Global Macro Update

Former Wall Street trader Jared Dillian is here to talk deflationary tariffs, troubling signs from the housing market, the rising risk of a recession, and why he’s “super bullish on bonds.”

In the US, 10% of commercial egg-laying hens have died from the bird flu in the last eight weeks. Egg prices are set to soar another 41% this year. Are we in for another pandemic? Cumberland Advisors co-founder David Kotok discusses the economic domino effects of pandemics across history.

If you feel like the world order is being rearranged, you’re right. George Friedman explains the geopolitical machinations behind Ukraine settlement talks and President Trump’s plan to “redesign the world.”

Jacob Shapiro, Director of Research at Bespoke Group, returns to discuss the bright investment landscape ahead. He emphasizes the importance of tuning out distracting media noise to seize opportunities in the coming years. Key topics include the complexities of U.S.-China trade relations, America's manufacturing dependencies in critical sectors, and the geopolitical ramifications of the Ukraine conflict. Shapiro also highlights potential growth spots in emerging markets and the need for innovative thinking to navigate global economic challenges.

The US has a China problem. Our biggest geopolitical rival has a massive trade surplus, and it’s working to usurp America’s position as the global hegemon. What effect will the new Trump tariffs have on this ongoing rivalry? As our guest today, China specialist Lyric Hughes Hale says, “Communism always ends in tears.”

China has weaponized fentanyl against the US. Today we’re speaking with Canadian journalist Sam Cooper about how China and Canada drive the opioid trade, money laundering in Vancouver, Mexican cartels, and corruption at the highest levels of government. They’re all in on it…

US-Canada relations are strained. Many believe Canada isn’t doing enough to choke off illegal immigration or to protect North America’s security interests in the Artic, which Russia and China aim to dominate. We’re covering this and more with Canadian journalist Jonathan Roth.

The stock market dipped 3% on Wednesday, and I know many investors are getting nervous. Hearing from a technical analyst like Katie Stockton, founder of Fairlead Strategies, is particularly important now, when the leading macro analysts all seem to have wildly different outlooks. Note: We recorded this interview on Dec. 12.

Felix Zulauf, a renowned expert in global macroeconomics, discusses the transitioning world order impacting investments through 2025. He delves into the implications of Trump tariffs and the rise of deglobalization, state capitalism, and nationalism. Listeners will gain insights into market cycles influenced by innovation, particularly AI, and the looming financial challenges ahead, such as the debt ceiling. Zulauf highlights investment opportunities in commodities and real estate, while stressing the importance of risk management in an evolving economic landscape.

My friend Jared Dillian is back to discuss everything from Indian stocks, Milei’s Argentina, and burning cars in France, to Social Security and how to make money in 2025.