The hottest Currency Substack posts right now

And their main takeaways
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Top World Politics Topics

Top Links 1021 Asia as manufacturing hub. Revaluing the RMB. Golf in DC & Endgame.

Chartbook • 400 implied HN points • 22 Feb 26
💰 Finance Currency
  1. Manufacturing employment is rising across Asia and the Pacific, reinforcing the region's role as a global manufacturing hub.
  2. There is renewed focus on revaluing the RMB, a development that could shift trade balances and international financial flows.
  3. Coverage also highlights political and cultural pieces like "Golf in DC" and "Endgame," pointing to debates about power, influence, and the dynamics of contemporary politics.

Top Links 1013 No manufacturing renaissance. Chinese fx. Interviewing a Myanmar rebel. MacIntyre & Geuss.

Chartbook • 515 implied HN points • 14 Feb 26
🌍 World Politics Currency
  1. There is no manufacturing renaissance in Trump’s America; claims of a broad industrial comeback are overstated and any gains look limited and uneven.
  2. China’s foreign-exchange situation and yuan movements are highlighted as a major issue with important effects for global trade and financial stability.
  3. The links mix sharp current-affairs reporting — including an interview with a Myanmar rebel — with intellectual pieces on thinkers like MacIntyre and Geuss, combining on-the-ground perspective and political theory.

How do we measure whether China's economy is "ahead" of America's?

Noahpinion • 20059 implied HN points • 04 Jan 25
💰 Finance Currency
  1. There are different ways to measure the size of economies, like using nominal GDP or purchasing power parity (PPP). Depending on the method, we can get very different perspectives on whether China's economy is ahead of America's.
  2. The exchange rate can change the perception of an economy's size, especially if a country's currency is weak. If China's yuan strengthens, it could suddenly appear larger than the U.S. economy in nominal terms.
  3. When comparing economies, it's important to consider local prices and living standards. For a more accurate view of how people live and what they can afford, using PPP is crucial despite its complexity and potential inaccuracies.

Foundations of Investing: Inflation

Behavioral Value Investor • 141 implied HN points • 24 Feb 26
💰 Finance Currency
  1. Money can and very likely will lose some of its purchasing power over time. If you just hold cash, it will buy fewer goods and services in the future.
  2. Government actions like printing money or debasing currency have repeatedly driven inflation, and history shows this can sometimes be extreme enough to wipe out savings. Even stable countries can experience long periods of above-target inflation.
  3. Because of inflation, savers should use ways of saving or investing that at least keep up with inflation instead of leaving money idle under a mattress. Investing can help preserve and grow the real value of your savings over the long run.

Is a Country Rising or Falling? Watch Its Currency.

Common Sense with Bari Weiss • 510 implied HN points • 18 Jan 26
🌐 International Currency
  1. A country’s currency value gives a quick signal about whether it’s rising or falling on the world stage.
  2. When a currency collapses or becomes effectively untradeable, as with Iran’s rial, it signals deep uncertainty about the country’s future and discourages foreign trading.
  3. Big moves in major currencies — like a weak yen or a strong dollar — reflect wider economic and political shifts that matter internationally, not just for travelers.
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The Frankfurter Index

Doomberg • 6098 implied HN points • 30 Jan 25
💰 Finance Currency
  1. The price of everyday items can help us understand the true value of money over time. For example, the cost of hot dogs compared to the price of gold shows how much the dollar has changed.
  2. While the value of the US dollar has been decreasing, it's important to look at prices in relation to gold to see the bigger picture. Gold has been a constant measure of value throughout history.
  3. Some people worry that we will run out of oil, but advancements in technology suggest otherwise. Oil and gas companies are innovating and have plenty of resources available.

Foundations of Investing: What Is Money?

Behavioral Value Investor • 148 implied HN points • 26 Jan 26
💰 Finance Currency
  1. Money is a tool that makes trade easy: it serves as a medium of exchange, a way to compare prices, and a store of purchasing power for the future.
  2. Money usually comes from providing value to others — you can think of it as stored labor society gives you in return for work, goods, or services.
  3. You can spend it now, give it away, or save it for later, and it’s usually wise to put at least some money into each bucket so you’re prepared, generous, and planning for the future.

Top Links 942 The global dollar zone. Italian unemployment. China's pharma surge & a multiplex world.

