The Takshashila Podcast

On September 17th, 2025, the world witnessed what might either turn out to be the most consequential defence agreement since NATO's founding, or might fizzle out as something that's not as disruptive as it might seem. Pakistan and Saudi Arabia didn't just sign a mutual defence pact - they potentially rewrote the rules of nuclear deterrence, economic diplomacy, and regional power projection in one stroke.For the first time in history, a nuclear-armed state has formally pledged its atomic arsenal to defend a non-nuclear oil superpower. But this isn't just about military hardware or traditional alliances. We're looking at the birth of "nuclear arbitrage" - where atomic weapons become a tradeable commodity. We're seeing the emergence of what we might call "reverse petrodollars" - where military assets back financial flows instead of oil.The implications cascade far beyond the Middle East. India's multi-billion economic partnership with Saudi Arabia now sits uncomfor