#investor-diversification

#investor-diversification

The fall of the dollar, which has lost a fifth of its value against the euro since 2025, is the most tangible reflection of how money, through a series of shocks, has adapted to a worldthat of Donald Trumpwhere the old rules no longer apply. Conversely, the Republican's decision to nominate Kevin Warsh to chair the Fed is yet another sign that the White House regards Wall Street with respect.

as it has little or nothing to do with the economic cycle: it is the financial world's response to the global order proposed by the U.S. president, whose first commandment (or second, depending on the day) is to limit risk. And from political fragmentation and the speed at which it is unfolding a different financial world is emerging, one in which the dollar and the U.S. have lost part of their aura of exceptionalism.