Erik's Accredited Investor Academy
Boot camp on hedge funds, angel investing, and other alternative investments that are restricted to high net worth accredited individual investors.

Your support helps defray our production costs Looking for the Downloads?

Welcome to Macro Voices

Always FREE of charge! Registration Never Required but we do recommend it! Just click on any player below to listen Now!
Guest Pitches!

male silhouette. Erik Townsend welcomes Bob Coleman to MacroVoices Spotlight. Erik and Bob discuss:

Most vaulting services for precious metals are owned and operated by banks or precious metals dealers! Conflicts of interest abound
When investor Bob Coleman couldn’t find a private vaulting facility that met his standards of independence, he started his own
Allocated, Unallocated and Segregated Storage: Understanding what the bullion banks are selling and where the pitfalls are
Private vaulting facilities are not required to collect tax ID numbers (bullion banks are)
Insurance and force majeure risks in precious metals storage
Getting your metals OUT of the vault when you want them, and what can and has gone wrong with bullion banks

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Bob 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).

Supporting Materials for Download

Idaho Armored Vaults slide deck

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (42.19 MB) .

Click to Play Now!

male silhouette. Erik Townsend and Patrick Ceresna welcome Jeffrey Snider and Luke Gromen to MacroVoices. They discuss:

Current US dollar liquidity squeeze
Impact of changing Eurodollar markets
Understanding the global banking system
Do interest rates influence dollar liquidity?
What does the Fed do now?
China, PBOC and the dollar problem
Global dollar liquidity shortage
Future changes in global reserve currencies

We strongly recommend that you download the chart book that accompanies this episode's postgame segment, as Erik and Patrick will refer to it throughout the 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (75.05 MB) . | Download the podcast transcript: pdf Here (251 KB)

Click to Play Now!

male silhouette.

All-Star Dr. Anas Alhajji and Erik discuss:

Saudi Arabia Power Shuffle: Why all the recent changes in ministers and what it means to markets
Khalid al Falih’s legacy
OPEC report summary and outlook for JMMC meeting
Russian forecast for $25 oil in 2020
John Bolton’s firing and the dramatic drop in oil prices which ensued
IEA Forecast (not yet published) and JMMC Outlook

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (22.32 MB) .

Click to Play Now!

male silhouette.

All-Star Danielle DiMartino-Booth and Erik discuss:

Danielle explains why the U.S. Labor market isn’t as healthy as Powell’s recent speech would lead us to believe
Free sample issue of Danielle’s subscriber letter containing a full description of her arguments
Mark Carney’s pitch for a “multi-polar” reserve currency at Jackson Hole

The Daily Feather - Deadpool of Labor

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (15.36 MB) .

Click to Play Now!

male silhouette.

All-Star Prof. Steve Keen and Erik discuss:

Why China lowered their RRR
Implications for markets and the economy
Great chart book accompanies interview

China RRR Gambit

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (12.81 MB) .

Click to Play Now!

male silhouette.

All-Star Juliette Declercq and Erik discuss:

What to expect from the ECB on Thursday this week
Juliette’s detailed prescriptions for fixing monetary policy
Juliette’s market outlook

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (13.47 MB) .

Click to Play Now!

male silhouette. Erik Townsend welcomes Niels Kaastrup-Larsen to MacroVoices Spotlight. Erik and Niels discuss:

Algorithmic trading: History, and who the players are including Statistical Arbitrage and HFT
The Trend Following strategy and its history
Richard Dennis’ “Turtles”
Benefits of de-correlation and conditional correlation
Performance of trend-following CTAs

We strongly recommend that you download the chart book that accompanies this interview, as Erik and Niels will refer to it throughout the interview.

Supporting Materials for Download

Niels Kaastrup-Larsen Slide Deck

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (47.39 MB) .

Click to Play Now!

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

Global negative yielding debt
US Treasury market and equity market
Outlook on MMT and monetary policies
Is the inverted yield curve an indicator for recession?
Is US stock market recession-proof?
Outlook on gold and other precious metals
"Unicorn" companies

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (39.77 MB) . | Download the podcast transcript: pdf Here (202 KB)

Click to Play Now!

male silhouette.

All-Star Brent Johnson and Erik discuss:

Why the U.S. Dollar is even stronger than most people realize
Gold breakout and what comes next
Equity outlook

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (18.97 MB) .

Click to Play Now!

male silhouette.

All-Star Luke Gromen and Erik discuss:

Oct 12, 2018: A date few noticed but we all should: The USD “insurance” market effectively went no-offer
Why FX-hedged relative yields are so important
Consequences of FX-hedged UST yields turning negative
Where we stand: 7^th, 8^th or 9^th inning?
The mechanics: What should we expect from markets when the Fed is forced to monetize deficits?

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (19.08 MB) .

Click to Play Now!

male silhouette. Erik Townsend and Patrick Ceresna welcome Danielle DiMartino-Booth and Peter Boockvar to MacroVoices. They discuss:

Financial repression
China and trade war
Outlook on US dollar
Europe, the ECB and Chrstine Lagarde
Outlook on Gold
What happens next?

In Part 1 they discussed:

FOMC statement and historic rate cut
Are we in a currency war?
Risks of a recession in the U.S.
Main Street vs. Wall Street
How do risk assets react to a new QE?
Inflation risks moving forward
Modern Monetary Theory

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (49.15 MB) . | Download the podcast transcript: pdf Here (207 KB)

Click to Play Now!

male silhouette.

All-Star Prof. Steve Keen and Erik discuss:

Erik’s book and recent videos’ central prediction is that the USD will eventually be replaced as global reserve currency by a global digital reserve currency system
Steve’s take: Central Bankers often make their boldest moves on their way OUT of office
Steve thinks the rest of the world is more than ready for the USD to be displaced by something else as reserve currency
Steve & Erik lament about Carney’s reference to Facebook’s Libra as the digital currency system to model a global reserve currency system on

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (25.73 MB) .

