Strong Source Episode 29 with Alfonso Peccatiello
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Nov 21, 2025 Alfonso Peccatiello, Founder and CIO of Palinuro Capital, masterfully explains the intricacies of the global dollar system. He delves into how commodities priced in USD compel countries to invest in U.S. Treasuries and discusses the creation of money through government deficits and private leverage. Alfonso highlights why the dollar remains dominant despite frequent predictions of its decline and examines how inflation impacts younger generations. His insights into the complexities of macroeconomics are both clear and compelling.
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From ING To Independent Macro Research
- Alfonso left ING after rising to head of investments at ING Germany to start his macro research business.
- He grew the business via LinkedIn and podcasts and now serves large hedge funds.
Policy-Proof Assets Rise With Fiat Expansion
- Assets that cannot be created by policymakers act as a release valve when fiat supplies expand.
- Gold and Bitcoin rise as the fiat denominator is diluted by deficits and leverage.
How Deficits Become Treasury Demand
- When governments run deficits they increase bank deposits in the private sector and banks end up holding more reserves.
- Primary dealers typically swap those excess reserves for newly issued government bonds at auctions.
