax outcomes.

The growth of tax-alpha strategies has attracted criticism from policymakers and tax experts. Because every dollar saved by investors reduces government revenue, critics argue the trend widens inequality by giving wealthy investors sophisticated tools to lower their tax bills. Many of the strategies rely on provisions in decades-old tax laws that were written long before the speed and complexity of modern financial markets.

Some of these techniques — such as exchange funds and certain corporate restructuring transactions used to move appreciated assets into ETFs without triggering taxes — are beginning to draw scrutiny from regulators and lawmakers. However, meaningful legislative action appears unlikely in the near term.

Despite the criticism, demand continues to rise. Advisors argue that after-tax performance often matters far more than headline investment returns, especially for investors facing high capital-gains taxes. Deferring taxes allows more money to remain invested and compound over time.

Many tax-alpha strategies rely on deferral rather than permanent avoidance. Investors may still owe taxes when they eventually sell assets. But if those taxes can be postponed for years — or even decades — the additional compounding can significantly increase long-term wealth.

In some cases, taxes may never be realized at all. Under current U.S. law, inherited assets receive a “step-up in basis,” meaning unrealized gains can effectively disappear when wealth passes to heirs. This possibility makes long-term tax deferral one of the most powerful forms of tax alpha.

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Tyler Durden Tue, 03/24/2026 - 07:45

Amazon Data Centers "Disrupted" Across Bahrain After Drone Activity

Brent crude futures are back in triple-digit territory as fighting in the Middle East continued overnight, even as President Trump claimed that talks are underway with Iran to resolve the conflict, which has now entered its fourth week.

Overnight, the Amazon Web Services in the Bahrain region was severely "disrupted," according to Reuters, citing an Amazon spokesperson, following drone activity in the area. The spokesperson would not confirm whether Iranian drones struck any data centers.

"As this situation evolves and, as we have advised before, we request those with workloads in the affected regions continue to migrate to other locations," Amazon wrote in a statement.

Bahrain News Agency reported on Monday that its armed forces had intercepted and destroyed 147 Iranian ballistic missiles and 282 drones since the start of the conflict. 

Amazon's cloud computing unit is critical for Bahrain's digital infrastructure and is embedded in public-sector cloud operations. 

This disruption to AWS data centers in the Gulf is the second instance in the US-Iran conflict of IRGC forces targeting data centers with drones in early March. 

Latest reporting:

• Data Center Hunter: Iran Expands Drone Target List, From AWS To Microsoft Facilities

• Drone Strikes On Amazon Data Centers In Middle East Reveal Urgent Need To Defend AI

• Airports, Data Centers, Skyscrapers, & Power Plants: Are Desalination Plants Next Targets In U.S.-Iran War

• "Bomb Data Center": Eric Schmidt Warns AI Arms Race Could Spark Global Conflict

"The targeting of Amazon and Microsoft in these operations has dealt a serious blow to the enemy's technological and information infrastructure," Iranian news outlet Fars News Agency said in a Telegram post, as quoted by the Financial Times earlier this month.

We warned, one month before two AWS data centers in the UAE were hit by IRGC drones, that Wall Street analysts had completely missed the fact that, with trillions of dollars being deployed over the next several years worldwide on data center buildouts, one major security gap had emerged: the urgent need for counter-UAS systems.

We know exactly why Wall Street analysts completely missed this security gap: they were too weirdly fixated on a non-existent climate crisis and could not properly identify the most immediate threat. These Ivy League-educated analysts simply had the wrong framework to operate on.

Since the US-Iran conflict began, it has confirmed that civilian infrastructure will not be spared (and in fact increasingly targeted over explicit military assets), and this is a wake-up call for data-center builders worldwide. Time to deploy counter-UAS systems.

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Tyler Durden Tue, 03/24/2026 - 06:55

International Energy Agency Pushes Rationing

Authored by Jeffrey Tucker via The Epoch Times,

The International Energy Agency in Paris has released a new and urgent document that it wishes all nations with energy struggles to adopt.

Many are doing that now.

The website even maintains a spreadsheet updated daily to celebrate the countries that are following its plan for controlling energy use.

Before explaining why none of this will work, let’s look at what they are suggesting.

Seeming out of nowhere, the head of the IEA, Dr. Fatih Birol, is being quoted in the high-end press as the world’s expert.

His Wikipedia page says that he is from Turkey but works closely with China on the “energy transition.”

Indeed, he has been a member of the Chinese Academy of Engineering since 2013.

Inspired by the manner in which governments were able to control communication and people during the COVID crisis, the IEA advises the following:

1. Work from home where possible. You read that right: we are back to languishing at home and consuming entertainment through laptops. Some governments (Indonesia, Vietnam, Pakistan, Philippines) have already adopted this policy loosely, with new measures such as four-day work weeks. IEA comments: “Displaces oil use from commuting, particularly where jobs are suitable for remote work.”

2. Reduce highway speed limits by at least 10 km/h. That means lowering all speed limits by 6-7 miles per hour, which is really nothing more than a method to create an annoyance. The IEA says “lower speeds reduce fuel use for passenger cars, vans and trucks,” but is that even true? Not always. Boggy traffic creates more stop/start situations that cause more gas consumption.

3. Encourage public transport. That exhortation has been the dream of city planners for probably 50 years. Not everyone can do this of course and a mandate like that will cause many just to stay home. In this case, IEA is probably correct: “A shift from private cars to buses and trains can quickly reduce oil demand.” But not for the reason you might think. It just means more staying at home.

4. Alternate private car access to roads in large cities on different days. Now we are getting to a policy that drove an entire generation batty in the 1970s. In those days, even/odd license plates were allowed access to gas but this is more intense. Alternating access would require a massive policing effort, one that is without precedent. IEA comments: “Number-plate rotation schemes can reduce congestion and fuel-intensive driving.”

5. Increase car sharing and adopt efficient driving practices. This is easily done in the same way police enforce HOV lanes. You cannot drive alone. You must have other passengers if you are going to be out on the road. One can imagine a future in which people routinely grab a family member or friend to sit in the passenger seat for compliance purposes. IEA comments: “Higher car occupancy and eco-driving can lower fuel consumption quickly.”

6. Efficient driving for road commercial vehicles and delivery of goods. Here we get to the old essential/nonessential divide. Commercial deliveries are allowed because we have to live somehow but driving to the park for a picnic or visiting friends and families is not.

7. Divert LPG [Liquefied Petroleum Gas] use from transport. This is the planner’s vision to preserve propane for “essential needs.”

8. Avoid air travel where alternative options exist. You will surely notice that this is already happening. My recent flight bookings have doubled in price. Because of the limited government shutdown, airport security lines can be 2-3 hours. People miss flights or simply bail out and go home. This is also causing connections to fail. Events this weekend that relied on travel are a bust. IEA comments: “Reducing business flights can quickly ease pressure on jet fuel markets.”

9. Where possible, switch to other modern cooking solutions. Earlier we saw an exhortation to save propane for cooking but here we see that this is not recommended either. We are supposed to switch to electric appliances. IEA comments: “Encouraging electric cooking and other modern options can reduce reliance on LPG.”

10. Leverage flexibility with petrochemical feedstocks and implement short-term efficiency and maintenance measures. This advice is directed toward energy plants to switch from one source to another to conserve oil. This suggestion reaches deep into industrial planning and would require draconian enforcement.

There are features of this plan that surely remind you of what we went through just a few years ago for purposes of controlling infectious disease. It’s uncanny how there is a spooky overlap between those methods and these. They all require staying home, hunkering down, reducing consumption, complying with edicts, feeling afraid both of shortages and of methods of enforcement.

To be sure, you could say that the International Energy Agency has no actual power. It was founded in 1974 to monitor global energy use. It has more recently been a top advocate of net-zero energy policies associated with what is known popularly as the “Great Reset.” It is not a private organization as such but a non-government branch of the Organization of Economic Cooperation and Development, meaning quasi-official but without the power to enforce its edicts.

In this way, the IEA bears some resemblance to the World Health Organization that is within the United Nations framework. The WHO has no enforcement power either but its pandemic declaration and recommendation to the world that everyone adopt the methods of the CCP had a major influence. It has what is called soft power—not coercion but authoritative and something that every government can use as cover for misdeeds.

