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. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **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 Start 00:50 Felix background 01:57 TradFi history 05:51 Current market outlook 11:48 10 yr prediction 16:37 Firing the Fed Chairman 21:29 Stablecoins 26:47 Long degens, short society 29:09 Where's my altcoin summer! 32:08 Elipsis Labs 33:09 Hyperliquid 38:21 Place your bets or eat bugs, you choose 44:40 Remember Etherium... what happened to those guys? 48:34 A black hole for capital = NGU 55:27 MSTR failure state 59:22 management teams 1:01:57 Discount to NAV, harbinger of death 1:04:11 Advice for plebs 👋 Enjoy the clip? Click below to listen on a podcasting app! Apple http://tiny.cc/e7wuwz Spotify https://tinyurl.com/aj3ymv6h RSS http://tiny.cc/wbwuwz YouTube https://tinyurl.com/4kwhu4s7 👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities.

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