Subject
3 entries
Macroeconomics
Bookmarks
War and Industrial Policy
Zoltan Pozsar's August 2022 Credit Suisse note arguing that the collapse of 'Chimerica' and 'Eurussia' trade blocs ends the 'lowflation' era and forces massive industrial rearmament. The core thesis is that de-globalization driven by loss of strategic trust between the US, Russia, and China will require trillions in commodity-intensive investment to re-arm, re-shore, re-stock, and re-wire — structurally inflationary for years.
Adapting to Endure (Sequoia Capital, May 2022)
Sequoia Capital's May 2022 'Adapting to Endure' founder presentation, delivered as interest rates rose sharply after a two-year zero-rate era. Roelof Botha, Doug Leone, Alfred Lin, and Carl Eschenbach counsel founders to extend runway, cut burn, achieve profitability, and treat this as a 'get real' moment — echoing the firm's playbook from 2000 and 2008.
The Fraying of the US Global Currency Reserve System
Lyn Alden's analysis of the petrodollar system's structural weakening — how the dollar's reserve currency status was built on oil settlement agreements, why those are fraying, and what the implications are for dollar hegemony. A well-sourced macro framework for thinking about the next monetary regime.