Originally published at: https://peakprosperity.com/daily-digest/hhs-terminates-free-covid-19-testing-jp-morgan-accepts-bitcoin-as-loan-collateral/
Health
The Department of Health and Human Services (HHS) has decided to terminate a nationwide program providing free COVID-19 tests to community organizations, citing it as a drain on taxpayer funds following the official end of the pandemic. The program, which started in 2021 under the Biden administration, reportedly cost over $1 billion. HHS is now redirecting its focus towards tackling chronic diseases as part of President Trump’s “Make America Healthy Again” initiative, which aims to address issues like obesity, autism, and teenage depression among U.S. youth. However, some public health experts argue that ending the free testing program could lead to under-reporting of cases and a false sense of security regarding the virus’s spread, particularly in underserved communities.
Economy
JPMorgan has made a notable shift by allowing Bitcoin to be used as collateral for loans, marking a significant acceptance of cryptocurrency in traditional finance. This decision follows the introduction of spot-Bitcoin ETFs in the U.S. in January 2024, which have managed a combined $128 billion, reflecting a growing integration of cryptocurrencies into mainstream financial services. This move aligns with President Trump’s supportive stance on cryptocurrencies, aiming to foster innovation and reduce regulatory barriers. Despite this, CEO Jamie Dimon remains personally skeptical about Bitcoin, stating he’s “not a fan” but defends clients’ rights to invest in it.
Geopolitics
The U.S. Embassy in Kyiv has issued a heightened security alert due to fears of a Russian ‘shock and awe’ retaliation following a Ukrainian operation that reportedly destroyed several Russian military aircraft. The embassy advises American citizens to take immediate shelter during air alerts and prepare for potential significant air attacks. Ukrainian media outlets have reported on the resilience of Ukrainian forces and their defensive preparations, offering a counter-narrative to the Russian threats.
Iran has rejected a U.S. proposal for a new nuclear deal, with Supreme Leader Ayatollah Ali Khamenei defending uranium enrichment as a national right. This rejection comes amidst President Trump’s firm stance against any uranium enrichment by Iran, escalating tensions in the region.
Meanwhile, Europe faces a complex situation with China’s tightened export controls on rare earth elements, which are essential for various high-tech industries. This has led to immediate impacts on German manufacturers, who are reportedly scaling back or facing shutdowns due to the resource crisis. The European Union, sharing economic ideologies with China, finds itself in a delicate position, balancing between short-term economic gains and long-term strategic dependencies, especially with negotiations for a multi-billion-dollar aircraft deal with Airbus. However, Chinese officials have stated that these restrictions are temporary measures aimed at environmental protection and not intended to target any specific country or industry. The European Commission is actively discussing with China to diversify supply chains for critical raw materials to mitigate the impact of these export controls.
Relatedly, President Trump has invoked emergency powers under the Defense Production Act to bolster the U.S. critical minerals industry, aiming to reduce dependency on China. This move reportedly waives some legal requirements, including congressional approvals, to expedite domestic production and processing of metals vital for energy and defense industries. The initiative reflects Trump’s broader economic strategy to enhance American production and refining capabilities, particularly in light of China’s dominance in the supply chain of these minerals.
Sources
HHS Terminates Biden-Era Free COVID-19 Testing Program, Citing Waste of Taxpayer Funds
“With COVID-19 behaving more like the seasonal flu — rising and falling through the year — and tests widely available at retail stores nationwide, continued federal distribution is a significant waste of taxpayers’ dollars.”
China’s Rare Earths Strategy: A New Front in Economic Warfare with Europe
China’s tightened export controls on rare earth elements risk plunging Germany’s industrial sector into a severe resource crisis.
Trump Invokes Emergency Powers to Bolster U.S. Critical Minerals Industry, Reduce China Dependency
“The United States possesses vast mineral resources that can create jobs, fuel prosperity, and significantly reduce our reliance on foreign nations.”
US Embassy Urges Americans in Kyiv to ‘Take Cover’ Amidst Fears of Russian ‘Shock & Awe’ Retaliation
“Russia has increased the intensity of its missile and drone attacks against Ukraine in recent weeks, and there is currently a continued risk of significant air attacks.”
Iran’s Supreme Leader Rejects US Nuclear Proposal, Defends Uranium Enrichment as National Right
“The proposal that the Americans have presented is 100% against our interests … The rude and arrogant leaders of America repeatedly demand that we should not have a nuclear programme. Who are you to decide whether Iran should have enrichment?”
JPMorgan Embraces Crypto: Bitcoin Now Eligible as Loan Collateral
JPMorgan To Offer Loans Financed With Crypto Assets
In addition to sources submitted by community members, the following were also used in the creation of this report: Al Jazeera, Bloomberg, EPA, Health Policy Watch, Iranian Foreign Ministry, Middle East Eye, Reuters, The Guardian, The Health Care Blog, The Iran Analyst, The Times of Israel, The Washington Post, Wall Street Journal, White House Press Secretary.