September, 02 2025, 02:40pm EDT
Trump’s $5B Crypto Boon Is the Biggest Corruption in Presidential History
Yesterday, the Wall Street Journal reported that the Trump family garnered $5 billion in paper wealth on Monday after its crypto venture opened trading of a new digital currency. The digital token, called WLFI, can now be bought and sold on the open market.
Bartlett Naylor, a financial reform advocate with Public Citizen, issued the following statement in response:
“The Wall Street Journal just measured the size of the greatest corruption in presidential history — up to $5 billion, and counting.
“We have only seen the tip of the iceberg when it comes to the damage that this corruption will inflict on the American people. The impact of attempts by the Trump family and others to buy and sell politics and politicians will continue to ricochet.”
Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.
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Thanks to Trump's Iran War, US LNG Giants Could See $20 Billion in Monthly Windfall Profits
"Oil and gas companies may achieve huge windfall profits in a year that previously looked far less lucrative for them, and billions of people could see their energy bills soar," warned one campaigner.
Mar 04, 2026
From declaring an energy emergency and ditching global climate initiatives to abducting the Venezuelan leader to seize control of the country's nationalized oil industry, President Donald Trump has taken various actions to serve his fossil fuel donors since returning to power last year. Now, his and Israel's war on Iran could soon lead to US liquefied natural gas giants pocketing tens of billions in windfall profits.
"The Persian Gulf has some of the world's largest oil and gas producers," Oil Change International research co-director Lorne Stockman explained in a Tuesday blog post, "and a large proportion of that production, around 20% of global petroleum, must pass through a relatively narrow corridor controlled by Iran to reach global markets: the Strait of Hormuz," between the Persian Gulf and the Gulf of Oman.
Stockman—whose advocacy group works to expose the costs of fossil fuels and facilitate a just transition to clean energy—noted that "crude oil, refined petroleum products, and liquefied natural gas (LNG) traverse the strait in vast quantities every day. But not since Saturday. With missiles, fighter jets, and drones circling, shipping has ground to a halt, and Iran reportedly threatened to close the strait by force on Monday."
As the conflict in the Persian Gulf continues, fossil fuel companies are preparing for record-breaking profits while billions of people face soaring energy bills and "energy poverty."We’re tired of a world where our energy system fuels war and destroys our climate. oilchange.org/blogs/trumps...
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— 350.org (@350.org) March 4, 2026 at 4:43 AM
Based on ship-tracking data from MarineTraffic, Reuters estimated Wednesday that "at least 200 ships, including oil and liquefied natural gas tankers as well as cargo ships, remained at anchor in open waters off the coast of major Gulf producers including Iraq, Saudi Arabia, and Qatar," and "hundreds of other vessels remained outside Hormuz unable to reach ports."
Stockman warned that "depending on how long the violence and its atrocious human toll continues—Trump said it may take weeks until his undefined objectives are achieved—this will have huge implications for energy markets. Oil and gas companies may achieve huge windfall profits in a year that previously looked far less lucrative for them, and billions of people could see their energy bills soar."
Since Trump and Israeli Benjamin Netanyahu launched "Operation Epic Fury" on Saturday, over 1,000 people had been killed as of Wednesday, according to the Iranian government, and oil prices have surged—highlighting how, as Greenpeace International executive director Mads Christensen put it earlier this week, "as long as our world runs on oil and gas, our peace, security and our pockets will always be at the mercy of geopolitics."
Qatar exports about 20% of the global LNG supply, second only to the United States. All of that LNG goes through the Strait of Hormuz. An Iranian drone attack on Monday targeted Qatari LNG facilities, leading state-owned QatarEnergy to declare force majeure on exports. Two unnamed sources told Reuters that QE "will fully shut down gas liquefaction on Wednesday," and "it may take at least a month to return to normal production volumes."
The Qatari shutdown is expected to boost the US LNG industry, which exported about 108 million metric tons last year. Already, shares of the two largest LNG producers in the United States, Cheniere and Venture Global, have surged.
"We've got an acute contraction of global LNG supply," Alex Munton, an expert on natural gas markets at consulting firm Rapidan Energy, told CNBC. "The world is now down 20% from where it was, and that leaves the world short."
As CNBC reported Tuesday:
US producers can't ramp LNG production beyond current levels, Munton said. "They're basically running at capacity," he said.
But since their customer contracts don't have fixed destinations, they can reroute LNG to meet demand, he said. The flexible capacity at US LNG producers like Venture and Cheniere plays a crucial role in moments of crisis, the analyst said. It's a unique feature of the US LNG industry, he added.
"The volumes are able to reroute to where the demand is greatest," Munton said. "We saw this in 2022 after Russia's invasion of Ukraine. Suddenly, Europe was left short, and it was able to call on US LNG and utilize the inherent flexibility of US LNG.
