The Whole System is One Big Carry Trade' | Brent Johnson

"In this episode, Brent Johnson discusses the current macro landscape, focusing on Fed policy, global markets, and his Dollar Milkshake Theory. He explores gold's role as a signal of economic stress, the dynamics of carry trades, and potential market volatility ahead.
0:00 Welcome Brent Johnson
1:05 Current macro picture and Fed policy
4:40 Challenges of engineering a soft landing
8:54 What is gold signaling?
14:22 Global demand for gold
17:29 Dollar Milkshake Theory explained
24:11 Geopolitical implications of the dollar system
30:22 Market outlook
37:42 Are markets in a bubble?
41:51 Gold price outlook
45:35 2024 election impact on markets
49:24 Yen carry trade and broader carry trade risks
56:17 The global system as one big carry trade
59:03 Closing thoughts and where to find Brent's work
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