A weakening dollar and financial repression will be the two defining macro drivers of this decade.

USDJPY 177-180 end of the decade, devaluation of USD afterwards.https://t.co/DuRcOTsZEv

— lehlutz (@lehlutz) September 20, 2026

There is a price that tracks this fracture in real time:

The dollar.

A multipolar world is, almost by definition, a world that needs fewer dollars.

Reserve managers diversify.
Trade settles in more currencies. Central banks accumulate gold instead — which is simply the other… https://t.co/7QnwrK285V pic.twitter.com/XJQ8LJKwmc

— Thierry from arvy 🇨🇭 (@ThierryBorgeat) September 20, 2026

This happens as long-term rates rise relative to short-term rates. Though they try to hold short rates down, long rates are climbing, a trend we are already seeing. We are also seeing a weakening dollar and movements in gold.

As rates rise, it starts to affect the stock market.… pic.twitter.com/IUdVt4mbdK

— Ray Dalio (@RayDalio) September 11, 2026

France’s 10 Year Is Flashing A Warning Europe Can’t Ignore

France’s 10 year yield reaching roughly 4.56% is significant, but the more important development is the widening gap between French and German borrowing costs.

France is now paying roughly a full percentage point more… https://t.co/WwpCWxXfyC pic.twitter.com/oIKbb81CUe

— EndGame Macro (@onechancefreedm) September 18, 2026

The 10-year Treasury yield just hit 5%, a 19-year high.

Everyone blames the Fed. The bigger driver is supply. Washington is flooding the market with bonds to fund the deficit, and buyers demand more yield to absorb them. Bigger auctions, bigger debt, higher rates.

This is the… pic.twitter.com/99b77pXBdh

— Kurt S. Altrichter, CRPS® (@kurtsaltrichter) September 21, 2026