Handbook For a Multipolar World

De-globalization → Trade Tariffs → Carry Trade Unwind → Geopolitical Uncertainty → Repatriation production capacity → Higher Transaction Costs →Inflationary Forces → Higher Rates

• Globalization has been a very useful framework to better understand global finance for the past 40 plus years. 

• However, we believe the structural framework is undergoing a metamorphosis that will have profound implications on the architecture of the global financial system. 

• Current correlations, the carry trade strategy, emerging markets and the Eurodol…