Chartbook • 386 implied HN points • 05 Dec 25
💰 Finance Currency
  1. The global financial system is mainly led by the United States and its allies, holding about 65% of the world's external assets and debts. This shows how much influence they still have.
  2. Italy has interesting changes in its job market, so looking at their unemployment rate could give insights into the country's economic health.
  3. China's pharmaceutical industry is rapidly growing, indicating a significant shift in global health and economic dynamics. This can affect how healthcare looks in the future.

Lula Hoops

Doomberg • 5190 implied HN points • 29 Oct 24
💰 Finance Currency
  1. Gold prices have been rising significantly and outperforming the S&P 500 lately, reaching all-time highs in many currencies.
  2. There's speculation that central banks are accumulating gold as they explore options for a new currency to compete with the US dollar, particularly involving a potential BRICS currency backed by gold.
  3. At the recent BRICS summit, there were concerns that Brazil's president might not fully support efforts to move away from the US dollar, which could impact the success of this new currency initiative.

Could the USD Hyperinflate?

The Informationist • 1592 implied HN points • 07 May 23
💰 Finance Currency
  1. Hyperinflation is when a currency loses value rapidly due to extreme inflation.
  2. Some currencies have hyperinflated in the past, like those of Yugoslavia, Zimbabwe, and Hungary.
  3. While there is a chance the USD could hyperinflate, it is likely one of the last currencies to do so and owning hard assets can help protect against hyperinflation.

Gold & Silver: A Volatile Day, Not a Broken Thesis

QTR’s Fringe Finance • 47 implied HN points • 31 Jan 26
💰 Finance Currency
  1. A single sharp down day is normal volatility and doesn’t mean the long-term bullish case for gold and silver is broken.
  2. Large fiscal deficits and heavy Treasury issuance limit how long the Fed can stay hawkish, which tends to push real rates lower and support precious metals over time.
  3. The U.S. external financing imbalance and a softer dollar add structural support for metals, but crowded trades can unwind quickly so expect two-way volatility.

The True Price For An Ounce of Gold: $20,275?

QTR’s Fringe Finance • 36 implied HN points • 03 Feb 26
💰 Finance Currency
  1. If you divide the monetary base by Treasury gold holdings you get a "Gold Coverage Price" — using October 2025 numbers that comes to about $20,275 per ounce.
  2. The monetary base has ballooned while Treasury gold holdings have stagnated or fallen, so the implied gold price has risen sharply and would imply a large devaluation of the dollar if redemption were resumed.
  3. Making the dollar fully redeemable in gold would force fiscal discipline because new money couldn’t be created without more gold, but if markets doubted the switch a loss of confidence could trigger a crisis.

What if the Dollar Falls?

cryptoeconomy • 1139 implied HN points • 09 Apr 23
💰 Finance Currency
  1. The US Dollar losing its global reserve currency status would be catastrophic for the American economy.
  2. A collapsing US Dollar could lead to double-digit inflation and impact Americans' daily lives.
  3. Foreigners selling off dollar-denominated assets could trigger mass bankruptcies and economic turmoil.

Top Links 824 Ukrainian bonds. Talking about currencies. Rebuilding The Kingdom & The Men of 1924.

Chartbook • 414 implied HN points • 09 Aug 25
💰 Finance Currency
  1. Ukrainian bonds are gaining value, rising from 62 to 67 cents on the dollar recently. This shows that investors are hopeful about peace and economic recovery in Ukraine.
  2. Discussing currencies can help people understand how money works and influences the economy. Learning about different currencies is important for making informed financial decisions.
  3. Rebuilding efforts and historical perspectives can shape how a country develops. Looking back at events like those in 1924 can provide insights into current challenges and opportunities.

Don’t Panic About A Yen “Free Fall”

Japan Economy Watch • 239 implied HN points • 01 May 24
💰 Finance Currency
  1. The danger is not a sudden financial crisis, but rather slow erosion of Japan's economic competitiveness and living standards.
  2. The yen's recent fluctuations do not indicate a free fall, but rather show volatility in the currency market.
  3. Japan has the resources to prevent a currency free fall and stabilize the yen value through interventions and its international assets.

Top Links 799 Slum Song. The markets reward Israel. Scattered Spiders are coming for your groceries and living in the first century of world wars.

Chartbook • 443 implied HN points • 14 Jul 25
💰 Finance Currency
  1. Israel's markets are doing really well after their recent conflict, with their currency and investments leading globally. It's a noticeable shift from their situation before the conflict.
  2. The ideas of living in a troubled world today are compared to the challenges of the first world wars, reflecting ongoing global issues.
  3. There is a mention of businesses, like grocery stores, facing unique challenges which may suggest a shift in consumer behavior or economic conditions.

