Why Everyone Keeps Misreading The New Macro Regime | Ben Kizemchuk
Episode publishedPodcast: Forward GuidanceForward Guidance
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The Forex framework is something I've been working on over the last while, and really it's meant to describe a unique period of time that we're living in right now. Those four of stand for fiscal dominance, financial repression, passive flows, and fiat money. This is the first time that we've ever seen all four of these things at the same time together. All of this stuff comes together, starts coalescing, and we end up with something that I'm calling the stock market economy. The nation's financial wealth is now being turned into a utility. This episode is brought to
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Thank you. Thanks so much Felix. I'm super happy to be here.
Yeah, before we get into your framework, let's just hear a bit about what you do, what's been your journey into, how did you get so focused on like The US macro world and situation? And yeah, what's your philosophy on just high level finance these days?
So I am literally the guy that started like in the mail room and worked his way up from like the summer intern jobs all the way through. As you said, I'm a portfolio manager now. I really grew up looking at markets and investing in the economy. I was very lucky that my father was a kind of big wheel in the wealth management world up here in Canada. My uncle as well in The Caribbean was very active. And so I kind of grew up where this was just stuff that we talked about all the time at the dining room table. And to be honest, I don't know if I could do anything else. I love it. I just, I feel i
I remember hearing on another podcast you did where you characterize how interesting it is that that subset of people have really felt like they've had the finger on the pulse of what has felt like this major regime shift in how to think about macro. Right? Like, if I think about macro these days right now, it feels like we've there's this new emerging school of thinking, it seems like. Like when you when you characterize some of these traditional macro research analysts that look at things like yield curve steepening, right? Like we had the inversion of the yield curve over the past couple ye
Yeah, yeah, sure. So the 4S framework is something I've been working on over the last while. And really it's meant to describe a unique period of time that we're living in right now, right? Where I think that, if you look around and you kind of get the sense that things aren't quite the same that they used to be. We're not quite operating under industrial capitalism the way that we were over the last fifty years, like 1980 going forward. We're not even really operating under knowledge based capitalism anymore. You know, that was kind of a thing, you know, that we started hearing about. But we'
Yeah. Think the magic of that is especially just what it looks like when you put all these pieces back together. Yeah. Dig into the physical dominance part. And I think it's really important to define what you mean by that because there's a I feel that word gets used a lot lately and it feels like some people hav
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