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Erik Townsend welcomes Grant Williams to MacroVoices. Erik and Grant discuss:

Outlook for the US dollar
Update on the Petroyuan oil contract
Edge of the Cliff
Inflation Risks on the Horizon?
When is the time for gold?
Thoughts on cryptocurrencies
Considerations on interest rates and yields
Australian real estate
Perspective on China’s credit bubble
Writing is on the wall in Europe

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HarleyBassman250x Erik Townsend welcomes Harley Bassman to MacroVoices. Erik and Harley discuss:

Creation of the MOVE index
The three Drivers of Risk: Duration, Credit, and Convexity
The demographic of the Baby Boomers continues to drive financial markets
Looking at the long-term profile of changes in the Labor Force
Changes in Labor Force growth leads 10-year yields
Labor participation rates are highly demographic
Considerations on inflation risks: Yes…..but not until 2024 when the Boomer/Millennial demographic inflects
Perspective on CAPE ratio levels
Correlation of buybacks to cumulative flows
Gold is not an asset, but rather an alternative currency
Flow of active to passive management is building a negatively convex foundation
Triggers for a market correction

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Harley 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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JeffreySnider Eurodollar University 02 b Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss:

The Basel Accords
Capital Reserve Ratios
Understanding risk weightings
Leverage in bank capital
Considerations on JPM RiskMetrics
Basic interbank function
Interbank function under Basel

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Jeff 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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Mark Yusko Interview Part 2: All Things Macro

Is there room for further upside on the stock markets?
Is the secular bond bull market over?
Inflation outlook
Precious metals and commodities

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Erik Townsend welcomes Mark Grant to MacroVoices. Erik and Mark discuss:

Outlook for the US Dollar and Euro
Where are the US equity markets going?
Impact of Global CB policy vs the FED
Is the 35-year bond bull market over?
Impact of the hurricanes on the economy
Outlook for Gold and Silver
Considerations on European geopolitics
Perspectives on China’s credit bubble
Underfunded pension crisis
Escalation of North Korea tensions

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Hugh Hendry Headshot Erik Townsend welcomes Hugh Hendry to MacroVoices. Erik and Hugh discuss:

Global economic outlook
Is wage and price inflation coming?
Outlook for the US dollar
Where are interest rates and the yield curve going?
Bond volatility vs. steepener
Consideration on precious metals
Outlook for the Global equity markets
The credit bubble in China
Outlook for the Macro hedge fund industry

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Unfortunately, due to travel there will be no early podcast release tonight.

We sincerely apologize for this delay. We will publish the next podcast this Thursday per the usual schedule.

LukeGromen Erik Townsend welcomes Luke Gromen to MacroVoices. Erik and Luke discuss:

Why be bearish on the US Dollar?
Do budget deficits matter?
New yuan oil contract changing global landscape
Impact on global Eurodollar system
Long gold, short oil
What is wrong with a new QE?
Impact on global holding of Treasury Bonds
Is inflation in the US a risk?
Is the economic endgame starting?

We strongly recommend that you download the chart book that accompanies this interview as Erik and Luke 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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JeffreySnider Eurodollar University 02 b Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss:

How Dollar becomes ‘Dollar’
Bankers’ Acceptances
The Evolution of Eurodollars
Where do Eurodollars come from?
Money as interbank liabilities
What exactly are Eurodollars?
Transformation of banking into a wholesale model

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Jeff 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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JoeMcMonigle headshot Erik Townsend welcomes Joe McMonigle to MacroVoices. Erik and Joe discuss:

Is the oil supply glut rebalancing?
Is OPEC just jawboning the market?
Import data impacting oil inventories
Outlook for U.S. oil production
Update on Venezuelan geopolitics
What can go wrong with Iran?
Is the Petrodollar system at risk?
Is the Saudi Aramco IPO going to happen?
Is the term structure signaling bullish prices

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JoshCrumb Erik Townsend welcomes Josh Crumb to MacroVoices. Erik and Josh discuss:

Perspectives on what is gold?
Energy defining the price of gold
Interest rates influence on gold
Gold vs. cryptocurrencies
Government sponsored cryptocurrencies
Outlook for the US dollar
Forecast for gold prices
Impact stock market volatility would have on gold prices
Considerations on silver and bitcoins
Allocated vs. unallocated gold and gold ETFs

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Howe Headshot Erik Townsend welcomes Neil Howe to MacroVoices. Erik and Neil discuss:

What is the Fourth Turning?
Why the Fourth Turning started with GFC
Is there another big global event on the horizon?
Future changes in political landscape
What to expect for the next decade?
Impact of baby boomers retiring
Understanding the Homelander generation
Silent vs. Homelander generation
Reflections on the Fourth Turning book and new consideration

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Julian BrigdenRaoul Pal

Erik Townsend welcomes Raoul Pal and Julian Brigden to MacroVoices. Erik, Raoul and Julian discuss:

Views on the US Dollar
Perspectives on equities and business cycle?
Outlook on the bond bull market
Will we see a new bull market in precious metals?
Demographics and Japan
Considerations on the coming pension crisis
Where is oil going next?
Parallels to the 1990’s business cycle

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ChrisWhalenPic Erik Townsend welcomes Chris Whalen to MacroVoices. Erik and Chris discuss:

Perspectives on the U.S. dollar pullback
Considerations on the overvalued equity markets
Corporate debt and interest rate trends
Outlook on bonds and levels of private debt
Trump bump and the aftermath
Is the secular bond bull market over
Reflecting back on Chris’s book – Inflated
Considerations on the coming pension crisis
Highlights on Chris’s new book – Ford Men

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

Update on European geopolitics
What is in store for European migration
Considerations on Turkish politics
Geopolitics associated with the cryptocurrencies and blockchain technologies
Future of US dollars roll as world reserve currency
Post Donald Trump Texas economics
Understanding the PPT (Plunge Protection Team)

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hunt ben 300px keyline Erik Townsend welcomes Dr. Ben Hunt to back MacroVoices. Erik and Ben discuss:

