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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MacroVoices Weekly Podcasts

MacroVoices Weekly Podcasts

Weekly market commentary by Hedge Fund Manager Erik Townsend and interviews with the brightest minds in the world of finance and macroeconomics. Made possible by funding from Fourth Turning Capital Management, LLC
  1. New MacroVoices 2 Part Video Series - Digital Currency Revolution

    This two-part series explains the Digital Currency Revolution to Central Bankers, Elected Officials & Government policymakers. The focus is NOT on cryptocurrency, but rather what's coming next, AFTER cryptocurrency. This series explains why all money will be digital within 25 years, and why government has been slow to understand the sea change already in motion.
  2. MacroVoices Video Podcast Introduction

    Erik Townsend introduces the new MacroVoices Video Feed and explains our plan for publishing full-length video podcasts.
  3. MacroVoices #181 Summer Special Part 1: Danielle DiMartino-Booth and Peter Boockvar on the Future of Monetary Policy

    Erik Townsend and Patrick Ceresna welcome Danielle DiMartino-Booth and Peter Boockvar to MacroVoices. They discuss the FOMC statement, risks of a recession in the U.S. and inflation risks moving forward, and much more. Link: http://bit.ly/31UNp5C
  4. All-Stars #48 Dr. Pippa Malmgren: It’s not really 1929. Don’t panic.

    All-Star Dr. Pippa Malmgren is back. She disagrees with the many market observers who believe we’re on the edge of the cliff, and offers bullish arguments for markets & the economy. Link: http://bit.ly/2ZkMaz4
  5. All-Stars #47 Luke Gromen: It’s not Stocks or Bonds but the USD that is the “odd man out”

    All-Star Luke Gromen is back for another fantastic All-Stars Interview. Why it’s the USD (not stocks or bonds) that is mispriced, and why it sets up an equity bear trap. Great interview! Link: http://bit.ly/2Z2EBxn
  6. All-Stars #46 Prof. Steve Keen: Yield curve inversion, recession & private debt

    All-Star Prof. Steve Keen is back for another great interview. Steve still doesn’t expect a MAJOR U.S. recession, but concedes the yield curve inversion is a signal to be taken seriously. More perspective on policy failure. Link: http://bit.ly/2TBOJaJ
  7. MacroVoices #180 Daniel Lacalle: The bond market gets it. Global Stocks get it. The S&P 500 has been slow to get the memo.

    Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss the risks of competitive devaluation, how the global demand for the dollar is driving the monetary policy & the outlook on gold and its new correlation to the dollar. Link: http://bit.ly/2KUwOYW
  8. Energy Week #15: Trade wars, demand outlook, and Saudi Aramco IPO. Panel Alhajji/McMonigle/Chigrl

    Energy Week #15 featuring Anas Alhajji, Tracy Shuchart and Joe McMonigle, covers Trade Wars, OPEC, Saudi policy, Gloomy demand forecasts & more. Link: http://bit.ly/33JwiFI
  9. All-Stars #45 Louis-Vincent Gave: Hong Kong, Gold, Bond Yieds, & Stocks

    Hong Kong resident Louis-Vincent Gave weighs in on the unrest there and what it means for markets, then we cover gold, bond yields, and stocks. Great interview! Link: http://bit.ly/2TtzujT
  10. All-Stars #44 Jeffrey Snider: The real story on the Chinese Yuan devaluation

    All Star Jeff Snider describes a far more intricate and complex explanation for the Yuan breaking 7 to the USD and explains what it means. Link: http://bit.ly/33sIgTT
  11. All-Stars #43 Luke Gromen: Central Banks Ditch Gold-Buying Agreement (But keep buying gold)

    All-Star Luke Gromen weighs in on why central banks dumped the Central Bank Gold Agreement but keep buying gold hand-over-fist. Great interview! Link: http://bit.ly/33p8Ld2
  12. MacroVoices #179 Ronald-Peter Stöferle: Gold/Precious Metals Special

    Erik Townsend and Patrick Ceresna welcome Ronald-Peter Stöferle to MacroVoices. Erik and Ronald discuss why gold is an important asset to own, gold as equity hedge, global de-dollarization and sovereign gold holdings and much more.
  13. Energy Week #14: Mayhem in the Market: China Trade Wars, Forward Curve Fireworks & More!

