The Grey Swan Investment Fraternity now has members in over 28 countries! That’s not including members of our investor’s network, who also reach into countries such as Russia and China.
Thank you for being a member of our fraternity, and for helping expand the map. We look forward to updating it further!
Grey Swan Investment Fraternity member map as of 12/10/2024
January 23, 2026 • Addison Wiggin
The Bank of Japan’s holdings of its own government’s bonds are now near a 10-year low.
The yen carry trade has been a constant in global finance for 3 decades. Currently, the unwind is throwing the Japanese government into a crisis of historic proportions.
Americans take note. Not only are Japanese bonds undermining the AI rally on Wall Street. The crisis is a cautionary tale for the U.S. efforts to finance its own historic debt load.
January 22, 2026 • Addison Wiggin
The dollar’s share of global reserves is now roughly 40%, down from 60% in 2016. No other fiat currency filled the gap. Gold did.
That is the only fact you need to understand the long-term arc.
After the West demonstrated it could seize reserves, “safe” became a new word. Gold has no counterparty. It cannot be frozen with an executive order. It does not require permission to settle.
January 22, 2026 • Addison Wiggin
The last time Uncle Sam had this much debt rolling over, interest rates were effectively zero percent. That allowed for a massive expansion of total debt, even as total interest payouts shrank.
January 21, 2026 • Addison Wiggin
Having said all that, why does President Trump want Greenland so badly (other than as retribution for not being awarded the Nobel Peace Prize)?
He insists it’s for national security, but, as I mentioned earlier, the U.S. military already has broad access to the island, as spelled out in the 1951 agreement signed by the U.S. and Denmark. Further, Greenland is under the protection of NATO, of which the U.S. is a member. If Russia or China tried to attack it, Article 5 of the treaty would be triggered, activating NATO forces.
Recent reporting suggests that some of Trump’s wealthiest backers see Greenland not as a military outpost or mining play, but as a blank slate. According to Reuters, influential tech investors—including Peter Thiel and Marc Andreessen—have pitched the idea of turning parts of Greenland into a so-called “freedom city,” offering a low-regulation, quasi-autonomous hub for next-gen technologies.
