Marko Papic, Chief Strategist at BCA Research, joins Monetary Matters to argue that while tariffs may be the catalyst that shifts global appetites for US assets, it will be the necessary shift to fiscal hawkishness that will drive the end of “American Exceptionalism” and outperformance of US markets. Papic also discusses his views on as shift towards a multipolar world and why he views the dual polar world with US and China as competing global hegemons as the least likely outcome when compared with a multipolar reality or the revitalization of the American Empire.
Follow Marko Papic on Twitter https://x.com/Geo_papic
Follow Jack Farley on Twitter https://x.com/JackFarley96
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Timestamps:
01:00 Why TACO (Trump Always Chickens Out) is Wrong
08:29 Recession Risks vs Stock Market Risks
12:21 Comparing Soft & Hard Data
15:12 Timeline for Trade Policy Certainty
20:53 Tariffs as a Catalyst for Domestic Economic Improvements Globally
26:47 The US Fiscal Facade
28:28 China Outlook
30:14 The Big Beautiful Bill & US Fiscal Deficit
41:02 DOGE’s Political Signal Value
48:09 US Defense Spending
51:13 Russia & Ukraine War
56:07 Foreign Policy in a Multipolar World
01:03:01 Middle East Stability
