Dissonance

Willful ignorance is Kryptonite to truth.

[Dissonance @DissonanceROI]

...back from holiday...

[Michael Every @TheMichaelEvery]

2026, day 197

Good morning from Asia.

‘US and Iran target infrastructure as strait shipping comes under further attack’ (Reuters);

‘The U.S. and Iran Creep Toward a Wider War With Escalating Attacks’ (WSJ);

‘U.S. sending dozens of refueling planes to Israel as Iran escalation looms’ (Axios);

‘US attacks Iran, Tehran claims it destroyed Bahrain’s main AI hub’ (Ynet);

‘Iran strikes eastern Syria, in first such attack during current war’ (Reuters);

‘Conflict in the Gulf Has Become Much More Deadly for Commercial Sailors’ (WSJ);

‘Pakistan and Kuwait discuss expanded defence pact, sources say’ (Reuters);

‘Germany proposes EU force to replace UN mission in Lebanon’ (Reuters);

‘Ukraine says it struck Russian oil refinery, two tankers’ (Reuters);

‘Ukraine ‘cuts off’ Crimea from Russia, plunging it into an energy crisis’ (AJ);

‘The Rise and Fall of Ukraine’s Drone Warfare Mastermind’ (NYT) - “The popularity of drones, and the defense minister who heavily promoted them, helped lead to a clash in which President Volodymyr Zelensky sided with the military brass”;

‘Berlin, Paris agree on 'unprecedented' defence cooperation’ (Euractiv);

‘German defence minister signals end of joint Franco-German battle tank’ (Euractiv);

‘India's army cost cuts leave 'fire braveheart' recruits in limbo’ (Nikkei Asia):

‘Japan and Vietnam to Jointly Develop Fast Landing Craft’ (Naval News);

‘Canada to buy nearly $2 billion in armoured vehicles from new
'strategic partner, U.S. defence contractor’ (Globe and Mail);

‘U.S. partially restores Hong Kong status revoked by Trump, drawing praise from China’ (Reuters);

‘Xi dabbles in 'AI diplomacy' at Shanghai forum with Thai, Cambodian PMs’ (Nikkei Asia);

In geoeconomics, ‘How long can oil markets absorb the Hormuz shock?’ (FT) - “Improvements in oil intensity have cushioned the global economy so far — but could prompt reckless political choices”;

‘US hails agreement between Baghdad and Damascus to restore Iraq-Syria oil pipeline’ (AFP);

‘Western oil companies see ‘fantastic’ future in Iraq, sign agreements’ (Reuters);

‘ConocoPhillips takes 42 pct stake in BP Iraq venture’ (AFP);

‘EU loosens carbon market rules to let industry pollute for longer’ (Politico);

‘Trump blames Canada for wildfire smoke, says he will add cost to tariffs’ (Reuters);

‘All the trade promises the EU and the US never meant to keep’ (Politico);

‘‘Made in EU’: How Europe plans to use China’s tech to pull level with its EV rival by 2028’ (SCMP);

‘Spain welcomes Chinese automakers — and their workers’ (BBG);

‘Asia's Gen Z political rise and the lack of good jobs’ (Nikkei Asia) - “India, Indonesia deepen ties as both countries struggle to boost manufacturing”;

‘The past 10 weeks exposed a nation going nowhere. Where’s the outrage?’ (AFR);

‘Why Trump Is Going After Brazil’s Beloved Payment System’ (WSJ);

In politics, ‘Trump Media pitched $100,000 monthly fee for fast feed of president’s posts’ (FT);

‘Mullin threatens states as DHS launches widespread review of elections’ (The Hill);

‘Andy Burnham promises to end Labour infighting as he becomes party’s leader’ (Guardian);

‘Welcome to Burnham’s world: a farrago of nonsense, revisionism and economic illiteracy’ (Telegraph) - “Even given the low bar set by recent prime ministers, it was a shockingly poor speech from Labour’s new leader”;

‘Poll: 23% of Israelis considering leaving the country, or have a relative who is, if Netanyahu reelected as PM’ (ToI);

In markets, ‘Brussels proposes cuts to EU bank capital requirements’ (Euractiv);

‘Oil Prices Rise to Highest Level in a Month as Shipping in the Persian Gulf Nears a Halt’ (NYT)

‘Pentagon Dangles $400,000 Salaries to Recruit Wall Street Bankers’ (WSJ) - “Plan to lend more than $200 billion to shore up defense manufacturing fuels a hiring spree”

[Michael Every @TheMichaelEvery]

2026, day 194

Good morning from Asia.

