Update(1150ET): A US-led naval coalition is finally coming together to protect international shipping transit in the Red Sea and vital Bab al-Mandab Strait, per a breaking development from Politico's chief Pentagon correspondent: "The Pentagon is expected to announce tomorrow the formation of Operation Prosperity Guardian, a new task force to protect shipping from Houthi attacks in the Bab Al-Mandeb Strait and Red Sea, per DOD official," writes Lara Seligman on X.

"The operation will be within the framework of the existing Combined Maritime Force 153, a partnership of 39 nations focused on counter piracy and counter terrorism in the Red Sea."

Soon after this reporting, Defense Secretary Lloyd Austin said, "I am announcing the establishment of Operation Prosperity Guardian, an important new multinational security initiative under the umbrella of the Combined Maritime Forces and the leadership of its Task Force 153, which focuses on security in the Red Sea."

Days ago it was reported that the Pentagon was looking to cobble together the 'broadest possible' coalition task force, amid what's now become daily Iran-backed Houthi attacks on commercial vessels. The Houthis have also launched rockets and drones into southern Israel at various times, triggering US warship intercepts. 

Just hours ago, we reminded readers of Zoltan Poszar's prediction of central-bank-analogized 'military protection' and said it's soon to become a reality... and just like that, it has:

Protection is a conceptual counterpart to par. When you decide to take money out of a sight deposit, you expect the same amount back that you put in (par).

When you sail foreign cargo from port A to port B, you expect to unload the same amount of cargo that you onloaded.

Banks can deliver par on deposits most of the time. When not, central banks step in to help.

Commodity traders can deliver foreign cargo from port A to port B most of the time, but when not, the state intervenes again: not the monetary arm, but the military arm of the state.