menu_open Columnists
Jason Ma

Jason Ma

Fortune

We use cookies to provide some features and experiences in QOSHE

More information  .  Close

China will remain an ‘incomplete superpower’ until it can catch up with U.S. financial might, market veteran says

"For decades, it has kept its financial system more tightly sealed than any other major nation."

18.05.2026 5

Fortune

Jason Ma

Supply shocks weren’t random. They were strategic—and should be seen as ‘supply coercion’ instead, former Fed official says

"The word 'shock' assumes the world resets. The world has stopped resetting."

17.05.2026 4

Fortune

Jason Ma

Markets are jittery as the global oil crisis bleeds into a global debt selloff, while Trump weighs new military options on Iran

Trump told Axios "the clock is ticking" for Iran and warned if the regime doesn't make a better deal "they are going to get hit much harder."

17.05.2026 5

Fortune

Jason Ma

The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs

Yields for 10- and 30-year JGBs have soared to the highest levels since the 1990s, and the central bank is expected to tighten for the fifth time...

17.05.2026 5

Fortune

Jason Ma

Oil markets could be a month away from the moment of truth. Brace for a ‘non-linear’ price spike and panic buying, analysts warn

Oil prices could top $130-$140 a barrel next month if the strait remains closed and inventory depletion rates remain steady, according to Capital...

16.05.2026 7

Fortune

Jason Ma

Former top Russian official admits the country is over Putin and can ‘imagine a future without him’ — even elites bail as Kremlin seizes their assets

People are required to be loyal without being told what future that loyalty serves."

16.05.2026 7

Fortune

Jason Ma

SpaceX heads into a record-shattering IPO with the ‘deepest moat that exists today’ as investors vow to ‘never bet against Elon’

SpaceX is seeking to raise up to $75 billion at a valuation of $1.75 trillion.

16.05.2026 10

Fortune

Jason Ma

Demand for longer-term U.S. debt gets weaker as one shock after another stokes fear that high inflation is here to stay

On Wednesday, the Treasury Department sold $25 billion of 30-year bonds at a 5% yield for the first time since 2007.

15.05.2026 7

Fortune

Jason Ma

Forget U.S. debt, China’s total borrowing is in ‘a league of its own’—much worse and deteriorating faster, analyst says

China's total debt across the public and private sectors is now 300% of GDP.

11.05.2026 7

Fortune

Jason Ma

Market guru Yardeni sees S&P 500 hitting 8,250 this year, highest among top Wall Street forecasters, as earnings bolster ‘Roaring 2020s’

"Our key assumption is that the economy will remain resilient, and so will earnings."

10.05.2026 4

Fortune

Jason Ma

Markets sell off as U.S.-Iran ceasefire plans go nowhere, leaving Trump with military options to reopen the Strait of Hormuz

Trump soon blasted Iran's response as "totally unacceptable."

10.05.2026 5

Fortune

Jason Ma

The global economy is experiencing the largest capex cycle ever, with nearly $5 trillion seen by the end of the decade—and it’s not all AI spending

At the same time, AI capital spending, while overlapping with the energy transition somewhat, is also galloping ahead full speed.

10.05.2026 6

Fortune

Jason Ma

Russian debt defaults are surging, with a quarter of the bond market at risk, while Putin hides in bunkers fixated on his war instead of the economy

There were 11 technical defaults in 2024, 24 in 2025, and already 11 in just the first three months of 2026, according to Izvestia.

09.05.2026 8

Fortune

Jason Ma

The federal government must issue more debt than it expected as cash flow weakens, and ‘the bond market is shouting’

"In fact, analysts who have tracked the relationship between Fed policy and long-term yields going back to 1990 describe it as unprecedented."

09.05.2026 9

Fortune

Jason Ma

Ted Cruz says the quiet part out loud: Trump accounts are Social Security personal accounts as GOP senator reveals ‘dirty little secret’

"How did we get it done this time? Because we gave the money to babies and so the old people didn't get pissed."

09.05.2026 7

Fortune

Jason Ma

Iran may have a higher tolerance for economic pain—but the pain is excruciating as regime reveals 100% inflation in just days on some items

An official in Iran's labor and social affairs ministry said the war has put 1 million people out of work.

08.05.2026 10

Fortune

Jason Ma

Strait of Hormuz showdown begins after U.S. warships enter Persian Gulf to help ships exit as Iran rattles saber

"American forces are actively assisting efforts to restore transit for commercial shipping," U.S. Central Command said.

