The pre-war days of $60 crude are not coming back soon
Options markets show optimism is giving way to euphoria
Most of them are not found in ivory towers
Nowhere in the developing world has done so well out of the past year
It will enrich an adversary
Vladimir Putin is still able to fund his aggression
Entrepreneurs, exchange operators and AI firms are creating tradable instruments backed by processing power
The household saving rate has plunged—but don’t panic
Smaller lenders are saddled with low-return bonds they cannot sell
The conditions and will for a deal are not what they were in 1985
The country is a case study in the spillovers of conflict—both positive and negative