Look at Bitcoin, gold, and the US equity index charts. Which camp is correct?
Biz as usual with investors in equities betting more easing of rates and potentially more QE v Ukraine then Gaza and now back to EU NATO members flexing muscle aka Napoleon Macaroni, Iran baited and US looking for E Asia for done military success. Perhaps Gold/Bitcoin is the hedge against the debt pile that cannot me mathematically paid back?
Could be the sigs of a classic Thucydides Trap? Multi-polar world too?