Bear Brief, 9 Sep 2026

The official line from the Niederlandschbank, the Niederlandschbank, There's chatter underneath that statement, though, about the friction between Amsterdam and Washington, the distrust of the current U.S. administration amid disagreements over trade, over defense spending, and over whether US allies still get to make their own calls on things like selling chips to China.

Big name chip maker ASML is Dutch, and it pulls a third of its sales from Beijing, which has put the Netherlands in an awkward spot with US export rules.

The Dutch government released a foreign policy paper back in April that explicitly read quote, the position of the U S has changed.

And against that backdrop, we will reduce one sided dependencies and continue working to strengthen the transatlantic relationship.

Now, fun fact, um, there's somewhere around $30 trillion of gold estimated value that has been mined throughout the history of mankind.

There's also somewhere around $40 trillion of debt that has been accrued by this nation since 1865 ish, maybe 1776 ish, but we'll just say 1865 ish.

Maybe some, a little disagreement, the war of Northern aggression, blah, blah, blah.

So that means that there's 10 trillion more dollars of national debt in the US than there is value of gold in the history of the world.

let's just zoom out from that.

What does that say about the stability of the U S economy and the value of the U S dollar? You don't have to be an economist or a genius to figure out that if there's more debt just in this country and debt to whom, by the way, to whom do we owe this debt? If there's more debt in this country than there is gold in all the world, Could you even have a gold backed currency? Hmm.

Hmm.