March 3, 2025: Helluvalotta Crazy
My country is experiencing rapid changes: I've been scribbling it all down as fast as I can.
I had to make a few tweaks here and there, but otherwise, I wrote all of this by hand today in the archive (YES, my hand hurts like hell). The headlines and my reactions will speak for themselves, and all the publications are named in case you want to read more. March 3rd was a helluvalotta crazy.
11:00am
We'll start with New York Times:
Clock Ticks down toward sweeping tariffs on Canada, Mexico China
Could still pause it, but otherwise starts tomorrow
Economic Upheaval & Plans to Retaliate: Canada braces for tariffs
And the world waits to see where he lands
USAID Memos Detail Human Costs of cuts to foreign aid
Nicholas Enrich, acting assistant administrator for global health at USAID, spelled out projections for human health in a series of memos. He was placed on administrative leave Sunday.
Estimates the following consequences of aid cuts:
Up to 18 million extra malaria cases each year, and up to 166,000 additional deaths.
200k children paralyzed with polio annually
1 million children left untreated for acute, severe malnutrition.
28,000 new cases of Ebola & Marburg. •Global Health workforce reduced from 783 to 70.
Mr. Enrich released the memos after being placed on leave because he hoped "it'll be clear that we were never actually given the opportunity to implement life-saving humanitarian assistance."
Matthew Kavanagh, director of Georgetown Univ. CGHPP: "It is clear the Trump admin is well aware that it is violating court orders and not delivering lifesaving aid it claimed to be funding under a waiver."
People will die because of these decisions. Children will literally die because of these decisions... and when Enrich sent that memo, they didn't spring into action, they didn't work furiously to correct this and maybe prevent some death... they simply dismissed the man who wrote it?!
As I said yesterday in the February Recap: a stunning lack of basic regard for human life.
To the Associated Press!
Trump sends crypto prices soaring after surprise announcement of Strategic government reserve
Advocates say it will help diversify government holdings and hedge against financial risks
Critics say cryptocurrency is too volatile to be a good choice for a reserve asset
I asked a new fella I've been seeing about this, as he follows/understands the crypto world and finance way better than I. Here's his take: "In the long term, everything but Bitcoin is super speculative, and likely not worth holding for an entity as large as a government. I suspect Trump is planning to pump up those few that he owns before selling them for just selling them for large returns.” I want to note that he also said there is risk to not buying, so there is (at least) a good-faith argument to be made for this strategic reserve Trump proposes. I also want to note that the fella sent me a new audiobook to learn more, and I pass the recommendation along to readers in case you'd like to learn with me!
Broken Money by Lyn Alden
UK's Starmer says Europe is at 'crossroads in history' as leaders agree to steps to Ukraine peace
It's amazing to be rooting for the side America's not on
Trudeau expected to bring up Trump's threat to annex Canada when be meets King Charles
Trudeau: "…nothing seems more important to Canadians right now than standing up for our sovereignty and our independence as a nation."
National Security Adviser Mike Waltz calls Oval Office blowup a 'truly ridiculous and unacceptable session.’
Waltz: "He's not ready to talk peace at all. This wasn't an ambush. Zelenskyy did his country a great disservice."
It's important to note that what they refer to as “peace” is making an awful lot of long-term concessions with no security guarantees.
Zelenskyy says end of war with Russia is 'very, very far away.’
Said he expects American support to continue
RFK Jr.'s HHS spokesman abruptly resigns
Two weeks in
Rubio Calls British counterpart to assure him Trump administration committed to peace in Ukraine
I hope Rubio knows what he's doing
Trump criticizes Zelenskyy for saying end of war 'still very, very far away'
Trump appeared further irritated... petulant child.
1:35pm
WELP: Trump confirmed tariffs for Mexico & Canada start tomorrow. Lo and behold, here's CNBC:
Dow Tumbles 700 points as sell-off intensifies following Trump's confirmation of tariffs on Mexico & Canada
That was at 3:32pm ET
Updated to 800 point tumble at 3:36 pm ET
Tesla shares tumble by 4% at 3:41 pm ET
Updated to 900 point tumble at 3:43 pm ET
Updated back to 800 at 3:47 pm ET
2:39pm
Home and waiting on my car guy to get here at 4:30: fingers crossed.
Market Watch: Dow ends down 650 points, S&P 500 and Nasdaq fall sharply after Trump affirms Canada, Mexico tariffs
S&P wipes out 2025 gain; Nvidia's 8.8% drop drags down Nasdaq
It feels, like, the slightest bit absurd, because both The Bulwark and Pod Save America had episodes last week where it's pretty widely clear, like, the hosts, their guests, have all acknowledged this was kind of on its way, and it was entirely avoidable. Tim Miller repeatedly quoted Steve Cohen, a Finance tycoon (who's not known to be a radical leftist), saying he's feeling negative about the market. In fact, let me get that quote:
2/21/25 - Hedge Fund billionaire Mets owner Steve Cohen (Fortune.com):
"I think this is one of those moments where there's really a lot of uncertainty, and I have pretty strong views here.
"Tariffs cannot be positive, I mean it's a tax. And you can imagine tit for tat if the U.S. does something - somebody else is going to perhaps raise the stakes and raise their tax back. Taxes are never positive."
"On top of that, we have slowing immigration, which means the labor force will not grow as rapidly as... Over the last five years.
"And in addition now you have DOGE. Wherever you lay on the DOGE issue that's austerity, and austerity when that money's been coursing through the economy over many years and now now. potentially will be reduced or stopped in many ways has got to be negative for the economy."
I say all this to highlight: They were warned. They did it anyway.
New York Times:
Hegseth says Fort Moore will be renamed to Fort Benning.
The military is no longer allowed to name military bases after Confederate officers, so Hegseth is finding different soldiers with the same last name, as the world's dumbest workaround.
Glad he's doing the TRULY important work of the nation
Elon Musk's DOGE initiative deletes billions more from its list of savings
Deleted items included five of the seven largest savings it bad claimed credit for just last week
And some random stragglers:
The Hill: Senator Roger Marshall booed at northwest Kansas town hall
The senator (R-KS) left the event early
NPR : What Putin thinks of the tensions between Trump and Zelenskyy
International affairs expert Nina Khrushcheva, also the great granddaughter of Soviet leader Nikita Khrushchev: “.... it's a great dream of any KGB operative to see the West unraveling this way without even having to lift a finger in this particular moment."
But! When asked about Trump's view that American economic investment could deter Russia: "Well, it is possible that that's the case. I mean, imagining that the Russians are going to attack American workers is, at this point at least, inconceivable. So from an economic standpoint, potentially, Trump does have a point."
3:58pm
DAMN!!! The Hill published this right as I'm wrapping up:
Canadian Premier says he will cut off electricity exports to US 'with a smile on my face'
Ontario premier Doug Ford: "They rely on our energy. They need to feel the pain. They want to come at us hard, we're going to come back twice as hard."
"I didn't start this tariff war, but we're going to win this tariff war," Ford added.
This one just made my face hurt Brie I'm not gonna lie. Your work is so good. I appreciate your keeping me informed however painful the face 😉. Ty
Thank you for documenting all this. Great work. God Bless.