THE CARLYLE GROUP (474bn under management)
Industry Insights
October 28th 2025
The Currency of Last Resort
"Gold is a direct alternative to fiat currencies in times of policy-induced currency debasement and systemic risk; hence, we call it the currency of last resort. A position it has held for three millennia versus 16 years for cryptocurrencies. Gold can survive nearly anything and its position on the periodic table gives it an infinite half-life, making it the ultimate monetary refuge in times of distress.
We believe gold is being driven by three factors – Debasement concerns, De-dollarization and portfolio Diversification. Each is becoming increasingly important for investors to consider when making asset allocation decisions. For example, gold reversed a sell off last week on news of fresh, yet more aggressive sanctions on Russia that threatened secondary sanctions on anyone dealing with Russian oil companies. Such secondary sanctions could be very disruptive to global payment systems, reinforcing further de-dollarization demand for gold.
Currency Debasement Is Not Only the Result of Price Inflation
During the Global Financial Crisis (GFC) confusion peaked over what was driving gold prices. Commentators attributed gold’s rise to inflationary and deflationary concerns. Clearly, it can’t be both at the same time, so was gold really an inflation hedge which was the prevailing view at the time? No. Debasement can occur with or without CPI-style inflation; what matters is the decline in real rates. Before the GFC, falling real rates were invariably associated with CPI-style, or what we like to call physical inflation. What we now know is that the dollar was being debased against inflation in financial assets like stock and bond prices, not physical inflation.
This characterization of gold worked well even through Covid when currency debasement was driven by both financial and physical inflation. This debasement reason for holding gold is typically captured in declining real rates and a weaker US dollar (see Exhibit 1). In fact, the term debasement comes from when the Romans would mix ‘base’ metals like copper into precious metals like gold, to ‘debase’ their gold coins. This characterization of gold worked extremely well until 2022 when gold sharply disconnected from real rates, driven by a new force: de-dollarization.
Exhibit 1: Decoupling Between Gold Prices and Real Rates Coincided with Sanctions Imposed on the Russian Federation in Response to the Invasion of Ukraine
https://www.carlyle.com/carlyle-compass/currency-of-last-resort
Industry Insights
October 28th 2025
The Currency of Last Resort
"Gold is a direct alternative to fiat currencies in times of policy-induced currency debasement and systemic risk; hence, we call it the currency of last resort. A position it has held for three millennia versus 16 years for cryptocurrencies. Gold can survive nearly anything and its position on the periodic table gives it an infinite half-life, making it the ultimate monetary refuge in times of distress.
We believe gold is being driven by three factors – Debasement concerns, De-dollarization and portfolio Diversification. Each is becoming increasingly important for investors to consider when making asset allocation decisions. For example, gold reversed a sell off last week on news of fresh, yet more aggressive sanctions on Russia that threatened secondary sanctions on anyone dealing with Russian oil companies. Such secondary sanctions could be very disruptive to global payment systems, reinforcing further de-dollarization demand for gold.
Currency Debasement Is Not Only the Result of Price Inflation
During the Global Financial Crisis (GFC) confusion peaked over what was driving gold prices. Commentators attributed gold’s rise to inflationary and deflationary concerns. Clearly, it can’t be both at the same time, so was gold really an inflation hedge which was the prevailing view at the time? No. Debasement can occur with or without CPI-style inflation; what matters is the decline in real rates. Before the GFC, falling real rates were invariably associated with CPI-style, or what we like to call physical inflation. What we now know is that the dollar was being debased against inflation in financial assets like stock and bond prices, not physical inflation.
This characterization of gold worked well even through Covid when currency debasement was driven by both financial and physical inflation. This debasement reason for holding gold is typically captured in declining real rates and a weaker US dollar (see Exhibit 1). In fact, the term debasement comes from when the Romans would mix ‘base’ metals like copper into precious metals like gold, to ‘debase’ their gold coins. This characterization of gold worked extremely well until 2022 when gold sharply disconnected from real rates, driven by a new force: de-dollarization.
Exhibit 1: Decoupling Between Gold Prices and Real Rates Coincided with Sanctions Imposed on the Russian Federation in Response to the Invasion of Ukraine
https://www.carlyle.com/carlyle-compass/currency-of-last-resort
❤12👍3🙏1
If your Fiat currency is being debased against real physical assets, like Gold, then the single most important reason for this was the decision by the US, EU & UK to freeze Russia's dollar, Euro & Pound reserves. If these reserves are now actually stolen and given to other countries, this will seal the further debasement of the value of your currencies. Those who want everyone pushed into Stablecoins, CBDCs and digital ID know exactly what they are doing: they are debasing currencies to steal Russia's Reserves, in order to impoverish you & enslave you into the Digital Financial Grid.
