Macro Voices

Macro Voices

www.macrovoices.com
The Internet’s Premier Weekly Financial Podcast


All-Stars #69 Louis-Vincent Gave: Rangebound Markets
Oct 11 • 21 min
All-Star Louis-Vincent gave returns for a detailed look at markets and an update on the developing situation in Hong KongLink: http://bit.ly/2MynZ7S
MacroVoices #188 : Variant Perception’s Tian Yang on Tail Hedges
Oct 10 • 78 min
Erik Townsend and Patrick Ceresna welcome Tian Yang to MacroVoices. They discuss the economic and liquidity leading indicators, the implications of US-China trade war on the markets, translating economic signals into market decisions and more. Later, Amir…
All-Stars #68 Danielle DiMartino Booth: Interpreting Friday’s Jobs data
Oct 9 • 20 min
All-Star Danielle DiMartino-Booth is back to take a deeper look at last week’s Jobs report an share her analysis of what it means. Also free issue of Daily Feather newsletter.Link:http://bit.ly/2M0M6Nx
All-Stars #67 Jeff Snider: Reconciling extreme treasury demand with declining bid-to-cover ratios
Oct 8 • 27 min
All-Star Jeff Snider responds to listeners who have questioned how Jeff can say there’s a treasury shortage when bid-to-cover ratios are declining in treasury auctions.Link: http://bit.ly/2Vmfd0L
All-Stars #66 Juliette Declercq: Break or Bounce time is here!
Oct 7 • 17 min
All-Star Juliette Declercq says it’s time for the global economy to either break or bounce. Hear Juliette explain in detail in this episode.Link: http://bit.ly/31W7B7p
MacroVoices #187 Eric Peters: The Era of Monetary Dominance will give way to Fiscal Dominance
Oct 3 • 74 min
Erik Townsend and Patrick Ceresna welcome Eric Peters to MacroVoices. They discuss the shift in dominance from monetary to fiscal policy, political drivers of changes in monetary policy and what impact the generational and political gap has on the economy…
All-Stars #65 Luke Gromen: The Narrative Failure is upon us!
Oct 2 • 24 min
All-Star Luke Gromen says we’re experiencing what Barton Biggs called “Narrative Failure”, and explains why the repo spike was neither “technical” nor “temporary”.Link: http://bit.ly/2mUbElv
All-Stars #64 Brent Johnson: Even QE4 will only briefly reverse the Dollar’s climb
Sep 30 • 22 min
All-star Brent Johnson says that even if Juliette Declercq is proven right and the Fed launches QE4, the reversal in the Dollar’s rise would only be temporary. Stocks higher, gold pullback.Link: http://bit.ly/2mU4aPG
All-Stars #63 Juliette Declercq: This could mark the end of a chronic crisis rather than the beginning of an acute one
Sep 27 • 11 min
All-star Juliette Declercq joins Jeff Snider and Danielle DiMartino Booth in saying the Fed is clueless with respect to the ongoing Repo crisis. Juliette gives the high-level picture to contrast Jeff’s deep analysis of the “plumbing”.Link:…
MacroVoices #186 Harley Bassman: Volatility Does Not Equal Risk
Sep 26 • 71 min
Erik Townsend and Patrick Ceresna welcome Harley Bassman to MacroVoices. They discuss the MOVE index as a leading economic indicator, how the upcoming election may affect both fiscal and monetary policy, and Harley’s article “The Opposite of Bad is Worse”…
Energy Week #17: In the aftermath of Abqaiq
Sep 25 • 64 min
This episode of Energy Week focuses on the future of the oil market and how the #Abqaiq attacks will change energy security policy. ALSO: Big announcement re: the future of Energy WeekLink: http://bit.ly/2nl04zO
All-Stars #62 Prof. Steve Keen: Why repo blew up last week and what it means
Sep 25 • 13 min
All-Star Prof. Steve Keen is back with his perspective on last week’s repo market dislocation. Spoiler: this was NOT because the fiat system is collapsing, as some crypto die-hards have suggestedLink: http://bit.ly/2mzL5BN
All-Stars #61 Danielle DiMartino-Booth: The inmates are not running the asylum. Nobody is!
Sep 24 • 22 min
All-Star Danielle DiMartino-Booth says the Federal Reserve has a serious management problem and is literally out of control.Link: http://bit.ly/2mn84jd
All-Stars #60 Jeff Snider: Deep dive on the Repo Blowup
Sep 23 • 35 min
All-Star Jeff Snider is back by popular demand to explain why the mainstream explanations for last week’s explosion in repo rates just doesn’t add up with the facts!Link: http://bit.ly/2mcArQV
Hot Topic #3 Alex Gurevich: Follow-up from the Grant Williams interview
Sep 20 • 24 min
Honte Investments’ hedge fund manager Alex Gurevich was so intrigued by Erik’s interview with Grant Williams that he wanted to add a few thoughts of his own….Link: http://bit.ly/2kuLbtG
MacroVoices #185 David Rosenberg: Global Economy Still Deteriorating
Sep 19 • 65 min
Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. They discuss the latest FOMC statement, recent dislocation in value & growth, outlook on the bond market and more. Link: http://bit.ly/2kU8sp4
Energy Week #16: Abqaiq Processing Facility Attacks and their consequences
Sep 18 • 55 min
This episode focuses entirely on #Abqaiq attacks and their knock-on consequences and effects. Anas Alhajji is boots-on-the-ground, reporting from Riyadh Saudi Arabia and Joe McMonigle joins us from Washington, DC.Link: http://bit.ly/2lWlqmm
All-Stars #59 Julian Brigden: Can the Fed still save us from recession?
Sep 18 • 15 min
MI2 Partners founder Julian Brigden is back with an update on recession outlook, fixed income, and the geopolitical events of last weekend.Link: http://bit.ly/2kntsUS
All Stars #58 Dr. Pippa Malmgren: Abqaiq Saudi Arabia Drone Attacks - What’s at stake & what comes next
Sep 17 • 32 min
All-Star Dr. Pippa Malmgren is back with a fantastic geopolitics interview focusing on the #Abqaiq (Saudi) drone attacks. Don’t miss this one, gang!Link: http://bit.ly/2mfWoi5
All-Stars #57 Louis-Vincent Gave: Last week’s dislocation between value and growth
Sep 16 • 18 min
All-Star Louis-Vincent Gave explains last Monday’s dramatic dislocation between value and growth stocks and why it was important. Also gold, Hong Kong update and more.Link: http://bit.ly/2mdWGGd
All-Stars #57 Louis-Vincent Gave: Last week’s dislocation between value and growth
Sep 16 • 18 min
All-Star Louis-Vincent Gave explains last Monday’s dramatic dislocation between value and growth stocks and why it was important. Also gold, Hong Kong update and more.Link: http://bit.ly/2mdWGGd
MacroVoices Spotlight #2 Bob Coleman: Private Vaulting of Precious Metals = Independence from the Financial System
Sep 13 • 52 min
When private investor Bob Coleman set out to find a place to store his own precious metals OUTSIDE the financial system, he found all the vaulting services had conflicts of interest, so he started his own!Link: http://bit.ly/2lMOzAv
MacroVoices #184 Jeffrey Snider & Luke Gromen : Global U.S. Dollar Shortage Demystified
Sep 12 • 93 min
Erik Townsend and Patrick Ceresna welcome Jeff Snider and Luke Gromen to MacroVoices. They discuss the impact of changing Eurodollar markets, the global dollar liquidity shortage and the future changes in global reserve currencies and more. Link:…
All-Stars #56 Dr. Anas Alhajji: Oil Market Update (in lieu of ENERGY WEEK)
Sep 11 • 27 min
Due to panelist travel schedules we were unable to bring you Energy Week this week. This oil market update from Dr. Anas Alhajji will substitute for this week’s ENERGY WEEK podcast.Link: http://bit.ly/2kF32hq
All-Stars #55 Danielle DiMartino-Booth: Jay Powell’s exuberance over U.S. economy is unfounded!
Sep 11 • 19 min
All-Star Danielle DiMartino-Booth says Jay Powell’s Zurich speech doesn’t jibe with economic reality. Also Carney’s Jackson Hole pitch and more.Link: http://bit.ly/2lLXNgb
All-Stars #54 Prof. Steve Keen: China’s move to lower RRR and what it means
Sep 10 • 15 min
All-Star Prof. Steve Keen is back for an update on China’s move over this past weekend to lower their required reserve ratio (RRR) and what it means.Link: http://bit.ly/2lMpBRu
All-Stars #53 Juliette Declercq: What to expect from the ECB on Thursday
Sep 9 • 16 min
All-Star Juliette Declercq weighs in on what to expect from the ECB this Thursday, as well as her own prescriptions for monetary policy.Link: http://bit.ly/2kAtLfb
MacroVoices Spotlight #1 Niels Kaastrup-Larsen: Algorithmic Trading & Trend Following
Sep 6 • 59 min
In the inaugural episode of MacroVoices Spotlight, Niels Kaastrup-Larsen explains why Trend Following has been the most successful long-term algorithmic trading strategy.Link: http://bit.ly/2lZOFEM
MacroVoices #183 Grant Williams: Gold’s rise has just begun
Sep 5 • 86 min
Erik Townsend and Patrick Ceresna welcome Grant Williams to MacroVoices. They discuss global negative yielding debt, outlook on Gold and what effect recession will have on the US stock market & more.
All-Stars #52 Brent Johnson: Dollar breakout set to continue higher
Sep 4 • 23 min
All-Star Brent Johnson says the U.S. Dollar breakout is set to continue higher. Brent still expects a pullback in gold, but sees it moving higher long-term.Link: http://bit.ly/2jZsUV0
All-Stars #51 Luke Gromen: USD faces day of reckoning when it becomes clear Fed will have to monetize gov’t deficits
Sep 3 • 23 min
All-Star Luke Gromen explains why the Fed will soon be forced to monetize U.S. government deficits, and why that has to spell serious trouble for the USD.Link: http://bit.ly/2kgI1tx
MacroVoices #182 Summer Special Part 2: Danielle DiMartino-Booth and Peter Boockvar on the Future of Monetary Policy
Aug 29 • 61 min
Erik Townsend and Patrick Ceresna welcome Danielle DiMartino-Booth and Peter Boockvar to MacroVoices. They discuss financial repression, outlook on US dollar, Europe, the ECB and Christine Lagarde & more.Link: http://bit.ly/2ZybGkr
All-Stars #50 Prof. Steve Keen: Why BOE’s Mark Carney just pitched a global digital reserve currency at Jackson Hole and how central bankers think abo…
Aug 28 • 32 min
All-Star Prof. Steve Keen explains why central bankers often make their boldest moves on their way OUT of office and what drove Mark Carney to propose a CBDC reserve currency at Jackson HoleLink: http://bit.ly/2Zr4oQo
All-Stars #49 Jeff Snider: Yield curves don’t lie. But central bankers sometimes do.
