Wealthion - Be Financially Resilient Henrik Zeberg: The Final Gasp of This Bull Market—and the Fragile Economic Reality Beneath It
Jan 12, 2026
Henrik Zeberg, a seasoned macroeconomist and author of The Monetary House of Cards, joins to dissect the current economic landscape. He argues that the ongoing bull market may be nearing its end, highlighting a disparity between market optimism and a weakening consumer base. Henrik warns of systemic risks arising from threats to Federal Reserve independence and discusses how geopolitical tensions could exacerbate economic fragility. He also shares insights on investing strategies and the shifting dynamics in physical asset ownership.
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Markets Diverge From The Real Economy
- Henrik Zeberg highlights a widening gap: a weakening real consumer economy versus soaring equity markets.
- He calls the current rally a prolonged blow-off top that masks structural fragility beneath market highs.
Why The 4.3% GDP Number Misleads
- Zeberg argues the 4.3% GDP headline is misleading once you inspect components like consumption and investment.
- He shows growth was driven by necessities and falling imports, not durable private investment strength.
Fed Independence Underpins Dollar Trust
- Fed independence is vital to preserve trust in the U.S. monetary system and the dollar's reserve role.
- Zeberg warns political interference could accelerate demand for alternatives like gold and undermine long-run stability.
