Volume 82, no. 3 March 2026
The U.S. debt clock at this instant reads almost $39 trillion (usdebtclock.org), and federal government deficits are adding a trillion ($1,000 billion) every year. The cost of interest on the debt has nearly tripled since 2020 and now exceeds spending on national defense or Medicaid, representing a record 3.2% of GDP. And now there’s the cost of the war on Iran, for which the Trump Administration is requesting $200 billion.
One does not see proposals to pay off the debt. It can not and will not be repaid. Currency is debt. Paper money, which is “legal tender for all debts, public and private,” is a “Federal Reserve Note.”
Debt makes fake “growth” possible. The U.S. GDP increased by 2.8% in 2024, reflecting an increase in consumer and government spending, while the budget deficit was 6.7% of GDP, writes Cynthia Chung (tinyurl.com/mpckntm8). Paying off debt (“debt deflation,” https://tinyurl.com/4b8v5djb) shrinks the money supply, necessitating more debt to keep the economy afloat
Currency was not always based on forever debt. From 1868 to 1964, silver certificates were circulated. In 1963, Public Law 88-36 repealed acts requiring the Treasury to purchase silver, easing a silver shortage by freeing up bullion. In EO 11110, President Kennedy continued the Secretary of the Treasury’s authority to issue silver certificates, but after his assassination, one of President Johnson’s first actions was to reverse this. Virtually all silver certificates were removed from circulation. All currency is now based on the “full faith and credit” of the U.S. federal government.
To keep the system operational requires lenders. China has reduced its U.S. bond holdings to 2008 lows (about $680 billion). The GCC (Gulf Cooperation Council, comprising Kuwait, Bahrain, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) is the big buyer of U.S. debt with its petrodollars.
If the US is issuing $1 trillion in debt every 100 days, and foreign buyers are dumping it, the U.S. government itself is absorbing the supply: “stealth QE (Quantitative Easing).” The primary dealer banks are choking on the massive supply of U.S. debt. To prevent the bond market from freezing up (like in 2019 and 2020), the Treasury is being forced to buy back its own older, illiquid bonds to inject cash into the system, which is spiraling out of control. The bond buyback artificially caps the yield near the 4.2% level. If the yield goes to 4.5% or 5%, it bankrupts the U.S. Treasury and triggers a massive stock market crash. When a sovereign nation resorts to buying its own debt to prevent a liquidity freeze, it is the textbook definition of a debt spiral. It is the ultimate admission of failure in the fiat system (tinyurl.com/2jf859s3). Global finance will soon be forced to restructure, as debts cannot be serviced without oil revenues, and other industries will not be making things without oil and gas. The broad and intelligent speculation is that money will go from being backed by interest payments, to being backed by commodities like oil, gold, gas, silver, grains, and soybeans. Investments will be written-off in a mass global bankruptcy, and a $US will be worth how much bread and gas it can buy you (https://tinyurl.com/bdhcxpts).
The idea that digital civilization floats above heavy industry is a myth. Computation rests on copper, transformers, stable voltage, liquified natural gas (LNG), and ships (https://tinyurl.com/mpvkcvf9). Forever debt begets forever wars to control the needed resources (Chung, op. cit.).
If Iran manages to survive and the U.S. is unable to reassert control over regional powers, their natural resource wealth will no longer be turned into Western central banks’ collateral. “It’s like yanking the foundation from underneath the whole edifice.” Their only recourse will be to print money in massive quantities. All that does is buy time. “The system’s collapse is a mathematical certainty and only a matter of time” (https://tinyurl.com/yuynfmu5).
The Real Agenda for War
The religious dimension to the Iran war involves radical Islamism vs. “infidels” and also radical Zionism, not just in Israel. Christian Zionists are prominent in the Trump Administration: e.g., Ambassador Mike Huckabee and Paula White, director of the newly created White House Faith Office. White, a leader in the charismatic movement, is said to be Trump’s personal pastor (https://tinyurl.com/nrxfz4fd).
