An ever stronger US dollar is becoming the wrecking ball of global debt. With the fastest interest rate hike cycle ever, the Federal Reserve has almost turned off the tap on the so-called euro-dollar market, i.e. the area of credit creation in dollar-denominated loans outside the US. Now it is up to these countries, which have dollar debt, to roll the mountain of debt into the future, which is very difficult in view of the eminent scarcity of dollars and the rising cost of credit.

As was the case 8 years ago, Donald Trump's incoming administration will in all likelihood seek to soften the dollar in order to launch its program of fiscal consolidation, so it is not unlikely that we will soon see the temporary fall of the dollar, which should then weaken somewhat and thus give the world time to breathe a sigh of relief.

What happens after that in the medium term: I personally expect a serious crisis in the eurozone and above all in the UK. Eur and the Pound are sinking ships.