'Shock And Awe' In September: Energy, Food ‘Going To The Moon’ | Jeff Currie

Global economic stability faces a severe supply shock driven by critical shortages in energy and agricultural commodities. Diesel prices, rather than crude oil, act as the primary indicator of inflationary pressure, with a record-high diesel crack spread highlighting profound failures in global refining capacity and supply chains. Geopolitical conflicts in the Red Sea and Black Sea, combined with long-term underinvestment in energy infrastructure, create an environment of persistent scarcity. The decline of the petrodollar system has accelerated a global shift toward gold and other hard assets as essential hedges against currency debasement. Jeff Currie, founder of Real Macro, argues that investors should prioritize holding a diversified basket of hard assets—including energy, grains, and precious metals—to navigate this structural commodity supercycle, as these resources remain at the core of the global economy.