A noteworthy voice at the Davos Forum has recently emerged. A well-known investor publicly stated that the global monetary order is undergoing profound changes. The previous logic of relying on fiat currency and bonds for value preservation is now causing central banks around the world to feel uncertain—like there might be landmines inside that "piggy bank."

Just look at the market performance in 2025 to understand. The biggest gains are not in tech stocks, but in gold. The U.S. stock market is actually starting to fall behind, and the flow of global capital is quietly shifting. Behind this is not just a numbers game but a real confidence crisis.

On one side, U.S. debt holders are watching the U.S. print money endlessly, feeling increasingly uneasy; on the other side, the U.S. is worried about a large-scale sell-off of its dollar assets. Both sides are staring at each other, neither fully assured. The key issue is—what if one day the world stops taking on U.S. debt? This scenario is shifting from an extreme speculation to a real risk consideration.

Some call this a capital war. Perhaps it's not an exaggeration.