Saudi Oil Revenues Surge 36% Despite Volume Decline
Things that make you go hmm: Saudi Arabia's oil export revenues rose 36% year-on-year to 93 billion riyals ($25 billion) in March despite a decline of more than 30% in crude and refined product export volumes, as higher oil prices boosted earnings, according to a report by Jadwa Investment. https://t.co/xSQFiK21ef
UK Turns Bedford Into Cultural Theme Park
I see the UK is doubling down on the idea that Europe's true comparative advantage lies in operating as a living museum/West world/theme park/cultural reservation. "United Kingdom Resort" in Bedford will feature immersive lands, innovative attractions, and story-driven experiences. Presumably themed...
Chinese Involution Blocks Effective Western Reinvestment
The below story about Chinese tech involution is really insightful. I think it perfectly explains why China has had such difficulty reinvesting capital into the West (beyond purely financial assets or assets it wants to strategically sabotage). Chinese FDI fell...
Turkey’s Dollar Swap Appeal: Trade Hub, Dollarisation, NATO, Gold
Speculation about Turkey getting access to a dollar swap "line" is interesting due to: 1) the role Turkey has played in facilitating trade between Iran and China. 2) the fact it is one of the most dollarised economies in the world (in...
Nvidia's SPV Mirrors Chinese Risk‑Shifting Finance Model
All the people freaking out about the Nvidia structure Michael Burry has just highlighted presumably have no issue with China using economically similar structures for years? To recap, Burry points out Nvidia/Xai are using an SPV for off-balance-sheet holding of...
China Shields SPR, Shifting Cost to Refiners
Interesting analysis from Michel Meidan at OIES on China’s not-at-all-diminishing energy stockpiles. Though, while the author demonstrates that China can avoid large SPR draws for a while through run cuts, yield shifts, export controls, discounted Russian/Iranian crude, and coal-chemical substitution, she...
Satirical 10‑point Plan: Labour Quit, Dollar‑peg, Technocratic Takeover
My totally outrageous and not at all serious 10 point plan to save Britain. 1) The entire Labour government does the honourable thing and resigns on the basis that remaining in office merely guarantees it will preside over the eventual loss...
UK’s Rentier Economy Relies on US Approval
It is soon going to be revealed the degree to which the UK’s financial rentier model which subsidises the entire country is dependent on America’s cooperation and blessing.
Bloomberg Leads Financial Press in Uncomfortable Market Truths
Also time to acknowledge that @Bloomberg is genuinely miles ahead of the FT and most other financial press when it comes to speaking uncomfortable truths that markets understand but politically minded people refuse to acknowledge until too late. https://t.co/3ene6uoHC0
France’s Nuclear Push Fueled Strategic Autonomy and Nixon Shock
I know I am probably 65+ years late to this, but I think I under appreciated how long France has been banging on about strategic autonomy for. And to what degree De Gaulle used negotiations around “force de frappe” as...
China’s $1 Trillion US Reinvestment Sparks Network‑Style Alarm
Discussion of a prospective $1 trillion dollar reinvestment plan by China into the US is basically this scene from Network👇 https://t.co/htvQHKHiXH
Trump Dismisses China Investment Deal, Chooses Confrontation
This FT piece says Chinese officials and business groups explored major investments in US infrastructure, manufacturing and green technology before and around the 2024 election period. But instead of pursuing a “grand bargain” based on inward investment and economic cooperation,...
Is France’s Post‑COVID Surge Powered by Its Nukes?
But I find myself wondering to what degree is France’s post Covid outperformance down to its nukes?
Unseen Union Breakup Mirrors Brexit, Unconscious US Split
The more I think about it the more this resembles a Brexit type situation. Except, it's a defection from a union that most people weren't even aware they were in. A kind of unconscious uncoupling from America. https://t.co/eqPaPPinTW
US Leverages Free Digital Services for Global Influence
The below, from the FT, is an interesting framing. But I would add another element to it. Given that most of these services are free at the point of use, it's not just that we are dependent on US services. Rebuilding...