Tectonic shifts

The macroeconomic tectonic plates continue to move under the surface, indicating a potential change in the fiat currency system might be brewing underneath what appears to be a normal functioning world. The head of the IMF, Kristalina Georgieva, has publicly stated the world needs to build an alternative to U.S. dollar assets in case the greenback loses its status as a safe haven. She calls for European bonds, to act as an alternative to U.S. treasuries, in the latest attempt to fiscally harmonize Europe. Since European leaders will need a crisis to act, no real solution is expected in the near future, but it’s interesting to see more a more voices are echoing the problems with US deficit and debt to GDP, and its global impact. Gold and silver continue to rallie aggressively, entering into a parabolic state, while Japan seems to be quietly intervening the Yen and the JGB curve, to stop the bleeding, which seems inevitable at this point. Tomorrow, the Fed is expected to not lower rates, which means there will be a subsequent tantrum from the president which insists on having 1% rates and perhaps accentuate the dollar weakness problem. He’s very close to announce the new Fed chairman, which will have that mandate as priority one. Volatility continues to be suppressed, but it wil show up at some point.

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