fears

It was no surprise when Joe Kent showed up on Tucker Carlson’s podcast a day after quitting his counterterrorism job in President Trump’s administration. Here was a top official who resigned to protest the war with Iran turning to right-wing media’s leading critic of the conflict.

“The Israelis drove the decision to take this action,” Kent said in Wednesday’s interview.

But before long, the conversation moved in a different direction as Kent nodded to conspiracy theories that pro-Israel forces were behind the assassination of conservative activist Charlie Kirk.

“I’m saying there are unanswered questions,” Kent said.

The conversation encapsulated two schisms within the Republican Party and the right-wing media system, both of which have reached high into the national security establishment of the Trump administration.

There’s a foreign policy debate over the wisdom of Trump’s war with Iran and the future of the United States’ longstanding alliance with Israel.

But there also are fears that the focus on Israel is the leading edge of an antisemitic fringe that has gained ground by portraying Jews as shadowy manipulators, echoing some of history’s most hateful tropes.

Tucker Carlson is playing a central role

At the center of both issues is Carlson, a former Fox News host who remains influential among conservatives. He was previously denounced for hosting Nick Fuentes, a white nationalist and antisemite, on his podcast last year. During the interview, Fuentes complained about “organized Jewry in America.”

On Wednesday, Carlson was sharply critical about Israel, saying “its lobbying in the United States pressured the president.”

Matt Brooks, president of the Republican Jewish Coalition, described Kent’s appearance on Carlson’s podcast as “part of an ongoing problem.”

He noted that his group opposed Kent’s nomination as director of the National Counterterrorism Center because of ties to right-wing extremism. Trump ignored those concerns even though, as he said after Kent’s resignation, “I always thought he was weak on security” and “I didn’t know him well.”

Kent’s resignation letter trafficked in antisemitic conspiracy theories while raising concerns about the war with Iran.

He blamed “high-ranking Israeli officials and influential members of the American media” for encouraging conflict. Indeed, Israeli leaders including Prime Minister Benjamin Netanyahu encouraged Trump to join forces in an attack on Iran.

But Kent also went further, saying it’s “the same tactic the Israelis used to draw us into the disastrous Iraq war.” He also said his wife, a Navy cryptologist who was killed by a suicide bomber in Syria, died “in a war manufactured by Israel.”

Sen. Mitch McConnell, a Kentucky Republican, described the letter as “virulent antisemitism.” Rep. Josh Gottheimer, a New Jersey Democrat, said “scapegoating Israel isn’t just a tired antisemitic trope — it’s anti-American.”

Kent has previously rejected all forms of “racism and bigotry.”

Trump has said nothing about Kent’s remarks on Israel. He previously disputed the idea that Israel pushed him toward war, saying, “I might have forced their hand.”

Unified Republican support for Israel has fractured

Questions about Israeli influence are not unique to right-wing circles. Progressives have also faced accusations of antisemitism for their response to the war in Gaza, which began with an attack by Hamas on Oct. 7, 2023.

But it’s been a widening fault line within the Republican Party, which has been a bedrock of support for Israel over the years. Conservatives are still reckoning with the fallout from Carlson’s interview with Fuentes.

For example, board members and other staff members resigned from the Heritage Foundation after the think tank’s president defended Carlson.

Trump tried to sidestep the issue, declining to criticize Fuentes and praising Carlson for having “said good things about me over the years.” The president previously dined with Fuentes at his Mar-a-Lago estate in Palm Beach, Fla., between his two terms, and Carlson has continued to visit the White House.

Mort Klein, president of the conservative Jewish group the Zionist Organization of America, said Wednesday that he supports Trump but “I’d like him to do more” about antisemitism.

“I want him to be stronger on those issues,” Klein said.

Carlson has said that he is not antisemitic. But he has said that anti-Jewish hate is less pervasive in society than bias against white people and that some Christian politicians who were fervent supporters of Israel were guilty of heresy.

The Iran war is poised to continue fracturing right-wing media.

Ben Shapiro, co-founder of The Daily Wire, called Carlson’s Fuentes interview “an act of moral imbecility” and accused the host of misleading his audience with falsehoods and conspiracy theories.

He’s also feuded with Candace Owens, who has promoted antisemitic conspiracy theories. Dennis Prager, a conservative commentator, wrote in an open letter to Owens that “I cannot think of anyone in public life engendering as much suspicion of Jews, Zionism and Israel as you.”

Megyn Kelly, like Carlson a former Fox News Channel anchor now helming her own independent media empire, said the war was sold to the American people by “Israel firsters, like Mark Levin.” Levin, a radio and Fox personality, has been among Trump’s most fervent supporters of the war.

