Invesco DB US Dollar Index Bullish Fund

Gavin Baker oppose ×2 ▼ on 🌍 The debasement trade: USD is 2026's worst asset E274 · 2026-05-22 ▶ 1:29:54

I don't think a dollar crisis is around the ... the Bundesbank was still in charge and you had the Deutschmark, ... what is globally a bad neighborhood of high debt levels. And we have AI in our corner, and we have energy self-sufficiency.

Chamath support ×2 ▼ on 🌍 The debasement trade: USD is 2026's worst asset E261 · 2026-02-13 ▶ 42:23

You got to find ways of hedging and owning real durable assets because the underlying currency... will fluctuate wildly and just fall off of a cliff... we probably see things like gold do much, much better over time because people will be afraid about the durability of their dollar-denominated resources.

Friedberg support ×3 ▼ on 🌍 The debasement trade: USD is 2026's worst asset E259 · 2026-01-30 ▶ 1:10:51

Eventually the bill comes to you. And in the United States, the bill is coming to you... for the first time in history... gold [is] eclipsing US treasuries [in central-bank holdings]... the dollar index has declined from about 109 down to 96... if you look at the stock market relative to gold, it's actually down... an incremental annual cost to service the debt of roughly $700 billion a year.

Jason support ×2 ▼ on 🌍 The debasement trade: USD is 2026's worst asset E257 · 2026-01-10 ▶ 1:11:52

we're going to add $2 trillion in debt this year, ... it's going to be harder and harder for the dollar. ... which we see in people moving to gold and silver and perhaps copper.

Sacks support ×1 ▲ on 🌍 Tariff receipts plus cut savings re-rate the US and pull in global capital E237 · 2025-08-01 ▶ 1:07:02

It's about $2 trillion. It's effectively $2 trillion of stimulus into the US, but without money printing.

This is about taking America's payment system in the 21st century. This is about making our nation more competitive. This is about expanding demand for the US Treasury securities that we issue. This is about the dominance of the US dollar.

Jason support ×2 ▲ on 🌍 Stablecoin dollarization entrenches the dollar's reserve status E236 · 2025-07-19 ▶ 1:03:35

And in order to be in the US market, Tether is going to have to be 100% in treasuries, right? They're not going to be allowed to be, say, in real estate.

Gavin Baker support ×2 ▲ on 🌍 Stablecoin dollarization entrenches the dollar's reserve status E236 · 2025-07-19 ▶ 1:02:35

I was always worried about stable coins, the risk to the dollar. But I think you make a very good point that when you are the dominant currency, they entrench the dominance.

I'll make one more point before I jump off on the tether topic. The one thing that I think your viewers should know is, this year, they'll be the fourth largest purchaser of US Treasuries. I think that's something that we should really contemplate.

Sacks support ×3 ▲ on 🌍 Stablecoin dollarization entrenches the dollar's reserve status E236 · 2025-07-19 ▶ 46:51

What could be bad about allowing digital dollars, which extends the dollar's dominance online, so that it basically bolsters the dollar status as the world's reserve currency. Over time, as we get challengers from BRICS, for example, this is going to make the US dollar stronger. And every time a dollar token trades somewhere in the world on a crypto wallet, there has to be a physical dollar in a US bank account invested in a US treasury. And that creates demand for our debt, which is another positive thing.

Chamath support ×3 ▲ on 🌍 Tariff receipts plus cut savings re-rate the US and pull in global capital E234 · 2025-07-04 ▶ 48:45

And so as long as that's the case, I think you're going to continue to have a bid for equities. If all of a sudden the MAG 7 decided to delist and not be American companies, and all of a sudden showed up in the CAC 50 in France, yeah, we'd be in big trouble. But I don't think that's going to happen. And so as long as there's American ingenuity and American supremacy, again, which goes back to the other thing, which is we can't kill these golden geese, nor should we kill the emerging and growing golden goose, which is AI. And as long as those things are the same, there will be a constant bid for American assets.

Friedberg support ×2 ▼ on 🌍 US assets reprice with an emerging-market risk premium E234 · 2025-07-04 ▶ 52:05

In the last 10 years, US treasuries held by foreign holders has declined from 34%. This is a good thing, not a bad thing. I mean, it's good in one context. But my point is people, foreign countries and foreign businesses and foreign investors aren't holding US treasuries as much as they used to.

