"We live in a times in which on one level we have some of the most profound significant even quasi existential decision-making being undertaken... and at the same time we're surrounded by utter triviality, over emotionality and constant 24/7ADHD outrage politics." - Michael Every (On the friction between statecraft and social media) [00:03:23]
"Warsarewonbybulletsbutnotbyprofits." - Michael Every (Discussing the necessary shift in the defense industry's operating model) []
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"I call it capitalismwithanationalsecurityface rather than socialismwithahumanface." - Michael Every (Explaining "Reverse Perestroika") [00:17:42]
"The world of technocracy is over. That world of thinking... those people are no longer really pulling the levers of power." - Michael Every (On the transition from "rule-based" economics to ideology) [00:32:06]
"There are no answers to this, there are copingmechanisms." - Michael Every (Addressing the lack of perfect solutions to overlapping crises) [00:50:21]
2. Executive Summary
Michael Every argues that the era of compartmentalized, free-market technocracy has ended, replaced by a return to "Ideology" and "Neomercantilism." He introduces the concept of "ReversePerestroika" to explain how the UnitedStates is unwinding decades of globalization to rebuild its industrial base and national security.
This transition involves significant inflationary risks and cultural volatility. Ultimately, Every posits that the primary global struggle is between Washington and Beijing, and that peripheral powers like Europe must abandon the illusion of "StrategicAutonomy" in favor of pragmatic alignment.
3. Chronological Table of Contents
[00:00:08] - Introduction: The Age of Triviality vs. Existential Decisions
[00:12:12] - Historical Parallels: The SovietUnion, Gorbachev, and Market Forces
[00:16:57] - Trump as the "InverseGorbachev" and NationalSecurityCapitalism
[00:20:16] - The Challenge of Political Communication and the FederalReserve
[00:31:08] - The Death of Technocracy and the Return of Ideology
[00:46:23] - The End of Compartmentalization and Holistic Thinking
[00:52:25] - Europe's Dilemma, MarioDraghi, and the "ImperialCore"
[01:03:24] - Washington vs. Beijing: The True Global Struggle
[01:10:16] - The Pragmatic Path Forward for Europe and the West
4. Key Takeaways
"ReversePerestroika": Just as Gorbachev tried to introduce markets to a command economy, current US leadership is reintroducing state control into a free-market economy to fix structural vulnerabilities.
TechnocracyisDead: The assumption that apolitical "Experts" managing arcane rulebooks can perpetually govern society has collapsed; decisions are returning to the realm of morality and ideology.
DecouplingisInflationary: Shifting supply chains away from China back to domestic production involves a costly lead-lag time that will drive up consumer prices.
"Brazilification": Western societies are seeing narrow elites thrive while others are left behind, leading to profound political frustration and an embrace of radical domestic policies.
EuropeisPeripheral: The true struggle for global hegemony is bilateral between the US and China. Europe's pursuit of "StrategicAutonomy" is largely a delusion.
HolisticThinking: Investors can no longer separate bond yields, central bank policy, and defense readiness; they are deeply intertwined facets of a single macro-system.
5. Detailed Summary by Topic
[00:00:08] - Introduction: The Age of Triviality vs. Existential Decisions
The conversation opens by contrasting the gravity of current macroeconomic shifts with the triviality of the 24/7 news cycle. Every notes that humanity is attempting to execute paradigm-shifting economic statecraft while battling the "ADHDoutragepolitics" of social media [00:03:23]. This creates a conflict: statecraft requires long-term sacrifice, but modern democracies are easily distracted by cultural grievances or celebrity news like "BadBunny" [00:05:16].
[00:06:51] - The Concept of "Reverse Perestroika" and Historical Parallels
Every introduces his core thesis: "ReversePerestroika." He draws a parallel to the collapse of the SovietUnion. In the 1980s, MikhailGorbachev attempted to save a stagnant command economy through Perestroika (Reconstruction) and Glasnost (Transparency) [00:14:04]. Gorbachev failed because introducing market pricing caused immediate inflation and poverty, while Glasnost allowed social grievances to shatter the union [00:15:20].
[00:16:57] - Trump as the "Inverse Gorbachev" and National Security Capitalism
Every flips this analogy to describe DonaldTrump's economic policy [00:16:57]. The US currently has an economy excellent at consumption but terrible at physical investment. Trump is attempting a "ReversePerestroika" by using state control (Tariffs, IndustrialPolicy) to shift the US away from pure free markets toward "Capitalismwithanationalsecurityface" [00:17:42]. This involves an inflationary lead-lag time between decoupling from China and building domestic factories.