Levin, for his part, called Kelly an “emotionally unhinged, lewd and petulant wreck.”

It promises to continue.

Levin posted on social media an invitation to Kent to appear on his show in the coming days.

“Sure,” Kent replied. “Let’s go.”

Beaumont and Bauder write for the Associated Press.

March 16 (Asia Today) — This commentary is the Asia Today Editor’s Op-Ed.

International oil prices and South Korea’s currency are rising sharply again as the Middle East conflict intensifies, raising growing concerns that the country could slide into stagflation.

On March 13, global crude prices climbed back above $100 per barrel, while the Korean won weakened beyond 1,500 per U.S. dollar in overnight trading. The simultaneous surge in energy prices and the exchange rate has heightened fears that South Korea could face a worst-case scenario in which economic growth slows while inflation accelerates.

Such developments threaten to derail the government’s economic targets for the year – about 2% growth and inflation in the 2% range – making emergency policy responses increasingly urgent.

Brent crude futures for May delivery closed at $103.14 per barrel, up 2.7% from the previous day. It was the first time Brent crude exceeded $100 since August 2022.

U.S. West Texas Intermediate (WTI) crude futures settled at $98.71 per barrel, approaching the $100 threshold. Meanwhile, Dubai crude, the benchmark most relevant to South Korea’s imports, surged to $123.50 per barrel, up $34.60 from the previous week.

As oil prices surged, investors turned toward the U.S. dollar as a safe-haven asset. The won-dollar exchange rate closed at 1,497.5 won per dollar in overnight trading, up 16.3 won from the regular daytime session. During trading, the rate briefly rose to 1,500.9 won, crossing the psychologically important 1,500 level for the first time in seven trading days.

The twin surge in oil prices and the exchange rate has been driven largely by escalating tensions in the Middle East.

Iran has openly threatened to block the Strait of Hormuz, a critical chokepoint through which about 20% of the world’s crude oil supply passes. Iran’s new supreme leader, Mojtaba Khamenei, declared a prolonged confrontation in his first official statement on March 12, saying Tehran should continue using the possibility of a Hormuz blockade as leverage against the United States and Israel.

Oil prices, which had briefly stabilized after U.S. President Donald Trump suggested the conflict might end soon, surged again following the statement.

Tensions escalated further after the United States launched airstrikes on Kharg Island, Iran’s largest oil export hub, on March 13. Iran retaliated by attacking the Fujairah port in the United Arab Emirates, a key oil-export route that bypasses the Strait of Hormuz, putting global energy supply chains on alert.

Trump has also urged five countries – including South Korea, China and Japan – to dispatch naval vessels to the Strait of Hormuz, pushing regional military tensions to a new peak.

Economic analysts warn the shock could have serious consequences for South Korea’s economy.

The Korea Development Institute (KDI) warned last week that rising oil prices linked to the Middle East conflict would increase inflationary pressure while weakening economic growth.

The Hyundai Research Institute estimated that if oil prices climb to $150 per barrel, South Korea’s economic growth rate could fall by 0.8 percentage points.

The government is considering a supplementary budget of 10 trillion to 20 trillion won ($7.5 billion to $15 billion) and temporary fuel tax cuts. However, these measures would only offer short-term relief.

A more fundamental solution lies in reducing South Korea’s heavy reliance on Middle Eastern crude oil, which accounted for 69% of total imports last year. Diversifying energy sources by expanding imports from countries such as Brazil and Norway should be pursued urgently.

The government must mobilize every available policy tool – including measures to stimulate domestic demand – to prevent what could become the fourth Middle East-driven oil shock from pushing the economy into stagflation.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260315010004332

The surge in oil prices triggered by the war in Iran is increasingly becoming a major concern for global central banks, which are closely monitoring the potential economic and financial consequences of the shock.

More than a week of conflict in the Middle East has disrupted energy supply routes and pushed crude prices sharply higher, raising fresh fears about inflation. For policymakers already grappling with fragile economic conditions, the oil spike presents a complex policy dilemma.

Historically, oil shocks have posed a difficult challenge for central banks. Rising energy prices can drive inflation higher while simultaneously weakening consumer spending and business activity by raising costs. In such circumstances, policymakers face an uncomfortable choice: tighten policy to control inflation or ease financial conditions to support economic growth and employment.

The current situation could potentially produce both outcomes at once, creating a scenario where inflation rises even as economic demand weakens a combination that complicates monetary policy decisions.

Inflation Versus Economic Growth

Central banks traditionally respond to inflationary pressures by raising interest rates or maintaining tighter monetary policy. Some policymakers argue that responding quickly to inflation triggered by an oil shock can prevent inflation expectations from becoming entrenched and reduce longer-term economic damage.

