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Western populations shrinking from 2029 implies rising entitlement costs, falling tax bases, and inevitable fiscal dominance — all of which historically pressure fiat currencies and drive demand for hard, non-sovereign assets. This is the 'demographic cliff' that macro funds have been quietly positioning for since the 2020 MMT experiment.

Moody's predicts that aging populations will fundamentally impact the global economy and lead to difficult policy decisions, with Western populations starting to shrink around 2029.