Most people today have never heard of the IEA, but the same was true of the WHO just six years ago, until it became a controlling force in our lives. At one point, Internet censorship was so intense that YouTube announced that it would not permit any video that contradicted the advice of the WHO. That really happened. The same could happen here as well.

None of these measures will reduce the price of oil, gas, or anything else. What you don’t consume, someone else will. This is the whole point of rationing, to make sure that resources flow to uses deemed essential and away from those deemed unessential.

A quick note on air travel: I’ve noticed for years now that it has become ever more arduous and expensive and invasive. It’s to the point that I would rather take a 6-hour train ride than a 90-minute flight. That’s especially true now that you need to get to the airport 3-4 hours ahead of your scheduled flight to have any hope of getting a seat. At some point, it just becomes too much and people decide that it is not worth it. Thus the goal is achieved of essentially putting an end to commercial airline traffic.

To be sure, all this could end in a matter of weeks. If peace dawns in the Middle East, the Strait of Hormuz is opened, and refining capacity grows, the price will fall. Also the Transportation Safety Authority could come back to work and the lines fall. Normalcy would return. Prices go way down and everyone chills.

How likely is that to happen? My intuition suggests that it is not likely. We seem to be headed into another lockdown situation under different excuses and with a different goal. I hope I’m wrong.

Regardless, none of these measures being pushed today are going to ameliorate the problem. The only result will be to increase the control grid over your life.

Tyler Durden Tue, 03/24/2026 - 06:30

America's Top War Unicorn To Begin Combat Drone Production As Next-Gen Startups Challenge Big Defense Primes

Weaponized AI, interceptor drones, automated kill chains, ground robots armed with machine guns, humanoid robots, and FPVs equipped with shaped charges all offer a scary preview of what warfare in the 2030s was expected to look like.

Instead, four years of war in Ukraine, followed by the U.S.-Iran conflict, have sharply accelerated that timeline, pulling the future of warfare into today. These are truly frightening times, as defenses against this technology are still lacking across the West (Amazon found that out with its data centers bombed).

We warned about this drone threat exactly one month before. Wall Street analysts largely missed it because their framework remained fixated on climate change nonsense rather than properly assessing real-world incoming risks. They get paid the big bucks, yet still fail to see actual threats. 

On the positive side, the U.S. Department of War under President Trump appears to recognize that the modern battlefield is shifting quickly toward low-cost, scalable autonomous systems (first revealed here). In response, the DoW's DOGE initiative is focused on overhauling its procurement program, moving away from legacy primes such as Lockheed and Boeing and toward a new generation of defense startups, or "war unicorns," now viewed as a national security priority.

This brings us to Palmer Luckey's Anduril Industries, which is expected to begin production of its new FURY "loyal wingman" high-speed combat drones at a new facility in Ohio next week. 

Soon. https://t.co/6V68tR0nF9 pic.twitter.com/KZj6bmUZAp

— Anduril Industries (@anduriltech) March 20, 2026

Reuters said Anduril's new Columbus-based production facility is expected to employ more than 4,000 people over the next decade, starting with 250 this year as production begins to ramp up for the new drone built for the Air Force loyal-wingman program.

Reporter Molly O'Shea recently interviewed Luckey, during which he said, "We [were] competing against Boeing, Northrop Grumman, and Lockheed Martin, and in the end, Anduril beat all of them."

"This is the first autonomous fighter that the United States Air Force has ever procured," Luckey said, adding, "We went from signing a contract with the Air Force to first flight in 556 days, which is, as far as I know, the fastest new fighter development program since the end of the Korean War."

FURY: "We [were] competing against Boeing, Northrop Grumman, Lockheed Martin, & in the end Anduril beat all of them."

Palmer Luckey (@PalmerLuckey), Anduril

"This is the first autonomous fighter that the United States Air Force has ever procured.

We recently just flew it for… https://t.co/c0XYbwuogH pic.twitter.com/kBsSBolk3q

— Molly O’Shea (@MollySOShea) December 15, 2025

Matt Grimm, Anduril's co-founder and chief operating officer, told Reuters that its manufacturing approach is fundamentally different from that of the big defense primes. Because of this, we noted last month "the rise of the war unicorns."

Regarding fund flows, the DoW is seeking seasoned bankers to help deploy $200 billion in private equity over the next three years into war unicorns, a sign that defense startups may be emerging as the next major investment boom.

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Tyler Durden Tue, 03/24/2026 - 05:45

Iceland Strips Father Of Custody After Questioning Gender Transitioning Of His Minor Child

Authored by Jonathan Turley,

We just discussed the horrifying story of a Christian family in Sweden who have been unable to regain custody of their daughters after the government declared them religious extremists.

In Iceland, a father has been stripped of his parental rights after speaking out against his 11-year-old autistic son‘s sex change.

Alexandre Rocha, a French national who has lived in Iceland for 25 years, lost custody of the child to the child’s mother in December after questioning the long-term impacts of puberty blockers and hormone therapies.

Rocha says that his child is confused and exposed to little beyond video games.

He argued that his child’s autism and the trauma of the marital separation led to the findings of mental and emotional instability.

He believes that his child was pulled along this course, attracted by the attention from the various advisers.

The issue is not who is right or wrong, but why Iceland would terminate his parental rights because he has spoken out against what he believes is a harmful course of treatment for his child.

He believes that experts ignored how autism can produce the same feelings that they used to justify his gender transition as a minor.

He noted that his child also wanted to be a cat–often wearing cat ears in public.

Elon Musk has supported the father.

Musk has complained that he felt “tricked’ by experts in consenting to his own child to transition into a female.

Rocha had accused the mother of obstructing visits. Court documents show that the mother denied intentionally obstructing court-ordered visitation. She alleged that the child refused visits because Rocha did not affirm the child’s gender identity or use the new name.

There is an intense debate over the gender transitioning of minors.

Various European countries have also halted certain procedures after countervailing studies suggesting that the risks are too high.

England’s National Health Service 2024 report on the subject, known as the Cass Report, found concerning evidence of harm for minors and inconclusive benefits.

The Trump Administration has moved against hospitals engaging in such treatments.

Dozens of hospitals have halted such work, but New York Attorney General Letitia James has threatened to sue any hospital that refuses such treatment for discrimination under New York law.

Tyler Durden Tue, 03/24/2026 - 05:00

Israel's Mossad Promised It Could Ignite Regime Change In Iran: Report

Via Middle East Eye

Israel's intelligence agency Mossad had a plan to ignite public protests that would lead to the collapse of Iran’s government, the New York Times has reported.

David Barnea, Mossad’s chief, met with Israeli Prime Minister Benjamin Netanyahu days before the US and Israel began their war on Iran and told him that the agency would be able to galvanize Iranian opposition in order to bring about regime change.

Getty Images

Barnea, according to the report, which cites interviews with US and Israeli officials, also presented this proposal to senior US officials during a visit to Washington in mid-January. 

The plan was then taken up by Netanyahu and Trump, despite doubts among some senior American officials and Israeli military intelligence. Mossad's promises were, according to US and Israeli officials, used by Netanyahu to convince the US president that collapsing the Iranian government was possible.

In the plan's conception, the war would begin with the killing of Iranian leaders, followed by a "series of intelligence operations intended to encourage regime change." This could, Mossad believed, lead to a mass uprising that would bring about victory for Israel and the US.

As the war began, Trump’s public messaging reflected this. In an eight-minute video statement he said:

"Finally, to the great, proud people of Iran, I say tonight that the hour of your freedom is at hand…when we are finished, take over your government. It will be yours to take. This will be probably your only chance for generations."

But talk of regime change quickly evaporated. Less than two weeks in, US senators came out of a briefing on the war to say that overthrowing the Islamic Republic was not one of its goals, and that in fact there was "no plan" at all for the military operation.

Netanyahu frustrated with Mossad

The CIA's own assessment of the situation is that the Iranian administration will not be overthrown. In fact, the US intelligence agency had said that if Iran’s leaders were killed, a "more radical" leadership would take power.

Israeli intelligence sees Iran's government as weakened but intact. "The belief that Israel and the United States could help instigate widespread revolt was a foundational flaw in the preparations for a war that has spread across the Middle East," the NYT report said.