Aug 26 • 27 min
All-Star Jeff Snider explains why Janet Yellen is wrong to think term premia explain why the bond market is signaling deflation. Great slide deck too!Link: http://bit.ly/2zoJVvS
MacroVoices #181 Summer Special Part 1: Danielle DiMartino-Booth and Peter Boockvar on the Future of Monetary Policy
Aug 22 • 58 min
Erik Townsend and Patrick Ceresna welcome Danielle DiMartino-Booth and Peter Boockvar to MacroVoices. They discuss the FOMC statement, risks of a recession in the U.S. and inflation risks moving forward, and much more.Link: http://bit.ly/31UNp5C
All-Stars #48 Dr. Pippa Malmgren: It’s not really 1929. Don’t panic.
Aug 21 • 27 min
All-Star Dr. Pippa Malmgren is back. She disagrees with the many market observers who believe we’re on the edge of the cliff, and offers bullish arguments for markets & the economy.Link: http://bit.ly/2ZkMaz4
All-Stars #47 Luke Gromen: It’s not Stocks or Bonds but the USD that is the “odd man out”
Aug 19 • 30 min
All-Star Luke Gromen is back for another fantastic All-Stars Interview. Why it’s the USD (not stocks or bonds) that is mispriced, and why it sets up an equity bear trap. Great interview!Link: http://bit.ly/2Z2EBxn
All-Stars #46 Prof. Steve Keen: Yield curve inversion, recession & private debt
Aug 16 • 12 min
All-Star Prof. Steve Keen is back for another great interview. Steve still doesn’t expect a MAJOR U.S. recession, but concedes the yield curve inversion is a signal to be taken seriously. More perspective on policy failure. Link: http://bit.ly/2TBOJaJ
MacroVoices #180 Daniel Lacalle: The bond market gets it. Global Stocks get it. The S&P 500 has been slow to get the memo.
Aug 15 • 81 min
Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss the risks of competitive devaluation, how the global demand for the dollar is driving the monetary policy & the outlook on gold and its new correlation to the…
Energy Week #15: Trade wars, demand outlook, and Saudi Aramco IPO. Panel Alhajji/McMonigle/Chigrl
Aug 14 • 43 min
Energy Week #15 featuring Anas Alhajji, Tracy Shuchart and Joe McMonigle, covers Trade Wars, OPEC, Saudi policy, Gloomy demand forecasts & more.Link: http://bit.ly/33JwiFI
All-Stars #45 Louis-Vincent Gave: Hong Kong, Gold, Bond Yieds, & Stocks
Aug 13 • 21 min
Hong Kong resident Louis-Vincent Gave weighs in on the unrest there and what it means for markets, then we cover gold, bond yields, and stocks. Great interview!Link: http://bit.ly/2TtzujT
All-Stars #44 Jeffrey Snider: The real story on the Chinese Yuan devaluation
Aug 12 • 28 min
All Star Jeff Snider describes a far more intricate and complex explanation for the Yuan breaking 7 to the USD and explains what it means.Link: http://bit.ly/33sIgTT
All-Stars #43 Luke Gromen: Central Banks Ditch Gold-Buying Agreement (But keep buying gold)
Aug 9 • 17 min
All-Star Luke Gromen weighs in on why central banks dumped the Central Bank Gold Agreement but keep buying gold hand-over-fist. Great interview! Link: http://bit.ly/33p8Ld2
MacroVoices #179 Ronald-Peter Stöferle: Gold/Precious Metals Special
Aug 8 • 85 min
Erik Townsend and Patrick Ceresna welcome Ronald-Peter Stöferle to MacroVoices. Erik and Ronald discuss why gold is an important asset to own, gold as equity hedge, global de-dollarization and sovereign gold holdings and much more.
Energy Week #14: Mayhem in the Market: China Trade Wars, Forward Curve Fireworks & More!
Aug 8 • 64 min
Energy Week dives into the Trade Wars and other factors driving the energy price collapse, forward curve fireworks, and much more! Panelists Art Berman, Chris Cook and Patricia Hemsworth
All-Stars #42 Brent Johnson: Still bullish the USD
Aug 6 • 15 min
All-Star Brent Johnson remains convinced the USD is headed higher, despite market fireworks of the last few days. Extensive discussion of gold and stocks as well.Link: http://bit.ly/2YKK5fs
All-Stars #41 Juliette Declercq: Powell should be fired!
Aug 5 • 13 min
All-Star Juliette Declercq says Jay Powell blew it last week, and should be fired for it! She says the Fed had the chance to contain the USD ascent but blew it. Great interview! Link: http://bit.ly/2YK4D7J
Hot Topic #2 Dr. Hal & Dr. Pippa Malmgren: Father/Daughter Presidential Advisor Team
Aug 4 • 64 min
This special interview with Dr. Harald Malmgren and Dr. Pippa Malmgren was a real treat to record! The father/daughter team disagrees on many present economic issues, and we get a glimpse into growing up Malmgren.Link: http://bit.ly/2Zw96Iv
All-Stars #40 Prof. Steve Keen: Why Steve does NOT see a U.S. recession on the horizon
Aug 2 • 18 min
Despite being perceived as an economic perma-bear, Prof. Steve Keen says he’s NOT anticipating a U.S. recession any time soon. We also cover his outlook for the rest of the world.Link: http://bit.ly/2GKJgZN
MacroVoices #178 Mark Cudmore: Bearish global growth and equity markets, expecting an imminent decline in stock prices
Aug 1 • 84 min
Erik Townsend and Patrick Ceresna welcome Mark Cudmore to MacroVoices. Erik and Mark discuss the global growth and economy outlook, US and China trade negotiations, US equity market and its effects on emerging markets. Special postgame guest: Danielle…
Energy Week #13: EIA Draw—where did the oil go? Panelists Berman/Alhajji/Shuchart
Jul 31 • 62 min
Energy Week starring Art Berman, Anas Alhajji and Tracy Shuchart covers the big EIA draw (where did that oil go?), E&P equity price trend & much more.
All-Stars #39 Jeffrey Snider: A deeper dive into Fed Funds and IOER
Jul 30 • 28 min
All-Star Jeff Snider responds in detail to feedback we received from his July 15 All-Stars interview. We explore why IOER is SUPPOSED to be a “double floor” below EFF, and why it’s really not.Link: http://bit.ly/2YxbNfB
All-Stars #38 Danielle DiMartino-Booth: FOMC Preview
Jul 29 • 15 min
All-Star Danielle DiMartino Booth gives a briefing on what to expect from Wednesday’s FOMC Press Release, 25 or 50 bps? How will the ECB React? And much more!Link: http://bit.ly/2LMsaPc
All-Stars #37 Dr. Pippa Malmgren: Iran, Trump News Network, and Facebook’s $5bn fine
Jul 26 • 28 min
All-Star Dr. Pippa Malmgren weighs in on Iran geopolitical risks, updates her thesis on President Trump having ambitions for a news network after the white house, and comments on Facebook’s $5bn fine. Link: http://bit.ly/2ZffYK1
MacroVoices #177 Peter Warburton: Inflation or Stagflation? And how will it occur?
Jul 25 • 69 min
Erik Townsend and Patrick Ceresna welcome Dr. Peter Warburton to MacroVoices. Erik and Dr. Warburton discuss the factors that affect long term outlook for inflation, the history of inflation targeting and inflation controls and Dr. Warburton’s “Blowing Up…
Energy Week #12: Prices down on a 10.8mm bbl draw, Iran, Pemex Hedge & More. Hemsworth/Berman/Cook
Jul 24 • 58 min
Energy Week featuring Art Berman, Chris Cook and Patricia Hemsworth covers the super-drawdown, price reaction, Iran, Pemex Hedge & more.Link: http://bit.ly/2SDxxRr
All-Stars #36 Julian Brigden: Pensions, Curve Inversions, and 10yr outlook
Jul 23 • 22 min
All-Star Julian Brigden on the implications of deflation for the Pension system, whether a recession is possible without a yield curve inversion, and the 10yr yield outlook.Link: http://bit.ly/2y7edTn
All-Stars #35 Luke Gromen: FF>IOER Means Balance Sheet Capacity Used Up
Jul 22 • 20 min
All-Star Luke Gromen responds to Jeff Snider’s All-Stars appearance last week, sharing a different view on the significance of Fed Funds exceeding IOER. Luke says it’s about domestic private sector balance sheet capacity.Link: http://bit.ly/2XVNVmh
All-Stars #34 Danielle DiMartino-Booth: The stock market can rally thru the 1st or 2nd rate cut
Jul 19 • 19 min
All-Star Danielle DiMartino-Booth explains “Double Easing” (rate cuts and QE at the same time) and why it’s a possibility, and explains why the stock market can rally a bit longer despite the global growth slowdown.Link: http://bit.ly/2YfP1c2
MacroVoices #176 Jim Rickards on his new book, Aftermath
Jul 18 • 78 min
Erik Townsend and Patrick Ceresna welcome Jim Rickards to MacroVoices. Erik and Jim discuss the progression of growing debt, the cost of low growth and high debt, and Jim’s new book “Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos”…
Energy Week #11: Iran, EIA, Venezuela, Canadian Crude. Panel Alhajji/Hemsworth/McMonigle
Jul 17 • 55 min
Energy Week covers the price reversal, Iran policy, EIA, Venezuela & Canadian crude differentials. Panel Anas Alhajji, Joe McMonigle and Patricia Hemsworth with host Erik Townsend.Link: http://bit.ly/2Y6gM6B
All-Stars #33 Prof. Steve Keen: How the field of Economics was corrupted
Jul 16 • 26 min
All-Star Prof.Steve Keen pulls no punches telling Erik Townsend how and why the field of economics lost touch with the real world.Link: http://bit.ly/2JLJ3WO
All-Stars #32 Jeffrey Snider: Eurodollar System Explains Fed Funds over IOER
Jul 15 • 31 min
All-Star Jeff Snider explains why the Fed’s IOER hasn’t worked as a ceiling over Fed Funds, and the significance of each, including the recent move of FF well above IOER and how this relates to the EuroDollar System.
