Part 2/19:
Global bond investors are recognizing these signs, adjusting their portfolios by increasing holdings in assets less exposed to the dollar—such as Australian dollars, Korean won, Bitcoin, and precious metals like gold, platinum, and palladium. The overarching narrative is that the dollar is in a secular bear market, with rally periods but an inevitable long-term decline expected over the next five years. This shift reflects loss of confidence in U.S. fiscal discipline, driven by soaring deficits, political gridlock, and reckless spending.