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Pandora's Box Opened? | With Dee Smith & Jacob Shapiro

Dee and Jacob on Operation Spider's Web, what it means for the nature of war, the US' changing position in the world, the importance of the South Korean election, and more.

On today’s episode of Talking Markets, I’m joined by

, founder and CEO of Strategic Insight Group, and , Head of Geopolitical and Macro at The Bespoke Group.

The conversation kicks off with Operation Spider’s Web, Ukraine’s drone strike on Russian air bases, an event Jacob describes as a “Pandora’s box” that shatters conventional ideas of military power. But the implications go far beyond the battlefield. As Dee notes, “They may have rewritten the rules of war and commerce.”

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We also explore:

  • The strategic and economic consequences of non-state actors wielding low-cost drones

  • How military spending is misaligned with today’s threats

  • The ripple effects of US tariffs and rising economic nationalism

  • What Jacob describes as “own goals” by the US that are weakening its global leadership

  • Why Japan’s response to tariffs signals a new era of multipolar power

  • The South Korean election and a speculative look at the long-term potential of North Korean opening (yes, really!)

  • The fragility of global credit systems and the warning signs Dee sees in global debt markets

  • Whether risk is more elevated today, and why Jacob still sees a boom in “left-behind emerging markets” and energy transition opportunities

  • And a lot more…

I hope you enjoy and I’d love to hear your thoughts in the comments.

Have a great weekend,

Maggie

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Important Disclaimer: It is crucial to remember that this article is for informational purposes only and should not be considered investment advice. Consult with a qualified financial advisor to assess your risk tolerance, investment goals, and overall financial plan.

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