Biden versus Bastiat

Think "Weekends" Rather Than "Weeks" By Elwin de Groot, head of macro strategy  As another volatile week comes to an end, investors and market participants appear to be clinging to the hope that the two‑week ceasefire between the United States and Iran, which began on Wednesday, will not unravel entirely – at least until a direct, face‑to‑face exchange and clarification of key demands can take place during the planned talks in Islamabad this weekend. Near‑dated Brent crude edged up by $2 to $97, equity markets posted modest declines in Europe, whilst...

Russia, China Veto UN Res Authorizing Military Force To Reopen Hormuz Strait On Tuesday a UN Security Council resolution on opening the Strait of Hormuz failed due to Russia and China vetoing it. It was drafted by Bahrain and authorized countries to use military force if necessary to open the strait for the free flow of shipping and commerce. The resolution garnered 11 votes in favor, but permanent veto-wielding members China and Russia blocked it by registering no votes. This comes after days of pressure from Gulf countries to restore free passage...

Living In Any New York Borough Now Requires A Six Figure Income Living in New York City without financial assistance now requires a six-figure income in every borough, according to Bloomberg. The Fund for the City of New York’s latest “self-sufficiency standard” shows that in 2026, a family of four with two school-age children needs about $133,000 a year to cover basic expenses without outside help. Still, 46% of households fall short of that level. A separate report from Mayor Zohran Mamdani’s office found that economic strain is even more widespread. In...