Macro Voices

By Hedge Fund Manager Erik Townsend

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Subscribers: 788
Reviews: 7


 Mar 6, 2020

Andy
 Jan 24, 2020
The astonishing ignorance and misrepresentation of MMT and the nature of Debt is rather disappointing.

Rob
 Jan 10, 2020
The best, smartest finance podcast. Period.

Paul Davenport
 Nov 20, 2019
Wonderful podcast with a diverse range of insightfull, knowledgeable articulate guests. Highly recommended !


 Aug 12, 2019

Description

Weekly market commentary by Hedge Fund Manager Erik Townsend and interviews with the brightest minds in the world of finance and macroeconomics. Made possible by funding from Fourth Turning Capital Management, LLC

Episode Date
Hot Topic #12: Oil Market Special with Art Berman and Nate Hagens
01:17:32

Petroleum Geologist Art Berman and Prof. Nate Hagens join Erik Townsend for an oil market special. We start with the current OPEC+ deal breakdown and outlook then move on to the long-term picture.

Link: https://bit.ly/34gkbkc

Apr 06, 2020
MacroVoices #213 Josh Crumb: Deciphering the Gold market
01:28:20

 MacroVoices Erik Townsend and Patrick Ceresna welcome Josh Crumb to the show to discuss gold-oil ratio, pricing models for gold relative to both crude oil and real interest rates, and what lies ahead for precious metals & much more.  

Link: https://bit.ly/2R6iGj0

Apr 02, 2020
All-Stars #99 Louis-Vincent Gave: We’re experiencing three crises disguised as one!
14:58

All-Star Louis-Vincent Gave returns to explain why the markets are currently enthralled in not just one but three simultaneous crises.

Link: https://bit.ly/3avksSv

Mar 30, 2020
MacroVoices #212 Simon White: Aftermath of the biggest monetary policy intervention in world history
01:25:30

MacroVoices Erik Townsend and Patrick Ceresna welcome Simon White to the show to talk about the implications of the FED’s recent QE, if the stocks and bonds will both start selling off and how the asset markets will be impacted by the US governments reaction to COVID-19 crisis. 

Link: https://bit.ly/3akVx3S

Mar 26, 2020
Hot Topic #11 Lenore Hawkins & Dr. Steve Bickel: The only way to save the economy is to reduce the COVID19 hospitalization rate
47:53

Florida physician Dr. Steve Bickell and Tematica Research global macro strategist Lenore Hawkins join Erik Townsend for this week’s COVID19 update podcast

Link: https://bit.ly/2UdwF8I

Mar 24, 2020
All-Stars #98 Luke Gromen: Stocks will keep selling off unless the Fed buys unlimited debt
30:26

All-star Luke Gromen says the only way for stocks to trade is down unless the Fed buys an unlimited amount of debt.

P.S. both of those things are happening as we release this episode!

Link: https://bit.ly/2QHpAuR

Mar 23, 2020
MacroVoices #211 Jim Bianco: COVID-19 & Risk Parity Unwind - What's next for markets?
01:35:08

MacroVoices Erik Townsend and Patrick Ceresna welcome Jim Bianco to the show to talk about the impact of COVID-19 on the economy and markets, the systemic risks to markets and impact on dealers & more. Then Kevin Muir joins in the postgame to talk about the imploding risk parity. 

Link: https://bit.ly/2wdj5ZW

Mar 19, 2020
Hot Topic #10 COVID19 Update: Imperial College report makes waves
01:02:12

Once again, host Erik Townsend gives a detailed update on the evolving #COVID19 crisis in this full-length special report.

Link: http://bit.ly/2vB07fo

Mar 18, 2020
All-Stars #97 Jeff Snider: The QE Market Meltdown - Currency Inelasticity
39:39

All-Star Jeff Snider says the Fed keeps using a bigger bazooka but no one seems to care and the global dollar shortage takes on 2008 proportions.

Link: http://bit.ly/3b3PBfN

Mar 16, 2020
Hot Topic #9 Lenore Hawkins: Boots on the ground from the Red Zone (COVID-19 Lockdown in Italy)
42:35

Reporting live from Ground Zero in Northern Italy, Lenore Hawkins joins Erik Townsend with a situation report on life in Italy before and after the COVID-19 crisis struck the region.

Link: http://bit.ly/38RyBrp

Mar 15, 2020
Hot Topic #8 Tracy Shuchart: COVID19, OPEC+ & Crude - What comes next?
38:41

Energy Week co-star Tracy Shuchart joins Erik to reflect on what the COVID19 crisis and the OPEC+ falling out with Russia will mean for energy markets, including impact on U.S. Shale.

Link: http://bit.ly/2xB1tr8

Mar 13, 2020
Hot Topic #7 COVID-19 Update: USA and all of Europe will look like Italy within one month!
53:07

Host Erik Townsend gives his most bearish and dire outlook yet for the COVID19 crisis, predicting the United States and all of Europe will soon experience what Italy is now experiencing.

Link: http://bit.ly/2Q9ZRLk

Mar 12, 2020
MacroVoices #210 Axel Merk: Market outlook for the coming Coronavirus crisis
01:26:02

MacroVoices Erik Townsend and Patrick Ceresna welcome Axel Merk to the show to discuss how COVID-19 is driving bonds to new all-time highs, perspectives on possible bail-out for shale oil producers and outlook on gold & more. 

Link: http://bit.ly/38DZlLT

Mar 11, 2020
All-Stars #96 Juliette Declercq: How to trade the COVID19 Crisis
29:46

All-star Juliette Declercq is back for an update on the COVID19 Crisis and how to trade it. Bonus: Subscriber report download

Link: http://bit.ly/2VWZI1B 

Mar 09, 2020
MacroVoices #209 Jesse Felder: Pent-up bearish forces were in place before COVID-19
01:36:03

MacroVoices Erik Townsend and Patrick Ceresna welcome Jesse Felder to the show to discuss how COVID-19 has affected the market direction change, if inflation will return in the near future and its systemic risks and more. 

Link: http://bit.ly/2Iocuy6

Mar 06, 2020
All-Stars #95 Brent Johnson: Dollar Milkshake still in play
20:36

All-Star Brent Johnson returns for an update on the USD, bond yields, and a detailed update on gold.

Link: http://bit.ly/2PLuoPq

Mar 04, 2020
Hot Topic #6: COVID-19 Pandemic Update
01:16:23

This week we’re re-broadcasting our Jan. 30th interview with Dr. Chris Martenson which proved incredibly prescient. Erik Townsend then offers an update on what’s changed since that interview.

Link: http://bit.ly/2TtNbje

Mar 02, 2020
MacroVoices #208 Francesco Filia: Francesco Filia: How to navigate the cliff edge in markets
01:30:31

MacroVoices Erik Townsend and Patrick Ceresna welcome Francesco Filia to the show. They discuss why the US treasury bond is no longer a good investment and its systemic implications, the upcoming daily liquidity crisis and what it means for the market and perspectives on economic impacts of COVID-19 

Link: http://bit.ly/3ceaoP5

Feb 28, 2020
All-Stars #94 Jeff Snider: The slowdown started before the Coronavirus hit the tape!
29:00

All-Star Jeff Snider is back! Jeff says there were clear signs of economic slowdown before the Coronavirus story even came out.

Link: http://bit.ly/2vlLTyP

Feb 26, 2020
Hot Topic #5: COVID Super-Spreader Stealth Pandemic?
01:24:35

We’ve assembled the #COVID thought leaders of Financial Twitter; Jim Bianco, Mike "Mish" Shedlock, Dr. Ben Hunt & Dr. Chris Martenson for an in-depth panel discussion as #COVID19 escalates toward global pandemic status.

Link: http://bit.ly/3a2O1dy

 

Feb 24, 2020
MacroVoices #207 Ralph Delguidice: Demand is being manufactured for US Treasury paper
01:28:11

MacroVoices Erik Townsend and Patrick Ceresna welcome Ralph Delguidice to the show. They discuss some of the knock-on implications of the US Treasury bond, why treasury and investment grade bond demand flows will remain solid and the US treasury demand impact of Dodd Frank and more. 

Link: http://bit.ly/38JCGik

Feb 20, 2020
MacroVoices #206 Chris Cole: Optimizing portfolio construction for changing times
01:37:16

MacroVoices Erik Townsend and Patrick Ceresna welcome Chris Cole  to the show to discuss his latest article "The Allegory of the Hawk and Serpent", the law of cosmic duality in investing, and the role of long-vol and commodity trends following have in dragon portfolio & more. Then Emil Kalinowski joins in postgame.

Link: http://bit.ly/2tVwTXD

Feb 13, 2020
All-Stars #93 Luke Gromen: Busted! JP Morgan charged for gold price manipulation
22:38

FFTT founder Luke Gromen is back to talk about the conclusions we can draw from the U.S. government charging JP Morgan with criminal gold price manipulation

Link: http://bit.ly/2SCKwmQ

Feb 10, 2020
MacroVoices #205 Art Berman: Will the crude oil market catch the Coronavirus?
01:36:41

MacroVoices Erik Townsend and Patrick Ceresna welcome Art Berman to the show. They discuss the 2020 demand growth, how oversold is the price of oil and what effect the over-reaction to Coronavirus has on world oil demand. Then Kevin Muir joins postgame segment to discuss Tesla's parabolic rise and blow-off top.

Link: http://bit.ly/2ugJpRV

Feb 07, 2020
All-Stars #92 Jeff Snider: Did anything really get “better” last September?
23:38

All-star Jeff Snider takes on why the yield curve inversion last august (so far) hasn’t led to a recession, and what might have changed in the global economy since September

Link: http://bit.ly/2Sg4W54

Feb 04, 2020
All-Stars #91 Dr. Pippa Malmgren: Coronavirus, Surveillance Capitalism, Election Outlook
25:11

All-Star Dr. Pippa Malmgren returns with an update on the nCoV Coronavirus outbreak, Pippa’s reaction to Kyle Bass’ allegations about China mining American genetic data, and an update on the U.S. election outlook

Link: http://bit.ly/2Se7rEP 

Feb 03, 2020
MacroVoices #204 Julian Brigden: The Truth about Central Bank Liquidity
01:39:55

MacroVoices Erik Townsend and Patrick Ceresna bring you an amazing double header episode with Julian Brigden talking about central bank liquidity and an update on nCoV with Dr. Chris Martenson

Link: http://bit.ly/2u7AkKO

Jan 30, 2020
All-Stars #90 Juliette Declercq: Still bullish, but slightly less so than Q4
16:50

All-Star Juliette Declercq is back with the 2020 outlook. Juliette remains cautiously bullish, but perhaps not quite as bullish as she was in late 2019

Link: http://bit.ly/30Y3W9G

Jan 28, 2020
MacroVoices Hot Topic #4: Wuhan Coronavirus (2019-nCov) Market Impact Analysis v2
20:38

New updated version re-recorded 1/28/20 to reflect new information and correct errors in first version. WE RECOMMEND YOU LISTEN AGAIN #2019nCoV #Wuhan #Coronavirus

Host Erik Townsend weighs in with a summary of what he’s learned thus far about 2019-nCoV, the Wuhan Coronavirus, and his analysis of what it will mean to financial markets.

 

Link: http://bit.ly/38ETuX2

Jan 27, 2020
MacroVoices #203 Russell Napier: The coming credit crisis will be outside the U.S.
01:27:01

Erik Townsend and Patrick Ceresna welcome Russell Napier to MacroVoices. They discuss why we should expect a credit crisis, what will come out of MMT & helicopter money, and how to prepare for runaway inflation and more. 

Link: http://bit.ly/2tOWNfJ

Jan 23, 2020
All-Stars #89 Louis-Vincent Gave: All five pillars supporting the melt-up will come under pressure in 2020
15:32

All-Star Louis-Vincent Gave explains the five macro pillars that have driven the stock market to record highs, then explains why all five will come under pressure in 2020

Link:http://bit.ly/2ugYMJx

Jan 20, 2020
MacroVoices #202 Grant Williams: Civil unrest around the world. Failing Unicorns. All paths lead to gold.
01:26:57

Erik Townsend and Patrick Ceresna welcome Grant Williams to MacroVoices. They discuss the recent civil unrest and global social degradation, if Tesla will follow the collapse of WeWork, and how to react to the recent rise in price of gold. 

Link: http://bit.ly/2TGMp4n

Jan 16, 2020
All-Stars #88 Jeff Snider: The Fed is avoiding the real issue driving divergences in their models
29:57

All-Star Jeff Snider says the Fed is behind the 8 ball. Jeff says the ailing global Eurodollar system is the real reason the economy underperforms against its potential.

Link: http://bit.ly/2Nn3e0e

Jan 13, 2020
MacroVoices #201 Marin Katusa: How To Play the Gold Bull Market
01:33:34

Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. They discuss the outlook on gold, updates on previous investments, how private placements work and what to expect at the upcoming VRIC and more.

Link: http://bit.ly/2Tazd7i

Jan 09, 2020
All-Stars #87 Brent Johnson: USD, Stocks, Gold & More
15:13

All-star Brent Johnson is bullish on the dollar, and cautious about stocks & gold at current price levels.

Link: http://bit.ly/2Fn94tW

Jan 06, 2020
MacroVoices #200 Dr. Pippa Malmgren: Knowledge Doubling Curve and its Consequences and Implications
01:20:20

Erik Townsend and Patrick Ceresna welcome Dr.Pippa Malmgren to MacroVoices. They discuss the knowledge doubling curve, collection and monetization of personal data, ephemeralization and its consequences & how autonomous vehicles will change the future. 

 Link: http://bit.ly/2QFZXKi

Dec 31, 2019
All-Stars #86 Luke Gromen: The Fed’s “Whatever it Takes” moment is upon us
23:06

All-Star Luke Gromen says the repo crisis was the Fed’s “Whatever it takes moment”, and balance sheet expansion is the name of the game for the foreseeable future

Link:http://bit.ly/2ZrQNVt

Dec 25, 2019
MacroVoices #199 Art Berman: Crude Oil Special
01:19:08

Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. They discuss Art’s views on IEA’s forecast of oil glut in 2020, comparative inventory system, oil price outlook and more.

