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Michelle Pfeiffer Makes It Look Easy. It Isn’t. - The New York Times

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  • Career Origins: Initial Professional Recognition Occurred Through Participation In Beauty Pageants Providing Access To Television Commercials And Recurring Acting Roles
  • Screen Presence: Performances Are Defined By A Combination Of Watchfulness And Emotional Tension Originating From Childhood Experiences
  • Work Ethic: Technical Approach To Acting Is Characterized By Intensive Preparation And Perfectionism Rather Than Ease Or Impromptu Execution
  • Prioritizing Family: Extended Periods Of Professional Absence Were Intentionally Chosen To Maintain Focus On Child Rearing And Household Stability
  • Television Expansion: Return To Major Television Projects Including The Madison And Margos Got Money Troubles Signals A Formal Shift Toward Small Screen Production
  • Collaborative Dynamics: Recent Professional Partnership With Husband And Producer David E Kelley Marks A Strategic Reversal Of Previous Independent Work Policies
  • Character Versatility: Portrayal Of Diverse Figures Ranges From The Stoic Matriarch Of A Wealthy Clan To A Working Class Striver In Suburban Settings
  • Professional Evolution: Current Efforts Aim To Balance Demanding Performance Standards With A Desire For Increased Personal Satisfaction And Reduced Obsessive Tendencies

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By Alexis Soloski

Visuals by Amy Harrity

Reporting from an unfairly sunny Santa Monica, Calif.

  • Published March 10, 2026Updated March 11, 2026

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Imagine that you are born a sun-kissed California blonde.

As a teenage checkout girl, you decide to become an actress. You know no one in the entertainment industry, so you enter a beauty contest to catch an agent’s eye. You win. Within a year, you are on TV in soap commercials and bombshell roles. (That’s your character’s name on one show: The Bombshell. You call her Barbara.)

The movies come — bad ones, better ones. There are million-dollar paychecks, magazine covers, award nominations. You step away, for years at a time, to care for your young family. A decade goes by. Then two. You are a grandmother now, but still beloved, still desired. And the roles, the ones you choose with care, are still rich. Now you can relax, confident in your talent, your success.

Unless you are Michelle Pfeiffer. At 67, she is busier than ever, a movie queen lately reinvented as a small-screen star. She is also as unsettled as ever about her relationship to her work and how she goes about it.

Pfeiffer has not participated substantively in an ongoing series since the 1970s, but this spring she has two: “The Madison,” a lachrymose Taylor Sheridan drama that premieres on Saturday on Paramount+; and “Margo’s Got Money Troubles,” a screwy, sweet-hearted dramedy that debuts on April 15 on Apple TV. Both showcase an actress in expert command of her powers. Both prompted her typical unease.

ImageA woman holds her hands to her face as she wades into water in front of a cabin

In “The Madison,” Michelle Pfeiffer stars as a pampered Manhattan woman who travels to Montana after a tragedy.Credit...Emerson Miller/Paramount+

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A woman sits on a pink couch with a younger woman lying her head in her lap

In “Margo’s Got Money Troubles,” she portrays the mother of a struggling young woman, played by Elle Fanning.Credit...Apple TV

“I always go into a part with some trepidation, because I never quite know how I’m going to go about it,” she said over lunch. She sounded mildly regretful. “I’d love to be able to skate through some of these things.”

Skating is not in her repertory. “That’s why she is the actress that she is,” said Christina Alexandra Voros, who directed all of “The Madison.” “She has never sat back in any role in her career.”

Nearly five decades into that career, Pfeiffer is trying, falteringly, to learn different habits: to let go a little more, to vanish into her roles a little less, to resist an inclination to obsess.

“That’s not healthy,” she said. But that is all she has ever known. She seemed sincere in her desire to ease up on her perfectionism and unsure of the actress and the person she would be without it.

I met Pfeiffer on a cloudless February day at an unassuming Santa Monica restaurant. The restaurant’s interior was cool and otherwise deserted, which meant she could enjoy the relative anonymity she prefers. It had taken my eyes a little while to adjust to the dimness and longer to adjust to Pfeiffer, who has the kind of prettiness that makes a person dazed and squinty. I might as well have gone back outside and stared up at the sun.

Image

In a close-up, Michelle Pfeiffer stares at the camera from behind her hands.

“I always go into a part with some trepidation, because I never quite know how I’m going to go about it,” Pfeiffer said.

Pfeiffer has never been comfortable in trading on her beauty. She isn’t comfortable with press either. She tolerates interviews better than she used to, especially those for her fragrance company, Henry Rose. But talking about her work to a stranger is a very mild form of torture.

“It’s emotional,” she said. “I start to feel anxious about it, the exposure.”

During the meal, she was never less than gracious, sharing her vegetable sides, answering questions with what felt like real honesty. She was also palpably shy. I felt protective of her, even as I was aware that a star like her — a star who has played Catwoman! — does not need protecting. I’d never sat across from someone in whom such strength and such fragility collided.

If beauty (incontestable unless you are Pfeiffer, who has described her face as ducklike) explains some of the fascination she exerts onscreen, even more compelling is the emotive tension she brings to many of her characters, who feel deeply even as they try to protect and withhold those feelings. Acting began early for her. As a child in what she called “an unpredictable household,” she play-acted her personality, behaving in ways that she thought would keep her safe. In many of her best performances — in “Dangerous Liaisons” (1988) or “The Fabulous Baker Boys” (1989), say — there is a child’s watchfulness layered underneath, a child’s fear of hurt.

