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:

1. How AI is shifting from a narrative to a measurable economic impact
2. Why labor markets may determine where we go next
3. Global 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 Markers

00:00 – Welcome & Why 2025 Defied Gravity

02:00 – Global GDP Surprise & Market Performance

03:30 – The Structural Bull Market in Gold & Silver

07:45 – When Would Gold Actually Fall?

10:00 – 2026 Outlook: Cautiously Constructive

11:45 – AI’s Real Impact on Productivity & Labor

14:30 – Middle East Conflict & Oil Markets

17:15 – Are Trade Wars Really Over?

19:30 – Structural Protectionism & Supply Chains

22:00 – The Americas Strategy & Regional Integration

26:30 – U.S. Debt: Is There a Real Solution?

29:45 – The Fed, Growth & Kevin Warsh’s Role

32:45 – Final Takeaways for 2026

Links:

1. Chris Zhang: LinkedIn
2. Interplay: Website, LinkedIn, Twitter
3. MPD: LinkedIn, Twitter