#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 learnWhy Rebecca compares today’s economy to a “Jenga tower” with fewer supportsThe biggest risks to the 2025 outlook, including AI disappointment, Fed missteps, and wealthy consumer fatigueWhy small businesses are weakening more than large companies and why it mattersHow global fiscal challenges (“the Fragile Four”) could reshape currency dynamicsWhy the dollar’s next move may be lower despite global turbulenceHow AI, demographics, geopolitics, and climate will shape the next decadeWhat investors miss when they oversimplify tariffs and global trade flowsWhy diversification, not concentration, is the most important discipline heading into 2025Chapters02:00 — How Rebecca went from aspiring astronaut to journalist to global macro strategist07:30 — The “Jenga tower economy”: strong on top, fragile underneath12:00 — AI CapEx, wealthy consumer resilience, and what surprised markets in 202417:30 — What could cause the tower to wobble: labor trends, confidence, and policy volatility23:00 — Tariffs, USMCA, and how global supply chains really work28:00 — Dollar dynamics, the “Fragile Four,” and central bank gold buying34:00 — Bitcoin, tech, and whether crypto selloffs can trigger equity contagion41:00 — How macro frameworks evolve—and what doesn’t change46:00 — Long-term themes: tech, demographics, geopolitics, and climate51:00 — What investors should do now: diversify and avoid the panic tradeGuest: Rebecca Patterson - Senior Fellow, Council on Foreign RelationsHosts: Talley Leger, Chief Market Strategist, WCG and Jim Worden, Chief Investment Officer, WCG Follow usLinkedIn: https://www.linkedin.com/company/the-wealth-consulting-groupX (Twitter): @WealthCGYouTube: @thewealthconsultinggroupMaking Life Better at The Wealth Consulting GroupIf 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