Click to Play Now!

male silhouette.

All-Star Jeff Snider and Erik discuss:

Jeff explains why banks are willing to pay thru the nose for negative-yielding sovereign debt
If sovereign bonds serve as an insurance policy for the banking system, what do they see coming they need to insure against?
Why the problem is not really term premia, as Janet Yellen recently suggested
Graphs and charts are presented as evidence against the term premia argument
Why Gold is up so much despite dollar strength
The Long Eurodollar Futures trade and why it’s become so popular lately

Jeff Snider Chartbook 2019 08 26

Collateral Reserves: What Is Behind Record Low and Negative Yields

Eurodollar University: Diagramming Repo Reserves And Negative Yields

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (22.14 MB) .

Click to Play Now!

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.

Part 2 is the "meat" of the series. Part 1 began with the high level political argument for why Digital Currency will change the world. Part 2 goes deep on monetary concepts and distributed ledger technology.

Ironically, my book was released on the same day Christine Lagard fulfilled one of its predictions by publicly calling for CBDCs. The central prediction of this video is that the U.S. Dollar will be replaced by a new digital global reserve currency. Now on the very day that I'm releasing these videos, BOE chief Mark Carney pitched the idea of a digital reserve currency [the central prediction of my book and these videos] at Jackson Hole. The coincidence of both events happening on days I was releasing content is astonishing.

For the record, this was written on July 18th and recorded on July 25th. It's been delayed for graphics editing since then until its release on August 23rd.

male silhouette. Erik Townsend and Patrick Ceresna welcome Danielle DiMartino-Booth and Peter Boockvar to MacroVoices. They discuss:

FOMC statement and historic rate cut
Are we in a currency war?
Risks of a recession in the U.S.
Main Street vs. Wall Street
How do risk assets react to a new QE?
Inflation risks moving forward
Modern Monetary Theory

Coming in Part 2:

Financial Repression
China and Trade War
Europe, the ECB and Christine Lagarde
Outlook on Gold
What happens next?

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (47.17 MB) . | Download the podcast transcript: pdf Here (210 KB)

Click to Play Now!

male silhouette.

All-Star Dr. Pippa Malmgren and Erik discuss:

Big picture macro outlook
Why Pippa thinks it’s not as bad as many fear
Why pensions will rush in to buy treasuries if China really divests its holdings en masse
Why Pippa predicts more Boomers will go back to work in coming years

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File. (21.99 MB)

Click to Play Now!

male silhouette.

All-Star Luke Gromen and Erik discuss:

Recap of Luke’s viewpoints expressed in prior All-Stars Interviews for context
Why USD liquidity squeeze explains apparent disagreement between stock and bond markets
Why this is a U.S. Fiscal problem in the making, despite crashing bond yields
Luke’s outlook for risk assets

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (24.05 MB) .

Click to Play Now!

male silhouette.

All-Star Prof. Steve Keen and Erik discuss:

Update on Steve’s recession outlook for U.S. in the wake of the yield curve inversion
Balance sheet recessions
Are negative interest rates evidence of central bank policy errors?
The “wildcard factor”: China

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (10.09 MB) .

Click to Play Now!

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

Is Trump starting a currency war with China?
What are the risks of competitive devaluation
Is the bond market signaling a bear market?
Global demand for dollars driving monetary policy
What risks and repercussions MMT poses on the economy
Outlook on yields and US treasury market
Negative yielding European junk bonds
Outlook on gold and its new correlation to the dollar
Outlook on emerging markets

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (65.54 MB) . | Download the podcast transcript: pdf Here (160 KB)

Click to Play Now!

MVEnergyWeek6 This week’s panel: Anas Alhajji, Tracy Shuchart and Joe McMonigle

Dr. Anas Alhajji’s perspective on Saudi Arabia policy outlook
Joe McMonigle on OPEC production cuts
Tracy @Chigrl Shuchart on what’s really driving the market (supply/demand? OPEC? Trade War News?)
Supply/Demand outlook
Macro Outlook/OPEC Cuts/Saudi Aramco IPO
Geopolitical update
Timespread update from last week

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 file (34.93 MB) .

Click to Play Now!

male silhouette.

All-Star Louis-Vincent Gave and Erik discuss:

History and drivers of the protests in Hong Kong and their implications in financial markets
Gold breakout and what comes next
Bonds and gold: Safety trade assets are clearly catching a bid!
So why hasn’t the S&P 500 taken the hint when other global stock markets clearly have?

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (16.96 MB) .

Click to Play Now!

male silhouette.

All-Star Jeff Snider and Erik discuss:

Why there’s more to the yuan devaluation story that meets the eye (or the mainstream narrative)
Comparison to prior devaluations and analysis of true driving forces
Why China’s U.S. Treasury holdings are encumbered and selling them doesn have the effects most people assume
China’s behind-the-scenes derivatives-based USD “War Chest”
Is China really manipulating its currency, and what are the consequences?

Jeff Snider Chartbook August 12 2019

CNY 7 The Gears Behind the Clockface

The Aid of TIC In Sorting Shorts and Shortages

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (22.52 MB) .

Click to Play Now!

male silhouette.

All-Star Luke Gromen and Erik discuss:

Central Bank Gold Agreement (CBGA) not renewed for first time in 20 years
Yet central banks around the world are buying gold hand over fist!
Luke’s take on what’s driving this and why it’s so important
Fundamental case for gold (review) and is this a good time to buy?

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (13.75 MB) .

Click to Play Now!

male silhouette. Erik Townsend and Patrick Ceresna welcome Ronald-Peter Stöferle to MacroVoices. Erik and Ronald discuss:

Why gold is an important asset to own
Correlation between gold and bond yields
Brief history of gold
Outlook on the bonds and interest rates
Global De-dollarization and sovereign gold holdings
What does the momentum of recent gold breakout mean?
What effect does monetary policy have on gold
Correlation between gold and inflation
Why inflation will be a concern for 2H19
Gold as equity hedge
Importance of understanding the stock to flow ratio for gold

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (68.57 MB) . | Download the podcast transcript: pdf Here (174 KB)

Click to Play Now!

