Major macro-tail risk for 2026?

In this conversation, Pascal Huegli and Michael Nadeau discuss the shifting economic landscape in the U.S., focusing on macro risks, trade imbalances, and the role of tariffs. Michael explores the implications of fiscal deficits and government spending dynamics, as well as the geopolitical factors influencing currency adjustments. The discussion also delves into Bitcoin's market behavior, liquidity concerns, and the impact of globalization on production. Nadeau emphasizes the interplay of capital flows and asset valuations, market psychology, and the unique position of Bitcoin in the current economic climate, while looking ahead to potential opportunities and risks for 2026. Chapters: 00:00 Intro 01:31 Shifting Economic Landscape and Macro Risks 02:43 The Role of Tariffs and Trade Imbalances 05:59 Fiscal Deficits and Government Spending Dynamics 08:42 Geopolitical Factors and Currency Adjustments 11:48 Bitcoin's Market Behavior and Liquidity Concerns 14:52 The Future of Bitcoin Amidst Economic Changes 17:42 Globalization and Its Impact on Production 21:10 The Interplay of Capital Flows and Asset Valuations 24:04 Market Psychology and Bitcoin's Unique Position 26:57 Looking Ahead: Opportunities and Risks for 2026 Check out our sponsors👇 https://mining.blockwaresolutions.com/lnms Blockware is a Mining-as-a-Service platform that makes it easy for anyone to start mining Bitcoin straight from home! Get $100 off your first miner with discount code LNMS🔥 https://bitbox.swiss/lnms BitBox is the best in class hardware wallet, I personally trust and use! Get 5% off your first order with discount code LNMS🔥 Follow Michael Nadeau: https://x.com/justdeauit https://thedefireport.io/ Follow me👇 Twitter - https://x.com/pahueg Nostr - npub1qhx7lnggpv64f0wt5xyjj7h90qh5ewu35pspr66sj8alc4gvcfjqqn04l8 Get the latest in finance, crypto, and Bitcoin. Our newsletter provides clear, concise and actionable insights. Don't miss out—check out our Newsletter and subscribe today! 🔥⬇️ https://substack.com/@lessnoisemoresignal Bitcoin Book 👇 Order from Europe: https://www.amazon.de/dp/1967693013 Global: https://www.amazon.com/-/de/dp/B0F9W8Y283 Thank you for subscribing to our channel! We’re excited to have you with us! crypto, #Bitcoin, #macroeconomics, #tradeimbalances, #fiscaldeficit, #tariffs, #geopolitics, #marketpsychology, #liquidity, #globalization Support the show