en English Economics Jun 5, 2026 Markets are flying high despite geopolitical turmoil because a broad-based willingness to keep spending has been matched by an ability to keep doing so. But as more economic participants exhaust their means and rely on debt, a painful moment of truth will arrive—sooner rather than later if the Strait of Hormuz remains closed. CAPE TOWN—As summer begins, a detached observer of global affairs might conclude that financial markets are facing darker days.