Milk Road Macro

E.B. Tucker, a veteran investment analyst and author of the Tucker Letter, argues that capitalism has already died, replaced by a managed economy. He discusses how governments use social programs and entertainment to stabilize public sentiment. E.B. warns of potential cyber crises that could bring tighter controls and predicts the rise of a Fed-controlled digital currency. He emphasizes the importance of adapting to AI and shares insights on portfolio construction featuring niche tech and Bitcoin, all while highlighting the exciting possibilities of flying taxis.

In a captivating discussion, Andy Schectman, the President of Miles Franklin Precious Metals, dives into the revival of gold as a monetary asset amid diminishing trust in the dollar. He explores the increasing global demand for physical gold and outlines how BRICS nations are developing a SWIFT-free financial system using gold for settlements. The conversation also touches on the implications of tokenized gold ownership and how revaluing gold could reshape U.S. economic policy. Plus, Andy highlights silver's strategic importance in today's market.

Join Tad Smith, a seasoned business executive and NYU professor, as he explores the seismic shifts in our economy driven by AI. He discusses the paradox of rising productivity amid declining job demand and the need for society to redefine its purpose. Tad also breaks down the integration of digital art into mainstream markets, shares insights on AI's role in healthcare, and emphasizes the importance of embracing technology in education. Dive into his thoughts on Bitcoin's future and innovative investment strategies!

Dan Tapiero, a macro-focused investor and CEO of 50T Funds, shares his insights on Bitcoin and the broader markets. He argues that the current Bitcoin pullback is merely a mid-cycle cleanup, not a bear market. Dan explains how Federal Reserve policies are paving the way for a liquidity wave ahead of a potential market rally into 2026. He believes Bitcoin's fundamentals are now significantly stronger, yet the market remains mispriced. Additionally, he discusses the impact of regulation on crypto adoption and the pivotal role of tokenization in future investments.

Harry Dent, an esteemed economist known for his insights on demographic trends, reveals how demographics fundamentally influence economic cycles. He discusses the mistaken optimism of a $29 trillion artificial boom and why Millennials can't replicate the Baby Boomers' impact on the economy. Dent predicts a significant market crash between 2026–2028 due to overvalued assets, warning that stimulus measures will only delay the inevitable. He concludes with fascinating insights on India’s potential to outpace China economically.

Brent Johnson, CEO of Santiago Capital and creator of the influential 'dollar milkshake' theory, shares his insights on the current macroeconomic landscape. He explains how rising U.S. rates are drawing capital into dollars, impacting global assets. Johnson discusses the potential of stablecoins to reinforce dollar dominance and the misleading narratives around de-dollarization. He also addresses the implications of liquidity risks and U.S.-China economic tensions, while forecasting strategic capital opportunities for 2026 as the U.S. aims for supply-chain supremacy.

Barry Knapp, a macro veteran and founder of Ironsides Macroeconomics, discusses the potential end of the Powell era at the Federal Reserve. He highlights the Fed's misreading of inflation and labor market signals, which could lead to serious policy errors. With a possible leadership change in January, Barry speculates on how a new chair might reshape monetary policy. He also shares insights on the implications of ending quantitative tightening and offers strategic advice on portfolio positioning in today's market.

Join economist Brad Setser, a global trade expert at the Council on Foreign Relations, as he unravels the complexities of Trump's trade deal with China. He dives into how Western firms, especially Apple, unintentionally boosted China's industrial power. Setser explains why currency policy may matter more than tariffs in shaping trade dynamics. He evaluates the recent deal's limitations and discusses potential paths forward for U.S.-China relations, including engagement and strategic decoupling in a world increasingly defined by AI.

In this discussion, macro economist Michael Pento, founder of Pento Portfolio Strategies, warns about the looming financial crises fueled by concurrent housing, credit, and stock market bubbles. He critiques the Fed’s policy mistakes, highlighting how rate cuts may harm the middle class and fail to prevent a potential bond market revolt. Pento details his investment strategies and warns of the consequences of quantitative tightening, emphasizing the urgency for reforms in financial policies.

Yann Allemann, co-founder of Glassnode and SwissBlock, shares his insights on market liquidity and macro trends. He discusses the Fed's rate cuts and their effects on market behavior. Yann dives into the potential for a melt-up or blow-off top in the S&P, explaining how institutional capital is revolving rapidly. He analyzes Bitcoin's price dynamics, highlighting critical levels and on-chain signals. Plus, he addresses the role of Ethereum and stablecoins in the evolving macro landscape, emphasizing how these factors will shape market outcomes.