Global Macro Update

Follow Global Macro Update
Share on
Copy link to clipboard

What’s really driving US and world events? What are the real motives for Putin’s and Xi Jinping’s actions? How will the latest crisis affect your personal life and investments? Global Macro Update with Mauldin Economics Publisher Ed D’Agostino is a deep dive into current macroeconomic world affairs—from black-swan events to the chess moves of global leaders and market makers. Every week, Ed interviews top experts in geopolitics, economics, finance, and industry to deliver their inside scoops straight to your doorstep.

Mauldin Economics


    • Apr 25, 2025 LATEST EPISODE
    • weekly NEW EPISODES
    • 35m AVG DURATION
    • 88 EPISODES


    Search for episodes from Global Macro Update with a specific topic:

    Latest episodes from Global Macro Update

    A Regime Change for Global Trade

    Play Episode Listen Later Apr 25, 2025 35:38


    The simultaneous sell-off of stocks, bonds, and US dollar is a big deal. Brent Donnelly from Spectra Markets explains how broken trust has left permanent scars on US trade policy: “Once an action has been taken, you can remove the action, but then there's still going to be some damage.”

    global trade regime change brent donnelly spectra markets
    Will the trade war become a currency crisis?

    Play Episode Listen Later Apr 18, 2025 29:40


    All trade wars have a currency effect, but what happens when nations drive down their currencies to counter US tariffs? John Mauldin explains why he doesn't believe China is using US treasuries as a weapon—and where the trade war will hurt most.

    Too Late for Portfolio Insurance?

    Play Episode Listen Later Apr 11, 2025 28:25


    There's no substitute for experience. That was evident this week in the markets. While most people were confused or frozen, at least one investor (our old friend Jared) was making money after spending the past few months positioning himself for a week like this one. Part of his strategy involves using options, but not for speculation…

    Private Equity: Too Big to Fail?

    Play Episode Listen Later Apr 4, 2025 35:16


    Private equity is buying up America—everything from nursing homes to the local plumbing business. Some are calling it a bubble, with the value of global private equity deals reaching $2 trillion in 2024. Brendan Ballou, author of the new book Plunder, says the real trouble with PE comes from weak regulations that incentivize bad decisions.

    Ukraine's Playbook for Defeating Russia

    Play Episode Listen Later Mar 28, 2025 40:12


    Modern history is rife with examples of wars that grind on needlessly, only to end with no clear winner. There is a risk this will happen with Ukraine, though President Trump is eager to force a settlement. BCA Research Chief Strategist Marko Papic joins us to unpack what happens next.

    Inflation Is Over

    Play Episode Listen Later Mar 14, 2025 33:47


    Inflation is dropping quickly, but you wouldn't know it from the headlines. Danielle DiMartino Booth explains why, highlighting layoffs and other underreported recession signals. As she's said before, “There is no greater drag on inflation than job loss.”

    More Geopolitical Chess with George Friedman

    Play Episode Listen Later Mar 12, 2025 30:38


    George is back! Over half a million people caught my last interview with George shortly after the US and Russia began settlement discussions about Ukraine. Today he responds to the animated comments that followed, explaining why Russia cannot wage war in Europe, NATO's diminishing relevance, and how the flurry of activity at the White House compares to Roosevelt's first hundred days in office.

    Deflationary Tariffs?

    Play Episode Listen Later Mar 7, 2025 26:53


    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.”

    It's Bird Flu Season

    Play Episode Listen Later Feb 28, 2025 39:31


    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.

    egg bird flu flu season cumberland advisors david kotok
    Ending a Catastrophe for Ukraine and Russia

    Play Episode Listen Later Feb 21, 2025 34:26


    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.”

    The Years of Plenty

    Play Episode Listen Later Feb 13, 2025 42:21


    My friend Jacob Shapiro is back, and he sees ample opportunities for investors who can tune out white-noise media. “For the next five, 10 years, these are the years of plenty.”  We also cover economic resiliency, US energy security, and the ripple effects of tariffs on US-China relations.

    The China Problem

    Play Episode Listen Later Feb 7, 2025 54:04


    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.”

    The Opium War in Reverse

    Play Episode Listen Later Jan 31, 2025 42:43


    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…

    The Global Race for the Arctic

    Play Episode Listen Later Dec 23, 2024 30:19


    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.

    Is the Big Market Shift of 2025 Already Here?

    Play Episode Listen Later Dec 20, 2024 40:47


    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.

    shift hearing big market fairlead strategies
    Felix Zulauf: Where to Invest in 2025

    Play Episode Listen Later Dec 17, 2024 50:11


    Felix Zulauf says “We're moving away from the world we come from.” He's back again to discuss the Trump tariffs, deglobalization, and the slide toward “state capitalism.” Listen in to learn where to invest in 2025 to benefit from the changing world order.

    Jared Dillian's State of the Union

    Play Episode Listen Later Nov 21, 2024 35:17


    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.