MVEnergyWeek6 This week’s panel: Art Berman, Chris Cook and Patricia Hemsworth

Art Berman reviews highlights from the latest EIA STEO released this week
Pat Hemsworth on Crack Spreads Gone Wild & Brent/WTI Collapse
Chris Cook on Who’s Manipulating Whom in the formative Currency War
Market Mayhem! Trade War and collapsing sentiment analysis
Fireworks on the Forward Curve – WTI term structure transformation analysis

We strongly recommend that you download the chart book that accompanies this interview, as Erik and the panelists will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (51.28 MB)

Click to Play Now!

male silhouette.

All-Star Brent Johnson and Erik discuss:

Why Brent remains convinced the USD has much higher to go
The case for gold, and analysis of recent moves in reaction to the Trump China Tweet
U.S. Stock market outlook

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (12.67 MB) .

Click to Play Now!

male silhouette.

All-Star Juliette Declercq and Erik discuss:

The fed needed to take action in response to tightening global Dollar liquidity squeezing the USD higher, which will cause serious problems if not addressed.
They had their chance last week, but blew it!
In a rare moment of agreement with Donald Trump, Juliette says Powell should be fired!
Great graphs and charts support Juliette’s entire narrative
Despite these developments, Juliette believes recent dollar strength is still ultimately unsustainable

Juliette Declercq Chartbook August 5 2019

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (11.13 MB) .

Click to Play Now!

male silhouette. This episode of Hot Topic features Dr. Harald Malmgren & Dr. Pippa Malmgren. They discuss:

Why Hal and Pippa disagree on present economic risk factors
Pippa’s experience growing up in a house where your Dad directly advises the President of the United States
Hal’s experience as a father, watching his daughter grow up to follow in his footsteps as a Presidential advisor
Hal’s feelings as a former senior policy advisor about his granddaughter’s generation being the first in American history predicted to live a lower standard of living than he lived himself
Why Pippa questions the veracity of the premise that Generation Z will experience a lower standard of living than their grandparents

Download the audio MP3 File (52.06 MB) .

Click to Play Now!

male silhouette.

All-Star Professor Steve Keen and Erik discuss:

Why Steve doesn’t expect a U.S. recession
Steve’s economic outlook for the rest of the world
Why Steve is concerned about the financial sector
Will the secular bond bull market reverse or just plateau at sustained near-zero interest rates?

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File. (14.77 MB)

Click to Play Now!

male silhouette. Erik Townsend and Patrick Ceresna welcome Mark Cudmore to MacroVoices. Erik and Mark discuss:

Outlook on global growth and economy
US growth outlook
US/China trade negotiations
Unemployment rates and recession forecast
US equity market and its effects on emerging markets
Factors that drove the recent rally and the outlook on the next two quarters
US treasury market, the yield curve and the US dollar
The decline in the US share of global GDP
Outlook on the British Pound and the Hong Kong dollar

SPECIAL POST GAME GUEST- Danielle DiMartino-Booth: Follow up on FOMC

Is this a midcycle adjustment
Will the ECB cut in September
What is the next move for Powell

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (67.44 MB) . | Download the podcast transcript: pdf Here (192 KB)

Click to Play Now!

MVEnergyWeek13 This week’s panel: Art Berman, Anas Alhajji and Tracy Shuchart

Anas Alhajji on the various proposals on the table for 2020 Election Season
Art Berman on whether the popular “cashflow narrative” really explains the sell-off in E&P stocks
Tracy Shuchart on the macro backdrop and price outlook
EIA’s 8.5mm bbl drawdown doesn’t jibe with increased production and lower exports
Form 914 (EIA monthly data for May)
Tight oil company valuations with slide deck from Art Berman

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File. (49.93 MB)

Click to Play Now!

male silhouette.

All-Star Jeff Snider and Erik discuss:

Anomalous behavior of EFF relative to IOER in 2018/19
Why the Fed describes IOER as a floor or double-floor BELOW EFF
Why it doesn’t work that way in the real world
Contrasting Jeff’s views with Luke Gromen’s “balance sheet capacity” argument
Why treasuries and other sovereign credits are really balance sheet instruments, not investments
Japanese vs. U.S. over-indebtedness and implications

Jeff Snider Chartbook July 30 2019

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (22.50 MB) .

Click to Play Now!

male silhouette.

All-Star Danielle DiMartino Booth and Erik discuss:

What to expect from this week’s FOMC
Will we get a 50bps cut or just 25?
Is there a risk that a 25bps cut would disappoint markets and still lead to a big correction?
How will the ECB and other central banks react?
What’s in store when Christine Lagarde eventually takes the helm of the ECB in November?

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (12.45 MB) .

Click to Play Now!

Pippa Malmgren

All-Star Pippa Malmgren and Erik discuss:

Iran geopolitical situation – what’s at risk and what comes next?
Update to Pippa’s prediction Donald Trump has aspirations of a major media empire after the White House
Personal data monetization trends and Facebook’s record $5bn fine for privacy violations

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (23.02 MB) .

Click to Play Now!

male silhouette. Erik Townsend and Patrick Ceresna welcome Dr. Peter Warburton to MacroVoices. Erik and Dr. Warburton discuss:

“Blowing Up the Box” – what is the policy box?
Factors that affect long term outlook for inflation
History of inflation and policy framework
Inflation is necessary for successful financial repression
What is causing the “policy box” to be redesigned
History of inflation targeting and inflation controls
Driving factors for inflation expectations
Is the recent breakout in gold a sign of inflation?
Outlook on next QE
Is stagflation imminent?