Others, however, advocate “looking through” temporary energy-driven price spikes, arguing that aggressive tightening could unnecessarily damage economic growth. This approach gained prominence after the pandemic, when many central banks initially viewed inflation as temporary a judgment widely criticised in hindsight.

The decision facing policymakers now depends on several uncertainties, including how long the conflict lasts, how severely energy supplies are disrupted, and whether governments intervene with subsidies or price caps to protect consumers.

Given these unknowns, many central banks may prefer to adopt a cautious approach, waiting to see how markets and economic conditions evolve before making significant policy adjustments.

Financial Stability Risks Enter the Picture

Beyond inflation and growth concerns, central banks must also consider a third responsibility that has gained prominence since the global financial crisis: financial stability.

Senior policymakers worry that the oil shock could expose vulnerabilities that have been building in global financial markets for years. A large macroeconomic disturbance involving energy prices, inflation, interest rates and currency volatility could trigger a broader financial stress event.

Much of the concern centres on the growing role of “shadow banking” institutions, financial intermediaries operating outside traditional banking regulation. These entities have become increasingly important providers of credit to companies and governments.

One major area of focus is the rapid expansion of private credit funds, which now manage more than $3 trillion globally. These funds allow asset managers to lend directly to businesses, often outside the scrutiny of public markets or traditional banking standards.

Regulators worry that during a major shock, investors could rapidly withdraw funds from these vehicles, potentially creating liquidity problems for borrowers and spillover risks for banks that help finance or manage the funds.

Pressure in Bond and Repo Markets

Another major source of concern lies in government bond markets, where highly leveraged hedge funds have become increasingly active. Many of these funds use repurchase agreements, or “repo” markets, to borrow money and finance large trades involving government bonds.

These strategies often rely on exploiting small price differences between cash bonds and futures contracts, but they involve substantial leverage. While such activity can help smooth government financing, it can also create systemic vulnerabilities during periods of market stress.

The Financial Stability Board, which monitors risks to the global financial system for the G20, warned earlier this year that sudden deleveraging in repo markets could disrupt sovereign bond markets.

More than $16 trillion in repo transactions backed by government bonds were outstanding last year, with about 60% concentrated in the United States. A sudden withdrawal of leveraged investors could therefore have significant ripple effects across global financial markets.

New Fragilities: Stablecoins and Technology Stocks

Regulators are also monitoring emerging risks linked to digital finance. Stablecoins cryptocurrencies pegged to traditional currencies such as the U.S. dollar have grown rapidly and are increasingly investing reserves in government bonds.

With the stablecoin market now worth roughly $300 billion and expanding, any loss of confidence in these assets could trigger large-scale sales of the bonds that back them. Such an event could add stress to already volatile financial markets.

At the same time, some investors remain concerned about high valuations and heavy market concentration in the rapidly growing artificial intelligence sector, which could amplify market volatility during periods of economic uncertainty.

Analysis: Oil Shock Could Trigger Wider Financial Stress

The Iran war oil shock illustrates how geopolitical crises can interact with financial vulnerabilities to create broader economic risks.

Higher energy prices directly increase inflation and strain household finances. At the same time, they can force central banks to reconsider interest-rate policies, potentially leading to higher borrowing costs and greater volatility in financial markets.

Such conditions could expose weaknesses in highly leveraged sectors of the financial system, particularly in shadow banking, hedge funds and digital financial markets.

Although previous shocks including the economic turmoil following Russia’s invasion of Ukraine did not ultimately trigger a major financial crisis, policymakers remain cautious. The brief turmoil in the U.S. regional banking sector in 2023 demonstrated how quickly financial stress can emerge when economic conditions shift.

If oil prices remain elevated and central banks are forced to respond aggressively, the resulting tightening of financial conditions could amplify existing vulnerabilities across markets.

For now, the disturbances appear manageable. But the combination of geopolitical conflict, energy market disruption and financial fragility ensures that central banks will continue to watch the situation with increasing concern.

With information from Reuters.

YOUR holiday sangria or paella could be much more expensive on your next trip to the Spanish islands.

Officials have said that destinations like the Canaries and Balearics will experience a price hike when it comes to food and drink because of the ongoing conflict in the Middle East.

The Spanish islands are incredibly popular with Brits, especially during the summer holidays.

The Canary Islands welcomes up to six million British tourists each year and it’s where you’ll find the likes of Tenerife and Lanzarote.

Meanwhile, around three million tourists visit the Balearics – with over two million heading to Majorca alone.