 

Link: http://bit.ly/35SOKfI

Dec 24, 2019
All-Stars #85 Jeff Snider: U.S. Dollar Year End Review & 2020 Outlook
19:37

All-star Jeff Snider is back with a year-end review and 2020 outlook for the U.S. Dollar and the Eurodollar system

Link: http://bit.ly/2Mn3DPr

Dec 23, 2019
MacroVoices #198 Jim Bianco: Deep dive into fixed income
01:25:40

 Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. They discuss Jim’s views on Zoltan Pozsar’s theory of repo dislocation, if QE4 is imminent in the near future and what’s on the horizon for the bond market and the fixed income market & more

Link: http://bit.ly/2tvZOAY

Dec 20, 2019
All-Stars #84 Louis-Vincent Gave : Tech stocks are at the same % of SPX Composition as the 1999 high
18:07

All-Star Louis-Vincent Gave returns for an update on the S&P Christmas Rally, why Apple has outperformed despite the trade war, & Much more!

Link: http://bit.ly/35sZUri

Dec 16, 2019
MacroVoices #197 Juliette Declercq: Inflations is not in the cards
01:26:26

MacroVoices Erik Townsend and Patrick Ceresna welcome Juliette Declercq to the show where Juliette decodes the FOMC statement & macro outlook, and translate that view into actionable trading strategies. Then Jeff Snider joins in the postgame to talk Repo.

Link: http://bit.ly/2Pedb1c

Dec 12, 2019
All-Stars #83 Jeff Snider: Objective analysis of global USD liquidity yields a different story than financial media are telling
26:52

All-Star Jeff Snider is back with an update on global U.S. Dollar liquidity and what it means for the global economy and markets.

Link: http://bit.ly/2PusQYZ

Dec 09, 2019
MacroVoices #196 Mark Gordon: Why the age of oil abundance is about to end
01:36:45

Erik Townsend and Patrick Ceresna welcome Mark Gordon to MacroVoices. They discuss why inventory is not what drives the price, the regime change from the age of peak oil to the age of oil abundance and possible impacts the recession will have on oil prices and more. 

Link:http://bit.ly/33OC0EY

Dec 06, 2019
All-Stars #82 Dr. Pippa Malmgren: Rule of Law, Hong Kong protests, Bullish on Innovation
19:36

All-star Dr.Pippa Malmgren is back with an update on the rule of Law and the Hong Kong protests, plus why Pippa remains bullish on innovation and global growth

Link: http://bit.ly/2OLPvAZ

Dec 04, 2019
All-Stars #81 Brent Johnson: USD, S&P, China, Canada & Gold
14:11

All-Star Brent Johnson is back with an update on the US Dollar, stocks, China, Canadian interest rates, Gold & More!

Link: http://bit.ly/34HG9fd

Dec 02, 2019
MacroVoices #195 Jeffrey Christian: Electric Vehicle Outlook and Precious Metals Update
01:14:20

Erik Townsend and Patrick Ceresna welcome Jeffrey Christian to MacroVoices. They discuss the uptrend of electric vehicles, what is going to be the mode of power in the future and how it will be delivered, and how replacing petroleum may impact geopolitics. 

Link: http://bit.ly/2OOtrEB

Nov 27, 2019
All-Stars #80 Prof. Steve Keen: QE by any other name is still QE!
19:31

All-Star Prof. Steve Keen is back, and he says the Fed can call it whatever they want, but what they’re doing is still Quantitative Easing.

Link: http://bit.ly/37C2xbA

Nov 25, 2019
MacroVoices #194 Peter Boockvar: Inflation is Not a Prerequisite for Central Banks Changing Policy
01:14:16

Erik Townsend and Patrick Ceresna welcome Peter Boockvar to MacroVoices. They discuss if the US will get to negative interest rates, the inevitability of inflation and its effects on central banks, outlook on US/China trade negotiations and more.

Link: http://bit.ly/337McIp

Nov 21, 2019
All-Stars #79 Louis-Vincent Gave : Civil Unrest in Hong Kong and Around the Globe in Perspective
20:41

All-Star Louis-Vincent Gave weighs in on latest developments at HK Poly University and Civil Unrest more generally around the globe, then concludes with market outlook

Link: http://bit.ly/2O3C7Yt

Nov 20, 2019
All-Stars #78 Jeff Snider : Market complacency is misplaced!
27:17

All-Star Jeff Snider says markets are breathing a sigh of relief that the recession scare is over, but this complacency is misplaced!

Link: http://bit.ly/32ZfU29

Nov 18, 2019
MacroVoices #193 Charlie McElligott: Bond rally correction appears to be over
01:17:24

Erik Townsend and Patrick Ceresna welcome Charlie McElligott to MacroVoices. They discuss late cycle dynamics, how the CTA position estimating model works and if it’s time to buy gold & more. 

Link: http://bit.ly/2KoEGCh

Nov 14, 2019
All-Stars #77 Luke Gromen: You’re a conspiracy theorist if you call monetization ‘monetization’!
15:34

All-Star Luke Gromen returns with an update on monetary policy and market outlook.

Link: http://bit.ly/2qSMRje

Nov 13, 2019
All-Stars #76 Juliette Declercq: Equity rally set to continue
17:04

All-star Juliette Declercq returns with an update on her views on monetary policy and the equity market rally, which she says is set to continue higher.

Link: http://bit.ly/2rrh5Ky

Nov 11, 2019
MacroVoices #192 Keith McCullough : Inflation Accelerating
01:32:33

Erik Townsend and Patrick Ceresna welcome Keith McCullough to MacroVoices. They discuss the macro themes of the last quarter of 2019, what is next for the Chinese economy, long short pairs trade in software industry and more.

Link: http://bit.ly/2JYhb2E

Nov 07, 2019
All-Stars #75 Dr. Pippa Malmgren: Decoding the global explosion of civil unrest
32:57

All-Star Dr. Pippa Malmgren explains why the explosion in civil unrest around the globe is all about breakdown of the social contract. Also Trump News Network and market outlook.

Link: http://bit.ly/2CazFJ1

Nov 04, 2019
MacroVoices #191 Alex Gurevich: Stop this conversation and pause this interview, go buy gold!
01:06:07

Erik Townsend and Patrick Ceresna welcome Alex Gurevich to MacroVoices. They discuss the latest FOMC meeting, if it’s time to go long in the treasury market, outlook on gold and more. 

Link: http://bit.ly/2JC44nC

Oct 31, 2019
All-Stars #74 Brent Johnson: Expect ECB’s Christine Lagarde to take office and take action quickly!
14:27

All-Star Brent Johnson expects Christine Lagarde to hit the ground running as she takes the helm of the ECB this week. Also stock and gold market outlooks.

Link: http://bit.ly/2Jqf7QQ

Oct 28, 2019
MacroVoices #190 Diego Parrilla: They'll change the rules to bail out the system
01:12:08

Erik Townsend and Patrick Ceresna welcome Diego Parrilla to MacroVoices. They discuss Diego’s contrarian investment thesis, his concept of anti-bubbles, balanced portfolio construction and more. 

Link: http://bit.ly/2BEKcMn

Oct 24, 2019
All-Stars #73 Prof. Steve Keen: Rising Populism & Brexit update
14:19

All-Star Prof. Steve Keen is back with an update on the recent surge in populism around the globe and Steve’s outlook for the resolution of the Brexit dilemma

Link: http://bit.ly/31Amewu 

Oct 22, 2019
All-Stars #72 Jeff Snider: The Supply-side of the Eurodollar equation
25:59

All-Star Jeff Snider is back with more perspective on the global dollar liquidity situation, this time focusing on the supply rather than demand side of the equation.

Link: http://bit.ly/2Jb9aXV

Oct 21, 2019
MacroVoices #189 Stephanie Pomboy: S&P Earnings Do Not Equal Corporate Profits
01:24:06

Erik Townsend and Patrick Ceresna welcome Stephanie Pomboy to MacroVoices. They discuss the expansion of the FED’s balance sheet, the significance of the recent liquidity shock and the divergence between corporate profits and S&P and much more. In postgame, Rick Rule joins to discuss the strategies for participating in gold equity bull market. 

Link: http://bit.ly/2qnxO0Y

Oct 17, 2019
All-Stars #71 Julian Brigden: Geopolitical risks, Chinese liquidity dynamics & “not” QE
13:35

All-Star Julian Brigden weighs in on the Saudi Arabia oil infrastructure attacks, Chinese liquidity, and the Fed’s QE that isn’t QE according to the Fed

Link: http://bit.ly/33CcXFC

Oct 16, 2019
All-Stars #70 Luke Gromen: The official narrative just FAILED!
18:54

All-Star Luke Gromen says the official narrative just failed: The notion that the USD shortage would affect the rest of the world before it would affect the U.S. just collapsed according to Luke, and this creates investable opportunities.

Link: http://bit.ly/35yXnw4

Oct 15, 2019
All-Stars #69 Louis-Vincent Gave: Rangebound Markets
21:15

All-Star Louis-Vincent gave returns for a detailed look at markets and an update on the developing situation in Hong Kong

Link: http://bit.ly/2MynZ7S

Oct 11, 2019
MacroVoices #188 : Variant Perception’s Tian Yang on Tail Hedges
01:18:50

Erik Townsend and Patrick Ceresna welcome Tian Yang to MacroVoices. They discuss the economic and liquidity leading indicators, the implications of US-China trade war on the markets, translating economic signals into market decisions and more. Later, Amir Adnani from Uranium Energy Corp joins in the postgame segment.

Link: http://bit.ly/2M2Ke6P

Oct 10, 2019
All-Stars #68 Danielle DiMartino Booth: Interpreting Friday’s Jobs data
20:25

All-Star Danielle DiMartino-Booth is back to take a deeper look at last week’s Jobs report an share her analysis of what it means. Also free issue of Daily Feather newsletter.

Link:http://bit.ly/2M0M6Nx

Oct 09, 2019
All-Stars #67 Jeff Snider: Reconciling extreme treasury demand with declining bid-to-cover ratios
27:16

All-Star Jeff Snider responds to listeners who have questioned how Jeff can say there’s a treasury shortage when bid-to-cover ratios are declining in treasury auctions.

Link: http://bit.ly/2Vmfd0L

Oct 08, 2019
All-Stars #66 Juliette Declercq: Break or Bounce time is here!
17:11

All-Star Juliette Declercq says it’s time for the global economy to either break or bounce. Hear Juliette explain in detail in this episode.

Link: http://bit.ly/31W7B7p

Oct 07, 2019
MacroVoices #187 Eric Peters: The Era of Monetary Dominance will give way to Fiscal Dominance
01:14:58

Erik Townsend and Patrick Ceresna welcome Eric Peters to MacroVoices. They discuss the shift in dominance from monetary to fiscal policy, political drivers of changes in monetary policy and what impact the generational and political gap has on the economy and more. 

Link: http://bit.ly/2IABbIj

Oct 03, 2019
All-Stars #65 Luke Gromen: The Narrative Failure is upon us!
24:56

All-Star Luke Gromen says we’re experiencing what Barton Biggs called “Narrative Failure”, and explains why the repo spike was neither “technical” nor “temporary”.

Link: http://bit.ly/2mUbElv

Oct 02, 2019
All-Stars #64 Brent Johnson: Even QE4 will only briefly reverse the Dollar’s climb
22:44

All-star Brent Johnson says that even if Juliette Declercq is proven right and the Fed launches QE4, the reversal in the Dollar’s rise would only be temporary. Stocks higher, gold pullback.

Link: http://bit.ly/2mU4aPG

Sep 30, 2019
All-Stars #63 Juliette Declercq: This could mark the end of a chronic crisis rather than the beginning of an acute one
11:59

All-star Juliette Declercq joins Jeff Snider and Danielle DiMartino Booth in saying the Fed is clueless with respect to the ongoing Repo crisis. Juliette gives the high-level picture to contrast Jeff’s deep analysis of the “plumbing”.

Link: http://bit.ly/2nfMBJi

Sep 27, 2019
MacroVoices #186 Harley Bassman: Volatility Does Not Equal Risk
01:11:04

Erik Townsend and Patrick Ceresna welcome Harley Bassman to MacroVoices. They discuss the MOVE index as a leading economic indicator, how the upcoming election may affect both fiscal and monetary policy, and Harley’s article “The Opposite of Bad is Worse” and more. 

Link: http://bit.ly/2lXbae7

Sep 26, 2019
Energy Week #17: In the aftermath of Abqaiq
01:04:57

This episode of Energy Week focuses on the future of the oil market and how the #Abqaiq attacks will change energy security policy. ALSO: Big announcement re: the future of Energy Week

Link: http://bit.ly/2nl04zO

Sep 26, 2019
All-Stars #62 Prof. Steve Keen: Why repo blew up last week and what it means
13:05

All-Star Prof. Steve Keen is back with his perspective on last week’s repo market dislocation. Spoiler: this was NOT because the fiat system is collapsing, as some crypto die-hards have suggested

Link: http://bit.ly/2mzL5BN

Sep 25, 2019
All-Stars #61 Danielle DiMartino-Booth: The inmates are not running the asylum. Nobody is!
22:32

All-Star Danielle DiMartino-Booth says the Federal Reserve has a serious management problem and is literally out of control.

Link: http://bit.ly/2mn84jd

Sep 24, 2019
All-Stars #60 Jeff Snider: Deep dive on the Repo Blowup
35:52

All-Star Jeff Snider is back by popular demand to explain why the mainstream explanations for last week’s explosion in repo rates just doesn’t add up with the facts!

