NBC presents falling stocks, rising Treasury yields and volatile oil as separate market reactions to war. Put the pieces back together and a deeper political economy appears. The struggle over Hormuz is raising the cost of energy and global circulation while Washington is already refinancing enormous debts under sharply higher real yields. Those pressures don’t fall evenly: workers, indebted households and vulnerable importing countries absorb higher costs while energy producers and concentrated technology capital occupy very different positions. What looks like market turbulence is really a struggle over the rising material and financial cost of American command—and who gets forced to pay the bill.
The Bill for Command: Hormuz, Treasury Yields, and the Rising Cost of American Power
