You’re going to see nation-states look internally and make sure they have the ability to support themselves.
Take Germany for example. Germany’s strategy up to this point was to outsource their military to the US, their financial management to the EU, their energy supply to Russia, and their end market to China. This was the complete globalization of an economy. You can see at this point, I think they’re in extreme trouble.
If you look at what’s happening in the Russia-Ukraine war, I think there’s more going on there in terms of supply chains and sense of security. I’m horrified by the war and the invasion, but I think the motivations and the rationale and what’s happening are going to highlight to people: Can I provide the basics? Each country will move to protect their own citizens. And as a result, they might deglobalize ahead of you.
The global financial system was put together to ease global transactions. And by doing that, a lot of people kept money at the Federal Reserve — they felt that money is free from risk. But it was there to lubricate transactions. We froze the bank reserves of Russia. A substantial number of finance ministers around the world have to rethink: Are their assets secure?
I’ve had many people ask me: What do I do with my assets in China? What do I do with my assets in Hong Kong? There’s a lot of Western investment in Hong Kong — what happens if we end up in a similar disagreement or conflict, are those assets subject to immediate abandonment?
Verdt å høre videoen (jeg linker til person nr 3 Ken Moelis, som var den jeg syntes var interessant, andre syntes kanskje de to første var mer interessante).