Old Money, Old School

The United States – the queen mother of safe havens — is running a multi faceted, and very expensive experiment on the world's biggest economy. We aren’t alone: around the world government debt is booming and even traditional safe haven countries like Germany and Japan are taking on more debt. What could go wrong? Despite the general self regard politicians have for their own genius, the part of the world that actually creates wealth is a little more dubious. Yields on those US long term treasuries are at record highs.

Old Money, as it were, is doing better: Gold has risen 58% this year alone, and silver is up around 100% now trading at $60 per troy ounce. Both are considered a good hedge against inflation and the demand for both is now outstripping supply.Bitcoin, which is had a hell of a run, is looking more crypto than currency.

The 4717 Shot: That the global economy is fracturing, or at least attempting to, is a given. The decoupling most of us aren’t watching is technological – digital markets and AI – and political – the breakdown of trust between governments and citizens, who need stable currencies to carry on. The erosion in faith in the world order only preceded a similar crisis in governments, technology and the media.

This shot of insight was provided by the 4717,

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