Inside the Investment Committee #2: Long bonds, short the Euro Gurevich/Brigden/Declercq
Jul 12 • 45 min
Fund manager Alex Gurevich is in the hot seat this month, pitching his “perfect trade” from 2014 long bonds and short the Euro. Alex explains why he believes this was truly a ‘perfect’ can’t lose trade, then we translate to current markets.Link:…
All-Stars #31 Julian Brigden: Crypto, Gold and the Dollar
Jul 12 • 13 min
All-Star Julian Brigden opines on the return of crypto currencies, gold, silver, and the U.S. Dollar. Link: http://bit.ly/2LQ6b9C
MacroVoices #175 Jesse Felder: Breadth divergences signal caution warranted on new all-time highs
Jul 11 • 88 min
Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss the theories on the length of this market cycle, outlook on the dollar and bond yields, and the unwind of institutional risk parity trade and much more.Link:…
Energy Week #10: Inventory data or Tropical Storm? What’s driving the price rally? Alhajji/Shuchart/Berman
Jul 10 • 47 min
Energy Week episode #10: What’s driving the price rally? Tropical storm in the gulf or massive inventory draw? Also security in Straits of Hormuz and Art v. Anas on data interpretation.Link: http://bit.ly/2LKEOxu
All-Stars #30 Luke Gromen: Still bullish risk assets, Gold & BTC despite global Dollar squeeze
Jul 10 • 15 min
All-Star Luke Gromen tells Erik Townsend he understands and agrees with the “global dollar squeeze” argument, but it doesn’t deter him from being bullish Gold, Bitcoin, and risk assets generally.Link: http://bit.ly/2LdwKpt
All-Stars #29 Brent Johnson: Still not chasing Gold at these levels
Jul 9 • 25 min
All-Star Brent Johnson tells Erik Townsend he’s not chasing gold at these prices, and his conviction that the USD is headed much higher has never been stronger. Brent also thinks SPX 4000 is possible in the next 2-3 years.Link: http://bit.ly/2LdZvlR
All-Stars #28 Louis-Vincent Gave: $13tn of Negative-Yielding Debt
Jul 8 • 19 min
All-star Louis-Vincent Gave tells Erik Townsend that $13.5tn of negative-yielding sovereign debt around the world is a sign the global economy is in serious trouble. U.S. Stocks may be at all-time highs, but the rest of the world is in decline.Link:…
All Stars #27 Dr.Pippa Malmgren: Don’t underestimate the importance of data security
Jul 5 • 25 min
Today’s All-Star Dr.Pippa Malmgren says why privacy will be the governance issue of our time. Link ->…
MacroVoices #174 John Netto: Gold will hit $1500 this month
Jul 4 • 75 min
 Erik Townsend and Patrick Ceresna welcome John Netto to MacroVoices. Erik and John discuss what’s driving this market, where is gold heading next and how to apply sentiment indicators to investing strategy. Link ->…
All-Stars #26 Juliette Declercq: Should lawyers be in charge of Central Banks?
Jul 4 • 11 min
After Juliette Declercq stirred up some commotion with her tweet asking whether it makes sense for lawyers to be in charge of the 2 main central banks, we wanted the full story…
Energy Week #9: OPEC+, G20, And a Deep Dive on Forward Curves. Panel Hansen/Cook
Jul 3 • 61 min
This week’s panel includes Ole Hansen and Chris Cook. Topics include G20, OPEC+, market reaction to both, and Chris takes a deep dive on forward curves.
All-Stars #25 Danielle DiMartino-Booth: The U.S. is not immune to the global economic slowdown
Jul 3 • 14 min
All-Star Danielle DiMartino Booth tells host Erik Townsend that the U.S. is anything but immune to the global economic recession that is now beginning. Also Fed vs. Trump and why it’s important to have an independent Fed. Direct Link ->…
All-Stars #24 Prof. Steve Keen: Credit MATTERS to Aggregate Demand!
Jul 2 • 15 min
All-Star Professor Steve Keen debunks mainstream economists failure to consider Credit as a determinant of aggregate demand
All-Stars #23 Jeff Snider: Rate cuts are coming!
Jul 1 • 17 min
All-Star Jeff Snider says interest rates are coming, but he thinks the actual reasons differ from market perceptions. Hear Jeff explain the clues interest rate swaps and offshore repo transactions provide.
All-Stars #22 Luke Gromen: We’re in the early innings of Dollar down, Gold & Bitcoin up
Jun 28 • 16 min
All-Star Luke Gromen says the long gold, long bitcoin, short U.S. Dollar trade is just getting started.
MacroVoices #173 Marin Katusa: Everyone’s focused on Gold, but the real buy is in Oil!
Jun 27 • 105 min
Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss his outlook on uranium, perspective on shale oil over the next decade, and how to play the energy sector.
Energy Week #8: Massive inventory drawdown, PES Fire, OPEC+, G20. Panel Shuchart/Berman/Alhajji
Jun 26 • 57 min
This week’s Energy Week features Art Berman, Anas Alhajji and Tracy Shuchart. Topics: Massive EIA inventory drawdowns, lower Brent+WTI open interest, PES Fire, OPEC+ G20 & More.
All-Stars #21 Julian Brigden: Trump, Trade & the Middle East
Jun 25 • 17 min
All-star Julian Brigden opines on the China-U.S. trade negotiations, middle-east geopolitical tensions, and much more.
All-Stars #20 Louis-Vincent Gave: Hong Kong Protests & Chinese Yuan Outlook
Jun 21 • 17 min
Today’s Macrovoices All-Star Louis-Vincent Gave weighs in on the protests which brought 25% of Hong Kongers to the streets and opines on the longer term outlook for the Chinese Yuan
MacroVoices #172 Greg Weldon: Translating Fed policy to Commodity Price Outlook
Jun 20 • 85 min
 Erik Townsend and Patrick Ceresna welcome Greg Weldon to MacroVoices. Erik and Greg discuss his outlook on the dollar, possible dollar breakout and its risks on gold and using commodity indicators as economic indicators.
Energy Week #7: Tanker attacks, OPEC+, G20, Fed Policy. McMonigle/Hemsworth/Alhajji
Jun 19 • 51 min
This week’s ENERGY WEEK features Anas Alhajji, Joe McMonigle and Patricia Hemsworth. Gulf tanker attacks and their consequences, China Trade, G20, OPEC+ and much more.
All-Stars #19 Prof. Steve Keen: Risks to Sweden and Nordic Economies
Jun 18 • 10 min
Today’s MacroVoices All-Star Prof.Steve Keen recaps his recent trip to Sweden for the Central Bank Digital Currency conference, and comments on Swedish and Nordic economic outlooks.
All-Stars #18 Juliette Declercq: When will the Fed cut rates?
Jun 17 • 14 min
Today’s MacroVoices All-Star is JDI Research founder Juliette Declercq. Juliette weighs in on what we can expect from this week’s FOMC statement, and the disparity between equity and fixed income markets discounting different growth expectations. Also…
All-Stars #17 Danielle DiMartino Booth: The Fed is setting the stage for NIRP!
Jun 14 • 18 min
All-Star Danielle DiMartino Booth is on fire this week! Danielle says the Fed’s language change at the Chicago conference can only mean one thing: They’re getting markets ready for NIRP. Not ZIRP, but NIRP!
MacroVoices #171 Josh Steiner : Canadian and American Real Estate Markets are Polar Opposites
Jun 13 • 87 min
Erik Townsend and Patrick Ceresna welcome Josh Steiner to MacroVoices. Erik and Josh discuss U.S. and Canadian real estate, swelling mortgage debt in Canada and deteriorating household finances and more.
Energy Week: Natural gas backwardation in mid-summer?
Jun 12 • 59 min
Energy Week panelists Art Berman, Chris Cook and Patricia Hemsworth weigh in on anomalies in natural gas forward curves and what they mean. Also an update on the market sell-off and where it’s headed.
All-Star Brent Johnson: This past weekend’s developments don’t change Brent’s Dollar-bullish view
Jun 11 • 13 min
Today’s MacroVoices All-Star is Santiago Capital’s Brent Johnson, who says this past weekend’s ECB and US-Mexico developments do NOT change his dollar-bullish outlook.
All-Star Luke Gromen: The USD-centric system is slowly losing ground
Jun 10 • 15 min
All-Star Luke Gromen says oil isn’t the only commodity China will begin pricing in its own currency for international settlement, further evidencing China’s commitment to de-dollarization. Also an update on Luke’s tactical views on the USD.
All-Star Jeffrey Snider: Yield curves and Eurodollar futures say something is very broken!
Jun 7 • 22 min
Today’s MacroVoices All-Star is Jeff Snider, who says the yield curve and Eurodollar futures spreads spell a clear message for markets! Be sure to download the associated chartbook.
Brent Johnson: A big dollar rally could drag stocks higher with it
Jun 6 • 84 min
Erik Townsend and Patrick Ceresna welcome Brent Johnson to MacroVoices. Erik and Brent discuss Brent’s “Dollar Milkshake Theory”, short term and long term outlook on gold, and what impacts the dollar breakout will have on US and the global economy.
Energy Week: Sentiment sea change, Iran/Venezuela/Saudi Arabia & More. Panel Berman/Alhajji/Shuchart
Jun 5 • 53 min
This week’s MacroVoices Energy Week features Art Berman, Anas Alhajji and Tracy Shuchart. Topics include the sentiment sea change and what’s driving it, Iran, Saudi Arabia, & Venezuela, OPEC+ & much more.
Inside the Investment Committee: The 2016 big short in fixed income
Jun 4 • 62 min
The inaugural episode of MacroVoices INSIDE THE INVESTMENT COMMITTEE featuring Julian Brigden, Juliette Declercq and Alex Gurevich takes you inside the process professional fund managers and their advisers use to source and vet macro trading strategies.
All-Star Julian Brigden: The Fed needs to ease
Jun 4 • 20 min
Today’s MacroVoices All-Star is Julian Brigden, who says that the Fed needs to ease and why the dollar is crucial to kick off the next wave of the cycle
All-Star Steve Keen: Debunking the fake climate science of William Nordhause
Jun 3 • 23 min
Today’s MacroVoices All-Star is Professor Steve Keen, who says Nobel laureate William Nordhaus has failed to consider tipping points that will make the impact of climate change far worse than Nordhaus predicts.