‘The U.S. and Iran Reckon With Shrinking Options to End the War’ (WSJ) - “Concerns about midterm elections and rising oil prices constrain Trump while Tehran is gambling that it can outlast painful naval blockade”;

‘Donald Trump’s return to war with Iran offers no clear path to victory’ (FT);

‘China says US taking Middle East to ‘precipice’ with Iran war’ (Al Arabiya);

‘Trump says US will strike Iranian power plants, bridges next week if no deal reached’ (JPost);

‘The Battle for Hormuz: Trump Shifts Into Dangerous New Phase in Iran War’ (WSJ);

‘‘Renewed US naval blockade of Iranian ports goes into effect, says military’ (ToI);

‘US issues general license for wind-down activities in Hormuz as new Iran sanctions imposed’ (JPost);

‘Trump Reverses 20% Strait of Hormuz Toll, as U.S. Restarts Blockade of Iran’s Ports’ (WSJ);

‘Iran says US strikes hit its Gulf island of Qeshm’ (Al Arabiya);

‘Netanyahu says Israel will deliver ‘decisive blow’ if Iran attacks’ (AFP);

‘US official says Lebanon-Israel talks in Rome to continue Wednesday’ (Al Arabiya);

‘Trump tells Netanyahu to move forces out of Syria and Lebanon’ (Axios);

‘Why Yemen’s long ‘no war, no peace’ deadlock may be ending’ (AJ) - “Mobilisation of fighters and attacks signal the collapse of Yemen’s fragile peace, with regional implications looming”;

‘After Hormuz, Iran turns to Red Sea gateway as new pressure point’ (Reuters);

‘Trump hosts Iraq PM for talks on oil, US troop withdrawal and Iran’ (Al Arabiya);

‘Trump meets with Iraq prime minister at White House, vows ‘a lot of deals’’ (AJ);

‘US supporting efforts to revive Iraq-Syria crude oil pipeline, US official says’ (Reuters);

‘U.A.E. Rewarded With Coveted AI Chips for Supporting U.S. War in Iran’ (WSJ);

‘Ukraine targets Russian shipping in ‘unprecedented’ drone assault’ (FT);

‘Russia accuses Ukraine of terrorism in Sea of Azov as Kyiv opens new front in war’ (Reuters);

‘Luftwaffe chief warns Europe has ‘no time’ to counter Putin without US weapons’ (Politico);

‘Macron uses Bastille Day to showcase Europe's defence ambitions’ (Euractiv);

‘A new Falklands crisis could engulf Burnham's premiership’ (Telegraph);

‘Cuba's national electric grid collapses for the third time in July’ (Reuters);

‘Taiwan’s opposition TPP launches historic first trip to mainland China’ (SCMP);

‘How Beijing’s islands of control are reshaping the South China Sea’ (SCMP);

‘China issues plan to revitalise – and potentially commercialise – uninhabited islands’ (SCMP);

In geoeconomics, ‘China targets strategic sectors in Netherlands, report warns, citing ASML’ (Nikkei Asia) - “Dutch technology and companies offer Beijing outsize influence over value chains”;

‘Japan ruling party weighs lifting US potato ban as trade bargaining chip’ (Nikkei Asia);

‘Ottawa makes no promise to release text of new Gordie Howe bridge deal’ (Glob & Mail);

In politics, ‘Widdecombe suspect ‘may have targeted other Reform politicians’’ (Telegraph) - “Detectives explore several leads, including whether man had scoped out former MP’s colleagues as part of extreme Left-wing plot”;

‘Kagan: Threats against SCOTUS expected to soar’ (Axios);

