Macro Voices Podcasts

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

• Perspectives on MMT and how it affects the gold market
• How far are we in the gold bull market cycle
• What would change the investment mindset on gold with MMT on the horizon?
• Why investors need to consider currency conversion factor when investing in gold
• What is in store for the natural resources sector?
• Opportunities in gold mining vs. copper mining
• Asset allocation in natural resources sector

Download the podcast transcript: [Click Here]

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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 Tian Yang to MacroVoices. Erik and Tian discuss:

• Inflation driven commodity super cycle – when will it happen?
• When will  consumer price inflation starts?
• How to manage your portfolio to prepare for inflation
• COVID-19 pandemic impacts on prices
• How to position for commodity super cycle
• How to approach different commodity sectors for allocation
• Outlook on precious metals

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Tian 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 Stephanie Kelton to MacroVoices. Erik and Stephanie discuss:

• Why using taxes to pay for government spending is a myth
• If the government can print money, why are taxes still necessary?
• What measures does MMT use to overcome inflation risk?
• Debunking the myth that the future generation will have to pay for the current national debt
• Risk of dilution in value of dollars due to government money printing
• Constraints of MMT

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 guest co-host Kevin Muir welcome Mike Alkin & Guy Keller to MacroVoices. Erik, Mike and Guy discuss:

• Future of nuclear power industry
• How big is the Uranium mining industry post-Fukushima
• Collapse of market capitalization of Uranium mining
• How Uranium market works
• Investment opportunities in Uranium market

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and the guests 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 Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss:

• Perspectives on recent Presidential debate
• Supreme court legal precedent
• Doespolitical uncertainty in the U.S. create an opportunity for China?
• Accuracy of polls and how investors should consider them

• Possible outcomes and what that would mean for the markets
• Possibility of Donald Trump launching a news network

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and this week's guest host Kevin Muir 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 Art Berman to MacroVoices. Erik and Art discuss:

• Update on Art’s 2020 U.S.oil production narrative
• How big of a decline in production should we expect?
• Supply in demand imbalance – where is oil price headed from here?
• What investors should look for in anticipation of resumption of normal demand
• What level of demand to expect post-crisis?
• Decreasing price sensitivity to changes in comparative inventory 
• Will we ever get back to pre-crisis consumption levels?

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 Alex Gurevich to MacroVoices. Erik and Alex discuss:

• Is the bond bull market finally coming to an end?
• Possibility of negative rates
• Secular shift from disinflation toward inflation
• US dollar outlook – beginning of a secular decline?
• Perspectives on gold and equity markets
• Impact of monetary policy on liquidity

Download the podcast transcript: [Click Here]

SPECIAL POST GAME GUEST- Jim Bianco

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

• Prognosis on the U.S. Presidential Election
• Why the Republicans have not yet folded on the next relief package?
• Vicious circle from lower confidence to higher unemployment
• What would a contested election mean for the markets?
• U.S. dollar outlook
• Possibility of U.S. Real Yields to collapse

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 Mike Green to MacroVoices. Erik and Mike discuss:

• Active vs passive investing dynamics
• Is QE what’s driving the stock market and how does MMT fit in
• Will MMT bring runaway inflation and what are the implications?
• Is the bond bull market coming to an end?
• What investors should look out for during a period of hyperinflation
• Outlook on gold
• Potential risks and threats of U.S. dollar losing its reserve currency status
• Perspectives on digital currency 

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 Luke Gromen to MacroVoices. Erik and Luke discuss:

• Is this the beginning of the big move down for the US dollar?
• Why the US will have to what Luke calls “print the mostest” in the dollar endgame
• What does “printing the most” entail?
• What is the catalyst that would bring a secular decline of the dollar?
• US fiscal condition – accelerate borrowing and spending, where are we headed from here?
• Perspective on the soaring S&P500, what does this mean?
• Outlook on Gold
• Perspectives on how the US Presidential election outcome will impact the markets

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 Brent Johnson to MacroVoices. Erik and Brent discuss:

• What is next for the U.S. Dollar?

• Will the change in monetary system provide a viable alternative to the dollar?
• S&P 500 breaking out to the upside – what comes next?
• Soaring stock market – is this driven by central banks buying stocks using cash from QE?
• Outlook on gold and commodities
• Can U.S. Treasuries see negative yields?

