Macro Voices

Macro Voices

United States

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

Episodes

Jeffrey Snider: Dollar bulls don’t understand why they are right  

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 connection between Eurodollars and gold and the impact of QE on Eurodollar system.

Russell Napier: Buy the Dollar Dip  

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, the outlook for precious metals and the European exit contagion risk.

Lacy Hunt: The secular bond bull market is not over!  

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 world is turning Japanese? The further explore the impact of demographics, negative interest rates and the Fed hiking into deteriorating economy.

Steve Keen: On All Things Macro  

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 geopolitics, China and ask if we could avoid another financial crisis.

Martin Armstrong: Stocks could DOUBLE from here!  

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 discuss future interest rate trends, government debt, the geopolitics of North Korea and Syria and considerations on China and the debt crisis.

Danielle DiMartino Booth: Fed Up with the Federal Reserve  

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 banks.

Lance Roberts: Record margin debt threatens fed-fueled bull market  

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 discuss the total system leverage, the economic deficit and peaks in real profit margins.

Juliette Declercq: A Red string of fate ties U.S. to China  

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 cycle. They further discuss where is the ISM heading next, the impact on Trump’s tax and infrastructure spending and the potential surprises for the upcoming French election.

Julian Brigden: The “Trump Gap”, the Dollar and Bonds  

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 tightening is going to start to impact data. Julian also points out that the bond shorting opportunity is over and the subsequent risks to the reflationary trades. Also discussed are the wage trends in the U.S., perspectives on European growth and inflation and the relative pricing between U.S. and European bunds.

Jeffrey Christian: Secular BUY call on Gold  

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 platinum, palladium and lithium markets. Further, they wrap things up with Jeff’s macro outlook on the economy, the European Union and outlook for China and Russia.

Jonathan Tepper: The Sea of Excess Liquidity which fueled the rally will soon dry up!  

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 and the real end game and runaway inflation. They further discuss the 35-year secular bull market in sovereign bonds and the yield curve. With further comments on Australia, Brazil, China and Japan.

Art Berman: Outlook for Oil for 2017  

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 world production surplus, the global liquids consumption growth, the OECD incremental liquids Inventory and the EIA U.S. crude oil forecast.

Grant Williams: The Rise of Populism, Trump Rally, Gold & More  

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 trend of the U.S. dollar and the and asking if the 35-year bond bull market over?

Louis-Vincent Gave: Translating 2016 Events to 2017 Strategies  

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 the rise of the Chinese empire. It is closed off with the investment themes and risks for 2017.

Jeffrey Snider: Understanding the Global U.S. Dollar Shortage  

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 interest rate trap and the failing global currency system.

Jim Rogers: Macro Outlook in the Trump Era  

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 populist movements. They finish off the conversation discussing Jim’s views on the movement to a cashless society and answering if we are moving away from a free society?

Jim Rogers: Macro Outlook in the Trump Era  

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 populist movements. They finish off the conversation discussing Jim’s views on the movement to a cashless society and answering if we are moving away from a free society?

Jack Schwager: Trading Futures  

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 lessons from the Market Wizards books.

Jack Schwager: Trading Futures  

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 lessons from the Market Wizards books.

David Rosenberg: Opportunities and Outlook for 2017  

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 market over?

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