It is clear that Trump\u2019s emergence on the world stage is a game-changer in a landscape where central banks and Eurocrats had lulled us into complacency. And his rise to the presidency coincides with other turning points which, in their own right, would already warrant our attention as investors. Thus, Trump is fuelling and accelerating processes such as Brexit, the rise in US dollar interest rates and the resulting sell-off of US sovereign debt, with the consequences that this entails for the currency reserves of the world\u2019s major powers.<\/p>\n
.<\/span><\/p>\n And as if that weren\u2019t enough, behind Trump is Steve Bannon<\/a>, which makes Trump\u2019s vehemence look like a drop in the ocean. The position created specifically for Bannon \u2013 Chief Strategist \u2013 lends him the air of a strongman, a very powerful figure within the President\u2019s inner circle. It is no coincidence that he was initially due to be appointed Chief of Staff, the most influential post in the White House, but pressure from the Republican Party ultimately led to Bannon being passed over in favour of Priebus<\/a>.<\/p>\n .<\/span><\/p>\n Well, Steve Bannon, contradicting Vice-President Pence\u2019s official version, discussed the matter with the German ambassador in Washington, the the need to strengthen bilateral relations between Germany and the US whilst bypassing European dialogue<\/strong>. Sources at Reuters revealed<\/a><\/strong> the content of these conversations, and they claim that Bannon and the German ambassador spoke of the EU as a failed project with very little future. Needless to say, this view is entirely in line with that of the German Finance Minister, Wolfgang Sch\u00e4uble.<\/p>\n .<\/span><\/p>\n Furthermore, Trump and Bannon will take Brexit to levels that would have been unthinkable until now. And capitalising on the US President\u2019s excellent relationship with the British Royal Family, The possibility is even being considered<\/strong><\/a> that the USA joins the Commonwealth<\/a>. An unprecedented show of support for this union of states, most of which were once part of the British Empire. And, of course, a further blow to the ailing EU, which is steering the pre-Brexit negotiations towards a climate of threats and hostility \u2013 perhaps in a rather unstrategic manner.<\/p>\n .<\/span><\/p>\n And against this backdrop, the impending rises in US interest rates are already triggering massive sell-offs of Treasuries by central banks which, until now, had accumulated vast quantities of them. This marks a radical shift from the situation over the last decade. And the consequences are unpredictable, particularly given that one of the largest holders of US sovereign debt is China. Yes, that very same giant (among many others<\/a>) against which Trump intends to wage a trade war that is nothing short of reckless. This is particularly true given that the Chinese have the power to open or close the tap on their massive reserves of Treasuries, depending on strategic requirements regarding USD\/RMB exchange rates or the political threats that we are bound to see in the coming months.<\/p>\n .<\/span><\/p>\n Furthermore, another political bombshell could go off in May and Le Pen could come to power. This is a much greater possibility than the most prominent markets (the stock market and bonds) seem to be pricing in, at least That is the forecast being made today by Bloomberg<\/a>: \u00abIf tail risks are to be believed, the risk of a Frexit is greater than is currently assumed<\/em>\u00ab. And let\u2019s not forget that Germany is also set to hold unpredictable elections in the coming months.\u201d. Fasten your seatbelts and take safety precautions<\/strong><\/a>. Particularly those investors who believe that the Eurozone will remain the Eurozone, and those who are confident that the euros in their current account will continue to be worth the same as those held by Germans.<\/p>\n <\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" Es obvio que la irrupci\u00f3n de Trump en el escenario mundial cambia las reglas de juego en las que bancos centrales y eurobur\u00f3cratas nos hab\u00edan aletargado. Y su acceso a la presidencia coincide en el tiempo con otros puntos de inflexi\u00f3n que por s\u00ed s\u00f3los ya merecer\u00edan centrar nuestra atenci\u00f3n como inversores. As\u00ed, Trump potencia […]<\/p>\n","protected":false},"author":6,"featured_media":6067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38,45,41,42,39,37,20],"tags":[],"class_list":["post-6062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualidad","category-asesoramiento-deportistas-artistas","category-economia-y-finanzas","category-estrategia","category-crear-mi-propio-family-offices","category-reflexion","category-sin-categorizar"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/6062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=6062"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/6062\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media\/6067"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=6062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=6062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=6062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}