We strongly recommend that you download the chart book that accompanies this interview, as Erik and Dr. Warburton will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (55.76 MB) . | Download the podcast transcript: pdf Here (132 KB)

Click to Play Now!

MVEnergyWeek6 This week’s panel: Art Berman, Chris Cook and Patricia Hemsworth

Pat Hemsworth on the AMLO administration’s plans for Pemex
Chris Cook on geopolitical risk and why the Iranian situation hasn’t blown up oil prices
Art Berman on why gas prices haven’t fallen more given recent developments
EIA’s 10.8 mm bbl draw, and the market DROPS on the news???
Iran situation and why it hasn’t resulted in higher oil prices
2020 Pemex Hedge
Under-reporting of Permian Basin Fracking

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (47.15 MB) .

Click to Play Now!

male silhouette.

All-Star Julian Brigden and Erik discuss:

If central banks are powerless to contain deflationary pressures, what are the implications for Pensions?
Is it possible to enter recession without first seeing a 2s10s curve inversion?
Longer-term outlook for bond yields, esp. U.S. 10yr

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (17.97 MB) .

Click to Play Now!

male silhouette.

All-Star Luke Gromen and Erik discuss:

Luke says the real reason for the coming rate cut is to enable US private sector financing of government deficits
Luke elaborates on his views about balance sheet capacity driving FF>IOER
Luke’s expectations for market moves when a debt ceiling increase is confirmed

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (16.47 MB) .

Click to Play Now!

male silhouette.

All-Star Danielle DiMartino-Booth and Erik discuss:

As Danielle explained in her prior interview, the U.S. economy isn’t immune to the global growth slowdown.
But what about Brent Johnson’s view that a global safety trade could keep the stock market party going a while longer?
Danielle’s take on the possibility of President Trump bypassing the Fed and intervening to weaken the dollar through executive action
Why we should be thinking about the possibility of #DoubleEasing – both QE and rate cuts at the same time

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (15.25 MB) .

Click to Play Now!

male silhouette. Erik Townsend and Patrick Ceresna welcome Jim Rickards to MacroVoices. Erik and Jim discuss:

Private debt problem and its breaking point
Progression of growing debt
History of US government debt to GDP ratio
History of the US treasury market
Cost of low growth and high debt
Drivers of inflation- confidence not money supply
Why Modern Monetary Theory is flawed
Why the current International Monetary System is unstable
Jim’s new book “Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos”

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (63.10 MB) . | Download the podcast transcript: pdf Here (200 KB)

Click to Play Now!

MVEnergyWeek6 This week’s panel: Anas Alhajji, Joe McMonigle and Patricia Hemsworth

Pat Hemsworth on volatility in finished product markets and impacts of last week's hurricane
Dr. Anas Alhajji on IEA and other organizations' bearish price forecasts for 2020
Joe McMonigle's behind-the-scenes insights after attending the OPEC meeting in Vienna
Iran policy news and the abrupt price drop this week
Venezuela and whether Chevron's general license will be extended
Canadian crude differentials to WTI - what's causing them and how long will it last?

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (44.13 MB) .

Click to Play Now!

SteveKeenArticle

All-Star Prof. Steve Keen and Erik discuss:

How the field of economics lost its way and lost touch with how the real world actually works
Several examples of clear disconnects between widely accepted economic theory and real-world actuality
Prof. Steve’s book recommendations for those who want an interpretation of Economics that’s a little closer to reality than the mainstream

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (20.91 MB) .

Click to Play Now!

JeffSnider AllStars

All-Star Jeff Snider and Erik discuss:

Review of Fed Funds rate and Interest on Excess Reserves (IOER) – what do they mean and why are they important
The theorydescribing how the Fed believed that IOER would effectively cap the Fed Funds rate within their target range
Hard data shows the theory doesn’t match actual reality
Jeff’s explanation of what’s really going on, and why a shortage of USD liquidity in the global offshore Eurodollar market is what’s really driving the observed behavior of Fed Funds and IOER

All-Stars Jeff Snider Chartbook July 15 2019

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (24.90 MB) .

Click to Play Now!

IIC 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

Why Alex believes there was no sane reason with any view to have been short the U.S. 10yr Treasury in 2014
The perfect trade: Long bonds and short the Euro, and why it worked in 2014
Julian and Juliette’s reactions to the trade itself and to the process question of whether ‘perfect trades’ really exist
Translating this to today’s markets, why Julian and Alex no longer agree completely on bond market outlook
Juliette teases us with a preview of a trade she got WRONG, which we’ll feature in Episode #3

We strongly recommend that you download the chart book that accompanies this episode, as Erik and the panelists will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (36.57 MB) .

Click to Play Now!

JulianArticle

All-Star Julian Brigden and Erik discuss:

What should we make of crypto currencies suddenly making a come-back? And what about Facebook’s Libra project?
Why Julian remains bullish Gold, and his outlook for Silver
Why Julian is turning bearish on the USD

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (10.58 MB) .

Click to Play Now!

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

Divergence in market breadth
Theories on the length of this market cycle
Outlook on US dollar
Divergence in bond market
Outlook on bond yields
Unwind of institutional risk parity trade
Value investing strategy in overpriced market
Outlook on Gold & Silver
Facebook's Libra and cryptocurrency
Wealth inequality dichotomy and surveillance capitalism

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (70.77 MB) . | Download the podcast transcript: pdf Here (183 KB)

Click to Play Now!

MVEnergyWeek10 This week’s panel: Art Berman, Anas Alhajji and Tracy Shuchart

Anas Alhajji on the impact of increased car sales in China on the oil market, and the importance of China generally, including electric busses & vehicles
Art Berman on key take-aways from this week’s EIA Short Term Energy Outlook
Tracy Shuchart on Iranian uranium enrichment
Panel discussion of the big price move—Inventory, Tropical Storm, or both?
Security for hire in the Straits of Hormuz
Art and Anas debate data interpretation

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File. (38.43 MB)

Click to Play Now!

