Macro

Analysis of monetary systems, central bank policy, and geopolitical realignment, focused on structural shifts rather than cyclical noise.

The two-part Pozsar’s Bretton Woods III series examines how commodity-backed reserve currency alternatives challenge dollar hegemony, tested against three years of subsequent data. Related macro coverage includes the $12.6 trillion repo market and its opacity, Japan’s $5 trillion foreign asset position and yen carry trade unwind risk, and Fed dual mandate tensions under conflicting inflation and employment signals.

The Stewart-Thaler debate dissects why the economy “feels bad” despite good headline data, connecting cumulative price levels to consumer sentiment. Europe’s payment infrastructure breakup tracks the structural shift from card network dominance toward sovereign account-to-account rails.

Geopolitical coverage includes the rise of middle power realism reshaping trade blocs and Britain’s post-Brexit strategic limbo between US and EU spheres.