Europe’s largest asset manager Amundi is reducing its exposure to US dollar assets and turning to European and emerging markets, its chief executive has said.
Valerie Baudson, whose firm has €2.4 trillion of assets under management, said Amundi would advise clients to shift away from the greenback over the coming year, warning that if US economic policy remains unchanged, “we will go on seeing a [weakening] of the dollar”.
Leave aside the issue of blame. Other nations have no leverage to change the U.S. government. It’s arguably even beyond our influence, but Americans have the best shot at changing it. All that others can do is to try to tear down the whole empire, and it’s in their existential self-interest to try. If that leaves us Americans caught in the middle, that’s just harsh reality. Denial is human, but if we want to escape it, we have to get organized.
Correct.