Economy

The U.S. Treasury has recorded a historic milestone: on August 18, the nation’s total public debt surpassed $40 trillion. This figure concerns not only Washington: how long the market continues to believe in American obligations will determine exchange rates, borrowing costs, capital flows, and the stability of the global financial system.

A Trillion in Five Months

The yen's slide to multi-year lows has become currency traders' favorite scare story, but Japan's real economic troubles run much deeper. The falling currency is not the cause but the symptom: the country has spent decades accumulating imbalances that are now surfacing one after another, and the cheap yen merely highlights this chronic weakness.

A Demographic Time Bomb Without a Timer

Market capitalization is not an objective valuation of a company but a form of collective hypnosis among investors, multiplied by the number of shares outstanding. It reflects not the real worth of a business but what the market thinks about its future — and that thinking can shift easily under the influence of a single tweet or a report that almost nobody actually read.

If you're tracking where global capital flows are heading after the era of unconditional dollar dominance, here's a concrete indicator: trade turnover between China and Africa hit a record 1.41 trillion yuan in the first half of 2026, and each new transaction in this chain increasingly bypasses the American currency altogether.

Libya Opens a Direct Settlement Channel

The New Dollars: What Will Replace the Familiar World Reserve Currency by 2040

GDP has stopped being a reliable barometer of economic strength and stability. Events of recent years have turned it into a decorative gauge that shows growth where people are getting poorer, and prosperity where ecosystems are collapsing. Here is a fresh look at an old number.

GDP Counts Everything Except What Matters

Starting September 1, 2026, it will no longer be possible to exchange a waybill directly - the document must pass through an accredited electronic document management operator, for a fee, with an electronic signature and connection to the state system. Previously, two people could simply exchange a sheet of paper. Now a paid intermediary stands between them, without whom the transaction does not legally exist.

How It Will Work in Practice

By propping up the Japanese yen, the United States is effectively propping up its own dollar and, more importantly, the market for its own government bonds. The question is how much longer this dance can continue before energy prices force Japan to choose between saving its currency and paying its oil bills.

Friendship Worth $74 Billion

Skeptics have argued for years that the Arctic is just an expensive vanity project for the Kremlin—one that would never pay for itself. But with an unprecedented convoy of 15 oil tankers now forming in the Kara Sea, carrying cargo worth more than $500 million, it's worth revisiting that assumption.

A Convoy Unlike Any Before

Alexander Shokhin has, for the first time in a long while, openly broken with the course toward tighter tax administration - and he did so not as an ordinary lobbyist, but as someone who clearly senses that his institutional weight allows him to speak louder than usual.

The Numbers Behind the Nervousness