Sea of Change at Central Banks
Negative impact of Fed shrinking their balance sheet
Janet Yellen just broke up with you
Impact on the market conditions moving forward
Considerations on interest rate and bond trends
Fed impact on equity markets
Considerations for the future of the ETF market
Flaws of the volatility ETFs
Considerations in the Real Estate Markets

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Tian Headshot Erik Townsend welcomes Tian Yang to MacroVoices. Erik and Tian discuss:

US growth cycle long in the tooth
US LEI’s holding up but US recession key theme
US credit cycle has definitely rolled over
Global liquidity also deteriorating sharply
China is also rolling over
Looking at global equities
Fixed income considerations
Consideration on the US dollar
Looking at Europe, Japan and Australia

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Tian 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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Gurevich Photo Erik Townsend welcomes Alex Gurevich back to MacroVoices. Erik and Alex discuss:

Mario Draghi and ECB
Short the Swiss Franc
US Dollar outlook
Trump reflation and the equity markets
Views on secular interest rates
Inflation trade
Long-term sustainability of the European Union
Outlook on China and Japan
Canadian economy, real estate and Canadian dollar
Consideration on the oil markets
Precious metals outlook

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jessefeldermacrovoicepic Erik Townsend welcomes Jesse Felder to MacroVoices. Erik and Jesse discuss:

DeMark indicators and turning points in exhausted trends
Looking at current breadth indicators
Considerations on share buybacks
Are we at the secular turn in corporate share buybacks?
Looking at the VIX short positioning
Volatility targeting strategies like risk parity
Is the market setting up for a crash or just a correction
Demographic catalysts
Real assets outperforming financial assets
Can inflation runaway?
Outlook on Precious metals

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Jesse 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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Keith McCullough headshot Erik Townsend welcomes back Keith McCullough to MacroVoices. Erik and Keith discuss::

Outlook on the US Dollar
Is the reflation trade narrative rolling over
Bullish outlook on the US markets and the Nasdaq
Where are bond yields going?
Are the secular lows in bond yields in?
Outlook on Europe and the Euro
Bitcoins and cryptocurrencies
Outlook on the emerging markets
Is there more upside in precious metals?
Outlook on China’s debt and economy

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Keith 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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2014 02 13 Axel headshot Erik Townsend welcomes Axel Merk to MacroVoices. Erik and Axel discuss:

Mario Draghi and the ECB policy
UK Election and what is at stake
Future of the European Union
Perspectives on the Trump reflation trade
U.S. Dollar, fiscal and monetary policy
Understanding the pension crisis
Chinese Yuan devaluation
Future of Japanese Debt and Yen
Outlook on gold

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Arthur Berman large Erik Townsend welcomes Art Berman to MacroVoices. Erik and Art discuss:

Perspective on OPEC and the 9-month extension on production cuts
OPEC’s goal to keep a floor under oil prices
Positioning of oil traders since February
Reasons for lower oil prices
Putting U.S. production into perspective
Where does comparative inventory price Brent and WTI
Inventory data and forecasts
Impact of capital markets and central bank policy
Early recovery from oil price collapse
Correlation of U.S. debt to tight oil
Term structure of the crude oil markets

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Art 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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Arthur Berman large Erik Townsend welcomes Art Berman to MacroVoices. Erik and Art discuss:

Perspective on OPEC and the 9-month extension on production cuts
OPEC’s goal to keep a floor under oil prices
Positioning of oil traders since February
Reasons for lower oil prices
Putting U.S. production into perspective
Where does comparative inventory price Brent and WTI
Inventory data and forecasts
Impact of capital markets and central bank policy
Early recovery from oil price collapse
Correlation of U.S. debt to tight oil
Term structure of the crude oil markets

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JeffreySnider Erik Townsend welcomes Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss:

Understanding Eurodollars and the Eurodollar shortage
The real drivers of the US Dollar bull market
The flaws in the reflation trade narrative
Looking at the swap spreads turning positive
Inflation outlook
Connection between Eurodollars and gold
TIC US Banking Data – Caribbean, Europe, Asia
Impact of QE on Eurodollars
China and PBOC considerations
Absolute improvement vs. relative

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RussellNapierMacroVoices Erik Townsend welcomes Professor Russell Napier to MacroVoices. Erik and Russell discuss:

Is the U.S. Dollar bull market over?
Secular treasury bond bull market
The coming pension crisis
Inflation expectations
Outlook for precious metals
European exit contagion

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LacyHuntBio2017 Erik Townsend welcomes Dr. Lacy Hunt to MacroVoices. Erik and Lacy discuss:

Are the secular lows in interest rates in?
Minsky vs. Kindelberger
Is the U.S. “Turning Japanese”?
Impact of demographics
Negative interest rates
Fed hiking into deteriorating economy
Dollar viability as reserve currency
European sovereign debt

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PROFESSOR STEVE KEEN headshot Erik Townsend welcomes Steve Keen to MacroVoices. Erik and Steve discuss:

Insights into the French elections
The next move in the US Dollar
Is the bond bull market over?
Considerations on the levels of private debt
Geopolitics of North Korea and Syria
The economics of China’s debt crisis
Can we avoid another financial crisis
Are we at the next Minsky moment?
Housing bubbles in Canada and Australia
Considerations for the U.S. housing market

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maa photo Erik Townsend welcomes Martin Armstrong to MacroVoices. Erik and Martin discuss:

Views on the U.S. Dollar
The future of the European Union
Bullish case for U.S. stocks
Considerations for international money flows
Future interest rate trends
Looking at government debt
Geopolitics of North Korea and Syria
Considerations on China and the debt crisis

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DDB Headshot New Erik Townsend welcomes Danielle DiMartino Booth to MacroVoices. Erik and Danielle discuss:

Looking at the Fed from the inside
Shadow Banking System
Reflecting on the Global Financial Crisis
The culture at the Reserve Banks
What should be done with the Fed?
Can interest rates ever be normalized?
Considerations on the Underfunded Pensions
What needs to happen next?

