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Economist David Rosenberg returns with a stark warning for investors: the biggest risk to global markets isn’t being talked about—and it’s already unfolding. In this interview, Rosenberg breaks down the misunderstood impact of the latest U.S. budget bill, why GDP growth is likely to be cut in half, and how geopolitical tensions are reshaping global trade. He explains why Japan may be the true elephant in the room, what the Moody’s downgrade really signals, and which assets are best suited for the looming risk-off environment. Rosenberg lays out a contrarian but calculated roadmap for capital preservation in turbulent times.

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00:00 – Intro

04:10 – Is Trump’s Budget Bill Misunderstood?

09:57 – Where Is U.S. Growth Most Vulnerable?

13:06 – Is Immigration Policy a Hidden Economic Drag?

21:15 – Are Americans Losing Global Goodwill?

27:25 – Can China Thrive Without the U.S. Market?

30:33 – Will Markets Keep Falling for Trump’s “Tariff Ping Pong”?

32:08 – Could Trump Manufacture a Crisis for a Third Term?

37:10 – Does the Moody Downgrade Actually Matter?

42:05 – Will Capital Start Fleeing U.S. Bonds?

48:23 – Why Japan Might Be the Real Time Bomb

52:17 – What Goes in a Risk-Off Portfolio Today?

56:12 – Is It Time to Buy U.S. Treasuries Again?

1:03:16 – Why Bonds Might Outperform Stocks from Here

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