BRENT JOHNSON

The dollar milkshake theory is simple. Every country is printing money. But the dollar is the straw that sucks up global liquidity.

Everyone thinks the dollar is going to crash. But when you owe trillions in dollar-denominated debt you need dollars. Demand is structural.

I own gold AND the dollar. Everyone says you cannot do both. I say you have to do both.

The market does not care what should happen. It only cares what will happen.

Most macro commentators confuse what they want to happen with what is actually going to happen. Those are two very different things.

A strong dollar is the wrecking ball for the global financial system. And the wrecking ball is swinging.