Elon Musk is the richest man in history. With great wealth comes great power and influence. How wisely is Musk wielding that power? Switching off Starlink in Ukraine, threatening Europe with “devastating consequences” on satellite broadband, and whatever deals he doing on the regulation of his companies all beg closer examination. He raises questions about his accountability, and whose interests he serves.

Ukraine was stabbed in the back yesterday. Its defenders found their access to Starshield and Intel on incoming missile strikes suddenly blocked. Trump is saying nothing – but it's increasingly clear the orders came from POTUS. Trump is furious that Zelensky refuses to surrender Ukraine to his good chum Putin. It represents a new nadir of the Trump presidency.

The US economy looks rosy – if you are looking at the fantabulous promises of the Stock Market. The reality is very different. The scale of the $40 trillion National Debt is a problem that will not just go away and puts substantial limits on how the US can respond to any new economic or conflict crisis without risking massive inflation. Underlying the scale of the debt is not just poor spending decisions, but tax cuts that have accelerated the debt crisis.

The threat list to markets has suddenly expanded – plague, protests and increasing signs the AI boom is a damp squib. However, Sporting Investment remains a hot sector – which may require some tweaking as the full implications of the Man City financial scandal emerge. Durable sporting value requires sound corporate governance, managing the money to ensure competitive integrity, a growing and excited audience, and a clear flow of players from the grass-roots to the big leagues.

Defence has become the hot new sector, but investors need to understand the geopolitical reality, military requirements, the need for adaptation, and how the battlespace is changing. Defence needs to connect capital to warfighting capabilities that can be deployed now, adapted swiftly, and manufactured in unprecedented volume. The most effective way for the West to win is to demonstrate the will and ability to do so – which is the most likely way to deter our enemies from attacking.

What should markets be thinking about Andy Burnham’s conference speech yesterday? Gilts look to be giving him the benefit of doubt. Good in parts? He spoke well, proposed some positive policies and ideas, and gave an impression of a confident, positive politician set to deliver. The real issue isn’t just can Labour hold the nation steady and reverse years of negativity and low growth, but can any of the other parties do any better given the constrained state of the national finances?

Markets are worrying about a short-term interest-rate/inflation triggered correction, but something deeper may be approaching – a convergence between market, economic and political failures. It may be time to hedge against consensus expectations of “it will all be fine” and focus on factors like national resilience in terms of what nations thrive and which won’t!

Sailing is an easy way to distract me. Although water activities are thriving, the traditional sailing world is undergoing enormous change as a result of economic pressure and shifting societal trends. It’s only a tiny part of the overall economic picture but sailing hints at how the world may look in the future as affordability, economic confidence, and income inequalities start to divide society further into haves and have-not camps.

Kevin Warsh established a degree of credibility for the Fed and himself yesterday by hiking rates. The Fed is focused on fighting inflation – the best long-term option, but a short-term painful outcome for American voters. The coming electoral cycles in the USA, Europe and the UK will all highlight the power of money that’s driving the narrative. Big money from Crypto and Tech is driving political decisions. The electorate will suffer the consequences of policies set to elicit donations rather than foster long-term growth and economic security.

Europe is a diverse, culturally rich and fascinating continent but increasingly looks an economic basket case facing economic and demographic decline. Its suffering economic PTSD after successive shocks in Banking, Sovereign Debt and now Energy. Now it’s being squeezed between an unreliable USA and China’s proxy, Russia. Maybe that’s the challenge it needs?