These risks that have been ignored on financial markets are “screaming, not whispering”

According to Ford, the FX, FX and Macro and Macro strategy are often overlooked, net net investment position (NIIP).

He said in a memorandum last week that it measures the amount of what the United States owns abroad for the amount of what the world owns in the United States. With this result, the United States is about $ 26 trillion, or approximately 80 % of GDP.

Ford added: “This means that foreign investors retain more American assets than the Americans abroad.” “It is a well -working setting when trust is high, but at fragile times like 2025, it can become a cook for pressure.”

In fact, the times were fragile. The US dollar index has decreased by 10 % so far this year, as the “Tahrir Day” tariff in Trump continues to echo, creating doubts about American assets as soon as it is considered reliable safe havens.

In fact, the dived dollar from the year to the date is the worst because the United States moved to a free floating exchange rate in 1973, which effectively ends the post -World War II system of fixed rates under the Bretton Woods Agreement.

Meanwhile, legislation that will add trillion dollars to the financial deficit progresses in Congress, which raises more anxiety among foreign investors, especially those who hold American debt.

Ford warned that this year was an example of textbooks on how the negative NIIP profile enlarged currency disorder.

He added: “Because many of the capital that supports the American financial system comes from abroad, the small transformations in feelings can lead to significant flows.” “This is a lot of dollars sold, and less than that is purchased, and Woela, Greenback stumbling.”

When returning to the likeness of the financial performance card, Ford explained that the problem is to focus on the current account deficit that it only shows the flow of transactions, i.e. imports against exports.

In contrast, NIIP explains the total debt heap – and ignore this will be like judging a person’s spending habits without verifying their credit card balance, making confidence “the most important of your assets.”

“Yes, it plays the trade deficit, interest rates and federal reserve signals, but NIIP tells you how exposure of the United States when things go on my side,” Ford concluded. “It is the quiet structural risks that lie under the surface, ready to amplify shocks. In a year like this, screaming, and not whispering.”

Confidence in the dollar pushed investors and central banks all over the world to Download on goldWhich has risen in prices in recent years, especially this year, increased 21 % in 2025.

Trump’s unimaginable pressure on Federal Reserve Chairman Jerome Powell to reduce interest rates The weakest dollar recently.

While many in Wall Street see more negative capabilities against the dollar, the mutation of artificial intelligence that still attracts billions of dollars in global investment flows to the United States It offers some relief.