Macro Voices Podcasts

Erik Townsend and Patrick Ceresna welcome Simon White to MacroVoices. Erik and Simon discuss:

• Considerations on the equity markets
• Post-crash dynamics
• Medium-term drivers of the U.S. Dollar
• Has something fundamentally changed in the U.S. treasury markets?
• Where is the yield curve going?
• TED and LIBOR OIS spreads
• Outlook on the Canadian economy
• Context on the Chinese economic outlook
• Has the Japanese economy peaked?

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Simon 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 Julian Brigden to MacroVoices. Erik and Julian discuss:

• How do things look in today’s market?
• What is on the horizon for inflation?
• Risks of runaway inflation
• What comes next for equities?
• Are the market highs in already?
• What if bonds and stocks sell off, where does the money go?
• US Dollar structural issues
• What is causing the correlation breakdown between the USD and US bonds?
• What levels should we be watching on the US Dollar?
• Where to focus the bond short

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Julian 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 Snider to MacroVoices. Erik and Jeff discuss:

• What does the yield curve tell us?
• US Treasury Curve
• Changes from an Era of Fed Funds Rate Targeting
• Reflections on the 2006-2009 curves
• Reflation trends in the post GFC
• Deconstructing Rates
• Negative Term Premiums
• Market Inflation Expectations
• Eurodollar Futures & Effective Money
• Central Bank Failure
• This Flat Curve is the Bad One

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, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend welcomes John Mauldin to MacroVoices. Erik and John discuss:

• Is this the end or just the beginning of this small market dislocation?
• What is the reason that we have a back up of interest rates?
• How far can the 10-year go before something breaks and what are the risks?
• With China’s banking assets now at 44 trillion how will this end?
• Is inflation coming and what are the consequences?
• What were some of the surprises from the SIC conference this year?

SPECIAL POSTGAME GUEST AND CO-HOST - Kevin Muir – market strategist at East West Investment Management and author of the MacroTourist. We strongly recommend that you download the chart book that accompanies the post game interview as Erik and Kevin 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 welcomes Jim Grant to MacroVoices. Erik and Jim discuss:

• The state of the FED under J Powell 
• What to make of rising treasury yields?
• How far can the FED go before something breaks?
• Outlook on Inflation
• Perspective on gold
• What can be the outcome of such a massive credit expansion?
• Shorting junk bonds
• What drivers of long term cycles and what can we expect to see next?
• What happened when the FED did not bail out the banks in 1920?
• Considerations on what actions the government can take to deal with the debt

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

• Gold swaps and how do central banks engage in them
• What has changed in gold swaps, how are they done today?
• The gold bug’s conspiracy theory about “gold pukes”
• What happened to gold in the 2008 crisis
• What caused gold to turn at the end of 2008
• Why do central banks still hold gold after 2008 and why are others not?
• Why did gold peak in 2011 and what was so bearish about it in 2013?
• How do dollar index futures fit into the gold story?
• How has the mood changed in gold starting 2017?
• How will gold play out if the dollar continues to slide
• Topic nnInterbank lending statistics discontinued, what does it mean

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 welcomes Rick Rule to MacroVoices. Erik and Rick discuss:

• Why focus on investing natural resources?
• Using top down macro in resource investing
• Rare earths and lithium 
• What resources should investors focus on?
• Uranium and nuclear energy
• Liquid Fluoride Thorium Reactors
• Copper, Potash and Dry Bulk Shipping
• Water as a commodity
• China and the future of rare earths

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

• Is this just a small equity market dislocation or is this bigger?
• Is this all about rates or the VIX complex?
• Why were the Inverse VIX products flawed
• Context on the increasing rates and the movement of the dollar
• Stagflation and inflation risks
• Considerations on corporate debt and buybacks
• Impact of the changes of leadership at the FED
• Context on FED policy tools during the next recession
• Is this a Bear Stearns moment for the markets?

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Erik Townsend welcomes Jared Dillian to MacroVoices. Erik and Jared discuss:

• Drivers of this stock market drop
• Is higher volatility here to stay?
• The beginning of a sustained unwinding of the short vol trade
• Future regulation of these specialty ETF products
• Where are the markets heading from here? 
• Bonds, interest rates and how high can rates go?
• Where is the U.S. dollar heading next?
• Dollars relationship to gold
• Outlook on the Canadian economy

SPECIAL POSTGAME GUESTS:

Chris Cole from Artemis Capital - Follow up on his January 25th interview on Volatility and the Alchemy of Risk.
Devin Anderson - Managing Director - Postmortem on the implosion of the vol ETNs  

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Erik Townsend welcomes Art Berman to MacroVoices. Erik and Art discuss:

• Reflecting on the current oil market
• Where are the comparative inventories
• OPEC decisions and actions dominating price
• Context on OPEC production cuts
• How much new oil is coming from higher prices
• Economics on the shale oil fields
• Perspective on US oil exports
• Exports primary reason behind U.S. inventory reductions
• Underinvestment in exploration and development

SPECIAL POSTGAME GUEST: Energy Markets Commercial Broker Patricia Hemsworth to discuss producer hedging, WTI/Brent spreads and the forward curve price dynamics.

