Blain’s Morning Porridge January 19th, 2026 - Andnow for something completely different“Your actions will lead to the fall of a great empire”(sotto voce “your own”.)Rising risks, geopolitical positioning, conflict, and strategiccompression will be the themes for coming decade. Who will rise, who will fall? What are the implications for markets. Do not expect easy answers. This is unlikely to play out as anyone predicts.That was an interesting weekend. What will it mean for markets? Would you be a buyer ofLong French bonds this morning? Where go Euro and Sterling from here? What will be the consequences on American Tech? Who will fund the US deficit now? How much gold is not enough?(As Europe is spurned by America, Emperor Xi and Tzar Putinmust be laughing their heads off. Trump’s great chums Peter Thiel, JD Vance, Palmer Luckey, and many other American billionaires, are great fans of JR Tolkien’s Lord of the Rings. I wonder if they see any parallels between the fall of Númenor and the present day. Asking for a friend.)Who would have guessed the Capitalist Age would end overGreenland? You can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠, and have it delivered fresh to your inbox every morning!

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