Macro Voices

Weekly market commentary by Hedge Fund Manager Erik Townsend and interviews with the brightest minds in the world of finance and macroeconomics. Made possible by funding from Fourth Turning Capital Management, LLC
Title Date Author

Mark Cudmore: Around the World of Macro

Erik Townsend welcomes Bloomberg’s Mark Cudmore to MacroVoices. Erik and Mark discuss the outlook for the US dollar, rate differentials and the impact of the Yuan oil contract. They further discuss bonds, inflation and stagnation. They move on to commodities, equities, China and Europe.

2018-01-18 MacroVoices

Josh Steiner: Global Housing Market Analysis

Erik Townsend welcomes Josh Steiner to MacroVoices. Erik and Josh discuss the macro drivers of the Canadian and Australian real estate markets. They look at Canada’s minsky moment, the new government policies and the impact on the Canadian banks. They move on to discuss the Australian one-cylinder economy, perspectives on the Australian construction boom and the high levels of home equity withdrawal. They further discuss the U.S. real estate markets and why there is still room to run.

2018-01-11 MacroVoices

Anatomy of the U.S. Dollar End Game Part 5 of 5

MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 5 of the 5 Part Series, the panel discuss the possible sign posts for the big change and the potential triggers for a lower U.S. dollar. They ask if structural changes be implemented to change the course of the dollar and ask which investment assets will work the best?

2018-01-04 MacroVoices

Anatomy of the U.S. Dollar End Game Part 4 of 5

MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 4 of the 5 Part Series, Mark Yusko and Luke Gromen debate the gold/oil ratio and gold as a reserve asset. They further discuss international attempts to bypass the U.S. Dollar and the U.S. Dollar shortage caused by the oil price. The finally debate the U.S. losing its status as a hegemonic power and the logistics in replacing the U.S. System.

2017-12-29 MacroVoices

Anatomy of the U.S. Dollar End Game Part 3 of 5

MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 3 of the 5 Part Series, Mark Yusko and Luke Gromen discuss the cyclical patterns and technicals for the U.S. Dollar and ask if there is room for another rally. They discuss the gold and the oil for Yuan plan. They look at demographics, deflation, lower rates and the new multi-polar FX world.

2017-12-27 MacroVoices

Anatomy of the U.S. Dollar End Game Part 2 of 5

MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 2 of the 5 Part Series, Jeffrey Snider explains the post 2007 U.S. Dollar shortage and how the dollar scarcity play out? They move on to discuss the problems facing China at the moment and perspective on the China gold buying. They ask if American politicians even know there is a problem?

2017-12-24 MacroVoices

Anatomy of the U.S. Dollar End Game Part 1 of 5

MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 1 of the 5 Part Series, Jeffrey Snider presents perspectives on where we are today. Looks at how Russia and Brazil dealt with US dollar funding through derivatives and FX repo auctions. They further discuss China’s management of the U.S. dollar and the evolving Chinese response.

2017-12-23 MacroVoices

Prof. Steve Keen: Reinventing how Economics is Taught

Erik Townsend welcomes back Steve Keen to MacroVoices. Erik and Steve discuss the 2008 crisis and what could go wrong in the current cycle. They discuss the false narratives around QE and bank reserves and where is the risk to correction in asset pricing. They further discuss the walking dead of debt and the future zombies to be. They further discuss Japan, Canada and China and how long does this debt cycle last?

2017-12-21 MacroVoices

Juliette Declercq: 2018 Macro Outlook

Erik Townsend welcomes Juliette Declercq to MacroVoices. Erik and Juliette discuss the US and Chinese economy, inflation and the cautious outlook on equities for 2018. They further discuss interest rates, bond and the potential of a yield curve inversion. Finally, they discuss the Fed and her bearish outlook for the US dollar.

2017-12-14 MacroVoices

Marin Katusa: Mohamed bin Salman is reshaping Saudi Arabia

Erik Townsend welcomes Marin Katusa back to MacroVoices. Erik and Marin discuss Saudi Arabian politics and the power shift in the Middle East. They touch on the Petrodollar and the Yuan oil contract, the Saudi Aramco IPO and understanding the OPEC and Russia relationship. The further discuss the future of the electric vehicle market, uranium, global uranium enrichment, Russia and the future of Vladimir Putin.

2017-12-07 MacroVoices

Jonathan Tepper: Is Retail a Consensus Short or a Contrarian Long?

