I currently hold assets denominated in US dollars, including Bitcoin, US Treasury bonds, US stocks, and stablecoins used for arbitrage. So, from the perspective of bags, I have been thinking about this issue recently. The core point that Dario wanted to convey in his annual long article a few days ago is that the anti globalization cycle has begun, and global funds no longer unconditionally trust the United States, so: gold ↑ US stocks → or ↓. Capitalists have borders, but capital knows no borders. However, recently in my life, I have also come to accept a new perspective - once a person has accumulated a certain amount, they should stay in their comfort zone. For example, there are dozens of restaurants near your home, and when you were young, you were encouraged to explore more, so you went to explore each one. After exploring 20 or 30 restaurants, you already have a rough idea of which ones are delicious and which ones are not. But when you reach middle age, you don't need to explore restaurants anymore to bear the consequences of gambling that may or may not taste good. Instead, you should go directly to the restaurants you love to eat and enjoy the fruits of victory. To put it bluntly, if you are a farmer uncle, there is indeed joy in farming during the farming period, but sooner or later you will have to harvest. No one can say clearly who benefits more from the alliance between the United States and Europe. Gemini GPT and Grok, the three teachers, all gave lengthy nonsense, but I forced them to give a short answer, and everyone unanimously said that "Europe" benefited more. PS: Of course, it cannot be ruled out that these AI are all American AI, they may be biased hahaha 。 Can I understand? After years of cultivating Europe, the United States has repeatedly weighed and believed that Europe is essentially hitchhiking with the United States (the situation in China is different, we will discuss it later). In middle age in the United States, after years of hard work and hard work (construction), it is time to enter the comfort zone and enjoy (cash out). The same goes for cryptocurrency trading. Those people bought a lot of $Binance Life, spared no effort in construction, and were impeccable. So now that it's in stock, aren't we going to ship it out? So even if it is not Trump but someone else, it may start to reverse globalization, just four years earlier and four years later. So Dario concluded that the anti globalization cycle has already begun. So, taking away the interests of Europe, is the United States (and its dollar assets) stronger or weaker? Is it weak in the short term and strong in the long term, or strong in the short term and weak in the long term? From an emotional perspective, people believe that it is weaker, after all, those who follow the right path will receive more help, while those who violate the right path will receive less help. But from the perspective of bags, considering the fact that Europe is hitchhiking with the United States, and if the United States enters the stage of enjoying the fruits of victory, the harsh reality may be short-term weakness and long-term strength. Weak meat is eaten forcefully.