    Energy Week dives into the Trade Wars and other factors driving the energy price collapse, forward curve fireworks, and much more! Panelists Art Berman, Chris Cook and Patricia Hemsworth
  14. All-Stars #42 Brent Johnson: Still bullish the USD

    All-Star Brent Johnson remains convinced the USD is headed higher, despite market fireworks of the last few days. Extensive discussion of gold and stocks as well. Link: http://bit.ly/2YKK5fs
  15. All-Stars #41 Juliette Declercq: Powell should be fired!

    All-Star Juliette Declercq says Jay Powell blew it last week, and should be fired for it! She says the Fed had the chance to contain the USD ascent but blew it. Great interview! Link: http://bit.ly/2YK4D7J
  16. Hot Topic #2 Dr. Hal & Dr. Pippa Malmgren: Father/Daughter Presidential Advisor Team

    This special interview with Dr. Harald Malmgren and Dr. Pippa Malmgren was a real treat to record! The father/daughter team disagrees on many present economic issues, and we get a glimpse into growing up Malmgren. Link: http://bit.ly/2Zw96Iv
  17. All-Stars #40 Prof. Steve Keen: Why Steve does NOT see a U.S. recession on the horizon

    Despite being perceived as an economic perma-bear, Prof. Steve Keen says he’s NOT anticipating a U.S. recession any time soon. We also cover his outlook for the rest of the world. Link: http://bit.ly/2GKJgZN
  18. MacroVoices #178 Mark Cudmore: Bearish global growth and equity markets, expecting an imminent decline in stock prices

    Erik Townsend and Patrick Ceresna welcome Mark Cudmore to MacroVoices. Erik and Mark discuss the global growth and economy outlook, US and China trade negotiations, US equity market and its effects on emerging markets. Special postgame guest: Danielle DiMartino Booth Link: http://bit.ly/2YETLYN
  19. Energy Week #13: EIA Draw—where did the oil go? Panelists Berman/Alhajji/Shuchart

    Energy Week starring Art Berman, Anas Alhajji and Tracy Shuchart covers the big EIA draw (where did that oil go?), E&P equity price trend & much more.
  20. All-Stars #39 Jeffrey Snider: A deeper dive into Fed Funds and IOER

    All-Star Jeff Snider responds in detail to feedback we received from his July 15 All-Stars interview. We explore why IOER is SUPPOSED to be a “double floor” below EFF, and why it’s really not. Link: http://bit.ly/2YxbNfB
  21. All-Stars #38 Danielle DiMartino-Booth: FOMC Preview

    All-Star Danielle DiMartino Booth gives a briefing on what to expect from Wednesday’s FOMC Press Release, 25 or 50 bps? How will the ECB React? And much more! Link: http://bit.ly/2LMsaPc
  22. All-Stars #37 Dr. Pippa Malmgren: Iran, Trump News Network, and Facebook’s $5bn fine

    All-Star Dr. Pippa Malmgren weighs in on Iran geopolitical risks, updates her thesis on President Trump having ambitions for a news network after the white house, and comments on Facebook’s $5bn fine. Link: http://bit.ly/2ZffYK1
  23. MacroVoices #177 Peter Warburton: Inflation or Stagflation? And how will it occur?

    Erik Townsend and Patrick Ceresna welcome Dr. Peter Warburton to MacroVoices. Erik and Dr. Warburton discuss the factors that affect long term outlook for inflation, the history of inflation targeting and inflation controls and Dr. Warburton’s “Blowing Up the Box”
  24. Energy Week #12: Prices down on a 10.8mm bbl draw, Iran, Pemex Hedge & More. Hemsworth/Berman/Cook

    Energy Week featuring Art Berman, Chris Cook and Patricia Hemsworth covers the super-drawdown, price reaction, Iran, Pemex Hedge & more. Link: http://bit.ly/2SDxxRr
  25. All-Stars #36 Julian Brigden: Pensions, Curve Inversions, and 10yr outlook

    All-Star Julian Brigden on the implications of deflation for the Pension system, whether a recession is possible without a yield curve inversion, and the 10yr yield outlook. Link: http://bit.ly/2y7edTn
  26. All-Stars #35 Luke Gromen: FF>IOER Means Balance Sheet Capacity Used Up

