#51 – Rebecca Patterson, Senior Fellow at the Council on Foreign Relations, on the “Jenga Tower Economy,” Policy Volatility, and What Could Shake Markets in 2025 (recorded 11/24/25)

In this episode, Rebecca Patterson, Senior Fellow at the Council on Foreign Relations and former Chief Investment Strategist at Bridgewater Associates, and Former Chief Investment Officer at Bessemer Trust, joins Jim Worden and Talley Leger to break down one of the most complicated macro environments of our careers. Rebecca explains why the U.S. economy resembles a “Jenga tower”, still standing, still rising, but increasingly unstable. She discusses the widening divide between large and small businesses, the uneven health of U.S. consumers, the risk implications of delayed tariffs, and why global policy uncertainty could matter even more than Fed cuts in 2025. She also dives into the dollar, gold, the future of immigration and demographics, and what AI-driven productivity might mean for long-term growth. What you’ll learn Why Rebecca compares today’s economy to a “Jenga tower” with fewer supports The biggest risks to the 2025 outlook, including AI disappointment, Fed missteps, and wealthy consumer fatigue Why small businesses are weakening more than large companies and why it matters How global fiscal challenges (“the Fragile Four”) could reshape currency dynamics Why the dollar’s next move may be lower despite global turbulence How AI, demographics, geopolitics, and climate will shape the next decade What investors miss when they oversimplify tariffs and global trade flows Why diversification, not concentration, is the most important discipline heading into 2025 Chapters 02:00 — How Rebecca went from aspiring astronaut to journalist to global macro strategist 07:30 — The “Jenga tower economy”: strong on top, fragile underneath 12:00 — AI CapEx, wealthy consumer resilience, and what surprised markets in 2024 17:30 — What could cause the tower to wobble: labor trends, confidence, and policy volatility 23:00 — Tariffs, USMCA, and how global supply chains really work 28:00 — Dollar dynamics, the “Fragile Four,” and central bank gold buying 34:00 — Bitcoin, tech, and whether crypto selloffs can trigger equity contagion 41:00 — How macro frameworks evolve—and what doesn’t change 46:00 — Long-term themes: tech, demographics, geopolitics, and climate 51:00 — What investors should do now: diversify and avoid the panic trade Guest: Rebecca Patterson - Senior Fellow, Council on Foreign Relations Hosts: Talley Leger, Chief Market Strategist, WCG and Jim Worden, Chief Investment Officer, WCG Follow us LinkedIn: https://www.linkedin.com/company/the-wealth-consulting-group X (Twitter): @WealthCG YouTube: @thewealthconsultinggroup Making Life Better at The Wealth Consulting Group If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources that make your practice, and your life better. Subscribe: bit.ly/wealthcg