Welcome to Macro Voices

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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Erik Townsend welcomes Francesco Filia to MacroVoices. Erik and Francesco discuss:

• Measuring the equity bubble
• Measuring the bond bubble
• What could be the catalyst be for the reversal?
• Fake market narrative
• Chasing narratives and global growth
• Positive feedback loops
• ETFs and their impact on the markets
• Systemic risks from funds not just banks
• Considerations on European junk bonds
• S&P values vs. share buybacks
• Risks to the market from the short VOL trade

SPECIAL POSTGAME GUEST: The Macro Tourist Kevin Muir discussing bonds, inflation and the coming collapse of the short VIX trade. 

 We strongly recommend that you download the chart book that accompanies this interview, and Erik and Francesco 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 Keith McCullough to MacroVoices. Erik and Keith discuss:

• Bullish narrative on equities 
• Valuation is not a catalyst
• Trends in growth and inflation
• Where are we in the economic cycle
• Global economic divergences
• Growth acceleration puts a lid on market multiples
• Earnings considerations
• Considerations on technology valuations
• Long/short strategies
  
  We strongly recommend that you download the chart book that accompanies this interview, and Erik and Keith 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:

• Bastardization of money
• Failure of Primus in 2009
• Reflecting on the failure of AIG
• Gramm-Leach-Bliley Act
• Henry Paulson and Glass–Steagall
• The Eurodollar system going parabolic in the 2000s
• Banks manipulating regulations
• FOMC understanding of Eurodollars
• Big Picture end game of the Eurodollar system

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 Grant Williams to MacroVoices. Erik and Grant discuss:

• Outlook for the US dollar
• Update on the Petroyuan oil contract 
• Edge of the Cliff 
• Inflation Risks on the Horizon?
• When is the time for gold?
• Thoughts on cryptocurrencies
• Considerations on interest rates and yields
• Australian real estate
• Perspective on China’s credit bubble
• Writing is on the wall in Europe

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Erik Townsend welcomes Harley Bassman to MacroVoices. Erik and Harley discuss:

• Creation of the MOVE index 
• The three Drivers of Risk:  Duration, Credit, and Convexity
• The demographic of the Baby Boomers continues to drive financial markets
• Looking at the long-term profile of changes in the Labor Force
• Changes in Labor Force growth leads 10-year yields
• Labor participation rates are highly demographic
• Considerations on inflation risks:  Yes…..but not until 2024 when the Boomer/Millennial demographic inflects
• Perspective on CAPE ratio levels
• Correlation of buybacks to cumulative flows
• Gold is not an asset, but rather an alternative currency
• Flow of active to passive management is building a negatively convex foundation
• Triggers for a market correction

We strongly recommend that you download the chart book that accompanies this interview, and 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (58.86 MB) | Download the podcast transcript:   pdf Here (598 KB)

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

• The Basel Accords
• Capital Reserve Ratios
• Understanding risk weightings
• Leverage in bank capital
• Considerations on JPM RiskMetrics
• Basic interbank function
• Interbank function under Basel

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 Art Berman to MacroVoices. Erik and Art discuss:

• Comparative inventory levels on oil 
• Oil price responsive to inventories
• Realization price recovery in crude prices takes time
• Refinery intakes have not recovered
• Where are average consumption levels
• Outlook on gasoline & distillate stocks
• Backwardation on WTI
• Considerations on OPEC-NOPEC production cuts
• Global market balance on oil

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

• Outlook on the US Dollar
• Global de-dollarization
• Outlook on gold and silver
• Considerations on basic materials
• Why are grains so weak?
• Considerations on new crude oil contract with settlement in yuan, backed by gold 
• The next Fed Chairman
• ECB policy considerations and decentralization trends in Europe
• Considerations on the Russian economy
• Credit issues in China

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

• The case of the missing money
• Transformation of banking into a wholesale model
• Radical monetary evolution
• Wholesale vs Offshore Eurodollars
• Understanding the great inflation of the 1970s
• Repo markets of the 1970s
• Development of the Shadow Banking System

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.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (64.26 MB) . | Download the podcast transcript:  pdf Here (650 KB)

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