GM89: When Credibility Becomes the Risk Premium ft. Maurice Obstfeld

<p>Maurice Obstfeld joins Alan Dunne for a clear-eyed look at how the foundations of the global monetary system are shifting - and why much of the world is quietly preparing for a future without a stable dollar anchor. Drawing on decades in policy and research, Obstfeld explains how tariffs, fiscal dominance, and political interference are eroding the norms that once held the system together. They discuss the risk of fragmentation, the creeping politicization of the Fed, and why trust - not theory - is the real currency at stake. This is a conversation about power, credibility, and what happens when both start to slip.</p><p><strong>-----</strong></p><p><strong>50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - </strong><a href="https://dunncapital.com/DUNN%2050-Year%20Book-TTU" rel="noopener noreferrer" target="_blank"><strong>CLICK HERE</strong></a></p><p>-----</p><p><br /></p><p>Follow Niels on <a href="https://twitter.com/toptraderslive" rel="noopener noreferrer" target="_blank"><strong>Twitter</strong></a>, <a href="https://www.linkedin.com/in/nielskaastruplarsen" rel="noopener noreferrer" target="_blank"><strong>LinkedIn</strong></a>, <a href="https://www.youtube.com/user/toptraderslive" rel="noopener noreferrer" target="_blank"><strong>YouTube</strong></a><strong> </strong>or via the <a href="https://www.toptradersunplugged.com/" rel="noopener noreferrer" target="_blank"><strong>TTU website</strong></a>.</p><p><strong>IT’s TRUE </strong>? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written&nbsp;<a href="https://www.toptradersunplugged.com/Ultimate" rel="noopener noreferrer" target="_blank"><strong>here</strong></a>.</p><p>And you can get a free copy of my latest book “<strong>Ten Reasons to Add Trend Following to Your Portfolio</strong>” <a href="https://www.toptradersunplugged.com/10-reasons-shownotes" rel="noopener noreferrer" target="_blank"><strong>here</strong></a>.</p><p>Learn more about the Trend Barometer <a href="https://www.toptradersunplugged.com/resources/market-trends/" rel="noopener noreferrer" target="_blank"><strong>here</strong></a>.</p><p>Send your questions to&nbsp;<a href="mailto:info@toptradersunplugged.com%22%20%5Ct%20%22_blank" rel="noopener noreferrer" target="_blank">info@toptradersunplugged.com</a></p><p>And please <strong>share this episode</strong> with a like-minded friend and <strong>leave an honest Rating &amp; Review</strong> on&nbsp;<a href="https://www.toptradersunplugged.com/reviewttu" rel="noopener noreferrer" target="_blank"><strong>iTunes</strong></a>&nbsp;or <a href="https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW" rel="noopener noreferrer" target="_blank"><strong>Spotify</strong></a> so more people can discover the podcast.</p><p>Follow Alan on <a href="https://x.com/alanjdunne?lang=en" rel="noopener noreferrer" target="_blank"><strong>Twitter</strong></a><strong>.</strong></p><p>Read more about Maurice <a href="https://www.mauriceobstfeld.com/" rel="noopener noreferrer" target="_blank"><strong>here.</strong></a></p><p><strong>Episode TimeStamps: </strong></p><p><strong>02:18 -</strong> Introduction to Maurice Obstfeld</p><p><strong>05:26 -</strong> The role and evolution of the International Monetary Fund (IMF)</p><p><strong>08:14 -</strong> What has been the rationale for tariffs, and how has it impacted the economy?</p><p><strong>11:13 -</strong> Has the viewpoint on tariffs shifted?</p><p><strong>18:42 -</strong> How the changing monetary policy could undermine the dollar</p><p><strong>27:19 -</strong> Does an alternative to the dollar even exist?</p><p><strong>29:50 -</strong> What are the implications of moving away from the dollar?</p><p><strong>34:20 -</strong> A possible financial repression incoming?</p><p><strong>36:25 -</strong> The impact of an unusual approach to policy making domestically</p><p><strong>39:16 -</strong> A fork in the road for the Fed</p><p><strong>47:19 -</strong> From problem to crisis</p><p><strong>51:32 -</strong> Is Obstfeld optimistic about AI?</p><p><strong>53:06 -</strong> The end of the neoliberal era - what comes next?</p><p><strong>58:00 -</strong> Advice for other investors  </p><p>Copyright © 2025 – CMC AG – All Rights Reserved</p><p>----</p><p><strong>PLUS:</strong> Whenever you're ready... here are 3 ways I can help you in your investment Journey:</p><p><strong>1. eBooks that cover key topics that you need to know about </strong></p><p>In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. <a href="https://www.toptradersunplugged.com/resources/ebooks/" rel="noopener noreferrer" target="_blank"><strong>Click Here</strong></a></p><p><strong>2. 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