When markets are calm (read: boring), it’s easier to take a step back from the daily noise and ask ourselves the big picture questions like… …yes, but what’s the Macro EndGame? It often feels like the way we are running our economies and financial system is unsustainable in the long run, so reflecting on how we got here and what’s the ultimate Macro EndGame is a great big picture exercise. Here is my framework to answer this Million Dollar Question. In 1971, the Gold Standard effectively came to an end. President Nixon ended the convertibility of USD into gold at a fixed price, and effectively introduced the fully ... (full story)