Our founder and CIO, Danny, recently featured on a panel discussion about the world’s “New Monetary (Dis)Order” at the 2025 Bloomberg New Economy Forum in Singapore. He shared his view that structurally large US fiscal deficits – projected to remain above 5% of GDP even with equities at record highs – means that renewed quantitative easing could be here to stay. Faced with heavy investment needs, elevated interest rates, and political constraints, he argued that policymakers are more likely to lean on the printing press than to exercise genuine fiscal restraint.

Danny also highlighted a slow erosion of USD dominance, despite a seemingly stable DXY: the USD’s share of global reserves has fallen, while gold’s share and price have surged. Contrasting economies in the US, Japan, and Europe with China, he questioned whether leaders have the political will to accept the painful costs of deleveraging to tackle deficits head-on. His conclusion for the audience was blunt: rather than have wealth trapped in fiat and a single geography, he prefers to own assets with inherent scarcity and diversify across countries to hedge the next phase of the monetary order.

Watch the entire panel on Bloomberg here: https://www.bloomberg.com/news/videos/2025-11-19/global-ceos-on-a-new-monetary-dis-order-video