本期隐藏力量播客，主持人 Demetri Kofinas 与 DeFi Advisors 创始人兼 CEO Michael Nicoletos 探讨了“美元末日论”以及地缘政治。他们首先回顾了 Michael 的个人经历，以及他对美国变革能力的见解。之后，他们深入探讨了“美元末日论”的由来、其合理性和支持者常犯的错误，并延伸至欧元和金砖国家货币。最后，他们分析了乌克兰战争对欧洲国家安全的影响，以及美国对台海局势的准备，并探讨了中美关系、劳资关系和未来展望。

😄 **美元末日论：** Michael 和 Demetri 探讨了“美元末日论”的由来，以及这一观点在美国家喻户晓的原因。他们认为，美国媒体和公众对美元的担忧源于其在全球经济中的主导地位，以及其所面临的挑战，例如巨额债务、通货膨胀和政治不稳定。他们还分析了“美元末日论”的支持者常犯的错误，例如忽视美元的韧性和适应性，以及美国在全球经济中的重要地位。 他们还讨论了欧元和金砖国家货币的崛起，以及它们对美元地位的影响。他们认为，虽然欧元和金砖国家货币可能会在未来扮演更重要的角色，但美元仍然是全球主要的储备货币，其地位短期内不会受到撼动。

😊 **地缘政治：** Michael 和 Demetri 讨论了乌克兰战争对欧洲国家安全的影响，以及美国对台海局势的准备。他们认为，这两场冲突都反映了美国和俄罗斯、中国之间的地缘政治竞争，以及美国在全球事务中的地位变化。他们还探讨了美国孤立主义的复兴，以及它对美国外交政策的影响。 他们还分析了中国经济的现状，以及中美关系的未来发展。他们认为，中国经济面临着挑战，但也拥有巨大的潜力。他们还强调了重新平衡劳资关系的重要性，以及如何才能创造一个更加公平、可持续的经济体系。

🤔 **未来展望：** Michael 和 Demetri 认为，尽管全球面临着挑战，但未来仍然充满希望。他们相信，通过合作和创新，我们可以解决全球面临的问题，并创造一个更加美好的未来。他们也强调了个人行动的重要性，以及每个人都可以为创造更美好的未来做出贡献。 他们还讨论了美国经济的未来，以及如何才能保持其竞争力。他们认为，美国需要继续投资于创新和教育，并创造一个更加公平、公正的社会，才能保持其在全球经济中的领先地位。

In Episode 325 of Hidden Forces, Demetri Kofinas speaks with Michael Nicoletos, the founder and CEO of DeFi Advisors, an independent investment advisory firm specializing in macro and digital assets.

Michael and Demetri spend the first twenty minutes discussing Michael’s biography, including his time living and working in the United States. What that experience taught him about the country’s capacity for change and why its embrace of failure is critical to America’s continual economic, cultural, and political renewal is also part of that conversation.

The rest of the first hour is spent discussing something that Michael and Demetri often talk about in private: Dollar Doomerism—the perennial anxiety, particularly prevalent in American circles and among American media pundits that the United States Dollar is on the precipice of some kind of collapse or devaluation. The sources of this doomerism, its merits, and what proponents of this view seem to get consistently wrong is what they spend the rest of the first hour discussing. This also leads to a conversation about the Euro and a potential BRICS currency, as well as a discussion about the long-term direction for interest rates and inflation.

In the second hour, Michael and Demetri focus mainly on geopolitics, including the national security challenges facing European member states over the war in Ukraine, as well as US preparations for a war over Taiwan, and how both of these dynamics are impacting and being impacted by a resurgence in American isolationism. The two also discuss the state of China’s economy, the need to rebalance the power dynamic between labor and capital, and why there are reasons to be hopeful about the future.

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Episode Recorded on 09/05/2023