The Mind of Miran The Context. Stephen Miran’s appointment to the Fed is a small but significant step in what is increasingly becoming the creation of an alternative US monetary financial system based on Stable Coin Dominance, Crypto Financing and Monetisation of in... Read More

The Gormless Eejit! Investment Conclusion Can equities continue to rise while US bonds and the US$ to fall? I got this wrong so far. This note looks at the economic logic of this divorce. It could continue if disruption is over. But that’s unlikely. The wider economi... Read More

Short US$ is a core position in the Wealth Preservation Portfolio. Investment flows in and out of the US$ need to be monitored. The TICS data for the month of March do not provide any indication of substantial outflows happening. But that could only be expected after April ... Read More

Talking to Tony on why if Trump wins the War on Trade, the US$ is doomed as global reserve currency. Of course, lack of trust in the US, alienation of allies and the damage to US economic performance would all play a role. But mechanically smaller US current account deficits wil... Read More

Does the world need to replace the US$ as global reserve currency and can it be done? A debate between Richard Harris, Carolyn Wright and David Roche. Read More

Why the US war on trade is fatal for US$ role as reserve currency and US Exceptionalism. What does this mean for US stocks & Treasuries? Read More