A quick, easy end seems less likely by the day...not the end of the world, but it is the beginning of a new cycle of global political volatility in markets dependent on the Black Sea.
Triple leverage is triple risk. And that doesn’t count the cost of management, various fees, and the interest on the borrowed money facilitating the leverage.
Interest expense is already overwhelming the government budget. The Treasury forked out $1.36 trillion in fiscal 2026. That was an 11.5 percent increase over the previous year.
For the life of me, I can’t figure out how a veteran reporter left out the fact that revenue increased while creating the impression that it fell. I’ll let you speculate on the reasons.
