About Erik Townsend

hedge fund manager Erik Townsend

Erik Townsend is a retired software entrepreneur turned hedge fund manager. Throughout his career, Erik has capitalized on his ability to understand complex systems and anticipate paradigm shifts far in advance of the mainstream. Read More...

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All-Star Dr. Pippa Malmgren and Erik discuss:

  • Big picture macro outlook
  • Why Pippa thinks it’s not as bad as many fear
  • Why pensions will rush in to buy treasuries if China really divests its holdings en masse
  • Why Pippa predicts more Boomers will go back to work in coming years


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All-Star Luke Gromen and Erik discuss:

  • Recap of Luke’s viewpoints expressed in prior All-Stars Interviews for context
  • Why USD liquidity squeeze explains apparent disagreement between stock and bond markets
  • Why this is a U.S. Fiscal problem in the making, despite crashing bond yields
  • Luke’s outlook for risk assets


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All-Star Prof. Steve Keen and Erik discuss:

  • Update on Steve’s recession outlook for U.S. in the wake of the yield curve inversion
  • Balance sheet recessions 
  • Are negative interest rates evidence of central bank policy errors?
  • The “wildcard factor”: China


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All-Star Louis-Vincent Gave and Erik discuss:

  • History and drivers of the protests in Hong Kong and their implications in financial markets
  • Gold breakout and what comes next
  • Bonds and gold: Safety trade assets are clearly catching a bid!
  • So why hasn’t the S&P 500 taken the hint when other global stock markets clearly have?


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All-Star Jeff Snider and Erik discuss:

  • Why there’s more to the yuan devaluation story that meets the eye (or the mainstream narrative)
  • Comparison to prior devaluations and analysis of true driving forces
  • Why China’s U.S. Treasury holdings are encumbered and selling them doesn have the effects most people assume
  • China’s behind-the-scenes derivatives-based USD “War Chest”
  • Is China really manipulating its currency, and what are the consequences?

Jeff Snider Chartbook August 12 2019 

CNY 7 The Gears Behind the Clockface

The Aid of TIC In Sorting Shorts and Shortages


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All-Star Luke Gromen and Erik discuss:

  • Central Bank Gold Agreement (CBGA) not renewed for first time in 20 years
  • Yet central banks around the world are buying gold hand over fist!
  • Luke’s take on what’s driving this and why it’s so important
  • Fundamental case for gold (review) and is this a good time to buy?


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All-Star Brent Johnson and Erik discuss:

  • Why Brent remains convinced the USD has much higher to go
  • The case for gold, and analysis of recent moves in reaction to the Trump China Tweet
  • U.S. Stock market outlook


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All-Star Juliette Declercq and Erik discuss:

  •  The fed needed to take action in response to tightening global Dollar liquidity squeezing the USD higher, which will cause serious problems if not addressed.
  • They had their chance last week, but blew it!
  • In a rare moment of agreement with Donald Trump, Juliette says Powell should be fired!
  • Great graphs and charts support Juliette’s entire narrative
  • Despite these developments, Juliette believes recent dollar strength is still ultimately unsustainable

Juliette Declercq Chartbook August 5 2019 


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All-Star Professor Steve Keen and Erik discuss:

  • Why Steve doesn’t expect a U.S. recession
  • Steve’s economic outlook for the rest of the world
  • Why Steve is concerned about the financial sector
  • Will the secular bond bull market reverse or just plateau at sustained near-zero interest rates?


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All-Star Jeff Snider and Erik discuss:

  • Anomalous behavior of EFF relative to IOER in 2018/19
  • Why the Fed describes IOER as a floor or double-floor BELOW EFF
  • Why it doesn’t work that way in the real world
  • Contrasting Jeff’s views with Luke Gromen’s “balance sheet capacity” argument
  • Why treasuries and other sovereign credits are really balance sheet instruments, not investments
  • Japanese vs. U.S. over-indebtedness and implications

Jeff Snider Chartbook July 30 2019 


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MACRO VOICES is presented for informational and entertainment purposes only. The information presented in MACRO VOICES should NOT be construed as investment advice. Always consult a licensed investment professional before making important investment decisions. The opinions expressed on MACRO VOICES are those of the participants. MACRO VOICES, its producers, and hosts Erik Townsend and Patrick Ceresna shall NOT be liable for losses resulting from investment decisions based on information or viewpoints presented on MACRO VOICES.

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