Pfeiffer has always been choosy about her roles: clockwise from top left, in “Dangerous Liaisons”; in “The Fabulous Baker Boys”; with Robert De Niro in “The Wizard of Lies”; with Danny DeVito in "Batman Returns.”Credit...Warner Bros. (“Dangerous Liaisons” and “Batman Returns”); Craig Blankenhorn/HBO ("The Wizard of Lies”); 20th Century Fox (“The Fabulous Barker Boys”)

Her attitude toward her work has always been a dance of approach and avoidance. After those early bombshell years, she was vigilant about the parts she took. (An agent nicknamed her Dr. No.) By the 2000s, married to the prolific writer and producer David E. Kelley and a mother to two young children, she became even more careful, declining offers that would disrupt family life. She loved motherhood and was grateful for how it blunted her tendency to obsess over her work.

“It forces you out of your narcissism,” she said. “I was a much happier person when I became a mom.”

Once both children were in college, she returned more fully to acting. The offers had been there before, but many were unappealing, “evil stepmother or parts that just felt very demeaning to women,” she said. Now there were a few that felt better.

In 2017 she took her first major TV role in decades, as Ruth Madoff, the wife of the convicted financial scammer Bernie Madoff in the HBO film “The Wizard of Lies.” Several movies quickly followed.

Why return at all when she had such mixed feelings about the industry and how it treated women, particularly older women? Because even as motherhood has been a respite from work, work had been a respite, too, from the preoccupations of an overactive mind.

“It has been such a gift and got me through so many things,” she said. “I’m just better busy.”

Image

Michelle Pfeiffer wears a tan jacket and gray shirt and stares at the camera.

Motherhood tempered Pfeiffer’s tendency to obsess over work. “I was a much happier person when I became a mom,” she said.

She is very busy now, particularly in “The Madison,” which Sheridan wrote for her. “I needed a woman with a real internal strength as well as a very deep emotional well,” Sheridan wrote in an email. Pfeiffer had that.

Pfeiffer plays Stacy Clyburn, the matriarch of a wealthy Manhattan clan who decamps to Montana after a personal tragedy. Both Pfeiffer and Stacy are self-described city mice, and both benefit from long, loving marriages. But Pfeiffer had trouble with the part. She often begins by finding a thread of something in her own life that she can connect to the character. With the pampered Stacy, who learns self-sufficiency while wearing silk pajamas, she struggled to find that string.

Was she really struggling or was this her perfectionism talking? Certainly, some co-stars observed greater ease.

Beau Garrett and Elle Chapman, who play Stacy’s daughters, marveled at Pfeiffer’s naturalness in character and assuredness on set. “She has a gravitas to her,” Garrett said. “People just quiet down when she’s around.” She added that it was a privilege to be yelled at by Pfeiffer in fraught family scenes. This was echoed by Chapman.

“She has a gaze that can completely level you,” she said admiringly.

But the naturalness doesn’t come naturally, or at least not entirely. Kurt Russell, who plays Stacy’s husband, previously worked with Pfeiffer on the dubious 1988 thriller “Tequila Sunrise.”

“It looks effortless, but it’s not at all effortless,” he said in an interview.

Sheridan also saw the cost. “I honestly don’t know how Michelle was able to access that level of emotion take after take, and day after day,” he said. “An actor of her talent and skill could have easily pulled any number of tricks out of her basket, but she didn’t. Not once. She forced herself to embrace the suffering.”

“The Madison” shot two six-episode seasons, about a year apart. In between, Pfeiffer shot the first season of “Margo’s Got Money Troubles,” based on the celebrated Rufi Thorpe novel. The show is about a young woman, Margo (Elle Fanning), who becomes unexpectedly pregnant and then supports herself as a cam girl. Pfeiffer plays Shyanne, Margo’s mother, a former Hooters waitress now engaged to a youth minister.

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Michelle Pfeiffer wears a tan jacket and gray shirt and tucks her mouth behind her collar.

Kelley created the series. It is Pfeiffer’s first meaningful collaboration with him since she played a part in his 1996 film “To Gillian on Her 37th Birthday.”

This was by choice. When they were first married, in 1993, appearing on a TV series, Kelley’s typical domain, would have been a career embarrassment. Besides, Pfeiffer said, “When I come home from work and I’ve had a bad day, I want him to be on my side. I want him to believe my version.” That trumped co-working.

But television is no longer the comedown it used to be. And when Kelley read the novel, he knew that for Shyanne he needed an actress who could be both despicable and lovable, who could credibly say a line like “I’m just terrible at everything except being pretty,” who could command sympathy even as she repelled it.

“I really just couldn’t see anyone else but her playing Shyanne,” Kelley said in an interview.

In the book, Shyanne appears only briefly, so Pfeiffer agreed, not knowing that the role would be expanded to include scenes of department-store humiliation and bachelorette-party high jinks. If she wrestled with Stacy’s elegance on “The Madison,” Shyanne’s pleather and grit were closer to hand. Pfeiffer, who grew up in Orange County, not far from where Shyanne lives, had known plenty of people like her, strivers who were dealt lousy hands and played them the best they could.

