Daniel Lacalle: The Global Economy Has Entered a Dangerous New Era

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In this hard-hitting episode of the Gold Exchange podcast, Daniel Lacalle (‪@DanielLacalleOfficial‬) —Chief Economist at Tressis—exposes the fault lines in today’s global economy. He explains why mimicking U.S. policy is a trap for the rest of the world, why the 60/40 portfolio may no be longer viable, and how China’s rise is reshaping the rules for economic superpowers. Lacalle offers a no-nonsense outlook on inflation, monetary policy, and reserve currencies—and where gold fits as this new economic era unfolds. Investors looking for clarity won’t want to miss this conversation.

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Chapters
0:00 Introduction & Global Overview
1:26 Rise of Protectionism and Statism
4:01 Trump, Global Discontent & the Middle Class
5:08 Success Stories of National Policy
7:47 Tariffs as a Geopolitical Weapon
12:53 Do Tariffs Cause Inflation?
17:33 The Dollar Milkshake Theory & Global Capital Flows
21:16 China’s Ambitions vs Reserve Currency Challenges
26:35 Gold’s Role in East vs. West
31:07 Federal Reserve Policy & Interest Rates
32:59 Why the US Economy Stayed Strong
40:36 Rapid Fire: Debt, Central Banks & Portfolios
44:36 The Death of the 60/40 Portfolio & New Assets
47:29 Gold, Demographics & Younger Investors
48:57 Central Banks & Future Interventions
51:01 US vs. Europe Growth Outlook
52:28 AI & the Future of Global Economies
53:37 Biggest Risk Investors Ignore: Sovereign Debt
54:56 Key Question for Future Guests
55:59 Closing & Where to Find Daniel