More: Analysis
The Hidden Bill Behind Europe’s Defense Spending Boom
Europe's rearmament is being financed out of the welfare state, not economic growth, and different governments are settling that bill in different currencies: Germany...
Netanyahu’s Coalition Calculus: The Real Reason Gaza’s Ceasefire Keeps Failing
The story of Gaza's collapsing ceasefire is being told as a military story: strikes, violations, body counts. The more accurate story is a domestic...
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...
Moscow Just Named Its Price. Nobody Can Pay It
An Accountant in Asheville
On 31 August, in Asheville, North Carolina, Anton Siluanov sat down at a G20 finance ministers' meeting for the first time...
Why Korea’s “Nuclear Missile Drill” Isn’t Aimed at North Korea
Freedom Edge 26's nuclear-capable bomber component, paired with unusually explicit official language about North Korea's “nuclear and missile threats,” is not deterrence signaling aimed...
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...
What Is Greece’s $3.5bn Israeli Arms Deal Actually About?
Athens spent $3.5 billion on Israeli missiles this week in the largest defence deal the two countries have ever signed. That this happened while...
Venezuela’s Oil Deal Has a Guyana Problem — and an OPEC One
The August 28th oil deal's least-noticed effects run through two files nobody has read together: it gives Washington, for the first time, a direct...
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...