Notebook
Mini essays and margin notes on economics, markets, politics, power, books, documents, and the machinery beneath events.
Oil and the Cost of Passage
After threats in the Strait of Hormuz, oil prices spiked. The note says the real story is the cost of passage—narrow waterways, naval power, insurance and risk—not simply the price.
Marx and the spectre.
The note recalls Marx’s observation that “Communist” began as a smear and concludes that when labels like “woke” or “fascist” silence debate, the answer is to publish openly.
Trump and Iran
The note exposes the hollowness of Trump’s “ceasefire” claim: U.S. forces bombed a girls’ school, blockaded ports and issued threats; there is no ceasefire, only rebranded war.
The Pope’s Words
The note praises Pope Francis’ Cameroon speech condemning those who use religion to justify war. Contrasting billions spent on bombs with scarce healing funds, he called for conscience and care.
The American project.
The note argues the American project is fracturing; Trump widened cracks but successors will exploit them. Institutions decay and only patient, long‑term work, not quick fixes, can repair the tear.