Marginal Thinking research related to Energy.
Oil at US$107–108, the 10-year Treasury up to 5.04% and a strong dollar turn the energy disruption into a cost-of-capital shock; credit still does not confirm a systemic crisis.
Capital continues to gravitate toward U.S. assets while states diversify buffers and productive capital migrates toward energy, mineral processing and AI infrastructure.
Global financial wealth remains anchored in the United States while sovereign capital, mineral processing, chips, data centers and electricity reshape the capture of future income.
Where global wealth is concentrated, who controls the bottlenecks required to produce future wealth, and how capital, resources, technology and economic power are migrating.
A supply shock, the 10-year Treasury at 5%, a semiconductor correction, weak Chinese credit and Brazil's election enter the same transmission map.