The Olympics, hard power, oil wars and the US election

The Olympics is all about soft power, but in the Middle East, hard power still dominates, with scary implications for energy markets and the global inflation narrative.

The Olympics of debt and delusion

In today’s issue: The opening ceremony would’ve been called a freakshow The Fed lives in a dreamworld of its own The insiders take the money…

Prepare for round 2 of your inflationary nightmare

Expensive green energy is not going to unleash another bout of inflation, just as the pandemic’s supply chain crisis wasn’t the true cause of the first.