

Hugo
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Deutsche’s George Saravelos highlights today that “the share of US dollars in central bank reserves is once more in decline. It has fallen from over 60% to just 40%, while gold’s share has tripled from its lows to 30% today.” And: “ EM central banks have been actively buying gold and driving upward pressure on prices; crucially - their FX reserves may also now begin to structurally decline. Of course another way to look at it is that they don’t have the dollars they necessarily need to defend their currencies in the event critical dollar swap lines are removed. In that light the gold is their next best hedge in case they are locked out.

🚨 BREAKING CHINA’S REAL ESTATE MARKET JUST CRASHED TO A 20-YEAR LOW, LOSING A 1/4 OF ITS VALUE. SOMETHING EXTREMELY BAD IS HAPPENING…

India’s Military Is Preparing for the Wrong War India’s military strategy remains geared toward fighting the next big conventional war, even as its two closely aligned regional adversaries, China and Pakistan, prosecute asymmetric campaigns against it. China’s stealthy land grabs in Ladakh in 2020 — achieved without firing a single shot — offer a telling example. America’s war in Iran has again underscored the new logic of warfare: advantage no longer rests solely with the technologically superior, but with the strategically adaptive. Despite unleashing overwhelming force, the U.S. failed to convert its tactical successes into a tangible strategic outcome in the face of Iran’s asymmetric reprisals. This is a lesson India can ill afford to ignore, given its continued emphasis on importing big-ticket platforms. It has consistently ranked among the world’s largest arms importers. New Delhi is now advancing a major Rafale deal with France worth around $40 billion — far exceeding its cumulative investment this century in indigenous missile and drone development. The Iran war, much like the conflict in Ukraine, highlights that low-cost drones and missiles are now decisive, transformative weapons of deterrence and reprisal, often outpacing traditional high-end systems in strategic effect. India’s costly obsession with conventional war is blinding it to a simple reality: big-ticket weapons no longer deliver commensurate strategic returns. openthemagazine.com/world/war-on-i…









Someone trying to interpret my call for Coasian markets before the AI megashock to the labor makets arrives. UBI will be a disaster. We need markets and agency. We trained our coming replacements. We need to be able to monetize that training. Coase is the answer. Not handouts.


🚨🇨🇳 INTERVIEW: THE NEXT WORLD WAR IS BEING FOUGHT WITH GOLD Central banks are buying gold at record speed. China is trading oil in yuan. And the U.S. dollar’s grip on the world is starting to slip. @LukeGromen breaks down how the balance of power is shifting from paper to metal. * How China and Russia are using gold to undermine the dollar * Why America’s debt addiction is forcing the world to look for a plan B * How the yuan-gold trade network could upend global finance * Why Europe’s energy policies are pushing it toward decline * And what happens when the U.S. and China lock into economic warfare that no one can win Gromen says this is not just about money or markets. It is about control, and the side that owns the gold writes the rules. 03:08 – Central Banks Are Buying Gold Fast, but why now? 06:09 – Why gold is the “anti-dollar” and how it protects wealth 09:15 – Lessons from the 1970s: What China learned from U.S. gold mistakes 13:19 – The dollar vs. the yuan: The real global currency war 16:00 – Gold rising as the new global reserve 20:36 – Is the U.S. secretly importing massive amounts of gold? 23:55 – What happens if the dollar loses its throne? 30:36 – Why this could trigger the biggest boom since WW2 36:04 – China’s economy: crisis or calm? 43:56 – Why decoupling means more inflation, not less 49:01 – The rare earths trap: how China cornered the U.S. 55:09 – How China quietly captured corporate America 59:05 – Can a multipolar world actually work? 01:00:15 – Is Europe committing economic suicide? 01:05:14 – Closing thoughts: Can rational leadership return?

Wonderful news. 🌟💫✨ Our two new VASCO papers are now peer-reviewed, accepted and published — and they reveal some extraordinary things: - We find statistically significant correlations between short-lived transients on pre-Sputnik sky plates, UFO sightings, and above-ground nuclear tests. - We show a 22σ deficit of transients inside Earth’s shadow — consistent with a fraction of these events originating from solar reflections from flat, highly reflective surfaces in orbit before the human Space Age began. Together with our earlier MNRAS paper, these results form a triptych of new methods to investigate UAP using astronomical data. Three independent high-level journals — and three independent peer review processes. These latest results raise a bold question. And yes… you know which. Press release (Stockholm University): su.se/english/news/u… Scientific Reports: nature.com/articles/s4159… PASP: iopscience.iop.org/article/10.108…