    All-Star Luke Gromen responds to Jeff Snider's All-Stars appearance last week, sharing a different view on the significance of Fed Funds exceeding IOER. Luke says it’s about domestic private sector balance sheet capacity. Link: http://bit.ly/2XVNVmh
  27. All-Stars #34 Danielle DiMartino-Booth: The stock market can rally thru the 1st or 2nd rate cut

    All-Star Danielle DiMartino-Booth explains “Double Easing” (rate cuts and QE at the same time) and why it’s a possibility, and explains why the stock market can rally a bit longer despite the global growth slowdown. Link: http://bit.ly/2YfP1c2
  28. MacroVoices #176 Jim Rickards on his new book, Aftermath

    Erik Townsend and Patrick Ceresna welcome Jim Rickards to MacroVoices. Erik and Jim discuss the progression of growing debt, the cost of low growth and high debt, and Jim’s new book “Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos” Link: http://bit.ly/2SliM5K
  29. Energy Week #11: Iran, EIA, Venezuela, Canadian Crude. Panel Alhajji/Hemsworth/McMonigle

    Energy Week covers the price reversal, Iran policy, EIA, Venezuela & Canadian crude differentials. Panel Anas Alhajji, Joe McMonigle and Patricia Hemsworth with host Erik Townsend. Link: http://bit.ly/2Y6gM6B
  30. MacroVoices Video - Digital Currency Revolution: Outlook and Update

    In this first of what we hope to be many more MacroVoices Videos, Erik Townsend provides an update on the Digital Currency Revolution. In this video Erik covers the following... The Digital Currency Revolution will be as big of a deal as the PC or the Public Internet Blockchain-based Cryptocurrencies will not play a major role in the digital currency revolution New distributed ledger technology is already making Blockchain obsolete Erik’s 2018 book predicted that Silicon Valley tech companies would recognize the opportunity to design and build digital currencies designed to eventually scale to replace the USD as global reserve currency Facebook’s LIBRA announcement confirmed Erik’s prediction Erik says putting Mark Zuckerberg in charge of how money works is a really, really BAD idea! Roadmap for the Digital Currency Revolution which has already begun
  31. All-Stars #33 Prof. Steve Keen: How the field of Economics was corrupted

    All-Star Prof.Steve Keen pulls no punches telling Erik Townsend how and why the field of economics lost touch with the real world. Link: http://bit.ly/2JLJ3WO
  32. All-Stars #32 Jeffrey Snider: Eurodollar System Explains Fed Funds over IOER

    All-Star Jeff Snider explains why the Fed's IOER hasn't worked as a ceiling over Fed Funds, and the significance of each, including the recent move of FF well above IOER and how this relates to the EuroDollar System.
  33. Inside the Investment Committee #2: Long bonds, short the Euro Gurevich/Brigden/Declercq

    Fund manager Alex Gurevich is in the hot seat this month, pitching his “perfect trade” from 2014 long bonds and short the Euro. Alex explains why he believes this was truly a ‘perfect’ can’t lose trade, then we translate to current markets. Link: http://bit.ly/2G8uawM
  34. All-Stars #31 Julian Brigden: Crypto, Gold and the Dollar

    All-Star Julian Brigden opines on the return of crypto currencies, gold, silver, and the U.S. Dollar. Link: http://bit.ly/2LQ6b9C
  35. MacroVoices #175 Jesse Felder: Breadth divergences signal caution warranted on new all-time highs

    Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss the theories on the length of this market cycle, outlook on the dollar and bond yields, and the unwind of institutional risk parity trade and much more. Link: http://bit.ly/2xKZugy
  36. Energy Week #10: Inventory data or Tropical Storm? What’s driving the price rally? Alhajji/Shuchart/Berman

    Energy Week episode #10: What’s driving the price rally? Tropical storm in the gulf or massive inventory draw? Also security in Straits of Hormuz and Art v. Anas on data interpretation. Link: http://bit.ly/2LKEOxu
  37. All-Stars #30 Luke Gromen: Still bullish risk assets, Gold & BTC despite global Dollar squeeze

    All-Star Luke Gromen tells Erik Townsend he understands and agrees with the “global dollar squeeze” argument, but it doesn’t deter him from being bullish Gold, Bitcoin, and risk assets generally. Link: http://bit.ly/2LdwKpt
  38. All-Stars #29 Brent Johnson: Still not chasing Gold at these levels

