The Monthly Review: January 2025

The article compares the anticipation of exam subject announcements in the 1980s to the current uncertainty surrounding tariffs threatened by President Trump, which significantly impact financial markets. It highlights how the present economic environment favors macro-oriented managers over static asset allocators. Another key topic is the potential evolution of the Russia-Ukraine conflict, with speculation about peace treaties and reconstruction opportunities for European companies. The article also discusses central bank strategies, particularly the accumulation of gold by China, Russia, India, and other nations, which could serve as a form of diversification and protection against U.S. political uncertainty. Finally, it touches on interest rate forecasts and fears of a global monetary "reset," emphasizing how doomsday narratives are often driven by commercial interests.