Let's call the whole thing off



The memetic power of the Two Week Pause remains undefeated, as President Trump sent SPY shorts scrambling with his mid-week announcement of a 14-day ceasefire between the US, Israel, and Iran. Despite calling for the destruction of Iran’s entire civilization over the weekend, the President suggested mid-week that he sees a long-term path to peace, which may or may not include the US administering the Strait of Hormuz in a JV with Iran (never mind all the bilateral attacks that continued even after the announcement). Much could be said about what the President called the “world’s most powerful reset” on Friday, and we continue to think that the legacy press has largely missed the mark on thinking through the implications of what it would mean if there is actually some kind of intentional reset going on – maybe something like a global economic reordering? – but for our purposes, the most noteworthy development in the week’s flurry of headlines was the report that officials in Iran are requesting tolls from ships through the Strait paid in bitcoin.

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