📱 ROBINMG
Please open Telegram to view this post
VIEW IN TELEGRAM
💯26👍7❤1🙏1
Robin Monotti ( + Cory Morningstar )
What is happening in Britain with all the stabbings is an intelligence operation using assets to implement a strategy of tension and fear in order to get the masses to demand Digital ID to distinguish migrants from natives, normal people from terrorists, and…
CAMBRIDGESHIRE CONSTABULATORY SIMULATION - NOVEMBER 2024
Terrorist prevention training for paramedics police and fire'
"East of England Ambulance Service and police and fire and rescue services from around the region have carried out joint exercises for dealing with serious violent incidents such as marauding terrorists.
The exercises were held at the old Papworth Hospital, currently the only local site with both outdoor and indoor spaces to train for major threats to public safety.
They are intended to help emergency services practise their plans against serious attacks, such as those in London and the Manchester Arena in 2017, and to experience working together under extreme conditions.
Steven Moore, head of emergency preparedness and specialist operations for EEAST, said: “The Papworth site, which is closed to the public, allows us to train in conditions as realistic as possible.
“The exercises include smoke, simulated gunfire and actors playing casualties with very convincing wounds.
“After recent events, blue light services can’t have the luxury of believing that some situations are unthinkable.
“We have to work together and be as prepared as possible for when the unthinkable happens.”
The exercises were carried out through the Joint Emergency Services Interoperability Programme (JESIP).
Similar training exercises ran last year, successfully training around 1,500 emergency responders. This year there were 20 training days.
A joint statement from Bedfordshire, Cambridgeshire and Hertfordshire Constabularies said:
“The exercises have provided an invaluable platform to allow armed officers to train in a realistic operational setting with other emergency service responders.
“This real-world training is essential to prepare officers in the event of a live incident.
“We have also been able to include unarmed local policing officers and all of our Tactical Firearms Commanders in the training, giving them a unique insight into JESIP working and shared situational awareness with colleagues from the ambulance and fire and rescue services.”
Ade Yule, national resilience coordinator and regional exercise lead for Bedfordshire Fire and Rescue Service, said: “The six fire services within the eastern region have taken this opportunity to put specialist and non-specialist crews and commanders through these exercises.
“The scenarios have enabled commanders to respond to challenging and realistic scenarios which require a dynamic and fluid joint emergency response."
https://www.huntspost.co.uk/news/24739005.terrorist-prevention-training-paramedics-police-fire/
📱 ROBINMG
Terrorist prevention training for paramedics police and fire'
"East of England Ambulance Service and police and fire and rescue services from around the region have carried out joint exercises for dealing with serious violent incidents such as marauding terrorists.
The exercises were held at the old Papworth Hospital, currently the only local site with both outdoor and indoor spaces to train for major threats to public safety.
They are intended to help emergency services practise their plans against serious attacks, such as those in London and the Manchester Arena in 2017, and to experience working together under extreme conditions.
Steven Moore, head of emergency preparedness and specialist operations for EEAST, said: “The Papworth site, which is closed to the public, allows us to train in conditions as realistic as possible.
“The exercises include smoke, simulated gunfire and actors playing casualties with very convincing wounds.
“After recent events, blue light services can’t have the luxury of believing that some situations are unthinkable.
“We have to work together and be as prepared as possible for when the unthinkable happens.”
The exercises were carried out through the Joint Emergency Services Interoperability Programme (JESIP).
Similar training exercises ran last year, successfully training around 1,500 emergency responders. This year there were 20 training days.
A joint statement from Bedfordshire, Cambridgeshire and Hertfordshire Constabularies said:
“The exercises have provided an invaluable platform to allow armed officers to train in a realistic operational setting with other emergency service responders.
“This real-world training is essential to prepare officers in the event of a live incident.
“We have also been able to include unarmed local policing officers and all of our Tactical Firearms Commanders in the training, giving them a unique insight into JESIP working and shared situational awareness with colleagues from the ambulance and fire and rescue services.”
