Welcome to Macro Voices

Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss:

• Macro outlook on Europe
• Impact of rate hikes on commodities
• Outlook for European energy security
• Inflation outlook for the rest of 2023
• Gold and stagflation
• Bitcoin & cryptocurrency

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Erik Townsend and Patrick Ceresna welcome Tian Yang to MacroVoices. Erik and Tian discuss:

• US Recession and is the bear market rally over?

• Fed cuts – is it different this time?
• Fixed income outlook
• China re-opening and EM outlook
• What’s next for USD
• Complacency of US high yields

• Commodities super cycle intermission

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We strongly recommend that you download the chart book that accompanies this episode, as Erik and Tian will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Mike Green to MacroVoices. Erik and Mike discuss:

• Banking crisis and the Fed’s reaction to hike rates
• Reasons for decline in active management despite recent banking crisis
• What would happen if there is a technical default
• De-dollarization – where is it headed
• Governments embracing CBDC
• Benefits and implications of AI technology

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Erik Townsend and Patrick Ceresna welcome Chris Whalen to MacroVoices. Erik and Chris discuss:

• Latest FOMC
• Is ’08 size banking crisis on the horizon?
• Lessons from the 80’s on what’s ahead
• Funding opportunity dip
• Is the latest hike really the last one?
• Outlook on Fed policy and inflation
• Portfolio construction
• Banking crisis risks & inflation runaway risks

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Erik Townsend and Patrick Ceresna welcome Ole Hansen to MacroVoices. Erik and Ole discuss:

• Outlook on US interest rates
• Inflation – where do we go from here?
• US/China trade relations and its impact on commodities
• Backwardation and contango
• Oil prices
• US/Europe natural gas arbitrage
• Copper & precious metals
• Is it time for all-time highs for gold?

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We strongly recommend that you download the chart book that accompanies this episode, as Erik and Ole will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik and David discuss:

• Recovery to new all-time highs?
• Market outlook
• Interest rates and inflation
• Credit crisis on the horizon?
• Gold and de-dollarization
• Impact of China’s recovery on global macro outlook
• Precious metals and energy transition

Rosenberg Research Free Trial

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Erik Townsend and Patrick Ceresna welcome Larry McDonald to MacroVoices. Erik and Larry discuss:

• Debt ceiling and monetary policy
• Implications of impending yield curve control
• Could the US default?
• Fed – how much interest expense can they afford?
• “Greenspan crowding out”
• What’s next for oil and gas
• De-dollarization

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Erik Townsend and Patrick Ceresna welcome Adam Rozencwajg to MacroVoices. Erik and Adam discuss:

• Energy outlook
• China reopening and demand
• What will be the catalyst that would change oil prices 
• Recent gold rally – what’s next for gold?
• How decarbonization agenda will impact copper prices
• Nuclear renaissance

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Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss:

• Causes of recent increased nuclear escalation risks
• Possibility of China to annex the Russia/Ukraine conflict
• Where is China/US relations headed?
• The Pentagon’s involvement in SVB bailout
• The ‘little giant’ strategy

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Erik Townsend and Patrick Ceresna welcome Charlie McElligott to MacroVoices. Erik and Charlie discuss:

• Banking crisis – is it over or is it just the beginning?
• Monetary policy implications from banking crisis
• Will the Fed retain control of the markets?
• Translating current market backdrop into portfolio construction
• Recent upturn in the VIX – was it signaling an impending crisis
• 0DTE and its effects on market volatility

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Erik Townsend and Patrick Ceresna welcome Luke Gromen to MacroVoices. Erik and Luke discuss:

• The fall of SVB and the Fed’s hiking cycle
• Is the Fed done with QT?
• What will the Fed do with inflation and what it means for the markets
• Crude oil – what’s next?
• How to play the end of the hiking cycle
• Tensions with Russia & China and what it means for the markets
• Outlook on the US dollar

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Erik Townsend and Patrick Ceresna welcome Louis-Vincent Gave to MacroVoices. Erik and Louis discuss:

• Hot topic macro themes
• What is the market signalling?
• Energy outlook
• Escalation of conflict between US/Russia and what it means for the markets
• Where is the bond market headed
• Recession outlook
• Fed rate hikes – is it over yet?