Greenland Exposes The Greenback

QTR’s Fringe Finance • 35 implied HN points • 21 Jan 26
💰 Finance Currency
  1. Forcing a takeover of Greenland would look like overreach and weakness, not strength; seizing territory signals an empire that’s compensating rather than leading.
  2. Aggressive moves would shatter credibility with allies, neutrals, and investors, making the country seem reckless and pushing people toward safer assets like gold.
  3. Loss of reserve status happens quietly through market reactions, so the real indicator is how bond, currency, and gold markets reallocate capital afterward.

BRICS New Development Bank de-dollarizing, adding Argentina, Saudi Arabia, Zimbabwe as members

Geopolitical Economy Report • 797 implied HN points • 09 Jun 23
🌍 World Politics Currency
  1. The BRICS New Development Bank is de-dollarizing its loans, promoting local currencies, and adding new members like Argentina, Saudi Arabia, and Zimbabwe.
  2. The NDB's goal is to finance infrastructure investments, combat poverty, create jobs, and promote environmentally sustainable development among its members.
  3. The World Bank is controlled by the United States, unlike the NDB, which is a truly multilateral institution without veto power for any single nation.

Top Links 798 A poor start for the dollar. Lighting up Africa. Estonian barbed wire. The Chinese in Vietnam.

Chartbook • 386 implied HN points • 13 Jul 25
💰 Finance Currency
  1. The dollar has had a really bad start this year, worse than it's been in over 50 years. It's dropped more than 10% compared to other currencies lately.
  2. There are discussions about various topics like the situation in Africa and the role of Chinese people in Vietnam. These issues are gaining attention around the world.
  3. Estonia's use of barbed wire is mentioned, likely highlighting security or political concerns in the region. This could be relevant to current events in Europe.

Why Can’t I Have My Own Money Printer?

QTR’s Fringe Finance • 40 implied HN points • 13 Jan 26
💰 Finance Currency
  1. If an individual could print money, they'd likely stop producing and live off others because printing is easier than earning, which creates money without creating goods or services.
  2. If everyone printed money, production would collapse and the economy would be flooded with worthless bills, since there would be lots of money but few goods to buy.
  3. The government can also create money and temporarily boost demand, but that too can't substitute for real production, raising a hard question about why private money printing is illegal while institutional money creation is allowed.

Germany Surpasses Japan At #3 Nominal GDP Spot

Japan Economy Watch • 319 implied HN points • 17 Feb 24
💰 Finance Currency
  1. The reversal of rank in GDP between Germany and Japan is largely due to currency fluctuations, rather than significant changes in real GDP, population, or workforce size.
  2. Purchasing Power Parity (PPP) offers a more accurate comparison of economic power by adjusting for currency exchange rate differences.
  3. Japan's slower growth in comparison to Germany is influenced by changes in population size, with significant implications for economic performance and global influence.

The US Must Return To A Gold Standard

QTR’s Fringe Finance • 25 implied HN points • 26 Jan 26
💰 Finance Currency
  1. The dollar has been heavily debased over time because the government and the Fed keep creating money, which erodes purchasing power and risks a currency collapse.
  2. Reinstating a gold standard—by promising future redeemability of dollars for gold at the market price and never suspending that promise—would force strict monetary discipline.
  3. Without a hard money anchor like gold, politicians will keep hiding the real costs of spending and war through inflation, so only a gold-based system can deliver lasting monetary stability.

Powell’s Confidence On Trial, Gold Rips Higher

QTR’s Fringe Finance • 31 implied HN points • 12 Jan 26
💰 Finance Currency
  1. A criminal probe of the Fed chair risks undermining Federal Reserve independence and makes monetary policy look vulnerable to political or legal pressure.
  2. That uncertainty is negative for US risk assets and the dollar in the near term, and it can disrupt Treasury markets and capital flows.
  3. Over the long run, weakening confidence in US monetary institutions could speed global diversification away from the dollar and lift safe-haven assets like gold and silver.

Is this the Sudden Paralysis of The System?

System Change • 569 implied HN points • 26 Mar 23
💰 Finance Currency
  1. Financial tectonic plates are shifting with concerns over banks like Deutsche Bank and Credit Suisse.
  2. The Federal Reserve's monetary policy changes and the potential consequences are under scrutiny.
  3. Geopolitical tectonic plates are shifting, with signs of significant changes in the global financial system.