While Netanyahu has remained bullish about the prospect of putting troops on the ground in Iran, he is said to be frustrated that Mossad's promises to bring about an uprising have not come to fruition.

According to the NYT, Netanyahu said in a security meeting days after the war began that Trump could end the war at any moment if Mossad’s operations did not bear fruit.

Allegations that the White House went in the direction of 'optimistic' Israeli assessments over US intelligence consensus:

Another example of that high-value intelligence we get from Israel, I guess. The CIA doubted that a war would quickly lead to a democratic uprising against the Iranian regime. But Israel's Mossad was optimistic it could spur regime change. Trump listened to the Israelis. https://t.co/knLLHpzSyw

— Andrew Day (@AKDay89) March 23, 2026

Mossad's promises were, according to the report, disputed by many senior US officials and analysts at the Israeli army’s intelligence agency, Aman. 

US military leaders told Trump that Iranians would not take to the streets while bombs were falling, while intelligence officials assessed that the chances of a mass uprising were low.

Tyler Durden Mon, 03/23/2026 - 23:05

Working While You're Collecting Social Security

Authored by Anne Johnson via The Epoch Times (emphasis ours),

Choosing when to collect Social Security retirement benefits is a consequential decision. It will affect your finances for the rest of your life. You’ll be able to claim reduced retirement benefits as early as 62.

Claiming Social Security early could cost you—especially if you’re still working. Rix Pix Photography/Shutterstock

In fact, in 2022, nearly 30 percent of new Social Security beneficiaries began receiving benefits at age 62, according to the Bipartisan Policy Center. The full retirement age (FRA) for those born in 1960 or later is 67, according to the Social Security Administration (SSA). Although you can claim the benefits early, there are drawbacks. And one of them relates to any continued employment.

Social Security Earnings Test

You can receive Social Security or survivors’ benefits and work at the same time. But the Social Security earnings test will be applied to you.

According to the SSA, if you start collecting retirement benefits before FRA and earn more than $24,480 in 2026, you will be penalized. The SSA deducts $1 from your benefits for every $2 you earn above $24,480.

If you reach FRA in 2026, the SSA deducts $1 from your benefits for every $3 you earn above $65,160 until the month you reach FRA.

For example, you file for benefits in January 2026, and your payment is $600 monthly, or $7,200 annually. But during 2026, you plan to work and earn $26,080. You will be $1,600 above the limit. The SSA would withhold $800 of your Social Security benefits.

How Do You Pay the Penalty?

If you file for Social Security benefits at 62 in January 2026, and your benefit is $600 a month, or $7,200 per year. During 2026, you plan to work and earn $26,080, which is $1,600 above the limit. The SSA would withhold $800 of your Social Security benefits ($1 for every $2 you earned over the limit).

To do this, they would withhold all $600 benefits in January and all $600 benefits in February to take the $800. Keep in mind that the SSA does not make partial payments. So, they would take all the February benefits. In other words, you would go two months without benefits. But you would receive all your $600 benefit in March.

The SSA would pay you the additional $400 they took from February 2026 back to you in January 2027.

The SSA doesn’t actually know your earnings in advance. They rely on three items: your estimate when you apply; your employer’s wage reports; and your tax return later.

Often, they don’t know you’ve gone over the maximum until the following year. At that point, they would withhold the overage.

First-Year Rule Saves Money

Sometimes, people younger than FRA begin receiving benefits in the middle of the year. At that point, they may have already exceeded the yearly limit.

According to the SSA, under the first-year rule, you can receive full Social Security benefits for any whole month you are retired, and earnings are below the monthly limit. In other words, the limit starts the month you start receiving benefits, not for the prior months when you may have gone over the limit.

So, if you started receiving benefits in July 2026, you must be under the limit from July through December 2026. But you don’t have to be below the limit from January 2026 through June 2026.

This rule allows you to work earlier in the year, retire midyear, and still collect Social Security immediately without losing benefits earned before you started collecting them.

Social Security Refunds Penalties at FRA

Although some of your benefits may be reduced if you work, they will be returned later. According to the SSA, if some of your benefits are withheld because of your earnings, your monthly benefit will increase starting at FRA. It will take into account those months when benefits were withheld.

Earnings Drawback to Collecting Social Security Before FRA

Whether or not you’re working, if you start drawing your Social Security benefits before FRA, you’ll receive less money.

If you start receiving benefits early, your benefits will be reduced by a small percentage for each month before your FRA. According to the SSA, those born in 1960 or later will have their benefits reduced by 30 percent if they retire at 62.

So, if your FRA benefit is $1,000, because of the reduction, you’ll receive $700 if you start benefits at age 62. A spouse’s benefit is reduced by 35 percent, which brings it down to $325, according to the SSA.

How to Contact the Social Security Association

The best and most convenient way to contact the SSA is to visit www.ssa.gov. You’ll be able to use their services and receive information. If you live outside the United States, visit www.ssa.gov/foreign to access online services.

If you don’t have internet access, call 1-800-772-1213 or the TTY number, 1-800-325-0778 if you’re deaf or hard of hearing. They recommend calling between Wednesday and Friday and later in the month when it’s less busy.

* * * 

Tyler Durden Mon, 03/23/2026 - 22:15

Apollo Private Credit Fund Is Latest To Gate Investors As KKR Fund Gets Junked By Moody's

Amid the ongoing fracturing of the private credit industry, which after enjoying years of stable, levered growth (and when it ran out of institutional greater fools, it aimed lower, toward HNWs and retail) finally hit a brick wall thanks to the Claude-inspired SaaSpocalypse, which has led to a historic surge in redemption requests across the biggest (and certainly smallest) names in the industry, last week we said that debt funds managed by powerhouse firms including Blackstone, BlackRock, Cliffwater, Morgan Stanley and Monroe Capital have agreed to honor only 70% of the $10.1bn of redemption requests they have faced, according to FT calculations, as fund after fund is gating investors.

We also said that the number of both redemptions and gates is expected to spike over the coming weeks, as funds managed by Ares Management, Apollo Global, Blue Owl, Oaktree and Goldman Sachs tally up how many of their investors are heading for the exits, as discussed here.

According to the above table, Apollo's private credit fund, APODS, was supposed to report its Q1 outflow in early May. However, the surge in redemptions was so big the private equity giant decided not to wait that long, and according to Bloomberg, Apollo Global Management has joined a growing number of its peers in gating redemptions from one of its largest non-traded private credit funds for retail investors, becoming the latest alternative asset manager to be flooded by a surge in such requests.

The $25 billion business development company, Apollo Debt Solutions (APODS), capped withdrawals at 5% of outstanding shares Monday after clients sought to redeem 11.2%, according to a shareholder letter seen by Bloomberg, thus gating more than half of the redemption requests. 

"Periods of complexity and uncertainty can create some of the most attractive investment opportunities, but only for those with the flexibility to act decisively,” the firm said, adding that “while the market has repriced risk, the fundamentals of the fund’s underlying borrowers remain strong."

The firm expects the granted redemptions to amount to roughly $730 million of gross outflows for the first quarter, offsetting the roughly $724 million of inflows for the period. Apollo Debt Solutions has been building its reserves in the past month, doubling the size of one credit line to $1 billion and signing a new $500 million facility.

What's worse is Apollo has effectively pre-gated next quarter's redemption requests, saying that it intends to stick to the same cap next quarter as it balances “the interests of shareholders seeking liquidity with those who choose to remain invested,” it said in the letter, noting that challenging times can benefit investors in the long run.

With redeeming investors receiving just 45% of their capital, Apollo Debt Solutions is returning less cash to clients than some of its peers that capped withdrawals. As we reported previously, while BlackRock also capped redemptions from its $26 billion non-traded BDC at a pre-set 5% earlier this month, investors had "only" requested 9.3% of their shares. Meanwhile, Morgan Stanley’s North Haven Private Income Fund’s pro-rated redemptions were granted at a similar rate to Apollo’s.

It seems that with every passing week, after Blue Owl started the private credit firesale a month ago, more investors are seeking to return their capital... and more are being gated. 