‘US Senate Democrats block defence bill over Iran war, Israel integration’ (AJ);

‘Trump plans prime-time speech on 2020 election allegations’ (WaPo);

‘EU prosecutors opens criminal probe into Czech PM’ (Euractiv);

In markets, ‘China increases holdings of US Treasuries despite diversification trend’ (SCMP);

‘Japan finance chief floats JGBs in tax-free accounts and GPIF portfolio review’ (Japan Times);

‘Wall Street Traders Seize on Fervor and Fear to Set Records’ (BBG);

‘IBM Acting Like a Penny Stock Is a Sign of Times’ (BBG)

[Michael Every @TheMichaelEvery]

2026, day 193

Good morning from Asia.

‘U.S. military renews strikes on Iran while tankers come under attack in Strait of Hormuz’ (Reuters);

‘UAE Ministry of Defence: 2 tankers targeted by Iranian missiles, 1 killed’ (Gulf News);

‘Trump weighs taking out Pickaxe Mountain nuclear site as US strikes Iran for 3rd night in a row’ (ToI);

‘Trump says he wants Gulf states to reimburse US for ‘protection’ from Iran’ (ToI);

‘Yemen says it struck Sanaa airport to stop Iranian plane from landing’ (Al Arabiya);

‘Trump gave Saudi crown prince his backing for risky strikes on Houthis’ (Axios);

‘Houthis fire missiles at Saudi Arabia, breaking years of calm’ (Reuters):

‘Israel sought to recruit Ahmadinejad in failed plan for regime change in Iran: Report’ (Al Arabiya);

‘UK outlaws two Iranian groups, including IRGC, over antisemitic attacks in Britain’ (Reuters);

‘Ukraine to acquire 16 Rafale aircraft and SAMP/T NG air defense systems: Macron’ (AFP);

‘Europeans to partner with Kyiv on homegrown missile defense’ (Politico);

‘EU-UK sign deal opening €90bn Ukraine loan to British defence firms’ (Euractiv);

‘EU fails to clinch Russia sanctions as oil cap deadline nears’ (Euractiv); - “EU is 'quite close' to a deal but there are no 'guarantees' package will be approved before Wednesday, says Kallas”;

‘Trump’s plan for Europe is falling apart’ (FT) - “The US president has a genius for alienating existing and potential allies”;

‘Starmer hits back at Argentina over Falklands jibe’ (Telegraph);

‘Will Manila and Hanoi’s maritime deal challenge Beijing in the South China Sea?’ (SCMP);

In geoeconomics, ‘Trump’s Hormuz Demand Implies Fee of $30 Million Per Supertanker’ (BBG);

‘UN shipping agency opposes fees for any strait, seeks details on Trump cargo charge’ (Reuters);

‘Dubai plans new port to bypass Strait of Hormuz’ (FT) - “Project to build capacity on UAE’s east coast represents a major shift after US-Iran war”;

‘US-Qatari group to study feasibility of Iraq-Syria pipeline’ (AGBI);

‘US emerges as helium winner amid Iran war and China restrictions’ (Nikkei Asia) - “Nikkei analysis finds Taiwan, Japan, South Korea turning to America for chipmaking gas”;

‘Alberta, Ottawa and top oil producers agree to advance the Pathways carbon capture project’ (Globe & Mail) - “setting the stage for a substantial increase in crude production”;

‘EU Commission weighs seconding officials to work in other countries’ (Politico);

In politics, ‘Judge says Donald Trump’s IRS lawsuit had no ‘basis in law or fact’’ (FT);

‘Lindsey Graham’s Sister Named to Fill His Senate Seat’ (WSJ) - “Darline Graham to serve as interim replacement for several months to finish her brother’s term”;

‘The plan to take down Le Pen: Frame her as a lefty’ (Politico) - “The far-right veteran’s strongest opponent is betting she will struggle to win over center-right voters”;

‘Wealthy planning to emigrate if Miliband becomes chancellor’ (Telegraph);

‘Ann Widdecombe death: counter-terrorism police take over investigation’ (Guardian);

In markets, ‘Oil traders call Trump's Hormuz bluff at their peril’ (Reuters);

