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August 2025
Discerning What Matters
Hope everyone’s summer is ending well. Last week on a particularly hot day I wish I had cold, brisk mornings to look forward to that meant fall was here and a break from the sweltering heat. The Omanis are great, we like the desert, mountains, the nice roads, and how clean everything is, but days of over 110 degrees with high humidity and heat that lingers well past dark in the summers here can make you wish for the crisp mornings of fall.
De-dollarization is real. It started in earnest in 2008, when the US monetary masters of the universe decided instead of allowing banks and financial institutions to fail because of their bad bets, to bail them out by embarking on QE Infinity. A useful proxy to understand the reaction of global central banks that hold trillions of dollars’ worth of USD-denominated assets is the percentage of gold in their reserves. The higher the percentage of gold in one’s reserves, the less one trusts the US government
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