As regular readers are aware, while private credit funds typically limit redemptions to 5% of outstanding shares, the recent bank run redemption scramble among retail investors has tested firms’ flexibility. Some firms such as Blackstone opted to exceed the cap - and fund the shortfall out of the partners' own pocket - in the hopes of quelling investor panic and stanching further outflows. That valiant effort failed after Blackstone's peers such as Blackrock, Cliffwater and Morgan Stanley gated their own investors. 

Apollo, which has been pushing for more transparency in private markets, also said Monday that Apollo Debt Solutions had returned 1% over the past three months. At the same time, its net asset value dipped by 1.2% over the same period. Last night we reported that the largest private credit fund, Blackstone's BCRED, reported its first monthly decline since September 2022. 

Meanwhile, in related news, late on Monday a private credit fund jointly run by Future Standard and KKR was the first to get junked, losing one of its investment-grade ratings, a rare occurrence in the $1.8 trillion private credit market, and one which will certainly result in higher borrowing costs for the $14 billion investment vehicle.

Moody’s Ratings lowered its assessment of FS KKR Capital Corp. to Ba1, or one level into junk, because of what it described as “continued asset quality challenges” that have hurt profitability and the value of the fund’s portfolio relative to peers, the credit grader said in a statement on Monday.

The fund’s non-accrual rate, which measures soured loans, rose to 5.5% of total investments as of the end of last year, one of the highest percentages among peers. It also expressed concern over other investments not classified as non-accrual that have have suffered significant markdowns, including a loan to software company Medallia.

The rating agency also called out FSK’s higher proportion of payment-in-kind income relative to peers, which it said is a sign of “weaker earnings quality.” PIK provisions allow borrowers to pay interest by accumulating additional debt instead of paying out cash.   

That said, the ratings firm said the fund is “well positioned” from a liquidity perspective, with about $2.5 billion available after repaying a $1 billion note earlier this year.

“FSK remains well positioned despite the decision,” a spokesperson for the fund, referring to its stock-exchange ticker, said in an emailed statement. “It has a strong, well‑laddered liability structure with no 2026 unsecured maturities and limited near‑term maturities, enabling us to continue supporting our portfolio companies and navigate the current market environment.”

And now it's junk.

Tyler Durden Mon, 03/23/2026 - 21:50

Bovard: The Late Robert Mueller, Bill Of Rights Executioner

Authored by Jim Bovard

Obituaries on eminent Washingtonians usually omit the dreadful precedents they set that will vex Americans long after their death. Not this piece.

Former FBI director Robert Mueller died last week at the age of 81. The New York Times eulogized him as a “button-down, lockjawed, rock-ribbed exemplar of a vanishing caste.” In reality, Mueller was simply a twenty-first century version of J. Edgar Hoover, trampling the Constitution and seizing new power on any pretext.

Mueller took over the FBI one week before the 9/11 attacks and he was worse than clueless afterwards. On September 14, 2011, Mueller declared, “The fact that there were a number of individuals that happened to have received training at flight schools here is news, quite obviously. If we had understood that to be the case, we would have—perhaps one could have averted this.” Three days later, Mueller announced, “There were no warning signs that I’m aware of that would indicate this type of operation in the country.” His protestations helped the W. Bush administration railroad the Patriot Act through Congress, vastly expanding the FBI’s prerogatives to vacuum up Americans’ personal information.

Photo by Jim Bovard while covering the 2018 Women’s March in Washington.

Deceit helped capture those intrusive new prerogatives. The Bush administration suppressed until the following May the news that FBI agents in Phoenix and Minneapolis had warned FBI headquarters of suspicious Arabs in flight training programs prior to 9/11. A House-Senate Joint Intelligence Committee analysis concluded that FBI incompetence and negligence “contributed to the United States becoming, in effect, a sanctuary for radical terrorists.” FBI blundering spurred The Wall Street Journal to call for Mueller’s resignation, while a New York Times headline warned: “Lawmakers Say Misstatements Cloud F.B.I. Chief’s Credibility.”

But the FBI was off and running. Thanks to the Patriot Act, the FBI increased by a hundredfold—up to 50,000 a year—the number of National Security Letters (NSLs) it issued to citizens, business, and nonprofit organizations, and recipients were prohibited from disclosing that their data had been raided. NSLs entitle the FBI to seize records that reveal “where a person makes and spends money, with whom he lives and lived before, how much he gambles, what he buys online, what he pawns and borrows, where he travels, how he invests, what he searches for and reads on the Web, and who telephones or e-mails him at home and at work,” The Washington Post noted. The FBI can lasso thousands of people’s records with a single NSL—regardless of the Fourth Amendment’s prohibition of unreasonable warrantless searches.

The FBI greatly understated the number of NSLs it was issuing and denied that abuses had occurred, thereby helping sway Congress to renew the Patriot Act in 2006. The following year, an Inspector General report revealed that FBI agents may have recklessly issued thousands of illegal NSLs. Shortly after that report was released, federal judge Victor Marrero denounced the NSL process as “the legislative equivalent of breaking and entering, with an ominous free pass to the hijacking of constitutional values.”

Rather than arresting FBI agents who broke the law, Mueller created a new FBI Office of Integrity and Compliance. The Electronic Freedom Foundation, after winning lawsuits to garner FBI reports to a federal oversight board, concluded that the FBI may have committed “tens of thousands” of violations of federal law, regulations, or Executive Orders between 2001 and 2008.

President George W. Bush, scorning a unanimous 1972 Supreme Court ruling, decided he was entitled to impose warrantless wiretaps on Americans. At an April 2005 Senate hearing, Senator Barbara Mikulski (D-MD) asked Mueller, “Can the National Security Agency, the great electronic snooper, spy on the American people?” Mueller replied, “I would say generally, they are not allowed to spy or to gather information on American citizens.”

Mueller presumably knew his answer was at least misleading if not blatantly deceptive. Nearly nine months later, The New York Times revealed that Bush had unleashed NSA to illegally wiretap up to five hundred people within the United States at any given time and peruse millions of other Americans’ emails. Attorney General Alberto Gonzales responded to the uproar by asserting that “the president has the inherent authority” to order such wiretaps. Mueller had no trouble with that dictatorial doctrine—even though the same claim spurred one of the articles of impeachment crafted against President Richard Nixon.

Mueller’s biggest coup against privacy occurred with Section 215 of the Patriot Act, which entitles the FBI to demand “business records” that are “relevant” to a terrorism or espionage investigation. In 2011 testimony to the Senate Intelligence Committee, Mueller “suggested the FBI interpreted (Section 215) narrowly and used it sparingly,” the ACLU noted. But Mueller was the point man for the Bush administration’s bizarre 2006 decision (perpetuated by Barack Obama) that all Americans’ telephone records were “relevant” to terrorism investigations. Several times a year, Mueller signed orders to the Foreign Intelligence Surveillance Court, swaying it to continually renew its order compelling telephone companies to deliver all their calling records (including time, duration, and location of calls) to the National Security Agency.

On June 5, 2013, leaks from former NSA contractor Edward Snowden blew the lid off this surveillance regime. Federal judge Richard Leon slammed that records roundup as “almost Orwellian…I cannot imagine a more indiscriminate and arbitrary invasion than this systematic and high-tech collection and retention of personal data on virtually every single citizen for purposes of querying and analyzing it without prior judicial approval.”

Mueller sought to dampen the Snowden uproar by testifying to Congress that the feds could not listen to Americans’ calls without a warrant for that “particular phone and that particular individual.” But NSA employees had broad discretion to vacuum up Americans’ info without warrants, and NSA’s definition of terrorist suspect was so ludicrously broad that it includes “someone searching the web for suspicious stuff.”

Mueller was replaced at the FBI by James Comey. After Comey was fired in May 2017 by President Donald Trump, Comey leaked official memos with confidential information to a lawyer who delivered them to The New York Times. Comey’s leak triggered the appointment of Special Counsel Robert Mueller to investigate Trump. Mueller’s investigation generated endless allegations and controversies and helped Democrats capture control of the U.S. House of Representatives in 2018. In April 2019, after two years of media frenzies, Mueller finally admitted he found no evidence to prosecute Trump or his campaign officials for colluding with Russia in the 2016 campaign. In July 2019, Mueller testified to Congress on his investigation and the nation was shocked to see Mueller looking mentally clueless time and again under questioning.