‘Oil Surges Most Since 2020, Reflecting Bet That Strait Won’t Go Back to Normal’ (WSJ) - “International crude price climbed nearly 10% as President Trump said he would reimpose U.S. blockade”;

‘Germany's Merz pushes China currency talks, urges freer yuan’ (Reuters);

‘Dollar risks rising but Plaza Accord-style coordination not feasible now: ex-IMF adviser’ (SCMP)

[Dissonance @DissonanceROI]

https://t.co/hHCn5dR8sY

[Kerry-Lynne Findlay @KerryLynneFindl]

It's not a "tanker ban." It's an NDP economic blockade.

Foreign ships still sail freely along B.C.'s northern coast.

The only thing being blocked is our prosperity, while doing absolutely nothing to protect the environment.

[Tom Quiggin @TomTSEC]

Another cover up of the deep corruption in the Govt of Canada.

[Michael Every @TheMichaelEvery]

2026, day 182

Good morning from Asia.

‘How the Iran War Ignited a Clash Between Trump and the Saudi Crown Prince’ (NYT);

‘US reportedly mulls pulling troops from Saudi Arabia as ties sour over Iran war’ (ToI);

‘Araghchi threatens to ‘school’ Israel if US unsuccessful in ‘muzzling its pets in Tel Aviv’’ (JPost);

‘US, Iran wrap up indirect Doha talks as Trump touts progress towards ‘denuclearization’’ (ToI) - “Tehran says sides agreed on partial release of frozen funds, US officials deny it; Washington reportedly pushing Iran to look at ‘bigger picture,’ not insist on Hormuz control”;

‘U.S. tries to talk Iran out of tolls as talks resume in Doha’ (Axios);

‘US-Iran talks in Qatar show ‘both sides do want the ceasefire to hold’’ (AJ);

‘Qatar: US, Iran agree to hold further negotiations following Khamenei funeral’ (ToI);

‘Iran says to use frozen funds in Qatar to buy ‘required goods’’ (AFP);

‘Lebanon, Syria join CENTCOM-led Middle East security dialogue for first time’ (Al Arabiya);

‘Syria’s al-Sharaa appoints lawmakers, paving way for new parliament to convene’ (Reuters);

‘Ukraine to allow weapons exports for first time since start of full-scale war’ (Kyiv Independent);

‘Germany charges Ukrainian suspect in Nord Stream sabotage case’ (Kyiv Independent);

‘‘I Don’t Know When This Will End’: As Ukraine Steps Up Strikes, Crimea Grapples With Fuel Shortages and Blackouts’ (Moscow Times);

‘Zelensky warns of massive Russian strike planned for Ukraine’ (The Hill);

‘US envoy warns some NATO allies ‘lagging’ on trump spending vow’ (Al Arabiya);

‘Defence black hole triples to £15bn’ (Telegraph) - “Andy Burnham will have to make unpopular spending cuts after No 10 admits it doesn’t know where money will come from”;

‘The US military wants a fleet of laser trucks. Here’s what they might look like’ (Defense News);

‘Hungarian spy ring targeted EU officials, Commission investigation finds’ (Politico);

‘Canada to join Eurovision song contest from 2027’ (Guardian);

‘Cuba Says the U.S. Has Underestimated the Island’s Resiliency’ (WSJ);

‘Japan USB drive viruses echo earlier plot with links to Chinese military’ (Nikkei Asia) - “Exchange student told to buy memory sticks and send them back to China”;

‘Beijing’s message for Asean – China doesn’t want to become a regional hegemon’ (SCMP);

In geoeconomics, ‘US opts not to renew Trump’s trade deal with Mexico and Canada’ (FT);

‘Trump’s court win reignites fight to sink €1.7T data deal with Europe’ (Politico) - “Trump’s power to fire regulators undermines independent oversight, European privacy groups argue”;

‘White House accelerates plans for AI model standards’ (FT);

‘Apple Seeks to Buy Chinese-Made Memory Chips by Lobbying US’ (BBG);

‘Defense startups raid auto and fracking sectors for parts to speed weapons output’ (Reuters);

