Chief Strategist, Geopolitical and US Political Strategy, BCA Research

Kansas City
Joined May 2011
My book on the foreign policy writings and international political philosophy of the English language's greatest satirist, Jonathan Swift, just dropped, from Cambridge Uni Press. Check it out! amazon.com/Swifts-Grand-Stra…
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Nearly 90% of Germans support membership in Europe's common currency and market, presenting a constraint on the AfD's euroskeptic platform. Source: @mgertken, @bcaresearch, "Germany Is Not Reliving 1933" (September 2026)
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Thanks! I suspect EU leaders keep balanced posture bc US has wild swings. Plus, leave room for Russia to reverse policy, save some econ ties. But once mil buildup reaches critical threshold then yes, EU might sing different tune, esp if Moscow stays hawkish
Amazing read thank you. I wonder whether European posturing changes relative to the past 10-20 years vs Russia now that arms race is ongoing but not yet finished
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What can 18th century geopolitics teach us about 21st century geopolitics AND markets? The 18c was the modern world. It was multipolar. Great Power struggles mingled with mercantilism and populism. Read my short interview with @CGisiger to learn more! themarket.ch/english/the-ukr…
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Quoted here on US govt intervention into markets and purchases of companies’ shares. I would add that US has now gained ability to “rescue” strategically critical firms before they fail, as with rare earths. bloomberg.com/news/articles/…
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The structural backdrop for defense stocks remains strong, but we identify several looming cyclical risks in this special report, co-written with @WeisbergerNoah at @bcaresearch. I'm getting a lot of props for the AI cover art on this one ...
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US-Canada trade war will fizzle given lack of popular will, and national interest, to pursue it. Yes 2027 could be bumpy on this front, but hardly 2028. See my interview with @StephanieCNews below! youtu.be/T9Qrh2dxbOY
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Ukraine brinksmanship is going to get BIG even as Iran simmers down. But it does not have as direct of a channel to affect the global economy as Hormuz. My latest for @barronsonline here! barrons.com/articles/ukraine…
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Matt Gertken retweeted
Replying to @mgertken
Thanks for coming on!
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Great interview with @davidlin_TV covering midterm elections, new trade tariffs, Trump's legacy, treasury markets, and last but not least my new book on British grand strategy in the past and what it implies about the US and global predicament today. youtu.be/14tDyzwEGj0
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Yes. The White House WANTS a ceasefire and foreign policy win before the midterm, but NEEDS to avoid a massive crisis in which Russia humiliates NATO and hence the Trump administration.
Replying to @mgertken
And now we see Ratcliffe's sudden visit to Russia. I suspect that these increases in Russian aggression towards NATO countries might be part of the reason.
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Exactly, we've written this all year and the frequency has since picked up, so the forecast is not disconfirmed! But unfortunately the difference, going forward, will be larger magnitude event, either more damage to critical infra or more casualties.
Replying to @mgertken
Russia is already turning up the heat on European countries with sabotages and drone attacks, so this estimate has legs.
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Matt Gertken retweeted
📈 BCA’s #ChartoftheWeek! Russia-Ukraine escalation is an underappreciated geopolitical risk. @mgertken notes: 🛢️ High oil prices have historically emboldened Russia 📉 Falling Kremlin approval points to more aggression before diplomacy ⚠️ A Russian provocation could trigger NATO Article 5 Buy gold and hedge Eastern European currencies and equities over 3 months. Favor DM vs. EM Europe.
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Not quite like that. High oil price enables but does not ensure military adventurism. Low approval rating promotes but does not ensure same. Also high oil revenues as prompt for govt proactivity is attested in other petro states, not just Russia.
dude thats so funny. russian govt approval ratings cause oil price peaks lol
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dude thats so funny. russian govt approval ratings cause oil price peaks lol
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Left-wing populism will have a long and influential run in the Democratic Party, whether called 'democratic socialism' or not. This midterm will force investors to upgrade odds of future tax hikes and AI regulation. My report quoted by @mattbpete @CNBC cnbc.com/2026/08/18/bond-mar…
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Agreed but it is approaching low levels relative to long-term historical trend, forcing the president to shift his policy toward Iran. If the US had rebuilt the SPR prior to the war then the US would have more options now.
The SPR was built to buffer major supply shocks like the Iran conflict and Strait of Hormuz disruptions. Drawing it down now has helped stabilize markets and ease price pressure during the emergency.Key facts supporting its use here:Releases (including the planned 172 million barrels) are largely structured as exchanges/loans. Companies return the oil plus premiums, with expectations of a net gain (reports cite roughly 1.2-1.25 barrels returned per barrel released, potentially adding tens of millions extra once the crisis eases). U.S. crude production remains strong at about 13.8 million barrels per day, providing a solid domestic foundation that reduces reliance on the SPR alone. The reserve is doing its designed job: rapid release during disruption, followed by planned replenishment under more favorable conditions.
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Definitely a better record than most critics admit. But let's wait till 2029 to start assessing historical legacy and presidential ranking. Border security is your strongest argument, I suspect. Long-term impact of tax cuts and tariffs are more mixed.
Replying to @mgertken
President Trump’s legacy is already cemented as one of the greatest in U.S. history. 1.Permanently extended the 2017 Tax Cuts and Jobs Act via the One Big Beautiful Bill Act, including new provisions like no tax on tips. 2.Achieved negative net migration for the first time in decades through expanded deportations and border enforcement. 3.Raised average tariff rates substantially, generating hundreds of billions in new customs revenue. 4.Conducted strikes on Iranian nuclear facilities and advanced related pressure campaigns. 5.Captured Venezuelan leader Nicolás Maduro and asserted greater U.S. influence over Venezuelan oil resources. 6.Accelerated domestic energy production and exports under an “energy dominance” agenda. 7.Established a regulatory framework for dollar-backed stablecoins with the GENIUS Act. 8.Created the Department of Government Efficiency (DOGE), leading to federal workforce reductions and agency streamlining. 9.Delivered claimed record one-year declines in homicides and other violent crimes through targeted enforcement. 10.,Confirmed additional federal judges and issued a high volume of executive orders reshaping immigration, regulation, and foreign policy. 11. Stopped HCR and Harris from being President
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Thanks @KTDpodEmrich! Hope you enjoy!
Read this! Brilliant premise.
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