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War headlines today.
- Houthis capture the entire Bab al-Mandeb coastline.
- Nuke alert: Pickaxe Mountain propaganda spreads.
- Saudis report lowest monthly oil output since 1990.
- UKMT reports four unknown projectiles hit two tankers in the strait overnight. How reassuring.
It was a relatively quiet day on the Persian front, but not in the markets. This is what happens when you suppress a price without addressing the fundamentals. Stability leads to instability in the end.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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