In the week after the Bank of England once again raised rates, our geopolitics lads are entertaining the theory that this is about more than just crushing inflation. Britain is being forced to shadow the Fed, as 'carry' becomes ever-more important in an unsettled global forex market. Andrew Collingwood sees Zungzwang in Britain's future: the unpleasant consequences of stagnation and debt overhang are all coming home to roost. In the UK today, when it rains it pours. Meanwhile, California's budget deficit has hit ten percent, and Philip Pilkington sees this as emblematic of a bigger problem in the US: the collapse of the Friends and Seinfeld era. As the city becomes less and less palatable, and as blue state city mismanagement seemingly becomes the norm, how will our economies terraform to a more suburban 21st century? Finally, the lads are giving Giorgia Meloni a bit of rate or slate action. Italy is pulling out of Belt & Road. What does this seismic event tell us about her, and the country's future? Is it possible to be both a populist and an Atlanticist?