Believes America reached an all-time peak of 67.2% of the MSCI All Country World Index in December, which is now reversing
A share of 67% is huge, given America accounts for only 26.4% of the world economy in terms of nominal GDP
This suggests the US dollar has entered a long-term downtrend
Several reasons for a weaker dollar:
Donald Trump himself wants a weaker dollar
Highly personalized nature of Trump's governing style, resulting in unpredictability
America's extreme fiscal deterioration post-Covid
Moody's sovereign downgrade has not significantly moved markets, as S&P and Fitch had already downgraded