Skip to content

Von Greyerz & Piepenburg: Challenges, Forces and True Wealth for 2022

By Egon von Greyerz

Founder and Chairman

In this year-end MAMChat, Matterhorn Asset Management principals, Egon von Greyerz and Matthew Piepenburg, round up 2021 by discussing the critical issues leading us into the new year.

Toward this end, Matthew is tracking four specific themes into 2022, namely: 1) inflation ripple effects; 2) Dollar illiquidity; Dollar relative strength; and 4) tapering into a grossly over-valued risk asset bubble. Despite staggering levels of monetary expansion and fiscal spending, the indicators (and implications) coming from the repo and Euro Dollar markets suggest an ironic unavailability of Dollars otherwise tangled up in toxic and complex derivative markets. The impact such illiquidity can have upon objectively (and grossly) over-valued equity markets and over-indebted global credit markets will be a key issue for 2022—a year whose risk potentials will only be exacerbated by a well-telegraphed Fed taper.

Paramount to Egon’s thoughts heading into the new year are the ignored warnings of past years. In short, history’s lessons cannot be over-stated enough. From Jefferson’s prescient warnings of central bank controls over sovereign wealth to the true cyclical consistency of the debasement of currencies which always follow in the wake of extreme debt, the past has much to tell us of the future.

Debt, as Egon reminds, is the core driver as well as core risk trigger of every market bubble. Of course, the current “forever bubble” is no exception to this historical lesson and trend. Egon sees 2022 as a potential setting for this bubble’s looming expiration date, recognizing, however, that central banks will do everything in their currency-debasing power to postpone inevitable breakdowns in fractured markets. Toward this end, Egon reminds that the imbedded (and mis-reported) risk in the global derivatives trade is among the greatest risks of all.

Egon and Matthew close with a brief discussion of true wealth, namely the invisible wealth of time and connection with those people, ideas and passions which can’t be tracked or valued by rate hikes, inflation scales or asset prices. The holidays remind us that preserving financial wealth is simply a means toward preserving more time with, and priority for, those who matter most to us in ways no currency can measure.

Despite the financial and economic challenges facing 2022, we wish you a rich new year in every sense of the word.

Click here to watch directly on YouTube, and don’t forget to subscribe to our channel for more.

Click here for Matthew Piepenburg’s latest article on dollar illiquidity

About Egon von Greyerz
Born with dual Swiss/Swedish citizenship, Egon's education was mainly in Sweden. Egon von Greyerz began his professional life in Geneva as a banker and thereafter spent 17 years as the Finance Director and Executive Vice-Chairman of Dixons Group Plc. During that time, Dixons expanded from a small photographic retailer to a FTSE 100 company and the largest consumer electronics retailer in the U... More...

Egon von Greyerz
Founder and Chairman

Zurich, Switzerland
Phone: +41 44 213 62 45

VON GREYERZ AG global client base strategically stores an important part of their wealth in Switzerland in physical gold and silver outside the banking system. VON GREYERZ is pleased to deliver a unique and exceptional service to our highly esteemed wealth preservation clientele in over 90 countries.
Contact Us


Articles may be republished if full credits are given with a link to VONGREYERZ.GOLD