This is Macro Voices, the free weekly financial podcast targeting professional finance, high net worth individuals, family offices, and other sophisticated investors.

Macrovoices is all about the brightest minds in the world of finance and macroeconomics

telling it like it is, bullish or bearish, no holds barred.

Now, here are your hosts, Eric Townsend and Patrick Suresna.

Macrovoices episode 512 was produced on Wednesday, December 24th, 2025. I'm Eric Kanzant.

Happy holidays, everyone. Economist David Rosenberg returns as this week's feature interview guest.

I particularly enjoyed this interview because Rosie disagrees with my view that we're in the early

stages of a secular inflation, and I always seek out

really smart people whose views don't match my own to check my own thinking. We'll discuss the

U.S. economic outlook why Rosie's not concerned about persistent inflation, precious metals,

and much more. This will be the final regular format episode of Macrovoices for 2025.

Next Wednesday, New Year's Eve, we'll release our long-form Macrovoices holiday special.

Have you ever wondered why so many high-profile wealthy people from hedge fund legends like

Julian Robertson and Peter Thiel to Hollywood icons like James Cameron and Shania Twain,

are all establishing residency in New Zealand? Do they know some sort of secret inside information about the end of the world that the rest of us aren't privy to?

I contend that many of them do know something the public doesn't, but it has nothing to do with the end of the world or surviving nuclear winter.

Tune in next week for the full story, including why New Zealand is arguably an even better tax domicile than Singapore for global investors who derive all or most of their income from investments in financial markets.

And I'm Patrick Seresno with the macro scoreboard week over week as of the close of Wednesday,

December 24th, 2025. The SMP 500 up 280 basis points to 6909, closed at an all-time new high,

putting 7,000 in play.

We'll take a closer look at that chart and the key technical levels to watch in the postgame segment. The U.S. dollar index down 47 basis points trading to 9794.

The price action remains very weak.

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