As Donald Trump shatters the global rules-based order, official institutions (and private investors) are scrambling to buy gold: the share of the asset in central banks’ reserves has doubled in the past decade to more than a quarter, the highest level in almost 30 years.
Although this partly reflects the soaring bullion price, experts say central banks are also stuffing their vaults as an insurance policy in a volatile world. Many are also rushing to repatriate gold stockpiles held overseas, and slashing their exposure to the US dollar.
“We have moved from Pax Americana to global discord, geopolitically. It is the law of the jungle when we see what the US are doing,” says Raphaël Gallardo, the chief economist at the asset manager Carmignac.
“Investors – private and sovereign – believe their strategic reserves are no longer safe in dollar terms, as they can be confiscated overnight. The dollar is losing the credibility as the nominal anchor of the global monetary system because the Fed is losing credibility, and US Congress is losing its credibility.”
Some heirs are, but the majority of billionaires is clever enough to understand that alienating all allies will destroy their fortunes.
I think once you have more billions than you know what to do with, you don’t care about money, or allies or material things anymore.
You start to believe you are a god and you deserve to rule the world. Hence why they are all going along with the fascism.
It’s a mental disease. People shouldn’t be allowed to have this much money for their own health and once they do, the only medicine is the guillotine.
Putin and Trump are some of the worst cases of this disease and need that medicine ASAP.
There are about 1,000 billionaires in the US, competing with 1,000 in China. That competition will keep them grounded in reality. They can only go with fascism if that keeps them competitive.
Competing for what? Certainly not in earning more money. What would having more money achieve if they already have all the money?
Do you really think there is a single billionaire “grounded in reality”?
If they’re competing for anything, it’s power. Fascism brings more power to the rich and the ruling class.
Also, more power = more means to extract more money from the working class.
Fascism, power and greed go hand in hand.
Yes, competing for power.
Yes, I think they are grounded in reality. To maintain their power they have to keep their companies competitive.
I haven’t heard anything sensible being said by any billionaire. They’re all delusional. Unless they’re just pretending.
How exactly are they grounded in reality?
Said by Warren Buffett, a billionaire.
The competition grounds them. If they make the wrong decisions they lose their power.
I’m not sure I get what you mean.
The reality is that they are destroying the planet. Literally.
And they are most certainly not grounded in this reality.
They are only destroing the climate that is suitable for farming. The coal comes from forrests that grew on earth while CO2 levels were high.
They may not care about humanity but they care about maintaining their power.