The rules-based international order is faltering, but it is also "being repriced." Juan Luis Manfredi, professor of International Studies, argues that, for banks, funds and financial institutions, geopolitics has become "a structural input into credit origination." From this perspective, he sets out three complementary scenarios — from midterms that rebalance Trumpism to energy disruption driven by Iran — that point to the same conclusion: "the immediate priority is correcting what markets are systematically mispricing."