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China’s Export Controls Are Supposed to Target America. Why Do They Keep Hitting Europe?
On October 9, 2025, China's Ministry of Commerce added five more rare earth elements to its export control list and, for the first time,...
The Insurance Ceasefire
On 21 July, Houthi forces announced a blockade of Saudi Arabian ports. The next day, the spot rate to move a very large crude...
The Gold Was Never About Inflation
On 23 July, the EU adopted its 21st and largest sanctions package against Russia — 218 listings, asset freezes on 94 banks, the first-ever...
One Spreadsheet, Three Crises
On 6 July, the Dutch government summoned the mayors of ten municipalities that had simply refused to open the asylum shelters the law requires...
Can Europe Really Fund NATO’s $140 Billion Pledge to Ukraine?
A Test Disguised as a Triumph
NATO's Ankara summit produced the largest Ukraine funding commitment of the war: European allies and Canada pledged at least...
Hamas’s Disarmament Dare: The New Limits of American Dealmaking
Central Claim
The US-brokered deal for Hamas to disarm and Israeli forces to withdraw from Gaza is less an agreement than a diplomatic dare: each...
Europe Is Building a Defense Industry Faster Than It Can Decide Who Belongs In It
Earlier this year, British negotiators walked away from talks to join the EU's flagship defense fund after being quoted a price of €6 billion...
To Beat a State-Capitalist Rival, Washington Became One: Inside the New Critical Minerals Race
On July 10, almost exactly a year after the Pentagon announced it was becoming the largest shareholder in MP Materials, the International Energy Agency...
Washington Arrived Late: Syria’s Economic Reintegration Is Already a Gulf-Run Enterprise
On July 13, at Damascus's Dama Rose Hotel, Syria's economy minister, Nidal al-Shaar, stood before executives from Chevron, Visa, Citibank, EY and a dozen...
Washington’s Brazil Problem: The New Geopolitics of Self-DefeatÂ
Central Claim
The United States has spent eighteen months applying economic, judicial, and now electoral pressure on Latin America's largest democracy, and at each step...