The World Is Repricing the Cost of Time
Something larger than another bond sell-off is happening. Global sovereign yields have climbed back to levels last seen around the financial crisis. Japan’s 10-year yield...
Tag: germany
Europe’s Next Inflation Shock Is Sitting in Its Gas Tanks
Europe’s inflation problem is changing shape again. Oil dominated the first phase of this year’s energy shock. Natural gas may dominate the next one. European...
Germany Is Discovering the Price of Fiscal Power
For more than a decade, Germany’s bond market was defined by scarcity. The country borrowed little, balanced its budget whenever possible and transformed fiscal restraint...
The Bond Market Under Pressure
For years, governments believed they could spend first and worry about financing later. The bond market is beginning to disagree. Global sovereign issuance has reached...
NATO, Tariffs and the Slow Divorce of the Atlantic Alliance
The United States is no longer simply asking Europe to spend more on defence. It is starting to make Europe pay for disobedience. Donald Trump’s...
Europe’s Strategic Folly Comes Due
Europe is once again discovering that moral postures are not an energy policy. For years, the continent congratulated itself on its virtue, mistaking dependency for...
Ford’s Ghost, China’s Factory: The Capital War Moves to Europe
Ford’s Cologne plant has been welded into the Rhine’s industrial skyline since 1931, a monument to the American century, when the United States exported not...
Germany: From Export Engine to Tariff Casualty
Germany’s economy shrank more than first reported in the second quarter, as its once-mighty manufacturers struggled under the weight of US tariffs, the latest chapter...
Friedrich Merz Becomes Chancellor—Eventually—But With Limping Authority and a Red Face
It took Friedrich Merz two tries, a parliamentary wobble, and a fair dose of political theatre, but the 69-year-old conservative finally secured the Bundestag’s blessing...