For most of the postwar era, the answer to the question “where do I park my money when the world gets scary?” was simple—the U.S. dollar. More specifically, you could tell a nervous client to put their money into short-term (one-year Treasurys), which were always liquid, deep, and backed by the world’s most credible central bank. But lately, that solution has been questioned. 

Since the start of the second Donald Trump presidency in 2025, the dollar has lost more than 10% of its value against other major currencies. Tariffs, slowing growth, stagnant hiring, and three Fed rate cuts have all weighed down the greenback. Sure, we saw a brief rally in the U.S. dollar at the outset of the Iran conflict. That was due to classic safe-haven…