What nonsense! There are three natural estrogens: estrone, to which estrogen receptors are relatively insensitive but which can readily be converted in the body to  estradiol, the form that is many times more potent and is the only important estrogen; estriol is the elimination product, not very active as an estrogen but readily eliminated by the kidneys. If one takes estrone (or conjugated horse estrogens, for that matter) estradiol quickly appears in the blood, has its effect on various tissues and then is converted to  estriol and  eliminated from the body by the kidneys.

It is true that getting estrogen into  the body through the skin has advantages, but estradiol is  the product to choose. As for the risk  of breast cancer,  it would be the same for estrogen from any source---the risk is  very low, even with long-term use,  but not zero no matter  where one  buys her estrogen or by which route it is administered.

As for the conspiracy theories concerning the pharmaceutical industry and FDA, they are  just that: wild-eyed conspiracy theories. The FDA acts on science, and  is tough in requiring the industry  to adhere to its guidelines. Pfizer recently got a 2.3 billion dollar fine for promoting products for uses other  than proven and approved (even though the uses may be appropriate). That doesn't sound like the FDA and industry  are in bed together!