All-Star Danielle DiMartino-Booth: Deflation is the name of the game unless/until helicopter money hits the stage
May 31 • 21 min
Today’s MacroVoices All-Star Danielle DiMartino Booth says deflation, lower commodity prices, and lower bond yields will be the theme going forward unless/until the political process brings MMT or other “Helicopter Money” into the equation.
Lakshman Achuthan: Economic cycle analysis does NOT indicate end of business cycle
May 30 • 79 min
 Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices. Erik and Lakshman discuss the concept of late cycle and how the cycle works, correlation between growth rate downturn and risks of a recession, and what the leading indicators…
Energy Week Episode 4: There’s been a disturbance in the force! (What just happened?)
May 29 • 52 min
This week’s MacroVoices Energy Week features Ole Hansen, Chris Cook and Patricia Hemsworth. What’s driving this week’s roller coaster ride in oil prices? China Trade? Iran? Inventory builds? Our panel weighs in.
All-Star Luke Gromen: There’s reason to think the U.S. Dollar is topping here
May 29 • 14 min
Today’s MacroVoices All-Star Luke Gromen says that the Fed Funds rate moving stubbornly over IOER is a clear sign that the Fed will soon be forced to supply more dollar liquidity, a bearish sign given current sentiment extremes.
All-Star Dr. Pippa Malmgren: Geopolitics is increasingly important for investors!
May 28 • 20 min
Today’s MacroVoices All-Star Dr.Pippa Malmgren says that between the U.S.-China trade situation, populism winning in European elections, and the unfolding U.S-Iran debacle, Geopolitics is more important than ever for investors.
All-Star Kevin Muir says the market is way ahead of the Fed in pricing in easing!
May 24 • 19 min
Kevin says the market is way ahead of the Fed in pricing in accommodative monetary policy and thinks bond longs betting on economic collapse will be disappointed, and explains why shorting an INDEX is the wrong way to play a bearish view on U.S./China…
John Greenwood: We’re at mid-cycle, not late-cycle. Bull Market has plenty of room to run higher.
May 23 • 83 min
 Erik Townsend and Patrick Ceresna welcome John Greenwood to MacroVoices. Erik and John discuss where we are in the business cycle, the mechanics of what really drives the cycle and what comes next.
ENERGY WEEK: Geopolitics, front month prices vs. steepening backwardation, and Brent-WTI spread.
May 22 • 51 min
ENERGY WEEK #3 features Anas Alhajji, Patricia Hemsworth, and Art Berman.Topics: Geopolitics/Iran, disparity of front month prices and forward curve backwardation, and WTI-Brent Spread.
All-Star Prof. Steve Keen on Richard Vague’s new book, A Brief History of Doom
May 21 • 12 min
Today’s MacroVoices All-Star is Professor SteveKeen, who weighs in on Richard Vague’s new book, A Brief History of Doom. Steve says Vague has it exactly right, and his analysis of what caused 2008’s Great Financial Crisis jibes almost exactly with Steve’s…
All-Star Juliette Declercq on Populism
May 20 • 14 min
Juliette Declercq believes the surprise outcome of the Australian elections is an important signal as the global populist movement calls for more socialism, yet Australia’s Labor Party was defeated in a surprise ‘upset’ election. Juliette examines the…
All-Star Brent Johnson: Much higher stock prices possible
May 17 • 15 min
oday’s MacroVoices All-Star is @SantiagoAuFund and he says once we get through this soft patch, MUCH higher stock prices are possible. He says it’s all about U.S. stocks becoming a safe-haven for foreigners as USD appreciation enhances foreign returns.
Simon White: U.S. Dollar in the Crosshairs
May 16 • 74 min
Erik Townsend and Patrick Ceresna welcome Simon White to MacroVoices. Erik and Simon discuss where leading indicators are pressuring US dollar, outlook on US equities and bonds, perspective on the Fed’s cut to its IOER and more.
ENERGY WEEK: Geopolitics, Bull/Bear cases & Price Outlook. (with panelists Joe McMonigle, Chris Cook and Tracy Shuchart)
May 15 • 49 min
ENERGY WEEK is a new weekly podcast all about crude oil and energy markets for investors. Our host Erik Townsend discusses Geopolitics, Bull/Bear cases & Price Outlook with this week’s panelists.
MacroVoices All-Star Julian Brigden: The Fed should cut rates NOW!
May 15 • 13 min
MI2 Partners founder Julian Brigden explains why the Fed is already late to cut interest rates, and the reason has nothing to do with a China-U.S. trade war.
MacroVoices All-Star Danielle DiMartino-Booth: Jay Powell is The Grinch who Stole Liquidity
May 14 • 12 min
On today’s episode of MacroVoices All Stars, Danielle DiMartino Booth joins our host Erik Townsend to talk about why she thinks Jay Powell is “the Grinch that stole liquidity”
MacroVoices All Stars : with Luke Gromen
May 13 • 12 min
On today’s episode of MacroVoices All Stars, Luke Gromen joins our host Erik Townsend to discuss the trade war between US and China
Charlie McElligott: The opportunity will be found selling puts. But not yet!
May 9 • 81 min
Erik Townsend and Patrick Ceresna welcome Charlie McElligott to MacroVoices. Erik and Charlie discuss the impact of policy change on the yield curve, the drivers of volatility in rates, and futures driven equity unwind and more.
ENERGY WEEK: Crude oil glut or crisis & Crude Quality Matters. Panel: Berman/Alhajji/Hemsworth
May 8 • 60 min
The inaugural episode of MacroVoices ENERGY WEEK features panelists Art Berman, Anas Alhajji and Patricia Hemsworth. Topic 1: Glut or crisis on the horizon? Topic 2: Crude Quality Matters. This new weekly podcast is all about crude oil & energy markets.
Juliette Declercq: Questioning the Fed’s ability to service its inflation mandate
May 2 • 89 min
Erik Townsend and Patrick Ceresna welcome Juliette Declercq to MacroVoices. Erik and Juliette discuss the current status of inflation, the FED’s failure to meet its inflation mandate, and what is ahead for policy path and inflation outlook.
MacroVoices Premium - HOT TOPIC: Louis-Vincent Gave Rebuts Kyle Bass’ Investor Letter questioning Hong Kong’s relevance
May 1 • 39 min
MacroVoices HOT TOPICS are a new offering in conjunction with MacroVoices Premium. Hot Topics interviews are scheduled and produced in reacting to events that come up in markets, independent of our regular podcasts in which the guests are usually…
MacroVoices Premium - MacroVoices All Stars Episode 1
Apr 30 • 80 min
MacroVoices All-Stars Episode #1 featuring Dr.Pippa Malmgren, Art Berman, Prof. Steve Keen, Julian Brigden, Luke Gromen and Danielle DiMartino Booth.
Dr. Lacy Hunt: U.S. Economy will continue to decline for the balance of 2019
Apr 25 • 75 min
Erik Townsend and Patrick Ceresna welcome Dr. Lacy Hunt to MacroVoices. Erik and Dr.Hunt discuss overall outlook on the US and the global economy, synchronized global downturn and risks of a recession, how debt induced weakness is undermining growth rate,…
Jeff Snider: Eurodollar System Overview
Apr 18 • 81 min
Erik Townsend and Patrick Ceresna welcome Jeff Snider to MacroVoices. Erik and Jeff discuss the history of Eurodollar, Eurodollar as global reserve currency, and how the global economy and the global financial system depend on the Eurodollar system. They…
Prof. Steve Keen: Dollar reserve currency status—blessing or curse?
Apr 11 • 83 min
Erik Townsend and Patrick Ceresna welcome Prof. Steve Keen to MacroVoices. Erik and Steve discuss possible benefits to US if the dollar loses its reserve currency status, its impacts on international trades and deindustrialization of US, and possible…
Neil Howe: Super-bullish the U.S.A. in the 2030s. But between now and then…
Apr 4 • 75 min
Erik Townsend and Patrick Ceresna welcome Neil Howe to MacroVoices. Erik and Neil discuss how the Fourth Turning is unfolding, what is in store for the second half of the fourth turning and how the cycle climax’s at the end. The touch on employment,…
Eric Peters: The biggest risk is the Central Banks’ inability to spur Growth & Inflation
Mar 28 • 66 min
Erik Townsend and Patrick Ceresna welcome Eric Peters back to MacroVoices. Erik and Eric discuss equity markets, volatility, treasury bonds and the biggest risks in the markets today. During the post game, Juliette Declercq joins the conversation to…
David Rosenberg: stocks, yields headed lower
Mar 21 • 72 min
Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik and Dave discuss the FOMC policy shift, market topping formation and ask if we are headed for an earnings recession. They further discuss treasury bonds and what is in store…
Art Berman: The world is still over-supplied with oil
Mar 14 • 91 min
Erik Townsend and Patrick Ceresna welcome Art Berman back to MacroVoices. Erik and Art ask the question was the oil price collapse more than just a correction? The look at world production surplus for 2019-2020, U.S. oil production and ask if OPEC matters…
Barry Ritholtz: Quantitative tightening is not a good reason to be bearish
Mar 7 • 84 min
Erik Townsend and Patrick Ceresna welcome Barry Ritholtz to MacroVoices. Erik and Barry start by defining bull and bear markets and discuss the bullish case for equities. They proceed to discuss the U.S Dollar, interest rate trends, junk bonds and the…
Dr. Pippa Malmgren: Donald Trump never expected to win. He ran for President to pursue an ulterior motive.
Feb 28 • 87 min
Erik Townsend and Patrick Ceresna welcome back Pippa Malmgren to MacroVoices. Erik and Pippa discuss the U.S./China trade war, the Korean peninsula and the China South Sea. They move on to discuss the future of Donald Trump, China/Russia relations and the…
Luke Gromen: The “Dollar End Game” has already begun!
