Macro Voices MacroVoices #485 Jeff Currie: The Joule Order
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Jun 18, 2025 In this discussion, guest Jeff Currie, Chief Strategist for Energy Pathways Investment at Carlyle, dives into the concept of a 'New Joule Order' and its implications for energy markets. He explores unlimited potential for gold prices in the current economic climate, the shifting fortunes of Europe's investments driven by a declining dollar, and the changing dynamics of the petrodollar system. Currie also emphasizes the growing role of asset-backed digital currencies in global finance and the resurgence of interest in uranium as a promising investment.
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Bretton Woods System Is Breaking Down
- The Bretton Woods system is breaking down as the U.S. retreats from global dominance.
- This shift forces Europe to invest heavily in defense and old economy sectors.
Petrodollar System Under Strain
- The petrodollar system's pillars are interconnected: U.S. military, treasury bonds, and oil.
- As foreign buyers exit U.S. treasuries, new bids, likely domestic, must fill the gap.
Gold's Unlimited Upside Potential
- Gold is becoming a global reserve asset replacing U.S. treasuries amid distrust.
- There's no clear upper limit to gold prices given its role in diversifying away from the dollar.