Link: http://bit.ly/2mcArQV

Sep 23, 2019
Hot Topic #3 Alex Gurevich: Follow-up from the Grant Williams interview
24:57
Honte Investments’ hedge fund manager Alex Gurevich was so intrigued by Erik’s interview with Grant Williams that he wanted to add a few thoughts of his own….Link: http://bit.ly/2kuLbtG
Sep 20, 2019
MacroVoices #185 David Rosenberg: Global Economy Still Deteriorating
01:05:18
Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. They discuss the latest FOMC statement, recent dislocation in value & growth, outlook on the bond market and more. Link: http://bit.ly/2kU8sp4
Sep 19, 2019
Energy Week #16: Abqaiq Processing Facility Attacks and their consequences
55:37
This episode focuses entirely on #Abqaiq attacks and their knock-on consequences and effects. Anas Alhajji is boots-on-the-ground, reporting from Riyadh Saudi Arabia and Joe McMonigle joins us from Washington, DC.Link: http://bit.ly/2lWlqmm
Sep 19, 2019
All-Stars #59 Julian Brigden: Can the Fed still save us from recession?
15:45
MI2 Partners founder Julian Brigden is back with an update on recession outlook, fixed income, and the geopolitical events of last weekend.Link: http://bit.ly/2kntsUS
Sep 18, 2019
All Stars #58 Dr. Pippa Malmgren: Abqaiq Saudi Arabia Drone Attacks - What’s at stake & what comes next
32:08
All-Star Dr. Pippa Malmgren is back with a fantastic geopolitics interview focusing on the #Abqaiq (Saudi) drone attacks. Don’t miss this one, gang!Link: http://bit.ly/2mfWoi5
Sep 17, 2019
All-Stars #57 Louis-Vincent Gave: Last week’s dislocation between value and growth
18:03

All-Star Louis-Vincent Gave explains last Monday’s dramatic dislocation between value and growth stocks and why it was important. Also gold, Hong Kong update and more.
Link: http://bit.ly/2mdWGGd