It remains to be seen whether the media can restore Mueller’s halo after his death. But whitewashing Mueller’s record will simply invite more FBI depredations of Americans’ rights and liberties.

Tyler Durden Mon, 03/23/2026 - 21:25

Chicago Approves 19% Hotel Tax To Fund Tourism Push

The Chicago City Council has approved a plan to boost tourism marketing by raising hotel taxes. Under Ordinance 2026-0022544, the total tax rate on hotel rooms will increase from 17.5% to 19% in downtown and nearby areas, according to Fox News.

The higher rate will apply to hotels with more than 100 rooms that choose to participate.

The report says that alongside the tax increase, the council created a Tourism Improvement District (TID) to fund Choose Chicago, the city’s tourism marketing organization. Revenue will support promotional campaigns and help cover bids for major events and conventions.

Chicago is already pursuing the Democratic National Convention, which requires a $1 million bid. The city previously hosted the event in August 2024 and is competing with several other cities.

Mayor Brandon Johnson called Chicago a leading destination for tourism and large-scale events, saying the city will continue investing in growth and development. Choose Chicago CEO Kristen Reynolds described the move as a “transformative moment” that will strengthen marketing efforts and attract more visitors.

Some critics, however, argue the 19% hotel tax — among the highest in the country — could make travel to Chicago more expensive and potentially discourage tourism.

Tyler Durden Mon, 03/23/2026 - 21:00

FCC Bans Foreign-Made Wireless Routers

The FCC has banned the import of all new foreign-made consumer wireless routers, citing "severe national security risks".

The decision, announced today, follows a White House-convened inter-agency review that determined these devices - primarily those manufactured overseas - pose unacceptable threats to US households, critical infrastructure, and the economy.

Major brands like TP-Link (which holds a dominant share of the U.S. market), Netgear, Google Nest, Amazon Eero, Cisco, Linksys, and Asus produce most models abroad, often in China, which controls an estimated 60% of the U.S. home router market.

Interestingly, Netgear's stock soared (presumably as a US company that has the potential to steal market share from TP-Link)...

The FCC highlighted how malicious state and non-state actors have exploited vulnerabilities in foreign-made routers for cyberattacks on American civilians, including espionage, network disruptions, intellectual property theft, and incidents linked to groups like Volt Typhoon and Salt Typhoon.

The ban applies only to new models manufactured outside the U.S., regardless of the company's nationality, but does not affect routers already imported or in use.

Companies can seek exemptions through the Department of Defense or Department of Homeland Security if their products are deemed low-risk.

The move builds on prior FCC actions, such as the December 2025 ban on new foreign-made drones, and aligns with ongoing scrutiny of firms like TP-Link, which faces separate national security probes and a lawsuit from Texas over alleged deceptive marketing and data access risks.

Lawmakers, including Rep. John Moolenaar (R), chair of the House Select Committee on China, praised the order as a strong defense against Chinese cyberattacks.

"Routers are key to keeping us all connected," he said, "and we cannot allow Chinese technology to be at the center of that."

This policy could reshape the router market, encouraging domestic production or more secure alternatives while protecting against supply-chain vulnerabilities.

Existing devices remain unaffected, giving consumers and businesses time to adapt.

The Chinese Embassy has not commented.

Tyler Durden Mon, 03/23/2026 - 21:00

Quad Amputee Cornhole Pro Accused Of Murder, Tesla Getaway

A quad-amputee professional cornhole player has been accused of shooting a man in Maryland before driving off in his Tesla with the corpse, or dying guy (unclear), leaving everyone stumped. 

NEW: Quadruple amputee professional cornhole player accused of murdering someone before driving off in his Tesla.

Dayton Webber, 27, who has no arms & legs and was featured on ESPN, is accused of shooting 27-year-old Bradrick Michael Wells during an argument.

"Police say Webber… pic.twitter.com/5J1UNoQccB

— Collin Rugg (@CollinRugg) March 23, 2026

Dayton James Webber, 27, is accused of shooting and killing Bradrick Michael Wells, also 27, while the two were arguing in La Plata, Maryland. According to Fox5 DC, the incident occurred in Webber's Tesla SUV, while Wells was in the passenger seat at the time of the alleged shooting. 

After the incident, Wells reportedly pulled over and asked two passengers in the back seat to pull Wells out - however they declined to do so and instead called the cops after getting out of the vehicle.

Webber, who had a quadruple amputation as a child due to a blood infection, then fled from the scene, leaving Wells in the Tesla (wait, don't Teslas have cameras inside?).

Wells' body was discovered in a yard on Newport Church Road in Charlotte Hall, and was pronounced dead at the scene. 

Webber, meanwhile, was found by police at a Charlottesville, Virginia hospital, placed under arrest, and charged as a fugitive from justice. He will now be extradited to Charles County where he'll face first-degree murder, second-degree murder, and other charges. 

While you too may be stumped as to how a guy with no arms or legs can shoot a gun or drive, video has emerged of Webber loading a gun, racking the slide, and firing it. 

Video posted in January 2024 shows cornhole star Dayton Webber loading and firing a handgun.

Webber is accused of shooting and killing 27-year-old Bradrick Michael Wells in Maryland before driving off with the body in his car.

The American Cornhole League has released the… https://t.co/Jz1wC985bK pic.twitter.com/JUfRm2UgFO

— Collin Rugg (@CollinRugg) March 23, 2026

"It’s early in the investigation, but there’s no evidence to suggest anyone else was involved in the shooting and that he acted alone," said Charles County Sheriff's Office's Diane Richardson. 

No fingerprints could be found at the scene of the crime.

— Mullets & Memes (@brandon_FST) March 23, 2026

Perhaps if he dodges prison Webber can grab some coffee to think things over.

fin

Tyler Durden Mon, 03/23/2026 - 20:35

Hundreds Of Gas Stations Run Dry In Australia As Hormuz Shock Exposes Energy Security Failures

Australia's weird obsession with "green energy," compounded by a lack of urgency regarding proper energy security, has now collided with the worst energy crisis the world has ever seen.

A country heavily dependent on imported refined petroleum products, many of which transit the Strait of Hormuz, has reached the fourth week of the U.S.-Iran war, but with a full-blown fuel supply shock now underway, and hundreds of gas stations across the country running dry.

Energy Minister Chris Bowen warned federal parliament on Monday that more than 109 gas stations in Victoria had run out of at least one grade of gas. He said 47 outlets in Queensland had no diesel, 32 had no regular unleaded, and 37 stations in New South Wales had completely run out of fuel.

Earlier, NSW Premier Chris Minns warned that 105 gas stations across his state had completely run out of diesel.

The Guardian noted that the energy minister did not disclose how many gas stations in Western Australia, the Northern Territory, South Australia, or Tasmania had run out of fuel.

On Sunday, Bowen said that six tankers from Malaysia, Singapore, and South Korea that had been expected to unload refined petroleum products next month were canceled or deferred. He told local outlet ABC TV that the federal government is urgently working to replace those fuel cargoes.

Six oil ships bound for Australia have been turned back or deferred as the nation’s fuel crisis deepens, Energy Minister Chris Bowen has revealed.

The cancellations have sparked fresh concern from farmers nationwide, who say diesel and fertiliser stocks are drying up just as… pic.twitter.com/mTp4UW6IIP

— 7NEWS Australia (@7NewsAustralia) March 22, 2026

"The flow of oil to Asian refineries has slowed, and that has downward impacts on us," Bowen said, adding, "We're in an uncertain environment, so that's why we're doing all the preparatory work."

He continued, "People think, 'Well, all the ships are coming now, and one day they'll all stop in one go.' [But] that is highly unlikely to be the case. It's much more likely that there'll be bumps in supply, but that governments will work with the refiners and the importers to manage those and minimise impacts."

Bowen warned that fuel supplies were at about 38 days for gasoline. He said only 30 days of diesel and jet fuel remained.

Last week, we explained to readers exactly why Australia's catastrophic energy mistakes would lead to fuel rationing and, ultimately, broader shortages. We're sure that after this energy crisis, domestic fossil fuel dependence will be prioritized and green energy will be sidelined. It's absolutely embarrassing for Canberra, which should have had 90 days of reserves but began the crisis with only around 30.

