Stephanie Pomboy: Iran War Creating A Global Scramble For Hard Assets?

April 18, 2026

AI Summary

5 min read

Stephanie Pomboy joins Adam Taggart to analyze how the Iran war intersects with ongoing U.S. economic vulnerabilities, including surging deficits, credit strains, and hard asset demand. She emphasizes currency debasement as the core driver for hard assets, accelerated by war-related spending, while cautioning against market optimism that assumes a quick return to normalcy.

Hard Assets Amid Deficit Explosion and Supply Shocks

Pomboy's long-standing case for hard assets rests on accelerating global currency debasement, particularly in reserve currencies like the dollar, as central banks and governments print money to fund deficits. The war reinforces this: within days, the president requested $1.5 trillion more in defense spending, dashing hopes of fiscal restraint or a Fed-Treasury accord to shrink the Fed's balance sheet. Investors and nations are scrambling for finite hard assets like oil, helium, and rare earths, as supply chains prove unreliable—possession becomes key, echoing "nine-tenths of the law."

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What you'll learn

1 (00:00) **Intro and War Context** - Hosts introduce episode, tease hard assets scramble and S&P war discount erasure
2 (01:23) **Hard Assets Wake-Up Call** - War highlights finite supplies, pushes nations/investors to secure physical assets
3 (02:52) **Hard Assets Thesis: Currency Debasement** - Core driver is global money printing, war accelerates via defense spending
4 (05:47) **Gold's Underperformance Explained** - Froth removal, margin calls from oil shock force sales by central banks/investors
5 (09:05) **Private Credit Risks Spillover** - Locked illiquid assets force sales of public markets like gold
6 (13:41) **Policy Response Outlook** - No immediate QE; Kevin Warsh favors rates over balance sheet
7 (15:41) **Oil Shock Dynamics** - Near-term inflation from $1.15/gal gas hike, buffered by $40B+ tax refunds

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Show Notes

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Macro maven Stephanie Pomboy returned today for her monthly livestream.We discussed the implications the war is having on global resources and financial markets.Stephanie explained why the latest developments only reinforce her longstanding rational for owning commodities. And why she expects that to be even more important for investors going forward.#iranwar #commodities #privatecredit _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It’s important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer’s unique goals, needs & risk tolerance.All the details on Thoughtful Money's relationship with the financial advisors it endorses, many of whom regularly appear on this program, can be found in the following documents. We highly recommend you review these documents as they cover the terms that will apply should you choose to work with one of these firms at any time after watching this video.Thoughtful Money Disclosure Document: https://thoughtfulmoney.com/wp-content/uploads/2023/12/Thoughtful-Money-Disclosure-Document-12.6.23.pdf?pid=227Thoughtful Money Agreement: https://thoughtfulmoney.com/wp-content/uploads/2024/11/Thoughtful-Money-Agreement-Agreement.docx?pid=227IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security’s or a firm’s past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2026 Thoughtful Money LLC. All rights reserved.