Sep 16, 2019
All-Stars #57 Louis-Vincent Gave: Last week’s dislocation between value and growth
18:03
All-Star Louis-Vincent Gave explains last Monday’s dramatic dislocation between value and growth stocks and why it was important. Also gold, Hong Kong update and more.Link: http://bit.ly/2mdWGGd
Sep 16, 2019
MacroVoices Spotlight #2 Bob Coleman: Private Vaulting of Precious Metals = Independence from the Financial System
52:39
When private investor Bob Coleman set out to find a place to store his own precious metals OUTSIDE the financial system, he found all the vaulting services had conflicts of interest, so he started his own!Link: http://bit.ly/2lMOzAv
Sep 13, 2019
MacroVoices #184 Jeffrey Snider & Luke Gromen : Global U.S. Dollar Shortage Demystified
01:33:41
Erik Townsend and Patrick Ceresna welcome Jeff Snider and Luke Gromen to MacroVoices. They discuss the impact of changing Eurodollar markets, the global dollar liquidity shortage and the future changes in global reserve currencies and more. Link: http://bit.ly/2lOWHQP
Sep 12, 2019
All-Stars #56 Dr. Anas Alhajji: Oil Market Update (in lieu of ENERGY WEEK)
27:51
Due to panelist travel schedules we were unable to bring you Energy Week this week. This oil market update from Dr. Anas Alhajji will substitute for this week’s ENERGY WEEK podcast.Link: http://bit.ly/2kF32hq
Sep 11, 2019
All-Stars #55 Danielle DiMartino-Booth: Jay Powell’s exuberance over U.S. economy is unfounded!
19:10
All-Star Danielle DiMartino-Booth says Jay Powell’s Zurich speech doesn’t jibe with economic reality. Also Carney’s Jackson Hole pitch and more.Link: http://bit.ly/2lLXNgb
Sep 11, 2019
All-Stars #54 Prof. Steve Keen: China’s move to lower RRR and what it means
15:59
All-Star Prof. Steve Keen is back for an update on China’s move over this past weekend to lower their required reserve ratio (RRR) and what it means.Link: http://bit.ly/2lMpBRu
Sep 10, 2019
All-Stars #53 Juliette Declercq: What to expect from the ECB on Thursday
16:48
All-Star Juliette Declercq weighs in on what to expect from the ECB this Thursday, as well as her own prescriptions for monetary policy.Link: http://bit.ly/2kAtLfb
Sep 09, 2019
MacroVoices Spotlight #1 Niels Kaastrup-Larsen: Algorithmic Trading & Trend Following
59:09
In the inaugural episode of MacroVoices Spotlight, Niels Kaastrup-Larsen explains why Trend Following has been the most successful long-term algorithmic trading strategy.Link: http://bit.ly/2lZOFEM
Sep 06, 2019
MacroVoices #183 Grant Williams: Gold’s rise has just begun
01:26:52
Erik Townsend and Patrick Ceresna welcome Grant Williams to MacroVoices. They discuss global negative yielding debt, outlook on Gold and what effect recession will have on the US stock market & more.
Sep 05, 2019
All-Stars #52 Brent Johnson: Dollar breakout set to continue higher
23:41
All-Star Brent Johnson says the U.S. Dollar breakout is set to continue higher. Brent still expects a pullback in gold, but sees it moving higher long-term.Link: http://bit.ly/2jZsUV0
Sep 04, 2019
All-Stars #51 Luke Gromen: USD faces day of reckoning when it becomes clear Fed will have to monetize gov’t deficits
23:48
All-Star Luke Gromen explains why the Fed will soon be forced to monetize U.S. government deficits, and why that has to spell serious trouble for the USD.Link: http://bit.ly/2kgI1tx
Sep 03, 2019
MacroVoices #182 Summer Special Part 2: Danielle DiMartino-Booth and Peter Boockvar on the Future of Monetary Policy
01:01:20
Erik Townsend and Patrick Ceresna welcome Danielle DiMartino-Booth and Peter Boockvar to MacroVoices. They discuss financial repression, outlook on US dollar, Europe, the ECB and Christine Lagarde & more.Link: http://bit.ly/2ZybGkr
Aug 29, 2019
All-Stars #50 Prof. Steve Keen: Why BOE’s Mark Carney just pitched a global digital reserve currency at Jackson Hole and how central bankers think abo...
32:07
All-Star Prof. Steve Keen explains why central bankers often make their boldest moves on their way OUT of office and what drove Mark Carney to propose a CBDC reserve currency at Jackson HoleLink: http://bit.ly/2Zr4oQo
Aug 28, 2019
All-Stars #49 Jeff Snider: Yield curves don’t lie. But central bankers sometimes do.
27:38
All-Star Jeff Snider explains why Janet Yellen is wrong to think term premia explain why the bond market is signaling deflation. Great slide deck too!Link: http://bit.ly/2zoJVvS
Aug 26, 2019
MacroVoices #181 Summer Special Part 1: Danielle DiMartino-Booth and Peter Boockvar on the Future of Monetary Policy
58:52
Erik Townsend and Patrick Ceresna welcome Danielle DiMartino-Booth and Peter Boockvar to MacroVoices. They discuss the FOMC statement, risks of a recession in the U.S. and inflation risks moving forward, and much more.Link: http://bit.ly/31UNp5C
Aug 22, 2019
All-Stars #48 Dr. Pippa Malmgren: It’s not really 1929. Don’t panic.
27:27
All-Star Dr. Pippa Malmgren is back. She disagrees with the many market observers who believe we’re on the edge of the cliff, and offers bullish arguments for markets & the economy.Link: http://bit.ly/2ZkMaz4
Aug 21, 2019
All-Stars #47 Luke Gromen: It’s not Stocks or Bonds but the USD that is the “odd man out”
30:01
All-Star Luke Gromen is back for another fantastic All-Stars Interview. Why it’s the USD (not stocks or bonds) that is mispriced, and why it sets up an equity bear trap. Great interview!Link: http://bit.ly/2Z2EBxn
Aug 19, 2019
All-Stars #46 Prof. Steve Keen: Yield curve inversion, recession & private debt
12:35
All-Star Prof. Steve Keen is back for another great interview. Steve still doesn’t expect a MAJOR U.S. recession, but concedes the yield curve inversion is a signal to be taken seriously. More perspective on policy failure. Link: http://bit.ly/2TBOJaJ
Aug 16, 2019
MacroVoices #180 Daniel Lacalle: The bond market gets it. Global Stocks get it. The S&P 500 has been slow to get the memo.
01:21:48
Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss the risks of competitive devaluation, how the global demand for the dollar is driving the monetary policy & the outlook on gold and its new correlation to the dollar. Link: http://bit.ly/2KUwOYW
Aug 15, 2019
Energy Week #15: Trade wars, demand outlook, and Saudi Aramco IPO. Panel Alhajji/McMonigle/Chigrl
43:35
Energy Week #15 featuring Anas Alhajji, Tracy Shuchart and Joe McMonigle, covers Trade Wars, OPEC, Saudi policy, Gloomy demand forecasts & more.Link: http://bit.ly/33JwiFI
Aug 14, 2019
All-Stars #45 Louis-Vincent Gave: Hong Kong, Gold, Bond Yieds, & Stocks
21:09
Hong Kong resident Louis-Vincent Gave weighs in on the unrest there and what it means for markets, then we cover gold, bond yields, and stocks. Great interview!Link: http://bit.ly/2TtzujT
Aug 13, 2019
All-Stars #44 Jeffrey Snider: The real story on the Chinese Yuan devaluation
28:06
All Star Jeff Snider describes a far more intricate and complex explanation for the Yuan breaking 7 to the USD and explains what it means.Link: http://bit.ly/33sIgTT
Aug 12, 2019
All-Stars #43 Luke Gromen: Central Banks Ditch Gold-Buying Agreement (But keep buying gold)
17:09
All-Star Luke Gromen weighs in on why central banks dumped the Central Bank Gold Agreement but keep buying gold hand-over-fist. Great interview! Link: http://bit.ly/33p8Ld2
Aug 09, 2019
MacroVoices #179 Ronald-Peter Stöferle: Gold/Precious Metals Special
01:25:35
Erik Townsend and Patrick Ceresna welcome Ronald-Peter Stöferle to MacroVoices. Erik and Ronald discuss why gold is an important asset to own, gold as equity hedge, global de-dollarization and sovereign gold holdings and much more.
Aug 08, 2019
Energy Week #14: Mayhem in the Market: China Trade Wars, Forward Curve Fireworks & More!
01:04:00
Energy Week dives into the Trade Wars and other factors driving the energy price collapse, forward curve fireworks, and much more! Panelists Art Berman, Chris Cook and Patricia Hemsworth
Aug 08, 2019
All-Stars #42 Brent Johnson: Still bullish the USD
15:48
All-Star Brent Johnson remains convinced the USD is headed higher, despite market fireworks of the last few days. Extensive discussion of gold and stocks as well.Link: http://bit.ly/2YKK5fs
Aug 06, 2019
All-Stars #41 Juliette Declercq: Powell should be fired!
13:53
All-Star Juliette Declercq says Jay Powell blew it last week, and should be fired for it! She says the Fed had the chance to contain the USD ascent but blew it. Great interview! Link: http://bit.ly/2YK4D7J
Aug 05, 2019
Hot Topic #2 Dr. Hal & Dr. Pippa Malmgren: Father/Daughter Presidential Advisor Team
01:04:59
This special interview with Dr. Harald Malmgren and Dr. Pippa Malmgren was a real treat to record! The father/daughter team disagrees on many present economic issues, and we get a glimpse into growing up Malmgren.Link: http://bit.ly/2Zw96Iv
Aug 04, 2019
All-Stars #40 Prof. Steve Keen: Why Steve does NOT see a U.S. recession on the horizon
18:25
Despite being perceived as an economic perma-bear, Prof. Steve Keen says he’s NOT anticipating a U.S. recession any time soon. We also cover his outlook for the rest of the world.Link: http://bit.ly/2GKJgZN
Aug 02, 2019
MacroVoices #178 Mark Cudmore: Bearish global growth and equity markets, expecting an imminent decline in stock prices
01:24:11
Erik Townsend and Patrick Ceresna welcome Mark Cudmore to MacroVoices. Erik and Mark discuss the global growth and economy outlook, US and China trade negotiations, US equity market and its effects on emerging markets. Special postgame guest: Danielle DiMartino BoothLink: http://bit.ly/2YETLYN
Aug 01, 2019
Energy Week #13: EIA Draw—where did the oil go? Panelists Berman/Alhajji/Shuchart
01:02:19
Energy Week starring Art Berman, Anas Alhajji and Tracy Shuchart covers the big EIA draw (where did that oil go?), E&P equity price trend & much more.
Aug 01, 2019
All-Stars #39 Jeffrey Snider: A deeper dive into Fed Funds and IOER
28:04
All-Star Jeff Snider responds in detail to feedback we received from his July 15 All-Stars interview. We explore why IOER is SUPPOSED to be a “double floor” below EFF, and why it’s really not.Link: http://bit.ly/2YxbNfB
Jul 30, 2019
All-Stars #38 Danielle DiMartino-Booth: FOMC Preview
15:32
All-Star Danielle DiMartino Booth gives a briefing on what to expect from Wednesday’s FOMC Press Release, 25 or 50 bps? How will the ECB React? And much more!Link: http://bit.ly/2LMsaPc
Jul 29, 2019
All-Stars #37 Dr. Pippa Malmgren: Iran, Trump News Network, and Facebook’s $5bn fine
28:44
All-Star Dr. Pippa Malmgren weighs in on Iran geopolitical risks, updates her thesis on President Trump having ambitions for a news network after the white house, and comments on Facebook’s $5bn fine. Link: http://bit.ly/2ZffYK1
Jul 26, 2019
MacroVoices #177 Peter Warburton: Inflation or Stagflation? And how will it occur?
01:09:36
Erik Townsend and Patrick Ceresna welcome Dr. Peter Warburton to MacroVoices. Erik and Dr. Warburton discuss the factors that affect long term outlook for inflation, the history of inflation targeting and inflation controls and Dr. Warburton’s “Blowing Up the Box”
Jul 25, 2019
Energy Week #12: Prices down on a 10.8mm bbl draw, Iran, Pemex Hedge & More. Hemsworth/Berman/Cook
58:51
Energy Week featuring Art Berman, Chris Cook and Patricia Hemsworth covers the super-drawdown, price reaction, Iran, Pemex Hedge & more.Link: http://bit.ly/2SDxxRr
Jul 24, 2019
All-Stars #36 Julian Brigden: Pensions, Curve Inversions, and 10yr outlook
22:25
All-Star Julian Brigden on the implications of deflation for the Pension system, whether a recession is possible without a yield curve inversion, and the 10yr yield outlook.Link: http://bit.ly/2y7edTn
Jul 23, 2019
All-Stars #35 Luke Gromen: FF>IOER Means Balance Sheet Capacity Used Up
20:33
All-Star Luke Gromen responds to Jeff Snider's All-Stars appearance last week, sharing a different view on the significance of Fed Funds exceeding IOER. Luke says it’s about domestic private sector balance sheet capacity.Link: http://bit.ly/2XVNVmh
Jul 22, 2019
All-Stars #34 Danielle DiMartino-Booth: The stock market can rally thru the 1st or 2nd rate cut
19:01
All-Star Danielle DiMartino-Booth explains “Double Easing” (rate cuts and QE at the same time) and why it’s a possibility, and explains why the stock market can rally a bit longer despite the global growth slowdown.Link: http://bit.ly/2YfP1c2
Jul 19, 2019
MacroVoices #176 Jim Rickards on his new book, Aftermath
01:18:45
Erik Townsend and Patrick Ceresna welcome Jim Rickards to MacroVoices. Erik and Jim discuss the progression of growing debt, the cost of low growth and high debt, and Jim’s new book “Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos” Link: http://bit.ly/2SliM5K
Jul 18, 2019
Energy Week #11: Iran, EIA, Venezuela, Canadian Crude. Panel Alhajji/Hemsworth/McMonigle
55:05
Energy Week covers the price reversal, Iran policy, EIA, Venezuela & Canadian crude differentials. Panel Anas Alhajji, Joe McMonigle and Patricia Hemsworth with host Erik Townsend.Link: http://bit.ly/2Y6gM6B
Jul 18, 2019
All-Stars #33 Prof. Steve Keen: How the field of Economics was corrupted
26:05
All-Star Prof.Steve Keen pulls no punches telling Erik Townsend how and why the field of economics lost touch with the real world.Link: http://bit.ly/2JLJ3WO
Jul 16, 2019
All-Stars #32 Jeffrey Snider: Eurodollar System Explains Fed Funds over IOER
31:04
All-Star Jeff Snider explains why the Fed's IOER hasn't worked as a ceiling over Fed Funds, and the significance of each, including the recent move of FF well above IOER and how this relates to the EuroDollar System.
Jul 15, 2019
Inside the Investment Committee #2: Long bonds, short the Euro Gurevich/Brigden/Declercq
45:39
Fund manager Alex Gurevich is in the hot seat this month, pitching his “perfect trade” from 2014 long bonds and short the Euro. Alex explains why he believes this was truly a ‘perfect’ can’t lose trade, then we translate to current markets.Link: http://bit.ly/2G8uawM
Jul 12, 2019
All-Stars #31 Julian Brigden: Crypto, Gold and the Dollar
13:12
All-Star Julian Brigden opines on the return of crypto currencies, gold, silver, and the U.S. Dollar. Link: http://bit.ly/2LQ6b9C
Jul 12, 2019
MacroVoices #175 Jesse Felder: Breadth divergences signal caution warranted on new all-time highs
01:28:20
Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss the theories on the length of this market cycle, outlook on the dollar and bond yields, and the unwind of institutional risk parity trade and much more.Link: http://bit.ly/2xKZugy
Jul 11, 2019
Energy Week #10: Inventory data or Tropical Storm? What’s driving the price rally? Alhajji/Shuchart/Berman
47:58
Energy Week episode #10: What’s driving the price rally? Tropical storm in the gulf or massive inventory draw? Also security in Straits of Hormuz and Art v. Anas on data interpretation.Link: http://bit.ly/2LKEOxu
Jul 11, 2019
All-Stars #30 Luke Gromen: Still bullish risk assets, Gold & BTC despite global Dollar squeeze
15:58
All-Star Luke Gromen tells Erik Townsend he understands and agrees with the “global dollar squeeze” argument, but it doesn’t deter him from being bullish Gold, Bitcoin, and risk assets generally.Link: http://bit.ly/2LdwKpt
Jul 10, 2019
All-Stars #29 Brent Johnson: Still not chasing Gold at these levels
25:05
All-Star Brent Johnson tells Erik Townsend he's not chasing gold at these prices, and his conviction that the USD is headed much higher has never been stronger. Brent also thinks SPX 4000 is possible in the next 2-3 years.Link: http://bit.ly/2LdZvlR
Jul 09, 2019
All-Stars #28 Louis-Vincent Gave: $13tn of Negative-Yielding Debt
19:12
All-star Louis-Vincent Gave tells Erik Townsend that $13.5tn of negative-yielding sovereign debt around the world is a sign the global economy is in serious trouble. U.S. Stocks may be at all-time highs, but the rest of the world is in decline.Link: http://bit.ly/2XKIfuH
Jul 08, 2019
All Stars #27 Dr.Pippa Malmgren: Don't underestimate the importance of data security
25:03
Today's All-Star Dr.Pippa Malmgren says why privacy will be the governance issue of our time. Link -> https://www.macrovoices.com/podcasts-collection/macrovoices-all-stars-podcasts/617-all-stars-27-pippa-malmgren-don-t-underestimate-the-importance-of-data-security
Jul 05, 2019
MacroVoices #174 John Netto: Gold will hit $1500 this month
01:15:07
 Erik Townsend and Patrick Ceresna welcome John Netto to MacroVoices. Erik and John discuss what’s driving this market, where is gold heading next and how to apply sentiment indicators to investing strategy. Link -> https://www.macrovoices.com/614-john-netto
Jul 04, 2019
All-Stars #26 Juliette Declercq: Should lawyers be in charge of Central Banks?
11:13
After Juliette Declercq stirred up some commotion with her tweet asking whether it makes sense for lawyers to be in charge of the 2 main central banks, we wanted the full story…
Jul 04, 2019
Energy Week #9: OPEC+, G20, And a Deep Dive on Forward Curves. Panel Hansen/Cook
01:01:24
This week's panel includes Ole Hansen and Chris Cook. Topics include G20, OPEC+, market reaction to both, and Chris takes a deep dive on forward curves.
Jul 04, 2019
All-Stars #25 Danielle DiMartino-Booth: The U.S. is not immune to the global economic slowdown
14:02