[00:31:08] - The Death of Technocracy and the Return of Ideology
The era of technocracy—where bureaucrats managed global economies using "Arcane" rulebooks—is over [00:32:06]. Every argues that even technocratic goals, like a 2%CPI target, are actually ideological choices that ignore asset inflation (10% in housing) which punishes regular workers [00:26:52]. Future governance will explicitly rely on neomercantilism and defined ideologies to justify economic decisions.
[00:46:23] - The End of Compartmentalization and Holistic Thinking
A major critique of liberal democracies is their tendency to compartmentalize life into the market, politics, and private life. Every argues this is a flaw [00:46:23]. Totalitarian systems often understand the holistic connection between these better. In the West, financial professionals are too specialized; they don't see how a rate cut impacts national security or cultural stability. Holistic, multi-disciplinary thinking is now a requirement for survival [00:50:00].
[00:52:25] - Europe's Dilemma, Mario Draghi, and the "Imperial Core"
Discussing the MarioDraghi report, Every notes that Draghi recently suggested that if the entire EU cannot unite, a concentric circle of just 6 core nations must form a federation [00:57:22]. This would effectively create a "Regional Empire" model with an imperial core and a periphery. The host questions if this could lead to redrawing borders or increased tension, noting that Germany becoming a "Hegemon" again is no longer "ScienceFiction" [01:10:04].
[01:03:24] - Washington vs. Beijing: The True Global Struggle
Every delivers a blunt assessment: the world is defined by a unipolar struggle between Washington and Beijing [01:05:41]. Russia is a periphery to China, and Europe is a periphery to the US. Europe's attempts at "StrategicAutonomy" are doomed. Every concludes that Europe's best coping mechanism is to fully align its industrial policies with the US framework, essentially adopting a "MAGAFlavor" to remain relevant [01:12:01].
6. Data & Figures
Data Point
Value
Context
Timestamp
CPI Target
2%
Standard inflation target criticized as being too narrow.
Percentage of GDP annually required for Draghi's reforms.
7. Stories & Anecdotes
LivingintheSovietUnion: Every recounts living in 9 different countries, including Russia during the 1990s. He describes seeing people drinking themselves to death and dying in the streets as the system collapsed—a warning that our current crises, while bad, have not reached that level of total social disintegration [01:15:47].
UKNon-DomTaxDecision: A story about the UK government changing tax policy for wealthy foreigners. Even though it was projected to lose tax revenue overall, the government chose the "Ideological" stance because it felt like "Natural Justice" to the public [00:33:36].
TheLakePlacidTechnocrat: The host compares MarioDraghi to the monster in LakePlacid or Anaconda—every time you think the technocratic "Monster" is dead, it pops up again with a new report or role [00:52:32].
8. References & Recommendations
Books:
Darkness at Noon, ArthurKoestler - Explains the mindset of early Bolsheviks [00:48:23].
The Wages of Destruction, AdamTooze - Analysis of the Nazi economy and its internal failings [00:53:15].
Articles/Research Papers:
The Age of Rage (2019), MichaelEvery - Predicted the populist uprising based on economic frustration [00:08:52].
The Next ISM-ISM (2020), MichaelEvery - Argued the world would shift from data surveys to hard "Ideologies" [00:27:44].
The Draghi Report (2025/2026) - Radical proposal for European economic reform [00:56:29].
Germany as the New Hegemon (ForeignAffairs Article) - Discussion on Germany's rising power and risks [01:09:32].
TomTugendhat - UK politician mentioned regarding ammunition stocks [00:42:23].
BrentJohnson, MichaelKao, GrantWilliams - Analysts cited for their strategy insights [00:20:16].
Tools/Platforms:
Bloomberg - Mentioned as the standard news source for short-term market thinking [00:45:26].
Milkshakes and Markets Podcast - Recent episode featuring Every [00:00:44].
9. Speakers & Credentials
Host: Interviewer for BrusselsSignal, focusing on European geopolitics and the "Horizon" podcast series.
MichaelEvery: Global Strategist at Rabobank (implied context). He is an expert in "Economic Statecraft," "Geopolitics," and "Macro-Markets" with experience living in 9 different nations.
10. Actionable Next Steps
Monitor the "CriticalMineralsPact": Observe how Europe's signing of this pact with the US signals their necessary alignment against China [01:10:42].
Evaluate the "BondCurve": Look at long-term yields as a reflection of radicalized politics and central bank "Politicization" rather than just mathematical supply/demand [00:45:00].
Adopt a "HolisticStrategy": If you are a business or investor, stop analyzing "Exotic Derivatives" in isolation; start asking "WhatIf" questions regarding national security and supply chain decoupling [00:52:13].
Jul 13, 2026
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