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Art 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 welcomes Mark Cudmore to MacroVoices. Erik and Mark discuss:

• Outlook for the US dollar for 2018
• Are rate differentials going to impact the dollar move?
• Considerations on the Yuan oil contract
• Is the bond bull market over?
• Low inflation vs. stagnation
• Is the oil rally sustainable?
• Outlook on the commodity markets
• Considerations on the equity markets
• Perspectives on China’s economy
• Will the European Union survive?
• Outlook for the Euro currency
• Bullish emerging markets and currencies

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Erik Townsend welcomes Josh Steiner to MacroVoices. Erik and Josh discuss:

• Macro drivers of the Canadian and Australian real estate markets
• Canada’s "Minsky Moment"
• Turning up the heat with policies
• Impact on Canadian Banks
• Australian one-cylinder economy
• Perspective on the Australian construction boom
• Negative gearing in Australia and home equity withdrawal
• Considerations on U.S. real estate
• There is still room to run in the U.S. markets

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Josh 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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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 outcomes:

• What sign posts for the big change?
• Potential triggers for a lower U.S. dollar
• Can structural changes be implemented
• Which investment assets will work the best?
• Which investment assets will work the worst?
• Considerations on investment portfolios

We strongly recommend that you download the chart book that accompanies this interview, as they 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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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 present:

• Gold as a Reserve Asset
• Gold/Oil Ratio
• Bypassing the US Dollar
• Dollar shortage caused by oil price
• Deficits starting to matter
• U.S. losing its status as a hegemonic power
• Logistics in replacing the U.S. System
• How does the end of Dollar Hegemony occur?

We strongly recommend that you download the chart book that accompanies this interview, as they 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 welcomes Jeffrey Snider, Mark Yusko and Luke Gromen to MacroVoices. In part 3 of the 5 part series, Mark Yusko and Luke Gromen present: 

• U.S. Dollar Cyclical Pattern
• Looking at the Dollar Technicals
• Is there room for one more rally?
• Gold and the Oil for Yuan Plan
• Impacts to Emerging Markets
• Demographics, Deflation and Lower Rates
• Welcome to Multi-Polar FX World
• China and Russia’s end-game strategy

We strongly recommend that you download the chart book that accompanies this interview, as they 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 welcomes Jeffrey Snider, Mark Yusko and Luke Gromen to MacroVoices. In part 2 of the 5 part series, Jeffrey Snider presents:

• The post 2007 U.S. Dollar shortage
• How does the dollar scarcity play out?
• Problems facing China at the moment
• Considerations on China’s gold buying
• Is a RMB crypto currency possible?
• Do American politicians even know there is a problem?
• Dollar short squeeze not a U.S. Dollar bull
• Global De-dollarization

We strongly recommend that you download the chart book that accompanies this interview, as they 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 welcomes Jeffrey Snider, Mark Yusko and Luke Gromen to MacroVoices. In part 1 of the 5 part series, Jeffrey Snider presents:

• Overview of the big picture story
• Perspectives on where we are today
• Bulls vs. Bears (nobody wins)
• Bank of Russia operations in FX repo auctions
• Brazilian Real and the US dollar funding
• China’s management of the US dollar
• The evolving Chinese response

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 welcomes Prof. Steve Keen to MacroVoices. Erik and Steve discuss:

• Reflecting on the 2008 crisis
• What is going to go wrong with the current credit cycle
• False narratives around QE and bank reserves
• Where is the risk to correction in asset pricing?
• Walking dead of debt and the zombies to be
• Considerations on Japan, Canada and China
• How long does this debt cycle last?
• Will the next crisis be more wide spread?

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Steve 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 welcomes Juliette Declercq to MacroVoices. Erik and Juliette discuss:

• US Economy Late in the Cycle
• China’s Macro Landscape
• Where is Inflation Heading?
• Caution on equities 2018
• Direction for 10year Bonds
• The US Yield Curve and Potential Recession
• When has the Fed gone too far?
• Changing of the guard at the FED
• USD bearish outlook

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 welcomes Marin Katusa to MacroVoices. Erik and Marin discuss:

• Saudi Arabia Politics
• The power shift in the Middle East
• Petrodollar and the Yuan oil contract
• Considerations on American oil
• Understanding the OPEC and Russia relationship
• Saudi Aramco IPO
• Future of electric vehicle market
• The outlook on uranium
• Understanding global uranium enrichment
• Future of Russia and Vladimir Putin

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