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The market is gradually pricing in that this is more than a short-term oil shock.
Below:
white: oil futures curve, current
blue: oil futures curve, a week ago
orange: oil futures curve, 6 months ago

~200 Ukrainian anti-drone experts now deployed to the Middle East isn’t happening in isolation—Kyiv’s ability to provide that expertise depends heavily on continued European support at home. In that sense, Europe supports the war in Iran.
kyivindependent.com/201-ukrainian-…

Why the private sector is more cost-effective at almost anything: to get $100 in action, lobbyists are willing to spend up to $99.

“Fiscal conservatives are part of the problem.” — Milton Friedman. The issue spending, not deficits. In ’70s fiscal conservatives accepted tax hikes to balance budget. The solution? Limit spending power of Congress, possibly via constitutional amendment. youtu.be/8txLAkao6nI?si…

"I'm not in favor of fairness. I'm in favor of freedom. Freedom is not fairness. Fairness is someone needs to decide what's fair." Milton Friedman in 1979
Great weekend watch:
youtube.com/watch?v=1EwaLy…

"The ongoing rewriting of the rules of world order and the resulting fragmentation of global alliances in defense, trade and finance will raise the security risk premium across asset classes and geographies." @ctorresreporter writes in anderseninstitute.org/peace-has-a-pr… x.com/ctorresreporte…

A hallmark about most fancy analysts, including many I respect, is that they don't appear to be filling up at the gas station. Most of them talk about future price hikes in the coming days, not realizing that they have already taken place. x.com/LizAnnSonders/…