Ade Yule, national resilience coordinator and regional exercise lead for Bedfordshire Fire and Rescue Service, said: “The six fire services within the eastern region have taken this opportunity to put specialist and non-specialist crews and commanders through these exercises.
“The scenarios have enabled commanders to respond to challenging and realistic scenarios which require a dynamic and fluid joint emergency response."
https://www.huntspost.co.uk/news/24739005.terrorist-prevention-training-paramedics-police-fire/
Please open Telegram to view this post
VIEW IN TELEGRAM
The Hunts Post
Terrorist prevention training for Cambs paramedics police and fire
East of England Ambulance Service, police and fire and rescue services have carried out joint exercises for dealing with serious violent incidents…
🤨15❤11😱3👀2
COMING SOON!
FROM THE PEOPLE WHO BROUGHT YOU COVID19 LOCKDOWNS!
THE NUCLEAR POWER STATION TERROR ATTACK!
July 2025:
"Multi-agency terror response put to the test
Exercise Merlin tested multi-agency terror response at Sellafield, showcasing strong coordination, leadership, and interoperability in a realistic scenario
A multi-agency simulation designed to test the effectiveness of a joint response to a marauding terrorist attack (MTA) near the Sellafield site has been widely praised.
The large-scale scenario – Exercise Merlin – took place at Griffin Park and focused on delivering a co-ordinated Operation Plato response involving Authorised Firearms Officers (AFOs) from the Civil Nuclear Constabulary (CNC) and Cumbria Constabulary.
For the first time, Sellafield AFOs deployed alongside their Cumbria counterparts, marking a key milestone in interoperability and regional preparedness.
Exercise Merlin aimed to validate the effectiveness of a joint tactical firearms response to an MTA scenario, test command handover procedures between the CNC’s Sellafield Incident Manager (SIM) and Cumbria’s Force Incident Manager (FIM), as well as strengthen tactical co-ordination among site-based and regional response units.
Assistant Chief Constable Mick Vance, who attended the exercise, praised the collaboration and professionalism on display. He said: “I want to extend my sincere thanks to all those who planned, supported and participated in this important multi-agency exercise. I understand the level of planning that goes into these events, and it was pleasing to see the co-ordination of partner agencies in response to a credible and challenging scenario.”
Feedback from participants was overwhelmingly positive, with all agencies highlighting the value of operating in a live, high-stakes simulation. Teams reported strong communication, clear leadership, and operational learning that will directly influence future planning and training."
Multi-agency terror response put to the test - GOV.UK
https://www.gov.uk/government/news/multi-agency-terror-response-put-to-the-test
📱 ROBINMG
FROM THE PEOPLE WHO BROUGHT YOU COVID19 LOCKDOWNS!
THE NUCLEAR POWER STATION TERROR ATTACK!
July 2025:
"Multi-agency terror response put to the test
Exercise Merlin tested multi-agency terror response at Sellafield, showcasing strong coordination, leadership, and interoperability in a realistic scenario
A multi-agency simulation designed to test the effectiveness of a joint response to a marauding terrorist attack (MTA) near the Sellafield site has been widely praised.
The large-scale scenario – Exercise Merlin – took place at Griffin Park and focused on delivering a co-ordinated Operation Plato response involving Authorised Firearms Officers (AFOs) from the Civil Nuclear Constabulary (CNC) and Cumbria Constabulary.
For the first time, Sellafield AFOs deployed alongside their Cumbria counterparts, marking a key milestone in interoperability and regional preparedness.
Exercise Merlin aimed to validate the effectiveness of a joint tactical firearms response to an MTA scenario, test command handover procedures between the CNC’s Sellafield Incident Manager (SIM) and Cumbria’s Force Incident Manager (FIM), as well as strengthen tactical co-ordination among site-based and regional response units.
Assistant Chief Constable Mick Vance, who attended the exercise, praised the collaboration and professionalism on display. He said: “I want to extend my sincere thanks to all those who planned, supported and participated in this important multi-agency exercise. I understand the level of planning that goes into these events, and it was pleasing to see the co-ordination of partner agencies in response to a credible and challenging scenario.”
Feedback from participants was overwhelmingly positive, with all agencies highlighting the value of operating in a live, high-stakes simulation. Teams reported strong communication, clear leadership, and operational learning that will directly influence future planning and training."