    All-Star Brent Johnson tells Erik Townsend he's not chasing gold at these prices, and his conviction that the USD is headed much higher has never been stronger. Brent also thinks SPX 4000 is possible in the next 2-3 years. Link: http://bit.ly/2LdZvlR
  39. All-Stars #28 Louis-Vincent Gave: $13tn of Negative-Yielding Debt

    All-star Louis-Vincent Gave tells Erik Townsend that $13.5tn of negative-yielding sovereign debt around the world is a sign the global economy is in serious trouble. U.S. Stocks may be at all-time highs, but the rest of the world is in decline. Link: http://bit.ly/2XKIfuH
  40. All Stars #27 Dr.Pippa Malmgren: Don't underestimate the importance of data security

    Today's All-Star Dr.Pippa Malmgren says why privacy will be the governance issue of our time. Link -> https://www.macrovoices.com/podcasts-collection/macrovoices-all-stars-podcasts/617-all-stars-27-pippa-malmgren-don-t-underestimate-the-importance-of-data-security
  41. MacroVoices #174 John Netto: Gold will hit $1500 this month

     Erik Townsend and Patrick Ceresna welcome John Netto to MacroVoices. Erik and John discuss what’s driving this market, where is gold heading next and how to apply sentiment indicators to investing strategy. Link -> https://www.macrovoices.com/614-john-netto
  42. All-Stars #26 Juliette Declercq: Should lawyers be in charge of Central Banks?

    After Juliette Declercq stirred up some commotion with her tweet asking whether it makes sense for lawyers to be in charge of the 2 main central banks, we wanted the full story…
  43. Energy Week #9: OPEC+, G20, And a Deep Dive on Forward Curves. Panel Hansen/Cook

    This week's panel includes Ole Hansen and Chris Cook. Topics include G20, OPEC+, market reaction to both, and Chris takes a deep dive on forward curves.
  44. All-Stars #25 Danielle DiMartino-Booth: The U.S. is not immune to the global economic slowdown

    All-Star Danielle DiMartino Booth tells host Erik Townsend that the U.S. is anything but immune to the global economic recession that is now beginning. Also Fed vs. Trump and why it's important to have an independent Fed. Direct Link -> https://www.macrovoices.com/podcasts-collection/macrovoices-all-stars-podcasts/613-all-stars-25-danielle-dimartino-booth
  45. All-Stars #24 Prof. Steve Keen: Credit MATTERS to Aggregate Demand!

    All-Star Professor Steve Keen debunks mainstream economists failure to consider Credit as a determinant of aggregate demand
  46. All-Stars #23 Jeff Snider: Rate cuts are coming!

    All-Star Jeff Snider says interest rates are coming, but he thinks the actual reasons differ from market perceptions. Hear Jeff explain the clues interest rate swaps and offshore repo transactions provide.
  47. All-Stars #22 Luke Gromen: We’re in the early innings of Dollar down, Gold & Bitcoin up

    All-Star Luke Gromen says the long gold, long bitcoin, short U.S. Dollar trade is just getting started.
  48. MacroVoices #173 Marin Katusa: Everyone’s focused on Gold, but the real buy is in Oil!

    Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss his outlook on uranium, perspective on shale oil over the next decade, and how to play the energy sector.
  49. Energy Week #8: Massive inventory drawdown, PES Fire, OPEC+, G20. Panel Shuchart/Berman/Alhajji

    This week's Energy Week features Art Berman, Anas Alhajji and Tracy Shuchart. Topics: Massive EIA inventory drawdowns, lower Brent+WTI open interest, PES Fire, OPEC+ G20 & More.
  50. All-Stars #21 Julian Brigden: Trump, Trade & the Middle East

    All-star Julian Brigden opines on the China-U.S. trade negotiations, middle-east geopolitical tensions, and much more.
  51. All-Stars #20 Louis-Vincent Gave: Hong Kong Protests & Chinese Yuan Outlook

    Today's Macrovoices All-Star Louis-Vincent Gave weighs in on the protests which brought 25% of Hong Kongers to the streets and opines on the longer term outlook for the Chinese Yuan
  52. MacroVoices #172 Greg Weldon: Translating Fed policy to Commodity Price Outlook

