Is the peace deal with North Korea legit? Why would North Korea accede to a deal? The behind-the-scenes diplomacy is as yet unknown, but we speculate that the matter may be akin to Libya’s voluntary decommissioning of its nuclear program in 2003. The message for markets? Markets without effective policing invites piracy.

Despite not infrequent isolationist lapses, the U.S. has taken a lead role in policing markets since the beginning of the Republic. Peace on the Korean peninsula would remove a nagging
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