Why Everyone Keeps Misreading The New Macro Regime | Ben Kizemchuk

In this episode, Ben Kizemchuk joins the show to discuss his “Four Fs” macro framework – Fiscal Dominance, Financial Repression, Fiat Currency, & Passive Flows – arguing that we’re in a unique historical moment where all four are converging at once. He explains how fiscal spending reshapes growth, why financial repression and passive flows stabilize markets, and how fiat currency enables this entire regime. Ben also shares how these dynamics blur the line between the stock market and the economy, setting the stage for an AI-driven future. Enjoy!

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Timestamps:

00:00 Intro

00:42 Ben’s Journey Through Markets

03:05 Ben’s 4 Fs Framework

06:10 F1 - Fiscal Dominance

11:00 Catalysts for Fiscal Dominance

14:15 How Sustainable is Government Debt?

17:36 F2 - Financial Repression

23:28 Rates in a Fiat vs Gold-Backed System

27:20 F3 - Fiat Currency

33:00 Are Governments Constrained by Supply & Demand?

34:55 Role of Monetary Policy Going Forward

39:56 F4 - Passive Flows

44:02 Constraints on Passive Flows

48:25 4 Fs Implications

51:53 Rethinking Asset Allocation

54:35 Final Thoughts

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Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#Macro #Investing #Markets #ForwardGuidance