MMN Editor

Fear Of The Second Wave

Authored by Jeffrey Tucker via The Epoch Times,

This time last year, it seemed like we were just about finished with the terrible inflation of the Biden years that had trimmed at least 25 percent from the purchasing power of the dollar.

The hope has been for a year that the massive increases in money printing over the COVID years were finally done. As some put it, the snake had finally digested the golf ball.

All along we’ve worried that the experience of the 1970s would repeat: three clean waves.

After each, monetary authorities presumed that the problem was over and that life could go on as normal.

Each time, inflation fired back up again, until it culminated in an inflation of the late seventies that changed life in America fundamentally.

After that, two household incomes were more common than not, if only to maintain living standards.

We could only hope that we would not repeat that experience. Indeed, history does not repeat but it does rhyme. Authorities tend to relax in vigilance once a crisis seems to have abated.

The 2021–2024 inflation was devastating for real wages and salaries. Official data reports that they have been mostly flat and then somewhat rising. Maybe, but I personally cannot think of anyone who earned raises that have kept up with inflation over four years. That’s anecdotal, to be sure, but you are welcome to check my intuition against your experience.

We don’t seem to see moves today from the Federal Reserve that would suggest a concerted effort in the direction of easing. Money supply has not taken off and the Fed is holding interest rates rather tight for fear of igniting inflation.

It appears that the existing pricing pressures stem not from monetary sources but supply shocks. Of all the changes in goods prices that could impose the largest shock to the general economy worldwide, oil ranks near the top. Is that happening? Yes. Not only that: price trends were not heading the right way even before the war shock.

There is really bad news from the Bureau of Labor Statistics. It concerns the Producer Price Index, which registers wholesale prices in a range of goods and services. It is generally more reliable than the index for consumer prices because prices are more uniform and accessible. What the PPI does today shows up in consumer prices in a matter of months, depending.

The latest PPI print covering the month of February is sobering. The index for final demand rose 3.4 percent for the 12 months ended in February, the largest 12-month advance since increasing 3.4 percent in February 2025. That is double the forecasted increase. The most eye-popping number concerns prices for final demand goods. They increased 1.1 percent for the month.

Annualize the number and you get an incredible 13.6 percent, the hottest in more than 3 years. This is double-digit, which itself gets us into a strange psychological place. It kicks off panic buying and hoarding.

A longer-term look, again from February before the oil price spikes, shows the worst annual rate of change in goods prices in two years. This will feed into consumer prices through the summer, even if the crisis ends now.

That’s a number roughly equivalent to 1979-level inflation. So far it is only hitting wholesale prices but those are passed on to the retail level. And keep in mind that these February numbers were assembled before the Iran war throttled shipping traffic in the Strait of Hormuz, causing a huge price spike in oil that quickly folded into a gas price increase that you likely know all too well.

The oil price spike has profoundly affected people the world over. We are looking at nearly a doubling of the price since the war began. And the problem is getting worse, not better.

Gasoline is rising now at a pace not seen in more than 30 years. It also seems to be accelerating. My back of the envelope calculation over the last four years suggests it is rising 2 cents per hour.

This isn’t just about the ways this price affects your driving. It hits every form of transportation from trains to planes to trucks. Tickets are already soaring in price but this also bleeds into goods prices at the stores, especially food. Anything that travels to retail outlets by truck is being hit hard now, as you already see in the rising cost of coffee.

None of these are good signs.

Yes, it could all flip the other direction if the war ends today but it will be months before prices settle down again even under the best of circumstances.

Now let’s turn to real-time numbers as calculated by Truflation. It’s become very apparent that the good trends have already reversed in the other direction. From a low of 0.6 percent, we are now running 1.51 percent. More telling is the real-time number on good inflation. That is running 3.4 percent, the highest in 3 years.

At this point, there is no avoiding the results of the inflation that already exists.

How likely is a full blown energy crisis of the sort we saw in the 1970s? As we should all realize, that crisis was not only one of prices. It was the attempt to keep the price low with forced caps that caused the widespread shortages and gas lines. There is no question that this would happen again should the Trump administration pursue price controls on gasoline.

