A currency does three separate things. In 2026 they started moving in opposite directions at once — and the job everyone watches is the one that matters least. In the first quarter of 2026, three measurements of the dollar's standing pointed three different ways in the same window. Its share of the world's official foreign-exchange … Continue reading Currency: Three Jobs, One Word
Tag: geopolitics
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