Multi-agency terror response put to the test - GOV.UK
https://www.gov.uk/government/news/multi-agency-terror-response-put-to-the-test
Please open Telegram to view this post
VIEW IN TELEGRAM
GOV.UK
Multi-agency terror response put to the test
Exercise Merlin tested multi-agency terror response at Sellafield, showcasing strong coordination, leadership, and interoperability in a realistic scenario.
🤨22❤16😱4👀4
Forwarded from Gemma O’Doherty
This media is not supported in your browser
VIEW IN TELEGRAM
UK staged train terror: cops did similar drill last week 😂
👍24🤣17🤔14🤨9💯7❤3👀3🔥1🤬1🏆1😨1
How greed & Russophobia destroyed Western currencies. The vertical dashed line should indicate not "Russian Invasion of Ukraine" but the "Freezing of Russia's $, € & £ Reserves", in violation of all international law and against the interest of anybody holding those currencies.
📱 ROBINMG
Please open Telegram to view this post
VIEW IN TELEGRAM
💯56❤4👀2
Robin Monotti ( + Cory Morningstar )
MTA Guidance Preparing Personnel.pdf
OPERATION PLATO
"Operation Plato is the code word used to describe a response to a marauding terrorist attack, where attackers move through an area, targeting multiple victims.
Declaring Plato triggers a coordinated, multi-agency response from police, fire, and ambulance services, as outlined in national counter-terrorism procedures."
📱 ROBINMG
"Operation Plato is the code word used to describe a response to a marauding terrorist attack, where attackers move through an area, targeting multiple victims.
Declaring Plato triggers a coordinated, multi-agency response from police, fire, and ambulance services, as outlined in national counter-terrorism procedures."
Please open Telegram to view this post
VIEW IN TELEGRAM
😡28❤5👀4🤬1
WHAT AN AMAZING COINCIDENCE!
"British Transport Police held an emergency exercise for press officers in March, which ironically involved a stabbing on a train travelling south near Huntingdon.
In the training drill, the train stopped immediately between stations when a passenger pulled the emergency cord.
It took police 25 minutes to reach the train and casualties, far longer than the eight minutes in which Cambridgeshire firearms officers reached the scene at Huntingdon station.
Chris Webb, a crisis communications expert who helped run the exercise, said: "People think if you pull the emergency cord on a train it stops immediately, but that's not what happens these days."
x.com/robinmonotti/status/1985300217424429452
📱 ROBINMG
"British Transport Police held an emergency exercise for press officers in March, which ironically involved a stabbing on a train travelling south near Huntingdon.
In the training drill, the train stopped immediately between stations when a passenger pulled the emergency cord.
It took police 25 minutes to reach the train and casualties, far longer than the eight minutes in which Cambridgeshire firearms officers reached the scene at Huntingdon station.
Chris Webb, a crisis communications expert who helped run the exercise, said: "People think if you pull the emergency cord on a train it stops immediately, but that's not what happens these days."
x.com/robinmonotti/status/1985300217424429452
Please open Telegram to view this post
VIEW IN TELEGRAM
🤔21👀14❤12👍3🤯1🤪1
This media is not supported in your browser
VIEW IN TELEGRAM
PETER THIEL: "When people in the FBI tell me they would much rather have criminals use Bitcoin than 100$ bills it suggests that maybe it is not quite working the way it was supposed to." - READ BETWEEN THE LINES -
📱 ROBINMG
Please open Telegram to view this post
VIEW IN TELEGRAM
💯30🤔18😁4❤3🤮2👏1
Forwarded from Gareth Icke Tonight (Gareth Icke)
Dayna Arnold, the witness interviewed here, is a project manager for Zest Consulting LTD, who work with transport for London creating "strategies that make digital transformation possible", and is featured on the Open Access Government website.
Witnesses share victim's harrowing words after being stabbed -
https://www.cambridge-news.co.uk/news/local-news/witnesses-share-victims-harrowing-words-32799415
Witnesses share victim's harrowing words after being stabbed -
https://www.cambridge-news.co.uk/news/local-news/witnesses-share-victims-harrowing-words-32799415
CambridgeshireLive
Witnesses share victim's harrowing words after being stabbed
The passengers said the boy was "about 19 or 20" and was bleeding heavily. They said: "He had gashes on his arm and a severe puncture under his arm."
