Macroscopic Podcast Francis Hunt, Brent Johnson, Michael Every, Whitney Baker: Global Monetary Reset
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Mar 25, 2026 
Michael Every, macro and geopolitics analyst who links statecraft and historical patterns; Whitney Baker, macro strategist focused on debt dynamics and supply-chain fragilities; Brent Johnson, macro investor emphasizing deglobalization and dollar dynamics; Francis Hunt, gold-focused market commentator and capital-preservation advocate. They debate deglobalization, dollar resilience, supply-chain strain, private credit fragility, gold and practical preparedness.
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Interest Rate Moves Are Blunt Tools Against Structural Imbalances
- Financial policy (rate moves) treats productive and parasitic sectors equally, so cutting or raising rates rewards and punishes both indiscriminately.
- Michael Every argues Fed funds tweaks are blunt tools that cannot resolve structural mismatches.
Private Credit Built Ponzi Structures Vulnerable To Runs
- Private credit and leveraged opaque lending created Ponzi-like structures that unravel when foreign buyers stop purchasing impaired assets.
- Michael Every ties recent bankruptcies to double-pledged collateral and private-credit reliance on ongoing funding.
Dollar Strength Still Shapes Global Outcomes
- Dollars remain the strongest fiat for many counterparties, so a managed decline creates different winners and losers depending on timing and leverage.
- Brent Johnson stresses the dollar's relative strength matters for global contracts, hedging and operational realities.
