All Macro-Thematic Trend Reports:

Trump/Powell clash is a critical signpost the US has run out of options for dealing with fiscal problems (FFTT, 1/13/26)

The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.      -Fed Chair Jerome Powell, 1/11/26 YELLEN: THIS IS THE ROAD TO BANANA REPUBLIC; I FIND IT EXTREMELY CHILLING FOR FED INDEPENDENCE     -Former Treasury Secretary and Fed Chair Janet Yellen, via CNBC, 1/12/26 The reported criminal inquiry into Federal Reserve Chair

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Venezuela = 2022 seizure of Russian FX reserves, part deux.  Buy gold. (FFTT, 1/6/26)

In June, beleaguered U.S. military officers met with their C.I.A. counterparts to help craft a more concerted Ukrainian campaign. It would focus exclusively on oil refineries and, instead of supply tanks, would target the refineries’ Achilles’ heel: A C.I.A. expert had identified a type of coupler that was so hard to replace or repair that a refinery would remain offline for weeks.     -New York Times, 12/30/25 Data extracted from Ukrainian UAV shot down over Novgorod

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Why the gold/oil ratio will keep rising secularly in our view (FFTT, 12/16/25)

Gold will be repriced once in life, and that will be much more than enough.     -Anonymous monetary blogger “Another”, 1997 Robert Zoellick, World Bank President and a former US Treasury official, calls for a system that “is likely to need to involve the dollar, the euro, the yen, the pound and a renminbi that moves towards internationalization and then an open capital account.”  He adds: “The system should also consider employing gold as an international reference

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