Macro Voices Podcasts

Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss:

• Considerations on Federal Reserve Intervention
• Switzerland as a major supplier of dollars
• Structural changes to the Eurodollar System
• Riskless return shifts to returnless risk
• Banks simply do not want to do it anymore
• Impact to sustained economic growth
• Impact on global economies including EM and China

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Jeff will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register.  Once logged in, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss:

• Collateral problems with gold in 2008
• Liquidity risk, not credit
• Basic Interbank Function – Basel ‘Conjuring’
• Larger issue of balance sheet capacity
• Management of the asset side – dark leverage
• Impaired assets and OTTI
• Negative swap spreads assaulting conventional financial sense
• Pro-cyclical positive monetary feedback loop
• Balance sheet capacity – the modern bank run

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Jeff will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register.  Once logged in, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss:

• The Lost Dollar Decade
• LIBOR and EFF spreads over Fed funds target
• Global dollar markets in perspective
• Into the shadows of the crisis
• Financial crisis and the gross outstanding CDS
• CDS liquidity crisis

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Jeff will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register.  Once logged in, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss:

• Drivers behind the everything bubble
• Will Quantitative Tightening be a trigger?
• Is this a topping process in the markets?
• Impacts of a high degree of market leverage
• The Buffet yard stick
• What is in store for the FAANG stocks?
• How to position yourself defensively in this market?
• Positioning on agricultural and gold mining stocks
• Inflation and the risks of an inflation pickup

Throughout the interview Erik and Jesse refer to the chart book.  This chart book is available free for registered users.  Register now for free and find the links below. 

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SPECIAL POST GAME GUEST- Brent Johnson: CEO of Santiago Capital

Erik Townsend and Patrick Ceresna welcom Brent Johnson to the show to discuss everything gold.  They discuss the dollar, short-term and long-term outlook for gold.  

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SPECIAL POST GAME GUEST- Angie Setzer @GoddessofGrain

Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss:

• Trump, art of the deal, trade wars
• North Korea, a renegade or Chinese puppet
• Russia, Syria, US and chemical warfare
• Russia and a new global reserve currency
• Facebook’s impact on geo-politics and financial markets
• Where is social media data mining leading us?
• The Leadership Lab: Understanding Leadership in the 21st century

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Erik Townsend and Patrick Ceresna welcome Chris Cook to MacroVoices. Erik and Chris discuss:

• How regulators look at markets
• The blow out of time spreads in WTI
• Oil deals outside of the market
• Syncrude going offline and its impact
• What is the “big long” and what it predicts
• Who is buying futures contracts 2.5 years out and why?
• Dark inventory, what is it and how does it fit into the big picture?
• Energy dominance and the white house
• China and the Petro-Yuan contract
• Gaming US exports and inventory
• Time spreads and war

SPECIAL POST GAME GUEST-  Josh Steiner:  Update on Australian and U.S. Housing Markets. 

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Erik Townsend welcomes Eric Peters to MacroVoices. Erik and Eric discuss:

• Replacing the USD as the world reserve currency
• The impact of protectionist policies on financial markets
• FED reductions and their impact around the world
• How accurate is the current unemployment rate and what does it mean?
• Entitlements and they will become a serious problem
• The changes we can expect in central bank attitudes moving forward
• Demographics, baby boomers, and millennials and their impact over the coming years on financial markets
• Inflation vs deflation which is right and how to be sure

SPECIAL GUEST: Kevin Muir - This week's co-host and post-game guest.  Make sure to download the post-game chart book as Erik and Kevin will be refering to it through the podcast.  

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Erik Townsend and Patrick Ceresna welcome back Luke Gromen to MacroVoices. Erik and Luke discuss:

• Current outlook on the U.S. dollar
• Shift of funding in the U.S. deficits
• U.S. “Impossible Trilemma”
• Treasury bonds trading like a risky asset
• Fed taking the “Shoot the Hostage” stance
• Emerging market considerations
• China accelerating global de-dollarization
• U.S. weaponizing the USD and oil against Russia and Iran
• Gold and the gold/oil ratio
• How to trade the second half of 2018

We strongly recommend that you download the chart book that accompanies this interview, as Erik and Luke will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register.  Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Anas Alhajji, Joe McMonigle and Dr. Ellen Wald to the show. Discussed this week:

Dr. Ellen Wald

• Saudi Arabia's perspective on the oil markets?
• Perspective about Saudi Aramco
• Understanding Mohammad bin Salman
• Social Politics in Saudi Arabia
  

Anas Alhajji & Joe McMonigle

• What is driving the oil markets right now?
• Considerations on the Iranian sanctions
• Insights into next week’s OPEC meeting
• Bigger picture geopolitical outlook for the oil markets
• How to interpret the backwardation on oil?

