Shifts Happen – Episode Ten
Update: 2025-09-01
Description
In this episode of Shifts Happen, Luke Gromen joins me to untangle the increasingly unsustainable triangle formed by Donald Trump, Fed Chair Jay Powell, and Treasury Secretary Scott Bessent. Together we examine how competing imperatives—shoring up U.S. manufacturing and military strength, preserving the dollar’s reserve status, and keeping Treasury yields under control—are colliding in ways that no policy mix can reconcile. From Powell’s politically motivated rate decisions to Trump’s onshoring drive and Bessent’s politically packaged but flimsy “three arrows” plan, the conversation lays bare a system straining under the weight of conflicting goals and shifting global realities. What emerges is a sobering exploration of how debt monetization, geopolitical realignment, and the waning power of the dollar are setting the stage for a permanent break with the post-1971 order.
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