2026 - CAMBIO DE REGLAS

Summary

Pablo Gil reviews 2025 as a turning point toward a more competitive, uncertain world, where geopolitics, polarized societies, central-bank shifts, fiscal debt, and AI are changing the rules for 2026. He notes that markets remain calm and equities sit at record highs thanks to abundant liquidity, while precious metals also hit records and crypto warns that risk appetite is not infinite. The video frames 2026 as the start of a new regime rather than a normal continuation.

• 2025 marked a geopolitical shift from cooperation to self-protection and survival.
• Central banks moved focus from inflation toward employment and social stability.
• Fiscal deficits and higher debt-service costs leave governments with less room.
• Markets show unusual calm, with equities at record highs despite demanding valuations.
• Precious metals at record highs signal both financial optimism and underlying distrust.
• Crypto's sharp reversal is a warning that risk appetite is finite.
• Dollar and yen weakness despite high/rising rates is an unusual currency anomaly.
• AI is accelerating productivity but also power concentration, inequality, and tech-bubble risk.