NY Times is wrong on dedollarization: Economist Michael Hudson debunks Paul Krugman's dollar defense

Geopolitical Economy Report • 518 implied HN points • 16 May 23
🌍 World Politics Currency
  1. Economist Michael Hudson debunks Paul Krugman's arguments on de-dollarization, highlighting historical economic misconceptions by Krugman.
  2. Krugman dismisses the importance of controlling the world's reserve currency, arguing it's overrated, but fails to address the impact of capital flows on currency values.
  3. Krugman's defense of the US dollar relies on tautological reasoning, stating the dollar is powerful because it's widely used, without acknowledging geopolitical shifts away from the dollar.

How to Defend Cash in under 5 Minutes

Altered States of Monetary Consciousness • 637 implied HN points • 31 Jan 25
💰 Finance Currency
  1. Cash is important to protect against digital payment surveillance and control. Transitioning to a fully cashless society can lead to loss of personal freedom and privacy.
  2. Instead of arguing against the convenience of digital payments, it might be better to present a new perspective on why cash is valuable. Analogies can help get the message across more easily.
  3. Educating others about the risks of a cashless society takes practice. Finding quick, relatable ways to share your views can be more effective than trying to challenge established beliefs directly.

Can the EU Squeeze Hungary?

The Overshoot • 235 implied HN points • 31 Jan 24
🌍 World Politics Currency
  1. European leaders are exploring financial warfare against Hungary due to obstruction over aid to Ukraine
  2. Inflicting financial pain on Hungary may not work as the country has developed defenses against external pressure
  3. Hungary has had a persistent large current account surplus since the 2008 financial crisis

Yen’s Short-Term Fluctuations and Long-Term Weakness

Japan Economy Watch • 299 implied HN points • 14 Dec 23
💰 Finance Currency
  1. Short-term fluctuations of the yen depend on interest rate gaps between Japan and the US, influencing investors to buy/sell yen.
  2. Long-term weakness of the yen is influenced by the competitiveness of Japanese exports, affecting the overall value of the yen.
  3. The purchasing power of the yen relative to its trading partners has decreased significantly over the past 50 years, impacting Japanese households and companies.

My Financial Times Oped On The Yen

Japan Economy Watch • 399 implied HN points • 13 Jul 23
💰 Finance Currency
  1. Japan's currency weakens due to loss of competitiveness in exporting.
  2. Intervention to shore up the yen likely won't be effective due to underlying economic factors.
  3. The value of the yen is highly influenced by the interest rate gap between the US and Japan.

10 Questions with InflationX

Asian Century Stocks • 393 implied HN points • 26 Sep 23
💰 Finance Currency
  1. The interview discusses the background and focus of InflationX, a fixed-income investor turning to equities.
  2. Inflation is expected to rise over the next 5-10 years due to various factors.
  3. The rapid rise in interest rates may lead to a crisis, especially with the high levels of debt.

Starting a trade war as the global reserve currency

Deep Pulusani - Risk • 333 implied HN points • 16 Apr 25
💰 Finance Currency
  1. Having a reserve currency gives a country special advantages, like easier borrowing and more power in international trade. This can make things cheaper for its citizens and boost their purchasing power.
  2. However, relying too much on being the reserve currency can hurt domestic industries, leading to job losses and higher inequality. This often pushes the country to adopt protectionist policies to revive local production.
  3. Countries that want to move away from the reserve currency face risks like financial instability. It's hard to balance the benefits of being a reserve nation while fixing domestic economic problems.

How The First Reserve Currency Died

The Dollar Endgame • 379 implied HN points • 19 Sep 23
💾 History Currency
  1. Reserve currencies have played a vital role in upholding global dominance for empires throughout history by offering a widely accepted medium of exchange, fueling borrowing, spending, and state funding for wars of expansion.
  2. History does not follow a linear path but rather a cyclical pattern, with repeated 80-year cycles known as Fourth Turnings, marked by moments of crisis and upheaval that reshape societies and nations.
  3. The rise and fall of the Dutch Guilder, the first global reserve currency controlled by the Dutch through the powerful United Dutch East India Company, exemplify the dynamics of economic dominance and empire-building in the past.