We strongly recommend that you download the chart book that accompanies this interview, as Erik, Anas and Joe will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register.  Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jeffrey Sherman to MacroVoices. Erik and Jeffrey discuss:

• Big picture outlook on bonds, interest rates and inflation
• Considerations on the treasury COT reports
• Is there a recession coming in the U.S.?
• How much upside on the U.S. Dollar?
• Is the trade being short global high yield bonds?
• How does the economy deal with higher rates and inflation?
• Bullish outlook on gold?
• Investing into commodities and commodity funds

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Jeffrey will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register.  Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Nomi Prins to MacroVoices. Erik and Nomi discuss:

• Why has QE never led to runaway inflation?
• How has the market been propped up for 10 years without consequence?
• What does the ECB own today?
• The bank of Japan, their program and what it contains?
• Central banks around the world and how they compare?
• When does tapering occur on a global scale?

For the second featured interview Erik Townsend welcomes Pat Hemsworth to discuss:

• Why Saudi Arabia and Russia can’t make up their minds about oil prices?
• Iran sanctions, expectations and what they mean?
• Venezuela, production and what is next?
• OPEC, faking it till they make it?
• What is the forward curve telling us about the market?

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Pat will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register.  Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Dr. Lacy Hunt to MacroVoices. Erik and Lacy discuss:

• Has the bond bear market started?
• What are the opposing views?
• Shorting high yield debt and junk credit
• Where to be on the yield curve right now
• Will America ever be able to repay the debt?
• Where is the point of no return on debt?
• Considerations on global over indebtedness
• Endgame on the systemic problem of debt
• Inflation expectations

 SPECIAL POST GAME GUEST: KEVIN MUIR DISCUSSING THE CURRENT BOND MARKETS

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Erik Townsend and Patrick Ceresna welcome Juliette Declercq back to MacroVoices. Erik and Juliette discuss:

• Outlook on the U.S. Dollar for 2018
• Do rate differentials matter?
• Has there been a regime shift?
• Is equity risk premium just catching up to higher real yields?
• How does the economic data tie back into bearish dollar narrative?
• What has happened this year in the U.S. dollar?
• Tactical considerations on a new U.S. dollar short
• Market positioning on the interim
• Can surprising strength in U.S. economy change the outlook?

SPECIAL POST GAME GUEST: TG MACRO'S TONY GREER

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Juliette will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register.  Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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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
• The Hong Kong dollar peg
• China’s debt and related risks
• The risk parity trade with bonds and stocks selling off simultaneously
• “The Upcoming Monetary War, With Gold as An Arbiter”
• Gold bullish vs bearish
• The return of secular inflation
• What happened in the 70’s with inflation?
• Preparing for the return of secular inflation

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Erik Townsend and Patrick Ceresna welcome Russell Napier to MacroVoices. Erik and Russell discuss:

• Deflationary risks in the U.S. 
• Context on current higher inflation prints
• How high are risks of a credit event
• Contagion risk if China “sneezes”
• Consideration on the impact of higher rates
• Do we still need a world reserve currency?
• Is there a concern of the US government not being able to fund itself?
• Impact of the global de-dollarization trend
• What is in store for the gold markets?
• What do investors need to consider in the current environment?
• What comes next for the equity markets?
• Impact on emerging market and junk bond markets
• The falling Yen and its impact on Japan

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Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss:

• Considerations on uranium exports to from Russia to the US
• What options does the US have for new uranium sources?
• Is there an investment play for uranium?
• Electric vehicles and why they’ll be a dominant trend over the coming years
• Why is copper a key component, and how to play it during this trend
• Is copper a sole source material for EV or is there an alternative?
• Will more efficient electric vehicles require more or less copper?
• The copper industry and its ability to scale up
• The investment play for copper and uranium prices going up

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Erik Townsend and Patrick Ceresna welcome Harley Bassman, Mark Cudmore and Jeffrey Snider to the show. Discussed this week:

Harley Bassman: 

• How will we know when the real bear market is on?
• The implicit and explicit VOL trade and how long will it take to play out?
• How will a bond sell off impact inflation?
• The USD over then next few years

Mark Cudmore: 

• Is this a correction or something much bigger?
• The USD and the recent sideways consolidation, what does it mean?
• Outlook for the bond market
• Commodities, China, Europe and EM
• Current stress on the Hong Kong Dollar

Jeffrey Snider:

• Where are the equity markets headed?
• What is going on with the Hong Kong Dollar?
• Principles of a “Dollar Short”

We strongly recommend that you download the chart book that accompanies this interview with Harley Bassman. Erik and Harley will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register.  Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Darius Dale to MacroVoices. Erik and Darius discuss:

• The U.S. growth cycle and its peak
• Considerations on inflation
• Earnings outlook for the rest of the year
• Global divergence reiterated
• Prognostications vs the reality of the markets
• China’s massive credit expansion
• One final leg in the dollar?
• USD breakdown in currency and interest differentials

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Darius will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register.  Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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