Sep. 12 at 6:41 AM
$TRX $GDXJ $HL $GLD.X
Europe's fiscal projections look fine on paper. EU age-related spending rises just 1.2 points of GDP by 2070, six member states project a fall.
But those are ratios, and they assume ~1.3% growth.
UK real GDP per capita: +7.2% TOTAL over 2010-2024. Under 1%/yr. US did 31.4%. 2025 per capita is the same as 2022. Real wages 2.7% below 2008.
German industrial production ~15% under its 2017 peak, four straight years of contraction. VW cutting 35,000, Bosch 22,000, Thyssen 11,000. Debt brake already modified for a €500B fund.
A disciplined numerator doesn't rescue a ratio whose denominator stalls.
The usual objection to debasement is "rotate into euros or yen then." Into what? Same arithmetic, same failing growth assumption, every major issuer.
No sovereign currency to rotate into. That's the case for the metal.
