All Macro-Thematic Trend Reports:

USD stablecoins are YCC-lite, as Industrial Policy cometh (FFTT, 7/29/25)

Change of a long-term or secular nature is usually gradual enough that it is obscured by the noise caused by short-term volatility. By the time secular trends are even acknowledged by the majority, they are generally obvious and mature.  In the early stages of a new secular paradigm, most are conditioned to hear only the short-term noise they have been conditioned to respond to by the prior existing secular condition.  Moreover, in a shift of

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Gold has “defeated” LT USTs, so US is turning to stablecoins (and BTC) (FFTT, 7/22/25)

The gold market and SGEI are vital to the internationalization of CNY…the key function of an international currency is trade invoicing for commodities like oil and gas…we would like to increase usage of CNY in trade invoicing by using gold.     – “World Needs New Reserve Currency”, Dr. Yao Yudong, PBOC, 6/25/15 All Alibaba’s sales were done via Alipay (an electronic payment system). What does Alipay mean? It means that currency is out of the trade

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Red-teaming Russian oil sanctions, part 2: “4-D chess” or more western bond volatility? (FFTT, 7/15/25)

“We’re going to be doing very severe tariffs if we don’t have a deal in 50 days,” Trump said. “Tariffs at about 100%, you’d call them secondary tariffs.”  A White House official clarified to CNN that when the president referred to “secondary tariffs,” he meant 100% tariffs on Russia and secondary sanctions on other countries that buy Russian oil.     -CNN, 7/14/25 According to the IMF, global currency reserves are at $7.1 trillion and 2.5 trillion euros now. These reserves

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