All-Star Danielle DiMartino Booth tells host Erik Townsend that the U.S. is anything but immune to the global economic recession that is now beginning. Also Fed vs. Trump and why it's important to have an independent Fed. Direct Link -> https://www.macrovoices.com/podcasts-collection/macrovoices-all-stars-podcasts/613-all-stars-25-danielle-dimartino-booth
Jul 03, 2019
All-Stars #24 Prof. Steve Keen: Credit MATTERS to Aggregate Demand!
15:05
All-Star Professor Steve Keen debunks mainstream economists failure to consider Credit as a determinant of aggregate demand
Jul 02, 2019
All-Stars #23 Jeff Snider: Rate cuts are coming!
17:06
All-Star Jeff Snider says interest rates are coming, but he thinks the actual reasons differ from market perceptions. Hear Jeff explain the clues interest rate swaps and offshore repo transactions provide.
Jul 01, 2019
All-Stars #22 Luke Gromen: We’re in the early innings of Dollar down, Gold & Bitcoin up
16:20
All-Star Luke Gromen says the long gold, long bitcoin, short U.S. Dollar trade is just getting started.
Jun 28, 2019
MacroVoices #173 Marin Katusa: Everyone’s focused on Gold, but the real buy is in Oil!
01:45:38
Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss his outlook on uranium, perspective on shale oil over the next decade, and how to play the energy sector.
Jun 27, 2019
Energy Week #8: Massive inventory drawdown, PES Fire, OPEC+, G20. Panel Shuchart/Berman/Alhajji
57:05
This week's Energy Week features Art Berman, Anas Alhajji and Tracy Shuchart. Topics: Massive EIA inventory drawdowns, lower Brent+WTI open interest, PES Fire, OPEC+ G20 & More.
Jun 27, 2019
All-Stars #21 Julian Brigden: Trump, Trade & the Middle East
17:25
All-star Julian Brigden opines on the China-U.S. trade negotiations, middle-east geopolitical tensions, and much more.
Jun 25, 2019
All-Stars #20 Louis-Vincent Gave: Hong Kong Protests & Chinese Yuan Outlook
17:09
Today's Macrovoices All-Star Louis-Vincent Gave weighs in on the protests which brought 25% of Hong Kongers to the streets and opines on the longer term outlook for the Chinese Yuan
Jun 21, 2019
MacroVoices #172 Greg Weldon: Translating Fed policy to Commodity Price Outlook
01:25:23
 Erik Townsend and Patrick Ceresna welcome Greg Weldon to MacroVoices. Erik and Greg discuss his outlook on the dollar, possible dollar breakout and its risks on gold and using commodity indicators as economic indicators.
Jun 20, 2019
Energy Week #7: Tanker attacks, OPEC+, G20, Fed Policy. McMonigle/Hemsworth/Alhajji
51:14
This week's ENERGY WEEK features Anas Alhajji, Joe McMonigle and Patricia Hemsworth. Gulf tanker attacks and their consequences, China Trade, G20, OPEC+ and much more.
Jun 20, 2019
All-Stars #19 Prof. Steve Keen: Risks to Sweden and Nordic Economies
10:37
Today's MacroVoices All-Star Prof.Steve Keen recaps his recent trip to Sweden for the Central Bank Digital Currency conference, and comments on Swedish and Nordic economic outlooks.
Jun 18, 2019
All-Stars #18 Juliette Declercq: When will the Fed cut rates?
14:06
Today's MacroVoices All-Star is JDI Research founder Juliette Declercq. Juliette weighs in on what we can expect from this week's FOMC statement, and the disparity between equity and fixed income markets discounting different growth expectations. Also Yuan deval risk. 
Jun 17, 2019
All-Stars #17 Danielle DiMartino Booth: The Fed is setting the stage for NIRP!
18:11
All-Star Danielle DiMartino Booth is on fire this week! Danielle says the Fed's language change at the Chicago conference can only mean one thing: They're getting markets ready for NIRP. Not ZIRP, but NIRP!
Jun 14, 2019
MacroVoices #171 Josh Steiner : Canadian and American Real Estate Markets are Polar Opposites
01:27:26
Erik Townsend and Patrick Ceresna welcome Josh Steiner to MacroVoices. Erik and Josh discuss U.S. and Canadian real estate, swelling mortgage debt in Canada and deteriorating household finances and more.
Jun 13, 2019
Energy Week: Natural gas backwardation in mid-summer?
59:18
Energy Week panelists Art Berman, Chris Cook and Patricia Hemsworth weigh in on anomalies in natural gas forward curves and what they mean. Also an update on the market sell-off and where it's headed.
Jun 13, 2019
All-Star Brent Johnson: This past weekend’s developments don’t change Brent’s Dollar-bullish view
13:20
Today’s MacroVoices All-Star is Santiago Capital's Brent Johnson, who says this past weekend's ECB and US-Mexico developments do NOT change his dollar-bullish outlook.
Jun 11, 2019
All-Star Luke Gromen: The USD-centric system is slowly losing ground
15:14
All-Star Luke Gromen says oil isn't the only commodity China will begin pricing in its own currency for international settlement, further evidencing China's commitment to de-dollarization. Also an update on Luke's tactical views on the USD.
Jun 10, 2019
All-Star Jeffrey Snider: Yield curves and Eurodollar futures say something is very broken!
22:32
Today’s MacroVoices All-Star is Jeff Snider, who says the yield curve and Eurodollar futures spreads spell a clear message for markets! Be sure to download the associated chartbook.
Jun 07, 2019
Brent Johnson: A big dollar rally could drag stocks higher with it
01:24:11
Erik Townsend and Patrick Ceresna welcome Brent Johnson to MacroVoices. Erik and Brent discuss Brent’s “Dollar Milkshake Theory”, short term and long term outlook on gold, and what impacts the dollar breakout will have on US and the global economy.
Jun 06, 2019
Energy Week: Sentiment sea change, Iran/Venezuela/Saudi Arabia & More. Panel Berman/Alhajji/Shuchart
53:34
This week's MacroVoices Energy Week features Art Berman, Anas Alhajji and Tracy Shuchart. Topics include the sentiment sea change and what's driving it, Iran, Saudi Arabia, & Venezuela, OPEC+ & much more.
Jun 06, 2019
Inside the Investment Committee: The 2016 big short in fixed income
01:02:26
The inaugural episode of MacroVoices INSIDE THE INVESTMENT COMMITTEE featuring Julian Brigden, Juliette Declercq and Alex Gurevich takes you inside the process professional fund managers and their advisers use to source and vet macro trading strategies.
Jun 04, 2019
All-Star Julian Brigden: The Fed needs to ease
20:29
Today’s MacroVoices All-Star is Julian Brigden, who says that the Fed needs to ease and why the dollar is crucial to kick off the next wave of the cycle
Jun 04, 2019
All-Star Steve Keen: Debunking the fake climate science of William Nordhause
23:44
Today’s MacroVoices All-Star is Professor Steve Keen, who says Nobel laureate William Nordhaus has failed to consider tipping points that will make the impact of climate change far worse than Nordhaus predicts.
Jun 03, 2019
All-Star Danielle DiMartino-Booth: Deflation is the name of the game unless/until helicopter money hits the stage
21:15
Today’s MacroVoices All-Star Danielle DiMartino Booth says deflation, lower commodity prices, and lower bond yields will be the theme going forward unless/until the political process brings MMT or other “Helicopter Money” into the equation.
May 31, 2019
Lakshman Achuthan: Economic cycle analysis does NOT indicate end of business cycle
01:19:39
 Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices. Erik and Lakshman discuss the concept of late cycle and how the cycle works, correlation between growth rate downturn and risks of a recession, and what the leading indicators show when the cycle is ending.
May 30, 2019
Energy Week Episode 4: There’s been a disturbance in the force! (What just happened?)
52:06
This week's MacroVoices Energy Week features Ole Hansen, Chris Cook and Patricia Hemsworth. What's driving this week's roller coaster ride in oil prices? China Trade? Iran? Inventory builds? Our panel weighs in.
May 30, 2019
All-Star Luke Gromen: There’s reason to think the U.S. Dollar is topping here
14:22
Today's MacroVoices All-Star Luke Gromen says that the Fed Funds rate moving stubbornly over IOER is a clear sign that the Fed will soon be forced to supply more dollar liquidity, a bearish sign given current sentiment extremes.
May 29, 2019
All-Star Dr. Pippa Malmgren: Geopolitics is increasingly important for investors!
20:55
Today's MacroVoices All-Star Dr.Pippa Malmgren says that between the U.S.-China trade situation, populism winning in European elections, and the unfolding U.S-Iran debacle, Geopolitics is more important than ever for investors.
May 28, 2019
All-Star Kevin Muir says the market is way ahead of the Fed in pricing in easing!
19:33
Kevin says the market is way ahead of the Fed in pricing in accommodative monetary policy and thinks bond longs betting on economic collapse will be disappointed, and explains why shorting an INDEX is the wrong way to play a bearish view on U.S./China trade negotiations
May 24, 2019
John Greenwood: We’re at mid-cycle, not late-cycle. Bull Market has plenty of room to run higher.
01:23:16
 Erik Townsend and Patrick Ceresna welcome John Greenwood to MacroVoices. Erik and John discuss where we are in the business cycle, the mechanics of what really drives the cycle and what comes next.
May 23, 2019
ENERGY WEEK: Geopolitics, front month prices vs. steepening backwardation, and Brent-WTI spread.
51:03
ENERGY WEEK #3 features Anas Alhajji, Patricia Hemsworth, and Art Berman.Topics: Geopolitics/Iran, disparity of front month prices and forward curve backwardation, and WTI-Brent Spread.
May 23, 2019
All-Star Prof. Steve Keen on Richard Vague's new book, A Brief History of Doom
12:42
Today’s MacroVoices All-Star is Professor SteveKeen, who weighs in on Richard Vague’s new book, A Brief History of Doom. Steve says Vague has it exactly right, and his analysis of what caused 2008’s Great Financial Crisis jibes almost exactly with Steve’s own analysis of that event.
May 21, 2019
All-Star Juliette Declercq on Populism
14:54
Juliette Declercq believes the surprise outcome of the Australian elections is an important signal as the global populist movement calls for more socialism, yet Australia’s Labor Party was defeated in a surprise ‘upset’ election. Juliette examines the costs of socialism and concludes that deficit spending can continue indefinitely, until inflation re-emerges as a macro risk.
May 20, 2019
All-Star Brent Johnson: Much higher stock prices possible
15:59
oday’s MacroVoices All-Star is @SantiagoAuFund and he says once we get through this soft patch, MUCH higher stock prices are possible. He says it’s all about U.S. stocks becoming a safe-haven for foreigners as USD appreciation enhances foreign returns.
May 17, 2019
Simon White: U.S. Dollar in the Crosshairs
01:14:24
Erik Townsend and Patrick Ceresna welcome Simon White to MacroVoices. Erik and Simon discuss where leading indicators are pressuring US dollar, outlook on US equities and bonds, perspective on the Fed’s cut to its IOER and more.
May 16, 2019
ENERGY WEEK: Geopolitics, Bull/Bear cases & Price Outlook. (with panelists Joe McMonigle, Chris Cook and Tracy Shuchart)
49:08
ENERGY WEEK is a new weekly podcast all about crude oil and energy markets for investors. Our host Erik Townsend discusses Geopolitics, Bull/Bear cases & Price Outlook with this week's panelists.
May 16, 2019
MacroVoices All-Star Julian Brigden: The Fed should cut rates NOW!
13:56
MI2 Partners founder Julian Brigden explains why the Fed is already late to cut interest rates, and the reason has nothing to do with a China-U.S. trade war.
May 15, 2019
MacroVoices All-Star Danielle DiMartino-Booth: Jay Powell is The Grinch who Stole Liquidity
12:39
On today's episode of MacroVoices All Stars, Danielle DiMartino Booth joins our host Erik Townsend to talk about why she thinks Jay Powell is "the Grinch that stole liquidity"
May 14, 2019
MacroVoices All Stars : with Luke Gromen
12:06
On today's episode of MacroVoices All Stars, Luke Gromen joins our host Erik Townsend to discuss the trade war between US and China
May 13, 2019
Charlie McElligott: The opportunity will be found selling puts. But not yet!
01:21:46
Erik Townsend and Patrick Ceresna welcome Charlie McElligott to MacroVoices. Erik and Charlie discuss the impact of policy change on the yield curve, the drivers of volatility in rates, and futures driven equity unwind and more.
May 09, 2019
ENERGY WEEK: Crude oil glut or crisis & Crude Quality Matters. Panel: Berman/Alhajji/Hemsworth
01:00:33
The inaugural episode of MacroVoices ENERGY WEEK features panelists Art Berman, Anas Alhajji and Patricia Hemsworth. Topic 1: Glut or crisis on the horizon? Topic 2: Crude Quality Matters. This new weekly podcast is all about crude oil & energy markets.
May 09, 2019
Juliette Declercq: Questioning the Fed’s ability to service its inflation mandate
01:29:19
Erik Townsend and Patrick Ceresna welcome Juliette Declercq to MacroVoices. Erik and Juliette discuss the current status of inflation, the FED’s failure to meet its inflation mandate, and what is ahead for policy path and inflation outlook.
May 02, 2019
MacroVoices Premium - HOT TOPIC: Louis-Vincent Gave Rebuts Kyle Bass’ Investor Letter questioning Hong Kong’s relevance
39:00
MacroVoices HOT TOPICS are a new offering in conjunction with MacroVoices Premium. Hot Topics interviews are scheduled and produced in reacting to events that come up in markets, independent of our regular podcasts in which the guests are usually scheduled in advance. Today’s Hot Topic is fund manager Kyle Bass’ recent investor letter questioning Hong Kong’s ongoing relevance in the global financial system. Louis-Vincent Gave runs Gavekal, a Hong Kong-based institutional advisor. In today’s Hot Topic interview, Louis offers an “opposing editorial” view, strongly at odds with Kyle Bass’ views on Hong Kong.
May 01, 2019
MacroVoices Premium - MacroVoices All Stars Episode 1
01:20:32
MacroVoices All-Stars Episode #1 featuring Dr.Pippa Malmgren, Art Berman, Prof. Steve Keen, Julian Brigden, Luke Gromen and Danielle DiMartino Booth.
Apr 30, 2019
Dr. Lacy Hunt: U.S. Economy will continue to decline for the balance of 2019
01:15:58
Erik Townsend and Patrick Ceresna welcome Dr. Lacy Hunt to MacroVoices. Erik and Dr.Hunt discuss overall outlook on the US and the global economy, synchronized global downturn and risks of a recession, how debt induced weakness is undermining growth rate, destabilization of the global monetary system, and perspectives on Modern Monetary Theory
Apr 25, 2019
Jeff Snider: Eurodollar System Overview
01:21:38
Erik Townsend and Patrick Ceresna welcome Jeff Snider to MacroVoices. Erik and Jeff discuss the history of Eurodollar, Eurodollar as global reserve currency, and how the global economy and the global financial system depend on the Eurodollar system. They also discuss the breakdown of Eurodollar system, the Great Global Monetary Crisis and the effect the Eurodollar squeeze has on the global system.
Apr 18, 2019
Prof. Steve Keen: Dollar reserve currency status—blessing or curse?
01:23:11
Erik Townsend and Patrick Ceresna welcome Prof. Steve Keen to MacroVoices. Erik and Steve discuss possible benefits to US if the dollar loses its reserve currency status, its impacts on international trades and deindustrialization of US, and possible fiscal crisis and the increase of US Treasury Yields. They also touch on consequences of decrease in demand for US dollar, runaway inflation and runaway trade deficit, risks and opportunities of MMT.
Apr 11, 2019
Neil Howe: Super-bullish the U.S.A. in the 2030s. But between now and then…
01:15:02
Erik Townsend and Patrick Ceresna welcome Neil Howe to MacroVoices. Erik and Neil discuss how the Fourth Turning is unfolding, what is in store for the second half of the fourth turning and how the cycle climax’s at the end. The touch on employment, late-cycle dynamics, trends in real GDP and what demographic trends suggest for the long-term future.
Apr 04, 2019
Eric Peters: The biggest risk is the Central Banks’ inability to spur Growth & Inflation
01:06:42
Erik Townsend and Patrick Ceresna welcome Eric Peters back to MacroVoices. Erik and Eric discuss equity markets, volatility, treasury bonds and the biggest risks in the markets today. During the post game, Juliette Declercq joins the conversation to discuss her Financial Repression Theme.
Mar 28, 2019
David Rosenberg: stocks, yields headed lower
01:12:03
Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik and Dave discuss the FOMC policy shift, market topping formation and ask if we are headed for an earnings recession. They further discuss treasury bonds and what is in store for the corporate bond markets. They leave things off by discussing modern monetary theory, helicopter money and Ben Bernanke’s playbook from 2002.
Mar 21, 2019
Art Berman: The world is still over-supplied with oil
01:31:46
Erik Townsend and Patrick Ceresna welcome Art Berman back to MacroVoices. Erik and Art ask the question was the oil price collapse more than just a correction? The look at world production surplus for 2019-2020, U.S. oil production and ask if OPEC matters anymore. The further look at trends in world liquid production, perspectives on the Brent and WTI curves and ask why is Brent trading at a premium to WTI.
Mar 14, 2019
Barry Ritholtz: Quantitative tightening is not a good reason to be bearish
