Blain’s Morning Porridge May 12th, 2026 – The NACHO Trade and What it Might Lead To“It may look pure, but only because blood washes so easily from its blade…”Trump is running out of options over Iran. Bluff and Bluster won’t fix it. When he visits Beijing this week, he will be up against Emperor Xi – who holds all the cards; sufficient oil reserves, dominance over global supply chains, and critically the ability to shut off the single most important commodity in the world today – Chips. On Wall Street they are calling it the NACHO trade – “Not a chance Hormuz Opens”. As US stocks continue to hit record levels on the back of AI FOMO, it would seem economic crisis Trump has inflicted across the rest of the World is an amusing little joke. Ha f*ck*ng ha. The rest of the world is not laughing. The damage is very real.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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