Mar 06, 2025
“Whatever it takes must now also apply to our defense”
In our note from April of 2020, which now feels like half a lifetime ago rather than less than 5 years (it’s not the years but the miles?), we wrote about how COVID and the related crises had “made it clear that in many ways, reality is more like Calvinball” than an orderly system: one where “the rules of the game around the world appear to be in flux”. This week has provided yet more evidence, if any more was needed, for this view. We all knew that “All is fair in love and war” but the Bund market can testify to how jarring it is when we are confronted with a stark case of “needs must when the devil drives, and the consequences be damned”.