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$BTC $XAU With U.S. medium- and long-term Treasury maturities in September reaching $430 billion, the credibility of military power as a backstop for U.S. debt is steadily eroding — as evidenced by the confrontation with Iran, which has revealed that the United States no longer enjoys an unchallenged, overwhelming military superiority on the global stage. Meanwhile, grand investment narratives such as AI, electric vehicles, robotics, and reusable rockets are facing a relentless price-to-performance squeeze from Chinese competitors. A new "Star Wars" initiative may well be one that China executes better. Over the foreseeable future, the U.S. dollar is poised to follow a depreciation trajectory similar to that of the Japanese yen. Against this backdrop, investors would be well advised to proactively adjust their asset allocation in anticipation of the shifts that may lie ahead.