USA - Readers may recall that as part of the RIT Capital Partners 2014 annual report commentary, the scion of Rothschild family warned that "the geopolitical situation is most dangerous since WWII." Fast forward to today when in the latest half-year commentary from RIT Capital Partners, Lord Rothschild has made his latest warning to date, this time focusing on the global economic system that was established after WWII, and which he believes is now in jeopardy.
The billionaire banker pointed to the US-China trade war and the Eurozone crisis as the key problems putting economic order at risk, and the lack of a "common approach" - a reference to the gradual unwind of globalization in the wake of President Trump - that has made "co-operation today much more difficult":
"In 9/11 and in the 2008 financial crisis, the powers of the world worked together with a common approach. Co-operation today is proving much more difficult. This puts at risk the post-war economic and security order."
It wasn't clear if he was referring to the post-war fiat standard that emerged once FDR devalued the dollar relative to gold, and then fixed a price for the yellow metal, a tenuous link that was subsequently destroyed by Nixon who finally took the US off the gold standard, or the primacy of the dollar which emerged as the world's reserve currency after the end of WWII, but whenever one of the people who profited handsomely from the "post war world order" warns it may be on its last legs, it may be time to worry.