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TOPIC: DISCUSSION THREAD: Episode 31 - Raoul Pal

DISCUSSION THREAD: Episode 31 - Raoul Pal 2 months 3 weeks ago #1

  • amkc
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Always awesome to have Raoul on and I frequently come away learning something new. It was impressive to see how much ground Erik and Raoul were able to cover in under an hour.
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DISCUSSION THREAD: Episode 31 - Raoul Pal 2 months 3 weeks ago #2

  • AldenTyrell
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Link to this week's supporting presentation is broken :(
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DISCUSSION THREAD: Episode 31 - Raoul Pal 2 months 3 weeks ago #3

  • ctopczewski
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Just discovered this podcast. Love it so far and love the content. Cheers!

Can someone post the note from GS discussing bonds?
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DISCUSSION THREAD: Episode 31 - Raoul Pal 2 months 2 weeks ago #4

  • Pepe le Moko
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Am I the only one who thinks that listening to podcasts at chipmunk speed is weird?
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DISCUSSION THREAD: Episode 31 - Raoul Pal 2 months 2 weeks ago #5

  • Pepe le Moko
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This is the wheat/cpi chart that Raoul Pal refers to:
fred.stlouisfed.org/graph/fredgraph.png?g=7c2H
Last Edit: 2 months 2 weeks ago by Pepe le Moko.
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DISCUSSION THREAD: Episode 31 - Raoul Pal 2 months 2 weeks ago #6

  • dcarusotto
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First off great interview with Raul. He's always thought provoking and educational.

I wanted to start a discussion regarding the listener question segment at the end of the podcast. Erik was answering a listeners question "Is QE money printing" . Erik basically said that QE was money printing since the FED was creating new money and buying treasuries, mortgage backed securities, etc

While Erik is right, I think public perception of QE is wrong. When people hear money printing they think of all this money sloshing around the system that wasnt there before. I dont think think this is the correct way to think about it. QE is just an asset swap. Dealers (banks) get a liquid asset (Cash) in exchange for a less liquid asset (Treasury/mbs).

Since this is just an asset swap there is not really any effect on the money supply from QE, just Liquidity is increased as a result. There are more liquid assets (cash) floating around but there are less illiquid assets around too (treasuries/mbs). So they net each other out. QE increases liquidity in the short to medium term but once the assets mature, the cash is just sitting on the FED's balance sheet/maybe paid back to the treasury. The new cash never makes its way into the real economy, hence no meaningful inflation.

Any thoughts on this? Am I thinking about QE in the right way?
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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 Nathan Egger shall NOT be liable for losses resulting from investment decisions based on information or viewpoints presented on MACRO VOICES.

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