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Erik Townsend and Patrick Ceresna welcome Dr. Anas Alhajji to MacroVoices. Erik and Dr. Alhajji discuss:

• Lessons learned after Russia/Ukraine conflict anniversary
• SPR - What caused the recent big builds in inventory
• Russian natural gas export
• Oil price outlook
• Internationalization of liquified gas and what’s ahead
• Demand decline vs. demand destruction
• Phasing out fossil fuels before finding viable replacements

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We strongly recommend that you download the chart book that accompanies this episode, as Erik and Dr. Alhajji will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Julian Brigden to MacroVoices. Erik and Julian discuss:

• Has inflation topped and will it make its way down?
• Expectations of a policy reversal
• War cycle spending and its impact on the markets
• Precious metals
• European markets
• Passive investing trend & return of volatility

 

 

 

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SPECIAL POST GAME GUEST- Dr. Pippa Malmgren

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Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices. Erik and Lakshman discuss:

• Recession – what do the cycles say?
• Hiking rates into a global recession
• Business cycle & job losses
• 1970s-Era CPI inflation
• Impact of geopolitics on the cycle 
• Impacts of development of AI on jobs

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We strongly recommend that you download the chart book that accompanies this episode, as Erik and Lakshhman will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jeff Snider to MacroVoices. Erik and Jeff discuss:

• Inflation in post-pandemic period
• Soft landing?
• Energy
• European market
• Has the fed successfully contained inflation?
• China reopening

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jeff will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Alex Gurevich to MacroVoices. Erik and Alex discuss:

• Reflecting on the Fed’s press release
• Inflation
• Crude oil outlook
• Is it time to buy bonds?
• Fed’s impact on financial markets
• What’s next for gold

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Erik Townsend and Patrick Ceresna welcome Viktor Shvets to MacroVoices. Erik and Viktor discuss:

• Reflections on Ukraine/Russia conflict and its impact on the globe
• Inflation outlook
• Interest rates, GDP & recession outlook
• Perspectives on equities and gold
• Re-opening of China, conflict between China/Taiwan

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Erik Townsend and Patrick Ceresna welcome Lyn Alden to MacroVoices. Erik and Lyn discuss:

• Energy outlook
• Decoupling of unemployment rate vs. federal deficit
• Reflexive effects of social security trust drawdown
• Debt and gold
• Interest expense
• Fed remittances
• Increase in banks holding of treasuries
• Recession outlook & commodities outlook

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We strongly recommend that you download the chart book that accompanies this episode, as Erik and Lyn will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Robert 
Friedland to MacroVoices. Erik and Robert discuss:

• Global energy crisis
• Impacts on oil prices if Russia withholds oil export
• Importance of Saudi Arabia’s role
• Global recession and energy prices
• Geothermal energy
• Drilling vs. Spalling
• Copper – supply and demand

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Erik Townsend and Patrick Ceresna welcome Darius Dale to MacroVoices. Erik and Dale discuss:

• Is the bear market over?
• What to expect in first half of 2023 
• Chronology of stock market moves with impending recession
• Implications of deglobalized world economy
• Weaponization of inflation
• Outlook on commodities and gold

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We strongly recommend that you download the chart book that accompanies this episode, as Erik and Darius will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Justin Huhn to MacroVoices. Erik and Justin discuss:

• Overall investment argument for nuclear energy
• Bifurcation of nuclear energy market
• Available options for investing in nuclear
• Strategy for investing in miners
• Invest in the fuel or in the technology?
• Understanding the nuclear fuel cycle and how to invest in it
• Investing in conversion and enrichment

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We strongly recommend that you download the chart book that accompanies this episode, as Erik and Justin will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Mark Nelson to MacroVoices. Erik and Mark discuss:

• History of nuclear power industry
• Nuclear waste disposal
• Nuclear weapons proliferation risk
• How the nuclear decommissioning fund works
• Potential alternatives to nuclear energy
• Advanced nuclear
• Nuclear fuel cycle

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Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. Erik and Jim discuss:

• Latest CPI data
• Has Inflation peaked?
• FOMC – Fed raising rates
• How high will the terminal rate go
• Outlook on treasury yields and high yield market
• Current situation in China
• Recent rally in gold 

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Erik Townsend and Patrick Ceresna welcome Luke Gromen to MacroVoices. Erik and Luke discuss:

• Is the bear market over?
• Inflation and what’s driving the price inflation?
• Injection of liquidity by central banks and increased deficits
• Government debt spiral
• Effects of bifurcation and deglobalization of global economy
• Outlook on gold
• Will the Fed change course?

