Defying Gravity: A Lookback At 2025 & Deep Dive Into The Macro Forces Shaping 2026

Is the global economy stronger than it looks or more fragile beneath the surface? If you’re trying to reconcile booming markets with rising geopolitical risk, this week’s episode brings an important perspective.I sat down with Chris Zhang, Partner & CIO of Ascend Interplay, to break down the real forces shaping 2026:How AI is shifting from a narrative to a measurable economic impactWhy labor markets may determine where we go nextGlobal structural shifts that are underway - from escalating Middle East tensions to the rise of protectionism - and what they imply for supply chains, inflation dynamics, and U.S. debt sustainability.Big thanks to Chris for a thoughtful, data-driven discussion.⏱️ Chapter Markers00:00 – Welcome & Why 2025 Defied Gravity02:00 – Global GDP Surprise & Market Performance03:30 – The Structural Bull Market in Gold & Silver07:45 – When Would Gold Actually Fall?10:00 – 2026 Outlook: Cautiously Constructive11:45 – AI’s Real Impact on Productivity & Labor14:30 – Middle East Conflict & Oil Markets17:15 – Are Trade Wars Really Over?19:30 – Structural Protectionism & Supply Chains22:00 – The Americas Strategy & Regional Integration26:30 – U.S. Debt: Is There a Real Solution?29:45 – The Fed, Growth & Kevin Warsh’s Role32:45 – Final Takeaways for 2026Links:Chris Zhang: LinkedInInterplay: Website, LinkedIn, TwitterMPD: LinkedIn, Twitter