The Marginal Buyer Is a Carry Trade
Chinese banks are buying Treasuries. Nobody knows how much. The interesting part is who stopped.
The Receipt
They sold you a war about centrifuges. It was a wealth transfer that drained the arsenal, exposed a decade of strategic neglect, and tied the rebuild to China and you paid for all of it at the pump.
The Reserve Crown Is Earned, Not Inherited
The dollar isn't being replaced. It's being unbundled, and the first phase of the transition is the U.S. trying to become the protocol before something else does.
The Damage Is Already in the System
Oil does not need to go to $150 to matter. A month of shutdown drag plus a war-driven energy shock is enough to turn the next GDP print into a warning shot.
Who Benefits From Stagflation?
War, debt, and AI walk into a bar. Capital buys the next round. Labor picks up the tab.
Same Movie. New Branding. Different Ticker Symbols.
Why the Iran conflict looks less like a security crisis and more like a balance sheet operation.