In 1971, Richard Nixon imposed wage and price controls. He did not want to do that. He never imagined conditions would ever arrive in which he would push that button. But for him, it was a necessary expedient, the least bad of all possible choices. Moreover, he knew that it would not work but believed that the public needed to see him doing something to show that he cared and was acting on the problem. Trump might be drawn into something similar.

One hopes that the Trump administration would not do that. But one cannot know for sure, sadly. It is the nature of any government to panic with falling poll numbers, parabolically rising energy prices, and a profound sense of a loss of control. All these factors are happening right now.

I never watch mainstream media but a couple of days ago, I caught a broadcast on television that had nonstop messaging about gas prices. This is for obvious reasons related to politics but there is also something real going on here. For all the tax and regulatory cuts in the second Trump administration, the inflation pressures threaten to wipe out any and all income gains. Indeed, this inflation puts the entire second term at risk in ways the White House surely understands by now.

Again, the cause of the price increases are a combination of factors but this one, unlike the last one, seems to be pushed by a supply shock rather than monetary factors. In a practical sense, for businesses and consumers, the impact is the same. It means that money buys less and that balance sheets are put under extreme pressure.

I’m sorry for the bad news and I try to avoid apocalypticism. Wishes aside, and regardless of one’s views of this Iran war, the reality is before us and it is undeniable.

We could be seeing a second wave of effective inflation kicking off that will create some serious economic disruption in all directions.

Tyler Durden
Fri, 03/20/2026 – 18:05

Kathy Ireland is speaking out after filing a lawsuit against her former business managers, claiming they betrayed her trust “on a staggering and unconscionable scale” and allegedly stole millions from her and her family.The 63-year-old business owner and former model spoke about the lawsuit in a new interview with ABC News’ “Nightline,” in a joint interview with her attorney, Jill Basinger, a portion of which was previewed on “Good Morning America” on Friday.”My old, long-ago job description was, ‘Shut up and pose.’ And I reject that,” Ireland said. “And I’m not going to idly stand by and allow anyone to lie, to abuse, to hurt my family and to hurt others.”In the lawsuit filed by Ireland in a Santa Barbara court, the model — who Forbes once estimated to be worth $420 million through her self-titled brand — claimed her family was targeted by Jason Winters and Erik Sterling, who were allegedly at the helm of a deceptive management scheme.FORMER ‘PRICE IS RIGHT’ MODEL EXPOSES DARK TRUTH ABOUT BOB BARKER ERAIreland said the defendants told her “she was extraordinarily wealthy” and that the family would “never need to worry,” but claims her former team “failed to create wealth and make investments” as promised for their family, leaving Ireland and husband, Greg Olsen, in extreme debt and forced to sell their family home.”Our son and his wife purchased a house on their own. They had to move … and we wanted to help ’em out,” she told ABC News about how she found out about her financial situation. “Our son said, ‘If you and dad can co-sign, that would be great.’ And when we were denied the right to co-sign because our credit had been destroyed, that was a big red flag.”She added that she doesn’t “know all of it,” noting she and her husband “believed our bills were being paid, and they were not.”The lawsuit states that “the Defendants are liable to Plaintiffs for damages in the tens of millions of dollars, if not exceeding $100 million, subject to proof at trial,” adding that the “Defendants continue to withhold the funds they took from and owe to Plaintiffs.””We suspect they took out a mortgage on the house,” Basinger told the outlet regarding how the money was spent. “We suspect that, even though there was a life insurance policy purchased, that they somehow took the equity.”In a statement to ABC News, the defendants rejected Ireland’s claims, saying the dispute stems from an alleged $25 million fraud case filed against her last year. They described her allegations as “false, defamatory and unsupported by any documentation,” adding that all loans in question bear Ireland’s signature and that those involved were “partners and equal shareholders from the outset, not business managers.”Ireland first rose to fame in the 1980s and 1990s as a “Sports Illustrated” Swimsuit Issue cover model, later entering the business world in her 20s. She found huge success as a businesswoman, with Forbes once naming her one of the most successful self-made woman with an estimated net worth of $400 million.NEW YORK HEIRESS BELLE BURDEN RECOUNTS THE VOICEMAIL THAT TORCHED HER HUSBAND’S DOUBLE LIFE: MEMOIRDespite her success, the lawsuit claims she and her husband “now know there are no substantial retirement accounts,” any “prudently managed investments securing their future” or any money “securing their retirement and their children’s futures, as they were led to believe.””At that young age, Kathy was building her career,” the lawsuit stated. “She was newly married, planning to start a family. She believed in hard work. She believed in doing business with integrity. And, she believed in them, based on their promises to her. Tragically, that belief was misplaced. They were deceiving her, all along.”CLICK HERE TO SIGN UP FOR THE ENTERTAINMENT NEWSLETTERIreland shared that she was forced to sell her family home due to the amount of debt she and her husband are now in.WATCH: KATHY IRELAND IS LEANING ON FAITH AFTER ACCUSING FORMER TEAM OF DEFRAUDING HER OF FORTUNE, HER ATTORNEY SAYSIn a previous interview with Fox News Digital, Basinger commented on Ireland’s strength throughout the whole ordeal, calling her “a strong person.””Kathy’s a strong person of faith, and her trust in God has really helped her and (her husband) Greg (Olsen) navigate the betrayal and the broken trust, and given her hope for the future,” Basinger said.When it comes to the defendants, Ireland told ABC News she does “hope the best for them.”LIKE WHAT YOU’RE READING? CLICK HERE FOR MORE ENTERTAINMENT NEWS”I hope the best for them. I do not and that does not include continuing in this,” she said. “You don’t get to hide behind me and do things that I would never approve of, that I would never say were OK…Do the right thing, and tomorrow will be better than today.”Fox News Digital’s Tracy Wright contributed to this report.