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Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik and David discuss:

• Recent bear market rallies – is the bottom in?
• How the Fed will manage monetary policy
• Has inflation peaked?
• Recent rally in gold
• Rising geopolitical conflicts and its impact on investors
• China re-opening

 Rosenberg Research Free Trial 

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Erik Townsend welcomes Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss:

• World War III – what it really means
• Russia’s willingness to weaponize oil prices and what that means for the markets
• Why is mainstream media keeping the public in the dark?
• Russia/Ukraine conflict
• Crypto currencies & CBDC’s
• Start of a space race
• Return of Donald Trump
• Reopening of China

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Erik Townsend and Patrick Ceresna welcome Mike Green to MacroVoices. Erik and Mike discuss:

• Proxy wars & the new war cycle
• Dimensions to expect in the current ongoing war
• Possible motives of escalating “friendly competition” to proxy wars
• Is deflation on the horizon that will lead to depression?
• Indebtedness of US & outlook on treasuries 
• Perspectives on gold & uranium 
• China’s reopening and their resumption of consumption

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Erik Townsend and Patrick Ceresna welcome Rory Johnston to MacroVoices. Erik and Rory discuss:

• Will the supply/demand levels return to pre-pandemic levels?
• What to expect from Guyanese offshore oil
• Shale growth – how high can it go?
• China re-opening and its impact on energy market
• EU’s embargo on Russian oil 
• Purpose of SPR  

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We strongly recommend that you download the chart book that accompanies this episode, as Erik, Patrick and Nick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Eric Peters to MacroVoices. Erik and Eric discuss:

• Perspectives on current geopolitical landscape
• Rising conflicts and Inflation 
• Supply chain disruptions
• Food and energy
• How to navigate investing in the current economic backdrop
• What China re-opening would mean for the rest of the world
• New regime of financial repression on the horizon?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik, Patrick and Nick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Ole Hansen to MacroVoices. Erik and Ole discuss:

• Commodities outlook
• Fed’s policy and inflation
• List of stocks to watch out for
• Lack of investments, decarbonization and electrification
• Perspectives on US dollar
• Contango and backwardation
• Will inflation persist during a recession?
• CoT report 
• Possibility of negative natural gas prices in Europe
• Copper, gold and agriculture

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Ole will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Louis-Vincent Gave to MacroVoices. Erik and Louis discuss:

• Liquidity crisis and what lies ahead
• China’s ongoing lockdown and its implications on the global economy
• Will Xi Jinping pivot?
• Global energy crisis & NOPEC bill
• Re-opening of China and increasing inflation
• Bond market outlook

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik, Patrick and Nick will refer to it throughout the postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss:

• Energy crisis in Europe
• EU policy makers and their beliefs in efficacy of sanctions
• Nord Stream pipeline sabotage 
• What level of hardship is expected in Europe in coming months
• Inflation and demand destruction
• Will energy supply return to pre-pandemic levels?
• Investing in current economic landscape
• Outlook on US dollar

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik, Patrick and Nick will refer to it throughout the postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Alex Gurevich to MacroVoices. Erik and Alex discuss:

• Inflation – will it get worse?
• Energy crisis in Europe and UK policy response
• Will the current economic backdrop persist?
• Jay Powell and the Fed’s focus on core PCE
• Depression on horizon?
• Consequences to the US dollar
• Dollar and the emerging market debt

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Alex will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jeff Snider to MacroVoices. Erik and Jeff discuss:

• Fundamentals of Eurodollar system
• What do the international markets have to do with the value of USD
• Divestiture of foreign exchange assets
• Best way to implement global digital currency system

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We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jeff will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend welcomes Mike Alkin & Adam Rodman to MacroVoices. Erik and guests discuss:

• The Uranium Fuel Cycle
• The perceived dangers of Uranium production are misunderstood
• Built on-site vs. modular ‘’factory’’ reactors
• The Uranium enrichment process
• Investing in Uranium: Opportunities and Risks
• The Effect of Fukushima on the Uranium industry and where the industry stands today
• The East as leaders of global Uranium production & enrichment and its effects on geopolitics and the energy crisis.

