Felix Jauvin, Macro Economist and host of Forward Guidance podcast, joins us to talk about the regime shift from monetary to fiscal dominance, why Bitcoin and risk assets are hitting all-time highs despite high interest rates, the treasury company revolution led by MicroStrategy, and why "hyper gambling your way to wealth" has become a rational strategy in our current economic environment.

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**Notes:**• US running 7% GDP deficit during full employment• Bitcoin at ATH despite 5% interest rates• MicroStrategy's 0% coupon convertible bonds• Stablecoins can't pass yield to holders• Treasury companies trading above NAV• Fiscal dominance replacing monetary policy

Timestamps:00:00 Start00:50 Felix background01:57 TradFi history05:51 Current market outlook11:48 10 yr prediction16:37 Firing the Fed Chairman21:29 Stablecoins26:47 Long degens, short society29:09 Where's my altcoin summer!32:08 Elipsis Labs33:09 Hyperliquid38:21 Place your bets or eat bugs, you choose44:40 Remember Etherium... what happened to those guys?48:34 A black hole for capital = NGU55:27 MSTR failure state59:22 management teams1:01:57 Discount to NAV, harbinger of death1:04:11 Advice for plebs

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