Both locations are popular thanks to their high temperatures and direct flights from multiple locations across the UK.

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Now, industry chiefs have said the increase in cost of food and drink at these destinations will be worse than 2022 when prices shot up after the war in the Ukraine began.

Urgent meetings are already being held in the Balearic Islands and in the Canaries which are very dependent on imports due to their more isolated locations.

In July 2022, inflation climbed to 10.8 per cent in Spain.

President of the Association of Food and Beverage Distributors of the Balearic Islands, Mr Bartolomé Servera is warning of severe increases, which will depend on the duration of the crisis in Iran.

Mr Servera said the new impact will be much greater if the conflict is prolonged as the weight of the Middle East is much greater, especially through the Strait of Hormuz, through which 20 per cent of oil and gas pass.

Mr Servera says carriers have already begun to raise prices because the price of fuel has skyrocketed.

Diesel has risen by 32 cents per litre, around 22 per cent; while Gasoline 95 has become between 18 and 20 cents per litre more expensive, which represents 12 per cent.

In addition, it is not ruled out that the barrel of Brent will continue to rise: this Wednesday (March 11) it is around 90 dollars, but this past Monday (March 9) it was close to 120 dollars.

This is likely to then effect everything on the island from hotels and resorts.

The association president said “Milk, eggs, bread, fruit will rise.

“Everything needs fuel for its production or transport, so they will not escape the escalation of costs and producers will have to pass them on to consumers.”

The Canary Islands also fear soaring prices and will meet with transport leaders shortly.

President of the Cabildo de La Gomera, Casimiro Curbelo said official need to be monitoring the impact of the war on the islands and prepare contingency plans.

The Government of the Canary Islands says it is “very attentive” to the consequences of the war in the Middle East and plans to hold a meeting with the transport sector in the coming days in view of the increase in fuel prices.

Faced with this situation, the Government of Spain is working on an aid package, as it did at the beginning of the war in Ukraine, to alleviate the looming rise in prices.

For more on Majorca, here are the hidden gems on the island loved by locals.

And one writer who has visited 100 countries explains why he always goes back to these Spanish islands that Brits love and have the best food and beaches.

A LIDO that was set to close for good has backtracked and confirmed that it will reopen for the 2026 summer season.

The outdoor pool in Teignmouth was marked for closure earlier this year, but the decision has since been overturned.

In February of this year, Teignbridge Council announced plans to close its beachfront lido in order to save money.

Officials said that not reopening Teignmouth Lido could save £74,000 in 2026.

Now, the decision has been reversed by the executive committee of Teignbridge Council.

The council announced the news on social media and said: “Our Executive Committee has today (Tuesday 10 March) voted to open Teignmouth Lido this summer.

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“Teignbridge District Council will operate the pool this summer and will work with community groups interested in taking on the Lido to ensure a safe handover.

“Councillors acknowledged the difficulties of balancing the books but agreed that opening the Lido would deliver value over price and enable the community to keep using the pool while Teignbridge works with groups to secure the asset’s long-term future.”

Since the news of the lido’s potential closure broke last month, the local community has been campaigning to reopen the lido.

Over 2,500 people having signed a petition to stop the lido’s closure, according to the Teignmouth Community Lido Trust.

After the executive committee meeting campaigner Catherine Brown said: “This is a brilliant outcome.

“It’s unbelievable that the council has gone from a unanimous decision to close it to a unanimous decision to keep it open!”

The 25-metre outdoor pool first opened in the 1970s and opens seasonally, usually having its debut in May half-term.

It has partial opening hours in June and July and then opens full time during the summer holidays.

The pool is heated and holds various swim sessions, from public to fun sessions, as well as activities like aqua fit and aqua circuits.

Four years ago, the pool underwent a refurbishment of £800,000 and then a further £30,000 was spent on repairs, according to Local Democracy Reporting Service.

The Teignmouth Community Lido Trust has expressed its hope to take over the lido site and keep it open for years to come.

Travel Reporter Cyann Fielding who grew up in the area is also a fan of the lido. She said: “Teignmouth Lido is more than just a gem on the South West coast; for me, it’s the backdrop of my childhood.

“For over a decade, my school summer holidays were defined by afternoons spent there with my family – so to hear that the lido could close is heartbreaking.

“With ample patio and sun-drenched patches of grass surrounding the 25-metre crystal clear pool, it was the rare kind of place where parents could relax while kids felt a bit of freedom.”

For more on swimming, here are all the lidos in the UK mapped – with water slides, cocktail bars and some are even FREE to enter.

Plus this new ‘floating park’ with sauna and lido is set to open in popular a London district as part of a huge £5billion upgrade.