“It didn’t take a lot for me to step into those shoes,” Pfeiffer said.

Fanning, who first worked with Pfeiffer on the 2001 weepie “I Am Sam,” marveled at the “astounding balance of fight and vulnerability” that Pfeiffer brought to the role, as well as a gift for spontaneity. “When you watch Michelle, you never know which way she’s going to play it,” Fanning wrote in an email.

Pfeiffer feels good about these recent shows — as good as she allows herself to feel, at least. (And Kelley confirmed that so far their marriage has survived.) She has always disappeared into her roles, but this time, because she was going back and forth between projects and taking time out to visit her husband and her daughter and granddaughter, she couldn’t do her usual vanishing act. She doesn’t think the work has suffered.

“If you’re going to survive, you’re going have to figure out a way to do this and enjoy your life and not disappear,” she said. She sounded confident. This was toward the end of the interview, and she had exposed herself enough. A few minutes later she slipped away into the restaurant’s shadows and then back out into the sun.

Alexis Soloski has written for The Times since 2006. As a culture reporter, she covers television, theater, movies, podcasts and new media.

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The Supreme Court Restores Parents to Their Proper Place // The decision in Mirabelli v. Bonta blocks California’s gender-transition secrecy rules.

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  • Judicial turn: Supreme Court lifted Ninth Circuit stay in Mirabelli v. Bonta, highlighting parental involvement in gender-transition decisions.
  • California policy: Public schools were barred from notifying parents when students adopt new gender identities without child consent.
  • Constitutional claims: Court found parents likely to succeed under Free Exercise and parental-rights protections, triggering strict scrutiny.
  • Precedent cited: Opinion relied on Pierce and Meyer to reaffirm longstanding parental authority in education and mental-health decisions.
  • Mental health concern: Court noted gender dysphoria’s impact and characterized concealed transitions as likely unconstitutional.
  • Mahmoud precedent: Supreme Court rejected Ninth Circuit’s narrow reading, reaffirming that gender-identity instruction can burden religious exercise.
  • Concurrence view: Barrett, Roberts, and Kavanaugh saw no novel issues, emphasizing Dobbs didn’t erode parental-rights precedents.
  • Broader impact: Manhattan Institute highlighted national litigation on similar policies and signaled Court’s readiness to clarify constitutional boundaries.

The Supreme Court’s Tuesday decision in Mirabelli v. Bonta marks a turning point in the fight over whether public schools may socially transition gender-dysphoric children without informing their parents. In lifting the Ninth Circuit’s stay of a district court injunction against California’s parental-exclusion policies, the Court has signaled that parents are more than just bystanders in the upbringing of their own children.

At issue were California policies that prohibit public schools from informing parents if their child adopts a new gender identity at school, unless the child consents to his or her parents being told. The state instructed teachers to use new names and pronouns and to withhold information about those changes from parents, even upon the parents’ request. Both parents and teachers challenged these rules as violations of the First Amendment’s Free Exercise Clause and the Fourteenth Amendment’s protection of parental rights.

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The Court’s unsigned opinion concluded that the parents are likely to succeed on the merits, meaning their constitutional claims are presumptively valid. California’s policies, it explained, trigger strict scrutiny—the highest standard of judicial review—because they “substantially interfere with the rights of parents to guide the religious development of their children.” The parents in this case hold religious beliefs about sex and gender. By facilitating social transition at school while cutting out parents, the state’s policy imposes “the kind of burden on religious exercise that Yoder [Wisconsin v. Yoder, an important precedent] found unacceptable.”

The Court was equally clear about the constitutional significance of parental rights. Citing Pierce v. Society of Sisters and Meyer v. Nebraska, the opinion reaffirmed that parents possess a longstanding right “to direct the upbringing and education of children under their control.”

That right includes participation in consequential decisions affecting a child’s mental health. Gender dysphoria, the Court noted, “is a condition that has an important bearing on a child’s mental health,” and California’s policy “facilitates a degree of gender transitioning during school hours,” while concealing that fact from parents. Such a regime likely violates the Constitution.

Importantly, the Court rejected the Ninth Circuit’s cramped reading of last year’s decision in Mahmoud v. Taylor, which held that public schools burden parents’ religious exercise when they require children to participate in instruction involving gender-identity materials without opt-outs. The lower court had dismissed Mahmoud as a “narrow decision.” The Supreme Court disagreed, explaining that California’s policies “likely will not survive the strict scrutiny that is required.”

Parents advocate for religious rights outside the Supreme Court during arguments in Mahmoud v. Taylor in 2025. (Photo by Anna Moneymaker/Getty Images)

Justice Amy Coney Barrett’s concurrence, joined by Chief Justice John Roberts and Justice Brett Kavanaugh, underscored that this case involves nothing novel. The parents “are likely to succeed on the merits under a straightforward application” of established precedent. Barrett also dismantled the dissent’s suggestion that Dobbs v. Jackson Women’s Health Organization (the case that overturned Roe v. Wade) undermined parental-rights doctrine. Dobbs rejected the freewheeling expansion of unenumerated rights untethered from history and tradition. It did not call into question deeply rooted precedents, like Pierce and Meyer, that protect parental authority in education and childrearing.

