Izabella Kaminska writing at FT Alphaville:
How following the money is the only way to cut through the strategic weaponisation of ambiguity.
Here at FT Alphaville towers we don’t pretend to be geopolitical experts. We are generalists who like to sweep into subjects intensively as and when they become market relevant.
But one thing we do think we are pretty good at is homing in on Titanic-sized blind spots before they become broadly acknowledged fact.
And one such market blind spot — the potential mother of them all — is that markets are overlooking the risk that an active state of international “hybrid warfare”, which has been in play for a number of months if not more, will soon intensify into a hot war.For now, the idea that World War 3 has arrived in the form of a very active, but largely invisible, shadow hybrid war remains a fringe theory.
Nonetheless, in recent weeks, the force of realpolitik has set its sights on converging conflicting narratives about Russia in such a way that they have no choice but to reconcile. When they do, one of those narratives may emerge as more true (or important) than the other, prompting a potential reappraisal of current allegiances....
....MUCH MORE
