Weekly market commentary by Hedge Fund Manager Erik Townsend and interviews with the brightest minds in the world of finance and macroeconomics. Made possible by funding from Fourth Turning Capital Management, LLC
Energy Week #16: Abqaiq Processing Facility Attacks and their consequences
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.
MacroVoices Spotlight #2 Bob Coleman: Private Vaulting of Precious Metals = Independence from the Financial System
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!
MacroVoices #184 Jeffrey Snider & Luke Gromen : Global U.S. Dollar Shortage Demystified
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.
All-Stars #56 Dr. Anas Alhajji: Oil Market Update (in lieu of ENERGY WEEK)
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.
MacroVoices #182 Summer Special Part 2: Danielle DiMartino-Booth and Peter Boockvar on the Future of Monetary Policy
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.
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 about CBDCs generally
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 Hole
MacroVoices #181 Summer Special Part 1: Danielle DiMartino-Booth and Peter Boockvar on the Future of Monetary Policy
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.
All-Stars #48 Dr. Pippa Malmgren: It?s not really 1929. Don?t panic.
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.
All-Stars #47 Luke Gromen: It?s not Stocks or Bonds but the USD that is the ?odd man out?
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!
All-Stars #46 Prof. Steve Keen: Yield curve inversion, recession & private debt
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.
MacroVoices #180 Daniel Lacalle: The bond market gets it. Global Stocks get it. The S&P 500 has been slow to get the memo.
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 dollar.
MacroVoices #179 Ronald-Peter Sto?ferle: Gold/Precious Metals Special
Erik Townsend and Patrick Ceresna welcome Ronald-Peter Sto?ferle 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.
All-Stars #41 Juliette Declercq: Powell should be fired!
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!
Hot Topic #2 Dr. Hal & Dr. Pippa Malmgren: Father/Daughter Presidential Advisor Team
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.
All-Stars #40 Prof. Steve Keen: Why Steve does NOT see a U.S. recession on the horizon
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.
MacroVoices #178 Mark Cudmore: Bearish global growth and equity markets, expecting an imminent decline in stock prices
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 DiMartino Booth
All-Stars #39 Jeffrey Snider: A deeper dive into Fed Funds and IOER
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.
All-Stars #37 Dr. Pippa Malmgren: Iran, Trump News Network, and Facebook?s $5bn fine
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.
MacroVoices #177 Peter Warburton: Inflation or Stagflation? And how will it occur?
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 the Box?
All-Stars #36 Julian Brigden: Pensions, Curve Inversions, and 10yr outlook
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.
All-Stars #35 Luke Gromen: FF>IOER Means Balance Sheet Capacity Used Up
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.
All-Stars #34 Danielle DiMartino-Booth: The stock market can rally thru the 1st or 2nd rate cut
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.
MacroVoices #176 Jim Rickards on his new book, Aftermath
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
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.
All-Stars #32 Jeffrey Snider: Eurodollar System Explains Fed Funds over IOER
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
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.
MacroVoices #175 Jesse Felder: Breadth divergences signal caution warranted on new all-time highs
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.
Energy Week #10: Inventory data or Tropical Storm? What?s driving the price rally? Alhajji/Shuchart/Berman
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.