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Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. Erik and Jim discuss:

• Inflation outlook
• “Quiet quitting” & labor shortage
• Current supply chain landscape and what to expect moving forward
• Impending energy crisis and its impacts on inflation
• Portfolio construction with current market conditions
• Ukraine/Russia situation and global economic warfare
• Precious metals outlook

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Dr. Anas Alhajji to MacroVoices. Erik and Anas discuss:

• European energy crisis
• Impending recession and its impacts on energy demand
• Is the peak oil moment upon us?
• Geopolitics and its effects on the petrodollar system
• G7’s solution to put price cap on Russian oil
• Ever changing production targets and what it means

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices. Erik and Lakshman discuss:

• Redefining recession and what it means moving forward
• Is recession upon us?
• Where we stand in the cycle
• Central banks’ roles in the market and how it impacts leading indicators
• What to anticipate in multi-year QT
• Has the recovery already begun?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Lakshman will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Brent Johnson to MacroVoices. Erik and Brent discuss:

• Update on the Dollar Milkshake Theory
• Sovereign debt crisis
• Will the dollar continue to rise?
• Breakdown of the Euro & Yen
• Absolute vs. Relative performance
• How to invest in gold as an investor while the debasement of fiat currency continues
• Portfolio construction with the current economic backdrop
• Outlook on commodities and equities
• Views on digital currency possibly replacing the dollar as global reserve currency

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chartbook that accompanies this episode, as Erik and Brent will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Leigh Goehring to MacroVoices. Erik and Leigh discuss:

• Relationship between fertilizer shortage and Russia/Ukraine conflict
• Changes in global grain demand
• What is with Biofuels
• Emerging markets and increased demand
• Impact of increased natural gas prices on agriculture
• Fertilizer vs. carbon emissions
• What is food nationalism
• Best space for investors

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Leigh will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Charlie McElligott to MacroVoices. Erik and Charlie discuss:

• Perspectives on the recent sell off
• The next Fed pivot – does it have to be dovish?
• Fading expectations of the Fed rate cut in spring ‘23
• Consolidation of August rally and where it’s headed next
• How to navigate increased volatility
• Why Gamma is the most important flow

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Charlie will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome David Hay to MacroVoices. Erik and David discuss:

• Outlook on energy market
• Justification of CapEx in fuel switching
• How the global recession will impact oil prices
• Pricing in recession – what this means for energy prices
• Is this the dip to buy in energy?
• The Green Energy Transition
• Perspectives on gold & silver
• How long will the Fed continue to expand their balance sheet?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and David will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Adam Rozencwajg to MacroVoices. Erik and Adam discuss:

• Beginning of an energy crisis?
• Impacts of an energy crisis on recession
• Shifting paradigms in natural gas pricing US vs. Europe
• Impacts of fertilizer shortage
• Outlook on gold

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Harley Bassman to MacroVoices. Erik and Harley discuss:

• Is the bottom finally in?
• Relationship between inflation and interest rates
• How far can the fed raise interest rate to fight inflation?
• Driving force behind inflation
• Why is the stock market not crashing based on recent events
• Outlook on gold
• Wealth disparity between boomers vs. millennials

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Erik Townsend and Patrick Ceresna welcome Lyn Alden to MacroVoices. Erik and Lyn discuss:

• Energy update
• Impacts of oil prices and Russia/Ukraine war on inflation
• Recession risk and supply crisis in oil
• Outlook on recession
• Recession impacts on commodities vs. equities
• Which way will the interest rates go?

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Erik Townsend and Patrick Ceresna welcome Jeff Snider to MacroVoices. Erik and Jeff discuss:

• Inflation update
• Anticipation of a deflationary recession
• Dangers of deflationary money
• Outlook on commodities
• Why collateral is the biggest money risk
• Will the Fed be forced out of tightening cycle?
• Why rising oil prices signal deflation

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Erik Townsend and Patrick Ceresna welcome Julian Brigden to MacroVoices. Erik and Julian discuss:

• Inflation update
• What is Hyper-Financialization
• What’s next for the bond market
• Is it time to short junk bonds?
• Outlook on precious metals
• Signs that the bottoms are really in
• How to invest with the current economic backdrop

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Erik Townsend and Patrick Ceresna welcome Darius Dale to MacroVoices. Erik and Darius discuss:

