George Goncalves

The New Macro Playbook | Global Conference 2026

Stephanie Ruhle, André Esteves, George Goncalves, Karen Karniol-Tambour, Seema Shah, Jeffrey Solomon

Global capital flows are shifting from a U.S.-centric model to diversified inflows in emerging markets and resource economies, driven by a transition from efficiency-based globalization to sovereign security-focused supply chains. This structural change, characterized by modern mercantilism and massive AI infrastructure spending, has created a bifurcated economy where fiscal deficits and geopolitical fragmentation fuel persistent inflation while prompting investors to seek physical assets over traditional equities. As nations fragment into isolated economic blocks and governments face rising risks of financial repression, investors must navigate these divergent currency zones to identify opportunities in captive markets protected by national industrial policies.