A DeSmog collage. The Institute of Economic Affairs has its headquarters on Lord North Street, Westminster. Credit: Des Blenkinsopp(CC BY-SA 2.0)
The regulator has opened a case against the Tufton Street group.
The Institute of Economic Affairs (IEA) pressure group, which campaigns against clean energy policies, is being investigated by the charities regulator.
The Good Law Project (GLP), a legal advocacy group, yesterday announced that it had been successful in forcing the Charity Commission to open a “regulatory compliance case” against the IEA.
A Charity Commission spokesperson told DeSmog: “We can confirm that, following an internal review, we have opened a regulatory compliance case to assess potential regulatory concerns about the Institute for Economic Affairs.
“Our case will examine the trustees’ management of perceptions of potential political bias, perceptions of a potential lack of transparency around funding, and perceptions that the charity may have pre-determined policy positions which would not be in keeping with its charitable purposes to advance education.”
The IEA is registered as a charity, and the regulator states that “political activity must not become the reason for the charity’s existence.”
In 2018, Greenpeace’s investigative journalism unit Unearthed revealed that the IEA had received funding from oil major BP every year since 1967. In response to the story, an IEA spokeswoman said: “It is surely uncontroversial that the IEA’s principles coincide with the interests of our donors.”
The IEA also received a £21,000 grant from U.S. oil major ExxonMobil in 2005.
However, the IEA does not publicly declare its donors, and it’s not known if the pressure group has received funding from BP or ExxonMobil in more recent years.
The IEA has extensive influence in politics and the media. It was pivotal to Liz Truss’s short-lived premiership as prime minister, and has boasted of its access to Conservative ministers and MPs.
The IEA is a prominent supporter of the continued and extended use of fossil fuels. The group has advocated for the ban to be lifted on fracking for shale gas, calling it the “moral and economic choice”. The IEA has also said that a ban on new North Sea oil and gas licences would be “madness”, has criticised the windfall tax imposed by the UK on fossil fuel firms, and said that the previous government’s commitment to “max out” the UK’s oil and gas reserves was a “welcome step”.
The IEA is part of the Tufton Street network – a cluster of libertarian think tanks and pressure groups that are in favour of more fossil fuel extraction and are opposed to state-led climate action. These groups are characterised by a lack of transparency over their sources of funding.
The Charity Commission initially rejected the GLP’s complaint about the IEA, which was lodged in March 2024 and backed by MPs from the Green Party, Liberal Democrats, and the Scottish National Party. The Charity Commission rejected the complaint after just 12 days.
However, after the GLP threatened formal legal action against the Charity Commission for failing to properly consider the evidence against the IEA, it has agreed to open a compliance case.
“We welcome this screeching u-turn from the Charity Commission who raced to clear the IEA last year,” said Good Law Project’s executive director Jolyon Maugham.
“It shouldn’t have taken the threat of legal action to force the regulator to do its job. The IEA’s activities are the polar opposite of public benefit and we’re now urging the Charity Commission to go further in its investigation.”
However, it’s unclear what action, if any, will be taken against the IEA if the regulator finds it in breach of charity rules. A previous case brought against the Global Warming Policy Foundation (GWPF) – the UK’s leading climate science denial group – didn’t lead to any meaningful sanctions against the Tufton Street group.
The GLP accused the GWPF of breaching charity law by spending hundreds of thousands of pounds on one-sided research attacking climate science, and by funding the lobbying activities of its campaign arm Net Zero Watch. However, the Charity Commission asked the GWPF to make only minor changes to its ownership structure and output.
An IEA spokesperson said: “We have received a letter from the Charity Commission and will be responding to them thoroughly in due course.”
Then President-elect Donald Trump and Elon Musk pose for a photo during the UFC 309 event at Madison Square Garden on November 16, 2024 in New York City. (Photo: Jeff Bottari/Zuffa LLC via Getty Images)
“If you think back at the last economic crashes… the rich were able to buy up assets on the cheap and emerged even wealthier and more powerful than before,” noted one progressive commentator.
Are U.S. President Donald Trump, top adviser Elon Musk, and allied oligarchs deliberately trying to tank the economy in order to line their own gilded pockets?
More and more observers from both sides of the political aisle are asking the question this week as the U.S. president implemented steep tariffs on some of the country’s biggest trade partners, threatened a global trade war, and is taking chainsaw to government spending and programs—policies that, while inflicting economic pain upon nearly everyone else, could dramatically boost their already stratospheric wealth.
Numerous observers have likened it to the ” disaster capitalism” examined in Naomi Klein’s seminal 2007 book, The Shock Doctrine: The Rise of Disaster Capitalism—politicians and plutocrats exploit the chaos of natural or human-caused crises to push through unpopular policies like privatization and deregulation that harm the masses while boosting the wealth and power of the ruling class.