Justice Elena Kagan’s dissent, joined by Justice Ketanji Brown Jackson—Justice Sonia Sotomayor also dissented but didn’t join Kagan’s opinion—criticized the Court for acting on its so-called emergency docket, claiming that the majority “already knows what it thinks.” But interim relief requires courts to assess the likelihood of success. As Barrett noted, when the balance of equities strongly favors one side and constitutional rights are at stake, granting relief is hardly radical.

Though it’s an abbreviated ruling at the interim-relief stage, the broader significance of Mirabelli is profound: we may in retrospect call this moment Mirabelli dictu. Across the country, school districts have adopted policies that treat parents as obstacles rather than partners in education. Some educators insist that concealing a child’s gender transition is necessary for the child’s safety. But the Constitution doesn’t permit the state to displace parents’ moral and medical authority based on ideological disagreement.

The Manhattan Institute has been at the forefront of this debate. We’ve filed amicus briefs in cases challenging similar parental-exclusion policies nationwide, including Foote v. Ludlow School Committee and Littlejohn v. Leon County School Board—both now the subject of certiorari petitions before the Supreme Court. In those cases, as in Mirabelli, parents allege that schools socially transitioned their children without notice or consent.

The tide is turning, the constitutional questions are converging, and the Court appears increasingly prepared to provide clarity.

Ilya Shapiro is director of constitutional studies at the Manhattan Institute, contributing editor to City Journal, and senior counsel to Burke Law Group PLLC. He is also the author of Lawless: The Miseducation of America’s Elites, and the Shapiro’s Gavel newsletter.

Top Photo by Alex WROBLEWSKI / AFP via Getty Images

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How to end the Iran war // The Revolutionary Guards threat must be crushed

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  • Resource Misallocation: The Iranian regime has prioritized the mass production of ballistic missiles and drones over critical domestic infrastructure, specifically ignoring severe water shortages and failing power grids in major cities.
  • Financial Facilitation: The Obama administration’s 2016 transfer of $1.7 billion, coinciding with the implementation of the Joint Comprehensive Plan of Action (JCPOA), provided the regime with significant liquidity that was subsequently directed toward military expansion.
  • Strategic Failures: The JCPOA failed to halt nuclear enrichment activities, instead providing the regime with increased oil revenues that were utilized to expand centrifuge capacity at facilities like Natanz and Fordow.
  • Growth of the IRGC: The Revolutionary Guards expanded their influence and military arsenal by capturing an increasing share of national oil revenues, often dismissing internal warnings from regional neighbors regarding their aggressive regional ambitions.
  • Public Neglect: Due to the sustained focus on military capabilities, Iran suffers from chronic underinvestment that has brought urban centers to the brink of crisis, with many citizens facing potential displacement due to desertification and lack of water access.
  • Security Necessity: The ongoing military efforts to neutralize Iranian drone and missile manufacturing capabilities are viewed as critical defensive measures to protect regional energy assets and critical infrastructure from persistent threats.

Since October 2023, Iran has launched more than 1,000 ballistic missiles against Israel — and many more against its Gulf Arab neighbors. It has also launched thousands of drones, sending more than 1,500 toward the United Arab Emirates alone. How did the Islamic Republic accumulate such vast inventories of expensive weapons? And expensive they are: drones would only be cheap, as the media keeps claiming, if their number were not so large, while ballistic missiles are necessarily expensive because of their size. Iranian Shahab-3 missiles weigh 16 tons, while Korramshahrs come in at 25.

Just as with any other feat of accumulation, this too is the result of disciplined persistence. In the regime’s case, that meant allocating Iran’s limited foreign-currency earnings to what really mattered: not waterworks against desertification, not gas pipelines to bring cheap gas to the cities, not desalination plants to overcome water shortages even in Tehran, but rather the production of very large numbers of long-range missiles to attack Israel and other countries.

This enormous industrial effort has been underway for years, yet it was greatly accelerated by the transfer of $1.7 billion to Iran by the Obama administration. Officially, this was merely an overdue refund for canceled military orders dating back to the time of the Shah. But the payment’s first installment — $400 million in stacked banknotes — was sent on 17 January, 2016. This just happened to coincide with the release of several Americans from Iranian captivity, and the coming into effect of Obama’s grand diplomatic achievement: the Joint Comprehensive Plan of Action.

In those early weeks of 2016, one would hear the initials “J-C-P-O-A” proudly enunciated by Obama staffers even at lowkey Washington gatherings. Why? Because, its supporters claimed, the deal would definitively end Iran’s efforts to acquire nuclear weapons. It limited Iran’s uranium-235 enrichment to just 3.67%, with dangerous levels only kicking in at 60%. Iran was also permitted a meager 300 kilos of nuclear material.

But for Robert Malley, head of Obama’s Iran team, this technical win was outweighed by a more emotionally satisfying achievement. Having grown up in a household where Algeria’s FLN nationalists were much celebrated, and where traditional Arab rulers and Israel were greatly deplored, Malley hoped the JCPOA would stop US-Iran frictions. That, in turn, would allow Obama to finally sideline both the embarrassing Saudis — with their over-the-top gold-bathtub polygamy — and the insufficiently humble but very demanding Israelis.