Endgame #1

The Dollar Endgame • 359 implied HN points • 26 Aug 23
💰 Finance Currency
  1. Argentina is facing a severe economic crisis with massive currency devaluation and high inflation, but there is hope for stabilization with proposed governmental changes and monetary reforms.
  2. China's property market is experiencing significant challenges, with key real estate firms facing default, worker payment issues, and the country slipping into deflation, raising concerns for a possible global recession.
  3. The BRICS alliance, particularly China and Russia, is strategizing to lessen dollar dominance by expanding membership and discussing possible alternatives, like involving major oil exporters and establishing a new reserve currency, amidst complexities and challenges in implementing such changes.

¥144 Is Weakest Since Last November

Japan Economy Watch • 359 implied HN points • 23 Jun 23
💰 Finance Currency
  1. The weakening of the yen is closely tied to the gap between Japanese and American 10-year government bond rates, with a 97% correlation.
  2. Investors are learning to trust the statements of central banks like the BOJ and US Fed more, impacting market behavior and currency values.
  3. The chronic weakness of the yen reflects Japan's loss of competitiveness, leading to a trade deficit, higher consumer prices, and lower real wages.

De-dollarization Attack

Diane Francis • 559 implied HN points • 13 Apr 23
💰 Finance Currency
  1. The US Dollar is seen as a stable and reliable currency globally, much more so than other national currencies and cryptocurrencies. This stability comes from a strong economy and the trust in its government.
  2. Russia's attempts to promote the use of the Chinese Yuan and create a new currency are unlikely to weaken the dominance of the US Dollar. In fact, they may end up increasing China's dependency on dollar reserves for stability.
  3. While there is some competition in global currencies, none are poised to replace the dollar until they are backed by strong, dynamic economies that have military power and stable governments.

Endgame #2

The Dollar Endgame • 319 implied HN points • 28 Sep 23
💰 Finance Currency
  1. Japan is facing challenges with its currency and bond market, with the USD/JPY crossing critical levels and the market pressuring the Yen amidst debt concerns.
  2. The US bond market is experiencing significant turbulence, with record lows in various instruments and rising yields posing challenges for investors.
  3. China is grappling with an economic slowdown fueled by a declining property market and potential need for widespread bailouts, leading to concerns about the country's economic future.

The Continental Bait-and-Switch

QTR’s Fringe Finance • 23 implied HN points • 26 Dec 25
💰 Finance Currency
  1. Continentals were accepted at first because people believed they could be redeemed for gold or silver, so the paper acted like a claim to real money.
  2. But leaders kept printing Continentals, broke the redemption promise, and used price controls and legal tender laws to force acceptance, which caused severe inflation and effectively cheated people in a bait-and-switch.
  3. This episode shows paper money’s value often rests on expectations of specie redemption, not just on taxes or legal coercion, so a government declaration alone may not create lasting monetary value.

Top Links 627 Is the dollar overvalued? Larry Summers feeling good. Gold & the price of a Rolex & The Rise and Fall of the Italian economy.

Chartbook • 329 implied HN points • 23 Jan 25
💰 Finance Currency
  1. The dollar's value is being questioned right now, which is important for understanding the economy. Many people are debating whether it's too high or just right.
  2. Larry Summers, a noted economist, seems optimistic about the economic outlook. His confidence might suggest some positive trends ahead.
  3. There are intriguing comparisons being made between gold prices, the cost of luxury items like Rolexes, and the state of Italy's economy. These links can help highlight larger economic patterns.

The Gold Standard, Explained

QTR’s Fringe Finance • 30 implied HN points • 02 Dec 25
💰 Finance Currency
  1. The gold standard linked a country's money to a fixed weight of gold, which made currencies stable and predictable for trading. This helped nations cooperate and trade more easily.
  2. Supporters of the gold standard believe it prevents inflation and government overspending, while critics say it's too rigid for today's economy. It can limit how quickly countries respond to economic crises.
  3. The gold standard fell out of favor mainly due to the pressures of wars and economic changes, leading to modern money systems that are more flexible but can also cause inflation and debt issues.

Money as Addiction

Altered States of Monetary Consciousness • 864 implied HN points • 15 Mar 24
💰 Finance Currency
  1. Addiction can distort our sense of agency, making us act out of instinct rather than choice.
  2. Solutionism creates a narrative that presents our dependencies as voluntary choices, leading to a cycle of justification for those dependencies.
  3. Monetary systems, like addiction, can create a state of involuntary dependence presented as a state of voluntary choice, reshaping our societies and individual lives.