Summary
Global currency devaluations are happening, with the Nigerian naira down 50-60%, Egypt devaluing by 40%, and Argentina continuing to devalue. Wood believes this is leading to a flight to safety as people hedge against loss of purchasing power and wealth.
Key Points
1. Currency devaluations are taking place around the world, with examples like the Nigerian naira dropping by 50-60% in the last nine months, Egypt devaluing by 40%, and Argentina continuing to devalue.
2. This trend is leading to a flight to safety, as people seek to hedge against devaluation and protect their purchasing power and wealth.
3. The global economic landscape is evolving, with potential implications for the value of traditional currencies and the attractiveness of alternative assets like cryptocurrencies.