For some, today's big news is former British PM BoJo dropping put of the Tory leadership contest, marking the coronation of former Chancellor Sunak as the next national leader. There will be chatter of what this means for the UK's "moron risk premium". Yet given markets, central banks, and actors like Sunak built a global system that is not only not failsafe, but which is de facto designed to fail in terms of healthcare, supply chains, inflation, energy security, financial stability, the environment, and even national defence, one wonders who the real morons are. As Taleb might put it, those talking about MRP hold their own Intellectual Yet Idiot (IYI) risk premium, which ironically they aren't pricing correctly, e.g., Friday already saw a spike in key bond yields and collapse in JPY, requiring central-bank interventions that won't resolve things at all.