finance

  • Nomi Prins: Central Bank Collusion; Pat Hemsworth: Crude Oil Update

    Erik Townsend and Patrick Ceresna welcome Nomi Prins to MacroVoices. Erik and Nomi discuss central bank collusion to prop up asset prices. They further look into why QE never led to runaway inflation and why there has been no consequences over the last 10 years. For the second interview Erik welcomes Pat Hemsworth to the show to discuss everything oil.

  • Paul Brodsky: Treasury yields, Deflation, and the need for a Financial System Reset

    Erik Townsend and Aaron Chan welcome Paul Brodsky to MacroVoices. Erik and Paul discuss the necessary global reset due to insurmountable leverage, views and outlook for U.S. Treasuries despite obvious sovereign insolvency, the false deleveraging narrative when viewed in the light of base money, thinking behind owning gold bullion relative to gold mining shares, and much more.

  • Paul Krake: Post-Trump, Ripping up the Investment Playbook

    Erik Townsend and Aaron Chan welcome Paul Krake to MacroVoices. Erik and Paul discuss the bond market blowup in the context of the U.S. Presidential election, ripping up the investment playbook under a Trump presidency, violent rotation out of long-bond proxies into higher growth, higher rate assets, the resulting balance sheet and pension destruction from the rotation, potential for a disorderly rise in interest rates and the U.S. Dollar, gold losing its predictive ability and relevance, China debt dynamics and potential RMB devaluation in the context of limiting social unrest, and much more.

  • Prof Steve Hanke: M4 is the most under appreciated indicator

    Erik Townsend and Patrick Ceresna welcome Prof Steve Hanke to MacroVoices. Erik and Steve discuss drivers of the recessions over the last 30 years, perspectives on Lehman Brothers failure, M4 Money Supply as the broadest measure, dangers in quantitative tightening, commercial banks drive money supply, stabilizing the U.S. Dollar Euro rate, understanding past hyperinflation, and some perspective on Venezuela's hyperinflation

  • Prof Steve Keen: The Real Risk is in Private Credit

    Erik Townsend and Patrick Ceresna welcome Prof Steve Keen to MacroVoices. Erik and Steve put perspective on global sovereign and private debt. Erik asks if government debt is still a safe haven? They further touch on junk bonds, corporate debt, credit spreads and ask how another financial crisis occurs and which countries are most vulnerable. After the interview, post game guest Charlie McElligott joins Erik and Patrick to dissect the current market drop and where the next opportunities lie.

  • Prof. Edward Altman: High Yield Benevolent Cycle Not Yet Over

    Erik Townsend and Patrick Ceresna welcome Prof. Edward Altman to MacroVoices. Erik and Edward discuss the credit cycle and the length of the current benign cycle. They elaborate on historical default rates, recessions and the surge in U.S. corporate leverage. In the postgame following the interview, Louis-Vincent Gave joins the team to discuss the liquidity squeeze and the end of Chin-America.

  • 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.

  • Prof. Steve Keen: Macro Outlook Under Donald Trump, Inflation, TSY Yields, and More

    Erik Townsend and Aaron Chan welcome Professor Steve Keen to MacroVoices. Erik and Professor Keen discuss how Trump might be the most Keynesian President since Trump, prospects for a debt jubilee and subsequent credit boom, European Union disintegration making Lehman look like a picnic, last gasps of neoliberalism, and more.

  • Prof. Steve Keen: Reinventing how Economics is Taught

    Erik Townsend welcomes back Steve Keen to MacroVoices. Erik and Steve discuss the 2008 crisis and what could go wrong in the current cycle. They discuss the false narratives around QE and bank reserves and where is the risk to correction in asset pricing. They further discuss the walking dead of debt and the future zombies to be. They further discuss Japan, Canada and China and how long does this debt cycle last?

  • Raoul Pal: Breaking Down the US Dollar, Past, Present, and Future

    Erik interviews Raoul Pal, and they breakdown the US dollar bull market and discuss where we're headed next.

  • Raoul Pal: Breaking Down the US Dollar; Past, Present, and Future

    Raoul PalErik 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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  • Raoul Pal: Inauguration Eve Macro Update

    Erik Townsend interviews Raoul Pal on MacroVoices. The interview with Raoul starts with asking if Trump can reverse the trend of a strong dollar. They look at the bond markets and ask if the secular bull market is over. Later in the interview, Erik and Raoul discuss the overcrowded VIX contango trade, the big opportunities for 2017 and the short-term outlook for gold, oil and junk bonds.

  • Raoul Pal: USD, TSYs, Biz Cycle, Gold, EU Exit Contagion & More!

    Erik Townsend and Aaron Chan welcome Raoul Pal to MacroVoices. Erik and Raoul discuss structural issues in LIBOR and Eurodollar markets as bullish for USD, update on Raoul's business cycle framework, 100% probability of recession following 2-term U.S. presidencies, Brexit contagion spreading into the rest of Europe, gold and USD pairs-trade timeline and expectations, precarious state of and systemic risk of the European banking sector, potential moonshot in soft commodities due to weather cycles, and much more.

  • Richard Duncan: What the history of monetary policy tells us about our future

    Duncan headshotErik 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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  • Richard Duncan: What the history of monetary policy tells us about our future

    Richard and Erik discuss the history of monetary policy, and what it suggests to us about the direction the global economy is headed.

  • Rick Rule: Deep dive into pre-revenue resource investing process & due diligence

    Erik Townsend interviews Rick Rule from Sprott Global. The interview with Rick starts with the outlook for the precious metals markets in 2017. Erik then proceeds to discuss the due diligence in making private placements in the gold and silver mining companies. Hear Rick’s insights on evaluating intellectual and physical properties and the common characteristics of successful and failed properties. Rick further puts into perspective how much time and capital is needed to invest into early stage startups.

  • Robin Griffiths: Cyclical and Technical Frameworks, Central Bank Impotence, DM/EM Outlooks, Gold, and More

    Erik Townsend and Aaron Chan welcome Robin Griffiths to MacroVoices. Erik and Robin discuss technical and cyclical frameworks for evaluating financial markets, hierarchy of cycles from seasonal variation to generational, potential panicked selloff in the trade-weighted U.S. dollar, outlook for global equities and central bank-induced flash crashes, gold's resistance at $1,400 and ability to shoot back to all-time highs, and much more.

  • Russell Napier: Buy the Dollar Dip

    Erik Townsend welcomes Professor Russell Napier to MacroVoices. Erik and Russell discuss if the U.S. Dollar bull market over, where we are in the secular treasury bond bull market and the coming pension crisis. They further discuss inflation expectations, the outlook for precious metals and the European exit contagion risk.

  • Russell Napier: PBOC dictating global inflation

    Erik Townsend and Patrick Ceresna welcome Russell Napier back to MacroVoices. Erik and Patrick discuss treasury bonds, China and the tightening of Chinese monetary policy. They ask which central bank is dictating global inflation, the fed monetary policy and ask if the Fed is out of bullets? They end with an outlook for developed stock markets and ask if the decade long bull market over?

  • Russell Napier: Signs of incipient inflation are a false alarm and won’t last long

    Erik Townsend and Patrick Ceresna welcome Russell Napier to MacroVoices. Erik and Russell discuss deflationary risks in the U.S. and context on current higher inflation prints. Erik asks Russell how high are risks of a credit event and what risks are there emanating from China. They further consider the impact of higher interest rates and ask if there a concern of the U.S. government not being able to fund itself. They ask what comes next for the equity markets, the impacts on junk bonds and what is next for Japan.

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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