The “Thank You, NYPD” campaign in New York City is an ongoing effort to show appreciation for those in blue.The campaign has encouraged residents to upload videos expressing appreciation for the department. St. John’s head coach Rick Pitino was among those who responded, thanking those he said have helped maintain a safe city environment.”I want to give a sincere thanks to the NYPD officers who do such an incredible job to keep our city safe,” Pitino said Friday in a video posted to Madison Square Garden’s Instagram account. “Thank you so much.”CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COMPitino’s show of gratitude came just hours before the Red Storm’s first-round game in the men’s NCAA Tournament. Fifth-seeded St. John’s faced No. 12 Northern Iowa Friday evening in San Diego.Later this month, as part of the campaign, Madison Square Garden will host an exclusive concert featuring a star-studded lineup, including Cyndi Lauper, John Fogerty, rapper and New York Knicks fan Fat Joe and others. St. John’s plays most of its home games at Madison Square Garden.ICONIC SPORTS VENUE MADISON SQUARE GARDEN TO HOST NYPD, STAFF AT PRIVATE CONCERT AMID ‘THANK YOU’ EFFORT”Today, we announced ‘Thank You, NYPD,’ a campaign encouraging all New Yorkers to thank the New York City Police Department for its service to our great city!” Madison Square Garden said Wednesday in a post on X.Uniformed police officers and civilian staff members, along with their loved ones, will be invited to the private event, scheduled for March 28. “The Garden” also urged New York residents to submit individual “thank you” videos.Comedians Chris Distefano and Sam Morril are also among the confirmed performers for the event.MSG Entertainment said it will donate the venue and cover all event costs. MSG Entertainment and MSG Sports CEO and Executive Chairman Jim Dolan said the event was not political but a “sincere” show of gratitude for the city’s police department.”There are times in our culture today when the dissenter’s voice is louder than that of the majority. Such is the case with law enforcement, and, in particular, the NYPD,” Dolan said in a statement.”Cries of ‘defund the police’ and other negative statements do not reflect the true feelings of New Yorkers. If that is what our cops are hearing and no one steps up to say otherwise, that can be disheartening. This concert to say, ‘Thank You, NYPD’ is designed to let our police know that we New Yorkers need, respect and appreciate their effort and service.”Follow Fox News Digital’s sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.

