The wheels of forced capital repatriation are turning. I have been writing about this for two years. Last November, the UK released a pension review that outlined how the government needed pensioners to invest more heavily in domestic assets to spur UK growth, and that govt may be forced to intervene if targets weren't met. We're now hearing Rachel Reeves speak directly about this. (https://assets.publishing.service.gov.uk/media/6736181254652d03d5161199/Pensions_Investment_Review_interim_report.pdf) Last April, Emmanuel Macron gave a speech in Sorbonne where he lamented that the EU sends 300B to the US every year instead of investing in themselves, calling it "absurd". (https://geopolitique.eu/en/2024/04/26/macron-europe-it-can-die-a-new-paradigm-at-the-sorbonne/) This is how a half century status quo dies a slow death - because the world's biggest economies must turn inward to finance domestic growth and trillions worth of unfunded liabilities, spurring the return of capital invested abroad.