Power shifts quietly, until it doesn’t. In this episode, Niels Kaastrup-Larsen and Cem Karsan are joined by Adam Rozencwajg to trace the slow fracture of a system built on leverage, politics, and belief. From the echo of LBJ’s confrontation with the Fed to today’s invisible coercions, they explore how monetary regimes die, not in crisis, but in exhaustion. Inflation returns as behavior, debt becomes geometry, and commodities reclaim their voice. Through the lenses of shale decline, Venezuela’s unrealized oil, and the steady ascent of gold, this conversation reveals a cycle completing itself. The story isn’t new. Only the setting has changed.

-----

50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

-----

Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.

IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.

And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.

Learn more about the Trend Barometer here.

Send your questions to info@toptradersunplugged.com

And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.

Follow Cem on Twitter.

Follow Adam on LinkedIn.

Episode TimeStamps:

00:00 - Introduction

03:12 - The rise of carry trades and the rhythm of global financial cycles

08:44 - Political pressure, Fed history, and lessons from past monetary regimes

13:47 - The end of carry, the dawn of stagflation, and the return of real assets

20:47 - Inflation’s return, debt dynamics, and the coming shift in the monetary system

27:33 - Gold, negative real rates, and the psychology of inflation

34:57 - The debt spiral, liquidity traps, and the quiet monetization of risk

41:40 - Energy policy, shale decline, and the politics of “Drill Baby Drill”

49:10 - Venezuela’s oil chessboard and the geopolitical struggle...