Savings

From being a purely economic variable, inflation will also become a geopolitical issue through the Russia/NATO war, de-dollarization and an increasingly multipolar world. It's vital to be aware of this and to act globally, otherwise things are going to end very badly, especially for Europeans.

The financial system should have been allowed to collapse 15 years ago when the problem was 1/3 of today. But governments and central bankers prefer to postpone the inevitable and thus passing the batten to their successors thereby exacerbating the problem.

The global economy is currently going through a long period of transition. This situation could prove favourable for gold, but unfavourable for equities, which are also suffering from high valuations and have never been so unattractive compared to US government bonds.

Bitcoin is often presented as "digital gold", but the question immediately arises: competition or complementarity? Gold benefits from a centuries-old history and unrivalled trust, while crypto-currencies bring the innovation of blockchain, and it is here that synergies can occur.

In the United States, public finances continue to deteriorate. Faced with a weak currency, Japan's central bank is forced to let rates rise. The price of gold in yen broke an all-time record, amid complete media indifference.

Since the resolution of the recent debt ceiling "crisis", the US national debt has soared by $1.8 trillion. A situation that raises concerns about its long-term sustainability.

One major phenomenon is often overlooked: the role of debt in the birth of the Revolution of 1789 and the bloody decade that followed. This period marked the end of a long economic cycle. Today's world has many similarities with the French situation at the end of the 18th century.

When we compare the performance of different investments (gold, real estate, stocks, bonds, commodities, etc.), we often forget an essential element: are we talking about a homogeneous asset or a category? It's not the same thing: "You can't compare apples and oranges", as the saying goes.

According to Zoltan Pozsar, we are facing a multipolar world in which the dollar's status as reserve currency will be challenged by the renminbi and the euro. Gold is likely to play a major role in the new world monetary order.

The U.S. debt crisis has been avoided, but the Treasury must urgently issue an avalanche of very short-term bonds to pay its bills. How much money does the U.S. government need? Initial estimates put the colossal figure at $550 billion, to be found immediately, starting this summer.