Chicago Mayor Brandon Johnson and his administration are presiding over a city in serious financial straits, as decades of mismanagement and present-day fiscal irresponsibility compound. Chicago, the nation’s third-largest city, is facing a corporate fund budget gap of more than $1 billion, while its 2025 fiscal year is projected to close with a roughly $150 million deficit as about two-fifths of the budget goes toward debt service and pension costs.Johnson said in April that the city was “at a crossroads” and had to “essentially do more with less,” while simultaneously slamming the Trump administration for reportedly threatening federal funding; calling it a “different scenario we weren’t under before.”Austin Berg, executive director of the pro-taxpayer research group Illinois Policy Institute, said markets are looking at the true numbers and are “really concerned” about Chicago.RECORDS REVEAL CHICAGO MAYOR’S ‘GIFT ROOM’ WAS CONSTRUCTED AFTER INVESTIGATORS TURNED AWAY “And that’s why you see the spreads on Chicago debt getting wider and wider; the structural issues,” he said. Berg explained that the situation is akin to someone calling financial adviser Dave Ramsey’s radio show to ask what to do while buried in debt.”The solution set is always the same: Stop making bad decisions and you have to put a structure in place to make better decisions,” Berg said.”So the bad decisions are things like taking one-time revenues from federal COVID spending and putting it into operations. The bad decisions are borrowing for operations, which this latest bond issue just did. That’s a huge no-no and a red flag for investors.”Chicago also drew scrutiny over former Mayor Richard M. Daley’s 75-year parking meter lease in 2008, a deal critics say has already allowed the private operator to recoup its investment while leaving the city without that revenue stream for decades.Berg pointed to a recent analysis he authored accusing Johnson of extending the city’s “pay later” culture, arguing that the mayor’s $830 million 2025 bond deal — which delays principal payments for 20 years — is his version of Richard M. Daley’s parking-meter boondoggle.CHICAGO SUES TRUMP DOJ OVER ‘UNLAWFUL’ DEI RESTRICTIONS ON FEDERAL POLICING GRANTSHe also suggested the city take more seriously a plate of $1 billion in potential efficiencies produced in a taxpayer-funded deep-dive by consulting firm EY – formerly Ernst & Young.While Chicago spends 40% of its money on debt servicing, actual services suffer. Berg said it is also the only city besides New York that doesn’t require voter approval of new general obligation debt.CHICAGO MAYOR LASHES OUT AT REPORTER OVER ‘ILLEGAL ALIEN’ TERM: ‘RACIST, NASTY LANGUAGE’The city lacks a “truly independent” chief financial officer, Berg claimed, saying that the treasurer’s office does not have full auditing authority and that another related agency called COFA is understaffed and underresourced.”Voters didn’t decide to have all of that debt. And it’s important for voters to be able to decide because those decisions affect Chicagoans 30 years from now. So shackling them with these political decisions now is just really unfair,” he said.Chicago has also come under fire for expenditures on social justice and other efforts while city services continue to lack.Independent journalist William J. Kelly created a viral moment in January when he questioned Johnson on which type of ICE he should be focused on —  immigration officers or snow that inundated the city, as he drove through unplowed streets. “Let me just commend the efforts of the city employees that made sure that our streets were plowed… I do not personally plow streets… No one was stuck,” Johnson replied in-part.Berg suggested one outlet for Chicago would be to demand the state of Illinois allow municipalities to declare Chapter 9 Bankruptcy, which he said is a rare restriction nationally. He underlined that he did not want to see Chicago declare bankruptcy but that without that lever, the city has much less leverage when negotiating with public-sector unions for the very liabilities it is drowning in.The City Council successfully killed Johnson’s proposition of a “head tax” – a levy-per-employee on large corporations, which critics said would have driven out or prevented future business – and thereby sources of revenue in the city.DHS BLASTS CHICAGO MAYOR FOR COMPARING RAID LEADER TO SEGREGATIONISTS, ACCUSING HIM OF ‘TERROR’The editorial board of the left-leaning Washington Post also slammed Chicago’s straits in a recent op-ed, writing that “it takes a long time to kill a city, and the bigger the city, the longer it takes.””Chicago’s ‘public servants’ have done a fine job speeding up the process,” the board wrote, while also citing the city having its bond rating downgraded in February by both Kroll and Fitch.”The modest tweaks [council] forced [Johnson] to accept in December won’t change the fiscal trajectory,” the paper said.Fox News Digital reached out to Johnson’s office for comment.