MVAS Luke

All-Star Luke Gromen and Erik discuss:

Everyone was so focused on the Jobs number that they missed the re-widening of Fed Funds over IOER, which is more important according to Luke
Luke explains the significance of FF > IOER, what it means, and what the consequences are
Luke’s take on the global dollar squeeze thesis we’ve discussed extensively on MacroVoices
Why the dollar squeeze doesn’t deter Luke from being bearish on the USD and bullish on risk assets, gold, and Bitcoin
Luke’s outlook for how things will play out from here in markets

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (12.80 MB) .

Click to Play Now!

BrentJohnsonArticle

All-Star Brent Johnson and Erik discuss:

Brent says he was caught by surprise by the Gold breakout, but he’s still not chasing it
Ultimately, Brent thinks Gold will move much higher, but still questions whether this is really the time
Brent’s conviction that the USD is headed higher has never been stronger
But he also points out that he las long predicted Gold and the Dollar would eventually move higher together, and this may have begun
Brent says 4,000+ on the S&P 500 is entirely possible in the next year or two, not because of strong fundamentals but because Brent believes the U.S. Stock market will become the global safety trade benefactor

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (20.11 MB) .

Click to Play Now!

MVAllStar LouisVincentGave

All-Star Louis-Vincent Gave and Erik discuss:

U.S. Stock Market at all-time highs, but bond markets are also very high. Is this about foreign capital using U.S. markets as a “safety trade?”
Is Deutche Bank’s current distress the new “Lehman Moment” that could indicate coming distress for the entire financial sector?
Will Hong Kong real estate crash as a result of China’s aggressive policy moves and Carrie Lam’s Extradition Bill debacle?

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (15.39 MB) .

Click to Play Now!

MVAS Pippa

All-Star Dr.Pippa Malmgren and Erik discuss:

How Trump's "photo ops" have been making waves in the markets
Why Facebook's Libra raises fundamental questions about our roles as consumers, investors, and private citizens
Why privacy will be "the governance issue of our time"

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (20.07 MB) .

Click to Play Now!

JohnNetto Headshot Erik Townsend and Patrick Ceresna welcome John Netto to MacroVoices. Erik and John discuss:

What’s driving this market?
Where is gold heading next?
Key macro factors driving markets
Outlook on fixed income market
Risk budget vs. Sharpe ratio
Limitations of Sharpe ratio
Outlook on the Mexican Peso
How to apply sentiment indicators to investing strategy
Trader psychology
Macro analysis using Netto numbers

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (60.18 MB) . | Download the podcast transcript: pdf Here (172 KB)

Click to Play Now!

JulietteArticle

All-Star Juliette Declercq and Erik discuss:

Does Christine Lagarde’s appointment to head the ECB change the Financial Repression outlook?
Macron is still the chief architect of who has power in Europe
Outlook for ECB policy leading up to the U.S. Election
Effect on asset prices
Conclusion: Giving power over the ECB to someone with strong relationships with EU leaders AND a strong fiscal background has to be a good thing

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (8.99 MB) .

Click to Play Now!

MVEnergyWeek9 This week’s panel: Chris Cook and Ole Hansen

Summary of G20 and OPEC+ meeting outcome & market reactions
This week’s EIA Inventory data
By listener request: Chris Cook takes a deep dive on forward curves and who trades them

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File. (49.19 MB)

Click to Play Now!

DanielleArticle

Today's All-Star Danielle DiMartino Booth and Erik discuss:

Economic conditions are deteriorating globally. We’re in a global recession.
The U.S. Can’t stay de-coupled from global economic slowdown indefinitely!
Danielle’s take on the feud between the Fed and the Trump Administration
Why monetary policy must remain independent from political influence

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File. (11.26 MB)

Click to Play Now!

SteveKeenArticle

All-Star Prof. Steve Keen and Erik discuss:

Why economists don’t consider Credit in their Aggregate Demand models
Why they’re wrong, and why credit matters
Detailed review of credit’s role in aggregate demand

Prof.Steve Keen - Credit Bubbles

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (12.10 MB) .

Click to Play Now!

JeffSnider AllStars

All-Star Jeff Snider and Erik discuss:

Treasury and Eurodollar LIBOR yield curve inversions
Fed Funds Money Equivalents
Interest Rate Swaps
Eurodollar Futures Curve

Jeff Snider Chartbook July 1, 2019

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (13.71 MB) .

Click to Play Now!

MV Video Digital Currency Revolution 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

LukeGromen

Today's All-Star Luke Gromen and Erik discuss:

Policy developments since Luke’s May 28 All-Stars Appearance
Gold and Bitcoin are starting new bull moves; the Dollar is starting a new bear trend
Lael Brainard’s speech and why it’s so important to markets
Luke’s “bottom line” call for markets

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (13.10 MB) .

Click to Play Now!

male silhouette. Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss:

Outlook on Uranium
Breakout in gold and what does that mean?
Current situation and outlook on oil prices
Spike in energy prices and geopolitics
Perspective on shale oil over the next decade
Where are the buy levels for oil in the big picture
How to play the energy sector
Opportunistic investing strategy

$1500 Discount on Katusa Research Newsletter Subscription

Katusa Research May Newsletter

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (84.63 MB) . | Download the podcast transcript: pdf Here (199 KB)

Click to Play Now!

MVEnergyWeek8 This week’s panel: Art Berman, Anas Alhajji and Tracy Shuchart

Massive drawdowns in crude oil and finished products in today’s EIA inventory report
Dwindling open interest in Brent+WTI (both long and short): Why are traders walking away from crude oil trades?
The PES Refinery Fire and its short- and long-term market implications
China Trade Talks, G20 and OPEC+

We strongly recommend that you download the chart book that accompanies this interview, as Erik and the panelists 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File. (45.73 MB)

Click to Play Now!

male silhouette.

All-Star Julian Brigden and Erik discuss:

Can Trump pull off a trade deal with China setting us up for a run into the election?
What do Middle Eastern tensions mean for markets?

