James Perry, founder and Chief Investment Officer of Perry International Capital Partners, joined Dan Proft on Chicago’s Morning Answer this week to offer his insights on the U.S. economy, government policy, and the emerging impact of blockchain-backed stablecoins.
Perry began by expressing skepticism over the reliability of monthly jobs numbers released by the Department of Labor. He described the figures as “a number that doesn’t mean anything,” due to their reliance on incomplete surveys and outdated labor force estimates. He pointed out that the official labor force is listed at 160 million, though the true number may be closer to 180 or even 190 million people. In his view, these discrepancies render the monthly reports functionally meaningless, though they still influence market behavior.
Despite the statistical noise, Perry maintains an optimistic view of the broader economy. He highlighted strong labor demand, robust GDP growth, and the unprecedented levels of fiscal and monetary stimulus from governments around the world. “The liquidity in the global financial system has never been higher,” he said, noting that the U.S. money supply now rivals its GDP, around $30 trillion. He believes this abundance of capital makes a major financial crisis unlikely in the near term.
Turning to tariffs and trade policy, Perry defended the Trump administration’s approach of using high tariff rates as leverage in global trade negotiations. While acknowledging the arbitrary nature of the specific rates—ranging from 10% for Brazil to 39% for Switzerland—he said the broader strategy is about forcing allies and competitors alike to increase their own tariffs on Chinese goods. The ultimate goal, he argued, is to balance global trade and reduce America’s long-standing trade deficit.
Perry also emphasized the importance of reducing the federal budget deficit, calling it one of the two biggest issues facing the economy (the other being the national debt). If the government can cut the deficit significantly in the coming years, he believes it could drive down interest rates and spur further economic growth. Deregulation, he added, could have an even more substantial long-term impact than trade policy, particularly in attracting foreign investment.
In a forward-looking portion of the interview, Perry highlighted the rise of stablecoins as a major development in financial technology. Unlike cryptocurrencies such as Bitcoin, stablecoins are backed 1-to-1 by U.S. Treasury bills, which gives them a level of legitimacy and utility not seen in earlier crypto ventures. Perry said the market value of stablecoins is approaching $4 trillion and could double in the coming year. He believes they will soon enable secure, transparent financial transactions without the need for central banks or major financial institutions—cutting costs and increasing efficiency across the economy.
Looking ahead, Perry forecast strong growth through the end of the year, driven by a combination of deregulation, low capital costs, increasing direct investment, and expanding consumer wealth. He acknowledged that some of the policy tools being used—particularly tariffs—carry downsides, but argued that they are part of a broader strategy to restructure the economy and improve long-term competitiveness.
In his view, the emerging industrial revolution driven by artificial intelligence, automation, and blockchain technology is transforming how capital flows, how goods are produced, and how nations compete. While challenges remain, Perry’s overarching message was clear: the fundamentals for growth are in place, and the U.S. economy is positioned to benefit.