Influential though the religionists may be, the real power could be behind the scenes. According to Patrick Wood, technocracy, wearing the mask of populism, rode the MAGA movement into power and then systematically betrayed it. This neo-monarchist ideology—the “Dark Enlightenment”—proposes replacing the nation-state with techno-feudal city-states managed by CEO-dictators. The Chinese model, a “fusion of Marxist ideology and capitalist economics,” is praised as the “the greatest political engine of social and economic development the world has ever known.” Supporters are said to include Elon Musk, Peter Thiel, and JD Vance (tinyurl.com/bdfjzhc6).
The architecture for eventual reconstruction was in place before the first bomb fell on Iran (tinyurl.com/484fx8h5). This includes the Board of Peace, which has a global mandate, not just for Gaza, chartered at the World Economic Forum. Permanent seats are available for $1 billion. The capital source (if not destroyed) is the Gulf, and the currency is to be crypto—Trump’s USD1 stablecoin? First, Gaza and Iran. Then the world?
The current debt structure is not forever. Assets will be tokenized, held digitally and revocably. Like all human “rights.”
Medical Supply Chokepoint
It is estimated that roughly one-fifth to one-quarter of the world’s pharmaceutical and medical manufacturing ingredients are functionally dependent on feedstocks, energy, or shipping routes linked to the Strait of Hormuz, writes Peter McCullough, M.D. (https://tinyurl.com/22nfnrdv). Intermediates such as naphtha and methanol, derived from petroleum and LNG, are refined into solvents, reagents, and packaging materials used to manufacture active pharmaceutical ingredients (APIs), excipients, and sterilization agents.
Flashback: Financial Predators
“The money powers prey upon the nation in times of peace and conspire against it in times of adversity. It is more despotic than a monarchy, more insolent than autocracy, and more selfish than bureaucracy. It denounces as public enemies, all who question its methods or throw light upon its crimes. As a result of the war, corporations have been enthroned, an era of corruption in high places will follow, and the money powers of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed.”
Often attributed, perhaps erroneously, to Abraham Lincoln in a letter to Col. William F. Elkins on Nov 21, 1864
(https://tinyurl.com/3m3ntrz5).
Compound Interest
The saying that compound interest is “the most powerful force in the universe” is commonly attributed, without evidence, to Albert Einstein. It reflects the mathematical truth that interest on earlier interest grows exponentially, outrunning the linear growth of revenue. The U.S. government is having to pay interest with borrowed money. The interest curve is rising exponentially, while the tax base is not. Pegging government liabilities to crypto tokens does not eliminate interest costs. Stablecoins merely replace lost creditors with new ones. In the American Revolution, colonists fought for the power to create money but lost to a private banking oligarchy modeled on the one dominated by the Bank of England (https://tinyurl.com/5n8yszte).
It’s Not Only about the Oil
While there is much legitimate concern about inability to transport oil, Javier Crespo writes: “Forget about oil.” If Iran destroys the desalination plants of the GCC, that capital flees or gets spent on reconstruction. The U.S. is left without its biggest lender in the Middle East. The cost of debt becomes unpayable. It’s a coordinated chokehold. U.S. power was based on oil and the security of the dollar. “Double checkmate. Without water in the Gulf and without bond buyers in Asia, the system crumbles.” Water is the Achilles heel of the GCC monarchies. Water will end the Empire in the Gulf (https://tinyurl.com/54puu779).
“But when it comes to slaughter / You will do your work on water”
An’ you’ll lick the bloomin’ boots of ’im that’s got it.”
Rudyard Kipling, Gunga Din
The Superstition of Usury
In almost every age there is an utterly unreasonable belief that captures the minds of men, writes British economist Christopher Hollis. In our age, we have the “strange superstition that, wherever money is invented, a percentage must be paid forever afterwards as a propitiation to a banker.” Usury transforms money from a beneficent servant into “an altar of Baal upon which life is sacrificed to the deities of avarice” (https://tinyurl.com/2rkr4e28).