04.05.2026 7

Fortune

Jason Ma

As economic despair mounts, Russian official admits the country has had enough of Putin’s war on Ukraine. ‘We can’t even take one region’

“The overall mood is that’s enough already; you’ve been fighting for long enough.”

03.05.2026 4

Fortune

Jason Ma

Markets on alert as Trump vows ‘Project Freedom’ for Hormuz, setting up potential showdown after renewed attacks on ships

"This is a Humanitarian gesture on behalf of the United States, Middle Eastern Countries but, in particular, the Country of Iran."

03.05.2026 8

Fortune

Jason Ma

The clock is ticking as oil markets barrel toward nightmare scenarios with the West bracing for ‘tank bottoms’ and Iran racing to delay ‘tank tops’

The West and Iran are staring down two diametrically opposed oil market emergencies that could materialize in a matter of weeks.

03.05.2026 7

Fortune

Jason Ma

Interest on U.S. debt is becoming a top driver of future deficits, as the sheer size of past borrowing overwhelms the fiscal outlook

"In a 'Fiscal Dominance' regime, the Fed's ability to aggressively hike rates to curb inflation is constrained, as doing so risks a fiscal or...

02.05.2026 9

Fortune

Jason Ma

Warren Buffett says markets are like a church with a casino attached, but ‘we’ve never had people in a more gambling mood than now’

"But that doesn't mean that investing is terrible. It does mean that prices for an awful lot of things will look very silly."

02.05.2026 9

Fortune

Jason Ma

Jensen Huang says some CEOs have a ‘God complex’ when it comes to AI apocalypse warnings, which can create shortages of critical workers

"So we have to be mindful of how we communicate the importance of this technology and what it's able to do."

02.05.2026 10

Fortune

Jason Ma

By staying on the Fed’s board, Jerome Powell could be doing incoming Chairman Kevin Warsh a huge favor

Powell will still be around to be Trump's punching bag and take at least some of the flak for Warsh.

01.05.2026 7

Fortune

Jason Ma

The ‘obscene economics’ of modern warfare show how the race to military supremacy is transforming, while U.S. rearmament relies on China

"This imbalance has haunted Western military planners since the early days of Russia's invasion of Ukraine."

26.04.2026 10

Fortune

Jason Ma

The White House correspondents’ dinner shooting suspect apparently traveled by train with guns. ‘This isn’t about, in my mind, changing the law’

"I don't think that's something that we should be focused on right now in any way, shape or form," acting Attorney General Todd Blanche said.

26.04.2026 9

Fortune

Jason Ma

The presidential line of succession was at the shooting that targeted the Trump administration. Amid security doubts, ‘the system worked,’ AG says

"Law enforcement and the Secret Service protected all of us. The man barely got past the perimeter."

26.04.2026 10

Fortune

Jason Ma

Trump says shooting by ‘would-be assassin’ points to need for White House ballroom as questions are raised about security at correspondents dinner

"This is why we have to have all of the attributes of what we're planning at the White House," Trump said

25.04.2026 7

Fortune

Jason Ma

From maritime trench warfare to a ‘sloppy peace’: Here’s how the Strait of Hormuz standoff could play out, according to Goldman Sachs

"And a sloppy peace is basically a bunch of half solutions on all the big issues."

25.04.2026 9

Fortune

Jason Ma

Russia’s economy minister admits ‘reserves have largely been used up’ while communist lawmaker warns of 1917-style revolution as GDP shrinks

"If you (the government) do not urgently adopt financial, economic and other measures, by ‌autumn a repeat of what happened in ⁠1917 awaits us."

25.04.2026 9

Fortune

Jason Ma

U.S. oil producers aren’t coming to the rescue despite high prices as mistrust and chaos hit outlook. The ‘market is being manipulated’

"Uncertainty is problematic in the oil and gas business, and this administration is the definition of uncertainty."

25.04.2026 10

Fortune

Jason Ma

Top oil analyst guarantees that the next few months ‘will be an ongoing, absolute disaster’ even if the Strait of Hormuz opens tomorrow

"Over the coming months, this is going to unfortunately deteriorate badly. We're locked into that."

24.04.2026 8

Fortune

Jason Ma

UAE officials reportedly warned they may be forced to use yuan or other currencies if they run low on dollars amid the Iran war

Any pivot away from the dollar by a top oil producer would represent a major threat to the currency's supremacy.

20.04.2026 10

Fortune

Jason Ma

Markets shudder as Strait of Hormuz starts resembling a combat zone. ‘We’re prepared to subject you to disabling fire’

Tensions in the Gulf escalated Sunday, when the Navy seized a ship for the first time as part of its blockade, with a destroyer firing at a vessel...

