Houthi Inc: the pirates who weaponised globalisation

You might think a ceasefire in Gaza would herald a period of calm in the Middle East. But as we report this week, one militant group has created a violent and lucrative new business franchise that is built to last. The Houthis are holding Red Sea shipping to ransom, notionally in solidarity with the Palestinians, but in reality to extract income from the industry and exert influence over the region. They have had a banner year. The Economist estimates that Red Sea cargo shipments are 70% lower by volume and that, by shaking down ship owners, they are earning hundreds of millions of dollars a year—or even billions—while imposing hundreds of billions of dollars of cost on the world. Far from going quiet when the shooting stops in Gaza, the Houthis may be heralding an anarchic world without rules or a policeman.