Milk Road Macro Grant Williams: The Global Monetary Order Is Breaking Down
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Dec 9, 2025 Grant Williams, a renowned macro commentator and co-founder of Real Vision, delves into the unraveling global monetary system. He discusses the urgent shift of central banks toward gold for stability amid a collapsing trust in the dollar. Expectations of renewed quantitative easing are high, which could inflate nominal prices as signals of economic struggles emerge. Williams contrasts gold's historical reliability against Bitcoin's short tenure, emphasizing gold's role in safeguarding capital as market uncertainties loom.
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QE Is Likely Coming Back
- The Fed will likely cut rates and QE is probably returning soon, shifting market dynamics.
- QE's return may boost nominal asset prices short-term but signals deeper economic fragility.
Central Banks Break Their Own Rules
- The Fed has repeatedly broken its own rules and will buy whatever market sector needs support.
- Their flexibility reveals systemic weakness that requires central bank backstops to sustain markets.
Sanctions Shattered Dollar Trust
- Freezing Russian central bank reserves shattered trust in the dollar-based system.
- That rupture is pushing central banks to reduce dollar exposure and accumulate gold.