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (13.96 MB) .

Click to Play Now!

male silhouette.

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

Summary of the issues that led to the 2 million person protests in the streets of Hong Kong
Longer-term, Louis thinks investors should be more concerned about the risk of Yuan appreciation than the widely feared risk of yuan devaluation

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (13.75 MB) .

Click to Play Now!

male silhouette. Erik Townsend and Patrick Ceresna welcome Greg Weldon to MacroVoices. Erik and Greg discuss:

Outlook on the dollar
The Fed as the world’s central bank
Demand vs. effectiveness of the dollar
Interest rate differentials and its correlation to the dollar
The Fed’s concern regarding the credibility of their inflation target
Outlook on gold
Commodity indicators as economic leading indicators
Risks of monetary policies in Europe
Term structures of grains
Outlook on geopolitics and oil
Gold vs. gold mining shares – where is the opportunity?

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (68.40 MB) . | Download the podcast transcript: pdf Here (184 KB)

Click to Play Now!

MVEnergyWeek7 This week’s panel: Anas Alhajji, Joe McMonigle and Patricia Hemsworth

Dr. Anas Alhajji on the tanker attacks and who might have been responsible
Pat Hemsworth on the marked changes in forward curves and open interest in recent weeks
Joe McMonigle on the OPEC+ meeting
Group discussion on tanker attacks, who benefits, who could have been responsible
Group discussion on OPEC+, G20, FOMC, and China Trade
Outlook for the week ahead from all panelists

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (41.06 MB) .

Click to Play Now!

SteveKeenArticle

All-Star Professor Steve Keen recaps his recent trip to Sweden for the Central Bank Digital Currency conference, and commonts on Swedish and Nordic economic outlooks

Prof. Steve’s experience at the Central Bank Digital Currency Conference
Steve’s assessment of the Swedish economy
Outlook for the Nordic economies more broadly

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File. (8.51 MB)

Click to Play Now!

silhouette

All-Star Juliette Declercq 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.

Factors that will determine the Fed’s “reaction function”
Growth & Inflation outlook
Discrepancy between equity and fixed income markets in growth expectations
Powell’s Priorities: Curve Inversion or Financial Conditions?
China’s role in stabilizing the global economy
Risk of yuan devaluation

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (11.30 MB) .

Click to Play Now!

All-Star Danielle DiMartino-Booth: BRACE FOR IMPACT… The Fed is getting ready to launch NIRP!

Jay Powell replaced ‘zero lower bound’ in his lexicon with ‘EFFECTIVE lower bound’
This is no coincidence; Danielle says they’re getting markets ready for negative interest rates
But… wouldn’t that lead to cash hording? Do they have a plan for that?? (Spoiler alert: No, they don’t)
What to watch for in next week’s FOMC statement

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File. (14.58 MB)

Click to Play Now!

male silhouette. Erik Townsend and Patrick Ceresna welcome Josh Steiner to MacroVoices. Erik and Josh discuss:

Update on U.S. Housing
Residential Construction % of GDP
U.S. home affordability remains favorable
Rate Shock Redux
Lagged effects of rising rates
Canadian real estate
Swelling mortgage debt in Canada
Deterring foreign ownership
Deteriorating household finances
Exposure for the Canadian banks

SPECIAL POST GAME GUEST- Pete Wargent: Update on Australian Housing Market

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (70.05 MB) . | Download the podcast transcript: pdf Here (176 KB)

Click to Play Now!

MVEnergyWeek6 This week’s panel: Commercial broker Pat Hemsworth, former regulator Chris Cook, and petroleum geologist Art Berman

How can natural gas be in backwardation (Jul-Aug’19) in the summertime, when contango is the norm?
The energy price sell-off has continued even as the stock market has mostly recovered. What’s next for energy prices?

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File. (47.51 MB)

Click to Play Now!

male silhouette.

All-Star Brent Johnson: This past weekend’s developments don’t change Brent’s Dollar-bullish view

Brent was just featured on last week’s MacroVoices podcast, where he expressed a secular dollar-bullish view
Brent says this past weekend’s developments (ECB alluding to rate cuts and U.S.-Mexico tariff deal) don’t change his outlook for the USD
Brent explains why there’s still plenty of upside in U.S. stocks, especially if he’s right about the USD

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (10.69 MB) .

Click to Play Now!

LukeGromen

All-Star Luke Gromen: The USD-centric system is slowly losing ground

Luke opens by reviewing the predictions he made at MacroVoices Live in Toronto, and comparing his predictions with how things have actually turned out in the marketplace
Luke reviews the four choices China faces in navigating their monetary policy in the face of ongoing trade negotiations
Luke says the implications of China moving to non-dollar settlement for a wide variety of commodities are poorly understood (he then explains them)
Luke reviews a variety of indications suggesting the Fed will have to inject liquidity again soon

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (13.95 MB) .

Click to Play Now!

JeffSnider AllStars All-Star Jeffrey Snider: Yield curves and Eurodollar futures say something is very broken!

Why Jeff thinks the Fed has been ‘hiking for all the wrong reasons’
What happened on May 29, 2018
Eurodollar calendar spreads and what they mean
Rate CUTS (not hikes) are coming to an open market committee near you!

Jeff Snider Chartbook - Alhambra Investments June 2019

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (18.06 MB) .

Click to Play Now!

