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The Dow Jones Industrial Average dropped 0.87% on Monday as rising bond yields pressured cyclical sectors, while energy and crypto assets surged in response.

New NBER research using ancient coin data tracks the shift of economic power from the Mediterranean to Atlantic Europe and the Middle East by the ninth century.

The 1898 pivot from republic to empire created a permanent, debt-funded interventionist state. Understanding this history is key to assessing sovereign risk.