EDITORIAL
The highest authorities know that maintaining a colossal appetite for risk and speculation is essential.
By Bruno Bertez
June 7, 2026
For some time now, a window of instability has been open in the stock market.
We were, and still are, in a state of “criticality” in the sense used by physicist Per Bak. This means the sandpile can collapse at any moment under the impact of a surprise piece of news, an event, or a shock that catches off guard not only market participants but, above all, those responsible for steering American policy.
In this case, the shock came from economic data that diverged from expectations—specifically, employment figures that were clearly stronger than anticipated, or rather, stronger than what had been more or less consciously hoped for.
These stronger-than-expected numbers invalidated the classic “not too hot, not too cold” scenario, which leaned toward the “too cold” side.
That narrative would have provided a convenient justification for further monetary easing.Markets had been hoping that, despite above-target inflation, the economy would remain soft enough to offset the need for greater monetary orthodoxy.
This critical situation arises during a period of transition at the Federal Reserve.
It is still unclear what the new Chair thinks or how he will respond, adding another layer of uncertainty.
In a normal market, a significant decline of at least 8% to 10% would be expected. But we are no longer in normal markets. We are no longer even in markets at all.We are on a battlefield.
The financial market has become both a tool of domestic policy—due to its countercyclical role—and a weapon (or Achilles’ heel) in the ongoing Great Geopolitical Confrontation.
The sequence is now obvious to everyone: American exceptionalism is fueled by the dollar, by its ability to attract global capital flows, and by its role in financing imperialism.
To put it clearly and concisely: the stock market is integrated into the American military and geopolitical apparatus. Just as Chinese industrial production is integrated into its military apparatus, American finance is integrated into its military apparatus.
I therefore openly and unambiguously add three far more important missions to the Fed’s stated objectives of employment and inflation control—missions that must remain hidden and unacknowledged:
- Financing budget deficits and rolling over debt;
- Ensuring the stability of the financial pyramid;
- Providing geopolitical and military leverage to the government.
While all these elements are interconnected, there is a clear hierarchy.
The military function is the supreme one; it determines everything else.
We are operating in teleonomic spaces—domains where authorities wage a constant battle against the spontaneous forces of the market to achieve higher-order objectives.
These are more than national goals; they are systemic objectives aimed at preserving the system itself.
For individuals, finance remains an end in itself, with its function of wealth creation. However, it is subordinated to a much higher imperative: preserving the American system and its central position of global dominance.
We are not merely in an economic war. We are in an existential, ontological war. What is at stake is not the state of the system with slightly more or slightly less growth. What is at stake is its very capacity to survive and reproduce itself—along with the social and global order that accompanies it.
This is precisely why the American (and Western) super-elites tolerate Trump.
They may dislike him, but he is fighting the battle that suits them: the battle to defend their ability to extract wealth from the rest of the world.
In this context, the apparent madness of the rush into Artificial Intelligence, the unprecedented mobilization of capital, the implicit socialization and semi-nationalization underway, and the importance of a buoyant stock market all become much clearer.
None of this is possible unless—and only unless—the appetite for risk remains strong.The highest authorities know that maintaining a colossal appetite for risk and speculation is essential.
Draw the necessary conclusions.
brunobertez 