The Yen Intervention Was Never About the Yen
The joint US–Japan yen intervention was not a currency-stability measure. It was Washington making sure Tokyo could keep funding its $550 billion commitment to...
The Market Isn’t Smarter Than the CIA. It’s Just Closer to the Leak
Six weeks before US and Israeli aircraft killed Iran's supreme leader on February 28, a cluster of new, previously dormant crypto wallets began buying...
Putin’s Kuril Islands Visit Exposes Japan’s Russian Energy Dilemma
Japan's protest over Putin's visit to the Kuril Islands is loud because its response is capped: Tokyo cannot meaningfully sanction the one Russian energy...
How the Mecca Pact Rewires Tehran’s Nuclear Calculus
On August 7th, with American warships blockading Iranian ports and Iranian fast boats still harassing tankers off the Omani coast, the leaders of Saudi...
Hormuz Is Yesterday’s Crisis. Bab-el-Mandeb Is Tomorrow’s
On Tuesday, three Houthi ballistic missiles slammed into the Tihamah, an Egyptian-owned cargo ship easing through Bab-el-Mandeb's eighteen-mile channel. A fourth missile hit the...
El Tigre, Ceuta, and the Illusion of a Unified Right
On 7 August, Abelardo de la Espriella — a Colombian-Italian-American lawyer nicknamed "El Tigre," whom Donald Trump had called a future "great president" months...
Why the Shadow Fleet’s Baltic Reckoning Won’t Look Like the Mediterranean’s
On August 2nd, Italian commandos rappelled from a helicopter onto the deck of the Toa Payoh, a Russian-linked crude carrier, in the Mediterranean. It...
Missile OPEC: The Physical Ceiling on a Three-Front Strategy
On Monday, as Taiwan entered the final week of its largest-ever Han Kuang war games, a Greek-owned Patriot battery arrived in Saudi Arabia to...
The First Draft Is No Longer Theirs
At roughly 4am on 30 July, a Russian Kh-101 cruise missile came down in farmland near Tarnawa-Kolonia, Poland, after Polish radar lost track of...
The Periodic Table Is a Sanctions Weapon Now
On 23 July, the EU adopted its toughest sanctions package yet against Russian oil and gas revenue — asset freezes on 94 banks, an...