The "debasement trade" is a consensus trap. Felix Jauvin explains that "bad things happening" is actually the best marketing for the US Dollar. Because the world settles in dollars and the US doesn't rely on foreign energy, the DXY thrives on global chaos. If you’re all-in on gold because you think the dollar is dying, you might be caught on the wrong side of a systemic dollar shortage.

FT @fejau_inc @Blockworks