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