Reports:

• Australia Has One Month Before Energy Crisis And Fuel Rationing

• Why Is Australia Not Already Rationing Fuel?

On top of the fuel crisis, which the IEA head has warned is the worst ever, Australia appears to have exacerbated the global fertilizer crisis, with one of the biggest plants shuttered for two months due to damage.

Tyler Durden Mon, 03/23/2026 - 20:10

Trump Admin Strikes Deal With Energy Firm To Nix Offshore Wind Plans

Authored by John Haughey via The Epoch Times,

A global energy corporation based in France has ceded leases off North Carolina and New York where it planned to spend nearly $1 billion to build offshore wind turbines back to the U.S. Department of Interior and will instead redirect that investment into natural gas projects in Texas.

The “landmark agreement” was jointly announced by the department and TotalEnergies in Washington on March 23, and confirmed by Interior Secretary Doug Burgum and TotalEnergies CEO Patrick Pouyanné during a press conference at the 44th annual CERAWeek by S&P Global conference at the Americas Hilton-Houston.

Burgum said much of TotalEnergies’ offshore wind investments were tied to Biden-era “green energy” subsidies rather than in direct power generation, forcing American taxpayers “to pay for energy sources twice. They were paying for it in terms of high utility bills, but they were all paying for it in terms of the taxpayer subsidies.”

Under the agreement, he said, the department will reimburse TotalEnergies “dollar for dollar” for the $928 million it spent on securing the leases, much of that placed in bonds required to develop federal lands, in exchange for the company agreeing to reinvest that money into a Texas LNG project it was already developing.

The vacated offshore leases were acquired in 2022.

They are in the Carolina Long Bay area off North Carolina and in New York Bight off Long Island.

“With this agreement, we’re allowing this great company to redirect those dollars to affordable, reliable, and secure oil and natural gas production in the U.S.,” Burgum said.

Pouyanné said offshore wind development in the United States, “unlike those in Europe,” is costly and “might have a negative impact on power affordability” for the electrical customers they were designed to serve. “TotalEnergies considers there is no need to allocate capital to this technology in the U.S.,” he said.

The abundance of natural gas and domestic producers’ growing capacity to liquify natural gas for transport by ship is “a more affordable way” to generate energy in the United States, he said.

TotalEnergies will invest the reimbursed offshore lease money into the Rio Grande LNG project in Brownsville, Texas. The century-old company, which began drilling oil in Iraq in 1927, is among the project’s three major investors.

“These investments will contribute to supplying Europe with much-needed LNG from the U.S. and provide gas for U.S. data center development,” Pouyanné said. “We believe this is a more efficient use of capital in the United States.”

Tyler Durden Mon, 03/23/2026 - 19:45

JPMorgan Reportedly Installs Muslim Foot-Washing Stations At Rockefeller Center Office

A new report says that the J.P. Morgan Wealth Management office at Rockefeller Center in New York City has installed a Muslim foot-washing station designed to facilitate ritual washing before prayer.

X user Viral News NYC explained:

Report: JPMorgan Installing Muslim Foot-Washing Stations at Rockefeller Center Office

According to a source, JPMorgan Chase is installing foot-washing stations inside bathrooms at its Rockefeller Center office.

The source stated that the installations are intended to accommodate Muslim employees who wash their feet before prayer, a practice associated with daily religious observance.

Report: JPMorgan Installing Muslim Foot Washing Stations at Rockefeller Center Office

According to a source, JPMorgan Chase is installing foot washing stations inside bathrooms at its Rockefeller Center office in Rockefeller Center.

The source stated that the installations are… pic.twitter.com/JrZL6Rt1qL

— Viral News NYC (@ViralNewsNYC) March 22, 2026

Amy Mekelburg, founder of the RAIR Foundation USA, centered on topics such as immigration, Islam, left-wing politics, and globalism, stated on X that Muslim foot-washing stations at the JPM building in NYC come as no surprise, indicating "this isn't random."

"JPMorgan openly structures billions in Sharia-compliant deals: Murabaha, Sukuk Islamic bonds, liquidity products - all avoiding 'riba' interest per Islamic law," Mekelburg said.

She noted, "While everyday Americans get stuck with interest-based banking, the elite side bends to Sharia rules, funnels capital into Islamic finance, and now embeds wudu rituals in corporate bathrooms."

Sharia Finance: The Transformation of Global Banking

Of course, JPMorgan Chase is NOW installing Muslim foot-washing stations (wudu facilities) in bathrooms at their Rockefeller Center NYC office - so employees can ritually wash feet 5x daily before prayer without using sinks… https://t.co/HWiYdcRhXK

— Amy Mek (@AmyMek) March 23, 2026

"This is textbook Islamization: Western banks profit from Sharia, then accommodate Islamic practices in workplaces to keep Muslim talent/clients happy and normalize it for everyone else," Mekelburg warned.

Socialist NYC Mayor Zohran Mamdani would certaintly approve. 

Tyler Durden Mon, 03/23/2026 - 19:20

White House Reaches Tentative Crypto Regulatory Agreement: Report

Authored by Micah Zimmerman via BitcoinMagazine.com,

Key senators and the White House have reached a tentative agreement on cryptocurrency legislation aimed at resolving a dispute between banks and digital asset firms over stablecoin yields, according to Politico reporting.

The move could clear the way for a landmark crypto regulatory bill stalled in the Senate Banking Committee since January.

Sen. Thom Tillis (R-N.C.) and Sen. Angela Alsobrooks (D-Md.) said Friday they have an “agreement in principle” on language intended to balance innovation with financial stability.

The legislation seeks to prevent stablecoin rewards programs from triggering widespread deposit withdrawals from traditional banks, a concern raised by Wall Street groups.

“The agreement allows us to protect innovation while giving us the opportunity to prevent widespread deposit flight,” Alsobrooks said. Tillis described the deal as a positive step but noted the need to consult with industry stakeholders before finalizing details.

While specifics of the agreement remain unclear, early indications suggest it could bar yield payments on passive stablecoin balances.

The tentative deal signals progress toward an April vote on the crypto market-structure bill, potentially unlocking the first major federal regulatory framework for digital assets.

Crypto legislation background 

The fight over a U.S. crypto market‑structure bill stems from a broader effort to build on 2025’s landmark stablecoin legislation, the GENIUS Act, which established a federal framework for stablecoins — requiring full backing, transparency and reserve disclosures for digital dollars. 

That law was widely seen in the crypto industry as a breakthrough for regulatory clarity while attempting to align digital assets with traditional financial standards.

After the GENIUS Act’s passage, the Senate turned its attention to more expansive digital asset oversight through what’s often referred to as the CLARITY Act or the crypto market‑structure bill. 

This legislation aims to define how U.S. regulators would police and oversee trading platforms, tokens, custody services and other infrastructure — essentially the backbone of a regulated digital asset ecosystem.

However, negotiations bogged down over one central issue: whether regulated exchanges should be allowed to offer yield‑bearing rewards on stablecoin holdings. 

Banks and major financial institutions argue that these rewards resemble unregulated deposit‑like products that could siphon funds away from FDIC‑insured accounts, potentially threatening lending and financial stability. 

Crypto firms — including major issuers like Circle and Coinbase — counter that such incentives are crucial for competitive markets and for user adoption of digital money.

The current tentative deal being negotiated between senators and the White House seeks a middle ground — potentially allowing activity‑based rewards while restricting passive yield — in hopes of unlocking Senate committee action by April.

Whether that compromise holds both bank and crypto support will be decisive for the future of U.S. digital asset regulation. 

Tyler Durden Mon, 03/23/2026 - 18:55

DOJ Moves For Permanent Dismissal Of Charges Against 2 Ex-Cops In Breonna Taylor Case

Authored by Troy Myers via The Epoch Times,

The Department of Justice (DOJ) is looking to permanently dismiss the cases against two former Louisville police officers connected to the night Breonna Taylor was killed six years ago, according to court documents filed Friday.

Former Detective Joshua Jaynes and former Sgt. Kyle Meany were accused of falsifying a warrant that led to the botched police raid on her apartment the night she died. Federal prosecutors said in the motion that their charges should be “dismissed in the interest of justice.”

Lawyers for Jaynes, Travis Lock, told The Epoch Times in an email that he and Jaynes were “extremely happy” to learn of the DOJ motion.