    US-China Trade War—Round 2

    Play Episode Listen Later Nov 15, 2024 26:18


    China Beige Book's Shehzad Qazi pegs the probability of a US-China trade war in 2025 at 100%. Is India the next China? What does slower growth in China mean for the global economy? Get Shehzad's take in our interview.

    Election 2024: How Russia et al. Warp Your Vote

    Play Episode Listen Later Nov 1, 2024 35:23


    When it comes to cybersecurity, intelligence expert Karim Hijazi says the election is not “under control.” Russia, China, Iran—plus “hackers for hire”—are busy meddling. Their goal isn't necessarily to tilt the scales in favor of one candidate or party, but to weaken the US as a whole.

    The End of Old Age (and Social Security)

    Play Episode Listen Later Oct 25, 2024 37:31


    Join Ed and macroeconomist Patrick Cox as they discuss demographic reversal, the collapse of Social Security, and rapid advances in longevity medicine, including compelling age-reversal research coming out of Johns Hopkins and MD Anderson.

    Hard Times

    Play Episode Listen Later Oct 4, 2024 48:15


    Dr. Lacy Hunt says the US economy is in a “very precarious situation” and that it's a mistake to pretend people are doing well when a closer look at the economic data shows they are hurting. He walks us through that data, making it easy to digest for the layman.

    Real Solutions to Runaway Energy Demand

    Play Episode Listen Later Sep 27, 2024 65:17


    Manufacturing is returning to North America, thanks to automation, a greater focus on resiliency, and rising labor costs in China. This is a good thing, but it will require massive amounts of energy. Where will it come from? Mark Mills has some answers.

    A Natural Mayhem Hedge

    Play Episode Listen Later Sep 20, 2024 36:43


    Will oil prices recover anytime soon? And what role should oil and gas stocks play in your portfolio? Get some answers from Piper Sandler global energy economist Jan Stuart, along with his thoughts on nuclear energy and China's “giant Achilles heel.”

    The Next Oil Boom

    Play Episode Listen Later Sep 13, 2024 43:50


    The narrative around oil is that a global supply glut and weak demand from China will continue to keep oil prices down. Bison Interests founder Josh Young tells a different story, filled with OPEC cheaters, nationalization undertones, and a much smaller global oil supply than people think.

    Is China More Capitalistic Than the US?

    Play Episode Listen Later Aug 30, 2024 46:07


    Building resiliency, in part by decoupling the US economy from China's, is essential to our long-term security. China is doing the same thing. Yet China's export business is booming, and it dominates trade with other emerging markets. Is a communist nation beating us at capitalism?

    When the $8 Trillion Private Equity Bubble Pops

    Play Episode Listen Later Aug 23, 2024 35:55


    Former Wall Street trader Jared Dillian highlights the $8 trillion private equity bubble, built on massive layers of debt, that poses a systemic threat to the entire financial system. Will we get another implosion like we had in 2008?

    Sept. 11, Russian Oligarchs & the Death of the Middle Class

    Play Episode Listen Later Aug 9, 2024 40:39


    After Russia invaded Ukraine, the US and its allies froze over $58 billion in assets from Russian oligarchs and blocked major Russian banks from using the international payment system, known as SWIFT. Did we cross a line? Or did we cross it decades earlier in the aftermath of the Sept. 11 attacks?

    The Age of Scarcity

    Play Episode Listen Later Aug 2, 2024 45:08


    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.”

    The End of Trust

    Play Episode Listen Later Jul 26, 2024 47:25


    Something phenomenal happened in 2001: People generated more information that year than they had in all human history combined to that point. Hear from former CIA analyst Martin Gurri, who unpacks the effects of this information “tsunami” in his book, The Revolt of the Public.

    Cold War II

    Play Episode Listen Later Jul 19, 2024 36:27


    Is the US in “Cold War II” with China? CrowdStrike founder Dmitri Alperovitch believes we are, and that it could turn kinetic, starting with China invading Taiwan. Why? China can't dominate everything in and around the South China Sea without full control of Taiwan. Is an invasion imminent?

    Kuppy's “Great Macro Dreamscape”

    Play Episode Listen Later Jun 28, 2024 26:49


    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. 

    macro dreamscape kuppy praetorian capital harris kupperman
    Economic Fairy Dust

    Play Episode Listen Later May 24, 2024 32:41


    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.

    The New Warfare: When AI Partners with Cybercrime

    Play Episode Listen Later May 17, 2024 36:11


    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.

    DiMartino Booth on Stagflation, AI, and “Condo-mageddon”

    Play Episode Listen Later May 10, 2024 31:45


    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.

    How to Build a Great Macro Portfolio

    Play Episode Listen Later Apr 19, 2024 56:09


    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.

    McBride: “99% of crypto is absolute garbage.”

    Play Episode Listen Later Apr 12, 2024 35:52


    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.

    You're Feeling the Aftermath of “War Financing”

    Play Episode Listen Later Apr 5, 2024 54:26


    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.

