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  • Axel Merk: ECB/Fed/BOJ Policy and the Implications for Equities, Gold, the USD and More

    2014 02 13 Axel headshotErik 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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  • Axel Merk: ECB/Fed/BOJ Policy and the Implications for Equities, Gold, the USD and More

    Erik welcomes Axel Merk and the two of them discuss recent central bank statements and how we can expect them to affect financial markets.

  • Axel Merk: Trump reflation trade is dead. Equity market hasn’t noticed yet.

    Erik Townsend welcomes back Axel Merk to MacroVoices. Erik and Axel discuss Europe, ECB policy, UK elections and the future of the European union. They further debate the Trump reflation trade, the U.S. dollar and fiscal/monetary policy. Looking around the globe, the look at the Chinese Yuan devaluation, Japan and the outlook on gold.

  • Bassman/Cudmore/Snider: Market Correction Review

    MacroVoices welcomes Harley Bassman, Mark Cudmore and Jeffrey Snider for a triple header episode asking if the market correction is over. The further discuss, bonds, commodities and the U.S. Dollar.

  • Bill Fleckenstein: The Perils of Short Selling in a World Awash in Central Bank Liquidity

    Fleckenstein3Erik 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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  • Bill Fleckenstein: The Perils of Short Selling in a World Awash in Central Bank Liquidity

    Erik interviews Bill Fleckenstein and they discuss the tactics involved in short selling, and the dangers of doing so in a market fueled by central bank liquidity.

  • Charles Biderman: The Monetary Policy Endgame

    Erik Townsend and Aaron Chan welcome Charles Biderman to MacroVoices. Erik and Charles discuss big picture and current market contexts beginning from Post-WW2, flight capital impact on U.S. markets, backstory related to sub-advisor relationship with and termination from AdvisorShares, and much more.

  • Charlie McElligott: Phase one is over. The easy money has already been made.

    Erik Townsend and Patrick Ceresna welcome Charlie McElligott to Macrovoices. Erik and Charlie discuss the curve steepener as a recession signal and the current impact that the dollar, real rates and inflation expectations have on the markets. They further touch on the Chinese credit/financing impulse and the late cycle behavior from autos and homebuilders. They discuss the yield curve, the Nabe wage surveys, unemployment and what they tell us about future recessions.

  • Chris Cole: Volatility and the Alchemy of Risk

    Erik Townsend welcomes Chris Cole to MacroVoices. Erik and Chris discuss all things about underlying risks in the current low volatility market. They discuss share buybacks, the explicit vs implicit short vol positions and the impact of risk parity, VAR control, funds. The look at the potential impact of the unwind in the short VIX trade and why the scenarios echo the period prior to the 1987 market drop.

  • Chris Whalen: Equity markets overvalued but not ready to crash

    Erik Townsend welcomes Chris Whalen to MacroVoices. Erik and Chris discuss his views on the U.S. dollar and the overvalued equity markets. The further discuss corporate debt, interest rates, bonds and the high levels of private debt. They further discuss Chris’s books “Inflated” and “Ford Men”.

  • Crude Oil Special: Anas Alhajji, Joe McMonigle, Dr. Ellen Wald

    Erik Townsend and Patrick Ceresna welcome Anas Alhajji, Joe McMonigle and Dr. Ellen Wald to the show. Erik and Ellen discuss how does Saudi Arabia looks at the oil market, perspective about Saudi Aramco, understanding Mohammad bin Salman and the social politics in Saudi Arabia. During the second part of the interview, Erik, Joe and Anas discuss what is driving the oil markets, Iranian sanctions, OPEC and backwardation.

  • Daniel Lacalle: Synchronized Global Growth was always a False Narrative

    Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel debate if this is a market correction or is it the end of the bull market? They touch on the Fed’s responsiveness to changing monetary policy and ask where bond yields are heading from here? They proceed to touch on Europe, the ECB, Italy, European junk bonds, Emerging Markets and more. During the post game Marin Katusa joins us to discuss Mohammed bin Salman, Saudi Arabia, oil prices and gold.

  • Danielle DiMartino Booth: Jay Powell is a new breed of Fed Chairman

    Erik Townsend and Patrick Ceresna welcome Danielle DiMartino Booth to MacroVoices. Erik and Danielle discuss Jay Powell as the new Fed Chair. They discuss Jackson Hole, how Powell did and the absence of Draghi and Kuroda. They further discuss the impacts from the trade war, markets reaction to quantitative tightening, Fed policy and the economy. They further touch on inflation expectations, Europe and the outlook for China.

  • Darius Dale: Hedgeye turn BEARISH U.S. Growth

    Erik Townsend and Patrick Ceresna welcome Darius Dale to MacroVoices. Erik and Darius discuss the peak in the U.S. growth cycle, inflation and earnings. They further discuss the global divergence reiterated and the prognostications vs the reality of the markets. They further discuss China’s massive credit expansion, the US dollar and the breakdown in currency and interest differentials.

  • David Rose: Accredited Investor Academy, Part 3-A

    Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 3A. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the third of a four-part series about learning to be a sophisticated private investor.

  • David Rosenberg: Opportunities and Outlook for 2017

    Macro Voices interview with David Rosenberg from Gluskin Sheff. David discusses when is it time to become bearish on the markets, US Dollar Outlook, Canadian Dollar and Canadian Monetary Policy, Future of European Union and asking if the 35-year bond bull market over?

  • David S. Rose: Angel Investing

    Erik Townsend and Aaron Chan welcome David S. Rose to MacroVoices. Erik and David discuss David's background and introduction to angel investing and entrepreneurship through his great uncle, what angel investing actually is, how it might fit in a portfolio, and who it is suited for, expected investment returns from angel investing and the role of diversification, and much more.

  • DoubleLine’s Jeffrey Sherman: Bond Bear Market is Pausing but Not Over!

    Erik Townsend and Patrick Ceresna welcome Jeffrey Sherman to MacroVoices. Erik and Jeffrey discuss the big picture outlook on the economy, bonds and interest rates. They ask if there is a recession coming in the U.S. and how much upside on the U.S. Dollar? They further debate how will the economy deal with higher rates and inflation, the outlook on gold and commodities.

  • Dr. Ben Hunt - Macroeconomics viewed through the lens of Game Theory and History

    Dr. Ben Hunt brings a fresh perspective on the current macroeconomic backdrop as viewed through the lenses of game theory and history. We discuss the US dollar, Chinese currency devaluation, Japan, the Brexit referendum and much more.

  • Dr. Ben Hunt: The Federal Reserve is no longer your friend!

    Erik Townsend welcomes Dr. Ben Hunt back to MacroVoices. Erik and Ben discuss the sea of change at central banks and the negative impact of Fed shrinking their balance sheet. They further discuss the -impact on the markets and the considerations on interest rate and bond trends. They later touch on the flaws of the volatility ETFs and considerations in the real estate markets.

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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