Michael Denbow, lawyer for Meany, wrote in an email to The Epoch Times that “Kyle [Meany] is incredibly grateful for today’s filing.”

“He is looking forward to putting this matter behind him and moving forward with his life,” Denbow said.

Taylor’s mother, Tamika Palmer, criticized the motion by the DOJ’s Civil Rights Division to dismiss Jaynes’s and Meany’s cases.

“I am compelled to express my extreme disappointment in [President Donald] Trump and the Department of Justice,” Palmer said in a post on Facebook.

Following Taylor’s death, the city of Louisville paid a $12 million wrongful death settlement to her family.

Previously a federal judge dismissed the most serious charges—deprivation of rights with an enhancement of use of a dangerous weapon causing death—brought by the DOJ under President Joe Biden against Jaynes and Meany.

Taylor, 26 years old at the time of her death in March 2020, was shot by police while three officers served a no-knock warrant as part of a drug investigation into her boyfriend, suspect Kenneth Walker.

While carrying out the raid, Walker fired a shot that hit an officer in the leg. He later said he acted under the belief that intruders were breaking in.

Police returned fire, and several bullets struck and killed Taylor. Walker was not hit. Taylor’s death came a couple of months before the police custody death of George Floyd in Minneapolis, sparking nationwide protests and violent, damaging riots.

The only officer to serve prison time in connection to Taylor’s death, Brett Hankison, was sentenced to two years and nine months with three years of supervised release over blindly firing 10 rounds through Taylor’s windows the night of her death. None of his shots hit anyone.

At his sentencing in July 2025, Hankison apologized to Taylor’s friends and family, adding that he would have acted differently if he knew about the issues surrounding the no-knock warrant.

“I never would have fired my gun,” he said in the courtroom.

Prosecutors did not charge the other two officers, deeming their return fire justified.

It remains unclear when a judge could rule on the DOJ’s motion to dismiss with prejudice the charges against Jaynes and Meany.

*  *  * SALE ENDS IN 3 DAYS

Tyler Durden Mon, 03/23/2026 - 17:15

US Weighs Deployment Of Elite Airborne Troops As Hawks Push Kharg Island Takeover

A steady flow of headlines continue to point in the direction of escalation in Iran and around the Persian Gulf, even as President Trump has touted backchannel dialogue with Tehran, which Iranian leaders have denied.

The NY Times writes Monday afternoon, "Senior military officials are weighing a possible deployment of a combat brigade from the Army’s 82nd Airborne Division and some elements of the division’s headquarters staff to support U.S. military operations in Iran, defense officials said."

US Army file image

A combat brigade would suggest some 3,000 additional elite soldiers, as the thousands of Marines currently still en route from Japan as well as from San Diego. The first group of Marines is reportedly expected to arrive to the Mideast region Friday, which would coincide with President Trump's announced five day pause on energy infrastructure strikes.

US officials speaking to the Times have made clear that the Airborne planning is just that - a preparatory phase which has not formally been ordered by the Pentagon or CENTCOM.

All of this comes amid speculation that Trump could order some kind of assault and takeover of Kharg Island:

Another possibility being considered, should President Trump authorize U.S. troops to seize the island, is an attack by about 2,500 troops from the 31st Marine Expeditionary Unit, which is on its way to the region.

The airfield on Kharg Island was damaged by the recent U.S. bombing raids so former U.S. commanders said it was more likely to first bring in Marines, whose combat engineers could quickly repair airfields and other airport infrastructure. Once the airfield is repaired, the Air Force could start flowing matériel and supplies, as well as troops, if necessary, by C-130s.

In that scenario, it is possible that the troops from the 82nd Airborne would augment the Marines. The upside of going with paratroopers is they can arrive overnight. The downside is they do not bring any heavy equipment, such as heavily armored vehicles, that would offer protection if Iranian forces counterattacked, current and former officials said.

The whole proposed mission laid out above seems like a longshot, in terms of the potential to go well, and without the US side sustaining a lot of casualties. Army Airborne troops can be rapidly deployed, and would likely support a bigger Marine assault.

Kharg Island is after all hundreds of miles deep into the Persian Gulf and strait, where Iran controls the coastline and can fire on any vessel from there. The Pentagon has said it is softening Iran's defenses along the coast, but what can be accomplished by airpower alone is limited, according to most sources. An airborne or heliborne insertion also carries huge risks.

The 'realist' publication run by the Quincy Institute, Responsible Statecraft, has gone so far as to call it a suicide mission:

Kharg Island has been on the map for Pentagon planners for decades. President Jimmy Carter weighed bombing it or seizing it during the 1979 Iran Hostage Crisis but demurred. Incredibly, in 1988, Donald Trump himself suggested seizing Kharg during his "Art of the Deal" book tour.

Today, Kharg appears to be back in the headlines thanks to Michael Rubin, an American Enterprise Institute scholar and former Iraq Coalition Provisional Authority official who says taking Kharg is a “no-brainer” and has pitched the operation to White House officials.

...The tactical picture is even worse. For the troops unlucky enough to receive orders to take Kharg, the operation would land somewhere between a suicide mission and a self-imposed hostage crisis.

Given the size of the objective (five miles long), the substantial civilian population there, the need to hold it indefinitely, and the lack of surprise, the U.S. would need thousands of troops for the mission. Available units include the incoming MEU’s 1,200-strong Marine battalion landing team, the 82nd Airborne’s “ready brigade” (the 82nd just cancelled scheduled maneuvers, fueling speculation that it could be headed to the Middle East), the 75th Ranger Regiment, and other quick-to mobilize units, or even regular Army battalions already deployed to Kuwait. In theory, Trump has over 10,000 troops at his disposal in coming weeks, though there’s been no public discussion of sending that large a force (yet).

Lindsey Graham on Kharg Island: "We did Iwo Jima. We can do this." pic.twitter.com/JQJ5lZdvJ8

— Aaron Rupar (@atrupar) March 22, 2026

Even if the US did take Kharg, this would immediately present the next problem of 'what next?'. The US would have to hold it, perhaps while waiting for some kind of political capitulation from Tehran which is unlikely to come. 

Indefinitely defending a strategic island so deep in Iran's own backyard and territory, with all the logistical challenges, would present all new challenges.

* * *

Getting closer to boots on the ground?...that one thing Trump repeatedly pledged never to do:

Deployment of the 82nd Airborne Division from Ft. Bragg, as well as other units with the U.S. Army, appear to now be underway from bases within the Continental United States towards the Middle East, as staging continues for potential ground operations in Iran. https://t.co/E3QzoDvbKG

— OSINTdefender (@sentdefender) March 23, 2026

* * * GRAB A ZeroHedge Multitool! Glove box, Tool box, Gift for Dad

Tyler Durden Mon, 03/23/2026 - 16:50

FBI Misled Court To Spy On Second Trump Campaign Adviser

Authored by Paul Sperry via RealClearInvestigations,

Carter Page wasn’t the only adviser from Trump’s first campaign wiretapped by the FBI. Walid Phares was electronically monitored for a 12-month period between 2017 and 2018, according to the Washington-based FBI agent who was assigned to investigate him as part of Special Counsel Robert Mueller’s Russia collusion probe.

As in Page’s case, the bureau withheld evidence exonerating Phares from the court to secure surveillance authorization, according to newly declassified FBI documents.

“I had no idea any of this was happening,” Phares told RealClearInvestigations in an exclusive interview Wednesday night. “This is shocking because they told my lawyer that I was only a ‘witness’ and that they just needed some information.”

“But these were huge abuses that I can see now,” he added. Phares said he intends to sue the FBI and Justice Department for damages.

The 68-year-old Lebanese American scholar said case agents and prosecutors grilled him for months, questioned his employer, and even went after his bank records. As a result, he said he lost his job at a university, his livelihood, and even his bank accounts and credit card after Wells Fargo canceled them.

“It was like a disaster for me financially and physically,” he said. “I also lost my Fox News contract” as an expert on terrorism and the Middle East, which he had held since 2007.

Phares was not hired by the Trump administration, even though he had been expected to land a high-level foreign policy position. “They scared the agencies from me so I would have problems with [obtaining] a security clearance,” he said.