• Has the crash already happened or is it yet to come?
• The Fed will tighten until something breaks
• Can the Fed save the market?
• Liquidity cycle and growth cycle
• Fighting inflation with recession
• Is price control on the horizon?
• Food and energy inflation

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Erik Townsend and Patrick Ceresna welcome Dr. Anas Alhajji to MacroVoices. Erik and Anas discuss:

• Factors that affect increasing oil price

• OPEC+ targets and extra capacity to meet demand
• Russian oil production and its effects on the global market
• Escalation of energy crisis in Europe
• Which way will the oil price go?
• Increasing natural gas and electricity prices in US

• Alternative energy sources for Europe
• How to invest in the energy market with the current backdrop

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Erik Townsend and Patrick Ceresna welcome Luke Gromen to MacroVoices. Erik and Luke discuss:

• Why foreign divestiture of US assets is a big deal
• What happened to gold?
• Strengthening Ruble and Russian energy
• Dichotomy of US dollar
• Transitory or beginning of a secular inflation?
• Why the Fed needs to have negative interest rates
• Possible inflationary recession and the knock-on effects

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Erik Townsend and Patrick Ceresna welcome Ronnie Stoeferle to MacroVoices. Erik and Ronnie discuss:

• Stagflation 2.0 and impacts on gold market
• Definition of stagflation
• Performance of gold
• Impacts of current geopolitics on the price of gold
• The Great Moderation is over
• Recession and the Fed
• Commodity super cycle and where it’s headed

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Erik Townsend and Patrick Ceresna welcome Tian Yang to MacroVoices. Erik and Tian discuss:

• Is recession on the horizon?
• Peaked CPI and what’s coming next
• Growth slowdown and equity sell-off
• Outlook on China and Europe
• 5 Signs of a market bottom
• Impacts of Europe vs. Russia on commodity supply chains
• What factors to consider as investors

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Erik Townsend and Patrick Ceresna welcome Louis-Vincent Gave to MacroVoices. Erik and Louis discuss:

• Global financial system meltdown and US dollar’s loss of hegemony 
• De-globalization of financial flows
• Flight-to-safety trades going in opposite direction 
• China vs. Taiwan and why we should be concerned
• Geopolitics and recent sell-off in markets
• Outlook on bonds, equities and energy

Join Patrick for a Free LIVE Webinar on Trade Repair Strategy on Sunday May 22nd at 11am ET 

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Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik and David discuss:

• Beginning of a bear market and how much lower will it go?
• Fed policy changes and inflation
• Powell vs. Volcker  
• Recession is being engineered by the Fed
• What is driving the current equity market sell off?
• Perspectives on precious metals
• Outlook on bonds and commodities

Rosenberg Research 30-Day Free Trial 

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Erik Townsend and guest host Kevin Muir welcome Josh Crumb to MacroVoices. Erik and Josh discuss:

• Today’s finance industry and where it’s headed
• Tokenized digital assets and DeFi revolution
• Replacing US dollar as global reserve currency with digital currency
• How secured digital bearer assets will transform the finance industry
• What is self-sovereign identity and why it matters

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Erik Townsend and Patrick Ceresna welcome Ole Hansen to MacroVoices. Erik and Ole discuss:

• How to make sense of the commodity market under the current backdrop
• Inflation and central bank’s reaction 
• Monetary policy vs. commodity supply demand
• What drives a commodity super cycle?
• Will crisis emerge due to surge of global food prices?
• Energy – how high will oil prices go?
• Outlook on precious metals

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Erik Townsend and Patrick Ceresna welcome MIke Green to MacroVoices. Erik and Mike discuss:

• WWIII began 2 years ago
• How to be prepared as investors
• Can this war go nuclear?
• What will this World War be about?
• Impacts of WWIII on energy and other commodities
• Perspectives on the stock market under current backdrop
• Disconnect between general sentiment and price levels

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Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. Erik and Jim discuss:

• Replacement of global reserve currency - from US dollar to decentralized digital currency
• Central bank issued digital currency
• Fully decentralized currency system vs. digital sovereign market
• Re-engineering corporate capital structure
• Will the new currency system emerge from Metaverse?