     Erik Townsend and Patrick Ceresna welcome Greg Weldon to MacroVoices. Erik and Greg discuss his outlook on the dollar, possible dollar breakout and its risks on gold and using commodity indicators as economic indicators.
  53. Energy Week #7: Tanker attacks, OPEC+, G20, Fed Policy. McMonigle/Hemsworth/Alhajji

    This week's ENERGY WEEK features Anas Alhajji, Joe McMonigle and Patricia Hemsworth. Gulf tanker attacks and their consequences, China Trade, G20, OPEC+ and much more.
  54. All-Stars #19 Prof. Steve Keen: Risks to Sweden and Nordic Economies

    Today's MacroVoices All-Star Prof.Steve Keen recaps his recent trip to Sweden for the Central Bank Digital Currency conference, and comments on Swedish and Nordic economic outlooks.
  55. All-Stars #18 Juliette Declercq: When will the Fed cut rates?

    Today's MacroVoices All-Star is JDI Research founder Juliette Declercq. Juliette weighs in on what we can expect from this week's FOMC statement, and the disparity between equity and fixed income markets discounting different growth expectations. Also Yuan deval risk. 
  56. All-Stars #17 Danielle DiMartino Booth: The Fed is setting the stage for NIRP!

    All-Star Danielle DiMartino Booth is on fire this week! Danielle says the Fed's language change at the Chicago conference can only mean one thing: They're getting markets ready for NIRP. Not ZIRP, but NIRP!
  57. MacroVoices #171 Josh Steiner : Canadian and American Real Estate Markets are Polar Opposites

    Erik Townsend and Patrick Ceresna welcome Josh Steiner to MacroVoices. Erik and Josh discuss U.S. and Canadian real estate, swelling mortgage debt in Canada and deteriorating household finances and more.
  58. Energy Week: Natural gas backwardation in mid-summer?

    Energy Week panelists Art Berman, Chris Cook and Patricia Hemsworth weigh in on anomalies in natural gas forward curves and what they mean. Also an update on the market sell-off and where it's headed.
  59. All-Star Brent Johnson: This past weekend’s developments don’t change Brent’s Dollar-bullish view

    Today’s MacroVoices All-Star is Santiago Capital's Brent Johnson, who says this past weekend's ECB and US-Mexico developments do NOT change his dollar-bullish outlook.
  60. All-Star Luke Gromen: The USD-centric system is slowly losing ground

    All-Star Luke Gromen says oil isn't the only commodity China will begin pricing in its own currency for international settlement, further evidencing China's commitment to de-dollarization. Also an update on Luke's tactical views on the USD.
  61. All-Star Jeffrey Snider: Yield curves and Eurodollar futures say something is very broken!

    Today’s MacroVoices All-Star is Jeff Snider, who says the yield curve and Eurodollar futures spreads spell a clear message for markets! Be sure to download the associated chartbook.
  62. Brent Johnson: A big dollar rally could drag stocks higher with it

    Erik Townsend and Patrick Ceresna welcome Brent Johnson to MacroVoices. Erik and Brent discuss Brent’s “Dollar Milkshake Theory”, short term and long term outlook on gold, and what impacts the dollar breakout will have on US and the global economy.
  63. Energy Week: Sentiment sea change, Iran/Venezuela/Saudi Arabia & More. Panel Berman/Alhajji/Shuchart

    This week's MacroVoices Energy Week features Art Berman, Anas Alhajji and Tracy Shuchart. Topics include the sentiment sea change and what's driving it, Iran, Saudi Arabia, & Venezuela, OPEC+ & much more.
  64. Inside the Investment Committee: The 2016 big short in fixed income

    The inaugural episode of MacroVoices INSIDE THE INVESTMENT COMMITTEE featuring Julian Brigden, Juliette Declercq and Alex Gurevich takes you inside the process professional fund managers and their advisers use to source and vet macro trading strategies.
  65. All-Star Julian Brigden: The Fed needs to ease

    Today’s MacroVoices All-Star is Julian Brigden, who says that the Fed needs to ease and why the dollar is crucial to kick off the next wave of the cycle
  66. All-Star Steve Keen: Debunking the fake climate science of William Nordhause