    McCourt's Plan to End Digital Servitude

    Play Episode Listen Later Mar 26, 2024 36:33


    Big Tech is watching. Companies like Google track what you read and watch, where you drive, and what you buy. Most of this is out of your control. Frank McCourt, Jr., author of Our Biggest Fight and former LA Dodgers owner, is putting up $500 million to change that.

    Clean, Abundant, and Cheap—Dr. Zubrin's “Case for Nukes”

    Play Episode Listen Later Mar 15, 2024 45:59


    Most Americans are pro-nuclear now, but US regulators are hindering our nuclear energy program without making us safer. Nuclear engineer Dr. Robert Zubrin highlights the onerous regulatory process, as well as the exciting progress we're making with fusion and SMRs. You'll also hear how the US is ceding global nuclear markets to its top adversary.

    India Could Dominate the World or “Collapse in on Itself”

    Play Episode Listen Later Mar 8, 2024 33:42


    India looks amazing on paper: 1.4 billion people, the world's fastest-growing economy, and rapid digitization. In this episode, you'll hear why Cognitive Investment partner Jacob Shapiro gives India's hottest growth sector a “9 or a 10.”

    Friedman on the “Two Chinas” and How Putin Saves Face

    Play Episode Listen Later Feb 13, 2024 33:51


    Has Xi already lost control? Renowned geopolitical strategist George Friedman is on the podcast to discuss the threat of civil war in China, solutions to the stalemate in Ukraine, and the future of Gaza.

    How This 45-Year Industry Vet Is Investing in Nuclear Energy

    Play Episode Listen Later Feb 9, 2024 37:22


    Grant Williams calls Evergreen Gavekal CIO David Hay “one of the good guys.” We're excited to welcome him to the podcast. Get David's insights on the future of small nuclear reactors, China, and a specific investing signal you should be watching now.

    One Financial Decision Trumps Everything

    Play Episode Listen Later Feb 2, 2024 20:11


    Author and former Wall Street trader Jared Dillian discusses the Fed, why 90% of managing money is waiting, and his latest book, No Worries: How to Live a Stress-Free Financial Life. Jared shares how to get your big financial choices right—and the one decision that trumps them all.

    We're in a “Rivalry That Could Go Hot”

    Play Episode Listen Later Jan 26, 2024 25:14


    Defense Dept. alumnus Elbridge Colby outlines the plan the US should implement now to avoid a “hot” war with China. This interview is a critical follow-up to Colby's last discussion with Ed D'Agostino about Taiwan's importance to US national security.

    Are We on a Collision Course with China?

    Play Episode Listen Later Jan 19, 2024 30:29


    Foreign policy expert Elbridge Colby, who served as Deputy Assistant Secretary of Defense for Strategy and Force Development, breaks down China's plan to dominate the Eastern Hemisphere and then challenge US hegemony. In other words: Are we going to war with China?

    AI Helps Spread China's “Techno-Authoritarianism”

    Play Episode Listen Later Jan 12, 2024 35:02


    Former US Army Ranger Paul Scharre knows all about AI's darker potential. He talks to Mauldin Economics publisher Ed D'Agostino about AI's role in combat, the rise of Chinese-style techno-authoritarianism, and US vulnerabilities in the Panama Canal.

    Presidential Politics Is a Bleak Place

    Play Episode Listen Later Dec 21, 2023 28:21


    Renowned political pollster Dr. Frank Luntz says 70% of Americans don't want a Biden vs. Trump rematch. Two-thirds would actively consider a third-party candidate. But could a third-party candidate actually win?

    No One Sees the Good Stuff Happening

    Play Episode Listen Later Dec 15, 2023 43:20


    Good stuff is happening. GDP is up. Unemployment is low. Inflation has dropped. Yet people seem miserable. Former Fed economist Claudia Sahm explains the disconnect.

    Felix Zulauf: The Unipolar World Is Over

    Play Episode Listen Later Dec 8, 2023 35:06


    When Felix Zulauf has a hunch, he's usually right. Ed D'Agostino interviews Zulauf, the former head of UBS's institutional portfolio management group and founder of Zulauf Consulting, about the end of the multipolar world and where the markets are headed.

    Argentina Finally Did Something Right

    Play Episode Listen Later Dec 1, 2023 23:04


    Argentina may have finally done something right. Ed D'Agostino interviews Jared Dillian, author of No Worries and Editor of The Daily Dirtnap, about investing in emerging markets, Argentina's new president-elect, and how to build a “life hedge” into your portfolio.

    De-risking Is a Two-Way Street

    Play Episode Listen Later Nov 10, 2023 35:59


    The US is scrambling to “de-risk” from China by fortifying US supply chains. But China has been de-risking from the US for over a decade. Ed D'Agostino speaks with former UBS chief economist George Magnus about what this geopolitical transformation means for Western investors and the huge changes happening at China's Central Bank.

    Claim Global Macro Update

    In order to claim this podcast we'll send an email to with a verification link. Simply click the link and you will be able to edit tags, request a refresh, and other features to take control of your podcast page!

    Claim Cancel