‘US nuclear power regulator proposes changing rule protecting people from radiation’ (Reuters);

‘Brussels allows countries to splurge on electric cars, bike lanes and train stations’ (Politico);

‘Europe wants to save its industry. It still can’t agree how’ (Politico);

‘EU trade deal sparks quota tug-of-war inside Mercosur bloc’ (Euractiv) - “The South American countries can't agree on how to divide exports to the EU”;

‘Japan triples departure tax in push to combat overtourism’ (Japan Times);

In politics, ‘Democratic socialists ride wave of momentum in primaries from New York to Colorado’ (Guardian);

‘No expectant moms at the border: Trump's birthright Plan B’ (Axios);

‘Malaysia's Islamist Party Gains Ground as Business Grows Wary’ (BBG);

In markets, ‘Mega takeovers drive record $2.8tn in dealmaking’ (FT);

‘The World’s Top Economists Are Sounding the Alarm on AI’ (WSJ);

‘AI hopes and fears dominate global central bank meet’ (Reuters);

‘Kevin Warsh vows ‘no changes’ to Fed independence’ (FT);

‘Top central bankers are eager to rewrite the playbook’ (Axios)

[Michael Every @TheMichaelEvery]

2026, day 181

Good morning from Asia.

‘Trump Briefed on All-Out War Options in Iran but Opts to Stick With Talks’ (WSJ);

‘US Says Witkoff, Kushner Had Positive Talks in Doha on Iran Deal’ (BBG);

‘Indirect US-Iran talks in Qatar on Wednesday: Al Arabiya sources’ (Al Arabiya);

‘Iran couldn’t export ‘single barrel of oil’ during US blockade, Ghalibaf says’ (Al Arabiya);

‘Hormuz Traffic Climbs as Supertankers Sail Into Persian Gulf’ (BBG);

‘Tehran rejects third-party intervention for Strait of Hormuz’ (AJ);

‘After U.S.-Iran War, Oman Said to Propose Hormuz Fee Plan’ (NYT);

‘Iran’s Diverging Priorities Are Jeopardizing U.S. Peace Talks’ (WSJ) - “Moderates are eager to free up billions of dollars held in Qatar, but hard-liners are focused on controlling the Strait of Hormuz”;

‘Hormuz disruption may have lasting impact on vulnerable economies, UN trade agency says’ (Reuters);

‘Is a new insurgency brewing? Kurdish rebels clash with IRGC in major border escalation - analysis’ (JPost);

‘Evolution under fire: Iran’s ‘axis of resistance’ in a post-war era’ (AJ) - “Has Iran’s regional deterrence been permanently degraded, or is its proxy network mutating into a resilient force?”;

‘Visiting south Lebanon, PM says IDF won’t withdraw ‘as long as Hezbollah remains here’’ (ToI);

‘US announces coordinated sanctions with Gulf countries against Lebanese Hezbollah’ (Al Arabiya);

‘India’s arms sector eyes pivotal breakthrough with UAE: ‘confidence booster’’ (SCMP);

‘Starmer leaves Burnham with £5bn defence black hole’ (Telegraph) - “PM fails to tell successor how he will find the extra money needed to fund much-delayed investment plan”;

‘Europe’s rearmament drive is sustaining 195,000 US defence jobs, Nato chief says’ (FT);

‘German leftwing terrorism on the rise, spy agency warns’ (FT);

‘US hollows out G20 agenda, casts Miami summit as ‘backdrop for Trump-Xi meeting’: sources’ (SCMP);

‘More than a boundary: Why Japan-Philippines maritime talks matter for China’ (Japan Times);

In geoeconomics, ‘US declaration to exit USMCA to start a decade-long countdown for the pact’ (Reuters);

‘Former top Republican sees ‘Fortress North America’ concept as a winner in USMCA trade talks’ (Globe & Mail);

‘'The town was gutted': Free trade has been a win for Canada, but in some communities the scars still run deep’ (Financial Post);

‘Russia to import gasoline as Ukrainian strikes force Putin to use reserves’ (Politico);

‘Report Challenges National Security Case for Extended Jones Act Waiver’ (GCaptain);

