Capital Flows
· Capital Flows
· August 03, 2026 at 21:02
· ⏱ 1 min read
| Read on Substack ↗
Summary
The article argues that Warsh and Bessent are running an unspoken pact to fund AI dominance, using a 'misdirection play' to obscure the real macro regime beneath the AI trade. It points to crowded FX positioning and suppressed currency volatility as the most relevant live market expression, meaning a regime break in FX/volatility could matter more than the AI narrative itself.
•The article explicitly names Warsh and Bessent as orchestrating a 'misdirection play' underneath the AI trade.
•It describes FX positioning as 'one of the most crowded expressions in macro' while currency volatility continues to compress.
•The upcoming livestream claims to map where FX positioning is concentrated, how volatility is being suppressed, and what breaks the regime.
•The livestream is exclusive to paid Substack subscribers, indicating this framework is subscription-gated content rather than a public trade call.