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

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

Russell Napier: Buy the Dollar Dip

Erik Townsend welcomes Professor Russell Napier to MacroVoices. Erik and Russell discuss if the U.S. Dollar bull market over, where we are in the secular treasury bond bull market and the coming pension crisis. They further discuss inflation expectations, the outlook for precious metals and the European exit contagion risk.

2017-05-19 MacroVoices

Lacy Hunt: The secular bond bull market is not over!

Erik Townsend welcomes Dr. Lacy Hunt to MacroVoices. Erik and Lacy discuss the important question as to if the secular lows are in for U.S. interest rates. The further discuss the work of Minsky and Kindelberger and ask the important question as if the world is turning Japanese? The further explore the impact of demographics, negative interest rates and the Fed hiking into deteriorating economy.

2017-05-11 MacroVoices

Steve Keen: On All Things Macro

Erik Townsend welcomes Steve Keen back to MacroVoices. Erik and Steve discuss the French election, the next move in the Euro and U.S. Dollar. The further discuss the bond bull market and considerations in private debt levels. They further discuss global geopolitics, China and ask if we could avoid another financial crisis.

2017-05-04 MacroVoices

Martin Armstrong: Stocks could DOUBLE from here!

Erik Townsend welcomes Martin Armstrong to MacroVoices. Erik and Martin discuss his views on the U.S. Dollar and the future of the European Union. Martin discusses his bullish case for U.S. stocks and considerations for international money flows. They discuss future interest rate trends, government debt, the geopolitics of North Korea and Syria and considerations on China and the debt crisis.

2017-04-28 MacroVoices

Danielle DiMartino Booth: Fed Up with the Federal Reserve

Erik Townsend welcomes Danielle DiMartino Booth to MacroVoices. Erik and Danielle discuss a look at the Fed from the inside. They further discuss the shadow banking system, reflect on the global financial crisis and the culture at the regional reserve banks.

2017-04-19 MacroVoices

Lance Roberts: Record margin debt threatens fed-fueled bull market

Erik Townsend welcomes Lance Roberts to MacroVoices. Erik and Lance discuss the liquidity driven markets and the Fed balance sheet driving asset prices. They further discuss the margin debt vs. the net credit balance and as a % of real GDP. The further discuss the total system leverage, the economic deficit and peaks in real profit margins.

2017-04-13 MacroVoices

Juliette Declercq: A Red string of fate ties U.S. to China

Erik Townsend welcomes Juliette Declercq to MacroVoices. Erik and Juliette discuss the US Dollar, 10-year UST and the FOMC. They reflect on Juliette’s perspectives on the red string of fate ties U.S. to China, future FOMC policy and the current business cycle. They further discuss where is the ISM heading next, the impact on Trump’s tax and infrastructure spending and the potential surprises for the upcoming French election.

2017-04-06 MacroVoices

Julian Brigden: The “Trump Gap”, the Dollar and Bonds

Erik Townsend welcomes Julian Brigden back to MacroVoices. Erik and Julian discuss the U.S. Dollars impact on the US shale bubble, the peak acceleration in ISM manufacturing and the risk that headline inflation is peaking. They further discuss if the Fed tightening is going to start to impact data. Julian also points out that the bond shorting opportunity is over and the subsequent risks to the reflationary trades. Also discussed are the wage trends in the U.S.,
perspectives on European growth and inflation and the relative pricing between U.S. and European bunds.

2017-03-30 MacroVoices

Jeffrey Christian: Secular BUY call on Gold

Erik Townsend welcomes Jeffrey Christian back to MacroVoices. Erik and Jeffrey discuss the outlook on the US dollar, Jeff’s secular bullish call on gold and silver and the current demand for physical gold. Jeff further discusses the fundamentals for the platinum, palladium and lithium markets. Further, they wrap things up with Jeff’s macro outlook on the economy, the European Union and outlook for China and Russia.

2017-03-23 MacroVoices

Art Berman: Outlook for Oil for 2017

Erik Townsend welcomes back Art Berman to MacroVoices. Erik and Art discuss the current catalyst for the decline in oil – the lack of confidence in OPEC. The discuss the record levels of oil inventories, the comparative inventories to past years, the world production surplus, the global liquids consumption growth, the OECD incremental liquids Inventory and the EIA U.S. crude oil forecast.

2017-03-09 MacroVoices

Grant Williams: The Rise of Populism, Trump Rally, Gold & More

MacroVoices welcome back Grant Williams to the show. Erik and Grant discuss the growing rise in populism, Trump’s effect on the markets, peak optimism. Grant shares his view on if there is crisis in China, the gold/copper ratio, stagflation, the likely trend of the U.S. dollar and the and asking if the 35-year bond bull market over?

2017-03-02 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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