Power shifts quietly, until it doesn’t. In this episode, Niels Kaastrup-Larsen and Cem Karsan are joined by Adam Rozencwajg to trace the slow fracture of a system built on leverage, politics, and belief. From the echo of LBJ’s confrontation with the Fed to today’s invisible coercions, they explore how monetary regimes die, not in crisis, but in exhaustion. Inflation returns as behavior, debt becomes geometry, and commodities reclaim their voice. Through the lenses of shale decline, Venezuela’s unrealized oil, and the steady ascent of gold, this conversation reveals a cycle completing itself. The story isn’t new. Only the setting has changed.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - <a href="https://dunncapital.com/DUNN%2050-Year%20Book-TTU" rel="noopener noreferrer" target="_blank">CLICK HERE</a>-----Follow Niels on <a href="https://twitter.com/toptraderslive" rel="noopener noreferrer" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/in/nielskaastruplarsen" rel="noopener noreferrer" target="_blank">LinkedIn</a>, <a href="https://www.youtube.com/user/toptraderslive" rel="noopener noreferrer" target="_blank">YouTube</a> or via the <a href="https://www.toptradersunplugged.com/" rel="noopener noreferrer" target="_blank">TTU website</a>.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written&nbsp;<a href="https://www.toptradersunplugged.com/Ultimate" rel="noopener noreferrer" target="_blank">here</a>.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” <a href="https://www.toptradersunplugged.com/10-reasons-shownotes" rel="noopener noreferrer" target="_blank">here</a>.Learn more about the Trend Barometer <a href="https://www.toptradersunplugged.com/resources/market-trends/" rel="noopener noreferrer" target="_blank">here</a>.Send your questions to&nbsp;<a href="mailto:info@toptradersunplugged.com%22%20%5Ct%20%22_blank" rel="noopener noreferrer" target="_blank">info@toptradersunplugged.com</a>And please share this episode with a like-minded friend and leave an honest Rating & Review on&nbsp;<a href="https://www.toptradersunplugged.com/reviewttu" rel="noopener noreferrer" target="_blank">iTunes</a>&nbsp;or <a href="https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW" rel="noopener noreferrer" target="_blank">Spotify</a> so more people can discover the podcast.Follow Cem on <a href="https://twitter.com/jam_croissant" rel="noopener noreferrer" target="_blank">Twitter</a>.Follow Adam on <a href="https://www.linkedin.com/in/adam-rozencwajg-770614/" rel="noopener noreferrer" target="_blank">LinkedIn.</a>Episode TimeStamps: 00:00 - Introduction03:12 - The rise of carry trades and the rhythm of global financial cycles08:44 - Political pressure, Fed history, and lessons from past monetary regimes13:47 - The end of carry, the dawn of stagflation, and the return of real assets20:47 - Inflation’s return, debt dynamics, and the coming shift in the monetary system27:33 - Gold, negative real rates, and the psychology of inflation34:57 - The debt spiral, liquidity traps, and the quiet monetization of risk41:40 - Energy policy, shale decline, and the politics of “Drill Baby Drill”49:10 - Venezuela’s oil chessboard and the geopolitical struggle for supply55:48 - Oil’s forgotten value and echoes of past energy cycles01:00:19 - Gold, miners, and the new hierarchy of precious assets01:07:23 - Helium, the next frontier, and closing reflections on a changing worldCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. <a href="https://www.toptradersunplugged.com/resources/ebooks/" rel="noopener noreferrer" target="_blank">Click Here</a>2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! <a href="https://www.toptradersunplugged.com/resources/market-trends/" rel="noopener noreferrer" target="_blank">Click Here</a>3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. <a href="https://www.toptradersunplugged.com/resources/" rel="noopener noreferrer" target="_blank">Click Here</a><a href="https://www.toptradersunplugged.com/legal/privacy-policy/" rel="noopener noreferrer" target="_blank">Privacy Policy</a><a href="https://www.toptradersunplugged.com/disclaimer/" rel="noopener noreferrer" target="_blank">Disclaimer</a>

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