Blain’s Morning Porridge May 5th, 2026 – Who will prove the eventual winners?“All the perfumes of Arabia will not sweeten this little hand…”The War/Not War in the Gulf rambles on – and the consequences mount. Careless markets are becoming anesthetised to the news – raising the risks of a shock destabilisation. The big question is what will follow? Who will be the winners from Trump’s misbegotten war?If anyone is still watching; what’s occurring in Trump’s War on Iran? While I still scan the news wires, nothing much registers anymore.Most folk in the markets are looking away – it’s just too embarrassing to watch. Trump threatens, postures, and pouts… but who is fooled? What plan? I’ve been told he’s hoping for an internal revolution which could be a long-time coming. What matters is shipping moving through the straits – which (unless you are a Russian Oligarch) generally ain’t happening.We watch the numbers and listen to the central bankers, concluding rising inflation and rising rates remain the most likely outcome. A sustained higher price for oil is one thing, but it’s more nuanced than that – as OPEC and NATO both unravel the world is changing faster than at any time post 1945.That’s nothing to panic over. Change is opportunity. There will be winners and losers. It’s getting easier to figure out who they might be.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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