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Today's Summary

US dollar as global reserve currency: USD share drops to Lowest since 1994. US gold reserves are now at 90-year lows, while the rest of the world has pushed their holdings to near 50-year highs. Real estate in Japan was worth 50% the entire global market. Bitcoin, ETH, XRP, DeFi tokens, Memecoins, Stablecoins are the most popular cryptocurrencies. Botswana is the poster child for the idea that poor post-colonial economies can succeed by taking control of their rocks and selling them at higher prices. The current level of the yuan is simply too cheap to support a sustainable rebalancing.