01:24:06
Erik Townsend and Patrick Ceresna welcome Barry Ritholtz to MacroVoices. Erik and Barry start by defining bull and bear markets and discuss the bullish case for equities. They proceed to discuss the U.S Dollar, interest rate trends, junk bonds and the China credit risks. They then take a deep dive into populism, the growing trends in socialism, crony capitalism and what is wrong with MMT. Special post game guest Charlie McElligott.
Mar 07, 2019
Dr. Pippa Malmgren: Donald Trump never expected to win. He ran for President to pursue an ulterior motive.
01:27:13
Erik Townsend and Patrick Ceresna welcome back Pippa Malmgren to MacroVoices. Erik and Pippa discuss the U.S./China trade war, the Korean peninsula and the China South Sea. They move on to discuss the future of Donald Trump, China/Russia relations and the future of hypersonic warfare. They wrap up talking about socialism, populism, surveillance capitalism and the outlook for the equity markets.
Mar 01, 2019
Luke Gromen: The “Dollar End Game” has already begun!
01:22:29
Erik Townsend and Patrick Ceresna welcome back Luke Gromen to MacroVoices. Erik and Luke discuss the underlying motives & timing of the dollar and the particulars of oil, Petrodollar, and global Treasury Holdings. They elaborate on the drivers behind the strong dollar and timing of the dollar endgame. We welcome Brent Johnson to the post game show to discuss the different alternatives to how the dollar end game scenarios play out.
Feb 22, 2019
Francesco Filia: Stock market CRASH entirely possible
01:19:56
Erik Townsend and Patrick Ceresna welcome back Francesco Filia to MacroVoices. Erik and Francesco discuss bear markets, complex dynamic systems, and the phase transitions and the twin bubbles. The continue discussing tipping points, crash hallmarks and butterflies. They ask why are the risks now and will treasury bonds going to be the benefactor? The end asking how to play the short side of the markets?
Feb 15, 2019
Alex Gurevich: Interest rate momentum is an excellent predictor of equity market performance
51:07
Erik Townsend and Patrick Ceresna welcome back Alex Gurevich to MacroVoices. Erik and Alex discuss the bigger picture outlook on the business cycle, the yield curve, Treasury bonds and the dollar. They further discuss the current quantitative tightening cycle and when the Fed will again begin easing. They then go around the world discussing the global economies in Australia, Canada, China Japan and Europe. The end with a discussion on where is gold heading in the bigger picture and interest rates momentum as a predictor of equity markets.
Feb 07, 2019
Grant Williams: The Trouble in Europe Has Only Just Begun
01:33:57
Erik Townsend and Patrick Ceresna welcome Grant Williams back to MacroVoices. Erik asks Grant if we in a cyclical bear market and where he feels treasury bond yields are headed next. They discuss tensions between China and Taiwan, the rise of global populism and the future of France and Europe. Grant shares his update on how things are developing on Australian Real Estate and the risks of a recession. They end with touching on gold and the U.S. dollar.
Feb 01, 2019
Russell Napier: PBOC dictating global inflation
01:04:00
Erik Townsend and Patrick Ceresna welcome Russell Napier back to MacroVoices. Erik and Patrick discuss treasury bonds, China and the tightening of Chinese monetary policy. They ask which central bank is dictating global inflation, the fed monetary policy and ask if the Fed is out of bullets? They end with an outlook for developed stock markets and ask if the decade long bull market over?
Jan 24, 2019
Charlie McElligott: Fear the Steepener
01:27:55
Erik Townsend and Patrick Ceresna welcome Charlie McElligott back to MacroVoices. Erik and Charlie discuss the china credit impulse and PBoC liquidity operations. The discuss if this is a bear market rally or continuation of bull market and fading the Fed’s economic optimism. They update CTA positioning across asset classes and positioning in risk parity funds. They finally end with a conversation on the yield curve steepener.
Jan 16, 2019
Chris Cole: The ‘BIG ONE’ (Vol event) hasn’t happened yet.
01:07:25
Erik Townsend and Patrick Ceresna welcome Chris Cole back to MacroVoices. Erik and Chris dissect the Vol crash in February 2018 and the implicit/explicit short vol risks. They then put perspective on the next phase of the short vol unwind and the impacts of the reduction of central bank balance sheets. They further discuss the link between volatility and the credit cycle and the stock/bond correlation.
Jan 11, 2019
Marin Katusa: Oil, Steel & Diamonds on the Natural Resources Radar
01:06:13
Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss uranium producers and the recent drop in oil prices. They then go on to discuss the opportunities in the steel and diamond industries. They finally wrap things up with a broader look at resource investing and what it takes to be a successful resource investor.
Jan 03, 2019
Year-end Special: Best Market Calls of 2018
01:17:28
Join Erik Townsend and Patrick Ceresna as they spend an episode reviewing the best market calls of 2018. They discuss which guests nailed the Bitcoin top, the VIX crash, the Chinese economic turn, emerging markets top, S and P 500 top, the turn in corporate bonds, FAANG, and the peak in bond yields.
Dec 27, 2018
Daniel Want: Systems View of OTC Derivatives
01:03:41
Erik Townsend and Patrick Ceresna welcome Daniel Want to MacroVoices. Erik and Daniel discuss system thinking, OTC derivative markets and the counter party risks that exist in the system. They look back at the system wide margin calls back in 2007-08 and discuss the global financial situation today. Brent Johnson joins the conversation in the postgame to discuss the U.S. Dollar, gold and the stock markets.
Dec 21, 2018
Prof. Edward Altman: High Yield Benevolent Cycle Not Yet Over
01:17:17
Erik Townsend and Patrick Ceresna welcome Prof. Edward Altman to MacroVoices. Erik and Edward discuss the credit cycle and the length of the current benign cycle. They elaborate on historical default rates, recessions and the surge in U.S. corporate leverage. In the postgame following the interview, Louis-Vincent Gave joins the team to discuss the liquidity squeeze and the end of Chin-America.
Dec 13, 2018
Juliette Declercq: “Dovish Pivot” is not a game-changer yet
01:21:56
Erik Townsend and Patrick Ceresna welcome Juliette Declercq back to MacroVoices. Erik and Juliette discuss the impact of trade war on the global economy. They then discuss the PBOC, the Chinese monetary policy and the broader global growth outlook. They move on to touch on the U.S. Dollar, the U.S. monetary policy outlook and ask if the Powell dovish pivot a game changer?
Dec 07, 2018
Julian Brigden: Secular Bond Bear Doesn’t Preclude Significant Rallies
01:25:12
Erik Townsend and Patrick Ceresna welcome Julian Brigden back to the show. Erik and Julian discuss what is driving the bond market, demographics and the global excesses in the equity markets. They ask is the U.S. housing markets overpriced, where is the next trade in treasuries and is the stock market due for a big bubble bounce? They finally touch on inflation considerations in 2019 and what is the next move for the Fed?
Nov 30, 2018
Jeffrey Christian: Investment demand for precious metals is bottoming
01:28:17
Erik Townsend and Patrick Ceresna welcome Jeffrey Christian to MacroVoices. Jeffrey is the Managing Director and Founder of CPM Group. Erik and Jeffrey discuss the recent moves in gold and look at the forecast for 2019 and beyond. They further discuss why investment demand has dropped and more importantly, is it turning? The touch on silver and give perspective on the gold:silver ratio. Finally, they discuss the intermarket relationships of gold to other assets and give an update on the platinum and palladium markets. Stay tuned for the post-game where geologist Art Berman joins us to discuss the recent drop in crude oil prices.
Nov 22, 2018
Keith McCullough: Bond Yields May Have Peaked
01:24:08
Erik Townsend and Patrick Ceresna welcome Keith McCullough to MacroVoices. Erik and Keith discuss how the investment landscape has evolved, why deflationary pressures are on the horizon. They further discuss the marginal rates of change in growth and inflation, U.S. real GDP and CPI forecasts, the global economic landscape and the key macro themes into the year end.
Nov 16, 2018
BONUS: Beyond Blockchain Audiobook Chapter 1
35:09
Audiobook Chapter 1 FREE PreviewThe cryptocurrency trend of the past few years has continued to grow despite widespread predictions that it would just be a flash in the pan. Blockchain is suddenly everyone’s favorite buzzword. But what if there’s more to this story than meets the eye? What if Digital Currency is about to change the world in ways beyond our imagination? And what if geopolitical forces our politicians don’t even understand have already inspired China and Russia to use Digital Currency to attack the U.S. Dollar’s dominance over the global financial system?
Nov 14, 2018
Jonathan Tepper: The Myth of Capitalism
01:27:00
Erik Townsend and Patrick Ceresna welcome Jonathan Tepper to MacroVoices. Erik and Jonathan discuss if the market correction over, the outlook for U.S. interest rates and the short and longer-term drivers in the U.S. Dollar. They further touch on China, Europe, inflation, oil, and real estate in Australia, Canada and the United States. Finally, they discuss his new book, the Myth of Capitalism and delve into monopolies and competition.
Nov 09, 2018
Dr. Pippa Malmgren: Embracing Entrepreneurship
01:25:04
Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss the opportunities on drone technology and the leaders in unmanned aerial vehicles. They further discuss the issues of data privacy in the firmware and the risks of drones being used for terrorism. They go on to discuss her new book Leadership Lab. They discuss the new paradigms of leadership, the speed of technological change and slow rate at which governments are adapting.
Nov 01, 2018
Daniel Lacalle: Synchronized Global Growth was always a False Narrative
01:23:20
Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel debate if this is a market correction or is it the end of the bull market? They touch on the Fed’s responsiveness to changing monetary policy and ask where bond yields are heading from here? They proceed to touch on Europe, the ECB, Italy, European junk bonds, Emerging Markets and more. During the post game Marin Katusa joins us to discuss Mohammed bin Salman, Saudi Arabia, oil prices and gold.
Oct 24, 2018
Prof Steve Hanke: M4 is the most under appreciated indicator
01:18:50
Erik Townsend and Patrick Ceresna welcome Prof Steve Hanke to MacroVoices. Erik and Steve discuss drivers of the recessions over the last 30 years,perspectives on Lehman Brothers failure,M4 Money Supply as the broadest measure,dangers in quantitative tightening,commercial banks drive money supply,stabilizing the U.S. Dollar Euro rate,understanding past hyperinflation,and some perspective on Venezuela's hyperinflation
Oct 18, 2018
Prof Steve Keen: The Real Risk is in Private Credit
01:34:00
Erik Townsend and Patrick Ceresna welcome Prof Steve Keen to MacroVoices. Erik and Steve put perspective on global sovereign and private debt. Erik asks if government debt is still a safe haven? They further touch on junk bonds, corporate debt, credit spreads and ask how another financial crisis occurs and which countries are most vulnerable. After the interview, post game guest Charlie McElligott joins Erik and Patrick to dissect the current market drop and where the next opportunities lie.
Oct 12, 2018
Louis-Vincent Gave: Breakdown in Historical Norms between Emerging Markets and USTs
01:15:52
Erik Townsend and Patrick Ceresna welcome Louis-Vincent Gave to MacroVoices. Erik and Louis discuss drivers in emerging markets route, the global equity markets and how long the divergence can last between US and global equity markets. The further discuss the impact on U.S. treasuries, global de-dollarization and the dissolution of Chimerica. They look at NAFTA and the changing of the supply chain as well as the outlook for gold and precious metals.
Oct 05, 2018
Keith Dicker: The next major financial crisis will happen in the Bond market
01:18:18
Erik Townsend and Patrick Ceresna welcome Keith Dicker back to MacroVoices. Erik and Keith discuss the government bond bubble, artificially suppressed interest rates and rethinking bonds for portfolio allocations. They discuss what impact that a bond market route could have on equities and if the bond bear market has started. They conclude with their outlook on equities and gold.
Sep 27, 2018
Art Berman: The market has de-valued the oil price yield curve
01:23:26
Erik Townsend and Patrick Ceresna welcome Art Berman back to MacroVoices. Erik and Art discuss comparative inventory and inventory correlation to price on oil. They further look at price cycles, the oil-price yield curve and the impact of U.S. exporting oil. They further discuss why backwardation is collapsing on WTI, sensitivities to supply concerns and the discrepancies between IEA and OPEC forecasts.
Sep 20, 2018
Charlie McElligott: Phase one is over. The easy money has already been made.
01:20:09
Erik Townsend and Patrick Ceresna welcome Charlie McElligott to Macrovoices. Erik and Charlie discuss the curve steepener as a recession signal and the current impact that the dollar, real rates and inflation expectations have on the markets. They further touch on the Chinese credit/financing impulse and the late cycle behavior from autos and homebuilders. They discuss the yield curve, the Nabe wage surveys, unemployment and what they tell us about future recessions.
Sep 13, 2018
Marin Katusa: The setup for Uranium is better now than any time in the last decade
01:38:33
Erik Townsend and Patrick Ceresna welcome Marin Katusa back to MacroVoices. Erik and Marin discuss uranium and why it is an opportunity now and the political and geopolitical considerations in picking your investments. They further discuss the royalty and streaming business model for uranium and the private placement opportunities in the streaming model. They further discuss warrants on resource companies and what to focus on when looking for companies that are acquisition targets.
Sep 07, 2018
Danielle DiMartino Booth: Jay Powell is a new breed of Fed Chairman
01:11:12
Erik Townsend and Patrick Ceresna welcome Danielle DiMartino Booth to MacroVoices. Erik and Danielle discuss Jay Powell as the new Fed Chair. They discuss Jackson Hole, how Powell did and the absence of Draghi and Kuroda. They further discuss the impacts from the trade war, markets reaction to quantitative tightening, Fed policy and the economy. They further touch on inflation expectations, Europe and the outlook for China.
Aug 31, 2018
EuroDollar University, Season 2, Part 3
01:13:19
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider back to MacroVoices for Part 3 of Season 2 of the new Eurodollar University series. During this episode, Erik and Jeff delve in the federal reserve intervention, the structural changes in the Eurodollar system and the shift in bank views from riskless return to returnless risk. They further look into its impact on sustained economic growth and impact on global economies.
Aug 23, 2018
EuroDollar University, Season 2, Part 2
01:09:34
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider back to MacroVoices for Part 2 of Season 2 of the new Eurodollar University series. During this episode, Erik and Jeff discuss the collateral problems with gold during 2008. Jeff explains why the crisis was a liquidity risk, not a credit risk. They elaborate on the basic interbank functions, balance sheet capacity, negative swap spreads and the pro-cyclical positive monetary feedback loop.
Aug 16, 2018
EuroDollar University, Season 2, Part 1
01:16:36
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider back to MacroVoices for Part 1 of Season 2 of the new Eurodollar University series. During this episode, Erik and Jeff discuss the lost dollar decade and put into context the global dollar markets. They further dive into the shadows of the great financial crisis and the liquidity crisis in the CDS markets.
Aug 09, 2018
Jesse Felder: Equity Markets are in a Topping Process
01:18:22
Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss drivers behind the everything bubble, and will quantitative tightening be a trigger? Impacts of market leverage, the Buffet yard stick and what is in store for the FAANG stocks.
Aug 02, 2018
Martin Armstrong: There is no alternative to the Equity Market
01:12:19
Erik Townsend and Patrick Ceresna welcome back Martin Armstrong to MacroVoices. Erik and Martin discuss if there is room for the equity bull market to continue. They further discuss the outlook on global bond, U.S. Dollar, and gold. They further discuss the geopolitics in Europe, Russia and China and look at domestic politics in the U.S. going into the mid-term elections.
Jul 26, 2018