‘World Bank to phase out China lending’ (FT);

‘US Government Lifts Restrictions on Anthropic’s Fable 5 Model’ (BBG);

‘The great AI reckoning: how China is flipping the script on US’ new industrial revolution’ (SCMP);

‘Japan puts startup ambitions at center of $2.3tn tech strategy’ (Nikkei Asia) - “US venture capital arrives as government identifies key sectors for massive investment”;

‘China challenges US, Japan’s grip on high-end carbon fibre with new T1100 production line’ (SCMP);

‘US is working on ban targeting Chinese energy inverters, sources say’ (Reuters);

In politics, ‘MAGA winces as Supreme Court quashes anti-birthright citizenship push’ (The Hill);

‘Supreme Court strengthens Trump's hold on key levers of government power’ (Reuters);

‘GOP gets new midterm spending weapon from SCOTUS’ (Axios);

‘‘Unaffordable’: Berlin calls for €400 billion cut to EU budget’ (Euractiv);

‘White working-class students excluded from Oxbridge diversity schemes’ (Telegraph);

In markets, ‘Gold heads for worst quarter in more than a decade as retail frenzy fades’ (FT);

‘Trump Made More Than $1 Billion on Crypto Deals, Part of 2025 Windfall’ (WSJ);

‘Saudi Sovereign-Wealth Fund Struggles to Find Winning Investments’ (WSJ) - “PIF’s performance adds to the country’s economic challenges, which were growing even before the war in Iran”;

‘Japan and India to take step toward direct yen-rupee settlements’ (Nikkei Asia)

[Mike Winger @MikeWingerii]

Thank you Bill Maher (words I didn’t expect to say)

[Dissonance @DissonanceROI]

From @TheHubCanada
😵‍💫

[Michael Every @TheMichaelEvery]

2026, day 179

Good morning from Asia.

‘Iran Risks Peace Talks With U.S. to Maintain Leverage Over Strait’ (NYT);

‘Strait of Hormuz remains under Iranian control for 30 days, Araghchi says’ (AJ);

‘Iran warns challenge to Hormuz routes will spike Middle East tensions’ (Al Arabiya);

‘Mines will hold back Strait of Hormuz shipping for months, CEO warns’ (FT);

‘Fresh hostilities in Gulf suggest US-Iran memorandum was too broadly worded’ (Guardian);

‘U.S. and Iran agree to halt strikes and meet this week, U.S. official says’ (Axios);

‘Behind the scenes: How shared fear of Iran led to an Israel-Lebanon deal’ (Axios);

‘Annex in Israel-Lebanon deal assures IDF freedom of action in security zone — source’ (ToI) - “Official says classified annex ensures IDF pullouts will take place according to conditions on ground, not automatically; military demolishes 200 meter tunnel used as Hezbollah drone facility”;

‘Hezbollah-allied Lebanese parliament speaker says deal with Israel ‘will not pass’’ (ToI);

‘Trump presses Syria to take on Hezbollah, raising alarm in Lebanon and Israel’ (AP);

‘Israel sold advanced
F-15 systems to Qatar and Saudi Arabia’ (Haaretz);

‘Iraqi officials, including lawmakers, arrested on corruption charges in overnight raid’ (AP);

‘Vladimir Putin says he expects US negotiators to come to Moscow, once Washington had reached an agreement with Iran over the Middle East conflict’ (Guardian);

‘Putin: Russia is facing problems in Ukraine war’ (Telegraph);

‘Putin says Russia faces fuel shortages as Ukrainian drones strike refineries’ (FT);

‘Putin Vows to Ensure Russia’s Security Amid Ukraine Retaliatory Strikes’ (AFP);

‘Ukraine’s vibe shift is bad news for Russia’s economy’ (FT) - “As Kyiv’s battlefield fortunes change, policies long favoured by the west could now do real damage to Moscow”;

‘Europe: armed for peace’ (Euractiv) - “‘Europe was a project of peace without arms. Now, it will be a project of peace – but with arms,' says Estonian PM Kristen Michal”;

