Macro Voices MacroVoices #494 Micheal Every: Markets, Policy, Russia & More
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Aug 21, 2025 
Michael Every, a global strategist in economics at Rabobank, shares his insights on markets and geopolitical tensions. He discusses the impact of the Trump-Putin summit on the Ukraine conflict and analyzes U.S.-EU relations. Every critiques the interplay between monetary policy and market dynamics, offering predictions about the U.S. dollar and sector shifts, particularly in tech stocks. He also explores the complexities of tariffs, oil prices, and provides a detailed outlook on commodities like gold, uranium, and copper.
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Oil Paid In Stablecoins Could Recreate Dollar Demand
- The US can require oil sellers to receive stablecoins, accelerating international adoption and T-bill demand.
- Stablecoins offer on/off control, enabling geopolitical leverage over allied payment systems.
Bifurcation: Allied Stablecoin Block Versus The Rest
- Michael Every argues the US will build a US-centric stablecoin network for allies while excluding rivals.
- He believes BRICS cannot easily replicate an integrated industrial–trade block to rival the US approach.
Europe Lacks Realistic Path To Autonomy
- Europe faces a steep bill to achieve strategic autonomy and likely cannot afford true independence from the US.
- Under pressure, Europe will be subsumed into US production and security frameworks despite resentment.