Iran Is Now Setting Europe’s Interest Rates
The war in Iran has reached Frankfurt. Not through diplomacy. Through inflation. The European Central Bank has raised its deposit rate by another 25 basis...
Trump Is Dismantling North America
The US-Canada trade dispute is no longer really about tariffs. It is becoming an exercise in economic separation. Washington has now moved beyond taxing Canadian...
The Yen Is Turning Into a Dollar Problem
For months, the yen needed help. Now it may be moving on its own. The Japanese currency has strengthened through ¥155 per dollar, triggering stop-loss...
The Tanker War Has Begun
The US-Iran conflict has crossed another threshold. The battlefield is no longer only the Strait of Hormuz. It is the tankers themselves. American forces struck...
Germany’s Russia Question Is No Longer About Gas
The rise of the AfD in eastern Germany is usually presented as an electoral story. It is becoming an economic one. Its 44% result in...
Washington Has a War It Refuses to Name
Washington has discovered a new category of conflict. A war that cannot be called a war. JD Vance now argues that the confrontation with Iran...
Europe’s Energy Crisis Is Becoming a Sovereign-Debt Crisis
Europe is entering winter with an energy problem. It may leave it with a fiscal one. The renewed fighting between the United States and Iran...
The Yen Could Trigger the Next Dollar Sell-Off
The yen’s latest rally looks modest compared with July’s intervention. Its implications may be much larger. The currency jumped as much as 1.2% against the...
Bessent’s Real Opponent Is the Global Price of Capital
Scott Bessent wanted to slow the rise in American borrowing costs. The market gave him about two weeks. The US 30-year Treasury yield has returned...