While the world is distracted by war, the real transformation is happening inside the global financial system. Andy Schectman returns for the Friday Night Economic Review to break down the accelerating shift away from traditional banking. Private lending has surged past 15% of the market, taking share directly from banks—and potentially driving recent moves to loosen banking regulations, freeing up over $60 billion in new lending power, while increasing systemic risk.At the same time, private equity is abandoning software and SaaS in favor of hard assets like energy, telecom, physical metals and other hard assets—signaling a major pivot toward infrastructure and control of real-world systems.This is a deep, no-nonsense discussion on where capital is moving, why it matters, and what it signals about the true direction of the global economy.

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