Macro Voices Podcasts

Erik Townsend and Patrick Ceresna welcome Viktor Shvets to MacroVoices. Erik and Viktor discuss:

• Inflation vs. disinflation
• “Everything will go to zero”
• Cause of changes in economic behavior and social attitude
• Generation cycles and fourth turning
• Capital markets and Fed policy – where are they headed?

• Is the only possible direction for interest rates to go up?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Eric Peters to MacroVoices. Erik and Eric discuss:

• Views on current inflation narrative
• How to hedge in a transitory inflation environment
• Consequences and implications of secular inflation
• How long it will take for inflation to go from “good” to “bad”
• Will digital currency eventually replace fiat currency?

• Will Bitcoin benefit from CBDC?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss:

• Views on inflation

• Recovery – how differences in sentiment will impact demand
• Logic behind central banks policy trend toward tapering
• Where will continued money printing lead us?
• Perspectives on ESG aware investing trend
• Energy market outlook

• Digital currency – where are we headed?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Philip Verleger to MacroVoices. Erik and Philip discuss:

• IEA’s forecast on shutting down the oil industry
• What will happen to price action at the wind-down of the industry
• Perspectives on inflation
• What would happen if this inflation is not transitory?
• Carbon sequestration and carbon credits
• Metals and petroleum – why is China selling metals?
• ESG and nuclear energy
• Outlook on oil

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Steve Keen to MacroVoices. Erik and Steve discuss:

• Relationship between inflation and bond rates
• Perspectives on recent action of US 10yr Treasury yield
• MMT – how will this concept be adopted?
• Will MMT create even more private debt and is there a way to avoid it?
• Debunking ESG for investors 
• Rebuttal to William Nordhaus 
• Steve’s new book - The New Economics: A Manifesto 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss:

• Options that exist for accredited investors in precious metals market

• Private placement in precious metals and how it works
• Pros and cons of Capital Introduction industry 
• Disadvantages of using a broker
• What Katusa Research newsletter offers
• Access to private placement and financing vs. public market

• Marin’s new book: The Rise of America

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Larry McDonald to MacroVoices. Erik and Larry discuss:

Relationship between inflation and treasury yields

• Outlook on US/China relations
• What to expect in equity and bond market
• Drivers of upcoming price increase in oil
• Trading opportunities in energy market
• “Alpha Male Central Banker”
• Breakdown of the dollar and its implications
• Oil demand expectations in the re-opening 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik and David discuss:

• Are we really facing secular inflation?
• How the recent stimulus impacts the inflation narrative
• FED has it right – this inflation is a “transitory phenomenon”
• How to play against the popular narrative that secular inflation is imminent
• Why this inflation is transitory
• Outlook on treasury yields

Download the podcast transcript: [Click Here]

Free 30-day Trial to Dave's Economic Research 

Charts with Dave 2021 05 06 MacroVoices 

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Harley Bassman to MacroVoices. Erik and Harley discuss:

• What’s needed to hedge against rising interest rates
• “Financial Tsunami” and what that would mean for the markets
• Reasons behind Harley’s new project with Simplify
• The new ETF, PFIX– who is it for?  
• How rising interest rates will cause systemic risks in the market
• How PFIX  can protect portfolio  
• Perspectives on inflation

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chartbook that accompanies this episode, as Erik and Harley will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Dylan Grice to MacroVoices. Erik and Dylan discuss:

• Inflation vs. Deflation
• US 10yr Yield outlook
• Reasons why there is potential for a big rally in crude oil
• Perspectives on oil and transitioning into EV
• Portfolio composition to play inflation
• Asymmetric trade opportunities
• ECB and the Fed – where are they headed?
• Risks of central banks intertwining with politics

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Charlie McElligott to MacroVoices. Erik and Charlie discuss:

• Deflation vs. Inflation
• Can US Treasury 10yr Yields  press 2%?
• Sentiment and vol factors and thematic reversal risk
• Nomura Vol control model anticipates potential “buy flows”
• Thematic & Factor risk premia performance trends
• SPX/SPY Consolidated $Gamma/$Delta

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Charlie will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

• General outlook on oil
• Factors causing continuous decline in production
• Why should we not expect increases in price?
• OPEC spare capacity vs Brent price
• Reasons to expect demand to return to pre-pandemic levels by end of 2021
• Price outlook for the rest of 2021
• Increase in price vs. rig count
• Impact of electrification on oil

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Art will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jeff Snider to MacroVoices. Erik and Jeff discuss:

• Why deflation?
• Was it really a historic sell-off in bond market?
• Why the government wants inflation
• US Treasury yield curve vs. Eurodollar yield curve
• Will the Fed stick to the zero lower bound for the foreseeable future?
• Definition of reflation vs. recovery
• Underwhelming current reflationary sell-off
• Inflation expectations in the TIPS market

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jeff will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss:

• Inflation outlook and its main drivers
• S&P500 index and margin debt to GDP analysis
• Potential peak in earnings growth ahead
• Corporate profit margins vs. Labor share
• Stocks vs. Interest rates, Interest Rates vs. Financial Instability
• Gold and crypto currency
• How value investing works in overpriced asset conditions

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jesse will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Steven Van Metre to MacroVoices. Erik and Steven discuss:

• Why deflation, why not inflation?
• QE – how it really works
• Why is the current MMT inspired stimulus not inflationary?
• Reasons why there is a need for existing bank reserves for QE
• What will the next stimulus bring?  
• What is a liquidity trap and why we’re headed towards it
• Implications of liquidity trap and how to resolve it
• Outlook on bond yields

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Steven will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Robert Friedland to MacroVoices. Erik and Robert discuss:

• How investors should think about decarbonization
• Green Revolution – is there an investment in build out of a new electric grid?
• What to invest in to benefit from the electrification of the global economy
• EV and advancement in batteries – is nickel unavoidable?
• How investors should look at advancement in battery technology
• Perspectives on commercialization of Thorium reactors
• The technology needed in order to deliver safe and unlimited electric energy 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Juliette Declercq to MacroVoices. Erik and Juliette discuss:

• Is secular inflation upon us?
• What to make of the rise in long-term bond yields?
• Are higher yields threatening an equity bear market?
• Ongoing sector rotation between cyclicals/value and growth sectors
• What should the FED do next?
• Outlook on dollar and gold

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Juliette will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Diego Parrilla to MacroVoices. Erik and Diego discuss:

• Inflation vs. Deflation narrative
• Rates market – at what point will the Fed intervene?
• Negative treasury yield and what that means for equity market
• VIX on the rise – is the market topping?
• Outlook on Gold
• DXY – are we seeing a reversal on the horizon?

Download the podcast transcript: [Click Here]

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Erik Townsend and Patrick Ceresna welcome Ole Hansen to MacroVoices. Erik and Ole discuss:

• Return of a commodity bull market
• Increasing real yields vs. gold
• Green revolution – which commodity will benefit?
• Increasing demand in Copper
• Record long exposure in hedge funds – is this where the market tops?
• Why Roll Yields matter
• Green transformation and its relationship to correlations in commodities
• Crude oil – are we nearing a top?
• Outlook on agriculture, Uranium

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Ole will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Lyn Alden to MacroVoices. Erik and Lyn discuss:

• Perspectives on mainstream deflationists adopting a new inflation view
• Limits to excessive deficit spending and fiscal stimulus
• Fiscal vs. Monetary dominance
• Macro asset allocation strategy in fiscal dominance environment
• Perspectives on the Fed’s yield control
• U.S. broad money supply vs. Japanese broad money supply
• Outlook on Gold and Bitcoin

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Lyn will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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