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Erik Townsend and Patrick Ceresna welcome Bill Blain to MacroVoices. Erik and Bill discuss:

• Inflation – is it really transitory?
• Impacts of Ukraine/Russia situation on inflation
• Global reserve currency – US Dollar vs. Digital Currency
• Inflation impacts on the bond market
• Energy crisis on the horizon?
• ESG vs fossil fuels

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Erik Townsend and Patrick Ceresna welcome Philip Verleger to MacroVoices. Erik and Philip discuss:

• Energy outlook

• Recession impact on oil prices
• Transition to ESG & Electrification of the economy
• Overlooked challenges in the transition in energy
• Consequences of current geopolitical event on energy
• Likelihood of price control

• What should be done to mitigate energy price challenges

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SPECIAL POST GAME GUEST- Jonthan Awde

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Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss:

• Beginning of a tightening cycle amidst Ukraine/Russian war

• Recession and decreasing demand
• Risk of stagflation in Europe and other parts of the globe
• Relationship between energy and inflation
• Chinese economy & US/China relations
• Central bank policies and hiking cycles

• Risk of runaway energy prices
• Replacement of USD as the global reserve currency  

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Erik Townsend and Patrick Ceresna welcome Joseph Wang to MacroVoices. Erik and Joseph discuss:

• This week’s FOMC meeting
• Is it time for Volcker style aggressive hiking cycle?
• What options are available to the Fed?
• QT cycle – takeaways from the past and what to expect moving forward
• Weakness in equity markets
• Will the Fed stay on course this time?
• Mortgage-backed securities

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Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices. Erik and Lakshman discuss:

• Upcoming policy mistake

• Inflation risks – what is the issue with inflation?
• Tightening monetary policy in this current environment
• Window of economic vulnerability
• ESG and energy costs amidst the war cycle backdrop
• Outlook on equities and bonds

• Rise of commodities and what’s going on with gold  

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Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss:

• Legitimacy of Russia’s concerns
• Perspectives on Glen Greenwald’s views on Ukraine/Russia situation
• “Dead Man’s Switch”
• Is there a nuclear threat?
• Russia’s presence in Asia
• What can aid in de-escalation of the current Ukraine/Russia relations
• WWIII may result in an economic boom

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Erik Townsend and Patrick Ceresna welcome Charlie McElligott to MacroVoices. Erik and Charlie discuss:

• Key takeaways from previous tightening cycles

• Secular vs. transitory inflation
• Aftermaths of hiking cycles of the past
• Impacts of COVID pandemic effects on the market
• Ukraine/Russia relations – downside left tail or right tail risk?
• Outlook for second half of 2022

• How to interpret lack of liquidity in the markets

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Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. Erik and Jim discuss:

• Credit market reaction to inflation
• Employment: friction between returning to office vs. WFH
• What’s going on with the Fed
• How to know if inflation is transitory
• MMT influence on politics and policies
• DeFi and tokenization of financial assets

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Erik Townsend and Patrick Ceresna welcome Alex Gurevich to MacroVoices. Erik and Alex discuss:

• Is the bond bull market over?
• US Dollar outlook
• Effects of tightening cycle
• Fed’s excess stimulus and inflation
• Gold & precious metals outlook
• Perspectives on bond markets

Get your copy of The Trades of March 2020: A Shield Against Uncertainty

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Erik Townsend and Patrick Ceresna welcome Izabella Kaminska to MacroVoices. Erik and Izabella discuss:

• Shifting into endemic phase – what that means for the economy
• Is this inflation transitory?
• Supply chain – shortage in semi conductors
• Instability in Ukraine/Russia relations
• What the current economic situation means for investors
• CBDC in China – will other governments adopt?
• UBER and Airbnb business model
• What happens next in recovery for consumers

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Erik Townsend and Patrick Ceresna welcome Ronald Stoeferle to MacroVoices. Erik and Ronald discuss:

• Return of volatility

• Is recession upon us?
• Price of gold
• Rate hike cycle and inflation
• Velocity of money and inflation expectations
• Relationship between gold and crypto

• Performance of mining shares
• General market outlook

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Erik Townsend and Patrick Ceresna welcome Viktor Shvets to MacroVoices. Erik and Viktor discuss:

• The inflation pendulum
• Monetary policy and its relationship to the stock market
• Negative interest rates and gold
• Will the Fed tighten or ease?
• Post Covid geopolitics between US/China/Russia
• What’s priced wrong and where are investment opportunities?
• How to invest during the re-opening of the economy

*Please note that the market wrap commentary was recorded mid-session with the S&P still up on the day, before the late-day crash to new lows*

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Erik Townsend and guest host Kevin Muir welcome Darius Dale to MacroVoices. Erik and Darius discuss:

• Deflation or inflation?
• Omicron effects on the markets
• How will recovery impact asset prices post-pandemic? 
• End of stimulus and what that means for the markets
• Fed is late to tighten – where does this go next?