Feb 21 • 82 min
Erik Townsend and Patrick Ceresna welcome back Luke Gromen to MacroVoices. Erik and Luke discuss the underlying motives & timing of the dollar and the particulars of oil, Petrodollar, and global Treasury Holdings. They elaborate on the drivers behind the…
Francesco Filia: Stock market CRASH entirely possible
Feb 14 • 79 min
Erik Townsend and Patrick Ceresna welcome back Francesco Filia to MacroVoices. Erik and Francesco discuss bear markets, complex dynamic systems, and the phase transitions and the twin bubbles. The continue discussing tipping points, crash hallmarks and…
Alex Gurevich: Interest rate momentum is an excellent predictor of equity market performance
Feb 7 • 51 min
Erik Townsend and Patrick Ceresna welcome back Alex Gurevich to MacroVoices. Erik and Alex discuss the bigger picture outlook on the business cycle, the yield curve, Treasury bonds and the dollar. They further discuss the current quantitative tightening…
Grant Williams: The Trouble in Europe Has Only Just Begun
Jan 31 • 93 min
Erik Townsend and Patrick Ceresna welcome Grant Williams back to MacroVoices. Erik asks Grant if we in a cyclical bear market and where he feels treasury bond yields are headed next. They discuss tensions between China and Taiwan, the rise of global…
Russell Napier: PBOC dictating global inflation
Jan 23 • 64 min
Erik Townsend and Patrick Ceresna welcome Russell Napier back to MacroVoices. Erik and Patrick discuss treasury bonds, China and the tightening of Chinese monetary policy. They ask which central bank is dictating global inflation, the fed monetary policy…
Charlie McElligott: Fear the Steepener
Jan 15 • 87 min
Erik Townsend and Patrick Ceresna welcome Charlie McElligott back to MacroVoices. Erik and Charlie discuss the china credit impulse and PBoC liquidity operations. The discuss if this is a bear market rally or continuation of bull market and fading the…
Chris Cole: The ‘BIG ONE’ (Vol event) hasn’t happened yet.
Jan 10 • 67 min
Erik Townsend and Patrick Ceresna welcome Chris Cole back to MacroVoices. Erik and Chris dissect the Vol crash in February 2018 and the implicit/explicit short vol risks. They then put perspective on the next phase of the short vol unwind and the impacts…
Marin Katusa: Oil, Steel & Diamonds on the Natural Resources Radar
Jan 3 • 66 min
Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss uranium producers and the recent drop in oil prices. They then go on to discuss the opportunities in the steel and diamond industries. They finally wrap things…
Year-end Special: Best Market Calls of 2018
Dec 27, 2018 • 77 min
Join Erik Townsend and Patrick Ceresna as they spend an episode reviewing the best market calls of 2018. They discuss which guests nailed the Bitcoin top, the VIX crash, the Chinese economic turn, emerging markets top, S and P 500 top, the turn in…
Daniel Want: Systems View of OTC Derivatives
Dec 20, 2018 • 63 min
Erik Townsend and Patrick Ceresna welcome Daniel Want to MacroVoices. Erik and Daniel discuss system thinking, OTC derivative markets and the counter party risks that exist in the system. They look back at the system wide margin calls back in 2007-08 and…
Prof. Edward Altman: High Yield Benevolent Cycle Not Yet Over
Dec 13, 2018 • 77 min
Erik Townsend and Patrick Ceresna welcome Prof. Edward Altman to MacroVoices. Erik and Edward discuss the credit cycle and the length of the current benign cycle. They elaborate on historical default rates, recessions and the surge in U.S. corporate…
Juliette Declercq: “Dovish Pivot” is not a game-changer yet
Dec 6, 2018 • 81 min
Erik Townsend and Patrick Ceresna welcome Juliette Declercq back to MacroVoices. Erik and Juliette discuss the impact of trade war on the global economy. They then discuss the PBOC, the Chinese monetary policy and the broader global growth outlook. They…
Julian Brigden: Secular Bond Bear Doesn’t Preclude Significant Rallies
Nov 29, 2018 • 85 min
Erik Townsend and Patrick Ceresna welcome Julian Brigden back to the show. Erik and Julian discuss what is driving the bond market, demographics and the global excesses in the equity markets. They ask is the U.S. housing markets overpriced, where is the…
Jeffrey Christian: Investment demand for precious metals is bottoming
Nov 21, 2018 • 88 min
Erik Townsend and Patrick Ceresna welcome Jeffrey Christian to MacroVoices. Jeffrey is the Managing Director and Founder of CPM Group. Erik and Jeffrey discuss the recent moves in gold and look at the forecast for 2019 and beyond. They further discuss why…
Keith McCullough: Bond Yields May Have Peaked
Nov 15, 2018 • 84 min
Erik Townsend and Patrick Ceresna welcome Keith McCullough to MacroVoices. Erik and Keith discuss how the investment landscape has evolved, why deflationary pressures are on the horizon. They further discuss the marginal rates of change in growth and…
BONUS: Beyond Blockchain Audiobook Chapter 1
Nov 14, 2018 • 35 min
Audiobook Chapter 1 FREE PreviewThe cryptocurrency trend of the past few years has continued to grow despite widespread predictions that it would just be a flash in the pan. Blockchain is suddenly everyone’s favorite buzzword. But what if there’s more to…
Jonathan Tepper: The Myth of Capitalism
Nov 8, 2018 • 87 min
Erik Townsend and Patrick Ceresna welcome Jonathan Tepper to MacroVoices. Erik and Jonathan discuss if the market correction over, the outlook for U.S. interest rates and the short and longer-term drivers in the U.S. Dollar. They further touch on China,…
Dr. Pippa Malmgren: Embracing Entrepreneurship
Nov 1, 2018 • 85 min
Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss the opportunities on drone technology and the leaders in unmanned aerial vehicles. They further discuss the issues of data privacy in the firmware and the…
Daniel Lacalle: Synchronized Global Growth was always a False Narrative
Oct 24, 2018 • 83 min
Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel debate if this is a market correction or is it the end of the bull market? They touch on the Fed’s responsiveness to changing monetary policy and ask where bond…
Prof Steve Hanke: M4 is the most under appreciated indicator
Oct 18, 2018 • 78 min
Erik Townsend and Patrick Ceresna welcome Prof Steve Hanke to MacroVoices. Erik and Steve discuss drivers of the recessions over the last 30 years,perspectives on Lehman Brothers failure,M4 Money Supply as the broadest measure,dangers in quantitative…
Prof Steve Keen: The Real Risk is in Private Credit
Oct 11, 2018 • 94 min
Erik Townsend and Patrick Ceresna welcome Prof Steve Keen to MacroVoices. Erik and Steve put perspective on global sovereign and private debt. Erik asks if government debt is still a safe haven? They further touch on junk bonds, corporate debt, credit…
Louis-Vincent Gave: Breakdown in Historical Norms between Emerging Markets and USTs
Oct 4, 2018 • 75 min
Erik Townsend and Patrick Ceresna welcome Louis-Vincent Gave to MacroVoices. Erik and Louis discuss drivers in emerging markets route, the global equity markets and how long the divergence can last between US and global equity markets. The further discuss…
Keith Dicker: The next major financial crisis will happen in the Bond market
Sep 27, 2018 • 78 min
Erik Townsend and Patrick Ceresna welcome Keith Dicker back to MacroVoices. Erik and Keith discuss the government bond bubble, artificially suppressed interest rates and rethinking bonds for portfolio allocations. They discuss what impact that a bond…
Art Berman: The market has de-valued the oil price yield curve
Sep 20, 2018 • 83 min
Erik Townsend and Patrick Ceresna welcome Art Berman back to MacroVoices. Erik and Art discuss comparative inventory and inventory correlation to price on oil. They further look at price cycles, the oil-price yield curve and the impact of U.S. exporting…
Charlie McElligott: Phase one is over. The easy money has already been made.
Sep 13, 2018 • 80 min
Erik Townsend and Patrick Ceresna welcome Charlie McElligott to Macrovoices. Erik and Charlie discuss the curve steepener as a recession signal and the current impact that the dollar, real rates and inflation expectations have on the markets. They further…
Marin Katusa: The setup for Uranium is better now than any time in the last decade
Sep 6, 2018 • 98 min
Erik Townsend and Patrick Ceresna welcome Marin Katusa back to MacroVoices. Erik and Marin discuss uranium and why it is an opportunity now and the political and geopolitical considerations in picking your investments. They further discuss the royalty and…
Danielle DiMartino Booth: Jay Powell is a new breed of Fed Chairman
Aug 30, 2018 • 71 min
Erik Townsend and Patrick Ceresna welcome Danielle DiMartino Booth to MacroVoices. Erik and Danielle discuss Jay Powell as the new Fed Chair. They discuss Jackson Hole, how Powell did and the absence of Draghi and Kuroda. They further discuss the impacts…
EuroDollar University, Season 2, Part 3
Aug 23, 2018 • 73 min
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider back to MacroVoices for Part 3 of Season 2 of the new Eurodollar University series. During this episode, Erik and Jeff delve in the federal reserve intervention, the structural changes in the…
EuroDollar University, Season 2, Part 2
Aug 16, 2018 • 69 min
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider back to MacroVoices for Part 2 of Season 2 of the new Eurodollar University series. During this episode, Erik and Jeff discuss the collateral problems with gold during 2008. Jeff explains why the…
EuroDollar University, Season 2, Part 1
Aug 9, 2018 • 76 min
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider back to MacroVoices for Part 1 of Season 2 of the new Eurodollar University series. During this episode, Erik and Jeff discuss the lost dollar decade and put into context the global dollar markets.…
Jesse Felder: Equity Markets are in a Topping Process
Aug 2, 2018 • 78 min
Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss drivers behind the everything bubble, and will quantitative tightening be a trigger? Impacts of market leverage, the Buffet yard stick and what is in store for…
Martin Armstrong: There is no alternative to the Equity Market
Jul 26, 2018 • 72 min
Erik Townsend and Patrick Ceresna welcome back Martin Armstrong to MacroVoices. Erik and Martin discuss if there is room for the equity bull market to continue. They further discuss the outlook on global bond, U.S. Dollar, and gold. They further discuss…
David Rosenberg: The top is probably in already
Jul 19, 2018 • 92 min
Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik asks Dave if there is one more leg higher in the S And P 500 or is the top in? They further discuss the outlook on junk and investment grade bonds and how to play the short on…
Dr. Pippa Malmgren: Social Media Data Mining is the new Geopolitical Frontier
Jul 12, 2018 • 105 min
Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss Trump, art of the deal, trade wars and North Korea. They further discuss Russia, Syria, US and chemical warfare and global de-dollarization. They finally…
Chris Cook: Energy Markets are Manipulated in Multiple Timeframe
Jul 5, 2018 • 94 min
MacroVoices welcomes Chris Cook to the show. Erik and Chris discuss the blow out of time spreads in WTI, oil deals outside of the market and the impact of Syncrude going offline. They further discuss dark inventories, what is it and how does it fit into…
Eric Peters: USD Reserve Status, Unfunded Liabilities, Inflation & More
Jun 28, 2018 • 86 min
MacroVoices and Erik Townsend welcomes Eric Peters as this week’s guest, co-hosted by Kevin Muir. Erik and Eric discuss the future of the USD as the world reserve currency, the impact of protectionist policies on financial markets and the FED reductions…
Luke Gromen: Secular Dollar Bear goes Tactically Dollar Bullish
Jun 21, 2018 • 83 min
Erik Townsend and Patrick Ceresna welcome back Luke Gromen to MacroVoices. Erik and Luke discuss the outlook on the U.S. dollar, funding the U.S. deficits and the U.S. “Impossible Trilemma”. They further discuss Luke’s perspective of the Fed taking the…
Crude Oil Special: Anas Alhajji, Joe McMonigle, Dr. Ellen Wald
Jun 14, 2018 • 90 min
Erik Townsend and Patrick Ceresna welcome Anas Alhajji, Joe McMonigle and Dr. Ellen Wald to the show. Erik and Ellen discuss how does Saudi Arabia looks at the oil market, perspective about Saudi Aramco, understanding Mohammad bin Salman and the social…
DoubleLine’s Jeffrey Sherman: Bond Bear Market is Pausing but Not Over!