Economic alarm bells were already ringing before Trump’s 25% tariffs on most products from Canada and Mexico and an additional 10% on China—for a total of 20%—took effect on Tuesday, prompting retaliatory measures and threats of more to come.
Then, during his rambling joint address to Congress on Tuesday night, Trump threatened to impose reciprocal tariffs on every nation on Earth starting April 2 (because he “didn’t want to be accused of April Fools’ Day”) if those countries did not lower barriers to trade with the United States.
New York Times economic policy reporters Alan Rappeport and Ana Swanson called Trump’s sweeping tariffs “one of the biggest gambles of his presidency,” and a move “that risks undermining the United States economy.”
But what if that’s the whole point?
“I’ve been entertaining this theory a little bit more lately, because [Trump’s] economic moves seem so stupid and terrible and counterproductive without thinking that he is intentionally trying to cause harm,” progressive political commentator Krystal Ball—who also has a degree in economics and is a certified public accountant— said Tuesday on the social media site X.
Ball cited an X post by Saikat Chakrabarti, a progressive Democrat running for Congresswoman Nancy Pelosi’s (D-Calif.) House seat who worked on Wall Street for six years and helped found the online payment processing company Stripe, in which he accused Trump of “manufacturing a recession.”
“But it makes sense when you realize his goal is to create something like Russia where the economy is run by a few oligarchs loyal to him,” Chakrabarti added. “Creating that state is hard in a large, dynamic, powerful economy with too many actors who can oppose him. So he’s accelerating concentrating money and power into the hands of his loyalists while he crashes the rest out.”
It really is confusing why Trump would want to intentionally massively shrink the US economy. None of this is due to external circumstances – he is manufacturing a recession.
But it makes sense when you realize his goal is to create something like Russia where the economy is…
Responding to this, Ball asserted that “at this point, until proven otherwise, the primary actor in the government and the economy is actually Elon, so I think it makes sense to think of Elon’s incentives here and what he may actually want to accomplish.”
“If you think back at the last economic crashes—both in Covid and in the 2008 financial crash—while initially everyone suffered, including the rich, out of both, the rich were able to buy up assets on the cheap and emerged even wealthier and more powerful than before,” she noted.
“So in 2008, not only did they get their own custom bailout, but they were able to buy housing stock at absurdly low prices,” Ball recalled. “The rich got richer than ever, inequality skyrocketed, and the big banks got bigger than ever.”
“Same deal with the Covid-era recession,” she continued. “So, while again, everyone suffered initially, there was a huge bailout package which, yes, did benefit ordinary people, but if you look at who came out really on top… you could see people like Elon Musk, people like Jeff Bezos, people like Mark Zuckerberg getting far wealthier. Their net worths, which were already very high, skyrocketed beyond anyone’s wildest dreams.”
Indeed, as Common Dreams reported, 700 billionaires got $1.7 trillion richer during two years of pandemic. Between March 2020 and April 2022, Musk got 10 times richer, while Zuckerberg’s net worth more than tripled and Bezos’ grew by nearly $80 billion, according to Forbes.
“Here’s the other piece that’s worth thinking about as well,” Ball added. “Crash and crisis leads to governments and authoritarian leaders claiming more power for themselves. They can use the crisis and the emergency as a justification for taking on extraordinary powers and for taking extraordinary measures… measures that can be custom fit to primarily benefit oligarchs like Elon Musk.”
“So I don’t know guys, while we’re running around here going… ‘can’t they understand how this is going to be devastating for the economy,’ maybe they do understand,” she concluded, “and maybe that’s kind of the point.”
Neo-Fascist Climate Science Denier Donald Trump says Burn, Baby, Burn.Elon Musk urges you to be a Fascist like him, says that you can ignore facts and reality then.
Would love the explainer on why they are pushing us into a (likely) recession
dizzy: While it is accepted that the filthy rich benefit from economic collapse I suspect that there might be a more deliberate action to benefit certain actors more directly.
I suggest that you compare to the experience of short-lived former Prime Minister Liz Truss in UK. She was also supported and followed the instruction of an established, influential think-tank. Powerful and wealthy Capitalists may have benefited directly from market reactions to their directed actions. I would look at hedge funds and similar actors associated with those respective think tanks. Is it the same actor dominating and directing both think-tanks? Was the Liz Truss experience an initial test run?
Trump boasted about withdrawing from the “one-sided” Paris Agreement, saying, “It was a disaster.” Credit: Zach D. Roberts
Conservative conference featured global right-wing speakers from Liz Truss to JD Vance calling for an end to climate protections.
Just a month into President Donald Trump’s chaotic administration, American and international conservatives swooped into the 2025 Conservative Political Action Conference (CPAC) outside Washington, D.C., in mid-February, and took a knee to the president, non-elected billionaire Elon Musk, and their fossil fuel deregulation agenda.
