The Return Of History: Deutsche On Gold, The Dollar, & The Monetary Future

The Return Of History: Deutsche On Gold, The Dollar, & The Monetary Future Authored by Mallika Sachdeva and Michael Hsueh via Deutsche Bank Research Institute, In 1989, Francis Fukuyama argued that humanity had reached “the end of history”. In the years that followed, the US became the uncontested hegemon, global trade exploded in a US-defined liberal order, developed market central banks sold gold, while emerging markets accumulated vast amounts of US dollar FX reserves. We argue...