The Debasement Trade: Real Returns vs. The Dollar Illusion
Since 2020, markets have exploded higher. The NASDAQ is up 165%, the S&P 500 over 100%, and home prices nearly 60%. On paper, investors look richer than ever.But that’s in U.S. dollars — a currency that’s been quietly debased by record money creation and inflation. When you measure those same assets in gold or Bitcoin, the picture changes dramatically.