• Impending secular inflation vs. 1970’s inflation
• Outlook on gold and precious metals
• Quantifying potential downside in the stock market

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Erik Townsend and Patrick Ceresna welcome Grant Williams to MacroVoices. Erik and Grant discuss:

• Are central banks leading us to inflation trap?
• Will the Fed follow through with tapering?
• Omicron effects on reopening of the economy
• Asset allocation in current market conditions
• Tesla – will it finally roll over and break?
• Disparity between oil displacement and transition to green energy
• Foreign affairs – US/Russia/China relations 

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Erik Townsend and Patrick Ceresna welcome Louis-Vincent Gave to MacroVoices. Erik and Louis discuss:

• Omicron effects on the markets
• Fed’s tapering – is it real this time?
• Is the Fed heading into an inflation trap?
• Final era of oil 
• US/China & US/Russia relations post COVID
• Precious metals, US Dollar and cryptocurrency

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Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss:

• Inflation vs Deflation
• What happens if there is no correction in nominal prices?
• "The Buffet Yardstick”
• What is in store for equity markets next year?
• Precious metals and mining stocks – where is the opportunity? 

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Erik Townsend and Patrick Ceresna welcome Francesco Filia to MacroVoices. Erik and Francesco discuss:

• DeFi – Decentralized Finance

• Will bonds be replaced with new credit instruments?
• The next step leading to DeFi
• Displaced bonds and what that would mean for investors
• Cryptocurrency and digital lending
• What to expect in digitization of financial industry 

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We strongly recommend that you download the chart book that accompanies this episode, as Erik and Francesco will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Julian Brigden to MacroVoices. Erik and Julian discuss:

• Inflation, deflation or disinflation?
• Core PCE and Final Demand PPI
• Precious metal outlook
• Backing up of rates and how far can it go?
• Is the Fed going to taper?
• Warning about the 1960’s

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Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik and David discuss:

• Inflation outlook
• Powell’s latest comments
• Will there be a meaningful correction?
• Commodities supercycle
• Outlook on gold and crypto currency
• What’s next for US dollar

    Breakfast with Dave 

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Erik Townsend and Patrick Ceresna welcome Lyn Alden to MacroVoices. Erik and Lyn discuss:

• Long-term debt cycle
• Lessons from the 1940’s financial repression 
• Will the government keep the inflation going?
• Bonds vs. Inflation
• Broad money and CPI
• The oil cycle
• Perspectives on monetary and fiscal policy
• Portfolio composition in current landscape

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Erik Townsend and Patrick Ceresna welcome Jeff Snider to MacroVoices. Erik and Jeff discuss:

• Secular or transitory inflation?
• Increase in energy prices and CPI
• How will the government respond?
• Foreign investment in bond market 
• Lack of investing in oil market 
• Bond market as inflation indicator
• Why Yellen and Powell may be right

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Erik Townsend and Patrick Ceresna welcome Ole Hansen to MacroVoices. Erik and Ole discuss:

• Price of energy & green investing focus
• Post pandemic demand increase & supply chain disruptions
• Inflation hedge in current environment
• Outlook on oil and energy
• Precious metals, uranium and nuclear power
• Impacts of weather on supply for agriculture production

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Erik Townsend and Patrick Ceresna welcome Mike Green to MacroVoices. Erik and Mike discuss:

• Views on the latest FOMC meeting
• Outlook on equity markets, gold and crude oil
• China’s impact on commodities
• Which way will the bond yields go?
• Impacts of Cryptocurrency and DeFi on central banks
• Benefits of tokenized digital dollar

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Erik Townsend and Patrick Ceresna welcome David Hay to MacroVoices. Erik and David discuss:

• Inflation and Greenflation 

• Outlook on equities
• Paul Tudor Jones’ “Range Expansion” 
• Breakouts and Breakdowns
• Cryptocurrencies & Gold
• Investment strategies in current environment

• Wage inflation and employment shortages

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Erik Townsend and Patrick Ceresna welcome Luke Gromen to MacroVoices. Erik and Luke discuss:

• Is this inflation transitory or structural?