It assumes that money is not barren, but fecund. Based on this theory, a dollar issued at the birth of Christ, backed by a 3% bond, would command 51 trillion trillion dollars in 2004 for its redemption. This is absurd, but so us the notion that we can issue dollars and the debt so engendered can be rolled over indefinitely. In his 1926 book Wealth, Virtual Wealth and Debt, Frederick Soddy, a Nobel laureate in chemistry, wrote that “if we reasoned similarly in physics, we should probably discover that weight possessed the property of levitation.”
The system of usury, writes Celia Farber (ibid.) dates to the Babylonian Radhanite banksters, worshippers of Baal and Moloch, who came to “The New Babylon,” The City of London, in 1067.
Remember that when the banks create the money, they do not create the interest. Thus, the amount owed will always be greater than the money supply.
The Doom Loop
A “doom loop” is a self-reinforcing negative cycle where deteriorating conditions cause actions that further worsen the situation. One economic doom loop is a negative spiral that can result when banks hold sovereign bonds and governments bail out banks. An AI doom loop could occur if something pops the AI bubble (AAPS News, December 2025). Companies panic to cut costs, and the fastest way to cut costs in 2026 or 2027 is to replace humans with AI systems that just got cheaper because of the crash. In a nightmare scenario, unemployment reaches unprecedented levels, consumer spending plummets, and GDP contracts. In the Great Depression, GDP fell by 30%, and 7,000 banks fell, about one-third of the banking system (https://tinyurl.com/3ms37e26).
The Iran War is already a global doom loop, with the destruction of local civilian infrastructure that will take years to repair and of worldwide enterprises dependent on the interrupted supply chain. Frank Wright suggested the possibility of an “Economic Samson Option” (https://tinyurl.com/r5zscvs2).
The Hormuz Ledger (https://tinyurl.com/y2jnf4t4) tracks nine disruption vectors, including fertilizer: 50% of seaborne exports of urea and of global exports of sulfur passes through the Strait. For sulfur, there are no reserves and no substitutes.
AAPS Calendar
Sep 24-26, 2026. 83rd Annual Meeting, Alpharetta, GA – https://aapsonline.org/2026am
Tokenization
Tokenization of real-world assets is digital proof of ownership of an asset, represented by a token (or tokens) on a blockchain. A few examples of assets that can be tokenized include real estate, commodities, insurance policies, natural resources, industrial infrastructure, and medical equipment and facilities. Britannica Money outlines pros and cons. Drawbacks include legal and regulatory uncertainties, security risks, and incompatibility with traditional systems (https://tinyurl.com/37jnu37r).
The GREAT Trust plan (Gaza Reconstitution, Economic Acceleration and Transformation Trust), reported by the Washington Post in early 2026, specifies that Palestinian landowners will receive digital tokens in exchange for their land rights. The tokens are redeemable for redevelopment rights, relocation abroad, or future apartments in planned smart cities.
This is a method of converting ownership through a land deed—a legal instrument enforceable through courts, independent of any platform—into conditional access. This is programmable: a ledger-mediated right whose value, validity, and redeemability are determined by the trust, not by the holder. The token can be made conditional on behavior (https://tinyurl.com/3hxepv8k).
The vision for Gaza as an AI-designed smart city was presented to the World Economic Forum in Davos by Jared Kushner in January 2026 (https://tinyurl.com/4ycyr2aa).
A Bermuda Triangle for Investments?
Investors may be finding that withdrawals from private-credit funds are blocked. Banks are also worried about their exposure (https://tinyurl.com/4tv936pa). Along with the Iran war and resultant energy crisis comes the “software apocalypse” with the release of Anthropic’s new version of its Large Language Model (LLM) Claude, which highlighted the ease with which AI can automate software engineering. Annuities and pensions are at risk (https://tinyurl.com/4t37xnfc).
Doctor Sues Two Licensing Boards
David Hartsuch, M.D., an emergency medicine physician and former Republican state senator, is currently suing the Iowa Board of Medicine and Iowa Board of Pharmacy, alleging retaliation for his exercise of his First Amendment right to free speech. His complaint states that Board of Medicine “effectively blacklisted” him. The Board of Medicine’s investigation was “based on the Board of Pharmacy’s allegation that [he] was spreading misinformation about COVID-19” by prescribing ivermectin. The Board’s actions effectively prevented him from practicing his profession. Reportedly, 17 Iowa doctors had complaints filed against them for “spreading false or misleading information about COVID-19” (https://tinyurl.com/5d2ues4a).
