The Disintegration of the Buffer: Navigating the Era of Unbuffered Risk

Today's episode examines the global transition from a regime of predictable central bank intervention to one defined by structural scarcity and physical bottlenecks. We analyze the simultaneous erosion of the 'Fed Put,' the emergence of fiscal dominance in the U.S., and the critical shift of systemic risk from financial liquidity to the physical constraints of energy and AI infrastructure. Read this edition in full at https://www.pers-int.com/?digest=Macro%2C%20Geopolitics%2C%20Investing%20Evening%2FCompact_Digests%2Fdaily_digest_compact_2026-06-29_17-30-18.html&channel=Macro%2C%20Geopolitics%2C%20Investing%20Evening&latest=1 0:00 - Introduction 0:36 - Monetary Shifts and the End of the Fed Put 6:48 - Geopolitical Fault Lines and Energy Security 13:13 - The New AI Arms Race and Infrastructure Bottlenecks 19:21 - Political Reshuffles and the UK Fiscal Dilemma 21:32 - Conclusion Referenced sources: - "Putin Admits Problems, Burnham Sets Out Vision, Greenland's Unusual Issue" (Bloomberg Daybreak: Europe Edition) - "Bloomberg Surveillance TV June 29th, 2026" (Bloomberg Surveillance) - "Markets and Fed Uncertainty" (Bloomberg Surveillance) - "Economic Security Megapod" (ChinaTalk) - "How To Trade The New Warsh Fed Bob Sheehan" (Forward Guidance) - "Over a barrel" (Geopolitical Dispatch) - "Baidu's CFO on How It Became a Full-Stack AI Player" (Odd Lots) - "The Humbling of the Once Almighty Dollar" (Paul Krugman) - "EMQs The reshuffle dilemma facing Andy Burnham" (Political Currency) - "This Market Is Directionless (And That Should Scare You)" (Prof G Markets) - "291. Does Burnham have any wiggle room" (The Rest Is Money) - "Beyond P(doom) Marc Andreessen - Betting on America" (The a16z Show) - "Signal over Noise What US history tells us about AI capex" (UBS On-Air: Market Moves) - "UBS On-Air Paul Donovan Daily Audio 'Crude and machismo'" (UBS On-Air: Market Moves) This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.