Exorbitant Privilege
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The Flying BMP’s Mykhailo Drapatyi Takes Command. How will he shape the war?
Ukraine changed its top soldier last week. President Volodymyr Zelenskyy named Major General Mykhailo Drapatyi commander-in-chief on 22 July. He removed General Oleksandr Syrskyi, the architect of Kyiv’s 2022 defense.
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The Liquidity Wave: How the OpenAI and Anthropic IPOs Will Reshape San Francisco Home Prices
Two trillion-dollar listings are converging on a single city. We trace how paper wealth turns concrete, why the bidding wars began early, and what the last tech cycle says happens next.
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Ankara’s Arms Ledger: How NATO’s 2026 Summit Reshapes the Transatlantic Defense Industry
NATO leaders unveiled more than €50 billion in new arms deals in Ankara. We trace how the pledges redraw defense-industrial power on both sides of the Atlantic — and expose an autonomy paradox hiding in the fine print.
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The Slow Repricing: Climate Change, Insurance Costs, and the Bill Nobody Sees Yet
Reinsurers reprice every twelve months and can walk away. Homeowners reprice never. That asymmetry decides who carries the cost of climate change, and the answer is not the reinsurers.
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IG Farben’s Long Fall: How Europe’s Biggest Company Outlived Its Own Verdict
IG Farben made all of Germany’s synthetic rubber and 84 percent of its explosives. It built a factory at Auschwitz where roughly 25,000 people died. A tribunal convicted thirteen of its directors in 1948. Every one of them walked free by 1951.
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First Abu Dhabi Bank: A Fortress Balance Sheet Meets a War Economy
FAB’s first-quarter profit fell for the first time in years — not because the bank stumbled, but because it chose to brace for a war it didn’t start. A close read of the numbers, the region’s policy response, and what both leave exposed.
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Brexit at Ten: The Slow Subtraction That Reshaped Britain’s Economy
A decade after the vote, the cost arrives not as a crash but as a permanent discount — written into Britain’s trade, its investment, its currency, and the capital quietly leaving London.
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Austria on the Edge: What a Kickl Government Would Mean for the Nation, Its Economy, and Europe
Austria’s governing coalition of conservatives, social democrats, and liberals commands just 48 percent of parliament — a single defection away from collapse. Meanwhile, the far-right Freedom Party (FPÖ) polls at 38 percent, its highest level in modern history. The question Austria faces is no longer whether Herbert Kickl reaches the chancellery, but when — and what that moment will cost.
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A $2.4 Trillion Company That Has Never Made a Dollar of Profit
SpaceX priced the largest initial public offering in history at $135 a share. Nine days later it trades near $185 — and the bell-ringing crowd skipped past the part of the story that lives in the prospectus.
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Fervo Energy: Earth’s Heat and their Wall Street’s Bet
Three weeks after its Nasdaq debut, Fervo Energy (FRVO) sits in an uncomfortable and fascinating place: a company that has genuinely revolutionised one of the oldest energy sources on earth, trading at a valuation that prices in a revolution that is still mostly on paper. That tension — between proven technology and unproven scale — defines the entire investment case.
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The Bank That Rules Couldn’t Reach. The rise and fall of Bank of Credit and Commerce International
For nineteen years, the Bank of Credit and Commerce International laundered money for dictators, drug lords, and intelligence agencies across 78 countries. What finally ended it wasn’t a regulator or a whistleblower — it was a fake wedding in Tampa, Florida.
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The Price of Protection: How America’s Tariff Gamble Is Rewriting the Rules of the Global Economy
From “Liberation Day” to the Supreme Court’s verdict, 16 months of escalating trade war have raised prices for 340 million Americans, fractured global supply chains, and forced institutions from the IMF to the Federal Reserve to confront an uncomfortable truth: tariffs tax the people they claim to protect.