Economy & Markets
Norway’s $2.3 Trillion Fund Is Cutting Treasuries. Here’s Who’s Left Holding Washington’s Debt
TODAY’S NUMBERS $80bn (Norway fund’s proposed Treasury cut) · 4.79% (US 10-year Treasury yield) · 289t (record Q2 central-bank gold buying) Sovereign money is...
Beijing Versus Washington: The New Economics of Iran’s Sanctions War
China is buying ninety percent of Iran's oil exports, settling transactions in renminbi, and hiding the rest beneath layers of shell companies. This is...
Can BRICS Build a Payment Ecosystem Without Becoming a Financial Bloc?
The most consequential expansion of BRICS may happen without a new currency, a dramatic fall in dollar reserves, or another flag being added to...
After the Flames at Zawiya: Why Libya Needs More than Oil
The drone strike that hit a gasoline tank at the Zawiya refinery in August was more than a security incident. Zawiya is Libya's largest...
Could US Big Tech Crowding Out Europe’s Bond Market?
U.S. technology giants are increasingly turning to European bond markets to finance their massive AI and data centre investments. The shift is raising concerns...
How Two EU Vetoes Are Quietly Handing Russia a Win in the Sanctions War
TODAY'S NUMBERS
$4,334 (gold, per ounce, near record) · $200bn (Russian reserves frozen at Euroclear) · Sept. 15 (deadline for the EU's Russia sanctions list...
Iran, Oil and a Hawkish Fed: Why the Dollar Is Winning the Week and Losing the Decade
TODAY'S NUMBERS 99.73 Dollar Index (DXY) · 4.81% US 10-year Treasury yield · $4,304 Gold, per ounce All three are rising together — the...
Why Are Global Bond Markets Selling Off?
Government bond markets across major economies are facing a broad selloff as investors worry about persistent inflation, higher interest rates and growing government debt....
Is BRICS Really Ditching the Dollar? What the Data Shows
BRICS de-dollarization is real but narrow: it is happening bilaterally, mostly under Russia and Iran's sanctions duress, while the instruments meant to make it...
Beijing’s Currency Playbook: Cap the Yuan, Buy the Gold, Build the Pipes Around the Dollar
TODAY’S NUMBERS 6.7828 (Monday’s PBOC yuan fix, near-flat) · 21 (months of PBOC gold buying, a record) · <3% (yuan’s share of SWIFT payments,...