Crossing this afternoon *FRANCE'S CREDIT RATING DOWNGRADED TO A+ FROM AA- AT SCOPE The U.S. credit rating is AA+ -- Trump will be upset because he thinks Sovereign (Government) yields are set by credit rating. The best credit rating gets the lowest yield. As the chart shows, France has had lower yields than the U.S. since 2013 (13+ years now) despite being a lower-rated credit, and now even lower. Better credit ratings getting lower yields works really well for junk-rated Atlantic City casinos (which he is an expert on), but not for government yields. Government yields are set on inflation expectations, growth outlooks, and borrowing amounts. So, why are French yields lower than US yields? They have lower inflation, smaller deficits, and much weaker growth.                 Real Deficits Nominal GDP   Inflation    (% of GDP)     GDP US           2.3%    3.2%               6.0%         5.3% France    0.9%    1.8%               4.7%          2.2%

Crossing the Italy–France border in a Tesla is always a reality check. Same Supercharger network. Same Model Y. Same short drive across the Alps or Riviera. Yet the average price: • France: ~€0.28/kWh • Italy: ~€0.44/kWh That’s more than 50% more expensive on the Italian side. Energy taxes, regulation, and electricity mix make a bigger difference than most people realize when you’re living on the road. Anyone else seeing this gap every time they cross?

HORMUZ CROSSINGS FALL BY HALF AS BAB EL-MANDEB TRAFFIC HOLDS STEADY - VESSEL ACTIVITY THROUGH THE STRAIT OF HORMUZ DECLINED SHARPLY ON 31 AUGUST, WITH FIVE CONFIRMED CROSSINGS, DOWN 50% FROM 10 THE PREVIOUS DAY || FOUR VESSELS ENTERED THE MIDDLE EAST GULF, WHILE ONE EXITED. THE CROSSINGS FOLLOWED A MIX OF IRANIAN, OMANI AND NEGOTIATED ROUTES AND INCLUDED TWO SHADOW-FLEET VESSELS AND ONE SANCTIONED VESSEL.