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Ripple Effect

Uncertainty or Not, Everyone’s Buying American

Loading ...Addison Wiggin

October 1, 2025 • 1 minute, 12 second read


valuation

Uncertainty or Not, Everyone’s Buying American

In the first few months of the year, European stocks started outperforming U.S. stocks. There was talk of capital flows out of the U.S., and into Europe.

On the surface, that looked reasonable – a relative value play. But European investors continue to stay invested in the U.S. for one simple reason – it’s where the growth is.

Ditto the rest of the world. In fact, even as a government shutdown unfolds, foreign holdings of U.S. stocks are now at a record high:

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Foreign investors continue to buy American (Source: Topdown Charts)

Over the past 15 years, the GDP in the U.S. has roughly doubled, thanks to advances in technology and a country that still encourages innovation first – not regulation as in EU countries.

In contrast, the Eurozone’s GDP has flatlined since the 2010 debt crisis. That’s 15 years of no growth, mixed with the same burst of pandemic-era inflation that impacted the U.S.

It’s a feature of the terrifying bull market underway. Valuations, margin debt, and government debt are historically high right now… and the U.S. stock market is the best game in town.

~ Addison

 

P.S. Our forecast for significantly higher gold prices continues to move in the right direction, with gold topping $3,900 this morning as the U.S. government enters a shutdown. Stay tuned!

If you have any questions for us about the market, send them our way now to: feedback@greyswanfraternity.com.


The Dominoes Keep Falling in the Move to Digital Money

October 21, 2025 • Ian King

Trillions of dollars are already being transferred and tracked on the tokenized rails that Visa, JPMorgan, Mastercard and other major financial institutions plan to scale globally in the next 12 months.

Meaning, there’s no longer such a thing as “crypto vs. the banks.”

Because the same financial giants that crypto once tried to replace are taking the best parts of blockchain — speed, transparency and programmability — and fusing them into the system they already control.

And as each domino falls, it brings us closer to a world where money moves as easily as data.

It means that by the end of 2025, digital dollars could settle more value than PayPal ever has.

So if you’re still treating digital money as “the future,” you’re already a step behind.

The Dominoes Keep Falling in the Move to Digital Money
Inside Dollar 2.0

October 21, 2025 • Addison Wiggin

Consumer spending on ChatGPT has plateaued in Europe, with growth now near zero after peaking at +20% in 2023. Yet investors continue to price in boundless growth — what we’ve come to recognize as a classic late-stage bubble pattern.

Inside Dollar 2.0
The New Great Wall of China

October 21, 2025 • Addison Wiggin

Some historic irony, here.

China invented paper currencies in the Tang Dynasty in the 7th Century. Known then by the Mandarin characters that mean “flying cash,” the currency, like all paper money, lost its value.

Today, as the rest of the world goes all-in on fiat, and begins to digitize the dollar, China’s rediscovery of gold as an asset suggests that gold’s run isn’t over… yet.

The New Great Wall of China
“No Kings” or Just Bad At Math

October 20, 2025 • Addison Wiggin

The “No Kings” crowd might one day discover that the tyranny they fear doesn’t wear a crown. It wears a smile, signs checks, and calls itself “the common good.”

And like all monarchs in the end, it will demand obedience — long after the cheering stops.

If history rhymes, as it seems to, we’re somewhere between the late 1930s and the late Roman Republic. The crowds are restless, the debt insatiable, the elites insulated, and the reformers convinced they can vote their way to virtue. The yachts are still in the harbor; the customers are still swimming.

“No Kings”? Fine. But remember: every time the crowd dethrones a monarch, it tends to crown a bureaucracy. And bureaucracies, unlike kings, never die.

“No Kings” or Just Bad At Math