Samantha Kyles (left), Sharon Denson (middle), Sarah Bennett (right)(Monroe County Jail)
Three Alabama women have been indicted on a staggering 37 combined criminal counts tied to an alleged ballot fraud scheme that may have altered the outcome of a local election.
According to Alabama Attorney General Steve Marshall, Monroe County residents Sarah Bennett (60), Sharon Denson (67), and Samantha Kyles (46) were arrested and charged in connection with the August 26, 2025, Frisco City municipal election.
The charges are severe:

17 counts of ballot harvesting
20 counts of unlawful use of absentee ballots

Prosecutors allege the trio falsified absentee ballot applications and verification documents, while also illegally collecting and submitting ballots on behalf of multiple individuals, a direct violation of Alabama election law.
The criminal case follows a civil lawsuit filed by former Frisco City Mayor Allen Lang, who lost the election and is now challenging the results.
Lang’s lawsuit outlines what appears to be a coordinated scheme:

131 illegal absentee ballots were allegedly counted
85 individuals falsely claimed work conflicts to justify absentee voting
33 voters falsely claimed disabilities
At least 13 non-residents voted in the election

Under Alabama law, according to Attorney General Steve Marshall:

Unlawful use of absentee ballots is a Class C felony, punishable by 1 year and 1 day up to 10 years in prison
Ballot harvesting is a Class A misdemeanor, carrying up to 1 year in jail

Bond amounts reflect the seriousness of the charges:

Bennett: $54,000 (18 counts)
Denson: $36,000 (12 counts)
Kyles: $21,000 (7 counts)

Wes Allen, Alabama’s Secretary of State, provided an election integrity update to Alabama voters following the recent arrests:
“The Secretary of State’s Office remains vigilant in its pursuit of election integrity and the protection of your vote. We will continue to assist law enforcement in every way possible as they investigate and prosecute violations of Alabama election law,” Allen said. “Absentee ballot harvesting is not being tolerated in Alabama. These arrests send a clear message to those contemplating violating Alabama election law.”
“Alabama law provides some of the strongest protections in the nation for our voters and imposes penalties on those who violate the law,” Allen said. “Thanks to the advocacy of my Office and every member of the Alabama Legislature that voted for SB1, Alabama votes are not for sale.”
WATCH:

3 women were just indicted on 17 counts for voter fraud in Alabama for ballot harvesting & falsifying absentee ballots — in which they were SUCESSFUL in flipping a local election.
When democrats tell you voter fraud doesn’t happen and our elections are secure — ALWAYS know that… pic.twitter.com/1jxkVjdru6
— Bridgett Fertig (@LightOnLiberty) March 20, 2026

Last week, Monroe County Circuit Court Judge Jack Weaver ordered a special election in Frisco City after a lawsuit and recent arrests tied to voter fraud.
FOX10 News reported:
Judge Weaver signed a consent decree requiring Frisco City to hold a special election to determine who will serve as mayor and district one town council.
During a court hearing on March 11, he ordered town officials to produce a workable voter list showing all registered and eligible voters, as well as a district list indicating which district each resident lives in.
Weaver also ruled that anyone who worked in the August municipal election cannot work in the upcoming special election.
The town has 45 days to create the new voter and district lists. Once those lists are completed and reviewed, Judge Weaver said he will set a date for the special election and will ensure it is held as soon as possible so citizens can elect their mayor.
The post Three Women Indicted on 37 Counts in Alabama Ballot Fraud Scheme — Judge Orders Special Election After Rigged Absentee Votes Flipped the Race appeared first on The Gateway Pundit.