‘No Corroborating Facts’

Investigators could find “nothing” criminal on Phares during their probe, according to the lead case agent, and in fact, they concluded he was “honest.” Yet Mueller’s team continued to secretly spy on Phares—without providing the powerful federal spy court any of the exculpatory evidence that could clear Phares as required by law.

The agent told investigators in a separate 2020 internal FBI review that “there were no corroborating facts that tied Crosswind [the codename for Phares’s case] to certain facts that we thought were originally true,” according to a transcript of his testimony, released after more than five years of concealment.

He added that “nothing” collected from Phares’s communications under the Foreign Intelligence Surveillance Act (FISA) warrants, including phone messages and emails, “aided the investigation other than to prove the target was being honest with investigators,” who had interviewed him repeatedly.

Nonetheless, the FBI continued monitoring Phares as part of a Foreign Agents Registration Act (FARA) investigation. He was never charged with any violations of the act.

“There was a ‘let’s get him’ attitude among prosecutors on Mueller’s team,” the agent said, according to the new documents, noting that several prosecutors shared an anti-Trump bias and even tacked up negative cartoons of the president on the walls of their office.

The FBI agent, whose name is redacted in several pages of declassified FBI documents released by Senate Judiciary Committee Chairman Charles Grassley, added that “there was nothing confirming Crosswind [Phares] received a large money payment, and nothing confirming Crosswind had a meeting in another country for the purposes of the initial allegation.”

Misleading the Court

When Mueller’s team applied for the fourth and final warrant to secretly surveil Phares in 2018, the agent argued that the Foreign Intelligence Surveillance Court (FISC) needed to be alerted to how new information “had changed our understanding of our initial analysis” that Phares was a foreign agent. He suggested several corrections, but was rebuffed by an FBI lawyer.

“I pointed out these specific corrections to the application in numerous instances throughout the FISA process,” the agent said. “I sent these edits to Kevin Clinesmith, who said, ‘We can’t send this to DOJ.’”

A senior FBI attorney, Clinesmith had also been assigned to Mueller’s team, which agreed the corrections were unnecessary.

It wouldn’t be the first time Clinesmith, whose internal texts and emails show he had an intense anti-Trump bias, withheld exculpatory evidence from the FISA court.

Clinesmith later pleaded guilty to altering evidence used in an application to renew a FISA warrant to spy on another Trump adviser, Page, whom the FBI falsely accused of acting as a Russian agent. To secure the renewal, Clinesmith changed the wording in an intelligence email that exonerated Page, reversing its meaning.

DOJ Inspector General Michael Horowitz found the FBI based its warrants targeting Page largely on a Hillary Clinton campaign-funded dossier of false opposition research. The IG concluded the FBI abused its FISA authority while spying on Page, including failing to disclose exculpatory evidence to the surveillance court. Far from aiding Moscow, the former Naval officer had previously worked with the CIA and FBI to help catch Russian spies, as RCI first reported.

The FISA court subsequently invalidated some of the warrants against Page, who was never charged with a crime and is now suing the FBI and DOJ for $75 million for violating his constitutional rights against improper searches and seizures.

His case is currently before the U.S. Supreme Court, but the DOJ’s solicitor general has repeatedly delayed filing a response to his petition, claiming he has other “pressing” matters. The high bench has set the next filing deadline for April 22.

The year-long FISA eavesdropping on Phares appears to be missing from both Horowitz’s and Special Counsel John Durham’s reports investigating FBI abuses in the Russiagate scandal, raising fresh questions about the thoroughness of those investigations. It is still not clear if the three other Trump campaign officials subject to Russiagate investigations—Paul Manafort, Michael Flynn, and George Papadopoulos—were also wiretapped.

A $10 Million Bribe?

In an RCI interview, Phares said the false allegations against him originated with the CIA, which issued a report in 2016 alleging he had taken a $10 million bribe from the Egyptian government intended for the Trump campaign during a meeting in Cairo.

John Brennan, an Obama appointee, was the director of the CIA at the time. He is currently under federal grand jury investigation for his role in the Russiagate hoax.

DOJ is building a “grand conspiracy” case against former Obama and Biden officials for allegedly committing political espionage against Trump and his advisers by manufacturing criminal investigations and depriving them of their rights under color of law. It’s not immediately known if the investigation includes the Phares case. The FBI and DOJ did not respond to requests for comment.

Although the Mueller investigation’s primary mandate was to investigate ties between the Trump campaign and Russia, it veered into additional investigative areas, including probing campaign contacts with other foreign governments.

Phares had taken trips to Cairo during the 2016 campaign while advising Trump on the Middle East.

The investigating agent said the highly classified intelligence agency reports that Phares secretly worked with the Egyptian government to influence the incoming administration “were disproven.”

“Despite this, the [Mueller] team still went on with the third renewal of the FISA [against Phares],” he said.

The investigation was closed in 2019, and Phares was never charged with a crime. Mueller’s $30 million-plus investigation ultimately found no evidence of Trump campaign collusion with Russia or any foreign government.

Misconduct and Bias

Grassley said the FBI agent’s testimony “details substantial allegations of misconduct and political bias occurring within Special Counsel Mueller’s office during the investigation,” including “misleading the FISC,” or Foreign Intelligence Surveillance Court.

The Republican senator has requested DOJ provide his committee “all FISA applications, predication material, and related reporting” from the Crosswind probe to understand the full extent to which the FISA court was misled.

The identity of the FISA judges who approved the top-secret warrants is not yet known. But the presiding FISC judge at the time was Rosemary Collyer, a George W. Bush appointee who personally signed off on the wiretapping of Carter Page. Before resigning in 2020, Collyer issued an order stating that the FBI in its sworn affidavits had “provided false information and withheld material information detrimental to the FBI’s case [against Page].”

RCI first reported that Phares was the subject of a FARA investigation approved by former Obama DOJ official David Laufman, along with four other Trump campaign officials. But the revelation he was also put under FISA surveillance—the government’s most powerful investigative tool—had not been known until Grassley’s disclosures earlier this week.

Phares said he suspected he might be under some kind of surveillance but didn’t know for certain until this week’s release of the declassified FBI documents. He said he recently received notices from Hotmail and Yahoo that the DOJ had sought records from his email accounts through an unspecified legal process.

“They were fishing,” he told RCI.

Although agents working with Mueller initially asked Phares about Russia, they soon zeroed in on his dealings with Egypt. Mueller’s prosecutors later told him he was merely a witness, not a target.

Phares said he was first interviewed in September 2017 by Washington-based FBI agents working for Mueller.

“Two agents showed up at my door flashing badges and asked if we could speak,” he recalled. “I welcomed them in because I was a lead lecturer at the FBI (on counterterrorism), but they took four hours questioning me, and it made my wife very uncomfortable.”

Added Phares: “I made a huge mistake not lawyering up earlier.”

‘Rougher and Tougher’

He said their questions got “rougher and tougher” over the next few months of interviews, which he said later included Mueller prosecutor Zainab Ahmad, who was originally hired at Main Justice in the Spring of 2016 by Attorney General Loretta Lynch.

Ahmad was one of the key Mueller team members responsible for handling the controversial perjury case against former Trump National Security Adviser Michael Flynn, which was later thrown out. Like Flynn, Phares was an outspoken critic of Islamic terrorism, Obama’s Iranian nuclear deal, and the influence of the radical, pro-jihad Muslim Brotherhood in Egypt and America.

He said he believes the Obama administration—including Brennan’s CIA—was also monitoring him during the 2016 campaign.

Declassified briefing notes from a meeting shortly after Trump took office between former deputy FBI Director Andrew McCabe and Obama-appointed officials with DOJ’s national security division indicate that the FBI and DOJ were “working on a FISA application” targeting “Walid Phares” as early as March 2017.

“They knew they had nothing on Russia, so they went after me on Egypt. But the main target was President Trump,” Phares said. “They had to neutralize him and any of his associates who could carry out his agenda.”

Civil rights watchdogs have called the egregious spying violations against Carter Page the worst abuse of the Foreign Intelligence Surveillance Act since it was enacted more than 45 years ago. Now another U.S. citizen may have been subjected to even worse abuses.

Tyler Durden Mon, 03/23/2026 - 16:25