US LNG cannot replace lost supply from Qatar, but buyers who really need the gas and are willing to pay a high enough price will get it, Munton said.
Seb Kennedy, the energy journalist and market analyst behind the newsletter Energy Flux, estimated Wednesday that "American LNG exports could generate up to $4 billion in windfall profits if the force majeure remains in effect for one month. This figure could rise as high as $20 billion per month if the market is deprived of Qatari supply until the summer."
"Over the first four months, US LNG profits could reach more than $33 billion above the pre-Iran average. Over eight months, that figure rises to $108 billion," he continued. "And if, in an extreme scenario, Qatari LNG is shut-in for a full year, the excess profits raining down on US LNG exports could stack up to almost $170 billion—a figure that would represent one of the most concentrated commodity windfalls of the post-2000 era."
"To put that in context, the 12-month Ukraine war windfall accruing to US LNG exporters, from August 2021 through August 2022, is estimated at $84 billion," Kennedy noted. "Iran could, in certain circumstances, eclipse that total in just over six months."
My latest for Energy Flux:💥 War profits, quantified 💥As Middle East regional war upends global gas markets, US LNG exporters stand to pocket a multi-billion-dollar windfallCheck it out 👉 www.energyflux.news/war-profits...
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— Seb Kennedy (@sebkennedy.bsky.social) March 4, 2026 at 11:58 AM
As the US Senate prepared for a vote on a war powers resolution that is not expected to pass but would swiftly halt Trump's assault on Iran, Defense Secretary Pete Hegseth said Wednesday that the war could last at least eight weeks. He also announced that an American submarine fired a torpedo that sank an Iranian naval ship off the coast of Sri Lanka.
On Tuesday, Trump had responded to Iran's attempt to shut down the Strait of Hormuz with a post on his Truth Social platform: "Effective IMMEDIATELY, I have ordered the United States Development Finance Corporation (DFC) to provide, at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime Trade, especially Energy, traveling through the Gulf. This will be available to all Shipping Lines. If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible. No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD. The United States’ ECONOMIC and MILITARY MIGHT is the GREATEST ON EARTH—More actions to come."
However, as the New York Times highlighted Wednesday, "shipping company officials and analysts are skeptical" of Trump's promised fixes, and "some industry executives also worried how quickly these could get up and running."
For example, Helima Croft, the global head of commodity strategy at RBC Capital Markets, wrote to clients on Tuesday that "we think the insurance proposal is likely in a concepts-of-a-plan stage," and she questioned whether there are enough US naval assets in the region to actually provide escorts.
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Talarico Win Shows Democrats Can't 'Write Off Latinos Who Voted for Trump': Ex-Sanders Strategist
Democratic operative Chuck Rocha described Talarico as "a special candidate" who "ran the right kind of race at the right time."
Mar 04, 2026
James Talarico's victory in the Democratic US Senate primary in Texas on Tuesday shows why it would be a mistake to think Latino voters who jumped ship to support President Donald Trump in 2024 are a lost cause, according to Democratic strategist Chuck Rocha.
Rocha, who worked on Sen. Bernie Sanders' (I-Vt.) 2020 presidential campaign and who is a senior adviser for Talarico's campaign, told the Wall Street Journal that the Democratic Senate hopeful won over Latino support in Texas by focusing on a populist economic message first and foremost, such as when he accused US billionaires of "stealing from the American people, stealing the wealth that we created."
"Latinos are an aspirational people, and they want to aspire," said Rocha. "And they are also religious people, and they're... for economic populism."
The Journal noted that Talarico easily bested his rival for the nomination, US Rep. Jasmine Crockett (D-Texas), by roughly 27 percentage points in Texas counties whose populations are 60% or more Latino, including counties in the southern part of the state that were longtime Democratic strongholds that swung to Trump in 2024.
The lesson of the election for Democrats, Rocha told the Journal, is "don’t write off Latinos that voted for Donald Trump."
In a video posted on social media Wednesday, Rocha elaborated on how Talarico and his campaign secured the nomination, calling the Texas Democrat "a special candidate" who "ran the right kind of race at the right time."
The facts about how @TeamTalaricoHQ won last night pic.twitter.com/1IUd9VpPUh
— Chuck Rocha (@ChuckRocha) March 4, 2026
Beyond that, Rocha said, Talarico and his staff were simply relentless campaigners willing to seek votes wherever they could find them.
"He won because he showed up in communities," Rocha said. "He ran advertising in those communities. He had an amazing field team of 28,000 volunteers, over 600 community events in just eight weeks. They sent over 4 million peer-to-peer texts."
