Axel Merk of Merk Investments rejoins the podcast to discuss his view that Trump's tariffs have fundamentally unbalanced the global financial order. This has created real risks, but also opportunities… This podcast was recorded on Wednesday, April 30 and was made available to premium subscribers the following day. More information on premium subscriptions is available here. Content Highlights The 'plumbing' of the global financial system has been upended as a result of tariffs (1:35); China will not dump all their US Treasury holdings overnight. But tariffs will impact future flows. A fragmentation away from US dollar-denominated assets is likely (6:50); Are tariffs inflationary or deflationary? They're a supply shock: stagflation is the result (10:42); If global trade is impeded and ultimately curtailed, how does this not end badly for economic growth? It will require a mental change from the existing environment. Fortunately, history has ample examples of this transition… (16:19); Europe and China may face trouble in this new world order. So will Turkey. "There will be more tension" (24:45); The case for gold and gold miners (32:16); Does the US enter recession this year? Economic numbers are going to be distorted, so it may not matter. But the spike in imports heading into tariffs will almost certainly create inventory build-up… (37:18). More on the Guest Website: MerkInvestments.com; Twitter/X: @AxelMerk LinkedIn post referenced in the podcast.