Erik Townsend welcomes Jonathan Tepper back to MacroVoices. Erik and Jonathan discuss the outlook on the US dollar, the momentum trade on global equities and VPs contrarian call on the retailers. They further discuss Australian real estate, the Canadian economy and the outlook on China. Special post game guest Devin Anderson to discuss the VIX complex and the short VOL trade.

2017-11-30 MacroVoices

Francesco Filia: Positive Feedback Loops Threaten Systemic Risk Escalation

Erik Townsend welcomes Francesco Filia to MacroVoices. Erik and Francesco discuss the twin bubbles in equities and bonds and what the catalyst could be for the reversal. They further discuss the fake market narrative, feedback loops, European junk bonds and the big short VOL trade. Conversation continues in the postgame with guest Kevin Muir to further discuss bonds, inflation and the coming collapse of the short VOL trade.

2017-11-22 MacroVoices

Keith McCullough: Bullish Real Growth

Erik Townsend welcomes back Keith McCullough to MacroVoices. Erik and Keith discuss the bull narrative on equities and why valuations are not a catalyst. They further go into the trends in growth and inflation, and where we are in the economic cycle. They look at growth acceleration, earnings and the valuations on technology stocks.

2017-11-16 MacroVoices

Jeffrey Snider: Eurodollar University Part 4

Erik Townsend welcomes back Jeffrey Snider to MacroVoices for Part 4 of the Eurodollar University. Erik and Jeffrey discuss the failure of Primus and AIG back in 2008, the Gramm-Leach-Bliley Act, Henry Paulson and Glass–Steagall. They further discuss the Eurodollar system going parabolic in the 2000s, Banks manipulating regulations and the big picture end game of the Eurodollar system.

2017-11-09 MacroVoices

Grant Williams: Petroyuan Oil Contract could be a Game Changer

Erik Townsend welcomes back Grant Williams to MacroVoices. Erik and Grant discuss the outlook for the US dollar, the Petroyuan oil contract and the outlook on gold. They discuss inflation risks, interest rates and bonds, real estate and perspectives on China’s credit bubble. They wrap things up discussing cryptocurrencies and the outlook on Europe.

2017-11-02 MacroVoices

Harley S. Bassman: The Convexity Maven opines on Macro Themes

Erik Townsend welcomes Harley Bassman to MacroVoices. Erik and Harley discuss the creation of the MOVE index, the three Drivers of Risk: Duration, Credit, and Convexity and the demographic of the Baby Boomers continues to drive financial markets. They further discuss perspective on CAPE ratio levels, correlation of buybacks to cumulative flows and the flow of active to passive management is building a negatively convex foundation.

2017-10-26 MacroVoices

Jeffrey Snider: Eurodollar University Part 3

Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss the Basel Accords, capital reserve ratios and risk weighting assets. The further discuss the leverage in bank capital, adoption of the JPM RiskMetrics and illustrations of the basic interbank functions.

2017-10-21 MacroVoices

Art Berman: Comparative Inventory draws spell higher oil prices

Erik Townsend welcomes back Art Berman to MacroVoices. Erik and Art discuss the comparative inventories on oil and the oil prices responsiveness to the changes in inventories.
The further discuss the realization that price recovery takes time and that many refinery intakes have not yet recovered. They further discuss backwardation on WTI, considerations on OPEC-NOPEC production cuts and the global market balance on oil.

2017-10-19 MacroVoices

Jeffrey Christian: Gold on course for new all-time highs by 2020

Erik Townsend welcomes Jeffrey Christian back to MacroVoices. Erik and Jeffrey discuss the outlook on the US dollar, gold, silver and global de-dollarization. They further discuss considerations on new crude oil contract with settlement in yuan, backed by gold and the next Fed Chairman. Later in the interview, they discuss ECB policy considerations, decentralization trends in Europe, Russia and China

2017-10-12 MacroVoices

Jeffrey Snider: Eurodollar University Part 2

Erik Townsend and Jeffrey Snider are back for Part 2 of the Eurodollar University. Erik and Jeffrey discuss the case of the missing money and the transformation of banking into a wholesale model. They look and the radical monetary evolution and put it into context in understanding the great inflation of the 1970s.

2017-10-05 Erik Townsend

MACRO VOICES is presented for informational and entertainment purposes only. The information presented in MACRO VOICES should NOT be construed as investment advice. Always consult a licensed investment professional before making important investment decisions. The opinions expressed on MACRO VOICES are those of the participants. MACRO VOICES, its producers, and hosts Erik Townsend and Nathan Egger shall NOT be liable for losses resulting from investment decisions based on information or viewpoints presented on MACRO VOICES.

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