🤬43❤7👍2👀2
Robin Monotti ( + Cory Morningstar )
IAN BROWN: LITTLE SEED BIG TREE - lyrics
"'scuse me while I mention the strategy of tension, mass mind manipulation
Psychological operation
The general population, hypnotised, right in front of your eyes
Drama and lies
Look into my eyes"
https://www.youtube.com/watch?v=gOHn6KurHE0&t=23
"'scuse me while I mention the strategy of tension, mass mind manipulation
Psychological operation
The general population, hypnotised, right in front of your eyes
Drama and lies
Look into my eyes"
https://www.youtube.com/watch?v=gOHn6KurHE0&t=23
YouTube
Ian Brown - Little Seed Big Tree
Ian Brown - Little Seed Big Tree
Follow Ian Brown
Spotify: https://IanBrown.lnk.to/Spotify
Apple Music: https://IanBrown.lnk.to/AppleMusic
Youtube: https://IanBrown.lnk.to/Youtube
Facebook: https://IanBrown.lnk.to/FB
Instagram: https://IanBrown.lnk.to/IG…
Follow Ian Brown
Spotify: https://IanBrown.lnk.to/Spotify
Apple Music: https://IanBrown.lnk.to/AppleMusic
Youtube: https://IanBrown.lnk.to/Youtube
Facebook: https://IanBrown.lnk.to/FB
Instagram: https://IanBrown.lnk.to/IG…
❤10💯6🔥2👍1
Look to the sky!!! Ian Brown "Blue Sky Day"
https://www.youtube.com/watch?v=xKJpCJb0UC0&t=68
📱 ROBINMG
https://www.youtube.com/watch?v=xKJpCJb0UC0&t=68
Please open Telegram to view this post
VIEW IN TELEGRAM
YouTube
Look to the sky!!! Ian Brown "Blue Sky Day"
Ian Brown "Blue Sky Day" I do not own copyright to the song
👍15❤2🤣1
Forwarded from Mark Collett
Remember when there was a knife attack at a synagogue:
- the knife man was shot dead within 15 minutes.
- the attack was instantly labelled 'terrorism'.
- Starmer flew home from abroad and convened a meeting of COBRA
- millions of pounds were set aside to protect the Jewish community.
Why is the response so different this time?
- the knife man was shot dead within 15 minutes.
- the attack was instantly labelled 'terrorism'.
- Starmer flew home from abroad and convened a meeting of COBRA
- millions of pounds were set aside to protect the Jewish community.
Why is the response so different this time?
🤔46👍20🤬13❤5🔥5👀5
I was around when Cyberpunk culture began, largely around William Gibson's Neuromancer. I thought it was on the wrong track to resist government then as it is now. The real escape from surveillance capitalism is the physical world, a return to nature, not the digital world.
📱 ROBINMG
Please open Telegram to view this post
VIEW IN TELEGRAM
👍32💯23❤3👏3🤷♂1🙏1
Forwarded from Geopolitics & Empire
Media is too big
VIEW IN TELEGRAM
"If you look at big tech, they have infiltrated every aspect of our lives. And so you have to dig yourself out of them if you want to continue to use modern technology and be private and free.
There are three threats online. Hackers and scammers, Big Tech and Big Brother. And all three of those threats are very serious.
Hackers and scammers are very serious and they're getting more so because they're getting super powered with AI. But then you've got the existential threat of the Big Brother. And Big Brother and Big Tech are really working together. They're colluding. And they're creating a very dystopian world. It's a very disturbing where they want to take us.
Now, whether we're going to go down that path, whether we're going to let them do that is up to us. But they have the infrastructure in place. It's quite dark where they want to take us. But here's the thing. All three of those threats want the same thing. They all want your data." Eric and Glenn Meder of PrivacyAcademy.com 🥷
🔗 https://geopoliticsandempire.com/2025/10/31/meder-big-brother-digital-id
There are three threats online. Hackers and scammers, Big Tech and Big Brother. And all three of those threats are very serious.
Hackers and scammers are very serious and they're getting more so because they're getting super powered with AI. But then you've got the existential threat of the Big Brother. And Big Brother and Big Tech are really working together. They're colluding. And they're creating a very dystopian world. It's a very disturbing where they want to take us.
Now, whether we're going to go down that path, whether we're going to let them do that is up to us. But they have the infrastructure in place. It's quite dark where they want to take us. But here's the thing. All three of those threats want the same thing. They all want your data." Eric and Glenn Meder of PrivacyAcademy.com 🥷
🔗 https://geopoliticsandempire.com/2025/10/31/meder-big-brother-digital-id
❤18💯17👍7🫡3