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In this conversation, Pascal Huegli and Michael Nadeau discuss the shifting economic landscape in the U.S., focusing on macro risks, trade imbalances, and the role of tariffs. Michael explores the implications of fiscal deficits and government spending dynamics, as well as the geopolitical factors influencing currency adjustments. The discussion also delves into Bitcoin's market behavior, liquidity concerns, and the impact of globalization on production. Nadeau emphasizes the interplay of capital flows and asset valuations, market psychology, and the unique position of Bitcoin in the current economic climate, while looking ahead to potential opportunities and risks for 2026. 

Chapters: 

00:00 Intro 

01:31 Shifting Economic Landscape and Macro Risks 

02:43 The Role of Tariffs and Trade Imbalances 

05:59 Fiscal Deficits and Government Spending Dynamics 

08:42 Geopolitical Factors and Currency Adjustments 

11:48 Bitcoin's Market Behavior and Liquidity Concerns 

14:52 The Future of Bitcoin Amidst Economic Changes 

17:42 Globalization and Its Impact on Production 

21:10 The Interplay of Capital Flows and Asset Valuations 

24:04 Market Psychology and Bitcoin's Unique Position 

26:57 Looking Ahead: Opportunities and Risks for 2026 

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#crypto, #Bitcoin, #macroeconomics, #tradeimbalances, #fiscaldeficit, #tariffs, #geopolitics, #marketpsychology, #liquidity, #globalization