In this episode, we explore how a sudden oil shock and geopolitical conflict can quickly rewrite the global macro outlook, forcing markets and policymakers into a difficult balancing act between inflation and growth.

We sit down with Bob Elliott of Unlimited Funds to unpack how the Iran-driven oil shock fits into today’s fragile, savings-driven economy.

We discuss oil shocks past and present, policy sequencing, bond market reactions, global currency impacts, and why markets may be underestimating the second-order effects of rising energy prices. Enjoy!

TIMESTAMPS:

00:00 Intro

02:30 Oil Shock Challenges & Today vs 2022

10:13 Contrasting the 2008 & 1970s Oil Shocks

15:15 The Energy Shock Impact on Households

19:16 How Will Central Banks & Bonds React?

29:50 Ads (Arkham)

30:38 Oil Shock Sequence of Events

32:28 Iran War's Asymmetric Regional Impact

39:00 What Happens to Gold?

42:02 Understanding a Wartime Economy

46:36 Final Thoughts

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