Global Macro Update

Inflation is dropping quickly, but you wouldn't know it from the headlines. Danielle DiMartino Booth explains why, highlighting layoffs and other underreported recession signals. As she's said before, "There is no greater drag on inflation than job loss."

George is back! Over half a million people caught my last interview with George shortly after the US and Russia began settlement discussions about Ukraine. Today he responds to the animated comments that followed, explaining why Russia cannot wage war in Europe, NATO's diminishing relevance, and how the flurry of activity at the White House compares to Roosevelt's first hundred days in office.

Former Wall Street trader Jared Dillian is here to talk deflationary tariffs, troubling signs from the housing market, the rising risk of a recession, and why he's "super bullish on bonds."

In the US, 10% of commercial egg-laying hens have died from the bird flu in the last eight weeks. Egg prices are set to soar another 41% this year. Are we in for another pandemic? Cumberland Advisors co-founder David Kotok discusses the economic domino effects of pandemics across history.

If you feel like the world order is being rearranged, you're right. George Friedman explains the geopolitical machinations behind Ukraine settlement talks and President Trump's plan to "redesign the world."

My friend Jacob Shapiro is back, and he sees ample opportunities for investors who can tune out white-noise media. "For the next five, 10 years, these are the years of plenty." We also cover economic resiliency, US energy security, and the ripple effects of tariffs on US-China relations.

The US has a China problem. Our biggest geopolitical rival has a massive trade surplus, and it's working to usurp America's position as the global hegemon. What effect will the new Trump tariffs have on this ongoing rivalry? As our guest today, China specialist Lyric Hughes Hale says, "Communism always ends in tears."

China has weaponized fentanyl against the US. Today we're speaking with Canadian journalist Sam Cooper about how China and Canada drive the opioid trade, money laundering in Vancouver, Mexican cartels, and corruption at the highest levels of government. They're all in on it…

US-Canada relations are strained. Many believe Canada isn't doing enough to choke off illegal immigration or to protect North America's security interests in the Artic, which Russia and China aim to dominate. We're covering this and more with Canadian journalist Jonathan Roth.

The stock market dipped 3% on Wednesday, and I know many investors are getting nervous. Hearing from a technical analyst like Katie Stockton, founder of Fairlead Strategies, is particularly important now, when the leading macro analysts all seem to have wildly different outlooks. Note: We recorded this interview on Dec. 12.