Jun 7, 2018 • 88 min
Erik Townsend and Patrick Ceresna welcome Jeffrey Sherman to MacroVoices. Erik and Jeffrey discuss the big picture outlook on the economy, bonds and interest rates. They ask if there is a recession coming in the U.S. and how much upside on the U.S.…
Nomi Prins: Central Bank Collusion; Pat Hemsworth: Crude Oil Update
May 31, 2018 • 88 min
Erik Townsend and Patrick Ceresna welcome Nomi Prins to MacroVoices. Erik and Nomi discuss central bank collusion to prop up asset prices. They further look into why QE never led to runaway inflation and why there has been no consequences over the last 10…
Dr. Lacy Hunt: The Bond Bull Market is NOT over!
May 24, 2018 • 74 min
Erik Townsend and Patrick Ceresna welcome Dr. Lacy Hunt back to MacroVoices. Erik and Lacy ask if the bond bear market has really started and what are the opposing views? They further discuss shorting high yield debt, junk credit and ask where to be on…
Juliette Declercq: The bear argument for the USD
May 17, 2018 • 76 min
Erik Townsend and Patrick Ceresna welcome Juliette Declercq back to MacroVoices. Erik and Juliette discuss the U.S. Dollar, rate differentials and ask if there has been a regime shift. They further discuss how does the economic data tie back into bearish…
Charles Gave: Our Industry is NOT prepared for secular inflation!
May 10, 2018 • 78 min
Erik Townsend and Patrick Ceresna welcome Charles Gave to MacroVoices. Erik and Charles discuss the corporate yield curve and what it is telling us about the equity market. They then delve into the Hong Kong dollar peg and perspective on China’s debt and…
Russell Napier: Signs of incipient inflation are a false alarm and won’t last long
May 3, 2018 • 79 min
Erik Townsend and Patrick Ceresna welcome Russell Napier to MacroVoices. Erik and Russell discuss deflationary risks in the U.S. and context on current higher inflation prints. Erik asks Russell how high are risks of a credit event and what risks are…
Marin Katusa: Copper, Uranium & the EV Revolution
Apr 26, 2018 • 68 min
Erik Townsend and Patrick Ceresna welcome Marin Katusa to the show. They discuss uranium exports to from Russia to the U.S. and what options does the US have for new uranium sources? They further explore electric vehicles and why they’ll be a dominant…
Bassman/Cudmore/Snider: Market Correction Review
Apr 19, 2018 • 87 min
MacroVoices welcomes Harley Bassman, Mark Cudmore and Jeffrey Snider for a triple header episode asking if the market correction is over. The further discuss, bonds, commodities and the U.S. Dollar.
Darius Dale: Hedgeye turn BEARISH U.S. Growth
Apr 12, 2018 • 70 min
Erik Townsend and Patrick Ceresna welcome Darius Dale to MacroVoices. Erik and Darius discuss the peak in the U.S. growth cycle, inflation and earnings. They further discuss the global divergence reiterated and the prognostications vs the reality of the…
Simon White: Equities are running out of road
Apr 5, 2018 • 82 min
Erik Townsend and Patrick Ceresna welcome Simon White to MacroVoices. Erik and Simon discuss the equity markets and the post-crash dynamics. They look at the medium-term drivers of the U.S. dollar and ask if something has fundamentally changed in the U.S.…
Julian Brigden: Stock collapse under own weight or Fed/yields do it for them
Mar 29, 2018 • 86 min
Erik Townsend and Patrick Ceresna welcome Julian Brigden to MacroVoices. Erik and Julian discuss what is on the horizon for inflation and is there a risk of runaway inflation? They look at today’s market and what comes next for equities. They discuss if…
Jeff Snider: U.S. Treasury Yield Curve Deep Dive
Mar 22, 2018 • 106 min
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider to MacroVoices. Erik and Jeff discuss what the current yield curve is telling us? They touch on the changes from an era of fed funds rate targeting and reflect on the 2006-2009 period for interest…
John Mauldin: No sign of imminent recession
Mar 15, 2018 • 79 min
Erik Townsend welcomes John Mauldin to MacroVoices. Erik starts by asking John if this is the end or just the beginning of this small market dislocation? They further discuss drivers behind the back up of interest rates and ask how far can the 10-year go…
Jim Grant: The great Bond BEAR Market has already begun!
Mar 8, 2018 • 93 min
Erik Townsend welcomes Jim Grant to MacroVoices. Erik and Jim discuss new Fed governor Powell, treasury yields and how far the FED go before something breaks. They discuss his outlook on inflation, gold, junk bonds, China and the drivers of long term debt…
Jeffrey Snider: Since 2008 major turning points in Gold have been punctuated by Eurodollar anomalies
Mar 1, 2018 • 94 min
Erik Townsend and Patrick Ceresna welcome Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss gold swaps, how central banks engage in them and what has changed in gold swap markets today. They further investigate the gold bug’s conspiracy theory about…
Rick Rule: Natural Resource Investing
Feb 22, 2018 • 80 min
Erik Townsend welcomes back Rick Rule from Sprott Global to MacroVoices. Erik and Rick discuss using a top down macro perspective on resource investing. The delve into rare earths, lithium uranium and nuclear energy. The discuss the future of liquid…
Eric Peters: Systemic Risks are Mounting
Feb 15, 2018 • 88 min
Erik Townsend welcomes Eric Peters to MacroVoices. Erik and Eric discuss if this is just a small equity market dislocation or is this bigger, the VIX complex and why the Inverse VIX products were flawed. They put context on the increasing rates, the…
Jared Dillian: The week short vol imploded
Feb 8, 2018 • 88 min
Erik Townsend welcomes Jared Dillian to MacroVoices. Erik and Jared discuss the drivers of this stock market drop and ask if higher volatility here to stay? The further discuss if this is the beginning of a sustained unwinding of the short vol trade and…
Art Berman: Crude Oil Special Double Header
Feb 1, 2018 • 84 min
Erik Townsend welcomes Art Berman to MacroVoices. Erik and Art discuss the current oil markets, comparative inventories and OPECs influence on the price. They further put into context on OPEC production cuts and how much new oil is coming from higher…
Chris Cole: Volatility and the Alchemy of Risk
Jan 25, 2018 • 81 min
Erik Townsend welcomes Chris Cole to MacroVoices. Erik and Chris discuss all things about underlying risks in the current low volatility market. They discuss share buybacks, the explicit vs implicit short vol positions and the impact of risk parity, VAR…
Mark Cudmore: Around the World of Macro
Jan 18, 2018 • 80 min
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…
Josh Steiner: Global Housing Market Analysis
Jan 11, 2018 • 83 min
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…
Anatomy of the U.S. Dollar End Game Part 5 of 5
Jan 4, 2018 • 87 min
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…
Anatomy of the U.S. Dollar End Game Part 4 of 5
Dec 29, 2017 • 80 min
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…
Anatomy of the U.S. Dollar End Game Part 3 of 5
Dec 27, 2017 • 64 min
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…
Anatomy of the U.S. Dollar End Game Part 2 of 5
Dec 24, 2017 • 71 min
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…
Anatomy of the U.S. Dollar End Game Part 1 of 5
Dec 23, 2017 • 77 min
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…
Prof. Steve Keen: Reinventing how Economics is Taught
Dec 21, 2017 • 88 min
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.…
Juliette Declercq: 2018 Macro Outlook
Dec 14, 2017 • 80 min
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.…
Marin Katusa: Mohamed bin Salman is reshaping Saudi Arabia
Dec 7, 2017 • 84 min
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…
Jonathan Tepper: Is Retail a Consensus Short or a Contrarian Long?
Nov 30, 2017 • 94 min
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…
Francesco Filia: Positive Feedback Loops Threaten Systemic Risk Escalation
Nov 22, 2017 • 90 min
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…
Keith McCullough: Bullish Real Growth
Nov 16, 2017 • 70 min
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…
Jeffrey Snider: Eurodollar University Part 4
Nov 9, 2017 • 93 min
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…
Grant Williams: Petroyuan Oil Contract could be a Game Changer
Nov 2, 2017 • 82 min
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…
Harley S. Bassman: The Convexity Maven opines on Macro Themes
Oct 26, 2017 • 73 min
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…
Jeffrey Snider: Eurodollar University Part 3
Oct 21, 2017 • 43 min
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…
Art Berman: Comparative Inventory draws spell higher oil prices
Oct 19, 2017 • 89 min
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…
Jeffrey Christian: Gold on course for new all-time highs by 2020
Oct 12, 2017 • 85 min
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…
Jeffrey Snider: Eurodollar University Part 2
Oct 5, 2017 • 80 min
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…
Mark Yusko: All Things Macro
Sep 29, 2017 • 63 min
Part 2 of a two part interview with Mark Yusko discussing commodities, the economy, the markets and more.
Mark Yusko: USD in secular bear market
Sep 28, 2017 • 71 min
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…
Mark Grant: Central Bank Liquidity Drives Everything
Sep 21, 2017 • 67 min
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…
Hugh Hendry: Inflation is just over the horizon!
Sep 14, 2017 • 68 min
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.…
Luke Gromen: The biggest mean reversion in 50+ years is underway!
