Click McScroll

Good Morning from Germany, where the public deficit rose to €127bn in 2025, up from €104bn a year earlier. That is the highest level since the 2022 energy crisis. The biggest increases came at the federal and local government levels. Higher federal spending was meant in part to support the social security system. Pension insurance, for example, received a subsidy that was €6.5bn higher than in 2024. The govt also provided loans to the Federal Employment Agency (€1.4bn), the health insurance system (€2.3bn), and the long-term care insurance system (€0.5bn).

The B-52s are turning back Long your longs

It is unfortunate that the UN Security Council has once again failed to demonstrate effectiveness and act decisively in the face of such a global threat as the Iranian regime's blockade of the Strait of Hormuz. No one should be allowed to block such globally significant sea lanes or undermine the security of dozens of nations through terrorist attacks against the freedom of navigation. We faced a similar challenge in the Black Sea when the Russians attempted to block our ports and civilian shipping—Russia was trying to suffocate our economy. And we found a way to solve that problem through decisive action, not inaction. Now, we see a similar problem on a global scale. The Strait of Hormuz must remain open to all vessels that sustain vital economy lifelines and maintain normal international trade. Countries in the region have spoken clearly on this, and we support the aspirations of the people of the Middle East and the Gulf for peace. Peace and security in this region directly impact stability, market predictability, and the cost of living in every single country. Such problems and this war must not be prolonged. The world needs a functional UNSC that acts more decisively to resolve acute security challenges of global magnitude.