DUTCH GOVERNMENT’S OWN COUNCIL: ‘THE WORLD AS WE KNEW IT NO LONGER EXISTS’ — RABOBANK: CENTRAL BANKS ARE ‘SECONDARY’ — A MANAGED EURO IS FORMALLY ON THE TABLE
“The world as we knew it no longer exists. Dare to think outside existing frameworks.” — the Dutch government’s own advisory council, in a formal policy report.
The WRR is the Dutch government’s own advisory council, created by law to tell The Hague hard things. Its new report says the quiet part in formal language: the world as we knew it no longer exists, and policymakers should “dare to think outside existing frameworks.” Rabobank’s Michael Every sent it to clients with his own verdict attached: today’s inflation comes from wars and scarce refined fuel, and central banks are “secondary” to that — a rate vote does not build a refinery and does not end a war. The line that should stop a reader cold sits in the council’s list of options for Europe: one of the three paths would require “the ECB to depart from its current policy of a freely floating exchange rate.” A government body just put a managed euro on the table, in writing. Add what the Dutch already did this year — their central bank moved 86 tonnes of gold home, citing geopolitical risk — and the pattern reads itself: the institutions that manage printed money are preparing, on paper and in vaults, for a world where the old rules stop holding. The council says to think outside existing frameworks. The Fundamentalist has been reading about one for years: fixed supply, no exchange rate to manage, no committee to lean on.
KEY RECEIPTS
The WRR (Netherlands Scientific Council for Government Policy) is a statutory advisory body to the Dutch government — this is a policy document, not bank commentary. Its fourth conclusion, verbatim: “The world as we knew it no longer exists. Dare to think outside existing frameworks.”
The council’s three options for Europe: a Plaza Accord-style arrangement aimed at China; “strategic symmetry” mirroring China — which “requires the ECB to depart from its current policy of a freely floating exchange rate”; or harder trade defense, including tariffs and possibly taxing capital inflows.
Its own admission: “Clearly there is no easy pathway.” All three paths are inflationary, growth-constraining, or hard on the euro.
Every’s macro case: oil heading for its largest weekly gain since July, refining margins staggeringly high, diesel stocks staggeringly low — “Central banks are secondary to that dynamic.”
The BOJ line: Every says the Bank of Japan “looks like it’s being leaned on by Bessent to hike” — watch 155 on the yen, where accumulated short bets could unwind fast.
Already done, not proposed: the Dutch central bank moved 86 tonnes of gold out of New York and Ottawa this year, citing geopolitical risk (TFTC).
The honest test: this thesis breaks if central banks re-anchor inflation on their own — oil back down, refining margins normal, no political direction. Watch weekly diesel inventories and the yen at 155.
Related: Yen rescue round two · One Bitcoin buys 18 ounces of gold.
The council’s three options for Europe: a Plaza Accord-style arrangement aimed at China; “strategic symmetry” mirroring China — which “requires the ECB to depart from its current policy of a freely floating exchange rate”; or harder trade defense, including tariffs and possibly taxing capital inflows.
Its own admission: “Clearly there is no easy pathway.” All three paths are inflationary, growth-constraining, or hard on the euro.
Every’s macro case: oil heading for its largest weekly gain since July, refining margins staggeringly high, diesel stocks staggeringly low — “Central banks are secondary to that dynamic.”
The BOJ line: Every says the Bank of Japan “looks like it’s being leaned on by Bessent to hike” — watch 155 on the yen, where accumulated short bets could unwind fast.
Already done, not proposed: the Dutch central bank moved 86 tonnes of gold out of New York and Ottawa this year, citing geopolitical risk (TFTC).
The honest test: this thesis breaks if central banks re-anchor inflation on their own — oil back down, refining margins normal, no political direction. Watch weekly diesel inventories and the yen at 155.
Related: Yen rescue round two · One Bitcoin buys 18 ounces of gold.
They wrote it down: the old framework is gone.
The cap is still twenty-one million.
The cap is still twenty-one million.
Rabobank daily note (Michael Every), full text via ZeroHedge + WRR report · Fri Sep 4 2026 · + TFTC