Ken Griffin

dollar in six months in 50 years.

Gold is at record highs.

And the appreciation in other dollar substitutes, to use that word loosely, in items like crypto, for example, is unbelievable.

So we're seeing substantial asset inflation away from the dollar as people are looking for ways to effectively de-dollarize or de-risk their portfolios vis-a-vis U.S.

sovereign risk.

No.

Just check the price of gold.

Well.

I mean, I don't have to look very hard.

But it's a life of its own as you see sovereigns around the world, as you see central banks around the world, as you see individual investors around the world go, you know what?

I now view gold as a safe harbor asset in a way that the dollar used to be viewed.

That's what's really concerning to me.

And there's been plenty of published research in recent weeks, months, about foreign investors now, when they buy U.S.

equities, hedging the returns back to their local currency.

So that, again, is a bifurcation of, I'm going to bet on American business, but I want to immunize some of my sovereign exposure to the United States.

I don't think the data over a few weeks should really be that determinative to the Fed.

I mean, that's sort of over...

over-grandizes what the impact or importance of that data is, particularly with the sampling errors that's intrinsic in how that data is produced and compiled for the Fed.

I just think that's a bit of a misplaced warrior concern.

Look, the shutdown is symbolic of a different problem, which is the dysfunction between the Republican and Democratic Party on resolving issues