“Sometimes I’ve believed six impossible things before breakfast”Stock Markets partied higher yesterday, utterly unbothered by the optics of the Iran Deal. Bond markets look at the long-term risks – wondering what the consequences of the Iran war might trigger in the coming years when today’s new bonds are set to repay. Traders will be trying to figure out what a new world will look like, and just how sustainable US Bonds markets might be as the global economy shifts.I think I have used the classic Alice in Wonderland (actually, it’s from Through the Looking Glass) quote more times than any other over the nearly 20 years I’ve been writing the Porridge.It feels kind of apt this morning.Yesterday Global Stock markets hit record levels, rallying on the back of the Iran deal. However, we all know (even though many aren’t prepared to accept it as the actuality) that the deal represents a definitional defeat of the USA by Global Terrorist Central - Iran. Don’t take my word for it – read the editorial in the New York Times: President Trump Lost This War.Iran won an asymmetric war versus the strongest Military Nation on Earth – knowing Trump would not put the boots on the ground that would be needed to win it. There are lots of lessons the Chinese, Russians and NATO will be absorbing. Resilience is the new watchword.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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“What did the council decide on item 42?” — answered with the speaker and the moment.

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