Is Trump a freak of history or its fulfillment, an aberration or a culmination? The answer, surely, is both. But in the course of his presidency, Trump has revealed a much older malady: America’s unshakable faith in its ability to shape the world to its liking, indifferent to what others might want and supremely confident that its plan is the right one. Beyond Trump, it’s this disfiguring mentality we Americans must face.
Daily Archives: 27. März 2026
What Iran means for the dollar: a perfect storm for the petrodollar
(March 24, 2026)
The world saves in dollars in large part because it pays in dollars. The dollar‘s dominance in cross-border trade is arguably built on the petrodollar: globally traded oil is priced and invoiced in USD. This arrangement can be traced to a deal struck in 1974 where Saudi Arabia agreed to price oil in USD and invest surpluses in USD assets, in exchange for US security guarantees. Because oil is a core input to global manufacturing and transport, there is a natural incentive for global value chains to dollarize, and global surpluses to accumulate in USD.
The foundations of the petrodollar regime have been under pressure even before this conflict. Most Middle East oil is now sold to Asia not the US; sanctioned oil from Russia and Iran has already been trading off dollar rails; Saudi Arabia has been localizing defence, and experimenting with forms of non-dollar payment infrastructure such as Project mBridge.
The current conflict may expose further fault lines, by challenging the US security umbrella for Gulf infrastructure and the maritime security for global trade in oil. Damage to Gulf economies could encourage an unwind in their foreign asset savings held largely in dollars. In this context, reports that the passage for ships through the Strait of Hormuz may be granted in exchange for oil payments in yuan should be closely followed. The conflict could be remembered as a key catalyst for erosion in petrodollar dominance, and the beginnings of the petroyuan.
War on Iran could be ‚catalyst‘ for erosion of US petrodollar, Deutsche Bank says
The petrodollar helps keep borrowing costs down for US consumers and Washington, giving them big advantages over peers
Roy Cooper’s Chances of Flipping North Carolina’s GOP Senate Seat—New Poll
Former North Carolina Governor Roy Cooper, a Democrat, leads Republican Michael Whatley in the state’s U.S. Senate race, according to a new poll.
Democrats are eyeing a narrow path to reclaiming control of the Senate, where Republicans hold the majority. The North Carolina contest follows Republican Senator Thom Tillis’ decision not to seek reelection, opening up a seat in a state that has leaned Republican in recent federal elections but remains closely divided.
Humiliation in Trump’s Backyard Could Signal Worst GOP Midterms in 100 Years
(March 25, 2026)
Trump suffered a stinging political setback on Tuesday as Democrat Emily Gregory captured the Florida State House seat that includes his Mar-a-Lago resort.
Gregory defeated Republican Jon Maples in the special election for District 87, which covers parts of West Palm Beach, including Trump’s private club, where he still spends many weekends.
Senate unanimously moves to fund most of DHS, except ICE and border patrol, in rare overnight session
The agreement would fund other DHS components, such as the Transportation Security Administration and US Coast Guard, but the House will still need to act before funded agencies within the department can reopen.
(…)
However, asked whether he believes the House will adopt the same measure to fund most of the department, Thune said, “I don’t know what the House will do.”
‘I just want to go home’: Despair settles over the Capitol as DHS deal hopes evaporate
“It looks like everybody is going to stare at each other for a little while,” Senate Majority Leader John Thune said Wednesday, before nodding at lawmakers’ best hope for getting a deal — their overwhelming desire to leave town.
“You know how it is around here, it’s not Thursday yet,” he said.
(…)
One GOP senator, granted anonymity to speak candidly, summed up their feelings: “I just want to go home.”