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

The “Dollar Milkshake Theory”
US Economy vs. global economy
Short-term and long-term outlook on gold
How the dollar breakout can affect gold
Bond yields collapsing - sign of recession?
How the Fed’s interest rate cut will affect the dollar
The dollar rally and its impact on stocks to move higher
Stronger dollar and its deflationary effects on the global economy
Why the dollar devaluation is necessary
The dollar breakout and its possible effects on the US equity markets

SPECIAL POST GAME GUEST- Adam Collins: Putting CoT data into context

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (67.45 MB) . | Download the podcast transcript: pdf Here (171 KB)

Click to Play Now!

male silhouette. This week's MacroVoices Energy Week features Art Berman, Anas Alhajji and Tracy Shuchart

Dr. Anas Alhajji on deteriorating U.S. data quality
Tracy Shuchart on crude oil spread trades
Art Berman on refined product consumption & storage
The sea change of sentiment in energy markets & what’s driving it
Iran, Saudi Arabia & Venezuela: A deeper look at their options
Will OPEC ever stop pricing oil in USD?
Upcoming OPEC+ meeting and its significance

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (42.93 MB) .

Click to Play Now!

male silhouette. 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.

Inside the Investment Committee (IIC) is a brand new podcast format for very advanced traders and investors. The concept is to take you inside the investment committee of a hedge fund, so that you can experience the conversation between a professional hedge fund manager and his advisors and consultants, as they discuss and evaluate new macro trading strategies.
The inaugural episode focuses on a trade Julian Brigden first recommended to his institutional clients on July 7^th, 2016. The recommended trade was to short fixed income generally, through the 5-year inflation breakevens for sophisticated fixed income traders, and through outright shorts on 5-yr and 10-yr USTs for other traders
Julian pitches his trade idea to the critical ears of fund manager Alex Gurevich and fellow institutional adviser Juliette Declercq, and they have plenty of comments to challenge Julian’s thinking.
The rationale for putting the original trade on back in the summer of 2016 is discussed first, then the conversation continues to how the UST market has evolved in the 3 years since, and where the opportunities lie today for new trades. On that point, there’s plenty of disagreement between panelists
Finally, Alex Gurevich gives a quick income to the pairs trade involving both the Euro currency and USTs which he’ll be pitching to the panel in episode #2.
This is the first “new concept” podcast on the MacroVoices Podcast Network, and listener feedback and suggestions are welcome on how to improve the format

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (50.03 MB) .

Click to Play Now!

JulianArticle

All-Star Julian Brigden: The Fed needs to ease

Why the dollar is crucial to kick off the next wave of the cycle
Why the feedback loop between asset prices and the real economy is toxic
Why the risk reward has deteriorated in the bond market / why bonds aren’t necessarily the correct risk off trade

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (16.42 MB) .

Click to Play Now!

SteveKeenArticle All-Star Steve Keen: Debunking the fake climate science of William Nordhause

Prof. Keen’s debunking of the Nobel prize-winning work of economics William Nordhaus
The role of Energy in the economy and why classical economic models fail to consider it
Why Prof. Keen says the risks posed by climate change are far worse that Nordhaus estimates
Prof. Keen’s prediction of an eventual energy short for traders (and our host’s disagreement)

Climate Change and the Nobel Prize in Economics by Steve Keen

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (19.02 MB) .

Click to Play Now!

DanielleArticle All-Star Danielle DiMartino-Booth: Deflation is the name of the game unless/until helicopter money hits the stage

We review Danielle’s market calls from her Christmas 2018 newsletter to see how they performed
Danielle says USD has reached her upside target and trajectory from here is less clear
Danielle still sees lower treasury yields, low inflation, and lower commodity prices on the horizon
But she emphasizes that investors must stay nimble, because a change in political winds in favor of Modern Monetary Theory or other “Helicopter Money” benefits could be a game changer

Shadow Boxing the Consensus

Living to Tell

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (17.03 MB) .

Click to Play Now!

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

Are we actually in late cycle dynamics?
Concept of late cycle: what is the cycle and how does the cycle work
Business cycle vs. Inflation cycle
Using cyclical indicators to monitor where we are in the cycle
Growth rate cycle downturns and recoveries
Correlation between growth rate downturn and risks of recession
3 P’s: Pronounced, Pervasive and Persistent decline in the growth rate
What the leading indicators show when the cycle is ending
Length of expansion vs. the severity of recession
Characteristics of business cycle, credit cycle and inflation cycle
Changes in productivity growth is needed in order to attain higher trend growth
Recession serves a purpose in a free market economy

We strongly recommend that you download the chart book that accompanies this interview, as Erik and Lakshman will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (63.82 MB) . | Download the podcast transcript: pdf Here (157 KB)

Click to Play Now!

male silhouette. This week's MacroVoices Energy Week features Ole Hansen, Chris Cook and Patricia Hemsworth.

There’s been a disturbance in the force! (market roller-coaster ride)
Is this about energy fundamentals or the stock market driving energy market direction?
Where is the market headed from here?
Iran military conflict scenario: Is it really bullish for oil prices?
Signposts to watch in the week ahead

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (41.74 MB) .

Click to Play Now!

male silhouette.

All-Star Luke Gromen: There’s reason to think the U.S. Dollar is topping here

Today’s MacroVoices All-Star is Luke Gromen. Luke 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.

It’s possible both stocks AND bonds have it right, and the USD has it wrong
Fed Funds moving above IOER “isn’t supposed to happen”
This is a real-time indicator that USA is headed for a fiscal crisis
The Fed will be forced to resume balance sheet expansion soon
Boston Fed governor Lael Brainard’s comments about targeting long-term UST rates

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (11 MB) .

Click to Play Now!

male silhouette.

All-Star Dr.Pippa Malmgren : Geopolitics is increasingly important for investors!

Today’s MacroVoices All-Star is Dr.Pippa Malmgren. Erik and Pippa discuss:

U.S.-China Trade Talks and the Huawei debacle
Populism winning European Elections (and spreading elsewhere)
U.S.-Iran Situation

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (16.76 MB) .

Click to Play Now!

KevinMuirArticle

All-Star Kevin Muir says the market is way ahead of the Fed in pricing in easing!

