We know what’s coming and we are prepared.
🇺🇸 The Constitution Is Sacred. Is It Also Dangerous? — NYT
One of the biggest threats to America’s politics might be the country’s founding document.
The United States Constitution is in trouble. After Donald Trump lost the 2020 election, he called for the “termination of all rules, regulations and articles, even those found in the Constitution.” Outraged critics denounced him for threatening a document that is supposed to be “sacrosanct.” By announcing his desire to throw off constitutional constraints in order to satisfy his personal ambitions, Trump was making his authoritarian inclinations abundantly clear.
It’s no surprise, then, that liberals charge Trump with being a menace to the Constitution. But his presidency and the prospect of his re-election have also generated another, very different, argument: that Trump owes his political ascent to the Constitution, making him a beneficiary of a document that is essentially antidemocratic and, in this day and age, increasingly dysfunctional.
After all, Trump became president in 2016 after losing the popular vote but winning the Electoral College (Article II). He appointed three justices to the Supreme Court (Article III), two of whom were confirmed by senators representing just 44 percent of the population (Article I). Those three justices helped overturn Roe v. Wade, a reversal with which most Americans disagreed. The eminent legal scholar Erwin Chemerinsky, worried about opinion polls showing “a dramatic loss of faith in democracy,” writes in his new book, “No Democracy Lasts Forever”: “It is important for Americans to see that these failures stem from the Constitution itself.”
Back in 2018, Chemerinsky, the dean of Berkeley’s law school, still seemed to place considerable faith in the Constitution, pleading with fellow progressives in his book “We the People” “not to turn their back on the Constitution and the courts.” By contrast, “No Democracy Lasts Forever” is markedly pessimistic. Asserting that the Constitution, which is famously difficult to amend, has put the country “in grave danger,” Chemerinsky lays out what would need to happen for a new constitutional convention — and, in the book’s more somber moments, he entertains the possibility of secession. West Coast states might form a nation called “Pacifica.” Red states might form their own country. He hopes that any divorce, if it comes, will be peaceful.
The prospect of secession sounds extreme, but in suggesting that the Constitution could hasten the end of American democracy, Chemerinsky is far from alone. The argument that what ails the country’s politics isn’t simply the president, or Congress, or the Supreme Court, but the founding document that presides over all three, has been gaining traction, especially among liberals. Books and op-eds critiquing the Constitution have proliferated. Scholars are arguing that the Constitution has incentivized what Steven Levitsky and Daniel Ziblatt call a “Tyranny of the Minority.”
The anguish is, in some sense, a flip side of veneration. Americans have long assumed that the Constitution could save us; a growing chorus now wonders whether we need to be saved from it.
🇺🇸 #Oklahoma high school principal (Kirk Moore) seen charging at and disarming a school shooter.
The suspect, identified as 20-year-old Victor Hawkins, was a former student who said he wanted to shoot up the school “like the Columbine shooters did.” While taking down the shooter, Moore was shot in the leg. He is expected to recover.
When the Principal woke up that day, he never thought he would be tackling a gunman.
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🇨🇳🛢 How much strategic oil does the world actually have in reserve?
Global strategic crude oil inventories stood at ~2.5 BILLION barrels as of December 2025, according to the US Energy Information Administration.
China holds by far the largest stockpile at 1,397 million barrels, more than 3 times the US Strategic Petroleum Reserve of 413 million barrels, which itself sits at only 58% of its full storage capacity of 714 million barrels.
China added an average of 1.1 million barrels per day to its strategic inventories throughout 2025, with preliminary data suggesting it continued building stockpiles in early 2026 ahead of the Iran War.
Japan holds the 3rd-largest reserve at 263 million barrels, followed by OECD European countries at 179 million barrels.
Meanwhile, the US is releasing 172 million barrels from its Strategic Petroleum Reserve to suppress oil prices, part of a broader 400 million barrel coordinated release agreed by 32 IEA member nations in March.
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🛢 JP Morgan Warns Oil Market Out of Balance, Prices Must Rise
🔸The closure of the Strait of Hormuz, through which roughly 20% of the world’s oil flows, has removed 13.7 million barrels per day from global supply in April alone. A JP Morgan research note warns the market has no good way to replace it.
🔸Normally, spare production capacity in Saudi Arabia and the UAE acts as the market’s shock absorber. But that buffer has effectively been removed, eliminating the system’s first line of defense.
🔸With spare capacity unavailable, markets turned to inventories
➤ Global stockpiles are now being drained at ~7.1 mbd in April, an extraordinary pace, according to the note.
🔸Meanwhile, demand is collapsing because supply simply isn’t reaching users — “forced demand destruction.”The hardest hit sectors include:
▪️ Petrochemical plants across Asia are shutting down or slashing output as LPG, ethane, and naphtha flows from the Gulf collapse
▪️ Airline jet fuel ...
🛢⛽️ Global oil inventories are heading toward RECORD LOWS:
Global visible oil inventories have fallen -255 million barrels since the start of the conflict on February 27, to 7,864 million barrels.
Total estimated oil draws, including non-OECD refined products storage, have accelerated to 10.9 million barrels per day in April, the largest monthly draws on record since 2017.
Cumulative estimated draws since the start of the war now stand at 474 million barrels, with Hormuz flows holding at ~10% of normal, or 2.0 million barrels per day.
Meanwhile, even in an optimistic scenario where Strait of Hormuz flows begin recovering by late April, it is unlikely to prevent global visible inventories from reaching all-time lows, according to Goldman Sachs.
As inventories keep falling, physical oil markets are likely to require sharply higher prices for immediate delivery, since buyers cannot wait months for cheaper futures delivery when stocks are running critically low.
Goldman also warns...