    Today’s MacroVoices All-Star is Professor Steve Keen, who says Nobel laureate William Nordhaus has failed to consider tipping points that will make the impact of climate change far worse than Nordhaus predicts.
  67. All-Star Danielle DiMartino-Booth: Deflation is the name of the game unless/until helicopter money hits the stage

    Today’s MacroVoices All-Star Danielle DiMartino Booth says deflation, lower commodity prices, and lower bond yields will be the theme going forward unless/until the political process brings MMT or other “Helicopter Money” into the equation.
  68. Lakshman Achuthan: Economic cycle analysis does NOT indicate end of business cycle

     Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices. Erik and Lakshman discuss the concept of late cycle and how the cycle works, correlation between growth rate downturn and risks of a recession, and what the leading indicators show when the cycle is ending.
  69. Energy Week Episode 4: There’s been a disturbance in the force! (What just happened?)

    This week's MacroVoices Energy Week features Ole Hansen, Chris Cook and Patricia Hemsworth. What's driving this week's roller coaster ride in oil prices? China Trade? Iran? Inventory builds? Our panel weighs in.
  70. All-Star Luke Gromen: There’s reason to think the U.S. Dollar is topping here

    Today's MacroVoices All-Star Luke Gromen says that the Fed Funds rate moving stubbornly over IOER is a clear sign that the Fed will soon be forced to supply more dollar liquidity, a bearish sign given current sentiment extremes.
  71. All-Star Dr. Pippa Malmgren: Geopolitics is increasingly important for investors!

    Today's MacroVoices All-Star Dr.Pippa Malmgren says that between the U.S.-China trade situation, populism winning in European elections, and the unfolding U.S-Iran debacle, Geopolitics is more important than ever for investors.
  72. All-Star Kevin Muir says the market is way ahead of the Fed in pricing in easing!

    Kevin says the market is way ahead of the Fed in pricing in accommodative monetary policy and thinks bond longs betting on economic collapse will be disappointed, and explains why shorting an INDEX is the wrong way to play a bearish view on U.S./China trade negotiations
  73. John Greenwood: We’re at mid-cycle, not late-cycle. Bull Market has plenty of room to run higher.

     Erik Townsend and Patrick Ceresna welcome John Greenwood to MacroVoices. Erik and John discuss where we are in the business cycle, the mechanics of what really drives the cycle and what comes next.
  74. ENERGY WEEK: Geopolitics, front month prices vs. steepening backwardation, and Brent-WTI spread.

    ENERGY WEEK #3 features Anas Alhajji, Patricia Hemsworth, and Art Berman. Topics: Geopolitics/Iran, disparity of front month prices and forward curve backwardation, and WTI-Brent Spread.
  75. All-Star Prof. Steve Keen on Richard Vague's new book, A Brief History of Doom

    Today’s MacroVoices All-Star is Professor SteveKeen, who weighs in on Richard Vague’s new book, A Brief History of Doom. Steve says Vague has it exactly right, and his analysis of what caused 2008’s Great Financial Crisis jibes almost exactly with Steve’s own analysis of that event.
  76. All-Star Juliette Declercq on Populism

    Juliette Declercq believes the surprise outcome of the Australian elections is an important signal as the global populist movement calls for more socialism, yet Australia’s Labor Party was defeated in a surprise ‘upset’ election. Juliette examines the costs of socialism and concludes that deficit spending can continue indefinitely, until inflation re-emerges as a macro risk.
  77. All-Star Brent Johnson: Much higher stock prices possible

    oday’s MacroVoices All-Star is @SantiagoAuFund and he says once we get through this soft patch, MUCH higher stock prices are possible. He says it’s all about U.S. stocks becoming a safe-haven for foreigners as USD appreciation enhances foreign returns.
  78. Simon White: U.S. Dollar in the Crosshairs

    Erik Townsend and Patrick Ceresna welcome Simon White to MacroVoices. Erik and Simon discuss where leading indicators are pressuring US dollar, outlook on US equities and bonds, perspective on the Fed’s cut to its IOER and more.
  79. ENERGY WEEK: Geopolitics, Bull/Bear cases & Price Outlook. (with panelists Joe McMonigle, Chris Cook and Tracy Shuchart)

    ENERGY WEEK is a new weekly podcast all about crude oil and energy markets for investors. Our host Erik Townsend discusses Geopolitics, Bull/Bear cases & Price Outlook with this week's panelists.
  80. MacroVoices All-Star Julian Brigden: The Fed should cut rates NOW!