Sep 7, 2017 • 67 min
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…
Jeffrey Snider: Eurodollar University Part 1
Aug 31, 2017 • 78 min
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…
Joe McMonigle: Crude Oil Special
Aug 24, 2017 • 81 min
Erik Townsend welcomes Joe McMonigle to MacroVoices. Erik and Joe discuss the oil supply glut, theimport 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…
Josh Crumb: All About Gold
Aug 17, 2017 • 78 min
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.
Neil Howe: The really big crisis has yet to arrive!
Aug 10, 2017 • 89 min
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…
Raoul Pal & Julian Brigden: When will the dollar rout end?
Aug 3, 2017 • 88 min
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…
Chris Whalen: Equity markets overvalued but not ready to crash
Jul 27, 2017 • 102 min
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…
Dr. Pippa Malmgren: CryptoCurrencies – libertarian dream come true or Orwellian nightmare?
Jul 20, 2017 • 91 min
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…
Dr. Ben Hunt: The Federal Reserve is no longer your friend!
Jul 13, 2017 • 70 min
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…
Tian Yang: It’s not time to be short the stock market. Yet.
Jul 6, 2017 • 73 min
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…
Alex Gurevich: ZERO evidence the secular bull market in bonds is over
Jun 29, 2017 • 67 min
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…
Jesse Felder: The Party is Ending for Stock Bulls
Jun 22, 2017 • 74 min
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…
Keith McCullough: Tech Rally is Not Over!
Jun 15, 2017 • 73 min
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…
Axel Merk: Trump reflation trade is dead. Equity market hasn’t noticed yet.
Jun 8, 2017 • 74 min
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…
Art Berman: Crude Oil Special Part 2
Jun 1, 2017 • 51 min
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…
Art Berman: Crude Oil Special Part 1
Jun 1, 2017 • 45 min
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…
Jeffrey Snider: Dollar bulls don’t understand why they are right
May 25, 2017 • 79 min
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…
Russell Napier: Buy the Dollar Dip
May 19, 2017 • 67 min
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,…
Lacy Hunt: The secular bond bull market is not over!
May 11, 2017 • 68 min
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…
Steve Keen: On All Things Macro
May 4, 2017 • 81 min
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…
Martin Armstrong: Stocks could DOUBLE from here!
Apr 28, 2017 • 77 min
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…
Danielle DiMartino Booth: Fed Up with the Federal Reserve
Apr 19, 2017 • 75 min
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…
Lance Roberts: Record margin debt threatens fed-fueled bull market
Apr 13, 2017 • 76 min
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…
Juliette Declercq: A Red string of fate ties U.S. to China
Apr 6, 2017 • 55 min
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…
Julian Brigden: The “Trump Gap”, the Dollar and Bonds
Mar 30, 2017 • 67 min
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…
Jeffrey Christian: Secular BUY call on Gold
Mar 23, 2017 • 72 min
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…
Jonathan Tepper: The Sea of Excess Liquidity which fueled the rally will soon dry up!
Mar 16, 2017 • 69 min
Erik Townsend welcomes Jonathan Tepper to MacroVoices. Erik and Jonathan discuss the excess liquidity generated by central bank policy and the impact to equities, emerging markets and commodity prices. Jonathan gives further insights on inflation risks…
Art Berman: Outlook for Oil for 2017
Mar 9, 2017 • 71 min
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…
Grant Williams: The Rise of Populism, Trump Rally, Gold & More
Mar 2, 2017 • 73 min
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…
Louis-Vincent Gave: Translating 2016 Events to 2017 Strategies
Feb 21, 2017 • 73 min
Erik Townsend welcomes Louis-Vincent Gave to MacroVoices. Erik and Louis discuss the China reflation trade and asking when Chinese growth will roll over? They further discuss Brexit and the future of the European Union, Philippines and Rodrigo Duterte and…
Jeffrey Snider: Understanding the Global U.S. Dollar Shortage
Feb 16, 2017 • 70 min
Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeff discuss the Eurodollar money markets, why the world needs so many dollars, the U.S. Dollar and the Dollar funding gap. Jeffrey further debunks the reflation trade, discusses current…
Jim Rogers: Macro Outlook in the Trump Era
Feb 9, 2017 • 68 min
Erik Townsend welcomes back Jim Rogers to MacroVoices. Erik and Jim discuss what is in store for the U.S. Equity Markets, the U.S. Dollar, bonds and gold. Further in the discussion they tackle the history of government failures and his views on the global…
Jack Schwager: Trading Futures
Feb 2, 2017 • 75 min
Erik Townsend welcomes Jack Schwager to MacroVoices. Erik and Jack discuss how has futures trading evolved over the last few decades. They discuss technical vs fundamental analysis and the most important rule in technical trading. The conclude with…
David Rosenberg: Opportunities and Outlook for 2017
Jan 26, 2017 • 56 min
Macro Voices interview with David Rosenberg from Gluskin Sheff. David discusses when is it time to become bearish on the markets, US Dollar Outlook, Canadian Dollar and Canadian Monetary Policy, Future of European Union and asking if the 35-year bond bull…
Raoul Pal: Inauguration Eve Macro Update
Jan 19, 2017 • 71 min
Erik Townsend interviews Raoul Pal on MacroVoices. The interview with Raoul starts with asking if Trump can reverse the trend of a strong dollar. They look at the bond markets and ask if the secular bull market is over. Later in the interview, Erik and…
Rick Rule: Deep dive into pre-revenue resource investing process & due diligence
Jan 12, 2017 • 71 min
Erik Townsend interviews Rick Rule from Sprott Global. The interview with Rick starts with the outlook for the precious metals markets in 2017. Erik then proceeds to discuss the due diligence in making private placements in the gold and silver mining…
David Hay: The Trump Triumph Trade (TTT) is overdone!
Jan 5, 2017 • 68 min
Evergreek-Gavekal Chief Investment Officer David Hay joins Erik Townsend as this week’s feature interview guest. Topics include the equity market outlook under President Donald Trump, treasury yields, inflation, energy master limited partnerships, and…
Holiday Special RVTV Encore: Edward Misrahi
Dec 30, 2016 • 57 min
An interview which was originally published on June 2, 2016, between Raoul Pal of Real Vision and Edward Misrahi, Goldman Sachs alumni and founder of Eton Park.
Erik Townsend: Accredited Investor Academy, Part 4
Dec 29, 2016 • 65 min
Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 4.
Holiday Special RVTV Encore: Paul J. Isaac
Dec 24, 2016 • 57 min
An interview which was originally published on August 2, 2016, between Grant Williams of Real Vision and Paul J. Isaac, CEO and Founder of Arbiter Partners Capital Management.
David Rose: Accredited Investor Academy, Part 3-A
Dec 23, 2016 • 72 min
Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 3A. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the third of a four-part series about learning to be a…
Erik Townsend: Accredited Investor Academy, Part 3
Dec 22, 2016 • 57 min
Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 3.
RVTV Encore: Jawad Mian, Part 1
Dec 18, 2016 • 62 min
An interview which was originally published on April 29, 2016 between Grant Williams of Real Vision and Jawad Mian, Founder and Managing Editor of Stray Reflections, a global macro research and trading advisory with a focus on major investment themes and…
Julian Brigden: Inflation, U.S. Dollar, Peak Central Bank Omnipotence, Further PM Weakness, and More
Dec 15, 2016 • 78 min
Erik Townsend and Aaron Chan welcome Julian Brigden to MacroVoices. Erik and Julian discuss waxing and waning of U.S. Dollar cycles driving global crises, potentially materially higher headline inflation and wage numbers in 2017, peak central bank…
Prof. Steve Keen: Macro Outlook Under Donald Trump, Inflation, TSY Yields, and More
Dec 8, 2016 • 59 min
Erik Townsend and Aaron Chan welcome Professor Steve Keen to MacroVoices. Erik and Professor Keen discuss how Trump might be the most Keynesian President since Trump, prospects for a debt jubilee and subsequent credit boom, European Union disintegration…
Art Berman: OPEC Production Cut, Crude Oil Outlook
Nov 30, 2016 • 77 min
Erik Townsend and Aaron Chan welcome Art Berman to MacroVoices. Erik and Art discuss OPEC’s latest production cut agreement and what it means, false conception of cutting production to bring balance to an already-balanced market, how excess oil in storage…
Erik Townsend: Accredited Investor Academy Series, Part 2
Nov 24, 2016 • 49 min
Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 2. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the second of a four-part series about learning to be a…
RVTV Encore: Edward Carter
Nov 21, 2016 • 52 min
An interview which was originally published on April 8, 2016 between Raoul Pal, founder of Real Vision and Edward Bonham Carter, Vice Chairman of Jupiter Fund Management Plc.
Paul Krake: Post-Trump, Ripping up the Investment Playbook
Nov 17, 2016 • 63 min
Erik Townsend and Aaron Chan welcome Paul Krake to MacroVoices. Erik and Paul discuss the bond market blowup in the context of the U.S. Presidential election, ripping up the investment playbook under a Trump presidency, violent rotation out of long-bond…
Dr. Harald Malmgren, Dr. Pippa Malmgren: Post-Election Special
Nov 10, 2016 • 79 min
Erik Townsend and Aaron Chan welcome Dr. Harald Malmgren and Dr. Pippa Malmgren to MacroVoices. Erik, Harald, and Pippa discuss Trump’s governance effectiveness in light of the enemies he has made on the campaign trail, sources and potential escalation of…
RVTV Encore: Dr. Brett Steenbarger
Nov 7, 2016 • 40 min
An interview which was originally published on October 18, 2015 between Raoul Pal of Real Vision and Dr. Brett Steenbarger, Clinical Associate Professor of Psychiatry & Behavioral Science at SUNY Upstate Medical University.
Willem Middelkoop: The Big Reset, China’s Role in SDR, Gold, Alternatives to Democracy, and More
Nov 3, 2016 • 69 min
Erik Townsend and Aaron Chan welcome Willem Middelkoop to MacroVoices. Erik and Willem discuss Willem’s recent book The Big Reset and the coming monetary reset, China’s strategic objectives and pushing for the use of SDRs as the global reserve currency,…
Hugh Hendry: USD Breakout, Post-Brexit Europe, Benign on Japan, Equity Outlook, & More
Oct 27, 2016 • 74 min
Erik Townsend and Aaron Chan welcome Hugh Hendry to MacroVoices. Erik and Hugh discuss USD breakout and binary consideration of US economy’s condition in a strong-dollar environment, Brexit contagion and likelihood of strong vs. weaker countries…
RVTV Encore: Kyle Bass
Oct 23, 2016 • 64 min
An interview which was originally published on July 1, 2016 between Grant Williams of Real Vision and Kyle Bass, Managing Partner, Chief Investment Officer, Portfolio Manager, and Founder of Hayman Capital Management.
