Global Macro Update

Former Wall Street trader Jared Dillian highlights the $8 trillion private equity bubble, built on massive layers of debt, that poses a systemic threat to the entire financial system. Will we get another implosion like we had in 2008?

After Russia invaded Ukraine, the US and its allies froze over $58 billion in assets from Russian oligarchs and blocked major Russian banks from using the international payment system, known as SWIFT. Did we cross a line? Or did we cross it decades earlier in the aftermath of the Sept. 11 attacks?

Is the age of plenty over? Economist Bill White says it ended with COVID. Now we're moving into an age of scarcity—and it's putting us at war. As Bill puts it, "We're in a war to preserve our market-based, capitalist, democratic system in an environment that is going to be very, very difficult to navigate."

Something phenomenal happened in 2001: People generated more information that year than they had in all human history combined to that point. Hear from former CIA analyst Martin Gurri, who unpacks the effects of this information "tsunami" in his book, The Revolt of the Public.

Is the US in "Cold War II" with China? CrowdStrike founder Dmitri Alperovitch believes we are, and that it could turn kinetic, starting with China invading Taiwan. Why? China can't dominate everything in and around the South China Sea without full control of Taiwan. Is an invasion imminent?

We're entering the golden age of macro investing says Harris Kupperman, the founder of Praetorian Capital, but it won't be fun for everyone. As the world unravels, thanks to runaway government debt and even more inflation, it will create exceptional opportunities for strategically positioned macro investors.

Will the stock market rise another 50% by 2030? Dr. Ed Yardeni says it could, citing tech-fueled productivity gains. Join me, Dr. Ed, and his colleague Eric Wallerstein (formerly of the New York Fed and The Wall Street Journal) as we discuss interest rates, inflation, and the housing market, plus which market sectors investors should focus on now.

AI is amplifying online national security threats. Intelligence expert Karim Hijazi discusses the "new Cold War" and how cyberspace became the primary medium for spycraft and warfare among advanced nations.

QI Research founder Danielle DiMartino Booth unpacks recession signals, how America lost its ability to budget, and whether we're barreling toward stagflation. You'll also hear about AI's impact on jobs, "condo-mageddon," and what all this means for the markets.

Gold keeps reaching new highs with demand coming from central banks, particularly China's. Renowned macro portfolio manager Nick Glinsman discusses his preferred method for holding gold, the bifurcation of global commodity markets, and one of his top oil plays.