Given those tacit but clear preferences, one can understand why Obama disregarded all Saudi warnings about the Revolutionary Guards. This was a Shia supremacist organization, but its long-term plan was nonetheless to become the hero of all Arabs, Sunnis included, by defeating Israel and taking the Temple Mount. Mecca itself was another aim. Meanwhile, US diplomats in Saudi Arabia — who reported that Iranians arriving for the Mecca pilgrimage were seemingly eager to assert themselves by picking quarrels — were dismissed as having gone native.

Israel was worried too. It noted that the Revolutionary Guards were taking a rising proportion of Iran’s oil revenue — itself increased by the JCPOA — to build more missiles, to increase their number of U-235 separation centrifuges, and to expand both their own forces and those of auxiliaries abroad. Those warnings were too well-documented to be dismissed out of hand. Yet nothing was done, for action would have spoiled Obama’s great diplomatic success.

To be fair, Obama was not responsible for what happened next. After the JCPOA removed all export restrictions on Iran, the country’s hard-currency earnings from oil exports rose. The Revolutionary Guards swiftly demanded an even larger share of the total, even after oil prices started to dip.

Mahmoud Ahmadinejad, Iran’s president from 2005 to 2013, and who was famous for his slogan about the sofreh — the traditional tablecloths of modest households, focusing attention on the needs of Iran’s poor — seems to have complained. But Qasem Soleimani and the Revolutionary Guards were in the ascendancy with Ayatollah Khamenei. So while Ahmadinejad was set aside, the Revolutionary Guards claimed an increasing share of Iran’s oil revenues.

It was then that the Natanz complex was hugely expanded to accommodate two immense centrifuge cascades, of 25,000 centrifuges each, while an entire separate centrifuge cascade was installed deep underground at Fordow. Meanwhile, a weaponization facility was established in Isfahan, to go with one at the Parchim base near Tehran.

I have never heard a convincing explanation for these projects: far more than needed even for many bombs, let alone civilian electricity production, and especially in a country with unlimited natural gas. Corruption is hard to prove in a dictatorship with so much oil money sloshing around. But even here, graft cannot always stay hidden. When Mossad killed the chief nuclear scientist of the Revolutionary Guards in November 2020 — using a remote-controlled machine gun placed inside a parked Nissan van — he was being driven on his hour-long twice-daily commute from Tehran to Absard: a fashionable hill town where rich Iranians go to escape the capital’s pollution. Families without personal chauffeurs tend to visit Absard only on weekends, and generally settle for simple lodgings. But this nuclear scientist seems to have been unusually wealthy by Iranian standards.

At the same time, the Revolutionary Guards also spent immense sums on ballistic missile fuel and other components — including the multiple “cluster” warheads now causing much damage in Israel. The sheer scale of Iran’s missile production is itself amazing too, with 3,000 the low estimate for the longer-range types targeting Tel Aviv and other Israeli cities.

All the same, neither Israel nor any other country has been as harmed by the Revolutionary Guards as Iran itself. Because the Islamic Republic has overspent its oil export earnings — not at all huge for a country of 90 million — it has neglected to make investments elsewhere. Especially urgent is water supply, needed for major cities including Tehran, whose 13 million inhabitants now face the possibility of desertification-driven evacuation. Mashhad, with three million inhabitants and Iran’s second-largest city, is in the same predicament. Located near the Afghan border, its problems are aggravated by Taliban dam building, as are many smaller cities, including ancient Yazd with its Zoroastrian eternal flame.

“Neither Israel nor any other country has been as harmed by the Revolutionary Guards as Iran itself.”

What all these places desperately need is a new supply of desalinated seawater, pumped all the way from the Persian Gulf. With three times as much natural gas as the US, Iran could produce all the water it needs, just as Israel is doing — but that would have required vast investments starting decades ago. Iran’s grossly insufficient electrical supply is another victim of Revolutionary Guard overspending, with frequent power cuts whenever temperatures fall and more heating is needed.

We keep being told that Iran’s population cannot liberate itself for the simple reason Trotsky long ago identified: popular insurgency could conquer the Bastille in 1789, but by the Twenties Trotsky’s Red Army had Maxim machine guns that could mow down any number of demonstrators. Iran’s Basij and Revolutionary Guards have done just that, and can do so again.

That being true, the US-Israeli war still has a purpose: to destroy Iran’s missile and drone factories and inventories. For as long as they exist, they will permanently threaten the Gulf states, just as they have already closed the world’s largest airport in Dubai, and which continue to menace water-desalination plants in Qatar and oil-separation facilities in Saudi Arabia.

Whatever their leaders say in public, nobody of consequence on the western side of the Gulf wants Trump or the Israelis to stop undoing the damage that began with Obama’s once-celebrated JCPOA. That deal, it is now clear to see, did not stop nuclear enrichment towards the bomb — and indeed accelerated every other danger emanating from the Islamic Republic.


Professor Edward Luttwak is a strategist and historian known for his works on grand strategy, geoeconomics, military history, and international relations.

