Macro Voices MacroVoices #451 Brent Johnson: Macro Drivers of UST’s, PM’s & The Role of The BRICS
Oct 24, 2024
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BRICS Influence on USD
- The BRICS nations' goal is to diminish the U.S. dollar's global power, but their annual meetings don't guarantee immediate success.
- Businesses drive economies, not politicians; there's limited business interest in a new BRICS currency.
Treasuries, Gold, and Tax Havens
- Foreign holdings of U.S. Treasuries are at an all-time high, but central banks are increasing gold purchases.
- Tax havens like Belgium and the Cayman Islands hold large amounts of Treasuries for tax advantages.
Foreign Treasury Investment via Tax Havens
- Brent Johnson explains how foreign entities use tax havens to invest in U.S. Treasuries without tax complications.
- He managed funds that used this process, giving him direct experience.