Iran War | Political & Economic Impacts

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SEN. ROGER MARSHALL: Look, I was wrong. I believe we obliterated those nuclear facilities, but now they're restarting nuclear programs in other places
 
nycfan said:
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Not quite the same thing but I had not seen this yet. JFC. How does he possibly have authority to assume this risk on behalf of the United States (despite current limits)? And does he have any idea how complicated it is to stand up commercial insurance like this?


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🎁 https://www.wsj.com/finance/u-s-pla...6?st=DZXFgt&reflink=desktopwebshare_permalink

“… The U.S. Development Finance Corp., part of the federal government, was tasked with implementing the $20 billion plan, an “America First”-style insurance program, led by American insurers.

This U.S.-centric idea ran counter to the market realities, according to industry executives.

Maritime war risks policies are sold mostly out of Lloyd’s of London, with foreign insurers covering foreign ships and cargo.

“There’s a whole ecosystem around war risks,” said David Smith, head of marine with broker McGill and Partners. “It’s very rare that U.S. insurers position themselves anywhere near that particular ecosystem.”

U.S. officials called London insurers and brokers, trying to figure out how the market operates, industry insiders said. Some have received calls asking for confidential data on the Lloyd’s market that participants have been reluctant to share.

The administration adapted its plan on Friday after shipowners and insurers questioned its practicality. The DFC pivoted to proposing using the $20 billion as reinsurance, or coverage insurers can buy to offset certain risks. …”
 
Fortune Mag: The US is running deficits thanks to Tangerine Palpatine of $50B/week - that $2.6T deficit/year and added debt per year for you math whizzes. The "excursion" re: Iran will only worsen this.

All to keep billionaires, Bibi, Putin, and Xi happy. 'Murica first!
 
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