Opinion
The Bill Comes Due: Why the Gulf War, Inflation, and the AI Crash Are One Story
The Gulf war, resurgent inflation and the crash in AI stocks are three July 2026 stories with one cause. On 8 July the IMF cut its global growth forecast to 3.0% and raised inflation to 4.7%, naming both. The condition has a name: stagflation. Thirty years of cheap money were borrowed from the future, and the margin call has arrived.