In this episode of The Grant Williams Podcast, I’m joined by Variant Perception’s Tian Yang for a sweeping discussion of what he calls a “late-cycle macro, early-stage regime shift.” Tian argues that the global economy is pivoting away from efficiency and toward sovereignty, as great powers prioritise control of supply chains, technology, and industrial capacity. Drawing parallels to McKinley, Roosevelt, FDR, and Eisenhower, he explains why state-driven investment, industrial policy, and fiscal dominance are becoming permanent features of the economic landscape. From AI-driven melt-up dynamics in markets to gold’s role as a geopolitical hedge, Tian lays out a framework for navigating a world where governments are increasingly shaping the direction—and outcomes—of economic growth.

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