19.04.2026 10

Fortune

Jason Ma

The explosion of U.S. debt is wiping out the ‘safety premium’ of Treasury bonds, and time is running out for an orderly fiscal solution, IMF warns

"In other words, Treasuries now offer a higher yield than the synthetic-dollar equivalents for hedged G10 sovereign bonds."

19.04.2026 10

Fortune

Jason Ma

Federal government launches broad probe into mysterious disappearances and deaths of top scientists. ‘We haven’t found anything alarming yet’

"A lot of the nuclear security scientists are in DOE. So yes, of course we are looking into this.”

19.04.2026 20

Fortune

Jason Ma

The U.S. is ready to seize Iran-linked ships with boarding parties, report says, while Marines practice maritime raids

"During training evolutions like these, embarked Marines hone their skills for missions such as maritime interception operations."

18.04.2026 10

Fortune

Jason Ma

Putin finally admits Russia’s economy is in trouble and grasps for answers, after warnings about a financial crisis have been piling up

Putin revealed that GDP shrank by combined 1.8% in January and February, adding that manufacturing, industrial production and construction were...

18.04.2026 20

Fortune

Jason Ma

Iran’s Hormuz whiplash highlights divide within regime as U.S. blockade tightens. ‘The fight between different factions has started’

The Institute for the Study of War said in a note on Friday that the IRGC’s criticism of Araghchi is "reflective of broader divisions within the...

18.04.2026 10

Fortune

Jason Ma

New drones are giving Ukraine a battlefield advantage and ravaging Russia’s oil industry

“Ukraine’s defensive successes, drone adaptations, and midrange strike campaign are creating compounding effects…degrading Russian frontline forces.”

13.04.2026 10

Fortune

Jason Ma

U.S. naval blockade on Iran will trigger a currency devaluation spiral and hyperinflation, potentially ending the war more quickly, analyst says

"Leaning on this money machine sends the economy into a tailspin, giving the mullahs much needed motivation to negotiate in earnest."

13.04.2026 10

Fortune

Jason Ma

Iran’s crumbling economy is the regime’s greatest weakness with prices up 40% since the war began while authorities worry about making payroll

An Iranian official told Reuters the country "will face a disaster" if sanctions aren't lifted.

12.04.2026 7

Fortune

Jason Ma

Stock futures sink while oil spikes as the U.S. Navy looks to block Iran’s exports and break its grip on the Strait of Hormuz

"CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports."

12.04.2026 10

Fortune

Jason Ma

Here’s how a U.S. naval blockade of the Strait of Hormuz could work. ‘This is a big task, and it’s a big gamble’

"It puts economic pressure on Tehran without destroying the oil facilities, which you should want to preserve into the future."

12.04.2026 20

Fortune

Jason Ma

The petrodollar faces increased risk, but a petroyuan is ‘far-fetched’ as fears of U.S. losing superpower status are overhyped, strategist says

"Lastly, even Iran's proposals for yuan or crypto-denominated Strait tolls are not meaningfully dollar-bearish; most stablecoins are effectively...

11.04.2026 10

Fortune

Jason Ma

‘This is the last warning.’ Iran threatens U.S. warships after they throw down the gauntlet for winner-take-all Strait of Hormuz

"One of the things that commercial ships were waiting to see was whether or not this strait was clear, and sailing two destroyers in is a big one."

11.04.2026 10

Fortune

Jason Ma

Navy tests Hormuz blockade as expert says U.S. military prepares for round 2 and could degrade Iran’s hold over the strait to a ‘manageable level’

"I think the conditions for a real ceasefire and a reopening of the Strait of Hormuz, a full reopening, will be stronger later this month than they...

11.04.2026 20

Fortune

Jason Ma

Ukraine will have the most important defense industrial base in the free world, former CIA chief predicts

"It is producing cutting-edge unmanned systems, not just in the air, but on the ground and at sea."

10.04.2026 10

Fortune

Jason Ma

Trump is seeking the biggest defense budget surge in 75 years as the Pentagon stays committed to ‘exquisite’ weapons

“A global security environment that is less reliant on norms and more reliant on force continues to put upward pressure on defense spending.”

06.04.2026 10

Fortune

Jason Ma

Massive debt makes the U.S. one of the world’s most vulnerable countries in the energy crisis, market veteran warns

Oil shocks during the 1970s represented a turning point where governments started running deficits constantly instead of just occasionally.

06.04.2026 9

Fortune

Jason Ma