Idaho Passes Medical Freedom Law
In April 2025, Idaho passed the Medical Freedom Act, banning businesses, schools and government entities from requiring vaccines or other medical interventions as a condition for employment, attendance, or services. Ten other states are considering similar laws (https://tinyurl.com/r56udaap).
Judge Blocks Vaccine Policy Reform
U.S. District Judge Brian Murphy in Boston sided with the American Academy of Pediatrics and other medical groups, ruling that regulators had acted unlawfully in changing policies, including the reduction of the number of recommended vaccines and downgrading recommendations for hepatitis B vaccine in newborns (https://tinyurl.com/bdeejd7a). His 45-page Memorandum and Order (https://tinyurl.com/2f6hmp32) also stayed most of Secretary Kennedy’s appointees to the Advisory Committee on Vaccine Policy (ACIP), which had been scheduled to meet March 18–19, questioning their vaccine-related expertise, and stayed all votes taken by these members.
The functional effect of the stay is indistinguishable from a nationwide injunction, a procedure that was eliminated by the U.S. Supreme Court in Trump v. CASA. AAP v. Kennedy shows that determined courts can reach the same destination through the Administrative Procedure Act’s Section 705 stay mechanism, writes Robert Malone, M.D. (https://tinyurl.com/5n77m53x).
Plaintiffs’ attorney Richard Hughes told reporters: “This is a significant victory for public health, evidence-based medicine, the rule of law, and the American people” (tinyurl.com/h96sk8uc).
Journalist Alex Berenson writes: “Murphy has taken a breathtakingly aggressive stance on his powers as a federal judge…. [He] effectively takes the position that…a random federal judge…has the right to set American vaccine policy, while the executive branch does not” (https://tinyurl.com/5cyrryp9).
New Adverse Event Reporting Frameworks
The 36-year-old Vaccine Adverse Events Reporting System (VAERS) created in 1990 is getting an upgrade. The FDA’s new Adverse Event Monitoring System (AEMS) is described as “a unified, AI-powered, real-time searchable public dashboard that consolidates seven separate creaky government databases into one platform.” The databases cover vaccines, drugs and biologics, veterinary foods and drugs; medical devices, human food complaints, and tobacco and vapes. The system is called a “demolition and rebuild.” Commissioner Marty Makary said it was being built on an accelerated timeline, to take its enemies by surprise (https://tinyurl.com/3msdf769).
Not everyone shares attorney Jeff Childers’s enthusiasm. Closed VAERS notes that the cumulative death counter is no longer available for vaccines, and most of the deaths are actually under the Covid-19 Vaccine “NOS” (not otherwise specified) category. Barbara Loe of the National Vaccine Information Center called it a fraud (https://tinyurl.com/bpa4b36c).
Tip of the Month. Physician burnout peaked at 63% in 2021, the first full year of COVID, but is still far more than in any other American profession. Fortunately, independent physicians have below-average burnout rates, and greater job satisfaction. Physician burnout is at its worst among hospital-based employees, such that 42% of physicians employed by hospitals have been entertaining the possibility of transferring to private practice. The greatest concern among independent physicians is the difficulties experienced with insurance companies (https://tinyurl.com/3a5rsb7a). To overcome that, it is worth considering going out of network and becoming third-party free.
Correspondence
Squeezing Out Non-participants. N.Y. state is poised to pass legislation which will financially punish physicians who do not participate in health insurance plans and in particular those who do not participate in Medicaid managed care. It would change the rules for the Independent Dispute Resolution (IDR) process for emergency care provided by non-participating physicians. It would eliminate physicians’ rights to bring IDR claims for care provided to Medicaid Managed Care enrollees.
“Everybody in, nobody out.”
Lawrence R. Huntoon, M.D., Ph.D., Eden, N.Y.
