In this episode, Bob Elliott joins the show to discuss the reversal of U.S Dollar capital flows after the announcement of Trump's tariffs. We deep dive into the U.S balance of payments problem, the changing economic order, why the U.S Dollar continues to get sold & how to structure a portfolio in this environment. Enjoy! -- Follow Bob: https://x.com/BobEUnlimited Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ -- Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx -- Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv -- At Ondo, we design institutional-grade platforms, assets, and infrastructure to bring financial markets onchain. We believe that combining the best of TradFi with the best of DeFi will dramatically improve our financial system—making it fairer, faster, and more accessible to all. Learn more about how Ondo is bringing capital markets onchain at https://ondo.finance/ -- Ledger, the world leader in digital asset security for consumers and enterprises, proudly sponsors Forward Guidance, where traditional finance meets crypto. As Ledger celebrates a decade of securing 20% of the world’s crypto assets, it offers a secure gateway for those entering digital finance. Buy a LEDGER™ device today and protect your assets with top-tier security technology. Buy now on https://Ledger.com.
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Timestamps:
(00:00) Introduction
(01:41) The Changing U.S Economic Order
(07:56) The Reversal Of U.S Dollar Capital Flows
(12:38) Ads (Ondo, Ledger)
(13:47) Why Did The U.S Outperform Pre-2025?
(18:05) Trump Tariffs = A Weaker Dollar, Assets & Growth
(23:45) Is The U.S In A Balance Of Payments Crisis?
(28:41) What Is The Bond Market Signaling?
(32:28) Ads (Ondo, Ledger)
(33:44) The End Of U.S Exceptionalism
(41:10) A New Regime For Markets?
(43:35) The U.S Economic Supply Shock
(47:03) Structuring Alpha vs Beta Portfolios
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.