Joining me now is Lyn Alden, founder of Lyn Alden Investment Strategy. And the title of Lyn's slide deck, which I strongly encourage you to download is Fiscal Dominance.

Registered users will find the download link in your research roundup email. If you don't have a research roundup email, it means you're not registered yet at Just go to our homepage, Click the red button just above Lyn's picture, which says "looking for the downloads".

Lyn, before we get into the slide deck. I want to start with the big picture. We've been looking for a deflationist. I got a feeling that's not you, because you've been on the inflation theme for quite a while. But I'm curious. I know you listened to the show. What do you make of all the prominent deflationists flipping to inflation seems to me, like this is kind of a sign here. What do you make of this?

Louis Gave 125xErik:

Joining me now is GavekalCapital co-founder Louie Vincent Gave. Louis, great to have you back on the show. I want to start with the big one. We've had so many of our top macro experts turned into secular inflationist recently. We're really hoping you're a holdout on the deflation camp.

Louis-Vincent Gave:

Yeah, sorry, Erik. No, I'm as big as an inflationista as you're going to have on this show, I'm afraid.


Tell us more. Why is that how you see it? We've heard quite a few different takes on this.

Louis-Vincent Gave: 

First of all, thanks a bunch for having me. Happy Shrove Tuesday. And, you know, it's great to be on the show. If I'm not mistaken. Last time you and I spoke was the day that energy prices were negative 40. As we speak today, it seems like you and I are destined to talk when there's massive dislocations in energy. Because as we speak today, obviously, you have four and a half million people in Texas that are cut off the grid. Reflecting perhaps under-investments or mal-investments in the energy space. So maybe I'll start off with that. I mean, you know, when you look at inflation, there's many paths you can go down.

Julian Brigden 2021Erik: 

Joining me now is Julian Brigden, founder of MI2 partners. Julian is known for his graphs and charts. So you're not gonna want to miss the chartdeck, which Julian prepared for today's interview. Registered users will find the download link in your research roundup email. If you don't have a research roundup email, that means you're not yet registered at Just go to our homepage,, look for the red button that says looking for the downloads.

Julian, I want to say not quite a year ago, but last spring, as markets were bottoming, you turned super bullish and everybody said that, Julian, you're crazy. There's a global pandemic going on. What are you smoking in Colorado, dude? And sure enough, it seems that you've been right. I don't know that you perfectly nailed the timing of the bottom, but it was pretty darn close. And it has, of course been straight up ever since in the market, very consistent with your expectations. But, my big question to you, as we start to dive into the slide deck here is okay that was in the spring. But now that we're back to all time highs, new all time highs. Are you still bullish?

Jim 1 profileErik

Joining me now is Bianco Research founder Jim Bianco. Jim is known for his graphs and charts, there is a chart deck to accompany this week's interview, we won't be going over the slides page by page. But you're going to want to download this chart deck because there are charts and graphs that will supplement a number of different conversation topics that we're going to touch on today. Registered users will find the download link in your research roundup email. If you're not yet registered, just go to our homepage at macro Look for the red button above Jim's picture that says looking for the downloads.

Jim, it's great to get you back on the program. You know, I had Russell Napier on the show last week and something I'm noticing Russell was one of the devout deflationists for the last several years. And I'm seeing really smart people who were convinced it was deflation coming around to an inflationary view. I'm very curious what your reaction is and what your outlook is in terms of inflation versus deflation, particularly in light of the change of the presidential administration and all of the stimulus that's being contemplated?


Joining me now is Russell Napier, investment strategist and author of the book "Anatomy of the Bear". Russell, it's great to get you back on the program. This is kind of a historic week in my mind because it was exactly one year ago this week that we dropped everything and rescheduled our production schedule in order to bring our listeners an interview with Dr. Chris Martenson, predicting that a global pandemic was imminent, which at first we were ridiculed and harassed for.

But needless to say, a year later, the world is a completely different place. In many respects. Unfortunately, the pandemic is actually getting worse in terms of deaths and case counts and so forth, despite the fact that the light at the end of the tunnel is there with the vaccines on the horizon. But Russell, we're in the middle of 100 year, bad thing. And stocks have rallied to new all time highs considerably above where they were, at their previous all time highs before the pandemic started. How is that even possible?

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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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