Milk Road Macro Debasement, Inflation, and Investing in the Era of Fiscal Dominance w/ Vincent Deluard
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Oct 23, 2025 
Vincent Deluard, Director of Global Macro Strategy at StoneX Group, sparks a riveting discussion on why current inflation is far from under control. He argues that fiscal dominance drives inflation dynamics, complicating traditional economic views. Deluard highlights the ongoing gold rally as central banks amass substantial reserves, and he questions the Fed’s independence amid political pressures. He advises investors to pivot towards stocks, gold, and crypto while warning against the 2% inflation target's role in growing inequality. An eye-opening chat on money and market strategies!
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Inflation Has Reset Higher
- Inflation reset to a higher baseline after COVID and is likely persistent above 2%.
- Vincent Deluard argues we entered a new era of fiscal-driven permanent stimulus starting in the 2020s.
A Personal Reaction To COVID Policy
- Vincent recalls banging his head when $5 trillion in bank reserves flooded the economy during COVID.
- He saw negative oil prices and 10-year yields at 1% and concluded those policies made high inflation inevitable.
Fiscal Dominance Explains Debasement
- 'Fiscal dominance' better describes current dynamics than abstract 'debasement.'
- The engine of higher inflation and policy is fiscal spending dictating monetary choices.