President Donald Trump made light of a global crisis Friday when he jokingly called the Strait of Hormuz the “Strait of Trump” during a speech in Miami, even as Iran’s blockade of the waterway threatens to trigger the biggest financial shock since the pandemic.
The president drew laughs at the Future Investment Initiative when he said Iran must “open up the Strait of Trump, I mean, Hormuz.”
He later insisted it was no accident, saying “there’s no accidents with me, not too many.” The New York Post reported Friday evening that Trump is actually considering taking control of the strait and renaming it after himself.
But there’s nothing funny about what’s happening in global markets. The strait normally moves 20 million barrels of oil each day. With that flow blocked as the war enters its second month,
Brent crude prices have jumped nearly 50% to over $110 per barrel. The S&P 500 has fallen more than 7% this year. The Nasdaq has entered correction territory. The VIX fear gauge has climbed above 30 as of March 27, its highest level in a year.
Wall Street’s biggest worry isn’t the stock market, though. It’s what’s happening in private credit, the $3 trillion shadow banking sector that operates outside traditional banks.
Shadow banking’s broken business model exposed
The industry was already struggling before the war started. Now, soaring oil prices threaten to push it over the edge.
Private credit has grown by more than a trillion dollars since 2020, with Morgan Stanley predicting it could hit $5 trillion by 2030. But the business model has a fatal flaw when oil prices spike. Many lenders borrow short-term and invest long-term, which works fine when interest rates are falling.
Rising oil prices mean rising inflation, which means higher interest rates, and that leaves private credit funds paying more to borrow money than they earn from their loans.
Global contagion risks loom as crisis spreads
If private credit collapses in the US, the damage will spread globally. Private equity invests heavily in Europe. Insurance companies in the US, Europe and the UK have large exposures to private credit.
Some voices on Wall Street are trying to calm nerves. Torsten Sløk, chief economist at Apollo, argued markets are overreacting to what will likely be a four to six-week period of volatility.
But Zachary Griffiths at CreditSights offered a darker view. “The longer we are in this situation, the more vulnerable and the bigger risk it becomes to private credit and the overall economy.”
and in case you missed this:
Oh Look Pete Hegseth has decided to narrow the religions "approved" by the military...hmmmm approved by whom you ask??? And require chaplains to replace the rank insignia on their uniforms with their religious insignia...Shoving religion down our throats as religion is defined by the white christian nationalist Sect of Defense...aka war
Nugget: Hegseth said the War Department will be significantly streamlining the number of faith code affiliations for service members.
Additionally, the secretary announced that the rank insignia military chaplains wear on their work uniforms will be replaced by their religious insignia.
Regarding the reduction in religions identified by the military's faith and belief coding system — which will now be renamed to "religious affiliation codes" — Hegseth said the overhaul was necessary due to the current system having grown too big.
"The previous system had ballooned to well over 200 faith codes. … It was impractical and unusable, and many codes were never used at all," Hegseth said, adding that a significant majority of service members — 82% of whom identify as being religious — use only six of the codes.
Hegseth said the number of religious affiliation codes will now be reduced to 31, bringing them in line with their original intent.
"This brings the codes in line with its original purpose, giving chaplains clear, usable information so they can minister to service members in a way that aligns with that service member's faith background and religious practice," Hegseth said of the change.
Regarding the second reform, directing military chaplains — all of whom are officers — to replace the rank insignia on their uniforms with their religious insignia, Hegseth said it speaks to the "difficult balance of the duality" of being a chaplain in the military.
"A chaplain is first and foremost a chaplain, and an officer second. This change is a visual representation of that fact," he said.
aside: Hegseth justified these cuts by stating that an "overwhelming majority" of service members used only six of the 200+ codes, and the change aimed to combat "political correctness" and "secular humanism" within the military. He stated this move would align with a "distinctly Christian faith" focus.
part one: Jeff Bryant
Jeff Bryant is a writing fellow and chief correspondent for Our Schools. He is a communications consultant, freelance writer, advocacy journalist, and director of the Education Opportunity Network, a strategy and messaging center for progressive education policy. His award-winning commentary and reporting routinely appear in prominent online news outlets, and he speaks frequently at national events about public education policy.
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How Will Trump’s Supporters React To Seeing School Vouchers Program Increase Chinese Influence? – OpEd. https://www.eurasiareview.com/25032026-how-will-trumps-supporters-react-to-seeing-school-vouchers-program-increase-chinese-influence-oped/