After numerous speeches heralding the MAGA movement by major figures on the right, including Vice President JD Vance, DOGE chief Elon Musk, ex-Trump aide Steve Bannon, and Speaker of the House Republican Mike Johnson, on the last day of the four-day event, Trump himself spoke to the faithful. Basking in chants of “USA, USA,” Trump boasted about withdrawing from the “one-sided” Paris Agreement, saying, “It was a disaster, it was a disaster.”
“I terminated the Green New Scam,” he went on, referring to the Green New Deal, which was never enacted or proposed as an actual bill. “One of the greatest hoaxes ever played on this country is the Green New Scam. We spent trillions of dollars on this nonsense … It really set back our country.”
In a rambling speech bereft of solid policy or facts, Trump also said he “canceled Joe Biden’s insane electric vehicle mandate, where everybody has to have an electric,” again referring to non-existent legislation. Biden did not mandate people to switch to electric cars; he had progressively stricter pollution standards.
Trump’s final reference to the environment in his speech was that “people can buy any type of car they want, except for hydrogen. The only thing you can’t do is buy a hydrogen-powered car. You know why? They said it really works great, but when it doesn’t work, you never find a body. It’s a bet that’s a bad sign.” As of this publication date, no one has been disintegrated by a hydrogen car explosion. He then ended with his signature dance as the Village People’s “YMCA” blared over the loudspeakers.
Trump dances to the song, “YMCA” at CPAC 2025. Credit: Zach D. Roberts
Trump’s references to fake climate policy was emblematic of this year’s CPAC discussions on the environment. In past years, the conference’s environmental speakers were more “scientific,” with conservative climate denialists showing graphs and data to prove their theories that climate change seemingly does not exist. But with no breakout sessions this year, the gathering was all anti-climate talk and pro-MAGA with zero attempts at science.
Take former UK Prime Minister Liz Truss’s talk on Thursday, Feb. 20, the second day of CPAC. Truss, who had previously served as the UK’s environment secretary, expressed her anger that her move to end the ban on fracking in Great Britain was brought back in 2022 by her predecessor, Prime Minister Rishi Sunak.
Truss was famously only in office for 45 days. “Sadly, I wasn’t in office long enough to actually make [the fracking ban] happen,” she told the conference crowd.
“We have net-zero policies that have decimated our oil and gas industry,” she said. “The net result is we have the highest energy prices in the developed world. And in Britain, we’ve just seen the last steel plant close down last year. We cannot produce our own steel anymore.”
Former UK Prime Minister Liz Truss echoed Trump’s disdain for big government. Credit: Zach D. Roberts
The former Prime Minister, who spent much of her adult life in government, then repeated Trump’s disdain for the “deep state,” saying, “We want to dismantle the British deep state, which is older and more entrenched than the American one.”
“We need a great restoration bill to repeal all of the terrible laws, from the Equality Act to the Climate Change Act, the Human Rights Act to the Constitutional Reform Act,” she said. “We need to eradicate judicial activism in Britain and restore parliamentary sovereignty.”
CPAC has expanded its international influence and speakers over the last few years with annual South Korea and Hungary meetings. Leader of the Reform UK party Nigel Farage, who also attended, has spoken at the conference for many years, and is considered a bit of a celebrity here.
Wright Vows to Axe Regulations
On the first day of the conference, U.S. Energy Secretary Chris Wright’s speech pushed Trump’s “drill baby drill and build baby build” philosophy. The former fracking CEO of Liberty Energy promised that his and Trump’s other cabinet departments would be “working feverishly” to remove regulations to pave the way for higher energy production. He also emphasized removing restrictions the Biden Administration put on fossil fuel appliances like gas stoves.
Last year, gas stoves were the new “plastic straws” in the world of right-wing media as conservative news outlets claimed the Democratic administration was looking to ban them fully, which it was not.
U.S. Energy Secretary Chris Wright talked about the amount of energy needed for AI data centers. Credit: Zach D. Roberts
Economic competition with China has been a running theme through many of the speeches at CPAC for years. But now, with the massively successful launch of DeepSeek, finding energy for artificial intelligence operations is a priority. Wright’s speech emphasized the energy use that AI technology will demand and claimed that it will lead to “enormous benefits” in drug discovery and national security. “We want China to lead the way in AI? I would feel naked if their AI was better than ours,” he said.
AI and tech companies donated huge amounts to the Trump campaign, to the tune of tens of millions of dollars. That investment has paid off as the closure of the Consumer Financial Protection Bureau and Trump’s changes at the FTC and FCC to reign in their powers will benefit the tech world immensely. Trump has even rescinded Biden’s executive order warning people about AI.
