The Strait of Hormuz “is open for transit”, Pete Hegseth, America’s war secretary, tried to insist last week. The only complication, he allowed, was “Iran shooting at shipping”. Indeed, that de facto closure has blocked roughly 15% of the world’s oil supply. The strait has become the focus of the war. If Donald Trump cannot wrench the route open, he may escalate elsewhere.

What is the legal equivalent of a nose-job (“lucrative, technically impressive and bleakly superficial”)? One hint: it’s among the fastest-growing businesses at the top law firms. No matter the economic climate, corporate lawyers always seem to come out fine. If things are going well, firms need counsel as they fundraise and spend. If disaster strikes, the prize can be greater still. Read Schumpeter’s meditation on why lawyers never lose.