Welcome to Macro Voices

Erik Townsend welcomes Richard Duncan to MacroVoices. Erik and Richard discuss:

• The events in world world history which have led to increased government spending and record debt
• The catalysts that made everything "pop" in 2008
• How QE works, who benefits from it, and how likely it is to persist
• The results of having a government directed economic system for over 76 years
• Unique conditions which allowed extraordinary policy from the Fed, and how the US could capitalize on them
• The looming threat of war increasing due to a "need" for increased government spending
• The alternative forms of government spending we could see in lieu of war
• The possibility, and likely futility of "helicopter money"
• Why we won't see the end of the USD's role as world reserve currency anytime soon
• And fistfuls of more good stuff...

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Kyle Bass interviews John Burbank on March 6th, 2015

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Erik Townsend welcomes Rick Rule to MacroVoices. Erik and Rick discuss:

• Rick’s general thesis on precious metals and how they differ from other natural resources

• The relative predictability of commodities due to their cyclicality

• The spectacular returns available to investors who can be brave when others are fearful

• The value of contrarian information when markets are out of favor

• The value of private placement and P.I.P.E. investments

• Rick’s personal investment strategies at the current time

• The dangers and importance of identifying conflicts of interest in investing

• The resources available to investors to help them protect themselves against frauds

• Erik and Art Berman bring us up to speed on the US crude oil inventory situation, and what fundamental factors may have changed moving the market still higher

• Art warns that this rally may have been about the market pricing in looming supply risks, and more...

• Register for free at the top of this page to have Art's powerpoint presentation sent to you by email

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Erik Townsend welcomes Jim Rickards to MacroVoices. Erik and Jim discuss:

• Gold as a currency, rather than an investment, because "earning yield requires taking risk"

• The USD rally and the Fed’s influence on its ability to continue

• The difference between a central bank’s ability to cure inflation, vs. curing deflation

• The possibilities of confiscation, taxation, and NIRP and their effects on the relative attractiveness of Gold

• The Fed first tightening into weakness, and now turning more dovish after a market correction in early 2016

• The reasons why governments can’t tolerate inflation

• Gold as a potential hedge against deflation, as well as inflation

• How QE actually functions, and why we’ve seen so little effect on the real economy

• What the next form of stimulus may look like, and how it may affect the outlook on Gold

• The necessity for structural solutions, not monetary solutions, to structural problems

• What an increase in institutional holdings of Gold would mean for price, and plenty more...

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Erik Townsend welcomes Raoul Pal to MacroVoices. Erik and Raoul discuss:

• The US Dollar backstory and how central bank policy divergence got us here
• US government bonds and the potential for interest rates to move much lower
• Weak growth in the US and a business cycle that is appearing to roll over
• The risks of loaning money to insolvent governments in the form of sovereign bonds
• Changing our operating framework to better understand a changing global macro picture
• Gold and real estate becoming hedges to the currency risk involved with negative interest rates
• Gold's ability to rally in the face of potential further Dollar strength
• The European banking system and "CoCo Bonds"
• The ban on cash and the real reasons the powers that be are moving in this direction
• "The Big Uglies" and what could trigger an economic recession
• Which forms further monetary or fiscal stimulus could take, and more...

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Erik Townsend welcomes Bill Fleckenstein to MacroVoices. Erik and Bill discuss:

• A coming correction in equities - what's different this time?
• "The fumes of QE" and non-US sources of liquidity
• The tactics one must necessarily employ to succed in short selling
• 20 years of failed activist Fed policy
• A potential bond market revolt and an end to the dollar bull market
• The real rate of inflation and the irrelevance of the CPI
• The destruction of the middle class by central bankers and politicians
• The time to be short vs. the time to be patient
• Gold, gold miners, and the end of the bear market in precious metals
• Plus Erik's market recap and his own insights into short selling
• and plenty more...

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Real Vision interviews Fred Hickey on September 18th, 2015

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Erik Townsend welcomes Jack Schwager to MacroVoices. Erik and Jack discuss:

• The history of the Market Wizards project
• The importance of finding your "own process" in achieving success in trading
• Discipline, risk management, organization, perseverance 
• The range of possible successful approaches an investor or trader can take
• Early failure not necessarily being predicitive of future success/failure, learning from mistakes
• Mr. Schwager's own experience interviewing traders who have been widely influenced by his early books
• The genesis and mission of FundSeeder.com
• Finding new ways of linking capital with talented traders and changing the business of capital introduction
• The technologies that could ultimately provide disruptions in the capital allocation space
• Assisting an amateur trader in making the leap to full-time professional, and more...

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Erik Townsend welcomes Axel Merk to MacroVoices. Erik and Axel discuss:

• The ECB, Fed, and BOJ statements and how policies are shifting
• The upward trajectory of the Euro following a confusing ECB statement
• The key differences between central banking in the US, and the Eurozone
• TLTRO2: "a funding for lending scheme" - how does it work, what does it mean?
• A potential bottoming in European interest rates
• Will a Fed rate hike mean a stronger dollar, or have markets already priced this in?
• The Fed members, structure, focus and process
• Coming headwinds for asset prices as the Fed unwinds an unprecedented easing cycle
• The counterproductivity of negative interest rates and extraordinary central bank policy
• The Dollar rally - how did we get here and is the rally over?
• Gold and other "safe havens" - where can investors hide in this challenging environment?

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