Dunleavy’s Political Ambitions
One of Trump’s first executive orders demanded the nation “unleash Alaska’s extraordinary resource potential.”Environmental rights organization, EarthJustice replied, “While the Trump administration’s plans were made clear in the orders, it’s important to note that the vast bulk of the actions cannot be made unilaterally by the President without cooperation from government agencies, Congress, or other authorities.”
Running throughout CPAC on the big screens in the main ballroom amounted to campaign ads for Alaska Gov. Mike Dunleavy, who wants to leave his job in the 49th state. Called the “worst-kept-secret,” Dunleavy had been auditioning for a gig in the Trump administration, but now that that doesn’t seem to be happening, he’s likely looking at running for Senator against one of his fellow Republicans, Dan Sullivan, who is up for reelection in 2026, or Lisa Murkowski, who is up in 2028. The ad, which features Trump prominently, has the President speaking about how he will work with Dunleavy to provide “energy to Alaska and allies around the world.”
A campaign ad screened at CPAC for Republican Gov. Mike Dunleavy’s Senate campaign. Credit: Zach D. Roberts
From the CPAC stage, Gov. Dunleavy told the audience that Trump “sees us [Alaska] as a solution to many of America’s problems.” A $44 billion liquified natural gas pipeline project that both Trump and Dunleavy are pushing is oddly not planned to send energy to the lower 48, but to Asian customers. Japan has been trying to curry favor with Trump for access since that could help the nation diversify supplies away from riskier sources like Russia.
Secretary of the Interior Doug Burgum
President Trump has commanded the new Secretary of the Interior, Doug Burgum, to find new ways to exploit public lands. The goal, Burgum explained in his CPAC speech, is to “sell to our friends and allies.” He claims that doing so will “end our trade deficits” and “the wars abroad.” Ultimately, Burgum claims this work will set up President Trump to “win the Nobel Prize.”
Burgam, a billionaire former two-term governor of North Dakota and a software developer, has extensive ties to the oil and gas industry, including hundreds of thousands in investments. After a brief run for President in 2024, Burgam endorsed Trump.
Interior Secretary Doug Burgum aims to exploit public lands to “sell to our friends and allies.” Credit: Zach D. Roberts
Burgam will also chair the newly founded National Energy Dominance Council with Energy Secretary Chris Wright as vice chair. The council “will advise President Trump on strategies to achieve energy dominance by improving the processes for permitting, production, generation, distribution, regulation, and transportation across all forms of American energy.” It will also cut “red tape” through axing regulations.
CFACT Was the Lone Climate Group in Hall
Down in the exhibit hall, the tables that many years ago mainly saw small government groups were filled with culture warriors – groups opposed to abortion, trans rights, and other historically underrepresented communities. This year, the lone group in the hall focusing on climate was CFACT, Committee for a Constructive Tomorrow, a “conservative libertarian think tank.”
Nate Meyers, CFACT’s national field coordinator was clear on the group’s approach to the “science” of climate change –“It’s not settled at all,” he said. Meyers verbally added, “™”[trade mark]] as he said the words “climate change” when speaking to DeSmog.
https://www.youtube.com/embed/QKjLqdrm3N0?feature=oembedCFACT’s Nate Myers speaks with DeSmog. Credit: Zach D. Roberts
Collegians for a Constructive Tomorrow is CFACT’s college campus organization, which, according to Myers, has 32 campus groups. Like Charlie Kirk’s Turning Point USA, CFACT aims to capture the minds of young people, according to Myers., “College campuses are so totally captured by the left. Statistically, you’re more likely to be instructed by a Marxist than you are a Republican,” he said.
“That demonstrates a huge need for alternative viewpoints on college campuses,” he added. “And it’s kind of a cliche thing to say, but the children and young people are our future.”
When asked who funds CFACT, Myers mentioned small donations and occasional larger direct donations, emphasizing the grassroots nature of the organization. When DeSmogasked if they received backing from Koch Inc., like many similar climate-denying groups, Myers demurred, saying he wasn’t a fan of Koch.) In the past, CFACT has received large sums from Koch’s Donors Trust, along with all the other usual suspects of right-wing climate denying donors.
Liz Truss has issued Sir Keir Starmer with a cease and desist letter, warning him to stop saying she “crashed the economy”.
The former prime minister’s lawyers have said the remarks – made since the lead up to the general election – are likely to “cause serious harm to her reputation”, claiming they are “false and defamatory”.
They also suggest that assertions made by the Labour leader before the July general election contributed to Ms Truss losing her South West Norfolk seat.
Sir Keir has repeatedly claimed the former prime minister crashed the economy, referring to the weeks after her 2022 mini-budget which sparked gilt market freefall and a run on sterling after she introduced unfunded tax cuts.
The letter, originally seen by the Telegraph, argues that the fallout did not amount to an economic crash, since there was no fall in economic output or rise in unemployment.