ELuttwak

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Stablecoin issuer Tether has so much cash that it's becoming a VC - PitchBook

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  • Corporate Evolution: Tether Is Utilizing Excess Cash Reserves To Invest In Diverse Non Crypto Startups And Traditional Businesses
  • Strategic Objective: Venture Investments Aim To Expand Global Commerce Usage And Adopt Tether Stablecoin Infrastructure
  • Market Dominance: The Firm Operates As The Largest Stablecoin Issuer With Over One Hundred Eighty Billion Tokens In Circulation
  • Investment Portfolio: Financial Holdings Exceed Twenty Billion Dollars Derived From Profitable Operational Activities Independent Of Customer Reserves
  • Diverse Interests: Capital Deployments Span Sectors Such As Health Technology Sustainable Agriculture Humanoid Robotics And Professional Sports
  • Leadership Transition: Chief Investment Officer Transition Occurs Amidst Ongoing Management Of Significant Treasury And Gold Reserve Positions
  • Financial Performance: The Organization Reported Over Ten Billion Dollars In Profits During Twenty Twenty Five Supported By Extensive United States Treasury Holdings
  • Market Context: Crypto Focused Firms Are Increasingly Diverting Capital Toward Broader Startups Surpassing Traditional Industry Focused Venture Spending

Stablecoin issuer Tether, flush with cash, has a new pastime: investing in other companies, including in Eight Sleep, which makes a popular smart mattress.

Tether is going beyond the usual corporate VC playbook of investing in nascent upstarts using its technology or in direct business partners. Instead, it seems to be putting its piles of cash to work in creative ways amid the currently depressed cryptocurrency markets.

“Tether has more money than it knows what to do with,” a crypto industry investor told PitchBook.

While perplexing at first thought, Tether’s VC activities suggest it’s playing a long game. Investing off its own balance sheet, the bet is that the firm’s checks—directly or indirectly—will pull more commerce and partners toward its stablecoin, USDT, according to two industry insiders and one person familiar with the company’s strategy.

In other words, it’s less of a detour and more of an attempt to widen the universe of businesses willing to use stablecoins.

Tether, founded in 2014, is the world’s largest stablecoin issuer by a wide margin. The USDT token, designed to trade in tandem with the dollar, has a circulating supply of more than $180 billion. Next largest is USDC, a dollar-pegged stablecoin issued by Circle, with a circulating supply of about $79 billion.

Tether has raised about $600 million in total and was valued at $12 billion in November 2024, according to PitchBook data. In September, it was in talks to raise new funding at a $500 billion valuation, Bloomberg reported.

Tether recently disclosed that its investment portfolio is worth more than $20 billion, including bets beyond its venture checks. The company says its VC investments are funded from excess profits off its balance sheet, not customer funds, and do not count toward Tether’s USDT reserves.

“We believe technology can serve as the foundation of a more stable society by expanding access to modern financial systems, communications infrastructure, energy, and intelligence for the billions of people who remain underserved by traditional financial institutions and large technology platforms,” the company said in a statement to PitchBook about its venture investments.

Tether isn’t the only VC-backed crypto company to back non-crypto startups, but the trend has sharpened recently.

So far in 2026, VC-backed crypto companies have invested $1.4 billion in startups outside the industry, more than twice the $600 million they invested in crypto-focused startups, according to PitchBook data.

On Wednesday, Tether announced that chief investment officer Richard Heathcote is stepping down for personal reasons and will be replaced by deputy CIO Zachary Lyons. Heathcote oversaw the management of Tether’s reserves—including large positions in US Treasurys and gold—as well as the company’s unusual VC investments.

Heathcote, who was previously a trader at BGC Group in London, joined Tether as CIO in 2023 after working for a bank with which Tether did business.

Tether connects its VC dots

While some of Tether’s checks are easier to map to stablecoin use cases, others—like its investment in Eight Sleep—are less straightforward.

Tether said the sleep tech startup would benefit from an AI healthtech platform it is building. And Tether said that its backing of South American landowner Adecoagro “reflects the importance of sustainable agriculture and food production.” It’s also invested in humanoid robotics company Generative Bionics, as well as <a href="http://Gold.com" rel="nofollow">Gold.com</a>.

And it’s not stopping at technology. Tether acquired a minority stake in Italian football club Juventus in February 2025 and later submitted a proposal to acquire the club in a deal valued at more than $1 billion. The bid was rejected.

At the same time, it’s made some more typical VC investments, such as fintech startup Whop, which agreed to offer Tether’s stablecoin technology as an option for its transactions. Similarly, Tether recently disclosed its investment in bitcoin infrastructure startup Ark Labs’ $5.2 million round. It’s also invested in Axiym, a startup using blockchain tech for treasury solutions, cross-border payment processing and settlement.

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Its fundamental business has faced some challenges over the years. In 2021, Tether came under fire for opacity around its reserve assets, including investing reserves in illiquid assets. In response, the company has begun publishing quarterly reports and said it’s since bolstered its reserves.

S&P Global Ratings downgraded to “weak” Tether’s ability to maintain its 1:1 USDT backing in late 2025, citing volatility in its bitcoin reserves.

Still, the company disclosed profits of more than $10 billion in 2025, with $6.3 billion in excess reserves and record US Treasury holdings of $141 billion.

“I know everyone is all hyped about AI, but I don’t know any AI company that made that much of a profit last year,” one crypto investor said, adding that “they just have so much money that they’ve turned into something like a massive holding company.”

