Debt

Europe: Artificial Growth on Credit

Europe: Artificial Growth on Credit

Published by Philippe Herlin | Aug 21, 2025 | 792

European public funds are pouring into Italy and Spain and largely explain their GDP growth. In France, it is based on spiraling public debt, while in Germany activity is stagnating, held back by soaring energy costs and the loss of its traditional markets.

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Will Gold Soon be Flippening on US Debt?

Will Gold Soon be Flippening on US Debt?

Published by Philippe Herlin | Jul 24, 2025 | 10682

Debt is in bad shape, especially its premium component, US Federal debt, due to Trump's budget deficit, which is becoming increasingly difficult to finance. We are witnessing the beginnings of a flight from the bond market towards assets which have intrinsic value: gold.

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Rio 2025: BRICS in a Position of Power?

Rio 2025: BRICS in a Position of Power?

Published by Julien Chevalier | Jul 15, 2025 | 9377

The BRICS have placed at the heart of their arguments the urgency of sovereignty for all nations, the end of globalization as we know it, and an ideological change in the face of the civilizational crisis that the West is undergoing. From an old world based on excessive financialization and limit...

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U.S. Debt: Bessent's Crazy Gamble

U.S. Debt: Bessent's Crazy Gamble

Published by Laurent Maurel | Jul 11, 2025 | 10269

Government bonds are no longer perceived as risk-free assets, and their long-term growth potential is now in doubt. In this context, accelerating the pace of debt emissions becomes a real challenge. If the Fed were in turn to intervene in very short maturities to artificially support Treasury emi...

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The US Economy is Faltering More Than It Seems

The US Economy is Faltering More Than It Seems

Published by Laurent Maurel | Jun 6, 2025 | 23213

The U.S. economy is showing much deeper signs of fragility than the markets seem to comprehend. Suffocated by soaring prices, American consumers are forced to resort to credit on a massive scale. The next inevitable step will be an economic slowdown. Gold continues to play a strategic role in an...

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Japan: New Bond Panic, Gold as a Safe Haven

Japan: New Bond Panic, Gold as a Safe Haven

Published by Laurent Maurel | May 30, 2025 | 17718

The financial world may be on the verge of a regime change. Financial repression, thought to have been relegated to the past, is making a discreet comeback through the Japanese door. The Tokyo authorities are already trying to manipulate the yield curve by adjusting the supply of debt, hoping to...

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