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Erik Townsend welcomes Lance Roberts to MacroVoices. Erik and Lance discuss:

Liquidity Driven Markets
Fed Balance Sheet Driving Asset Prices
Margin Debt Net Credit Balance
Margin Debt as a % of Real GDP
Total Liabilities & Equity /GVA
Total System Leverage
The Economic Deficit
Peaks in Real Profit Margins

If you want the download but have yet to register, here’s what to do: First, click on the red “Subscribe for free” button on the top right side of the home page, Then, near the bottom of the next screen, click “Register my free MacroVoices account”. Once you’re registered and logged in, click “Research Library” on the black menu bar at the top of the screen, then choose “Guest Publications”. You’ll see the download link near the top of the list, and you can also download guest presentations from any prior episode from this page. Going forward, you’ll automatically receive our Research Roundup e-mail when each show comes out, and it will include a convenient download link for any materials associated with that week’s interview.

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Erik Townsend welcomes Juliette Declercq to MacroVoices. Erik and Juliette discuss:

US Dollar, 10-year UST and the FOMC
Red string of fate ties U.S. to China
Perspective on the FOMC policy
Perspectives on the business cycle
Where is the ISM heading next
Impact on Trump’s tax and infrastructure spending
Surprises for the French election

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julian brigden headshot Erik Townsend welcomes Julian Brigden to MacroVoices. Erik and Julian discuss:

U.S. Dollar impact on the U.S. shale bubble
Peak acceleration in ISM manufacturing
Headline inflation peaking
Fed tightening going to start to impact data
Bond shorting opportunity is over
Risks to the reflationary trades
Wage trends in the U.S.
Perspective on European growth and inflation
Relative pricing between U.S. and European bunds

If you want the download but have yet to register, here’s what to do: First, click on the red “Subscribe for free” button on the top right side of the home page, Then, near the bottom of the next screen, click “Register my free MacroVoices account”. Once you’re registered and logged in, click “Research Library” on the black menu bar at the top of the screen, then choose “Guest Publications”. You’ll see the download link near the top of the list, and you can also download guest presentations from any prior episode from this page. Going forward, you’ll automatically receive our Research Roundup e-mail when each show comes out, and it will include a convenient download link for any materials associated with that week’s interview.

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J Christian Erik Townsend welcomes Jeffrey Christian to MacroVoices. Erik and Jeff discuss:

Outlook on the US Dollar
Secular bullish call on gold
Outlook on silver
Current demand for physical gold
Platinum and palladium
Current fundamentals on lithium
Macro outlook on the economy and stock markets
Views on the European Union
Outlook for China and Russia

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Arthur Berman large Erik Townsend welcomes Art Berman to MacroVoices. Erik and Art discuss:

Catalyst for the current decline in oil
Lack of confidence in OPEC
Record levels of oil inventories
Comparative inventories to past years
World production surplus
Global liquids consumption growth
OECD incremental liquids Inventory
EIA U.S. crude oil forecast

We strongly recommend that you download thechart bookthat accompanies this interview. Erik and Art 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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Erik Townsend welcomes Grant Williams to MacroVoices. Erik and Grant discuss:

The rise and drivers of populism
Trump and the animal spirits driving the markets
Trump’s stance on ISIS
Peak optimism
Is there a crisis in China?
Gold/copper ratio
Stagflation
U.S. dollar outlook
Is the 35 year bond bull market over?

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Louis 201211 Erik Townsend welcomes Louis-Vincent Gave to MacroVoices. Erik and Louis discuss:

China Reflation Trade
Is Chinese Growth Rolling Over?
Will Trump Get a Weaker US Dollar?
Brexit and the Future of the European Union
Philippines and Rodrigo Duterte
Rise of the Chinese Empire
India and the Indian Currency System
Opinions on Stocks and Bonds
Investment Themes for 2017
Risks for 2017

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Erik Townsend welcomes Jeffrey Snider to MacroVoices. Erik and Jeff discuss:

Understanding the Eurodollar Money Market
Swap Spreads and Interbank Hierarchy
Dimensions in the Eurodollar Futures and Eurodollar Money Supply
Why does the World Need So Many Dollars?
How the Eurodollar market supplanted the Bretton Woods System
U.S. Dollar and the Dollar Funding Gap
Reflation Trade Debunked
Interest Rates Trapped
Failing Global Currency System

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Jim Rogers large Erik Townsend welcomes Jim Rogers back to MacroVoices. Erik and Jim discuss:

What’s in store for the U.S. Equity Markets?
Outlook on the U.S. Dollar
Is the 35-year bond bull market over?
Where are junk bonds going?
History of government failures
His views on the global populist movements
Is there war on the horizon?
Are the Russian’s being scapegoated?
Update on his views on gold
His views on movement to cashless society
Are we moving away from a free society?

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JSchwager Photo Barcelona FINAL Erik Townsend welcomes Jack Schwager to MacroVoices. Erik and Jack discuss:

How has futures trading evolved over the last few decades?
Understanding leverage – stocks vs. futures
Technical Analysis vs Fundamental Analysis
The Most Important Rule in Technical Trading
Understanding Continuous Futures Contacts
Systems Trading
Understanding Fundamental Analysis on Futures
Lessons from the Market Wizards
What’s new at Fundseeder

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David Rosenberg headshot HR Erik Townsend welcomes David Rosenberg to MacroVoices. Erik and David discuss:

How long does the Trump rally last?
Is inflation really a risk moving forward?
When is it time to become bearish on the markets?
When is it time to make your fundamental asset mix shift?
Fed will play an important role in how the cycle plays out
US dollar outlook
Canadian Dollar and Canadian Monetary Policy
Future of European Union
Is the 35-year bond bull market over?
Opportunities and Outlook for 2017

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Raoul Pal

Erik Townsend welcomes back Raoul Pal, co-founder of Real Vision TV back to MacroVoices. Erik and Raoul discuss:

Trump impact on the U.S. Dollar
Is the bond bull market over and where are yields moving from here
Update on the business cycle (spoiler alert: it is long in the tooth)
Looking at the European banks and can they survive the next recession
The overcrowded VIX contango trade
The short-term direction of gold
The big opportunities of 2017
Update on crude oil
Junk bonds, when do the credit risk return

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Erik Townsend welcomes back Rick Rule from Sprott Global to MacroVoices. Erik and Rick discuss:

Trump impact on precious metal prices
Impact of real yields, inflation, debt and the U.S. Dollar on gold prices
Due Diligence in making private placements in gold and silver mining companies
Evaluating intellectual property and physical property
Characteristics successful and failed endeavors
The risk vs. reward of speculating in pre-revenue private placements
How much time and capital is needed to invest in early stage startups
Being a contrarian, looking where the market is not paying attention

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Erik Townsend welcomes David Hay to MacroVoices. Erik and David discuss:

Trump victory rally likely overbought
Recession risk remains high
Market fails to discount effect of Trump tax plan on corporate buybacks
USD Rally can’t continue indefinitely; Plaza Accord 2.0 is inevitable
Global debt burden poses serious risk to full recovery
Recession could still spell much lower treasury yields
China situation bad but probably not bad enough to trigger global downturn
Energy MLPs have tripled in 2016 – Dave still Bullish

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RealVision TV red 01 An interview which was originally aired on June 2, 2016, between Raoul Pal of Real Vision and Edward Misrahi, Goldman Sachs alumni and founder of Eton Park.

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E 4552Color 1 Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 4. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the final part of a four-part series about learning to be a sophisticated private investor.

Erik and Aaron discuss:

Definition and origins of the hedge fund
Whether active managers are able to outperform the market
Impediments to investing in the "top name" hedge funds
Various hedge fund strategies
How to learn and gather more information on hedge funds
CTA's and managed futures commodity pools
Fund of funds

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RealVision TV red 01 An interview which was originally published on August 2, 2016, between Grant Williams of Real Vision and Paul J. Isaac, CEO and Founder of Arbiter Partners Capital Management.

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David S Rose 2013 Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 3A. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the third of a four-part series about learning to be a sophisticated private investor.

Erik and David discuss:

Background and introduction to angel investing and entrepreneurship through his great uncle David Rose
What angel investing actually is, how it might fit in a portfolio, and who it is suited for
The time-horizon, temperament, and risk-tolerance required for angel investing
The appropriate mind-set when approaching angel investing
Expected investment returns from angel investing and the role of diversification
Why it's “far better to invest in the jockey than on the horse”
Balancing and matching between entrepreneurial execution and bright ideas
Mechanics and funding sequence of an angel deal
Post-investment lifecycle
The importance of networking with veteran angel investors prior to initial investments
How the Angel Capital Association vets angel investing groups
Learning through reading, finding a mentor, and investing
Gust.com angel investing platform, Singularity University and exponential technology

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E 4552Color 1 Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 3. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the third of a four-part series about learning to be a sophisticated private investor.

Erik and Aaron discuss:

The definition of angel investing
Profile of a successful angel investor
Professionally-managed alternative investment vehicles
Mechanics and nuances involved with investing in alternative vehicles
Difference between con men and the true outperformers
Investment minimums and investor quotas in 3(c)(1) and 3(c)(7) funds
Origins of the 2/20 fee structure and appropriate due diligence
Particulars of venture capital and private equity limited partnerships
Benefits of getting marketing material from funds

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RealVision TV red 01 An interview which was originally published on April 29, 2016 between Grant Williams of Real Vision and Jawad Mian, Founder and Managing Editor of Stray Reflections, a global macro research and trading advisory with a focus on major investment themes and actionable trade ideas.

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julian brigden headshot Erik Townsend and Aaron Chan welcome Julian Brigden to MacroVoices. Erik and Julian discuss:

Waxing and waning of U.S. Dollar cycles driving global crises
Central bank over-reaction to oil crash and now cyclical inflation
Potentially materially higher headline inflation and wage numbers in 2017
China moving from exporting deflation to inflation
Peak central bank omnipotence
Potential for sub-$1,000 and sub-$14 gold and silver prices
Similarities between present conditions and 1986-87
Impact of U.S. Dollar repatriation on Eurodollar funding
U.S. oil substitution leading to a deficit of reserves around the world
Timeline for replacing the U.S. Dollar as the global reserve currency
Real Vision Publications Homepage and Launch Video

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PROFESSOR STEVE KEEN headshot Erik Townsend and Aaron Chan welcome Professor Steve Keen to MacroVoices. Erik and Professor Keen discuss:

How Trump might be the most Keynesian President since Reagan
Possibility of a recession occurring before U.S. fiscal stimulus is implemented
Private debt level's inability to absorb higher rates
Prospects for a debt jubilee and subsequent credit boom
Implementation and distribution of debt jubilee as "people's QE"
Unconstrained QE from central banks
European Union disintegration making Lehman look like a picnic
Knock-on effects from European Union disintegration
Last gasps of neoliberalism evidenced by upcoming UK university classification system

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Arthur Berman large Erik Townsend and Aaron Chan welcome Art Berman to MacroVoices. Erik and Art discuss:

OPEC's latest production cut agreement and what it means
Production cut being more akin to a floor than a ceiling
False conception of cutting production to bring balance to an already-balanced market
How excess oil in storage will suppress prices for some time to come
Weak demand growth similar to late-2014 won't support higher prices
Resumption of U.S. production in response to higher prices
OPEC not being as desperate as portrayed by the media
Weakening global economy as the main driver for low oil prices

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E 4552Color 1

Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 2. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the second of a four-part series about learning to be a sophisticated private investor.

Erik and Aaron discuss:

The process of re-inventing oneself from running a company as an entrepreneur to managing and running money
Skillset required for investing versus entrepreneurship
Resources for re-educating yourself into a sophisticated investor
Options in alternative financial media
The utility of financial and private investor conferences and groups
The different categories of private investors and the work required
How to take a more active role in managing your own investments
Difference between an asset allocator and a full-time investor

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RealVision TV red 02 An interview which was originally published on April 8, 2016 between Raoul Pal, founder of Real Vision and Edward Bonham Carter, Vice Chairman of Jupiter Fund Management Plc.

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Paul Krake 1 Erik Townsend and Aaron Chan welcome Paul Krake to MacroVoices. Erik and Paul discuss:

The bond market blowup in the context of the U.S. Presidential election
Prevailing narrative of fiscal stimulus given a Republican sweep of Congress
Ripping up the investment playbook under a Trump presidency
Violent rotation out of long-bond proxies into higher growth, higher rate assets
The resulting balance sheet and pension destruction from the rotation
Validity of rising inflation expectations and timeline for commodity price uplift
U.S. Dollar breakout's adverse effects on Emerging Market equities and fixed income
Potential for a disorderly rise in interest rates and the U.S. Dollar
Unwinding of overcrowded Emerging Markets trades
Gold losing its predictive ability and relevance
China debt dynamics and potential RMB devaluation in the context of limiting social unrest
China's growing sphere of influence in Asia-Pacific as the U.S. embraces isolationism
'Legal grabs' leading to waning U.S. hegemony
State of the global commodities supercycle
Tailwinds for the Japanese economy and equities despite structural demographic issues

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Erik Townsend and Aaron Chan welcome Dr. Harald Malmgren and Dr. Pippa Malmgren to MacroVoices. Erik, Harald, and Pippa discuss:

Trump's governance effectiveness in light of the enemies he has made on the campaign trail
What Trump's dollar-spend per voter portends for the moneyed lobbyists
Sources and potential escalation of social unrest and riots in the aftermath of Trump's victory
The long-running trend of repressive economic conditions and Fed policy leading to unrest
The potential for Trump to galvanize the determination, grit, and work ethic of the American electorate
Whether markets are prematurely jumping to the conclusion that Trump is necessarily inflationary
Constitutional limitations pertaining to specific policies espoused by Trump during the campaign
Outlook for foreign relations with China, Russia, and Mexico
The big picture behind the global populist movement and where it might be headed next
Breakdown of the social contract and the collapse in the government's ability to function and meet entitlements

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RealVision TV red 01 An interview which was originally published on October 18, 2015 between Raoul Pal of Real Vision and Dr. Brett Steenbarger, Clinical Associate Professor of Psychiatry & Behavioral Science at SUNY Upstate Medical University.

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Erik Townsend and Aaron Chan welcome Willem Middelkoop to MacroVoices. Erik and Willem discuss:

Willem's recent book The Big Reset and the coming monetary reset
The role the IMF's SDR will play in the next monetary reset
China's strategic objectives and pushing for the use of SDRs as the global reserve currency
Outlook for the U.S. dollar's reserve currency status in a Big Reset scenario
Outlook for the coming secular commodity reflation cycle
Willem's call to buy precious metals and miners in January 2016
Gold outlook in the current macroeconomc and geopolitical environment
Long-run dynamics of monetary history, demographics, and revolution
Whether Western democracy is still viable
Alternative forms of government given China's 5000-year history as a civilization
Trump vs. Clinton Presidencies and potential market impacts

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Hugh Hendry Headshot Erik Townsend and Aaron Chan welcome Hugh Hendry to MacroVoices. Erik and Hugh discuss:

USD breakout and binary consideration of US economy's condition in a strong-dollar environment
Brexit contagion and likelihood of strong vs. weaker countries disbanding from the EU
What the German-Italian sovereign spread portends for EU disintegration probabilities
Prescriptions for Japan given much greater cultural and political homogeneity
Evolution of views on developed market equities
The "time stop-loss" and when it's appropriate to pivot theses
Global transfer from creditors to debtors via the machinations of QE
Opinions on QE's efficacy at avoiding an outright global depression
Government's inability or unwillingness to move on fiscal reform and stimulus
Where US TSY's are headed next
Hugh's response to Kyle Bass' China devaluation thesis
Maintaining intellectual honesty in the face of professional ramifications

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RealVision TV red 02 An interview which was originally published on July 1, 2016 between Grant Williams of Real Vision and Kyle Bass, Managing Partner, Chief Investment Officer, Portfolio Manager, and Founder of Hayman Capital Management.

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Erik Townsend and Aaron Chan welcome Robin Griffiths to MacroVoices. Erik and Robin discuss:

Technical and cyclical frameworks for evaluating financial markets
Hierarchy of cycles from seasonal variation to generational
Central bank intervention and impact across various cycles
Potential panicked selloff for the trade-weighted U.S. dollar
Outlook for global equities and central bank-induced flash crashes
Treasury outlook and relationship with longer-term cycles
Developed markets on-going secular decline despite record equity market
Emerging market equity outlook, in particular China and India
Gold's resistance at $1,400 and ability to shoot back to all-time highs
Technological and demogrpahic tailwinds for developed markets
Trump vs. Clinton impacts on markets

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Yusko With Tie3 2016 Erik Townsend and Aaron Chan welcome Mark Yusko to MacroVoices. Erik and Mark discuss:

Bearish outlook for and reserve status deterioration of U.S. dollar
The "Everything Bubble" and similarities to 2000
Central banks running out of rope and credibility
Misplaced comparisons between Deutsche Bank and Lehman Brothers
Rumored Deutsche Bank "white knights" in Qatar and China
Political and social implications for foreign ownership of the European banking system
Exciting trends and generational opportunities in China retail and eCommerce
Investment opportunities in other emerging market economics in light of weak dollar thesis
Potential longs in the oil and gas space following the supply shock in prices
Dangerous paradigm of buying stocks for yield and bonds for capital appreciation
Yield-enhancement, short-VIX strategies employed by pension funds
Trump vs. Clinton implications for financial markets

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RealVision TV red 02 An interview which was originally published on July 20, 2016 between Grant Williams of Real Vision and Michael Lewitt, founder of The Credit Strategy Group and writer of The Credit Strategist, a popular and acclaimed investment newsletter.

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Erik Townsend and Aaron Chan welcome Simon Hunt to MacroVoices. Erik and Simon discuss:

Internal political wars within China stagnating economic growth
China's steady, step-wise approach to allowing firm bankruptcies
Shift in global monetary policy power from Washington to Beijing
Internal IMF battle for RMB's inclusion in SDR
Looming inflation in commodity prices
Logic behind China's stockpiling of raw commodities and base metals
Strengthening strategic alliance between Russia and China
Trump vs. Clinton impacts on financial markets
Growing global discontent to USD "bully boy" tactics and de-dollarization
Impending global stock market crash and economic reset within the next 5 years
Gold's eventual reemergence as the global monetary base

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Mike Lebowitz 1 Erik Townsend and Aaron Chan welcome Michael Lebowitz to MacroVoices. Erik and Michael discuss:

The saving discipline that drives the virtuous economic cycle and sustains prosperity
A global economy untethered from demographics and productivity
End game for the unvirtuous cycle of debt-fueled consumption
Outlook for negative interest rate policies
Brexit as representative of larger social, geopolitical, and wealth distributional forces
Japan outlook given worst-in-class demographics and productivity growth
Alternatives for savers throughout the demise of the virtuous cycle
Trump v. Clinton impacts on global financial markets

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RealVision TV red 02 An interview which was originally published on April 14, 2016 with Roy Sebag and Josh Crumb, co-founders of Bitgold, Chief Executive Officer and Chief Strategy Officer of Goldmoney, respectively.

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Gurevich Photo Erik Townsend and Aaron Chan welcome Alex Gurevich to MacroVoices. Erik and Alex discuss:

Market reaction to latest FOMC policy decision
Concurrent necessity and dominance of the long U.S. dollar trade
Importance of placing current Fed actions in the context of historical rate-hiking cycles
Egregiously cheap valuations on 10-year Treasury Notes
Where we stand in the current bond bull market
Gold's positive risk-reward and return expectations in the coming years
Arguments for a long-Nikkei trade
Opportunities in USD/JPY
China's $30 trillion private debt unwind and history of imperial collapse
Migrant and political crises' effects on the future of the Euro
Capital market impacts of a Trump or Clinton presidency

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Erik Townsend and Aaron Chan welcome Raoul Pal to MacroVoices. Erik and Raoul discuss:

Structural issues in LIBOR and Eurodollar markets as bullish for USD
Outlook for Treasuries given recent sell-off in bonds
Update on Raoul's business cycle framework
100% probability of recession following 2-term U.S. presidencies
Recent spat of "Billionbears" coming to the forefront with downside calls
Brexit contagion spreading into the rest of Europe
Crowded risk-parity trades and reasons behind all-time short-VIX open interest
Gold and USD pairs-trade timeline and expectations
Monetary policy and the Fed's growing irrelevancy
Precarious state of and systemic risk of the European banking sector
Potential moonshot in soft commodities due to weather cycles
Updates on new Realvision TV products and initiatives

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RealVision TV red 01 A conversation on April 4, 2016 between Grant Williams and Michael Schneider, Chief Investment Officer of Brookline Partners.

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J Christian Erik Townsend and Aaron Chan welcome Jeffrey Christian to MacroVoices. Erik and Jeffrey discuss:

U.S. Dollar predictions and the range-bound outlook
Brexit contagion and potential impacts on gold and silver
Forward near-term guidane for gold and silver prices
Outlooks for macroeconomic drivers of precious metals
Economic and financial susceptibility given middling global GDP growth
Rejecting old mental models with unprecedentedly low real and nominal interest rates
Excess reserve accumulation backfiring against Fed intentions
Continued expected disinflationary and deflationary forces until monetary and/or fiscal policy shifts
Low probability of a medium-term moonshot in precious metals prices assuming continued disinflation
Billionaire investors going public with bearish economic and market calls
Degradation of global political cooperation
Trump vs. Clinton implications for global markets and precious metals

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Arthur Berman large Erik Townsend and Aaron Chan welcome Art Berman to MacroVoices. Erik and Art discuss:

Looking beyond absolute inventory numbers and gleaning insights from comparative inventories
Recent anomalous comparative builds relative to historic trends
Continued time-spread compression reflecting producer hedging or lack of concern for a storage crisis
The selective capital raising environment for producers
Oil market balance and Saudi Arabia's fundamentally ineffectual 'production freeze'
Stabilizing US production and evaporation of upside price catalysts
Feedback loop of insanity in inventory builds and production
Claims of sub-$40 producers in the Permian basin
Concerns over consumption growth not aligning with change in prices
Timing for a moonshot in oil prices following a period of supply destruction and investment deficits

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RealVision TV red 02 A conversation on January 5, 2016 between Grant Williams and Willem Middelkoop, founder of the Commodity Discovery Fund and author of the worldwide bestseller The Big Reset.

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AGS 2009 Hi Resolution Erik Townsend and Aaron Chan welcome Dr. Gary Shilling to MacroVoices. Erik and Gary discuss:

The continued perception of the U.S. Dollar as a safe haven currency
Why the long-bond trade isn't over and illuminate the forces driving yields lower
Reasoning behind going long defensive stocks despite a bearish view on equities
Time-horizon for $20 oil
The global commodity supply overhang
Helicopter money in the form of infrastructure and defense spending
The impacts of a Clinton or Trump presidency on markets

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Erik Townsend and Aaron Chan welcome Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss:

Rich equity valuations despite an on-going earnings recession
Off-track corporate cash flows and profits as evidence of a weakening economic environment
The mainstream misconception and myth that the Fed provides liquidity thereby levitating equity valuations
The chronic and acute dollar shortage as evidenced by the decaying post-2007 global eurodollar system
Global central banks resorting to sellng Treasuries as a means to filling dollar funding gaps
Milton Friedman's Interest Rate Fallacy and how long-run low interest rates demonstrate tightness of money supply
How the tight-dollar environment manifests itself in the increasingly disorderly global repo market
The complete disconnect between inferred interest rate bearishness in eurodollar futures and QE as liquidity
TED-spread volatility and other wholesale financial measures suggesting central banks might be losing control
The Fed's inadequate response to the structural contraction in the global eurodollar system
Wholesale eurodollar system not tracking with prior exponential growth and demonstrating permanent monetary disruption
How the preponderance of evidence necessitates a systemic reset
Why central bankers lack the answers by being married to an incongruent monetary framework
The potentially galvanizing catalyst between nations in lieu of a serious crisis

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RealVision TV red 02 A conversation on March 21, 2016 between Grant Williams and Paul Brodsky, founder of Macro Allocation Inc.

