Fed

Hormuz, $39 Trillion, and the Gold Question: Is the Petrodollar Cracking?

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Hormuz, $39 Trillion, and the Gold Question: Is the Petrodollar Cracking?

For half a century, the petrodollar arrangement looked less like a policy choice than a law of nature. Oil was priced in dollars, Gulf exporters recycled surpluses into U.S. assets, Washington provided the security umbrella, and the dollar’s global role fed on itself. The Iran war has reopened a question markets have tried to avoid … Read more

A Great Awakening: The Treasury, The Fed, and the Ghosts of Satoshi

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A Great Awakening: The Treasury, The Fed, and the Ghosts of Satoshi

It is summer in America, but the winds are cold in Washington. The smell of fear is sharp in the corridors of money, and the echoes of old gunpowder hang over the Potomac like a veteran’s breath. The battle is joined now—not with sabers but statutes, not with musket balls but Bitcoin wallets long silent, … Read more