    MI2 Partners founder Julian Brigden explains why the Fed is already late to cut interest rates, and the reason has nothing to do with a China-U.S. trade war.
  81. MacroVoices All-Star Danielle DiMartino-Booth: Jay Powell is The Grinch who Stole Liquidity

    On today's episode of MacroVoices All Stars, Danielle DiMartino Booth joins our host Erik Townsend to talk about why she thinks Jay Powell is "the Grinch that stole liquidity"
  82. MacroVoices All Stars : with Luke Gromen

    On today's episode of MacroVoices All Stars, Luke Gromen joins our host Erik Townsend to discuss the trade war between US and China
  83. Charlie McElligott: The opportunity will be found selling puts. But not yet!

    Erik Townsend and Patrick Ceresna welcome Charlie McElligott to MacroVoices. Erik and Charlie discuss the impact of policy change on the yield curve, the drivers of volatility in rates, and futures driven equity unwind and more.
  84. ENERGY WEEK: Crude oil glut or crisis & Crude Quality Matters. Panel: Berman/Alhajji/Hemsworth

    The inaugural episode of MacroVoices ENERGY WEEK features panelists Art Berman, Anas Alhajji and Patricia Hemsworth. Topic 1: Glut or crisis on the horizon? Topic 2: Crude Quality Matters. This new weekly podcast is all about crude oil & energy markets.
  85. Juliette Declercq: Questioning the Fed’s ability to service its inflation mandate

    Erik Townsend and Patrick Ceresna welcome Juliette Declercq to MacroVoices. Erik and Juliette discuss the current status of inflation, the FED’s failure to meet its inflation mandate, and what is ahead for policy path and inflation outlook.
  86. MacroVoices Premium - HOT TOPIC: Louis-Vincent Gave Rebuts Kyle Bass’ Investor Letter questioning Hong Kong’s relevance

    MacroVoices HOT TOPICS are a new offering in conjunction with MacroVoices Premium. Hot Topics interviews are scheduled and produced in reacting to events that come up in markets, independent of our regular podcasts in which the guests are usually scheduled in advance. Today’s Hot Topic is fund manager Kyle Bass’ recent investor letter questioning Hong Kong’s ongoing relevance in the global financial system. Louis-Vincent Gave runs Gavekal, a Hong Kong-based institutional advisor. In today’s Hot Topic interview, Louis offers an “opposing editorial” view, strongly at odds with Kyle Bass’ views on Hong Kong.
  87. MacroVoices Premium - MacroVoices All Stars Episode 1

    MacroVoices All-Stars Episode #1 featuring Dr.Pippa Malmgren, Art Berman, Prof. Steve Keen, Julian Brigden, Luke Gromen and Danielle DiMartino Booth.
  88. Dr. Lacy Hunt: U.S. Economy will continue to decline for the balance of 2019

    Erik Townsend and Patrick Ceresna welcome Dr. Lacy Hunt to MacroVoices. Erik and Dr.Hunt discuss overall outlook on the US and the global economy, synchronized global downturn and risks of a recession, how debt induced weakness is undermining growth rate, destabilization of the global monetary system, and perspectives on Modern Monetary Theory
  89. Jeff Snider: Eurodollar System Overview

    Erik Townsend and Patrick Ceresna welcome Jeff Snider to MacroVoices. Erik and Jeff discuss the history of Eurodollar, Eurodollar as global reserve currency, and how the global economy and the global financial system depend on the Eurodollar system. They also discuss the breakdown of Eurodollar system, the Great Global Monetary Crisis and the effect the Eurodollar squeeze has on the global system.
  90. Prof. Steve Keen: Dollar reserve currency status—blessing or curse?

