Michael Every

And so that we could potentially bring manufacturing, you know, back here to many places.

And so I am kind of seeing all the moves being made that maybe these data centers, and this is a view from Michael Every that I've sort of kind of taken from, that these data centers might end up becoming sort of, you know, robot factories or drone factories.

I mean, we're definitely going to war here.

And if not going to a full conflict, we have decided that war is the way we're going to get out of this mess.

By the way, I'm not really picking sides here.

I understand fully the Michael Every playbook in a new world of these profound rivalries between key powers, the U.S. versus China, and how the U.S. side might find it unacceptable that Canada can sort of operate in this situation.

It's a globalized, neutral world.

It can just choose its trading partners willy-nilly.

Harley, final question.

We've had several guests, particularly Michael Every on this program, tell us that stablecoin statecraft is going to be a really big thing, and specifically what, uh, Michael is saying is that we're going to see Secretary Bessent continue to push this idea of taking US dollar-linked stablecoins and really promoting them as a way of reinforcing the world's commitment to the US dollar as the world's reserve currency.

Seems like a good idea on the surface, but I also note that it's a setup because once you're on stablecoins, if the world wants to transition away from the US dollar, it becomes a much easier trade a-and you could abandon US dollars much more quickly in favor of some other stablecoin that's in some other currency.

So what do you think about this idea of stablecoin statecraft as policy? Is it something that we should care about?

I wanna ask you another sort of unfair question.

Um, I asked this of Michael Every.

I don't know if you know him, but he's the, um, head of geo strategy at Rabobank and he has been, he had been predicting the shift back to de-globalization, reshoring.

Um, you know, basically he, he said it's a return to mercantilism, which he says is-

Don't worry if you can't watch live.

Everybody who registers will get sent replay videos of the entire conference.

Uh, I've just announced that Michael Every will be joining us for this to give, um, a geostrategic perspective to the conference, so building in many ways on what Peter and I have just talked about here.

Um, so if you haven't yet already done so, go to thoughtfulmoney.com/conference.

Hello listeners, welcome to another episode of the Jacob Shapiro podcast.

Joining me today is Michael Every.

Michael is a senior macro strategist at Rabobank.

I've had a lot of requests to reach out to him, to talk to him.

And today's conversation is more of a debate.

And to give a bit to the viewers and listeners a bit of context, this has kind of originated from, I would say, um, online interaction, but also face-to-face interaction like the one we had in South Africa, where I've invited Francis and Brent to join, um, well, a round table session that we've hosted in Cape Town earlier this year in March, where also Whitney Baker and Michael Every were part of the conversation, where we had a wide-ranging discussion about the dollar and the future of the global monetary system.

And so today I would like to, um, to, uh, discuss this further and have it a bit o- more one-to-one.

As I mentioned before, you also ...

And I think I have a super good link, a super interesting read.

This one passed along by Michael Every, of course.

It seems like everything he passes along is worth reading.

And I think it sits very well as a counterpoint to some of the other recent things I've been sending along that are a little bit too politically left-leaning, where I sort of admire some of the viewpoints, but they're also not providing answers for what the world should look like.

And I won't read the whole thing, don't worry.

But he basically goes on to look at how some people are simply not recognizing that the world is passing them by, that the world order we created has created so much instability that it has to change.

It has to revert to the priorities that Michael every— It covers every single day and very consistently the need to reestablish controlled supply chains that you can't just have free markets and let everything just happen as it will because that eventually erodes national security because there will be mercantilist forces that take over your economy and you need to fight back in some way with countermeasures.

And then he criticizes the American right for the way it's trying to come up with answers to the questions.

The Trump administration, for example, there is a deep, I think, strategy within the Trump administration, not always driven by Trump himself, that I take very seriously and I think is a very serious strategy.

And that is the whole sort of Michael Every expressed framework around grand macro strategy, the U.S. reasserting its control over supply chains, entertaining the different angles on why the Iran war was started.

as a sort of counterpoint against China and especially taking out a key power within the Russia-China-Iran axis, if you want to call it that.

So I don't sign on fully to any specific view.

I guess that just means the The sort of passive allocation, I'm not sure, to fixed income.

But it's more of a comprehensive piece if you want to get into the weeds on the rise in interest rates and what those drivers are.

Then Michael Every passed along.

I'll just put in a little link to it.

And it is a high stakes game where you got to get a lot you got to do.

I recorded with Michael Every last Thursday, John helped me with some some show prep with Michael Every, the chief strategist, head strategist at Rabobank.

We talked about his reverse perestroika piece in the beginning of the year, which is, I think, probably like the best start of the year piece I've read in quite a while and has been like a lens through which I've viewed everything.

Highly recommend you go back and read that.