Two things struck me from the Opinion page:

–“The only thing that is novel about Trump’s Iran war is the immediate obviousness of its bankruptcy.” Basically, as the FTs US chief correspondent sees it, this is the LBJ Vietnam playbook, as well as Bush’s in Iraq–administrations dazzled by US military might, but with no understanding of the political/social situation in the countries we attacked. Look how those worked out.

–“The Gulf crisis may just be starting” writes the FT’s chief economist, and may morph into the “biggest energy crisis in history.” The main premise is that the world’s overall demand for oil is relatively inflexible. While the Trump blockade may ultimately succeed (if that’s the right word), it could easily trigger higher inflation, higher interest rates and recession before reaching its end goal.

If any of this is close to the mark, we as stock market investors may soon have more to worry about than the pecking order within the tech sector. I hope not, but will the gigantic clown car that Washington has become figure things out in time?