From Spoiled Sons of Liberty to Surveillance Leviathan: America’s Six Republics and the Myth of Eternal Union

Futures Slide, Oil Surges As Iran War Returns, Chip Stocks Tumble As Korea, SK Hynix Crash US equity futures are lower on a combination of US/Iran escalation (which is feeding inflationary concerns) and a violent crash in South Korean stocks (which saw SK Hynix plunge by 15% overnight, the most on record, and unironically follows its record ADR launch in the US), which has put Semis and tech under renewed pressure. On the former, this drove oil prices higher overnight, but gains have been cut in half. On the latter, there...

President Volodymyr Zelensky renewed his argument for Ukraine to join the North Atlantic alliance.  “I have a question for you. Do you really believe it? Do you really believe it would be right to leave outside Nato, a country and a people with this level of defensive capability?” Zelensky argued on Tuesday. “If we already […]

"Strain Is Spreading": FT Exposes Private Credit Distress At Decade Highs Since last fall, we have repeatedly flagged the private credit sector’s growing vulnerabilities. Earlier coverage detailed how the asset class ballooned into a $2-3 trillion opaque market after banks retreated from riskier lending, only to face a wave of high-profile defaults (First Brands, Tricolor), surging redemptions that forced gates at major vehicles, rising PIK usage, and AI-related risks to software-heavy portfolios. In February, the red flag got about as red as it gets... Private Credit Rocked By UBS Shock Outlook: Record "Cascading...