• Secular inflation and tax receipts
• How MMT may impact monetary policy moving forward
• How will central banks respond?
• Politics and policy – what it means for asset allocation
• Outlook on bond yields, US dollar, bitcoin and gold

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Erik Townsend and Patrick Ceresna welcome Cullen Roche to MacroVoices. Erik and Cullen discuss:

• Trillion-dollar coin and debt ceiling

• Stagnant economy and inflation
• Modern Monetary Theory
• Will inflation turn into stagflation?
• Fed’s response to inflation
• Keynesian’s counter cyclical policy

• Outlook on equities, dollar and bond yields 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Russell Napier to MacroVoices. Erik and Russell discuss:

• Current situation in China and its impacts on inflation

• Interest rates and inflation
• China’s influence on central banks facing inflation
• Collectivism and its implications on central banks
• Outlook for bond rates
• Impacts of inflation on stock market

• Financial repression – how will it unfold?
• Outlook on equities and gold

 Find out more about Russell's new course at www.didaskoeducation.org or you can contact Russell at This email address is being protected from spambots. You need JavaScript enabled to view it.

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jeroen Blokland to MacroVoices. Erik and Jeroen discuss:

• Is inflation transitory?

• Policy response to inflation
• Supply chain disruption
• Bullish sentiment in the stock market
• Portfolio allocation
• Reflecting on last week’s FOMC 

• China and Evergrande
• Perspectives on Bitcoin

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jeroen will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Juliette Declercq to MacroVoices. Erik and Juliette discuss:

• Macro outlook
• The two types of inflation
• Unemployment rate and wage inflation
• How will the Fed react to rising wages?
• Wealth accumulation by generations and income inequality

• Supply and demand imbalances

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Juliette will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. Erik and Jim discuss:

• Is this inflation secular or cyclical?
• Wage inflation and unemployment rate
• Correlation between inflation and interest rate
• Is this beginning of a bond-bear market?
• Investment strategy in the current bond market landscape

• Will Jay Powell be re-appointed?
• Outlook on China
• Perspectives on DeFi 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and this week's guest host Kevin Muir welcome Paull Krake to MacroVoices. Erik and Paul discuss:

• Major macro themes to observe
• Megathematics
• Perspectives on China
• Hong Kong’s loss of independence and its impact on financial landscape
• Climate change and ESG trend

• Will the FED actually taper?
• What’s next for digitization and DeFi

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Kevin will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Wayne Himelsein to MacroVoices. Erik and Wayne discuss:

• Long Vol vs. Short Vol strategies
• Mitigating carry cost of long vol strategies 
• Actively trading to manage negative carry
• Straddles as a long vol trade 
• Sizing a long vol hedge in a portfolio
• Dynamic management of a long vol trade

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chartbook that accompanies this episode, as Erik and Wayne will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend welcomes Dr. Pippa Malmgren and Clint Cox to MacroVoices. Erik and the guests discuss:

• Importance of Decentralized Finance
• How to navigate DeFi revolution as an investor
• Will credit be re-engineered in a digital currency system?
• Geopolitical consequences of displacing USD as global reserve currency with new digital central bank reserve asset

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Erik Townsend welcomes Dr. Pippa Malmgren and Clint Cox to MacroVoices. Erik and the guests discuss:

• Digital currency & decentralized finance vs. conventional currency and finance system
• Cryptocurrency, Central Bank Digital Currencies and Silicon Valley Digital Currencies
• Can CBDCs coexist peacefully with non-government cryptocurrencies?
• Big tech impact on digital currency systems

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Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices. Erik and Lakshman discuss:

• Will there be disinflation before secular inflation?
• Global Manufacturing PMI & Industrial Growth cycles
• Post GFC – when does national debt becomes problematic?
• Commodities – what to expect cyclically
• Outlook on precious metals
• Does the downturn in economic cycle call for recession?

 Download the podcast transcript: [Click Here]

 

We strongly recommend that you download the chartbook that accompanies this episode, as Erik and Lakshman will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

SPECIAL POST GAME GUEST- Grant Williams

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