The U.S. economy, the S&P 500, and the global dollar system are under pressure — but are we already in recession? Former Lehman Brothers and Deutsche Bank MD John Butler joins me on the Money Magpie Invest Podcast to give his expert view. John, who now runs the Amphora Report Substack, explains why America’s growth is faltering, how a handful of tech giants are driving the
S&P 500, and what that means for investors. We discuss Federal Reserve interest rate cuts, Trump’s tariff strategy, the weakening dollar, and whether gold could reclaim its role as the world’s reserve currency. We also dive into U.S. debt, the risks of market concentration, the power struggle between the Fed and Trump, and whether BRICS could push the world toward a gold-backed system. Finally, John shares how to invest wisely in this environment: focus on value, dividends, energy,
utilities, and healthcare — not overhyped stocks. This episode is packed with insights on America’s economy, global markets, and the future of money.