David Rosenberg: The top is probably in already
01:32:43
Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik asks Dave if there is one more leg higher in the S And P 500 or is the top in? They further discuss the outlook on junk and investment grade bonds and how to play the short on low grade corporates. They further discuss inflation, USD, the business cycle and where yields are heading from hear. The end with the outlook on the Canadian dollar and the Canadian housing cycle.
Jul 20, 2018
Dr. Pippa Malmgren: Social Media Data Mining is the new Geopolitical Frontier
01:45:43
Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss Trump, art of the deal, trade wars and North Korea. They further discuss Russia, Syria, US and chemical warfare and global de-dollarization. They finally end discussing Facebook’s impact on geo-politics and financial markets, social media data mining and the Leadership Lab: Understanding Leadership in the 21st century
Jul 13, 2018
Chris Cook: Energy Markets are Manipulated in Multiple Timeframe
01:34:54
MacroVoices welcomes Chris Cook to the show. Erik and Chris discuss the blow out of time spreads in WTI, oil deals outside of the market and the impact of Syncrude going offline. They further discuss dark inventories, what is it and how does it fit into the big picture. They further discuss the China and the Petro-Yuan contract and gaming US exports and inventories.
Jul 06, 2018
Eric Peters: USD Reserve Status, Unfunded Liabilities, Inflation & More
01:26:46
MacroVoices and Erik Townsend welcomes Eric Peters as this week’s guest, co-hosted by Kevin Muir. Erik and Eric discuss the future of the USD as the world reserve currency, the impact of protectionist policies on financial markets and the FED reductions and their impact around the world. The further discuss inflation, entitlements and the changes we can expect in central bank attitudes moving forward. Later in the podcast the discuss demographics, baby boomers, and millennials and their impact over the coming years on financial markets.
Jun 29, 2018
Luke Gromen: Secular Dollar Bear goes Tactically Dollar Bullish
01:23:34
Erik Townsend and Patrick Ceresna welcome back Luke Gromen to MacroVoices. Erik and Luke discuss the outlook on the U.S. dollar, funding the U.S. deficits and the U.S. “Impossible Trilemma”. They further discuss Luke’s perspective of the Fed taking the “Shoot the Hostage” stance on the markets and particularly the influence on the emerging markets. They discuss China accelerating global de-dollarization and the U.S. weaponizing the USD and oil against Russia and Iran.
Jun 21, 2018
Crude Oil Special: Anas Alhajji, Joe McMonigle, Dr. Ellen Wald
01:30:30
Erik Townsend and Patrick Ceresna welcome Anas Alhajji, Joe McMonigle and Dr. Ellen Wald to the show. Erik and Ellen discuss how does Saudi Arabia looks at the oil market, perspective about Saudi Aramco, understanding Mohammad bin Salman and the social politics in Saudi Arabia. During the second part of the interview, Erik, Joe and Anas discuss what is driving the oil markets, Iranian sanctions, OPEC and backwardation.
Jun 14, 2018
DoubleLine’s Jeffrey Sherman: Bond Bear Market is Pausing but Not Over!
01:28:48
Erik Townsend and Patrick Ceresna welcome Jeffrey Sherman to MacroVoices. Erik and Jeffrey discuss the big picture outlook on the economy, bonds and interest rates. They ask if there is a recession coming in the U.S. and how much upside on the U.S. Dollar? They further debate how will the economy deal with higher rates and inflation, the outlook on gold and commodities.
Jun 07, 2018
Nomi Prins: Central Bank Collusion; Pat Hemsworth: Crude Oil Update
01:28:37
Erik Townsend and Patrick Ceresna welcome Nomi Prins to MacroVoices. Erik and Nomi discuss central bank collusion to prop up asset prices. They further look into why QE never led to runaway inflation and why there has been no consequences over the last 10 years. For the second interview Erik welcomes Pat Hemsworth to the show to discuss everything oil.
Jun 01, 2018
Dr. Lacy Hunt: The Bond Bull Market is NOT over!
01:14:54
Erik Townsend and Patrick Ceresna welcome Dr. Lacy Hunt back to MacroVoices. Erik and Lacy ask if the bond bear market has really started and what are the opposing views? They further discuss shorting high yield debt, junk credit and ask where to be on the yield curve right now. They then move on to discuss the bigger picture as to whether America ever be able to repay the debt and where is the point of no return.
May 24, 2018
Juliette Declercq: The bear argument for the USD
01:16:28
Erik Townsend and Patrick Ceresna welcome Juliette Declercq back to MacroVoices. Erik and Juliette discuss the U.S. Dollar, rate differentials and ask if there has been a regime shift. They further discuss how does the economic data tie back into bearish dollar narrative and what are the tactical considerations on a dollar short. They further touch on how traders can position themselves on the interim.
May 18, 2018
Charles Gave: Our Industry is NOT prepared for secular inflation!
01:18:33
Erik Townsend and Patrick Ceresna welcome Charles Gave to MacroVoices. Erik and Charles discuss the corporate yield curve and what it is telling us about the equity market. They then delve into the Hong Kong dollar peg and perspective on China’s debt and related risks. They further discuss the risk parity trade with bonds and stocks selling off simultaneously and the return of secular inflation. They look at the upcoming monetary war and how gold will play the arbiter”. They further look into what happened in the 70’s with inflation and how one can prepare for the return of secular inflation.
May 11, 2018
Russell Napier: Signs of incipient inflation are a false alarm and won’t last long
01:19:15
Erik Townsend and Patrick Ceresna welcome Russell Napier to MacroVoices. Erik and Russell discuss deflationary risks in the U.S. and context on current higher inflation prints. Erik asks Russell how high are risks of a credit event and what risks are there emanating from China. They further consider the impact of higher interest rates and ask if there a concern of the U.S. government not being able to fund itself. They ask what comes next for the equity markets, the impacts on junk bonds and what is next for Japan.
May 04, 2018
Marin Katusa: Copper, Uranium & the EV Revolution
01:08:36
Erik Townsend and Patrick Ceresna welcome Marin Katusa to the show. They discuss uranium exports to from Russia to the U.S. and what options does the US have for new uranium sources? They further explore electric vehicles and why they’ll be a dominant trend over the coming years and why copper is a key component in playing the EV trend. They discuss if copper is a sole source material for EV or is there an alternative?
Apr 26, 2018
Bassman/Cudmore/Snider: Market Correction Review
01:27:39
MacroVoices welcomes Harley Bassman, Mark Cudmore and Jeffrey Snider for a triple header episode asking if the market correction is over. The further discuss, bonds, commodities and the U.S. Dollar.
Apr 20, 2018
Darius Dale: Hedgeye turn BEARISH U.S. Growth
01:10:32
Erik Townsend and Patrick Ceresna welcome Darius Dale to MacroVoices. Erik and Darius discuss the peak in the U.S. growth cycle, inflation and earnings. They further discuss the global divergence reiterated and the prognostications vs the reality of the markets.They further discuss China’s massive credit expansion, the US dollar and the breakdown in currency and interest differentials.
Apr 13, 2018
Simon White: Equities are running out of road
01:22:57
Erik Townsend and Patrick Ceresna welcome Simon White to MacroVoices. Erik and Simon discuss the equity markets and the post-crash dynamics. They look at the medium-term drivers of the U.S. dollar and ask if something has fundamentally changed in the U.S. treasury markets. They look that the yield curve, TED and LIBOR OIS spreads and conclude by looking at the outlook on the Canadian, Chinese and Japanese economies.
Apr 06, 2018
Julian Brigden: Stock collapse under own weight or Fed/yields do it for them
01:26:59
Erik Townsend and Patrick Ceresna welcome Julian Brigden to MacroVoices. Erik and Julian discuss what is on the horizon for inflation and is there a risk of runaway inflation? They look at today’s market and what comes next for equities. They discuss if the market highs in already and if bonds and stocks sell off, where does the money go? They look at the US dollar, the correlation breakdown between the USD and US bonds and where to focus the bond short.
Mar 29, 2018
Jeff Snider: U.S. Treasury Yield Curve Deep Dive
01:46:41
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider to MacroVoices. Erik and Jeff discuss what the current yield curve is telling us? They touch on the changes from an era of fed funds rate targeting and reflect on the 2006-2009 period for interest rates and the reflation trends in the post “Great Financial Crisis”. Jeff continues to deconstruct rates, the negative term premiums and the markets inflation expectations. They conclude looking at central bank failure and why this flat curve is bad.
Mar 22, 2018
John Mauldin: No sign of imminent recession
01:19:17
Erik Townsend welcomes John Mauldin to MacroVoices. Erik starts by asking John if this is the end or just the beginning of this small market dislocation? They further discuss drivers behind the back up of interest rates and ask how far can the 10-year go before something breaks and what are the risks? They proceed to discuss inflation, China and some of the surprises from the SIC conference this year.
Mar 16, 2018
Jim Grant: The great Bond BEAR Market has already begun!
01:33:11
Erik Townsend welcomes Jim Grant to MacroVoices. Erik and Jim discuss new Fed governor Powell, treasury yields and how far the FED go before something breaks. They discuss his outlook on inflation, gold, junk bonds, China and the drivers of long term debt cycles. They reflect on History and what happened when the FED did not bail out the banks in 1920 and considerations on what actions the US government can take to deal with the debt.
Mar 09, 2018
Jeffrey Snider: Since 2008 major turning points in Gold have been punctuated by Eurodollar anomalies
01:34:55
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss gold swaps, how central banks engage in them and what has changed in gold swap markets today. They further investigate the gold bug’s conspiracy theory about “gold pukes” and what happened to gold in the 2008 crisis. They finally touch on how has the mood changed in gold starting 2017?
Mar 02, 2018
Rick Rule: Natural Resource Investing
01:20:04
Erik Townsend welcomes back Rick Rule from Sprott Global to MacroVoices. Erik and Rick discuss using a top down macro perspective on resource investing. The delve into rare earths, lithium uranium and nuclear energy. The discuss the future of liquid fluoride thorium reactors, copper, potash and investing in water as a commodity.
Feb 23, 2018
Eric Peters: Systemic Risks are Mounting
01:28:27
Erik Townsend welcomes Eric Peters to MacroVoices. Erik and Eric discuss if this is just a small equity market dislocation or is this bigger, the VIX complex and why the Inverse VIX products were flawed. They put context on the increasing rates, the movement of the dollar, stagflation and inflation risks. They further consider the impact of the changes of leadership at the FED and the policy tools they will be able to use during the next recession.
Feb 16, 2018
Jared Dillian: The week short vol imploded
01:28:21
Erik Townsend welcomes Jared Dillian to MacroVoices. Erik and Jared discuss the drivers of this stock market drop and ask if higher volatility here to stay? The further discuss if this is the beginning of a sustained unwinding of the short vol trade and where are the markets heading from here. They further discuss bonds, interest rates, the US dollar and gold.
Feb 09, 2018
Art Berman: Crude Oil Special Double Header
01:24:07
Erik Townsend welcomes Art Berman to MacroVoices. Erik and Art discuss the current oil markets, comparative inventories and OPECs influence on the price. They further put into context on OPEC production cuts and how much new oil is coming from higher prices. They look at the economics on the shale oil fields, perspectives on US oil exports and the general underinvestment in new exploration and development.
Feb 02, 2018
Chris Cole: Volatility and the Alchemy of Risk
01:21:10
Erik Townsend welcomes Chris Cole to MacroVoices. Erik and Chris discuss all things about underlying risks in the current low volatility market. They discuss share buybacks, the explicit vs implicit short vol positions and the impact of risk parity, VAR control, funds. The look at the potential impact of the unwind in the short VIX trade and why the scenarios echo the period prior to the 1987 market drop.
Jan 26, 2018
Mark Cudmore: Around the World of Macro
01:20:56
Erik Townsend welcomes Bloomberg’s Mark Cudmore to MacroVoices. Erik and Mark discuss the outlook for the US dollar, rate differentials and the impact of the Yuan oil contract. They further discuss bonds, inflation and stagnation. They move on to commodities, equities, China and Europe.
Jan 19, 2018
Josh Steiner: Global Housing Market Analysis
01:23:11
Erik Townsend welcomes Josh Steiner to MacroVoices. Erik and Josh discuss the macro drivers of the Canadian and Australian real estate markets. They look at Canada’s minsky moment, the new government policies and the impact on the Canadian banks. They move on to discuss the Australian one-cylinder economy, perspectives on the Australian construction boom and the high levels of home equity withdrawal. They further discuss the U.S. real estate markets and why there is still room to run.
Jan 12, 2018
Anatomy of the U.S. Dollar End Game Part 5 of 5
01:27:08
MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 5 of the 5 Part Series, the panel discuss the possible sign posts for the big change and the potential triggers for a lower U.S. dollar. They ask if structural changes be implemented to change the course of the dollar and ask which investment assets will work the best?
Jan 05, 2018
Anatomy of the U.S. Dollar End Game Part 4 of 5
01:20:51
MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 4 of the 5 Part Series, Mark Yusko and Luke Gromen debate the gold/oil ratio and gold as a reserve asset. They further discuss international attempts to bypass the U.S. Dollar and the U.S. Dollar shortage caused by the oil price. The finally debate the U.S. losing its status as a hegemonic power and the logistics in replacing the U.S. System.
Dec 30, 2017
Anatomy of the U.S. Dollar End Game Part 3 of 5
01:04:45
MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 3 of the 5 Part Series, Mark Yusko and Luke Gromen discuss the cyclical patterns and technicals for the U.S. Dollar and ask if there is room for another rally. They discuss the gold and the oil for Yuan plan. They look at demographics, deflation, lower rates and the new multi-polar FX world.
Dec 28, 2017
Anatomy of the U.S. Dollar End Game Part 2 of 5
01:11:21
MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 2 of the 5 Part Series, Jeffrey Snider explains the post 2007 U.S. Dollar shortage and how the dollar scarcity play out? They move on to discuss the problems facing China at the moment and perspective on the China gold buying. They ask if American politicians even know there is a problem?
Dec 25, 2017
Anatomy of the U.S. Dollar End Game Part 1 of 5
01:17:02
MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 1 of the 5 Part Series, Jeffrey Snider presents perspectives on where we are today. Looks at how Russia and Brazil dealt with US dollar funding through derivatives and FX repo auctions. They further discuss China’s management of the U.S. dollar and the evolving Chinese response.
Dec 24, 2017
Prof. Steve Keen: Reinventing how Economics is Taught
01:28:45
Erik Townsend welcomes back Steve Keen to MacroVoices. Erik and Steve discuss the 2008 crisis and what could go wrong in the current cycle. They discuss the false narratives around QE and bank reserves and where is the risk to correction in asset pricing. They further discuss the walking dead of debt and the future zombies to be. They further discuss Japan, Canada and China and how long does this debt cycle last?
Dec 22, 2017
Juliette Declercq: 2018 Macro Outlook
01:20:08
Erik Townsend welcomes Juliette Declercq to MacroVoices. Erik and Juliette discuss the US and Chinese economy, inflation and the cautious outlook on equities for 2018. They further discuss interest rates, bond and the potential of a yield curve inversion. Finally, they discuss the Fed and her bearish outlook for the US dollar.
Dec 15, 2017
Marin Katusa: Mohamed bin Salman is reshaping Saudi Arabia
01:24:10
Erik Townsend welcomes Marin Katusa back to MacroVoices. Erik and Marin discuss Saudi Arabian politics and the power shift in the Middle East. They touch on the Petrodollar and the Yuan oil contract, the Saudi Aramco IPO and understanding the OPEC and Russia relationship. The further discuss the future of the electric vehicle market, uranium, global uranium enrichment, Russia and the future of Vladimir Putin.
