One rule of finance is “follow the money”. The ructions and rising doubts on the sustainability of the US Treasury Market and dollar in the evolving post-US era economy means it may be time for investment transition strategies – where will the future lie? What aspects of US and other Western Democracies will thrive, and how much more investible will China and, perhaps, India become? What are the risks?

2026 looks likely to be the warmest year ever. Oceans are charged with energy to drive ever larger storm systems. Wildfires and droughts are ravaging the land. What if this is only the beginning? What if the climate is about to stage a chaotic breakout? Just how resilient will humanity be to a war with an implacable enemy that will give no quarter? What might it mean for the economy?

Stock Markets partied higher yesterday, utterly unbothered by the optics of the Iran Deal. Bond markets look at the long-term risks – wondering what the consequences of the Iran war might trigger in the coming years when today’s new bonds are set to repay. Traders will be trying to figure out what a new world will look like, and just how sustainable US Bonds markets might be as the global economy shifts.

You can’t keep a good market down. New record US levels seem to occur daily. But, why? The underlying picture of the US economy is not weak, but the political structures around it seem to be fraying. What might give and trigger the kind of reversal many expect, or might we get a more fundamental reassessment of what the USA will look like post-Trump?

Who needs nukes to win an Oil War when Water is the key? The Front-Line Gulf States are highly vulnerable to a Water War on their desalination plants. Yesterday Trump threatened to strike Iran’s water infrastructure – practically inviting Tehran to strike back! But the Strait of Hormuz is not Iran’s only Ace in the current war.

As the US and Israel attack Iran, confirming the Fire Horse threat of escalating conflict risks, do we also face a second social threat from AI triggering widespread social and wealth-inequality protests? Does 2026 risk becoming a double whammy hit on market sentiment and confidence?

There are times when the course of history takes on a momentum of its own, most often in periods of conflict around hegemonic change – as exist today. This year’s Munich Security Conference will address stressed and fractured global alliances – while markets should be figuring out how conflict risks have risen and potential outcomes worsened.

The frenetic pace of activity in Washington this week has left the commentariat stunned while dulling the market’s sensitivity to momentous events. Some of it is madness, while much of what Trump is doing makes curiously perverse sense – but what are the risks it all spectacularly unravels?

Venezuela bond prices have spiked higher on expectations of new investment, debt restructuring, and the monetisation of its oil resources. But how likely is it the nation can be reformed, attract new money, and satisfy the population while the old regime remains in place, and Washington demands to be paid?

October is coming. It is the scariest month for markets. And there is much to be scared about in Q4; unsustainable narratives driving bubbles, inflation and stagflationary threats, political uncertainty, and a market priced for perfection. I yell “correction”, but in the dying phases of a euphoric market – no one can hear you scream!