Why the World Is Rethinking Bonds | Daniel Lacalle

Central banks keep adding gold to their reserves while Treasury yields stay elevated, feeding a familiar explanation that the dollar is being debased and the world is rotating away from it. But if that read is right, why does demand for dollar assets remain near historic highs?

The tension becomes harder to explain when similar pressure appears in government bond markets outside the United States. What looks like a story about one currency may point to a broader change in how markets view sovereign debt.

Daniel Lacalle, chief economist at Tressis and a fund manager, explains what central-bank gold purchases may be signaling. He examines why the usual de-dollarization narrative may not fully account for what is happening in global bond markets.
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00:00 - Intro
01:35 - The "Defiatization" Shift
06:36 - China's Hidden Bond Problem
08:20 - Why Sovereign Bonds Failed
11:09 - The Real Cost of High Rates
12:57 - Why Rate Hikes Won't Work
14:28 - The True Cause of Inflation
20:29 - Are $5K Checks Inflationary?
24:09 - Why Government Overspends
28:22 - Taxes Won't Fix U.S. Debt
30:42 - The Best Assets to Hold Now
32:27 - The Truth About Real Estate
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