“The best example of monetary illusion happened in 2024 when all major equity markets in the world recorded positive performance in their local currency while it is clear to anyone who can understand that these returns was only illusions as when measured in gold terms, these performances were negative (…) As January 2025 is now in the history books, media highlights the apparent strength of European equity markets, with the UK FTSE hitting new highs in local currency. However, measuring performance in local currencies is misleading. To accurately gauge market performance, returns should be assessed in a common currency, such as the US dollar or gold, which accounts for global value and strips away distortions like currency fluctuations and inflation. Without this perspective, nominal gains can create an illusion of prosperity, masking the true international value of investments.” The Macro Butler, Monetary Illusion, ZH,1.2.2025