In this Natural Resource Stocks interview, Steve Yang sits down with Henrik Zeberg, Head Macro Economist at Swissblock, to map the sequence he believes markets are heading into next: late-cycle strength, mounting consumer stress, and a recession window that becomes obvious to the broader public as 2026 unfolds. Henrik breaks down why headline narratives can stay optimistic even as underlying data deteriorates, and why liquidity and the US dollar can become the dominant force during a deflationary shock. He also explains why risk assets can still push higher in the near term, while warning that the setup can change fast once the economy rolls over.
The opinions expressed are solely those of the guest and do not necessarily reflect those of Natural Resource Stocks. #Millettian
Guest links
Swissblock: https://swissblock.net/
Swissblock Technologies
The Zeberg Letter at Swissblock: https://swissblock.net/products/reports/zeberg-letter
Swissblock Technologies
Henrik on X: https://x.com/HenrikZeberg
X (formerly Twitter)
Henrik on Substack: https://henrikzeberg.substack.com/
Henrik Zeberg
Henrik on YouTube: https://www.youtube.com/@henrikzeberg6748
youtube.com
Host and channel links
Natural Resource Stocks Website: https://www.NaturalResourceStocks.net
Natural Resource Stocks YouTube: https://www.youtube.com/@naturalresourcestocks
Natural Resource Stocks X: https://twitter.com/NRS_Stocks
Natural Resource Stocks LinkedIn: https://www.linkedin.com/company/natural-resource-stocks/
Steve Yang X: https://twitter.com/SteveYang_Market
Steve Yang LinkedIn: https://www.linkedin.com/in/steveyang88/
Chapters
00:00 Intro and 2026 outlook
Henrik Zeberg_12.16.2025_stevo
01:23 The recession becomes obvious within six months
Henrik Zeberg_12.16.2025_stevo
08:29 Consumer stress and unemployment pressure
Henrik Zeberg_12.16.2025_stevo
20:00 Fed policy mistakes and bubble risk
Henrik Zeberg_12.16.2025_stevo
22:36 Super Santa rally idea and whipsaw markets
Henrik Zeberg_12.16.2025_stevo
24:23 Dollar demand and deflationary liquidity squeeze
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26:00 FOMO phase, then caution into Q1 and beyond
Henrik Zeberg_12.16.2025_stevo
28:23 What signals Zeberg watches as conditions roll over
Henrik Zeberg_12.16.2025_stevo
34:14 Bitcoin in a real recession and bubble warning
Henrik Zeberg_12.16.2025_stevo
34:55 Gold timing after the pullback
Henrik Zeberg_12.16.2025_stevo
36:04 Deflation first, then pressure for a new system
Henrik Zeberg_12.16.2025_stevo
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