Open Book with Anthony Scaramucci America's K-Shaped Economic Crisis, Unemployment Wave Begins, & Iran War Spiraling
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Mar 20, 2026 
Michael Novogratz, founder and CEO of Galaxy Digital and former Fortress partner, brings macro and markets expertise. He talks about America’s K-shaped economy and soaring inequality. They break down the bond selloff, energy-driven inflation risks, AI’s disruption to jobs and markets, and escalating Iran conflicts impacting oil and geopolitics.
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K-Shaped Economy Visible In Assets And Food Banks
- The U.S. economy is K-shaped with booming asset holders while the bottom half struggles with basic needs.
- Anthony Scaramucci points to record food bank usage paired with near all-time high asset prices as proof of the split.
Cut Positions When Charts Break Support
- Use stop losses and respect technicals to avoid catastrophic losses when fundamentals and charts diverge.
- Michael Novogratz advises cutting positions once charts break support, then re-entering after reassessment.
Three Concurrent Shocks Are Reshaping Macro Risk
- Multiple simultaneous shocks (energy, tariffs, credit) create a rare macro environment comparable to the 1970s.
- Novogratz highlights disrupted energy supply and credit tightening as inflationary and growth-constraining forces.