Businesses will have less money to operate and consumers will have less money to spend. This is especially true because of the current broad application of tariffs to most goods and services and most countries.
Gold isn’t going to replace the dollar. But it doesn’t need to. Gold doesn’t require central banks, fiscal policy, or geopolitical good behaviour to retain its value. It’s the outsider asset, the one that doesn’t need a system to give it meaning.
The Muddle Through Economy is morphing into what will become the Stumble Through Economy. For us to expect anything other than accelerating economic change during these times would be rather naïve.
People think the Treasury market is part of the cosmic firmament, but there once was a time when the US government had little or no debt outstanding, and the world got by fine without it.
