Wealthion, Released on 5/21/26

Daniel Lacalle, Chief Economist at Tressis and author of The New Global Economic Order, joins Maggie Lake to warn that the old portfolio playbook may no longer protect investors. Lacalle argues that persistent inflation, rising government debt, and what he calls a coming “monetary tsunami” are eroding the purchasing power of salaries, cash, and deposit savings. He explains why long-term bonds may no longer act as the safe haven investors expect, why real assets are rising as currencies lose value, and why stocks could continue to melt up even as the real economy feels weaker. From sovereign debt risk and higher yields to gold, silver, copper, coal, China, Europe, and the future of American exceptionalism, Lacalle lays out why investors may need to rethink how they protect wealth in a world of fiscal excess and currency debasement.

00:00 Why Investors Are Mispricing Risk
00:58 Bonds May No Longer Protect Portfolios
02:56 The “Monetary Tsunami” Ahead
05:49 Are We Facing a Sovereign Bond Crisis?
08:04 Why Voters Keep Demanding More Spending
11:20 Savers, Inflation & Lost Purchasing Power
13:11 Why Rate Cuts May Not Fix Higher Yields
15:42 Can Stocks Melt Up Anyway?
18:13 Why Value Investors Face a Tough Market
20:46 Stranded Assets & Government Tax Risk
24:02 Why the U.S. Still Leads Global Markets
27:39 China, Central Planning & American Exceptionalism
31:50 Gold, Silver & the Role of Real Assets
35:09 The New Global Economic Order
41:03 Geopolitical Risk, Ukraine & Iran
44:35 Final Thoughts

Daniel Lacalle, PhD, economist and fund manager, is the author of the bestselling books Freedom or Equality (2020) and Escape from the Central Bank Trap (2017). He is a professor of global economy at IE Business School in Madrid and Chief Economist at Tressis SV. Ranked as one of the top twenty most influential economists in the world in 2016 and 2017 by Richtopia, he holds the CIIA financial analyst title, with a postgraduate degree in higher business studies and a master’s degree in economic investigation. He is a member of the advisory board of the Rafael del Pino Foundation and Commissioner of the Community of Madrid in London. His work can be found here.

  Daniel Lacalle, economy, inflation, investing