‘Vatican accuses EU of double standards on war’ (Politico) - “Doctrinal chief in Rome says the European Union applies international law selectively, sanctioning some military invasions but not others”;

‘Trump spent a decade making friends in Europe. Now they’re turning away’ (Politico);

‘How is China shaping up in the global competition to sell air defence weapons?’ (SCMP);

‘China and North Korea absorb lessons from Ukraine's evolving battlefield’ (Nikkei Asia) - “Drone production is only part of a broader shift toward networked warfare”;

‘Koizumi holds rare talks in Seoul with South Korean defense chief’ (Japan Times);

‘Chinese and Russian bombers and fighter jets stage joint patrol near
Japan’ (Japan Times);

‘Pakistan rattles India with new Chinese-built stealth
submarine’ (SCMP);

In geoeconomics, ‘Spanish import hub urges EU to delay ban on Russian gas’ (FT);

‘‘Financial pandemic’: £1 in every £11 spent on UK public contractors goes to private equity’ (Guardian);

‘Japan's top banks weigh how to raise dollars for promised US investments’ (Nikkei Asia) - “Private sector officials ask government, BOJ for help in securing foreign exchange”;

‘Asia may grow old before it goes green’ (Nikkei Asia);

‘Bolivia ends 15-year dollar peg in attempt to restore economic stability’ (Reuters);

In politics, ‘Migrants in US on temporary status should seek permanent residence or leave, Homeland Secretary says’ (Reuters);

‘Postmaster general’s remarks on mail ballots stoke fears among voting rights advocates’ (The Hill);

‘With time running out, Trump digs in on changing midterm election rules’ (WaPo);

‘Germany’s far right is finally poised for power’ (Politico);

‘Burnham: Give me 10 years to transform Britain’ (Telegraph);

In markets, ‘AI ‘exuberance’ risks ending in lengthy investment bust, BIS warns’ (FT);

‘Sovereign Funds Pivot Further to Private Assets in Risky Markets’ (BBG);

‘Prabowo Risks Prompt Global Banks to Pull Cash Out of Indonesia’ (BBG)

[Dissonance @DissonanceROI]

🎯

[Council on Foreign Relations @CFR_org]

“When Mark Carney said, ‘The middle powers should get together’—it’s a fantasy. They did that, it’s called Europe,” says Jamie Dimon, chairman and CEO of JPMorganChase. “The GDP of Europe has gone from 90% of America to 70%. And in our view, it will probably continue to erode over time because [of] high taxes.

🔗 Watch the full conversation: https://t.co/uDTOcHyxli

[Dissonance @DissonanceROI]

"He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chess-board. He does not consider that in the great chess-board of human society, every single piece has a principle of motion of its own, altogether different from that which the legislature might choose to impress upon it.”
- Adam Smith

[Josh Young @JoshYoung]

"Do you want a shortage? Have the government legislate a maximum price that is below the price that would otherwise prevail." - Milton Friedman

[White House OSTP 47 @WHOSTP47]

https://t.co/XxbElXftqJ

[Dissonance @DissonanceROI]

🙄

[U.S. Department of Energy @ENERGY]

.@SecretaryWright on energy prices:

"Flows of oil and natural gas through the straits have already returned to normal and they will continue that way…Americans can expect continued declines in energy prices.”

[Raging Capital Ventures @RagingVentures]

Interesting… https://t.co/nIcPvEalmu

[Dissonance @DissonanceROI]

The only information that matters: insurance

[First Squawk @FirstSquawk]

LLOYD'S ASSOCIATION: HORMUZ NORMALIZATION TO TAKE MONTHS

[First Squawk @FirstSquawk]

LLOYD'S ASSOCIATION: HORMUZ NORMALIZATION TO TAKE MONTHS

[Michael Every @TheMichaelEvery]

2/2

This new U.S.-Iran MoU of Versailles is also lenient on Tehran, who thinks it won the war.

Again, it doesn’t look like a peace but an armistice for 20 weeks… which falls just after the U.S. midterm elections.

To be continued (?)

[Dissonance @DissonanceROI]

Warsh - not only is the map not the territory...we need new maps.
🥃