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bogorad
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The Backlash Against AI Devices That Are Always Watching - WSJ

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  • Judicial Oversight: A Judge Recently Ordered The Immediate Deletion Of Video Recordings Captured By Wearable AI Devices
  • Hardware Integration: Tech Giants Are Developing Glasses And Personal Gadgets Equipped With Cameras And Microphones To Facilitate AI Assistance
  • Data Collection: Modern AI Systems Are Designed To Monitor And Process Daily User Interactions To Provide Personalized Insights And Support
  • Privacy Concerns: Widespread Wearable Recording Technology Raises Significant Questions Regarding Personal Privacy For Both Device Users And Bystanders
  • Data Sovereignty: Industry Leaders Suggest That Processing Information Locally On Device Chips Could Limit Cloud Based Data Exposure
  • Surveillance Risks: Analysts Warn That Aggregated Digital Communications Could Enable The Massive Monitoring Of Public Sentiment And Political Dissidence
  • Regulatory Hurdles: Companies Like Meta Are Currently Facing Legal Action Over Allegations Regarding Unauthorized Processing Of Private Domestic Activities
  • Corporate Practices: Concerns Exist Regarding The Use Of Contractors To Manually Label Sensitive User Data Collected From Intelligent Wearables

The judge wasn’t amused and said that any video recordings made by such devices needed to be deleted ASAP. “This is very serious,” the judge reportedly admonished.

The glasses—with chunky frames embedded with cameras and microphones—are the way Zuckerberg imagines AI will be democratized for personal users. Eventually, he wants to offer something akin to god-like superintelligence on demand.

He isn’t alone. Other personal devices are expected soon, including a mystery option from OpenAI.  

The promise of AI is that it will become more and more useful because such devices allow it to see and hear your daily life, gobbling up that information, processing it and using it to inform you about your life. 

The sales pitch is appealing. Frankly, it would be nice to have Tony Stark’s Jarvis AI on tap to help navigate life. In my case, I suspect I’d end up using it for rather pedestrian things. Obviously, it would be helpful one day to have a visual prompt in my glasses to remind me of the name of the nice lady from the fifth floor of my apartment building who knows my dog yet whose name always escapes me. (Dolores?) 

But at what cost to privacy? Mine and hers. 

In this episode of Bold Names, WSJ’s Tim Higgins sits down with Qualcomm CEO Cristiano Amon to discuss the seismic shift from apps to AI agents.

It is a question informed by having lived through Web 2.0, an era of technology fueled by user data. We’re moving from a world of cookies following us around the web and smartphones gathering physical location data to something new: AI devices—whether they’re glasses, pins or pendants—hoovering up everything in eye- and ear-shot.

Orwellian fears are growing about a new kind of surveillance state that was once just the stuff of nightmares. Such worries are at the heart of the feud between AI powerhouse Anthropic and the Defense Department. Although not everyone is worried so much about the government’s role in all this.

Emil Michael, undersecretary at the Pentagon for research and engineering, has been quick to note that tech companies are the ones scraping the internet for  user data. “If anyone collected bulk data on Americans, it’s the AI companies, not us,” he told CBS News last month. 

He isn’t wrong. And now those tech companies are dreaming of flooding the world with AI devices that see the world with a different kind of clarity.  

Even Anthropic chief Dario Amodei has been cautioning that AI has the capabilities to take all of those fragmented pieces of information being captured digitally and knit them together in ways never before possible to give new insights about us all. 

Specifically, Amodei, in an essay in January, wrote that AI could read and make sense of all the world’s electronic communications and, maybe, even in-person communications if recording devices can be commandeered. 

“It might be frighteningly plausible to simply generate a complete list of anyone who disagrees with the government on any number of issues, even if such disagreement isn’t explicit in anything they say or do,” he cautioned. “A powerful AI looking across billions of conversations from millions of people could gauge public sentiment, detect pockets of disloyalty forming, and stamp them out before they grow.”

Anthropic CEO Dario Amodei speaking at the AI Impact Summit.

Anthropic CEO Dario Amodei has written of an AI that could take in all the world’s communications. Ludovic Marin/AFP/Getty Images

Tech companies are aware of the risk, or, at least the optics around it, and say there are ways to prevent it. Qualcomm Chief Executive Cristiano Amon recently told me that one of the ways to address privacy concerns around personal AI gadgets is to process the data on-device rather than in the cloud where AI is mostly operating these days. He has a dog in the fight as he’s the guy selling chips to AI device makers, such as Meta. 

“We’re developing chips … for what we call ambient AI, perception AI. Those things run on your device, provide an analysis of the context on your device and inform the agent on your device,” he told me for an episode of the “Bold Names” podcast. “And it’s really going to be the control of the user, whether you wanted to send those things to the cloud or not.”

That’s a common argument by companies: Users get to opt into the service. It’s their choice to share the data that is useful not only for customizing AI but also training the company models. It’s an argument we’ve heard for the past generation with Web 2.0, though what starts as an option increasingly feels less so for offerings that are really about collecting user data.

Even before AI, Meta and its stable of social-media sites have long been at the heart of online privacy debates. In 2019, the Federal Trade Commission imposed a then-record $5 billion fine against the company for violating consumer privacy.