Dec 08, 2017
Jonathan Tepper: Is Retail a Consensus Short or a Contrarian Long?
01:34:43
Erik Townsend welcomes Jonathan Tepper back to MacroVoices. Erik and Jonathan discuss the outlook on the US dollar, the momentum trade on global equities and VPs contrarian call on the retailers. They further discuss Australian real estate, the Canadian economy and the outlook on China. Special post game guest Devin Anderson to discuss the VIX complex and the short VOL trade.
Dec 01, 2017
Francesco Filia: Positive Feedback Loops Threaten Systemic Risk Escalation
01:30:02
Erik Townsend welcomes Francesco Filia to MacroVoices. Erik and Francesco discuss the twin bubbles in equities and bonds and what the catalyst could be for the reversal. They further discuss the fake market narrative, feedback loops, European junk bonds and the big short VOL trade. Conversation continues in the postgame with guest Kevin Muir to further discuss bonds, inflation and the coming collapse of the short VOL trade.
Nov 23, 2017
Keith McCullough: Bullish Real Growth
01:10:56
Erik Townsend welcomes back Keith McCullough to MacroVoices. Erik and Keith discuss the bull narrative on equities and why valuations are not a catalyst. They further go into the trends in growth and inflation, and where we are in the economic cycle. They look at growth acceleration, earnings and the valuations on technology stocks.
Nov 17, 2017
Jeffrey Snider: Eurodollar University Part 4
01:33:01
Erik Townsend welcomes back Jeffrey Snider to MacroVoices for Part 4 of the Eurodollar University. Erik and Jeffrey discuss the failure of Primus and AIG back in 2008, the Gramm-Leach-Bliley Act, Henry Paulson and Glass–Steagall. They further discuss the Eurodollar system going parabolic in the 2000s, Banks manipulating regulations and the big picture end game of the Eurodollar system.
Nov 09, 2017
Grant Williams: Petroyuan Oil Contract could be a Game Changer
01:22:48
Erik Townsend welcomes back Grant Williams to MacroVoices. Erik and Grant discuss the outlook for the US dollar, the Petroyuan oil contract and the outlook on gold. They discuss inflation risks, interest rates and bonds, real estate and perspectives on China’s credit bubble. They wrap things up discussing cryptocurrencies and the outlook on Europe.
Nov 02, 2017
Harley S. Bassman: The Convexity Maven opines on Macro Themes
01:13:28
Erik Townsend welcomes Harley Bassman to MacroVoices. Erik and Harley discuss the creation of the MOVE index, the three Drivers of Risk: Duration, Credit, and Convexity and the demographic of the Baby Boomers continues to drive financial markets. They further discuss perspective on CAPE ratio levels, correlation of buybacks to cumulative flows and the flow of active to passive management is building a negatively convex foundation.
Oct 26, 2017
Jeffrey Snider: Eurodollar University Part 3
43:42
Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss the Basel Accords, capital reserve ratios and risk weighting assets. The further discuss the leverage in bank capital, adoption of the JPM RiskMetrics and illustrations of the basic interbank functions.
Oct 21, 2017
Art Berman: Comparative Inventory draws spell higher oil prices
01:29:45
Erik Townsend welcomes back Art Berman to MacroVoices. Erik and Art discuss the comparative inventories on oil and the oil prices responsiveness to the changes in inventories.The further discuss the realization that price recovery takes time and that many refinery intakes have not yet recovered. They further discuss backwardation on WTI, considerations on OPEC-NOPEC production cuts and the global market balance on oil.
Oct 20, 2017
Jeffrey Christian: Gold on course for new all-time highs by 2020
00:00
Erik Townsend welcomes Jeffrey Christian back to MacroVoices. Erik and Jeffrey discuss the outlook on the US dollar, gold, silver and global de-dollarization. They further discuss considerations on new crude oil contract with settlement in yuan, backed by gold and the next Fed Chairman. Later in the interview, they discuss ECB policy considerations, decentralization trends in Europe, Russia and China
Oct 12, 2017
Jeffrey Snider: Eurodollar University Part 2
01:20:12
Erik Townsend and Jeffrey Snider are back for Part 2 of the Eurodollar University. Erik and Jeffrey discuss the case of the missing money and the transformation of banking into a wholesale model. They look and the radical monetary evolution and put it into context in understanding the great inflation of the 1970s.
Oct 05, 2017
Mark Yusko: All Things Macro
01:03:41
Part 2 of a two part interview with Mark Yusko discussing commodities, the economy, the markets and more.
Sep 29, 2017
Mark Yusko: USD in secular bear market
01:11:14
Erik Townsend welcomes Mark Yusko back to MacroVoices. They start by discussing Mark’s US Dollar bear thesis from 2016, considerations on the petrodollar and the ascend of the Renminbi. The further discuss the “One Belt One Road Initiative” and ask if the secular blow off top on the dollar occurred?
Sep 28, 2017
Mark Grant: Central Bank Liquidity Drives Everything
01:07:08
Erik Townsend welcomes Mark Grant to MacroVoices. Erik and Mark discuss the outlook for the US Dollar, the Euro, precious metals and US equity markets. The further discuss the impact of Global CB policy vs the FED and ask if the 35-year bond bull market over? Further discussed is perspectives on China’s credit bubble, the underfunded pension crisis and the escalation of North Korea tensions.
Sep 22, 2017
Hugh Hendry: Inflation is just over the horizon!
01:08:35
MacroVoices welcomes Hugh Hendry as this week’s guest. Erik and Hugh discuss the outlook on the global economy, wage and price inflation and the US dollar. The further discuss interest rates, the yield curve, precious metals and global equity markets. Finally, they discuss the considerations on the Chinese credit bubble.
Sep 14, 2017
Luke Gromen: The biggest mean reversion in 50+ years is underway!
01:07:07
Erik Townsend welcomes Luke Gromen to MacroVoices. Erik and Luke discuss his bearish perspectives on the US Dollars and why budget deficits matter. The discuss the new yuan oil contract and how it is changing global landscape and impacting the global Eurodollar system. The further discuss the gold/oil ratio, new rounds of QE, inflation and the starting of the economic endgame?
Sep 07, 2017
Jeffrey Snider: Eurodollar University Part 1
01:18:26
Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey look at the evolution of Eurodollars. They explore what exactly are Eurodollars and where do they come from? They look at money as interbank liabilities and the transformation of banking into a wholesale model.
Aug 31, 2017
Joe McMonigle: Crude Oil Special
01:21:38
Erik Townsend welcomes Joe McMonigle to MacroVoices. Erik and Joe discuss the oil supply glut, theimport data, oil inventories and the outlook for U.S. oil production. They further discuss the geopolitics of Venezuela and Iran and debate if the Saudi Aramco IPO going to happen?
Aug 25, 2017
Josh Crumb: All About Gold
01:18:24
Erik Townsend welcomes Josh Crumb to MacroVoices. Erik and Josh discuss his perspectives on gold and the influences of energy and interest rates. They further discuss the outlook for currencies and cryptocurrencies including bitcoin.
Aug 17, 2017
Neil Howe: The really big crisis has yet to arrive!
01:29:20
Erik Townsend welcomes Neil Howe to MacroVoices. Erik and Neil discuss the Fourth Turning, when it started and how long it will last. They ask if there another big global event on the horizon and what to expect for the next decade? The further explore the impact of baby boomers retiring, the Homelander generation and reflections on the book which was written over 20 years ago.
Aug 10, 2017
Raoul Pal & Julian Brigden: When will the dollar rout end?
01:28:08
Erik Townsend welcomes Julian Brigden and Raoul Pal back to MacroVoices. Erik, Julian & Raoul discuss their views on the US Dollar, the equity markets and the business cycle. They further explore the outlook on the bond bull market, demographics and the coming pension crisis.
Aug 04, 2017
Chris Whalen: Equity markets overvalued but not ready to crash
01:42:31
Erik Townsend welcomes Chris Whalen to MacroVoices. Erik and Chris discuss his views on the U.S. dollar and the overvalued equity markets. The further discuss corporate debt, interest rates, bonds and the high levels of private debt. They further discuss Chris’s books “Inflated” and “Ford Men”.
Jul 28, 2017
Dr. Pippa Malmgren: CryptoCurrencies – libertarian dream come true or Orwellian nightmare?
01:31:17
Erik Townsend welcomes Dr. Pippa Malmgren back to MacroVoices. Erik and Pippa discuss European geopolitics and what is in store for European migration and Turkish politics. They further move into discussing the geopolitics associated with the cryptocurrencies and blockchain technologies.
Jul 21, 2017
Dr. Ben Hunt: The Federal Reserve is no longer your friend!
01:10:58
Erik Townsend welcomes Dr. Ben Hunt back to MacroVoices. Erik and Ben discuss the sea of change at central banks and the negative impact of Fed shrinking their balance sheet. They further discuss the -impact on the markets and the considerations on interest rate and bond trends. They later touch on the flaws of the volatility ETFs and considerations in the real estate markets.
Jul 14, 2017
Tian Yang: It’s not time to be short the stock market. Yet.
01:13:17
Erik Townsend welcomes Tian Yang to MacroVoices. Erik and Tian discuss the US growth and credit cycles and the global liquidity conditions deteriorating sharply. They further discuss China, global equities and fixed income. They further explore the current conditions in Europe, Japan and Australia
Jul 06, 2017
Alex Gurevich: ZERO evidence the secular bull market in bonds is over
01:07:43
Erik Townsend welcomes Alex Gurevich to MacroVoices. Erik and Alex discuss Mario Draghi and ECB, his short Swiss Franc positioning and the US Dollar outlook. They further discuss trump reflation, equity markets and his views on secular interest rates and inflation. Further discussed China, Japan and the outlook on the Canadian economy.
Jun 30, 2017
Jesse Felder: The Party is Ending for Stock Bulls
01:14:16
Erik Townsend welcomes Jesse Felder to MacroVoices. Erik and Jesse discuss the technicals on the markets, DeMark indicators and the potential turning points in the exhausted trends. They further discuss the VIX short positioning and debate if we are in a secular turn in share buybacks?
Jun 22, 2017
Keith McCullough: Tech Rally is Not Over!
01:13:00
Erik Townsend welcomes back Keith McCullough to MacroVoices. Erik and Keith discuss his outlook on the US Dollar, his views on the reflation trade rolling over and his bullish outlook on the US markets and the Nasdaq. They further discuss bond yields, the Euro and his outlook on the emerging markets.
Jun 16, 2017
Axel Merk: Trump reflation trade is dead. Equity market hasn’t noticed yet.
01:14:10
Erik Townsend welcomes back Axel Merk to MacroVoices. Erik and Axel discuss Europe, ECB policy, UK elections and the future of the European union. They further debate the Trump reflation trade, the U.S. dollar and fiscal/monetary policy. Looking around the globe, the look at the Chinese Yuan devaluation, Japan and the outlook on gold.
Jun 09, 2017
Art Berman: Crude Oil Special Part 2
51:47
Erik Townsend welcomes back Art Berman to MacroVoices. Erik and Art put perspective on OPEC, the 9-month extension on production cuts and OPEC’s goal to keep a floor under oil prices. They look at the positioning of oil traders since February and the reasons for lower oil prices. This is Part 2 of a 2 Part episode.
Jun 02, 2017
Art Berman: Crude Oil Special Part 1
45:32
Erik Townsend welcomes back Art Berman to MacroVoices. Erik and Art put perspective on OPEC, the 9-month extension on production cuts and OPEC’s goal to keep a floor under oil prices. They look at the positioning of oil traders since February and the reasons for lower oil prices.
Jun 02, 2017
Jeffrey Snider: Dollar bulls don’t understand why they are right
01:19:33
Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey look at Eurodollars and the Eurodollar shortage. They discuss the real drivers of the US Dollar bull market and the flaws in the reflation trade narrative. The discuss the connection between Eurodollars and gold and the impact of QE on Eurodollar system.
May 26, 2017
Russell Napier: Buy the Dollar Dip
01:07:09
Erik Townsend welcomes Professor Russell Napier to MacroVoices. Erik and Russell discuss if the U.S. Dollar bull market over, where we are in the secular treasury bond bull market and the coming pension crisis. They further discuss inflation expectations, the outlook for precious metals and the European exit contagion risk.
May 19, 2017
Lacy Hunt: The secular bond bull market is not over!
01:08:12
Erik Townsend welcomes Dr. Lacy Hunt to MacroVoices. Erik and Lacy discuss the important question as to if the secular lows are in for U.S. interest rates. The further discuss the work of Minsky and Kindelberger and ask the important question as if the world is turning Japanese? The further explore the impact of demographics, negative interest rates and the Fed hiking into deteriorating economy.
May 12, 2017
Steve Keen: On All Things Macro
01:21:53
Erik Townsend welcomes Steve Keen back to MacroVoices. Erik and Steve discuss the French election, the next move in the Euro and U.S. Dollar. The further discuss the bond bull market and considerations in private debt levels. They further discuss global geopolitics, China and ask if we could avoid another financial crisis.
May 05, 2017
Martin Armstrong: Stocks could DOUBLE from here!
01:17:37
Erik Townsend welcomes Martin Armstrong to MacroVoices. Erik and Martin discuss his views on the U.S. Dollar and the future of the European Union. Martin discusses his bullish case for U.S. stocks and considerations for international money flows. They discuss future interest rate trends, government debt, the geopolitics of North Korea and Syria and considerations on China and the debt crisis.
Apr 28, 2017
Danielle DiMartino Booth: Fed Up with the Federal Reserve
01:15:38
Erik Townsend welcomes Danielle DiMartino Booth to MacroVoices. Erik and Danielle discuss a look at the Fed from the inside. They further discuss the shadow banking system, reflect on the global financial crisis and the culture at the regional reserve banks.
Apr 20, 2017
Lance Roberts: Record margin debt threatens fed-fueled bull market
01:16:08
Erik Townsend welcomes Lance Roberts to MacroVoices. Erik and Lance discuss the liquidity driven markets and the Fed balance sheet driving asset prices. They further discuss the margin debt vs. the net credit balance and as a % of real GDP. The further discuss the total system leverage, the economic deficit and peaks in real profit margins.
Apr 14, 2017
Juliette Declercq: A Red string of fate ties U.S. to China
55:24
Erik Townsend welcomes Juliette Declercq to MacroVoices. Erik and Juliette discuss the US Dollar, 10-year UST and the FOMC. They reflect on Juliette’s perspectives on the red string of fate ties U.S. to China, future FOMC policy and the current business cycle. They further discuss where is the ISM heading next, the impact on Trump’s tax and infrastructure spending and the potential surprises for the upcoming French election.
Apr 07, 2017
Julian Brigden: The “Trump Gap”, the Dollar and Bonds
01:07:22
Erik Townsend welcomes Julian Brigden back to MacroVoices. Erik and Julian discuss the U.S. Dollars impact on the US shale bubble, the peak acceleration in ISM manufacturing and the risk that headline inflation is peaking. They further discuss if the Fed tightening is going to start to impact data. Julian also points out that the bond shorting opportunity is over and the subsequent risks to the reflationary trades. Also discussed are the wage trends in the U.S.,perspectives on European growth and inflation and the relative pricing between U.S. and European bunds.
Mar 31, 2017
Jeffrey Christian: Secular BUY call on Gold
01:12:00
Erik Townsend welcomes Jeffrey Christian back to MacroVoices. Erik and Jeffrey discuss the outlook on the US dollar, Jeff’s secular bullish call on gold and silver and the current demand for physical gold. Jeff further discusses the fundamentals for the platinum, palladium and lithium markets. Further, they wrap things up with Jeff’s macro outlook on the economy, the European Union and outlook for China and Russia.
Mar 23, 2017
Jonathan Tepper: The Sea of Excess Liquidity which fueled the rally will soon dry up!
01:09:54
Erik Townsend welcomes Jonathan Tepper to MacroVoices. Erik and Jonathan discuss the excess liquidity generated by central bank policy and the impact to equities, emerging markets and commodity prices. Jonathan gives further insights on inflation risks and the real end game and runaway inflation. They further discuss the 35-year secular bull market in sovereign bonds and the yield curve. With further comments on Australia, Brazil, China and Japan.
Mar 16, 2017