Today’s MacroVoices All-Star is Kevin Muir. Erik and Kevin discuss:

Kevin says the market is way ahead of the Fed pricing in accommodative monetary policy
Kevin thinks bond longs betting on economic collapse will be disappointed
Skew in Eurodollar futures offers trading opportunity
Fixed income vol is dirt cheap relative to equity vol
Why shorting an INDEX is the wrong way to play a bearish view on U.S./China trade negotiations

Kevin Muir MacroTourist Chartbook

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (15 MB) .

Click to Play Now!

male silhouette. Erik Townsend and Patrick Ceresna welcome John Greenwood to MacroVoices. Erik and John discuss:

Where are we in the business cycle and what comes next?
The mechanics of what really drives the cycle
Understanding the importance of broad money
Relationship of money growth and GDP
The signs at the end of the business cycle
The role the debt plays in the business cycle
Money supply measured by M2/M3
Money and the shadow banking system
Broad money growth vs. inflation average

We strongly recommend that you download the chart book that accompanies this interview, as Erik and John will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (66.71 MB) . | Download the podcast transcript: pdf Here (139 KB)

Click to Play Now!

male silhouette. This week's panelists: Art Berman, Anas Alhajji and Patricia Hemsworth

Anas Alhajji on pricing oil in USD vs. other currencies
Pat Hemsworth on finished product inventories as refinery maintenance season winds downTopic 3
Art Berman on sustainability/growth of U.S. shale production
Iran/Geopolitical Risk Update
Why are front-month oil prices trading flat-to-down even as backwardation steepens in forward curves?
Brent-WTI Spread: What’s driving it to such a wide discount ($9.49 as of today’s close), and what comes next?

Supporting Materials for Download

Art Berman Chartbook

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (40.90 MB) .

Click to Play Now!

male silhouette.

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.

Prof. Steve Keen's Article on Richard Vague's book (PDF)

or on his website: A Brief History of Doom: The New Kindleberger and Mackay

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File. (10.18 MB)

Click to Play Now!

male silhouette.

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

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File. (11.95 MB)

Click to Play Now!

male silhouette.

All-Star Brent Johnson: Much higher stock prices possible

Santiago Capital founder Brent Johnson says that U.S. Dollar appreciation could make U.S. stocks (yes, stocks, not treasuries) the preferred safe-haven asset for foreign investors who’ll realize a double-return from investing in U.S. stocks in an appreciating U.S. Dollar macro environment where the return on the stock’s appreciation is enhanced by the foreign exchange performance of the investor’s conversion from his local currency into USD in order to purchase U.S. equities

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (12.81 MB) .

Click to Play Now!

male silhouette. Erik Townsend and Patrick Ceresna welcome Simon White to MacroVoices. Erik and Simon discuss:

Variant Perception data driven approach
Something's got to give
Where leading indicators are pressuring USD
Outlook on US equities and bonds
Perspective on the Fed's cut to its IOER
Collateral, lending conditions and tighter bank-credits
China, liquidity and growth
External headwinds remain growth impediment

We strongly recommend that you download the chart book that accompanies this interview, as Erik and Simon will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the MP3 File (59.61 MB) . | Download the podcast transcript: Here (146 KB)

Click to Play Now!

male silhouette.

This week's panelists: Joe McMonigle, Chris Cook and Tracy Shuchart.

Joe McMonigle weighs in on OPEC/JMMC meeting outlook
Tracy Shuchart on OPEX and contract roll
Chris Cook on forward curves
Group discussion on Geopolitics (Game of drones / Saudi Tanker attacks, Iran Sanctions, Venezuela, China trade war)
Group discussion on bull/bear arguments and crude oil price outlook

Supporting Materials for Download

Tracy Shuchart Chartbook

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (39.37 MB) .

Click to Play Now!

male silhouette.

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.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (11.17 MB) .

Click to Play Now!

male silhouette. On today's episode of MacroVoices All Stars, our host Erik Townsend welcomes Danielle DiMartino Booth to talk about why she thinks Jay Powell is "the Grinch that stole liquidity"

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (10.14 MB) .

Click to Play Now!

male silhouette. On today's episode of MacroVoices All Stars, our host Erik Townsend welcomes Luke Gromen to talk about the trade war between US and China

Download the audio MP3 File (9.70 MB) .

Click to Play Now!

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

Impact of policy change on the yield curve
Drivers of volatility in rates
Fed taking the pro-inflationary stance
Futures driven equity unwind
CTA positioning on the SPX
SPX/SPY/QQQ Gamma/Delta extremes
Consolidated Gamma flip
VVIX and VIX positioning
Vol is either "too high" or S&P should be a lot lower
Buyside embrace economic pessimism

We strongly recommend that you download the chart book that accompanies this interview, as Erik and Charlie will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (65.50 MB) . | Download the podcast transcript: pdf Here (175 KB)

Click to Play Now!

male silhouette.

The inaugural episode of MacroVoices ENERGY WEEK featuring panelists Art Berman, Anas Alhajjii and Patricia Hemsworth.

Topic 1: Glut or crisis on the horizon?
Topic 2: Crude Quality Matters.

Supporting Materials for Download

Art Berman Chartbook

Anas Alhajji Chartbook

Download the audio MP3 File (48.51 MB) . |

Click to Play Now!

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

Current status of inflation
The FED's inflation framework and its credibility
How the FED is failing to meet its inflation mandate
Lower rates and its effect on the yield curve and inflation expectations
Possibility of a financial crash and economic downturn
FED-induced inflation shock and its effect on bond yields and risk asset valuations
How the higher break in the US dollar will affect inflation expectations and the FED's cutting cycle
What is ahead - policy path and inflation outlook
China/US trade negotiations and its effect on global liquidity and global reflation

We strongly recommend that you download the chart book that accompanies this interview, as Erik and Juliette will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (71.56 MB) . | Download the podcast transcript: pdf Here (145 KB)

Click to Play Now!

male silhouette. 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.

Supporting Materials for Download

Louis-Vincent Gave Chartbook

Download the audio MP3 File (31.25 MB) .

Click to Play Now!

Start
Prev