So the U.S. delegation is already headed home without a deal. Since Trump is unlikely to follow through with his threat to end Iranian civilization, what's our next move? It seems that we are in an even weaker negotiating position now than we were before, and Iran knows it.

So starting a war in the Middle East turned out to be a big mistake. Well, it's not like anyone could have seen that coming.

The talks designed to open the Strait of Hormuz will result in the strait being closed tighter than ever. Trump announced the U.S. Navy will blockade the strait to make sure that those ships paying Iran's tolls for safe passage can't get through either. Get ready for $150 oil.

Trump using the U.S. Navy to blockade the Strait of Hormuz could easily be considered an act of war by other nations impacted by the action. What right does the U.S. have to use military force to prevent China from buying oil? However, China’s right to retaliate would seem clear.

Despite the March PPI rising less than expected, it still rose 0.5%. YoY prices rose 4%, the biggest gain in more than three years. More importantly, the trend from here will be up. In 2026, the PPI will rise more than the 6.2% jump in 2022 and may surpass the 10% surge in 2021.

After trading above 100 last week, the U.S. Dollar Index is now below 98, hitting its lowest level since March 1, when the war began. That means the dollar has already lost all of its safe-haven gains. As the dollar falls, U.S. consumer prices and interest rates will rise.

Today is April 15th, tax day. My father Irwin Schiff referred to it as the real April Fool's Day, as on this day millions of Americans volunteer to pay a tax that no law actually requires them to pay. For years my father asked the IRS to show him the law, but they never did.