Transaction Digitization Is Theft. As S.T. Karnick points out (https://tinyurl.com/4rwprhk9), when you pay with a $20 bill, that bill is worth $20 every time it subsequently changes hands. If you pay through a digital processing system, with a 3.5% fee, $19.30 is left after one transaction, and only $16.74 remains in circulation after five such transactions. The rest is siphoned off by financial institutions, and the spending can be tracked. Our world is full of middlemen quietly getting rich just by “being there.”
John Dale Dunn, M.D., J.D., Brownwood, TX
Milgram Experiment Circuit Breaker. In the Milgram Experiment, 65% of the “teachers” compliantly delivered increasing severity of shocks to “students.” In one variation of the experiment, Milgram allowed “teachers” to watch two other subjects refuse to deliver the shocks. The compliance rate dropped to 10%. The authority figure’s spell broke because someone modeled dissent and thus gave everyone else in the room permission. The “permission structure” for COVID-19 was even more powerful: about 92% of doctors complied. Visible refusers are needed to prevent ordinary people from becoming agents of evil in doing their jobs.
W. Campbell Douglass, M.D., https://tinyurl.com/4t33k6zr
Leaked ACIP Report. In a massively important report that was leaked ahead of this week’s scheduled but now cancelled meeting of the ACIP (tinyurl.com/4nk5um4f), the belated demand for an honest assessment of the ignored injuries from the COVID shots is rigorously addressed. This report will hopefully open the eyes to our profession’s dereliction of duty to the millions of suffering patients who have been ignored and even shamed.
Stewart Tankersley M.D., Montgomery, AL
Prepare. If oil is the headline, fertilizer is the story. What shows up six months from now as a consequence of blocking the Strait of Hormuz, even for a short period, is the real story. Farmers are planting now. Fertilizer is not optional. This is a window for preparation. Tighten where you can. Plant what you can. Store what makes sense.
Robert W. Malone, M.D., https://tinyurl.com/4pbcrn95
Glyphosate. We have some poison sumac on the edges of our property, and RoundUp will not kill it; it just weakens it. I have to use a stronger herbicide to do it. In 2019 I thoroughly reviewed the epidemiologic evidence on glyphosate and non-Hodgkin lymphoma. Remarkably, the studies examined professional/commercial use of glyphosate, malathion, and 2,4-D, and provided clear data showing that the glyphosate association was completely confounded by the use of malathion and 2,4-D. I was able to use the studies’ data to adjust the glyphosate association for these two exposures, and it disappeared entirely. This applied both to the ever/never glyphosate exposure and to dose-response trends in degree categories of exposure.
Harvey Risch, M.D., Ph.D., New Haven, CT
The $100 Aspirin. Exorbitant charges for things that cost pennies are part of the uncompensated care scam. The insurance company might only pay a fraction of that charge, but the inflated number is reported as “uncompensated care.” This allows hospitals, especially those with nonprofit status, to justify receiving federal payments like DSH (Disproportionate Share Hospital) kickbacks. By overstating their losses, they create the appearance of generosity and need while benefiting financially.
G. Keith Smith, M.D., Oklahoma City, OK
Demographic Collapse. In England and Wales the fertility rate has fallen to a record low of 1.41 births per woman, well below the demographic stability rate of 2.1. The Wanker Class insists we need “migrants” to prop up the economy, because to the geniuses of Davos great nations are just cookie-cutter GDPistans. However, if one were to add the one-in-three aborted babies—Britain has the highest abortion rate in the developed world—to that 1.41, you’d get a fertility rate of 2.15! Problem solved.
Mark Steyn, https://tinyurl.com/2u3hw6z9
DEI Mandate Dropped. The Liaison Committee on Medical Education (LCME) has silently dropped its mandate that medical schools indoctrinate future physicians in Diversity, Equity, and Inclusion (DEI). By forcing this radicalism on medical schools, the LCME has directly contributed to a decline in quality of the medical workforce since 2020 (https://tinyurl.com/yrvjsmcv).
Stanley Goldfarb, M.D., Bryn Mawr, PA