• Perspectives on the upcoming U.S. Presidential election

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Brent 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 Jesse Felder to MacroVoices. Erik and Jesse discuss:

• New all-time highs in the stock market despite the pandemic – what does this mean?
• Jesse’s perspectives on Mike Green’s thesis about passive investment strategy
• Is the retail mania driven by the Fed?
• Perspectives on stock split and still rising TSLA
• Is the bond market the key to stop the Fed’s frivolous money printing
• Is this the beginning of the end for US dollar?
• Outlook on Gold

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 postgame. 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 Vincent Deluard to MacroVoices. Erik and Vincent discuss:

• Shortcomings of 60/40 portfolio and its implications
• Why secular inflation is on the horizon and what would it look like?
• Generational gap in wealth – what policies will bridge that gap?
• U.S. Dollar – is this the beginning of the end?
• Outlook on European economy and markets
• Why inflation still hasn’t happened
• Perspectives on gold and precious metals 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart deck that accompanies this episode, as Erik and Vincent 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 Jim Bianco to MacroVoices. Erik and Jim discuss:

• Has Jim really changed his views and turned bullish?
• Coronavirus crisis update
• V-bottom recovery in the stock market does not equal v-bottom recovery in the economy
• FED’s balance sheet expansion – where is it headed, what’s the endgame?
• MMT – what are the risks and how does it unfold?
• Fixed income markets – outlook on bond yields
• Devaluation of the US dollar and the possibility of it losing its reserve currency status
• Outlook on Gold

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart deck 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 Jeff Snider to MacroVoices. Erik and Jeff discuss:

• 2008 Recession and QE, how it differs from other recessions
• Diminishing economic growth
• Perspectives on Ben Bernanke’s and other central banker’s performance in the aftermath of 2008 recession
• Debunking the idea of central banks being central
• Banks are shrinking – bank stocks are reflecting risks
• Primary components of the global monetary system and how they work

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart deck that accompanies this episode, as Erik and Jeff 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 Grant Williams to MacroVoices. Erik and Grant discuss:

• How to navigate the current environment of escalating civil unrest and the social divide
• Rise of MMT – how close are we and what should we expect?
• How long will the central bank balance sheet expansion continue?
• The global recession – how does it compare to recessions in the past and how long will it last?
• Outlook on Gold
• Changing political climate in Hong Kong and its impact on US/China relations
• Perspectives on the impact of the upcoming US Presidential election

Download the podcast transcript: [Click Here]

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

• U.S. Deficit was already growing pre-COVID19 crisis
• Current employment dislocation compared to 2009
• Is the Fed's monetary policy what's driving the V-shaped recovery in stock prices?
• Fed's policy to inject more liquidity into the real economy and its implications
• Will Monetary Policy 3 lead us to consumer price inflation risk?
• Gold vs. Money supply and real interest rates
• Possible impact on the markets from the upcoming U.S. Presidential election

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart deck that accompanies this episode, as Erik and Lyn 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 Hugh Hendry to MacroVoices. Erik and Hugh discuss:

• "Put Joe Rogan in Charge of the Fed! - The Dawn of Chaos"
• Perspective on the stock advance relative to money supply expansion
• Balance sheet expansion of the Fed and other central banks
• Which direction will this monetary policy take?
• Wealth inequality
• Implementation of MMT and devaluing the dollar - is this a good idea?
• Hugh's journey from hedge fund manager to property investor

Download the podcast transcript: [Click Here]

We strongly recommend that you download the article that accompanies this episode, as Erik and Hugh 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 Charlie McElligott to MacroVoices. Erik and Charlie discuss:

• Perspective on market strength, despite the resurgence of COVID19 cases
• How to current market situation translates to the CTA positioning 
• Equity market outlook
• How does volatility complex play into the current equity market?
• Bond market outlook – secular end of a 40 year event?
• The impact of rising civil unrest and upcoming election will have on the markets

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chartbook that accompanies this episode, as Erik and Charlie 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).

SPECIAL POST GAME GUEST- Talking Options with Convexity Maven Harley Bassman

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

• Impact of COVID19 on recession – was it the cause or catalyst?
• Perspective on declining population and workforce
• Possibility of risk parity unwind
• Portfolio positioning in current market 
• Policy risk on spread trading
• Are we headed toward secular inflation and what does that entail?
• Inflation vs. bond market 

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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