The son replaces the father
Latest Processing Gap
The gap: financial markets cannot distinguish between the gesture of peace and the substance of it. A unilateral announcement contradicted by the other party moves the Dow more than the assassination of a supreme leader moved it a month ago. The collective nervous system has metabolised the war itself — it's the prospect of its ending that produces volatility now. Hope has become more destabilising than violence.
Appearances
Mojtaba Khamenei, elected supreme leader on March 8 to replace his assassinated father, issued his first public message vowing to "avenge the blood of our martyrs" and continue blocking the Strait of Hormuz. Trump responded by threatening to destroy Kharg Island — Iran's crude oil jugular — unless Tehran "quickly accepts a deal." Iran denied any dialogue was occurring. Markets surged anyway.
The gap: financial markets cannot distinguish between the gesture of peace and the substance of it. A unilateral announcement contradicted by the other party moves the Dow more than the assassination of a supreme leader moved it a month ago. The collective nervous system has metabolised the war itself — it's the prospect of its ending that produces volatility now. Hope has become more destabilising than violence.