Monetary debasement has been a recurring process throughout economic history, with governments and central banks seeking ways to manage mounting debts and economic crises. In its simplest form, debasement refers to the reduction in the value of a currency, historically through lowering the precious metal content (such as gold and silver) in coins, and in modern times through excessive creation of money. While these measures have sometimes provided short-term relief, they carry hidden costs that can have profound long-term implications.

‘Liberation Day’, announced on the April 2, was a game-changer and yet another warning shot fired by the Trump administration. The ensuing 90-day pause brought additional volatility to the markets, resulting in sharp fluctuations that felt like financial whiplash. The global tectonic plates are shifting, and everyone must adjust.

« The trend is your friend, until the end when it bends. »
Ce vieil adage de Wall Street prend tout son sens après ce premier trimestre de l’année. Tandis que l’équipe Trump s’efforce de « rendre à l’Amérique sa grandeur », les investisseurs américains vendent leurs positions dans les Magnificent Seven pour se repositionner sur les actions européennes et chinoises. Parallèlement, les obligations allemandes considérées comme « sans risque » ont connu leur pire performance depuis la chute du mur de Berlin. Accrochez vos ceintures !