Arthur Hayes： The era of US treasury bond bonds and US stocks as global reserve assets is coming to an end, and gold and bitcoin will rise

Arthur Hayes tweeted that US treasury bond bonds and US stocks (to a lesser extent) are global reserve assets. Since Nixon abolished the US gold standard in 1971, the balance of US treasury bond has increased 85 times. The United States must create the credit dollars needed for global economic growth. This is good for some Americans and bad for others. Trump's election was driven by a group of people who believed they had not shared the "prosperity gains" of the past 50 years. Once the current account deficit of the United States is eliminated, foreigners will not have dollars to buy bonds and stocks. If foreigners have to stimulate their own economy, they will sell their own US bonds and stocks to finance their national priorities. Even if Trump softens the severity of tariffs, no Treasury Secretary or world leader dares to bet that he will not repeat it, so things cannot return to their original state. Every country must fight for itself. Gold will serve as a neutral reserve asset. The US dollar will still be the global reserve currency, but countries will settle global trade by holding gold. Trump has hinted at this because gold is tariff free. In the new monetary system, gold must circulate freely and at a low cost. Nowadays, those who have benefited greatly from the old system are mostly in the stage of denial and harbor illusions that everything will eventually return to 'normal'. Absurd to the extreme. For those who want to adapt to pre-1971 trade relations, they should buy gold, gold mining companies, and BTC.