The U.S.–China relationship is usually described as a rivalry. Its core mechanism is a recycling machine — and the people who pay for it don't get a vote on either side. In 2025, as tariffs climbed and "decoupling" became the organizing word of American China policy, China's external surplus did not shrink. It hit a … Continue reading U.S. & China: Captive on Both Ends
Strategic Ambiguity: Marked to Market
2026 is a margin call on strategic ambiguity — and the underwriter is liquidating its own book Start with the bases, because they explain everything that follows without anyone having to assert a theory. After 2001, the United States ringed Iran with military infrastructure: Al Udeid in Qatar, Al Dhafra in the Emirates, the Fifth … Continue reading Strategic Ambiguity: Marked to Market
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