Global Macro Update

Is the age of plenty over? Economist Bill White says it ended with COVID. Now we’re moving into an age of scarcity—and it’s putting us at war. As Bill puts it, “We're in a war to preserve our market-based, capitalist, democratic system in an environment that is going to be very, very difficult to navigate.”

Martin Gurri, a former CIA analyst and author of The Revolt of the Public, reveals how 2001 marked a watershed moment in information generation. He discusses how information overload has fueled skepticism towards institutions, creating a crisis of trust and competing realities. Gurri explores the rise of populism and its cultural roots, analyzing political polarization in the U.S. under Trump and the effects of digital communication. He also reflects on the challenge of democracy versus authoritarianism, using Cuba as a case study for governance failures.

Dmitri Alperovitch, founder of CrowdStrike and a prominent cybersecurity expert, discusses the unsettling prospect of a 'Cold War II' with China. He predicts that a conflict could ignite with a Taiwan invasion, crucial for China's control over the South China Sea. Alperovitch explores Taiwan's strategic significance, the technological race between the U.S. and China, and the geopolitical dynamics involving Russia. He warns of the urgent need for robust U.S. deterrence and highlights the challenges and opportunities in tech innovation.

We’re entering the golden age of macro investing says Harris Kupperman, the founder of Praetorian Capital, but it won’t be fun for everyone. As the world unravels, thanks to runaway government debt and even more inflation, it will create exceptional opportunities for strategically positioned macro investors. 

Will the stock market rise another 50% by 2030? Dr. Ed Yardeni says it could, citing tech-fueled productivity gains. Join me, Dr. Ed, and his colleague Eric Wallerstein (formerly of the New York Fed and The Wall Street Journal) as we discuss interest rates, inflation, and the housing market, plus which market sectors investors should focus on now.

AI is amplifying online national security threats. Intelligence expert Karim Hijazi discusses the “new Cold War” and how cyberspace became the primary medium for spycraft and warfare among advanced nations.

QI Research founder Danielle DiMartino Booth unpacks recession signals, how America lost its ability to budget, and whether we’re barreling toward stagflation. You’ll also hear about AI’s impact on jobs, “condo-mageddon,” and what all this means for the markets.

Gold keeps reaching new highs with demand coming from central banks, particularly China’s. Renowned macro portfolio manager Nick Glinsman discusses his preferred method for holding gold, the bifurcation of global commodity markets, and one of his top oil plays.

RiskHedge Chief Analyst Stephen McBride says, “99% of crypto is absolute garbage. I wouldn't touch it. I think the other 1% will change the world.” Stephen runs a crypto advisory that’s outperformed bitcoin. He shares his crypto portfolio’s largest holding and how new bitcoin ETFs will change crypto investing.

Broken Money author, Lyn Alden, likens today’s inflation to the fiscal-driven inflation of the 1940s. Add in a runaway federal deficit and increasing geopolitical instability, and it’s no surprise that gold and bitcoin have both reached new all-time highs.