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 Yusko: USD in secular bear market

Erik Townsend welcomes Mark Yusko back to MacroVoices. They start by discussing Mark’s US Dollar bear thesis from 2016, considerations on the petrodollar and the ascend of the Renminbi. The further discuss the “One Belt One Road Initiative” and ask if the secular blow off top on the dollar occurred?

2017-09-28 MacroVoices

Mark Grant: Central Bank Liquidity Drives Everything

Erik Townsend welcomes Mark Grant to MacroVoices. Erik and Mark discuss the outlook for the US Dollar, the Euro, precious metals and US equity markets. The further discuss the impact of Global CB policy vs the FED and ask if the 35-year bond bull market over? Further discussed is perspectives on China’s credit bubble, the underfunded pension crisis and the escalation of North Korea tensions.

2017-09-21 Erik Townsend

Hugh Hendry: Inflation is just over the horizon!

MacroVoices welcomes Hugh Hendry as this week’s guest. Erik and Hugh discuss the outlook on the global economy, wage and price inflation and the US dollar. The further discuss interest rates, the yield curve, precious metals and global equity markets. Finally, they discuss the considerations on the Chinese credit bubble.

2017-09-14 Erik Townsend

Luke Gromen: The biggest mean reversion in 50+ years is underway!

Erik Townsend welcomes Luke Gromen to MacroVoices. Erik and Luke discuss his bearish perspectives on the US Dollars and why budget deficits matter. The discuss the new yuan oil contract and how it is changing global landscape and impacting the global Eurodollar system.
The further discuss the gold/oil ratio, new rounds of QE, inflation and the starting of the economic endgame?

2017-09-07 MacroVoices

Jeffrey Snider: Eurodollar University Part 1

Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey look at the evolution of Eurodollars. They explore what exactly are Eurodollars and where do they come from? They look at money as interbank liabilities and the transformation of banking into a wholesale model.

2017-08-31 MacroVoices

Joe McMonigle: Crude Oil Special

Erik Townsend welcomes Joe McMonigle to MacroVoices. Erik and Joe discuss the oil supply glut, the
import data, oil inventories and the outlook for U.S. oil production. They further discuss the geopolitics of Venezuela and Iran and debate if the Saudi Aramco IPO going to happen?

2017-08-24 MacroVoices

Josh Crumb: All About Gold

Erik Townsend welcomes Josh Crumb to MacroVoices. Erik and Josh discuss his perspectives on gold and the influences of energy and interest rates. They further discuss the outlook for currencies and cryptocurrencies including bitcoin.

2017-08-17 MacroVoices

Neil Howe: The really big crisis has yet to arrive!

Erik Townsend welcomes Neil Howe to MacroVoices. Erik and Neil discuss the Fourth Turning, when it started and how long it will last. They ask if there another big global event on the horizon and what to expect for the next decade? The further explore the impact of baby boomers retiring, the Homelander generation and reflections on the book which was written over 20 years ago.

2017-08-10 MacroVoices

Raoul Pal & Julian Brigden: When will the dollar rout end?

Erik Townsend welcomes Julian Brigden and Raoul Pal back to MacroVoices. Erik, Julian & Raoul discuss their views on the US Dollar, the equity markets and the business cycle. They further explore the outlook on the bond bull market, demographics and the coming pension crisis.

2017-08-03 MacroVoices

Chris Whalen: Equity markets overvalued but not ready to crash

Erik Townsend welcomes Chris Whalen to MacroVoices. Erik and Chris discuss his views on the U.S. dollar and the overvalued equity markets. The further discuss corporate debt, interest rates, bonds and the high levels of private debt. They further discuss Chris’s books “Inflated” and “Ford Men”.

2017-07-27 MacroVoices

Dr. Pippa Malmgren: CryptoCurrencies – libertarian dream come true or Orwellian nightmare?

Erik Townsend welcomes Dr. Pippa Malmgren back to MacroVoices. Erik and Pippa discuss European geopolitics and what is in store for European migration and Turkish politics. They further move into discussing the geopolitics associated with the cryptocurrencies and blockchain technologies.

2017-07-20 MacroVoices

Dr. Ben Hunt: The Federal Reserve is no longer your friend!

Erik Townsend welcomes Dr. Ben Hunt back to MacroVoices. Erik and Ben discuss the sea of change at central banks and the negative impact of Fed shrinking their balance sheet. They further discuss the -impact on the markets and the considerations on interest rate and bond trends. They later touch on the flaws of the volatility ETFs and considerations in the real estate markets.

2017-07-13 MacroVoices

Tian Yang: It’s not time to be short the stock market. Yet.

Erik Townsend welcomes Tian Yang to MacroVoices. Erik and Tian discuss the US growth and credit cycles and the global liquidity conditions deteriorating sharply. They further discuss China, global equities and fixed income. They further explore the current conditions in Europe, Japan and Australia

2017-07-06 MacroVoices

Alex Gurevich: ZERO evidence the secular bull market in bonds is over

Erik Townsend welcomes Alex Gurevich to MacroVoices. Erik and Alex discuss Mario Draghi and ECB, his short Swiss Franc positioning and the US Dollar outlook. They further discuss trump reflation, equity markets and his views on secular interest rates and inflation. Further discussed China, Japan and the outlook on the Canadian economy.

2017-06-29 MacroVoices

Jesse Felder: The Party is Ending for Stock Bulls

Erik Townsend welcomes Jesse Felder to MacroVoices. Erik and Jesse discuss the technicals on the markets, DeMark indicators and the potential turning points in the exhausted trends.
They further discuss the VIX short positioning and debate if we are in a secular turn in share buybacks?

2017-06-22 MacroVoices

Keith McCullough: Tech Rally is Not Over!

Erik Townsend welcomes back Keith McCullough to MacroVoices. Erik and Keith discuss his outlook on the US Dollar, his views on the reflation trade rolling over and his bullish outlook on the US markets and the Nasdaq. They further discuss bond yields, the Euro and his outlook on the emerging markets.

2017-06-15 MacroVoices

Axel Merk: Trump reflation trade is dead. Equity market hasn’t noticed yet.

Erik Townsend welcomes back Axel Merk to MacroVoices. Erik and Axel discuss Europe, ECB policy, UK elections and the future of the European union. They further debate the Trump reflation trade, the U.S. dollar and fiscal/monetary policy. Looking around the globe, the look at the Chinese Yuan devaluation, Japan and the outlook on gold.

2017-06-08 MacroVoices

Art Berman: Crude Oil Special Part 1

Erik Townsend welcomes back Art Berman to MacroVoices. Erik and Art put perspective on OPEC, the 9-month extension on production cuts and OPEC’s goal to keep a floor under oil prices. They look at the positioning of oil traders since February and the reasons for lower oil prices.

2017-06-01 MacroVoices

Art Berman: Crude Oil Special Part 2

Erik Townsend welcomes back Art Berman to MacroVoices. Erik and Art put perspective on OPEC, the 9-month extension on production cuts and OPEC’s goal to keep a floor under oil prices. They look at the positioning of oil traders since February and the reasons for lower oil prices. This is Part 2 of a 2 Part episode.

2017-06-01 MacroVoices

Jeffrey Snider: Dollar bulls don’t understand why they are right

Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey look at Eurodollars and the Eurodollar shortage. They discuss the real drivers of the US Dollar bull market and the flaws in the reflation trade narrative. The discuss the connection between Eurodollars and gold and the impact of QE on Eurodollar system.

2017-05-25 MacroVoices

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 Patrick Ceresna shall NOT be liable for losses resulting from investment decisions based on information or viewpoints presented on MACRO VOICES.

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