The War, The Yield Curve, The Fed, Private Credit, and Gold

I. The War

Carl von Clausewitz, the Prussian general and military theorist, famously observed that "war is a mere continuation of politics by other means." He argued that war is never an end in itself. Instead, it is a tool used by states to achieve a specific political objective. Therefore, the military strategy must always be subordinate to the political goal. If the political aim changes, the military effort must adapt accordingly.