The Macro View

The ancient proverb warns that lightning never strikes the same place twice—yet Europe found itself scorched by energy shocks in the 1970s and again in 2022, each time forcing a fundamental reckoning with how economies transform adversity into adaptation. After a brief hiatus from my regular articles while I’ve been deep in revisions for my […]

When a single digit separates panic from prosperity, you know markets have stopped thinking and started feeling. The People’s Bank of China set its central parity rate at 6.9929 against the U.S. dollar on January 23, 2026—the first time the fixing slipped below the sacred seven since May 2023. Financial media erupted. Analysts pontificated. Trading