Something that got mentioned in one of the better geopolitics forums I keep an eye on is that the hardware apparently used in this attack is very, very low tech. Basically hobbyist grade shit that hundreds of thousands of relatively competent engineers around the world could build using entirely off the shelf parts
Those are apparently pictures of some of the "drones" that were part of the attack, but shot down by Saudi forces. If you can bring 5% of world oil production to a screeching halt with a couple thousand bucks worth of gear off of aliexpress, the future might fucking suck.
Borrowing rates skyrocketed on Tuesday in a corner of the markets the public rarely notices but that is critical to the functioning of the global financial system.
Above my pay grade. I get it, in that I get that intrabank lending rates spiked and that's bad so the fed came in to provide liquidity (which is their function after all) but I don't know which (if any) of the floating theories are right. We're well into monetary voodoo here.
Seems like it was a coordination error by the Fed that caused a shortage of overnight supply of cash. Unbalanced bond sales versus redemptions took 50 billion out of the market at the same time that corporations cashed in 20 billion + to pay income taxes.
Not uh-oh, I think. It’s still all about consumer spending.