MacroVoices #485 Jeff Currie: The Joule Order

In Macro Voices Episode 485, Erik Townsend interviews Jeff Currie, formerly Goldman Sachs chief commodity strategist and now with Carlyle, about capital rotation, the breaking down of the Bretton Woods system, and the implications for commodities, particularly energy and gold. Currie argues that the U.S. is retreating from its role as the world's protector, leading to a need for Europe to invest in its own defense and potentially architect a replacement for the petrodollar system. The discussion covers the shift in marginal buyers of U.S. Treasuries, the acceleration of the energy transition driven by security concerns, and the potential for a digital currency backed by a basket of assets like gold and oil. Currie is bullish on commodities, particularly oil, copper, and gold, citing tight inventories, demand surprises, and geopolitical risks. The episode concludes with a discussion between Townsend and Patrick Ceresna about equity markets, the U.S. dollar, crude oil, gold, uranium, and Treasury yields, including analysis of key technical levels and potential market movements.