Daniel Lacalle
Chief Economist, Tressis · Fund manager
aka Daniel Lacaye
“governments have surpassed all of the limits that give them credibility to maintain their debt as a reserve of value. And those limits are the economic limit, the fiscal limit, and the inflationary limit.”
“the dollar is not the world reserve currency in the fiat world because it's better, but because the alternatives are worse.”
“Gold doesn't signify a threat for those central banks and their own domestic currency. ... these central banks think that by owning gold they are actually strengthening their balance sheet and separating themselves from a US centric monetary system, but not abandoning a centralized monetary system.”
“stablecoins are the the bridge that takes us from the old to the new.”
Daniel Lacalle
One-line summary: Chief economist at Tressis; macro commentator on reserve-currency, gold, and stablecoin transition. Tracked here for debasement / hard-asset claims.
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Said
Speaker-attributed claims extracted from diarized sources. Each bullet mirrors one entry in quotes: frontmatter — keep them in sync.
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On treasury-buyback-twist-to-hard-asset-debasement, fiscal-operation-twist:
"governments have surpassed all of the limits that give them credibility to maintain their debt as a reserve of value. And those limits are the economic limit, the fiscal limit, and the inflationary limit." — 2026-08-27-podcast-macro-voices-macrovoices-547-daniel-lacalle-the-future-of (2026-08-27)
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On treasury-buyback-twist-to-hard-asset-debasement:
"the dollar is not the world reserve currency in the fiat world because it's better, but because the alternatives are worse." — 2026-08-27-podcast-macro-voices-macrovoices-547-daniel-lacalle-the-future-of (2026-08-27)
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On treasury-buyback-twist-to-hard-asset-debasement:
"Gold doesn't signify a threat for those central banks and their own domestic currency. ... these central banks think that by owning gold they are actually strengthening their balance sheet and separating themselves from a US centric monetary system, but not abandoning a centralized monetary system." — 2026-08-27-podcast-macro-voices-macrovoices-547-daniel-lacalle-the-future-of (2026-08-27)
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On treasury-buyback-twist-to-hard-asset-debasement:
"stablecoins are the the bridge that takes us from the old to the new." — 2026-08-27-podcast-macro-voices-macrovoices-547-daniel-lacalle-the-future-of (2026-08-27)
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