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Analysis

Banksy’s “Napalm”: nine-year-old Kim Phúc, burned by U.S. napalm in Vietnam, flanked by Mickey Mouse and Ronald McDonald

What have the Americans ever done for us?

From Hiroshima to Guantánamo, from Guatemala to Iraq: as American hegemony fractures loudly and in real time, history demands we finally ask what the world’s last empire is now leaving behind — and for whom

AA Bronson, White Flag #9, Rabbit skin glue, Champagne chalk, raw honey on wool, cotton and metal grommet on linen, 2014

Debt, not war: the logic of hegemonic transition

In 1956, a phone call ended an empire. Not with bombs, but with bonds. Today’s hegemonic transition follows the same logic: power shifts not on battlefields, but through debt, currency and control of financial infrastructure

Illustrated hourglass with miniature shipping containers falling instead of sand over a vintage world map showing global maritime routes

Hormuz shock and the shipping gamble

The duration of the crisis in the Strait of Hormuz will determine whether shipping markets see a temporary freight-rate boom or face the early signal of a broader global economic slowdown