Thin Ice

Thin Ice

Author: Jacob Shapiro & Marko Papic March 4, 2026 Duration: 1:41:19

Can't taste, can't smell, half a beer in - Marko puts his best foot forward for today's episode... And somehow it might be one of our best. The lads cover the Iran situation from every angle: why regime collapse is actually scarier than regime change, what a real 1973-style energy crisis looks like if the Strait goes dark, and why nobody - not allies, not neighbors - is rushing to Tehran's rescue. They dive into Trump's escort policy, the rules-based order debate, Ukraine hitting Russian oil infrastructure, and whether any of this even qualifies as a war. There's also some serious time spent debating Dubai - who it actually serves, whether its neutrality holds, and who could rival it as the next real safe haven. Throw in AI wargames going nuclear, Taiwan logic, brain drain, Venezuela as a leverage play, and a World War Z detour, and that's your episode :)

--

Timestamps:

(01:23) - Wisconsin field research

(02:22) - Thin ice markets framing

(04:38) - Yom Kippur energy shock

(07:51) - Regime collapse scenario

(12:00) - Iran capabilities and drones

(15:46) - Trump shipping insurance rant

(26:08) - Allies reactions and Europe

(30:05) - Spain politics and energy

(31:48) - Combat Operation Wordplay

(34:50) - Ukraine Hits Russian Oil

(37:11) - Rules Based Order Myth

(39:31) - Why No World War

(42:00) - Nukes Change Everything

(46:51) - How Many Countries Bombed

(50:10) - World War Incentives

(51:16 AI War Games Go Nuclear

(53:19) - Dubai Safe Haven Debate

(01:01:57) - UAE Risks And Rivals

(01:03:42) - Picking New Safe Havens

(01:05:14) - What Makes UAE Hard to Copy

(01:08:35) - Neutrality and No Opinions

(01:10:50) - Rubio Quote and Exit Ramps

(01:13:26) - Israel Tech Debate and Stats

(01:18:56) - Regional Hegemon and PR Problem

(01:25:05) - Gulf States Need Israel Intel

(01:35:26) - World War Z Detour

(01:37:05) - Venezuela Leverage and Wrap Up

--

Geopolitical Cousins is produced and edited by Audiographies LLC. More information at audiographies.com

--

Jacob Shapiro is a speaker, consultant, author, and researcher covering global politics and affairs, economics, markets, technology, history, and culture. He speaks to audiences of all sizes around the world, helps global multinationals make strategic decisions about political risks and opportunities, and works directly with investors to grow and protect their assets in today’s volatile global environment. His insights help audiences across industries like finance, agriculture, and energy make sense of the world.

Jacob Shapiro Site: jacobshapiro.com

Jacob Shapiro LinkedIn: linkedin.com/in/jacob-l-s-a9337416

Jacob Twitter: x.com/JacobShap

Jacob Shapiro Substack: jashap.substack.com/subscribe

--

Marko Papic is a macro and geopolitical expert at BCA Research, a global investment research firm. He provides in-depth analysis that combines geopolitics and markets in a framework called GeoMacro. He is also the author of Geopolitical Alpha: An Investment Framework for Predicting the Future.

Marko’s Book & Newsletter: www.geopoliticalalpha.com/marko-papic

Marko’s Linkedin: https://www.linkedin.com/in/marko-papic-geopolitics/

Marko’s Twitter: https://x.com/Geo_papic

Marko’s Macro & Geopolitical Research at BCA: https://www.bcaresearch.com/marketing/geomacro


There’s a certain kind of conversation that happens when two deeply knowledgeable friends, who also happen to be professional geopolitical analysts, get together without a script. That’s the space Geopolitical Cousins occupies. Hosts Jacob Shapiro and Marko Papic bring their distinct perspectives-often aligned, sometimes clashing-to dissect the forces shaping our world, from market-moving policies to underlying cultural shifts. You won’t find dry, academic lectures here. Instead, each episode feels like you’re overhearing a lively, sometimes comedic debate between two cousins at a family gathering, if that family was obsessed with the intersection of power, philosophy, and investment. The analysis is rigorous and in-depth, yet delivered with a relatable ease that can pivot from a serious interview with an expert to an off-the-wall observation about societal quirks. This podcast digs into the "why" behind the headlines, exploring how business, culture, and human nature collide on the global stage. By weaving together categories that are often kept separate-society, investing, comedy, philosophy-Shapiro and Papic create a uniquely holistic listen. Tune in for a perspective that is as intellectually substantial as it is unpredictably engaging.
Author: Language: English Episodes: 50

Geopolitical Cousins
Podcast Episodes
The Worst Takes on Venezuela [not-audio_url] [/not-audio_url]

Duration: 1:02:41
The Cousins™ dismantle the lazy myths swirling around Venezuela, U.S. power, and the idea that every successful strike is a reusable template. This is about oil, incentives, and why markets consistently misunderstand for…
The Chuck Norris Premium (US invades Venezuela) [not-audio_url] [/not-audio_url]

Duration: 1:21:06
Welcome to another normal week in geopolitics - on your left, you'll see the Trump administration (allegedly) flying into Caracas at 1am and walking Nicolás Maduro out the door. No moral sermons, no democracy talk, just…
The (Geopolitical) Movies That Made Us [not-audio_url] [/not-audio_url]

Duration: 1:37:08
Geopolitics isn’t just policy memos and grim men in bad suits... it’s explosions, bad decisions, and unintended consequences (preferably set to a great score). The movies that we obsess over aren’t accidental; they’re tr…
Forecast 2026 [not-audio_url] [/not-audio_url]

Duration: 57:46
Welcome to the future. In 2026, we're pretty convinced that the global map will get some major rewrites. Our '26 bingo card has the potential collapse of the Venezuelan and Cuban regimes, the end of the war in Ukraine, a…
Cocaine Cowboys [not-audio_url] [/not-audio_url]

Duration: 1:12:29
Look, the world is decoupling, and everyone is making their bet. Mexico just threw their chips on the table with 50% tariffs, effectively divorcing China to marry the U.S. in a desperate play for North American relevance…
Do Better [not-audio_url] [/not-audio_url]

Duration: 1:08:15
The global discourse has hit a new low: political commentators are creating content out of a YouTube moron’s mean-spirited quest for clicks. Nick Fuentes, please, for the love of god, do better. Marko and Jacob drill pas…
Ctrl, Alt, Del [not-audio_url] [/not-audio_url]

Duration: 1:32:37
Let's talk about the National Security Strategy! American policy is entering its “choose-your-own-adventure” era, where fiscal dreams meet bond-market reality, and every global problem looks oddly like a mortgage-rate is…
Comrades and Fuehrers [not-audio_url] [/not-audio_url]

Duration: 1:29:12
Rising political extremes, shifting alliances, and competing visions of global order collide as leaders improvise their way through economic anxiety and geopolitical recalibration. Matt Gertken hops into the fray to help…
Starting Five: US Presidents [not-audio_url] [/not-audio_url]

Duration: 2:03:16
Jacob and Marko finally caved to the mob on X and did what everyone (one guy who asked nicely) keeps yelling at them to do - rank the top five geopolitical U.S. presidents and the bottom five disasters. Not the best pres…