Retirement Lifestyle Advocates, Released on 5/4/25

Dennis Tubbergen hosts Charles Hugh Smith, a renowned writer and economic analyst, on RLA Radio. Smith shares his journey from working in construction to becoming a prominent voice on economic issues through his blog and Substack following. The discussion centers on economic headwinds, including geopolitical tensions between the U.S. and China, the unpredictability of global trade, and the American consumer’s debt burden. Smith highlights the impact of demographics on economic growth, noting that changing patterns in household formation and spending could affect risk assets like stocks and real estate. He also discusses the reverse wealth effect, where declining asset values lead to reduced consumer spending, particularly among the top 10% of wealth holders. Smith questions whether the Federal Reserve can effectively counteract potential deflationary trends without triggering inflation, given the end of deflationary forces from China and the constraints of high national debt. The conversation concludes with Smith’s cautious outlook on the U.S. economy, suggesting that painful adjustments may be necessary in the decade ahead.

Charles Hugh Smith writes the Of Two Minds blog which covers an eclectic range of timely topics: finance, housing, Asia, energy, long-term trends, social issues, health/diet/fitness and sustainability. From its humble beginnings in May 2005, Of Two Minds now attracts some 200,000 visits a month. Charles also contributes to AOL’s Daily Finance site and has written eight books, most recently Money and Work Unchained.

  Charles Hugh Smith, economy