Warsh's Mark Antony Moment

Private Credit's Problems Just Got Real Submitted by QTR's Fringe Finance For most of this year, the private credit story I’ve written about (and warned about) has been about investors trying to get their money out. Now the loans themselves appear to be cracking. The Wall Street Journal reported yesterday that defaults across several of the largest publicly traded private credit funds have climbed to their highest levels in at least five years, while watchlists of troubled borrowers are simultaneously expanding and investor returns are deteriorating. In other words, the private credit mess I’ve been documenting...

The Byproduct Ate The Product: Inside America's Proteinmaxxing Cheese Glut For most of the history of dairy, whey was the stuff you got rid of - the watery byproduct left after milk becomes cheese, fed to hogs or poured out while the actual product went to market. In 2026, with an entire nation proteinmaxxing its way through GLP-1 prescriptions and 40-gram breakfast bars, the 'cheddar' isn't in the cheese itself: America is now producing record amounts of cheese because that's how you get whey. According to NBC, this has resulted in record-high...

Houthis Launch Cross-Border Ground Raids On Saudi Territory Fresh reporting in Mideast regional outlets suggesst a major escalation in Houthi attacks on Saudi Arabia. While drones and missiles have been launched on Saudi territory almost daily since September, a new report says that Houthi militants are actually conducting ground force incursions.In a development that's been largely unreported, "The Houthis have launched multiple cross-border raids into Saudi Arabia in recent months, in an expansion of the conflict beyond Yemen, a western and Arab official with direct knowledge of the raids told...