<div id="readability-page-1"><div><div><p><em>Authored by Mallika Sachdeva and Michael Hsueh via Deutsche Bank Research Institute,</em></p><p><em><strong>In 1989, Francis Fukuyama argued that humanity had reached “the end of history”.</strong> In the years that followed, the US became the uncontested hegemon, global trade exploded in a US-defined liberal order, developed market central banks sold gold, while emerging markets accumulated vast amounts of US dollar FX reserves. We argue that the end of history has come to an end. The world is back in a superpower struggle; the US is retreating from free trade, alliances, and security provision; the Great Economic Moderation is behind us; and the dollar banking system has been weaponized. <strong>The “return of history” has big implications for gold and the dollar. </strong></em></p><h2>All that glitters</h2></div></div></div>

德意志银行

紫金矿业

<p>德意志银行研究认为，美国主导和自由秩序的时代已经结束，标志着 “历史的回归”。美国正在从自由贸易和联盟中撤退，导致超级大国之间的斗争。这一转变对黄金和美元产生了重大影响，因为美元银行体系已被武器化，影响了全球经济动态</p>

The Return Of History: Deutsche On Gold, The Dollar, & The Monetary Future

ZeroHedge

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历史的回归：德意志银行对黄金、美元及货币未来的看法