Runaway Train

Oil is to the real economy as credit is to the banking system. When it dries up, everything grinds to a halt. The difference, of course, is the Feds can’t print their way out of an oil crunch.

Santacruz East, Mumbai

Wednesday, March 11th, 2026

By Tom Dyson, Investment Director

We’ve had the dial set to “Maximum Defense” for four years. But if I could turn the dial any higher today, I would. W…