MARKET PERSPECTIVE

By J Mulraj

Mar 28 – Apr 5, 2026

Dinosaurs lived for longer than humans; they didn’t know how to build the bomb!

Image created by Raphael AI

Dinosaurs survived more than 3 times as long as humans, but were made extinct after planet Earth was hit by an asteroid. Had they known how to create a nuclear bomb, they would have become extinct sooner. Global “leaders” are trying to prove that point, waging One Battle After Another.

Between 1939 through 1945, US President Franklin Roosevelt initiated the Manhattan Project, led by J. Robert Oppenheimer, to create an atomic bomb using the technology of nuclear fission. The aim was to beat Germany in the race to develop one. The atomic bomb was developed when Harry Truman was President, and it was he who authorised its use in 1945 to vanquish Japan.

The Frankenstenian nature of these accursed weapons was discovered when 200,000 people died in two Japanese cities, Hiroshima and Nagasaki, on which they were dropped, many of them instantly or within days; some, affected by nuclear fallout, slowly, over months.

Despite the subsequent introduction of a Nuclear Non Proliferation Treaty to prevent a spread of this monstrously evil technology, several nations have sought them, simultaneously loathing them for their massive destructive power and coveting them for the safety they provide.

The nuclear Frankenstein proliferated anyway.

USA initiated an Atoms for Peace programme, and helped several countries, including India, with programs for civilian use of the technology, which they later developed.

The Soviet Union gave major assistance to China and to North Korea, which uses it for nuclear blackmail against South Korea and Japan. France helped Israel’s Dimona project, and many suspect Israel has nuclear weapons. China passed the technological capability to Pakistan, whose scientist, A Q Khan, had one of the biggest networks for illicit proliferation of the technology. He transferred centrifuge technology and blueprints to Iran, Libya, North Korea and others.

We have, with this war, ostensibly seeking to prevent Iran from converting its stockpile of enriched uranium, from reaching weapons grade, come full circle. Iran, including the current Supreme leader, has threatened to eradicate Israel, if it gets a nuclear weapon.

The true aim, according to another, interesting, theory posted on X.com, is different. The US is seeking dominance over energy supply, essential for, amongst other things, electricity generation. In the coming age of Artificial Intelligence (AI), which requires a huge amount of compute, it is electric power that separates the winners from the also-rans.

To achieve such dominance, the first step was to cut off EU dependence on Russian gas. Russia was provoked by Ukraine’s insistence on joining NATO, something Russia considered to be an existential threat to it. NATO missiles placed in Ukraine could hit Moscow with no time to intercept them. US then destroyed the Nord Stream II pipeline carrying Russian gas to EU.

This achieved several geopolitical aims of the US. It made EU dependent on America for its natural gas supplies. It made EU, shorn of cheap Russian gas replaced by far more expensive US gas, economically weaker. Large companies like BASF had to scale down and relocate. An economically weak Europe, unable (to be honest, also unwilling) to raise defence spending, became more militarily dependent on America.

The second step was to destroy Syria. This served to sever China’s Belt and Road initiative to gain access, through Syria, Iraq and Iran, to the Mediterranean Sea. This isolated Iran.

After that was the abduction of Venezuelan President in a surprise and daring operation conducted by its elite Delta Force. Venezuela has the world’s largest reserves of oil, albeit the dirty, heavy crude variety that a handful of refineries can process.

Now, if Trump manages to undergo a regime change operation in Iran, to a friendly one, as he did in Venezuela, then the US, with its own production of shale oil, becomes the leading energy producer, weakening OPEC.

This would give US, according to this theory, the ability to slow down China’s ability to generate the enormous amount of steady, dependable amount of base load electric power needed for AI compute.

Last week the BSE Sensex closed at 73319, for a weekly loss of 1213 points.

With Iran having effectively closed the Strait of Hormuz, Brent crude prices are hovering around $ 111/b level. Closure of the Strait has also affected the availability of nitrogenous fertiliser. The world desperately needs these now, for the spring planting season. Considering the time to traverse intervening oceans and then cross land to reach farms, its quite unlikely that farmers would get the fertilisers in time.

One can expect, therefore, not only high gas, diesel, petrol prices (sound like high GDP but its a coincidence of abbreviation), high food prices and high inflation.

Making one wonder why stock markets have not yet reacted downwards, as they should have.

Should a modicum of common sense miraculously enter the thick skulls of soulless leaders, resulting in a ceasefire, investors should take any relief rally that ensues as a selling opportunity.

Don’t wait for an asteroid, dinos!

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Comments may be sent to: jmulraj@asiaconverge.com