…the 2nd Oil Crisis could be worked through, slowly, but the international financial system could not survive a 3rd Oil Crisis – the inflation would make it impossible to recycle the petrodollars to the oil importing countries with any hope of repayment [FFTT: in real (oil) terms], trade would crumble, and the system would be brought to its knees.     -BIS Chair Jelle Zijlstra, 1980 Any intelligent enemy could easily manipulate the stock and commodities markets,

Act in haste, repent at leisure.     -Proverb Mr. X: “Iran doesn’t need to defeat the US military; just the UST market.”     -Title of 3/3/26 edition of FFTT There is no instance of a country having benefited from prolonged warfare.     -Sun Tzu, “The Art of War” (Chapter 2) You know what they’re calling this bond drive? The Mighty Seventh. They might’ve called it the “We’re Flat F*cking Broke And Can’t Even Afford Bullets So We’re Begging For

Today is one of the biggest gaps between perception and reality we can recall ever seeing in our 30-year career in investment research: Most likely policy options/paths forward from here based on what we know today: