Welcome to Macro Voices

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

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

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

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

Download the podcast transcript: [Click Here]

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

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

• Factors that affect increasing oil price

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

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

Download the podcast transcript: [Click Here]

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

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

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

Download the podcast transcript: [Click Here]

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

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

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

Download the podcast transcript: [Click Here]

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

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

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

Download the podcast transcript: [Click Here]

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

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

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

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

Download the podcast transcript: [Click Here]

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

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

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

Rosenberg Research 30-Day Free Trial 

Download the podcast transcript: [Click Here]

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

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

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

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

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

Download the podcast transcript: [Click Here]

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

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

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

Download the podcast transcript: [Click Here]

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

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

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

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

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

Download the podcast transcript: [Click Here]

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

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

• Energy outlook

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

• What should be done to mitigate energy price challenges

Download the podcast transcript: [Click Here]

SPECIAL POST GAME GUEST- Jonthan Awde

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

• Beginning of a tightening cycle amidst Ukraine/Russian war

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

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

Download the podcast transcript: [Click Here]

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

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

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

Download the podcast transcript: [Click Here]

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

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

• Upcoming policy mistake

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

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

Download the podcast transcript: [Click Here]

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

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

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

Download the podcast transcript: [Click Here]

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

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

• Key takeaways from previous tightening cycles

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

• How to interpret lack of liquidity in the markets

Download the podcast transcript: [Click Here]

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

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

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

Download the podcast transcript: [Click Here]

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

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

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

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

Download the podcast transcript: [Click Here]

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

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

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

Download the podcast transcript: [Click Here]

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

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

• Return of volatility

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

• Performance of mining shares
• General market outlook

Download the podcast transcript: [Click Here]

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

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

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

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

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

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

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

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

Download the podcast transcript: [Click Here]

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

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

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

Download the podcast transcript: [Click Here]

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

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

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

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

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

Download the podcast transcript: [Click Here]

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

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

• DeFi – Decentralized Finance

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

Download the podcast transcript: [Click Here]

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

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

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

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

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

    Breakfast with Dave 

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

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

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

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

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

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

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

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

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

• Inflation and Greenflation 

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

• Wage inflation and employment shortages

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

• Is this inflation transitory or structural?

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

Download the podcast transcript: [Click Here]

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

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

• Trillion-dollar coin and debt ceiling

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

• Outlook on equities, dollar and bond yields 

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

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

• Current situation in China and its impacts on inflation

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

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

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

Download the podcast transcript: [Click Here]

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

• Is inflation transitory?

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

• China and Evergrande
• Perspectives on Bitcoin

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

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

• Supply and demand imbalances

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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SPECIAL POST GAME GUEST- Grant Williams

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

• Resiliency of the US dollar
• The Dollar Milkshake Theory
• Inflation vs Deflation
• Portfolio allocation
• Gold, Bitcoin and digital assets

• Agricultural commodities vs industrial commodities

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

• Is Inflation here to stay?
• Threat of stagflation 
• How probable is runaway inflation?
• Chinese capitalism vs Western capitalism
• Outlook on US/China relations

• Gold vs Crypto
• How to hedge in real asset market
• MMT and wealth inequality
• Perspectives on ESG

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

• Inflation vs. Deflation
• Trend in growth
• Measuring trend change and trend reversal
• Impending “second wave” of secular inflation
• How to invest in secular inflation narrative

• Long-term outlook on monetary policy
• Cyclical forces in the economy

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Erik Townsend and Patrick Ceresna welcome Aaran Param to MacroVoices. Erik and Aaran discuss:

• Inflation – secular or transitory?
• Where to invest in equity market
• What’s next for the dollar
• How to play EM vs DM
• Perspectives on China

• Bond market outlook
• Commodity super cycle
• Oil, gold & precious metals

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

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

• Inflation vs. disinflation
• “Everything will go to zero”
• Cause of changes in economic behavior and social attitude
• Generation cycles and fourth turning
• Capital markets and Fed policy – where are they headed?

• Is the only possible direction for interest rates to go up?

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

• Views on current inflation narrative
• How to hedge in a transitory inflation environment
• Consequences and implications of secular inflation
• How long it will take for inflation to go from “good” to “bad”
• Will digital currency eventually replace fiat currency?

• Will Bitcoin benefit from CBDC?

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

• Views on inflation

• Recovery – how differences in sentiment will impact demand
• Logic behind central banks policy trend toward tapering
• Where will continued money printing lead us?
• Perspectives on ESG aware investing trend
• Energy market outlook

• Digital currency – where are we headed?

Download the podcast transcript: [Click Here]

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

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

• IEA’s forecast on shutting down the oil industry
• What will happen to price action at the wind-down of the industry
• Perspectives on inflation
• What would happen if this inflation is not transitory?
• Carbon sequestration and carbon credits
• Metals and petroleum – why is China selling metals?
• ESG and nuclear energy
• Outlook on oil

Download the podcast transcript: [Click Here]

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

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Erik Townsend and Patrick Ceresna welcome Steve Keen to MacroVoices. Erik and Steve discuss:

• Relationship between inflation and bond rates
• Perspectives on recent action of US 10yr Treasury yield
• MMT – how will this concept be adopted?
• Will MMT create even more private debt and is there a way to avoid it?
• Debunking ESG for investors 
• Rebuttal to William Nordhaus 
• Steve’s new book - The New Economics: A Manifesto 

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

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

• Options that exist for accredited investors in precious metals market

• Private placement in precious metals and how it works
• Pros and cons of Capital Introduction industry 
• Disadvantages of using a broker
• What Katusa Research newsletter offers
• Access to private placement and financing vs. public market

• Marin’s new book: The Rise of America

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

Relationship between inflation and treasury yields

• Outlook on US/China relations
• What to expect in equity and bond market
• Drivers of upcoming price increase in oil
• Trading opportunities in energy market
• “Alpha Male Central Banker”
• Breakdown of the dollar and its implications
• Oil demand expectations in the re-opening 

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

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

• Are we really facing secular inflation?
• How the recent stimulus impacts the inflation narrative
• FED has it right – this inflation is a “transitory phenomenon”
• How to play against the popular narrative that secular inflation is imminent
• Why this inflation is transitory
• Outlook on treasury yields

Download the podcast transcript: [Click Here]

Free 30-day Trial to Dave's Economic Research 

Charts with Dave 2021 05 06 MacroVoices 

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

• What’s needed to hedge against rising interest rates
• “Financial Tsunami” and what that would mean for the markets
• Reasons behind Harley’s new project with Simplify
• The new ETF, PFIX– who is it for?  
• How rising interest rates will cause systemic risks in the market
• How PFIX  can protect portfolio  
• Perspectives on inflation

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Erik Townsend and Patrick Ceresna welcome Dylan Grice to MacroVoices. Erik and Dylan discuss:

• Inflation vs. Deflation
• US 10yr Yield outlook
• Reasons why there is potential for a big rally in crude oil
• Perspectives on oil and transitioning into EV
• Portfolio composition to play inflation
• Asymmetric trade opportunities
• ECB and the Fed – where are they headed?
• Risks of central banks intertwining with politics

Download the podcast transcript: [Click Here]

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

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

• Deflation vs. Inflation
• Can US Treasury 10yr Yields  press 2%?
• Sentiment and vol factors and thematic reversal risk
• Nomura Vol control model anticipates potential “buy flows”
• Thematic & Factor risk premia performance trends
• SPX/SPY Consolidated $Gamma/$Delta

Download the podcast transcript: [Click Here]

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

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

• General outlook on oil
• Factors causing continuous decline in production
• Why should we not expect increases in price?
• OPEC spare capacity vs Brent price
• Reasons to expect demand to return to pre-pandemic levels by end of 2021
• Price outlook for the rest of 2021
• Increase in price vs. rig count
• Impact of electrification on oil

Download the podcast transcript: [Click Here]

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

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

• Why deflation?
• Was it really a historic sell-off in bond market?
• Why the government wants inflation
• US Treasury yield curve vs. Eurodollar yield curve
• Will the Fed stick to the zero lower bound for the foreseeable future?
• Definition of reflation vs. recovery
• Underwhelming current reflationary sell-off
• Inflation expectations in the TIPS market

Download the podcast transcript: [Click Here]

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

• Inflation outlook and its main drivers
• S&P500 index and margin debt to GDP analysis
• Potential peak in earnings growth ahead
• Corporate profit margins vs. Labor share
• Stocks vs. Interest rates, Interest Rates vs. Financial Instability
• Gold and crypto currency
• How value investing works in overpriced asset conditions

Download the podcast transcript: [Click Here]

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

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Erik Townsend and Patrick Ceresna welcome Steven Van Metre to MacroVoices. Erik and Steven discuss:

• Why deflation, why not inflation?
• QE – how it really works
• Why is the current MMT inspired stimulus not inflationary?
• Reasons why there is a need for existing bank reserves for QE
• What will the next stimulus bring?  
• What is a liquidity trap and why we’re headed towards it
• Implications of liquidity trap and how to resolve it
• Outlook on bond yields

Download the podcast transcript: [Click Here]

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

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

• How investors should think about decarbonization
• Green Revolution – is there an investment in build out of a new electric grid?
• What to invest in to benefit from the electrification of the global economy
• EV and advancement in batteries – is nickel unavoidable?
• How investors should look at advancement in battery technology
• Perspectives on commercialization of Thorium reactors
• The technology needed in order to deliver safe and unlimited electric energy 

Download the podcast transcript: [Click Here]

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

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

• Is secular inflation upon us?
• What to make of the rise in long-term bond yields?
• Are higher yields threatening an equity bear market?
• Ongoing sector rotation between cyclicals/value and growth sectors
• What should the FED do next?
• Outlook on dollar and gold

Download the podcast transcript: [Click Here]

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

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Erik Townsend and Patrick Ceresna welcome Diego Parrilla to MacroVoices. Erik and Diego discuss:

• Inflation vs. Deflation narrative
• Rates market – at what point will the Fed intervene?
• Negative treasury yield and what that means for equity market
• VIX on the rise – is the market topping?
• Outlook on Gold
• DXY – are we seeing a reversal on the horizon?

Download the podcast transcript: [Click Here]

SPECIAL POST GAME GUEST- Amir Adnani{f90filter RegisteredUser SHOW}

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

• Return of a commodity bull market
• Increasing real yields vs. gold
• Green revolution – which commodity will benefit?
• Increasing demand in Copper
• Record long exposure in hedge funds – is this where the market tops?
• Why Roll Yields matter
• Green transformation and its relationship to correlations in commodities
• Crude oil – are we nearing a top?
• Outlook on agriculture, Uranium

Download the podcast transcript: [Click Here]

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

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

• Perspectives on mainstream deflationists adopting a new inflation view
• Limits to excessive deficit spending and fiscal stimulus
• Fiscal vs. Monetary dominance
• Macro asset allocation strategy in fiscal dominance environment
• Perspectives on the Fed’s yield control
• U.S. broad money supply vs. Japanese broad money supply
• Outlook on Gold and Bitcoin

Download the podcast transcript: [Click Here]

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

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

• Energy prices and inflation
• What is driving the stock market to its all-time highs despite the pandemic
• Has the oil market priced in the recovery?
• Perspectives on the recent Copper rally and how far can it go?
• Will Singapore replace Hong Kong as the financial centre of Asia?
• European market outlook

Download the podcast transcript: [Click Here]

SPECIAL POST GAME GUEST : Kevin Muir - The MacroTourist

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

• Last year’s bullish outlook - does it still stand?

• Is the current level of spending in the economy being propped up by stimulus?
• APPL, TSLA and the classic bubble
• Why would the FED allow the bond market to clear at a market rate?
• Upside risks to treasury yields
• Perspectives on impending secular inflation

• How long do we have until we have a runaway inflation problem?
• What is the right metric that would indicate when things turn bad?

Download the podcast transcript: [Click Here]

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

• Deflation vs. Inflation outlook
• What could contain and remedy the impending inflation?
• Investing strategies for inflation
• Coronavirus update
• Wall Street Bets –who’s behind it and what’s going on?
• Last week was GME, and now it’s Silver – will there be another squeeze?

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

• How are stocks rallying to new all-time highs amidst the ongoing pandemic?

• Stimulus into real economy – will this still support the stock market?
• How far Bond Yields could go
• Financial repression and inflation outlook
• Inflation may be good in the beginning but for how long?
• Benefits of inflation on the stock market

• Perspectives on commodities including Copper and agriculture
• Gold vs. Bitcoin
• Is there a strategy to evade financial repression?

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

• Are we finally headed toward a global digital currency?

• Benefits of secure digital bearer asset currency 
• Lack of discussion regarding the adoption of the technology behind Bitcoin
• Will the governments eventually accept the use of cryptocurrency?
• CBDC – Central Bank Digital Currency
• Why some large institutions are buying Bitcoin as store of value 

• Bitcoin vs. Ethereum

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

• Is this the beginning of the end for the U.S. dollar as the global reserve currency?

• Relative decline to other fiat currencies or loss of purchasing power?
• Democratic control of the Senate – how does this affect yields?
• When will deficits start to matter?
• How do you translate the current state of the dollar into investment strategies?
• Bitcoin vs. Gold

• Are we finally at a point of runaway wage & price inflation?

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

• Saudi Arabia’s production cut decision and what this means
• Will U.S. shale industry recover?
• Expected decline in demand in oil
• Analysis of current comparative inventory report
• Pandemic and U.S. consumption recovery – what does this mean for gasoline?
• Perspectives on previous prediction of a big decline in U.S. production in Q1
• Can OPEC compensate for loss of U.S. production?
• Lag times between getting the rig started to actual oil production and what this means
• Price vs. Comparative inventory yield curve

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Erik Townsend and Patrick Ceresna welcome Ronald Stoeferle and Grant Williams to MacroVoices. Erik and the panlists discuss:

• How to trade a fiat currency debasement
• Hedging or trading inflation
• Gold, silver, platinum and palladium 
• Hard assets like real estate including farmland
• Copper and iron ore and the battery metals
• Energy as an inflation hedge

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Erik Townsend and Patrick Ceresna welcome Ronald Stoeferle and Grant Williams to MacroVoices. Erik and the panelists discuss:

• Fiat currency debasement
• Yellen, MMT and debasement, how could it play out differently
• Commodities and different ways to hedge
• Cryptocurrencies, Bitcoin and its role as a debasement hedge

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Erik Townsend and Patrick Ceresna welcome Kyle Bass to MacroVoices. Erik and Kyle discuss:

• All-time highs despite the pandemic – are we shifting into a new paradigm?
• Impending inflation and how to trade it 
• Is gold still the best hedge against fiat debasement?
• Is the bond bull market finally done and are we headed toward negative yield?
• Negative yields in Europe – will this recover as inflation begins?
• How will Biden administration change the macro outlook?
• Implications of electrification of the economy
• Will Singapore be replacing Hong Kong as the financial center in Asia?
• Perspectives on crypto currencies

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

• Update on President Trump may start his own news network
• Why Trump running a news network may be more powerful than being the President 
• Upcoming meeting of the electors – how will this impact President Trump’s actions
• What would Trump News Network look like?
• Possible pardoning for Julian Assange and Edward Snowden and its implications
• Perspectives on inflation 
• Outlook on digital currencies 

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

• DXY reaching multi-year lows – is this the beginning of the dollar crash?
• Basics of US dollar crash and related Treasury market destruction
• Has quantitative easing been successful?
• Japanese Inflation & QE – Is US monetary policy following the Japanese model?
• Lower indication in inflation indices despite excessive liquidity
• Is the U.S. dollar’s global reserve currency status being threatened?
• Perspectives on MMT

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

• Has the market  priced in the vaccine news?
• How does this translate into the stock market
• Shift to secular inflation or return to deflation?
• Where is the stock market headed from here?
• Will US Treasury will go negative on 10yr or will they stay at zero?
• Treasuries vs. Gold

Download the podcast transcript: [Click Here] 

Free 30-day Trial to Dave's Economic Research and Insights 

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

• Perspective on recent rally in market amidst the pandemic and U.S. Elections

• Spike in COVID cases, are things going to get worse before it gets better?
• Would expectation of more government stimulus lead to lower yields?
• Likelihood of secular inflation due to more money printing and more deficit spending
• Challenges ECB is facing with insolvent countries borrowing at low yields?
• Will foreign policies reverse under Biden administration?

• Is U.S. fracking industry facing a major threat from Biden administration energy policy?

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

• All-time highs in the stock market despite the pandemic – what cycle does this reflect?
• What cycle is driving the recovery?
• How to manage cycle risks
• What does USFIG (U.S. Future Inflation Gauge)suggest comes next?
• When to expect secular inflation based on leading indicators
• What cycles tell us about the recent upside in the stock market

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MacroVoices #218 Lakshman Achuthan: What cycles teach us about what to espect post-Coronavirus

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

• Perspectives on MMT and how it affects the gold market
• How far are we in the gold bull market cycle
• What would change the investment mindset on gold with MMT on the horizon?
• Why investors need to consider currency conversion factor when investing in gold
• What is in store for the natural resources sector?
• Opportunities in gold mining vs. copper mining
• Asset allocation in natural resources sector

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Katusa Research Special Offer: 42% off Marin Katusa's Natural Resource Investing Newsletter 

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

• Inflation driven commodity super cycle – when will it happen?
• When will  consumer price inflation starts?
• How to manage your portfolio to prepare for inflation
• COVID-19 pandemic impacts on prices
• How to position for commodity super cycle
• How to approach different commodity sectors for allocation
• Outlook on precious metals

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Erik Townsend and Patrick Ceresna welcome Stephanie Kelton to MacroVoices. Erik and Stephanie discuss:

• Why using taxes to pay for government spending is a myth
• If the government can print money, why are taxes still necessary?
• What measures does MMT use to overcome inflation risk?
• Debunking the myth that the future generation will have to pay for the current national debt
• Risk of dilution in value of dollars due to government money printing
• Constraints of MMT

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Erik Townsend and guest co-host Kevin Muir welcome Mike Alkin & Guy Keller to MacroVoices. Erik, Mike and Guy discuss:

• Future of nuclear power industry
• How big is the Uranium mining industry post-Fukushima
• Collapse of market capitalization of Uranium mining
• How Uranium market works
• Investment opportunities in Uranium market

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

• Perspectives on recent Presidential debate
• Supreme court legal precedent
• Doespolitical uncertainty in the U.S. create an opportunity for China?
• Accuracy of polls and how investors should consider them

• Possible outcomes and what that would mean for the markets
• Possibility of Donald Trump launching a news network

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

• Update on Art’s 2020 U.S.oil production narrative
• How big of a decline in production should we expect?
• Supply in demand imbalance – where is oil price headed from here?
• What investors should look for in anticipation of resumption of normal demand
• What level of demand to expect post-crisis?
• Decreasing price sensitivity to changes in comparative inventory 
• Will we ever get back to pre-crisis consumption levels?

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

• Is the bond bull market finally coming to an end?
• Possibility of negative rates
• Secular shift from disinflation toward inflation
• US dollar outlook – beginning of a secular decline?
• Perspectives on gold and equity markets
• Impact of monetary policy on liquidity

Download the podcast transcript: [Click Here]

SPECIAL POST GAME GUEST- Jim Bianco

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

• Prognosis on the U.S. Presidential Election
• Why the Republicans have not yet folded on the next relief package?
• Vicious circle from lower confidence to higher unemployment
• What would a contested election mean for the markets?
• U.S. dollar outlook
• Possibility of U.S. Real Yields to collapse

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

• Active vs passive investing dynamics
• Is QE what’s driving the stock market and how does MMT fit in
• Will MMT bring runaway inflation and what are the implications?
• Is the bond bull market coming to an end?
• What investors should look out for during a period of hyperinflation
• Outlook on gold
• Potential risks and threats of U.S. dollar losing its reserve currency status
• Perspectives on digital currency 

Download the podcast transcript: [Click Here]

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