And the company’s early steps into AI glasses are already facing criticism. Earlier this month, Meta was named in a lawsuit that seeks class-action status over concerns that data is being gathered from those glasses in ways that violate users’ privacy. 

The lawsuit, citing whistleblower complaints, alleges video captured on Meta’s devices are being routed to contractors in Africa to manually view and label the data to train Meta’s AI models. Among the videos in question? “People changing clothes, using the bathroom, engaging in sexual activity, handing financial information, and conducting other private activities inside their homes that no reasonable consumer would ever expect a stranger to watch,” the lawsuit said. 

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Meta hasn’t yet responded to the specific claims in court. In a statement to me, the company underscored that unless users choose to share media they’ve captured, such data remains on their devices.

“When people share content with Meta AI, we sometimes use contractors to review this data for the purpose of improving people’s experience, as many other companies do,” a company spokesman said. “We take steps to filter this data to protect people’s privacy and to help prevent identifying information from being reviewed.” 

As we approach this brave new world, users are hearing the risks and trade offs. Frankly, being reminded of Dolores’s name in the elevator will probably win the day.

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bogorad
2 days ago
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your "privacy" has long gone. fight the video cameras on every corner, not life-enhancing tools.
Barcelona, Catalonia, Spain
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Guerrilla artist Banksy finally unmasked by investigation

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  • Artist Identification: Reuters investigators identified the street artist Banksy as Robin Gunningham, a 51-year-old from Bristol.
  • Name Change: Gunningham reportedly adopted the alias David Jones in 2008 to utilize a common British name for anonymity.
  • Evidence Collection: The investigation utilized forensic information, including a 2000 NYPD arrest record, interactions with locals in Ukraine, and photographic evidence.
  • Alternative Theories: The report explicitly refutes previous speculations that musician Robert Del Naja from the group Massive Attack is the artist.
  • Legal Response: Representatives for Banksy challenged the accuracy of the investigation and maintained that anonymity protects the artist from harassment and threats.
  • Anonymity Rationale: The artist’s legal team claims that pseudonymous work serves an important societal function by allowing for political and social commentary without fear of retribution.
  • Journalistic Defense: Reuters justified the disclosure by citing public interest regarding the artist’s significant influence on culture and the art market.
  • Commercial Valuation: The artist’s works, specifically the shredded piece "Love Is in the Bin," have successfully garnered millions of dollars in international auction sales.

The infamous graffiti artist known as Banksy has finally been unmasked — after changing his name to something so generic, he could hide in plain sight.

The notorious guerrilla street artist, whose polarizing works have sold for millions of dollars, was identified as Robin Gunningham, 51, from the English city of Bristol, in a detailed investigation by Reuters on Friday.

The report found that Gunningham changed his name to David Jones — one of the most common British male names — in 2008 to avoid identification.

Two Sotheby's employees in white gloves hold up Banksy's 3

Banksy’s infamous artwork “Love Is in the Bin.” AFP via Getty Images

“It is one of the most popular names in Britain, so common it helps him hide in plain sight,” the report states.

As part of their investigation, reporters pulled information from a trip to war-torn Ukraine, where he was photographed and spoke with locals; a falling out with Jamaican photographer Peter Dean Rickards; and a 2000 NYPD arrest report including a signed, handwritten confession.

Gunningham/Jones has previously been identified as Banksy — dating back to a Mail on Sunday report in 2008. However, Reuters reporters put together several forensic pieces of evidence to come to their conclusions.

The report’s authors say they have also disproven the theory that Banksy was really musician Robert Del Naja, frontman of famed Bristol group Massive Attack.

Confusingly, their investigation found that Del Naja was also in Ukraine in 2022, but Reuters reported that he was there with Gunningham.

A spokesperson for Banksy did not respond immediately to requests for comment.

Two London Zoo staff members measure a Banksy mural on a shutter depicting a gorilla freeing animals. 3

Banksy’s street art has polarized critics. Getty Images

In a statement, the artist’s lawyer, Mark Stephens, told Reuters that his client “does not accept that many of the details contained within your enquiry are correct.”

Banksy maintains his anonymity because he has “been subjected to fixated, threatening and extremist behavior,” Stephens added.

“[Working] anonymously or under a pseudonym serves vital societal interests. It protects freedom of expression by allowing creators to speak truth to power without fear of retaliation, censorship or persecution — particularly when addressing sensitive issues such as politics, religion or social justice,” the statement concluded.

A man walks past a mural of a goat on a wall, purportedly by Banksy. 3

Another Banksy artwork in London. Getty Images

Reuters defended naming Banksy, arguing that “the public has a deep interest in understanding the identity and career of a figure with his profound and enduring influence on culture, the art industry and international political discourse.”

Among Banksy’s most famous works are “Girl With Balloon,” a simple stencil drawing of a young girl letting go of a red, heart-shaped balloon that, mystifyingly, was named as the British public’s favorite piece of British art in one opinion poll.

In 2018, the design was at the center of a stunt when a framed copy of the work was shredded after being sold at auction by a mechanical device Banksy had hidden within the frame.

The artist confirmed he was responsible for the shredding, later giving the altered piece the new name “Love Is in the Bin.”

It was sold for $25.4 million in 2021.

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bogorad
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