Rocha said that it was too soon to say whether Talarico's message meant that Latino voters were returning to Democrats more broadly, but added, "They will move back for James Talarico if you show up and give them a hopeful message."
Rocha's enthusiasm for Talarico was echoed by Rep. Greg Casar (D-Texas), chairman of the Congressional Progressive Caucus.
"James Talarico is the future of the Democratic Party," Casar declared in a social media post. "He unites working people of all kinds to take on the billionaires who are making life unaffordable. He’s going to show Texas Republicans how powerful working people are when we stand together. On to victory in November."
Mark McKinnon, a one-time Texas political operative who has worked for both Republicans and Democrats, said in an interview with Politico that Talarico's victory would be an unwelcome development for the Texas GOP, which will have to work harder to defeat him than other prospective Democratic nominees.
"A perfect storm is lining up for Texas Democrats," McKinnon said. "They have a nominee who can appeal to moderates and soft Republicans. Talarico could be Moses who leads the Lone Star Democrats out of the desert they’ve been in for 35 years."
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'No to War': Spanish Leader Sánchez Undeterred by Trump's Trade Threat
European leaders expressed solidarity with Spain after Trump threatened a trade embargo in retaliation for the prime minister saying the US could not use Spanish military bases to attack Iran.
Mar 04, 2026
Spanish Prime Minister Pedro Sánchez on Wednesday appeared undaunted by President Donald Trump's threat to impose a full trade embargo on Spain in retaliation for its refusal to allow the US to use its military bases to wage war on Iran.
In a 10-minute televised address, Sánchez told the Spanish public that the country "will not be complicit in something that is bad for the world and contrary to our values and interests simply out of fear of reprisals from someone."
Despite Trump's threat, the Spanish government's position on the US and Israel's attacks on Iran, the prime minister said, can be summarized as "no to war."
The address came hours after Trump claimed the US military would use Spain's military bases to launch warplanes "if we want," despite Spanish Foreign Minister José Manuel Albares' earlier statement that the facilities could not be used "for anything that isn’t covered by the [United Nations] Charter.”
The US and Israel began attacking Iran early Saturday morning after Oman's foreign minister said American and Iranian officials had been making progress toward a deal on Iran's nuclear program.
Legal experts have said the unprovoked attacks are a clear violation of international law and the UN Charter, which prohibits the use of force unless it is "authorized by the UN Security Council or is a necessary and proportionate act of individual or collective self-defense in response to an armed attack.”
Secretary of State Marco Rubio stunned observers this week when he claimed the US and Israel had waged war because of an "imminent threat"—one that was posed because the US believed Israel was planning to strike Iran, and Iran was expected to retaliate against that potential attack.
On Wednesday, Sánchez said the US and Israeli strikes against Iran, which have so far killed more than 1,000 people, according to Iranian officials, signify a "breakdown of international law."
He compared the bombings to the George W. Bush administration's invasion of Iraq, which led to eight years of war and killed over 100,000 Iraqi civilians, and warned against “repeating the mistakes of the past."
“Very often great wars start with a chain of events spiraling out of control due to miscalculations, technical failures, and unforeseen circumstances," said the prime minister, who has also been outspoken in his opposition to Israel's US-backed assault on Gaza and the Trump administration's invasion of Venezuela in January. "Therefore, we must learn from history and cannot play Russian roulette with the fate of millions."
Trump on Tuesday also expressed anger over Spain's refusal to cave to his demand that all North Atlantic Treaty Organization (NATO) member states commit to spending 5% of their gross domestic product on defense by 2035.
But other members of the European Union, which collectively negotiates trade with the US, were quick to express solidarity with Spain.
German Chancellor Friedrich Merz, who met with Trump at the White House on Tuesday, told the president that European countries would not agree to a trade agreement with the US that didn't include Spain, while French President Emmanuel Macron spoke to Sánchez to convey his "solidarity." European Council President António Costa also said he has spoken to the Spanish prime minister and reaffirmed the EU's "firm commitment to the principles of international law and the rules-based order everywhere in the world."
Despite Europe's strong stance against Trump's threats, US Treasury Secretary Scott Bessent on Wednesday doubled down on the president's rhetoric, appearing on CNBC to accuse Spain of "not meeting their NATO requirement" and of putting "American lives at risk" by not allowing the US to use its bases.
Stéphane Séjourné, the EU's internal market commissioner, was not deterred by Bessent's comments, warning that "any threat against member state is by definition a threat against the EU."
He noted that European countries already joined together this year to defend Greenland from Trump's claim that he would take over the autonomous territory, part of the Danish kingdom, by force.
"If you threaten one particular country... well, we’ve seen that about Greenland," said Séjourné. "I think we saw that there was a lot of unity.”
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