To understand the path the world economy is currently on, close your eyes and imagine the vaults beneath the Bank of England in London. Turkey’s central bank holds $30 billion in gold reserves there, and right now is quietly seeking to leverage it with a massive bullion-for-foreign-currency swap. It’s no secret why: Turkey’s economy has been walloped by the inflationary shocks from President Trump’s war on Iran—in particular the effective closure of the Strait of Hormuz —and the central bank is

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