Federal debt has passed $36 trillion, and the yearly gap no longer waits for a recession to appear.
From Hormuz to rare-earth plants, a handful of passages now sit between what the world makes and what you pay.
Deep Dive
Mining new deposits takes years. Building a working refinery takes a decade. The math favors whoever already owns one.
Tariffs, sanctions, strategic reserve actions: executive orders now move the S&P faster than any Fed decision. The transmission speed has changed.
SpaceX opened at $150, closed at $161, raised $75 billion. The largest IPO in history landed at a $2.1 trillion market cap.
Weekly Review
When the failure point is one company instead of one bank, the channels are the same. Only the names change.
May payrolls hit 172,000 against an 80,000 forecast. The S&P closed its first losing week in ten. CPI prints Wednesday.
