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