Middle East The UAE–Russia Relationship
Why does the UAE maintain ties with Russia despite sanctions?This report explains their calculated cooperation through energy, finance, and realist geopolitics.
global-economy
Middle East 
GOLD Why Governments Hold Large Amounts of Gold
Why do governments and central banks hold so much gold?This report explains Ray Dalio’s view of gold as ultimate insurance against currency debasement and geopolitical risk.
GOLD How Will the Dollar’s Dominance Change?
Will the U.S. dollar lose its dominance?This report explains how dollar power is eroding—not collapsing—through Ray Dalio’s Big Cycle, debt, and geopolitics.
Report Is the United States in Decline?
A Macro Perspective on the U.S. Economy Through Ray Dalio’s “Big Cycle” FrameworkI. IntroductionWhy Does the Strongest E...
Global Economy Why Japan Has Not Gone Broke
Why hasn’t Japan gone broke despite debt over 200% of GDP?This report explains Japan’s sovereign debt through Ray Dalio’s Big Debt Cycle, financial repression, and central bank intervention.
Middle East The Kafala System and the Economic Development of the UAE
An economist’s analysis of how the Kafala system enabled the UAE’s rapid growth by managing labor, externalizing risk, and avoiding an immigration state model.
Global Economy The UAE’s Economic Development and the Kafala System
A Structural Analysis of Indian and African Labor Inflows within a Managed Globalization FrameworkExecutive SummaryThe r...
Middle East Dubai Economic Outlook 2025
Why are African and Indian HNWIs moving to Dubai? This report analyzes Dubai’s 2025 economy, wealth migration trends, and its role as a global capital platform.
Japan Japan’s Quiet Equilibrium
Why hasn’t Japan gone broke? Using Ray Dalio’s debt cycle framework, this report explains Japan’s high-debt equilibrium, monetary repression, and long-term risks.
Invest The Choice Not to Break
Ray Dalio devotes a standalone chapter to Japan in How Countries Go Broke. This report explains why Japan avoided collapse—and the long-term costs of low growth, silent adjustment, and intergenerational burdens.
Japan Long-Tail Risks of Monetary Tightening in Japan
This academic report analyzes the long-tail risks of Japan’s monetary tightening, focusing on structural uncertainty, expectations, fiscal sustainability, and global spillovers.
Japan Macro-Financial Stress Scenarios Following
Japan’s interest rate normalization may trigger credit tightening, yen volatility, and global spillovers. A macro-financial risk analysis for policymakers and investors.
Japan Global Macro Economist Report
The U.S. extension of sanctions exemptions for Sakhalin LNG is not a technical adjustment, but a structural shift in sanctions economics. This report analyzes its implications for Japan, inflation, energy markets, and alliance stability.