Robin Griffiths: Cyclical and Technical Frameworks, Central Bank Impotence, DM/EM Outlooks, Gold, and More
Oct 20, 2016 • 67 min
Erik Townsend and Aaron Chan welcome Robin Griffiths to MacroVoices. Erik and Robin discuss technical and cyclical frameworks for evaluating financial markets, hierarchy of cycles from seasonal variation to generational, potential panicked selloff in the…
Mark Yusko: Short Dollar, Long Deutsche Bank, China eCommerce, Oil, and More
Oct 13, 2016 • 74 min
Erik Townsend and Aaron Chan welcome Mark Yusko to MacroVoices. Erik and Mark discuss bearish outlook for and reserve status deterioration of U.S. dollar, the “Everything Bubble” and similarities to 2000, misplaced comparisons between Deutsche Bank and…
RVTV Encore: Michael Lewitt
Oct 9, 2016 • 58 min
An interview which was originally published on July 20, 2016 between Grant Williams of Real Vision and Michael Lewitt, founder of The Credit Strategy Group and writer of The Credit Strategist, a popular and acclaimed investment newsletter.
Simon Hunt: Chinese Political War, IMF Special Drawing Rights, Russia-China Alliance, 2020 Global Market Crash
Oct 6, 2016 • 61 min
Erik Townsend and Aaron Chan welcome Simon Hunt to MacroVoices. Erik and Simon discuss internal politcal wars within China stagnating economic growth, China’s steady, step-wise approach to allowing firm bankruptcies, Internal IMF battle for RMB’s…
Michael Lebowitz: Death of the Virtuous Economic Cycle
Sep 29, 2016 • 67 min
Erik Townsend and Aaron Chan welcome Michael Lebowitz to MacroVoices. Erik and Michael discuss the saving discipline that drives the virtuous economic cycle and sustains prosperity, a global economy untethered from demographics and productivity, outlook…
RVTV Encore: Roy Sebag & Josh Crumb
Sep 25, 2016 • 36 min
An interview which was originally published on April 14, 2016 with Roy Sebag and Josh Crumb, co-founders of Bitgold, and Chief Executive Officer and Chief Strategy Officer of Goldmoney, respectively.
Alex Gurevich: Dominant USD, Historical Fed Tightening Cycles, Cheap Treasuries, China Debt Unwind, and More
Sep 22, 2016 • 68 min
Erik Townsend and Aaron Chan welcome Alex Gurevich to MacroVoices. Erik and Alex discuss market reaction to latest FOMC policy decision, importance of placing current Fed actions in the context of historical rate-hiking cycles, egregiously cheap…
Raoul Pal: USD, TSYs, Biz Cycle, Gold, EU Exit Contagion & More!
Sep 15, 2016 • 78 min
Erik Townsend and Aaron Chan welcome Raoul Pal to MacroVoices. Erik and Raoul discuss structural issues in LIBOR and Eurodollar markets as bullish for USD, update on Raoul’s business cycle framework, 100% probability of recession following 2-term U.S.…
RVTV Encore: Michael Schneider
Sep 11, 2016 • 53 min
A conversation on April 4, 2016 between Grant Williams and Michael Schneider, Chief Investment Officer of Brookline Partners.
Jeffrey Christian: Precious Metals, Macro Drivers, and More
Sep 8, 2016 • 79 min
Erik Townsend and Aaron Chan welcome Jeffrey Christian to MacroVoices. Erik and Jeffrey discuss U.S. Dollar predictions and the range-bound outlook, Brexit contagion and potential impacts on gold and silver, rejecting old mental models with…
Art Berman: Labor Day Weekend Oil Special
Sep 1, 2016 • 77 min
Erik Townsend and Aaron Chan welcome Art Berman to MacroVoices. Erik and Art discuss looking beyond absolute inventory numbers and gleaning insights from comparative inventories, continued time-spread compression reflecting producer hedging or lack of…
RVTV Encore: Willem Middelkoop
Aug 28, 2016 • 63 min
A conversation on January 5, 2016 between Grant Williams and Willem Middelkoop, founder of the Commodity Discovery Fund and author of the worldwide bestseller The Big Reset.
Dr. Gary Shilling: Long the Long-Bond, Short Oil, Skeptical of U.S. Stocks
Aug 25, 2016 • 66 min
Erik Townsend and Aaron Chan welcome Dr. Gary Shilling to MacroVoices. Erik and Gary discuss the continued perception of the U.S. Dollar as a safe haven currency, why the long-bond trade isn’t over and the forces driving yields lower, reasoning behind…
Jeffrey Snider: All Signs Point to Global Systemic Reset
Aug 18, 2016 • 77 min
Erik Townsend and Aaron Chan welcome Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss rich equity valuations despite an on-going earnings recession, the mainstream misconception and myth that the Fed provides liquidity, Milton Friedman’s Interest…
RVTV Encore: Paul Brodsky
Aug 14, 2016 • 49 min
A conversation on March 21, 2016 between Grant Williams and Paul Brodsky, founder of Macro Allocation Inc.
Paul Brodsky: Treasury yields, Deflation, and the need for a Financial System Reset
Aug 11, 2016 • 69 min
Erik Townsend and Aaron Chan welcome Paul Brodsky to MacroVoices. Erik and Paul discuss the necessary global reset due to insurmountable leverage, views and outlook for U.S. Treasuries despite obvious sovereign insolvency, the false deleveraging narrative…
Charles Biderman: The Monetary Policy Endgame
Aug 4, 2016 • 85 min
Erik Townsend and Aaron Chan welcome Charles Biderman to MacroVoices. Erik and Charles discuss big picture and current market contexts beginning from Post-WW2, flight capital impact on U.S. markets, backstory related to sub-advisor relationship with and…
RVTV Encore: Stephen Diggle
Jul 31, 2016 • 66 min
A conversation on April 25, 2016 between Grant Williams and Stephen Diggle, founder of Vulpes Investment Management.
David S. Rose: Angel Investing
Jul 27, 2016 • 84 min
Erik Townsend and Aaron Chan welcome David S. Rose to MacroVoices. Erik and David discuss David’s background and introduction to angel investing and entrepreneurship through his great uncle, what angel investing actually is, how it might fit in a…
Eric Hunsader: Market microstructure, HFTs, and IEX
Jul 21, 2016 • 71 min
Erik Townsend and Aaron Chan welcome Eric Hunsader to MacroVoices. Erik and Eric discuss Eric’s incredible story of exposing the NYSE’s selling of higher-speed data feeds to high-frequency traders, the fallacy of HFT providing greater liquidity in the…
RVTV Encore: Stephanie Pomboy
Jul 17, 2016 • 56 min
A conversation on May 29, 2016 between Grant Williams and Stephanie Pomboy, founder of MacroMavens.
Richard Dickson: A Technician Takes the Pulse of Global Markets
Jul 14, 2016 • 74 min
Erik Townsend and Aaron Chan welcome Richard Dickson to MacroVoices. Erik and Richard discuss Lowry Research’s approach of looking at markets through buying power and selling pressure, the divergence in price action versus buying power and selling…
Erik Townsend: Accredited Investor Academy Series, Part 1
Jul 6, 2016 • 69 min
Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part I. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the first of a four-part series about learning to be a…
RVTV Encore: James Grant
Jul 3, 2016 • 44 min
RVTV Encore
Grant Williams: Brexit Could Lead to EU Collapse or Even War!
Jun 30, 2016 • 80 min
Grant’s experience and insights from observing Brexit outside of the UKThe next-steps and long-run view for the UK post-BrexitThe potential of the EU making an example out of the UK to prevent other countries from leaving
Steve Keen: Brexit, Alternative Currencies, Negative Interest Rates & More
Jun 23, 2016 • 72 min
Erik Townsend welcomes Steve Keen to MacroVoices.
RVTV Encore: Simon Mikhailovich
Jun 19, 2016 • 49 min
A conversation on May 23, 2016 between Grant Williams and Simon Mikhailovich.
John Llewellyn: Economic consequences of the Brexit referendum
Jun 16, 2016 • 75 min
Erik Townsend welcomes John Llewellyn to MacroVoices. Erik and John discuss how the Brexit vote is simply a prelude to a highly uncertain process, polling accuracy and the distinct possibility of Britain exiting the EU, the near-term economic impacts of…
Dr. Ben Hunt - Macroeconomics viewed through the lens of Game Theory and History
Jun 9, 2016 • 77 min
Dr. Ben Hunt brings a fresh perspective on the current macroeconomic backdrop as viewed through the lenses of game theory and history. We discuss the US dollar, Chinese currency devaluation, Japan, the Brexit referendum and much more.
RVTV Encore: Hugh Hendry
Jun 5, 2016 • 70 min
Hugh Hendry is interviewed by Raoul Pal on Real Vision Television on March 11th, 2016
Art Berman: Oil Fundamentals Deep Dive Redux
Jun 2, 2016 • 68 min
Erik interviews petroleum geologist Art Berman in his second appearance on MacroVoices as they revisit some of their fundamental analysis from Episode 3 back in February
Julian Brigden: Where we stand in the US Dollar Story
May 26, 2016 • 65 min
Erik Townsend and Julian Brigden of Macro Intelligence 2 Partners discuss the Dollar from a multitude of angles, as well as emerging markets, precious metals, equities and global bond markets.
RVTV Encore: Rick Rule
May 22, 2016 • 54 min
A conversation on March 25th, 2016 between Grant Williams and Rick Rule.
Jeffrey Christian: Around the world in 50 minutes
May 19, 2016 • 80 min
Erik and Jeff literally circle the globe bringing macroeconomic insight for each stop along the way.
Steve Keen: Making sense of the prevailing schools of economic thought
May 12, 2016 • 74 min
Erik and Steve talk about the thought processes driving current economic policy, and how we could best deal with never before seen levels of debt around the world.
RVTV Encore: Raoul Pal and Grant Williams
May 7, 2016 • 46 min
Raoul Pal and Grant Williams sit down together for a discussion they have entitled “The Reset II”
Satyajit Das: Cyclical downturn or structural shift? Context is key.
May 5, 2016 • 80 min
Erik and Das lend context to recent macroeconomic developments with a helping hand from history, in order to identify what might be different this time.