    Erik Townsend and Patrick Ceresna welcome Prof. Steve Keen to MacroVoices. Erik and Steve discuss possible benefits to US if the dollar loses its reserve currency status, its impacts on international trades and deindustrialization of US, and possible fiscal crisis and the increase of US Treasury Yields. They also touch on consequences of decrease in demand for US dollar, runaway inflation and runaway trade deficit, risks and opportunities of MMT.
  91. Neil Howe: Super-bullish the U.S.A. in the 2030s. But between now and then…

    Erik Townsend and Patrick Ceresna welcome Neil Howe to MacroVoices. Erik and Neil discuss how the Fourth Turning is unfolding, what is in store for the second half of the fourth turning and how the cycle climax’s at the end. The touch on employment, late-cycle dynamics, trends in real GDP and what demographic trends suggest for the long-term future.
  92. Eric Peters: The biggest risk is the Central Banks’ inability to spur Growth & Inflation

    Erik Townsend and Patrick Ceresna welcome Eric Peters back to MacroVoices. Erik and Eric discuss equity markets, volatility, treasury bonds and the biggest risks in the markets today. During the post game, Juliette Declercq joins the conversation to discuss her Financial Repression Theme.
  93. David Rosenberg: stocks, yields headed lower

    Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik and Dave discuss the FOMC policy shift, market topping formation and ask if we are headed for an earnings recession. They further discuss treasury bonds and what is in store for the corporate bond markets. They leave things off by discussing modern monetary theory, helicopter money and Ben Bernanke’s playbook from 2002.
  94. Art Berman: The world is still over-supplied with oil

    Erik Townsend and Patrick Ceresna welcome Art Berman back to MacroVoices. Erik and Art ask the question was the oil price collapse more than just a correction? The look at world production surplus for 2019-2020, U.S. oil production and ask if OPEC matters anymore. The further look at trends in world liquid production, perspectives on the Brent and WTI curves and ask why is Brent trading at a premium to WTI.
  95. Barry Ritholtz: Quantitative tightening is not a good reason to be bearish

    Erik Townsend and Patrick Ceresna welcome Barry Ritholtz to MacroVoices. Erik and Barry start by defining bull and bear markets and discuss the bullish case for equities. They proceed to discuss the U.S Dollar, interest rate trends, junk bonds and the China credit risks. They then take a deep dive into populism, the growing trends in socialism, crony capitalism and what is wrong with MMT. Special post game guest Charlie McElligott.
  96. Dr. Pippa Malmgren: Donald Trump never expected to win. He ran for President to pursue an ulterior motive.

    Erik Townsend and Patrick Ceresna welcome back Pippa Malmgren to MacroVoices. Erik and Pippa discuss the U.S./China trade war, the Korean peninsula and the China South Sea. They move on to discuss the future of Donald Trump, China/Russia relations and the future of hypersonic warfare. They wrap up talking about socialism, populism, surveillance capitalism and the outlook for the equity markets.
  97. Luke Gromen: The “Dollar End Game” has already begun!

    Erik Townsend and Patrick Ceresna welcome back Luke Gromen to MacroVoices. Erik and Luke discuss the underlying motives & timing of the dollar and the particulars of oil, Petrodollar, and global Treasury Holdings. They elaborate on the drivers behind the strong dollar and timing of the dollar endgame. We welcome Brent Johnson to the post game show to discuss the different alternatives to how the dollar end game scenarios play out.
  98. Francesco Filia: Stock market CRASH entirely possible

    Erik Townsend and Patrick Ceresna welcome back Francesco Filia to MacroVoices. Erik and Francesco discuss bear markets, complex dynamic systems, and the phase transitions and the twin bubbles. The continue discussing tipping points, crash hallmarks and butterflies. They ask why are the risks now and will treasury bonds going to be the benefactor? The end asking how to play the short side of the markets?
  99. Alex Gurevich: Interest rate momentum is an excellent predictor of equity market performance

    Erik Townsend and Patrick Ceresna welcome back Alex Gurevich to MacroVoices. Erik and Alex discuss the bigger picture outlook on the business cycle, the yield curve, Treasury bonds and the dollar. They further discuss the current quantitative tightening cycle and when the Fed will again begin easing. They then go around the world discussing the global economies in Australia, Canada, China Japan and Europe. The end with a discussion on where is gold heading in the bigger picture and interest rates momentum as a predictor of equity markets.
  100. Grant Williams: The Trouble in Europe Has Only Just Begun

    Erik Townsend and Patrick Ceresna welcome Grant Williams back to MacroVoices. Erik asks Grant if we in a cyclical bear market and where he feels treasury bond yields are headed next. They discuss tensions between China and Taiwan, the rise of global populism and the future of France and Europe. Grant shares his update on how things are developing on Australian Real Estate and the risks of a recession. They end with touching on gold and the U.S. dollar.

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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