Chamath oppose ×3 ▼ on 🌍 US assets reprice with an emerging-market risk premium E234 · 2025-07-04 ▶ 46:08

So, I don't know, I think that it's part of the fact that until we run surpluses and or completely eliminate the debt, there will always be a reason to be somewhat short the dollar. But the reality is that a lot of people still want to own these assets more than what they want to own any other asset. And those assets are dollar denominated. And so as long as that continues to hold in the push and pull, it will be a slow bleed, but it's probably manageable.

Chamath support ×3 ▲ on 🌍 Tariff receipts plus cut savings re-rate the US and pull in global capital E233 · 2025-06-28 ▶ 1:21:36

I think that if Powell starts an aggressive cutting program, either because he has to, or because he's trying to keep his job, I mean, man, you could see the S&P at 7,000.

Friedberg oppose ×2 ▲ on 🌍 Tariff receipts plus cut savings re-rate the US and pull in global capital E233 · 2025-06-28 ▶ 1:19:51

So one argument here might be that we're actually not necessarily seeing an improvement in the fundamental business environment. We're not seeing record revenue across the board.

Sacks support ×2 ▲ on 🌍 Stablecoin dollarization entrenches the dollar's reserve status E232 · 2025-06-21 ▶ 1:43:41

So it is true that the number one stablecoin issuer on the planet right now is an offshore company. ... And then also Tether will under this act, will have three years to come onshore. But the bottom line is they will have to operate in the United States. And that's a good thing for consumers. It's a good thing for the US.

Chamath support ×3 ▲ on 🌍 Tariff receipts plus cut savings re-rate the US and pull in global capital E231 · 2025-06-13 ▶ 59:25

So if you add these two things together, we are in the next 60 days going to have to re-forecast the American balance sheet where this is, or we're actually going to be able to positively forecast an extra 600 billion, 300 billion of incremental revenue, and 300 billion of savings. Jason, if that happens, watch out. What does that mean, watch out? It means that every single risk dollar is going to run to America. Every single one.

Sacks oppose ×2 ▼ on 🌍 US assets reprice with an emerging-market risk premium E229 · 2025-05-24 ▶ 30:12

It could be the moment, but, you know, I remember the first week of April when Larry Summers came on the pod and said that the markets were melting down, and that was a different moment that he was trying to sell in favor of his policy. So my point is just there's market volatility, and we won't know for a while whether this means anything. It could just be a blip.

Friedberg support ×3 ▼ on 🌍 US assets reprice with an emerging-market risk premium E229 · 2025-05-24 ▶ 2:49

There is a non-linear relationship between the deficit and interest rates, which drives up the debt problem in a non-linear way, and it gets away from you and you can't fix it.

Chamath support ×3 ▼ on 🌍 US assets reprice with an emerging-market risk premium E229 · 2025-05-24 ▶ 25:09

And if it passes, forget what any of us think, the bond markets will act decisively, and they're going to go in one direction, and it's away from us.

Chamath oppose ×3 ▼ on 🌍 US assets reprice with an emerging-market risk premium E228 · 2025-05-17 ▶ 1:01:59

The difference is we are the shining city on a hill, and every other country is not. ... There's this very funny quote, which is, when you owe the bank a million dollars, it's your problem, but when you owe the bank a billion dollars, it's their problem. This is true here.

this actually has knock on effects with regards to things like de-dollarization. Why are you investing the American dollar if you believe that the dollar is going to

Friedberg support ×3 ▼ on 🌍 US assets reprice with an emerging-market risk premium E228 · 2025-05-17 ▶ 53:54

And right now, at $2.5 trillion a year of deficit, we're talking about a deficit to GDP of like 8%. Yes. 8% a year. This is like Argentina. This is like insane.

I've been talking to a whole number of multinational CEOs who do business in China. I'm talking about the McDonald's of the world, the Starbucks of the world, the Nikes of the world, and so many of them now talk about, not just how consumers aren't going necessarily in their stores the way they used to, but really about the American dream, the American brand ... So many of these companies are even trying to reestablish how they market and advertise their companies, almost as if they're a local business, not an American brand.

Chamath oppose ×3 ▼ on 🌍 US assets reprice with an emerging-market risk premium E225 · 2025-04-26 ▶ 20:31

Number one, I think Ken is massively long packs America. I mean, he's built a $42 billion empire. He owns a billion dollars of American real estate. So I don't see him investing in Ecuador anytime soon, relative to the opportunity set in the United States. ... Europe is roughly uninvestable. So the more generalized answer is on a relative basis, the United States is still the shining beacon on a hill. There is no investible alternative for scaled capital except the US.