It hasn’t happened since 1914, but invading Mexico is suddenly back in fashion. Dan Crenshaw and Tom Cotton want to send US Security Forces across the Rio Grande. Vivek Ramaswamy wants a shock and awe campaign in the drug war. For all the obvious aesthetic value, this week, we consider: Is it actually a good idea to invade a neighbouring state? Ursula von der Leyen has launched an EU probe into Chinese EVs. Coincidentally, it seems, at the exact moment that Chinese EVs are rapidly overwhelming their German and French competitors. Is this yet more evidence that the old WTO world is breaking down under the intensity of Far Eastern competition? Or is it just an entirely randomly-timed, totally-above-board probe? Remember stock buybacks? When the QE financial firehose was first turned on, CEOs with nothing better to do found they could boost shareholder value by simply buying up their own equity with free money. But as rates normalise – and the tide goes out on all those overvalued corporations – it’s time to see who was swimming naked.

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