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Paul Brodsky Headshot Erik Townsend and Aaron Chan welcome Paul Brodsky to MacroVoices. Erik and Paul discuss:

The necessary global reset due to insurmountable leverage
Views and outlook for U.S. Treasuries despite obvious sovereign insolvency
Signals for exiting the bond market bubble
The opacity of currency and monetary issues in Europe
Current monetary policy environment as slow-motion "water torture" for the global economy
The false deleveraging narrative when viewed in the light of base money
The possibility of central banks printing money to buy gold
Thinking behind owning gold bullion relative to gold mining shares
Oil's role in U.S. Dollar hegemony and likelihood of change
Scenarios including disinflation, followed by hyperinflation

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Charles0002 X3 Erik Townsend and Aaron Chan welcome Charles Biderman to MacroVoices. Erik and Charles discuss:

Big picture and current market contexts beginning from Post-WW2
Dynamics between developed and emerging market currencies
Flight capital impact on U.S. markets
Predictions for U.S. Treasury yields
Possible catalysts to bring-on the endgame and portfolio allocations
Backstory related to sub-advisor relationship with and termination from AdvisorShares
TrimTabs' proprietary Float Shrink strategy and outperformance

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RealVision TV red 01 A conversation on April 25, 2016 between Grant Williams and Stephen Diggle, founder of Vulpes Investment Management.

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David S Rose 2013 Erik Townsend and Aaron Chan welcome David S. Rose to MacroVoices. Erik and David discuss:

Background and introduction to angel investing and entrepreneurship through his great uncle David Rose
What angel investing actually is, how it might fit in a portfolio, and who it is suited for
The time-horizon, temperament, and risk-tolerance required for angel investing
The appropriate mind-set when approaching angel investing
Expected investment returns from angel investing and the role of diversification
Why it's “far better to invest in the jockey than on the horse”
Balancing and matching between entrepreneurial execution and bright ideas
Mechanics and funding sequence of an angel deal
Post-investment lifecycle
The importance of networking with veteran angel investors prior to initial investments
How the Angel Capital Association vets angel investing groups
Learning through reading, finding a mentor, and investing
Gust.com angel investing platform, Singularity University and exponential technology

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Erik Townsend and Aaron Chan welcome Eric Hunsader to MacroVoices. Erik and Eric discuss:

Regulation National Market System (NMS), securities information processors (SIPs), high-frequency trading (HFT), and latency arbitrage
Eric's incredible story of exposing the NYSE's selling of higher-speed data feeds to high-frequency traders
"Quote-stuffing" and how it provides an unfair advantage through compromising quote systems
Manual traders "spoofing" as a means of tricking algorithmic systems
The fallacy of HFT providing greater liquidity in the market
The legal immunity of U.S. exchanges as Self-Regulatory Organizations (SRO)
How retail investor orders are executed and taken advantage of by internalizers
Micro-timestamp resolution as a means for transparency
How IEX prevents latency arbitrage through "speed-bumping" by 1/1000th of a blink of an eye
The potential of combining power and integrity in a market devoid of transparency
Nanex's differentiated market data offering

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RealVision TV red 01 A conversation on May 29, 2016 between Grant Williams and Stephanie Pomboy, founder of MacroMavens.

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Erik Townsend and Aaron Chan welcome Richard Dickson to MacroVoices. Erik and Richard discuss:

Lowry Research’s approach of looking at markets through buying power and selling pressure
The divergence in price action versus buying power and selling pressure indices
What the divergence means in terms of market accumulation or distribution
Dynamic of foreign capital flight in an environment of zero interest rates
Similarity between new market entrants in 1999 and present day
The poor balance of supply and demand in the FTSE 100 post-Brexit
The increase in the balance of selling in Italian equities, where 65% of stocks are trading on intermediate down-trends
Buying power topping and selling pressure accelerating in Italy and Spain prior to Brexit
How even a perceived economic stalwart like Germany is susceptible to weakening market conditions
Lagging European sectors relative to the rest of the world
Chinese, Japanese, Indian, and Australian supply and demand dynamics
How much further U.S. indices have to advance before reaching a level that generates profit-taking

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E 4552Color 1 Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part I. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the first of a four-part series about learning to be a sophisticated private investor.

Erik and Aaron discuss:

Erik's personal journey from successful software entrepreneur to hedge fund manager
What it means to be an accredited investor and the associated challenges that go along with the distinction
Private banking and possible red flags
Erik's personal experience with private bankers and "exclusive" investment deals
The lessons learned from the implosion of this "exclusive" private banking deal that resulted in substantial loss of capital
Erik's subsequent reinvention into a professional investor
The challenges associated with transfering from software business culture to Wall Street
Coming in Part II: The process of re-inventing oneself from Entrepreneur to sophisticated Private Investor
Coming in Parts III and IV: Angel investing, Venture Capital, Private Equity LPs, & Hedge Funds

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RealVision TV red 01 A conversation on January 26, 2016 between Grant Williams and James Grant, author of Grant's Interest Rate Observer.

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Erik Townsend welcomes Grant Williams to MacroVoices. Erik and Grant discuss:

Grant’s experience and insights from observing Brexit outside of the UK
The next-steps and long-run view for the UK post-Brexit
The potential of the EU making an example out of the UK to prevent other countries from leaving
The current political void in British politics and who might step-up to fill this void
The precarious state of the European banking system
Deutsche Bank’s status as “Too Big to Fail”
How Brexit will spread political contagion and stoke calls for referenda in other European countries
The likelihood of the Fed having to ease with only 25 bps of room
What the dollar and gold both moving higher portends for the state of the global economy
The non-zero probability of war as a means of resolving unsurmountable debt burdens
Possible war scenarios under Trump or Clinton
Grant’s wonderfully-done “Crazy” presentation on RVTV

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PROFESSOR STEVE KEEN headshot Erik Townsend welcomes Steve Keen to MacroVoices. Erik and Professor Keen discuss:

Brexit's economic consequences and possible political spillover into other European countries
Ditching the ivory tower in favor of working with entrepreneurs
The emergence of alternative currencies backed by labor and assets
The possibility of an energy-backed currency
The fundamental ingredient of trust in alternative currencies
The risk of entrusting private enterprise with money creation
Negative interest rates and fractional reserve banking
Fading mainstream confidence in neoclassical central bankers
Possible catalysts for the next financial crisis

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RealVision TV red 01 A conversation on May 23, 2016 between Grant Williams and Simon Mikhailovich, Co-Founder of Toqueville Bullion Reserve.

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Erik Townsend welcomes John Llewellyn to MacroVoices. Erik and John discuss:

How the Brexit vote is simply a prelude to a highly uncertain process
Polling accuracy and the distinct possibility of Britain exiting the EU
The near-term economic impacts of Brexit on the British economy including lower foreign-direct investment and trade re-negotiations
The broader global economic impact of a “leave” vote
Brexit’s impact on the U.S. Dollar and the possibility of re-igniting a Asian debt crisis
Potential monetary policy accommodation from the ECB
The implications of Brexit on global oil prices
Rise of European populism as a leading indicator of the U.S. political theatre

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Erik Townsend welcomes Dr. Ben Hunt to MacroVoices. Erik and Dr. Hunt discuss:

The U.S. Dollar as a reflection of the strategic interactions between central banks
China’s similarities to pre-WW1 Germany as an up-and-coming power
Brexit’s potential impact on the global economy
“Humpty Dumpty” events for the global economy including China devaluation and Euro-system fracturing
Price-signal inversion and market dislocation from fundamentals
The Fed’s slow realization of global interdependence
Negative interest rate money-market funds in the United States
How Swiss safe deposit boxes are at capacity and the war on cash
Gold’s role as insurance against central bankers
Kyle Bass’ China trade and whether you can trade Japan’s demographics
The potential consequences of the U.S. Presidential elections and global trade
Dr. Hunt’s background as a hedge fund manager and scholar
The inception of his popular Epsilon Theory Blog and applying game-theory to policy-driven markets

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RealVision TV red 01 Hugh Hendry is interviewed by Raoul Pal for Real Vision Television on March 11th, 2016

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Arthur Berman large Erik Townsend welcomes Art Berman to MacroVoices. Erik and Art discuss:

Their calls made on Episode 3 of MacroVoices in February
Which fundamental factors have changed since then
The damage done to the supply of capital available to shale drillers in spite of oil rising to $50
Current US production levels and where they may be headed from here
Prices moving up in the face of dangerously high inventory levels at Cushing, OK
Using Comparitive Inventories to predict price movements
The 'funny' accounting practiced by shale drilling companies and many analysts
EIA price forecasts and whether or not they are accurate
Geopolitically driven supply disruptions and whether or not they will last
Middle Eastern oil production increases and alongside a shifting political picture
The possibility of a future where the world can't afford petroleum, and much more...

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julian brigden headshot Erik Townsend welcomes Julian Brigden to MacroVoices. Erik and Julian discuss:

The difference between the DXY and the trade weighted broad Dollar index
The effect of emerging market fluctuations on the broad Dollar
Dollar pause or Dollar reversal?
The return of cyclical inflation in the US
Chinese capital outflows and the effect on real estate markets
How the Dollar story will affect precious metals
Emerging market equites
A lack of real cooperation between central banks
Global sovereign debt markets and what they are signaling about inflation
How a perfect storm of Dollar strength and a return of inflation will take away the central bank "put"
...and bunches upon bunches more...

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RealVision TV red 01 A conversation on March 25th, 2016 between Grant Williams and Rick Rule

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J Christian Erik Townsend welcomes Jeffrey Christian to MacroVoices. Erik and Jeffrey discuss:

The advantages held by the US over other economies
The reasons for the recent USD strength and where it is headed next
The market reaction to the most recent round of hawkishness from the Fed
The Gold market internals which have supported its price in 2016, and the possibility of a pullback
The relevance of the Commitments of Traders report in the Gold market
What institutional positioning in precious metals tells us about liquidity flows
Platinum, Palladium, their extraction methods and uses, their relationship to each other and other PMs
Where we are currently in the broader commodities cycle
The problems facing China, Japan, and Europe
Economic, social, and political issues in Russia
Possibilities for Gold and non-USD currencies playing a bigger role in central bank reserves, and more...

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PROFESSOR STEVE KEEN headshot Erik Townsend welcomes Steve Keen to MacroVoices. Erik and Professor Keen discuss:

A comparison of the prevailing schools of economic thought
The role of credit in the economy
The importance of existing inventory when considering supply and demand calculations
What's wrong with neoclassical economics and how central bank policy needs to adapt
How Professor Keen was able to foresee the 2008 financial crisis
The mistake of mainstream economics in ignoring the importance of private sector debt
Low credit growth leading to a stangant economy
"Zombie Economies" and which countries are most likely to suffer another crisis
How to know if you're living in a Zombie Economy
The need to reduce private debt, and the ways to incentivize such a reduction
Plus Samir Madani joins us to discuss #OOTT and much more