Real Vision: Finance & Investing

For decades, the schools of economic thought that have informed monetary and fiscal policy decisions have been decidedly not Austrian; but, outside of the echo chambers of Washington D.C., Austrian School economics is in a boom as academics and civilians alike see the predictions and promises of the mainstream fall short. Guided by his Austrian views, Robert P. Murphy, senior fellow at the Mises Institute, has been astute with many of his predictions of the side effects of mainstream economic policies. Together with Real Vision's Ed Harrison, Murphy reintroduces the core of Austrian economics and compares and contrasts with other major economic schools of thought in relation to how each try to make sense of past and recent economic developments and the responses to them. He also attempts to answer the question of whether the Fed's monetary bazooka has ushered in a swift end to the recent business cycle and set us on course for another underwhelming economic expansion. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision CEO Raoul Pal is joined by senior editor Ash Bennington to discuss the current state of different asset classes at this unique juncture. Raoul shares his view on the dollar, precious metals, and bitcoin. He also provides a strategic update on his unfolding thesis. Raoul guides viewers from the hope event into the insolvency phase as high-frequency data show slowdowns in economic activity. Raoul and Ash discuss why they think bitcoin is a favorable trade, and they explore why buying calls on the VIX and puts on the S&P 500 could ballast a gold-heavy portfolio. In the intro, Jack Farley discusses today's Employment Situation Report from the Bureau of Labor Statistics. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington speaks to David Bahnsen, founder and managing partner of The Bahnsen Group, about the economics of re-opening and the state of the U.S. equity markets. Bahnsen weighs the risks and rewards of reopening the U.S. economy during the ongoing pandemic, using the Swedish "no-lockdown" model as an example. Bahnsen and Bennington also discuss the methodology of calculating GDP change as well as the widening chasm between the S&P 500 and the drastic economy contraction. Bahnsen explains this bifurcation by noting that the GDP looks backward while the stock market looks forward. In the intro, Jack Farley reviews the latest initial claims data and gives a strategic overview of the dramatic price action in the Turkish Lira. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor, Ash Bennington, joins managing editor, Ed Harrison, to discuss some of the latest data coming out, revealing the health of the US economy. They go over the July ADP Nonfarm Payroll number, what the disappointing results say about where the economy stands, and why the pandemic really is something to seriously consider as a market driver. They also talk about the uptick of coronavirus cases globally, the Swedish outcome, and how the world would get closer to a new normal. They wrap up their discussion by exploring bifurcation, the divide between the real economy and the financial economy, and when that reality becomes important to markets as well as the bifurcation between the market winners and losers during the pandemic. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington is joined by Mike "Mish" Shedlock of TheStreet.com to discuss gold and the looming fiscal cliff. Shedlock analyzes the purported "short squeeze" on gold, shining a light on the various players in the future as well as physical markets for gold during its ascendant rally. Bennington and Shedlock then analyze the dysfunction in Washington and gyrating asset markets through the lens of expiring unemployment benefits. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor, Ash Bennington, joins managing editor, Ed Harrison, to reckon with the idea of whether a COVID-19 vaccine will be the “medical bailout” everyone is staking their hopes on. Ash and Ed give an overview of where many major nations are currently in their battle against the pandemic and consider if this new normal is truly sustainable in the long-term. They also discuss the continued move toward a virtual world, how this is an omen of absolute collapse in certain industries, and how the pandemic has become a politically charged subject in the midst of a US election cycle. In the intro, Nick Correa shares some of the data from the Household Pulse Survey, revealing the ways fiscal stimulus has made up a portion of aggregate spending for American consumers. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The neoliberal model of free trade, open borders, and liberalized capital flows is under assault. Traditional economic models with rational agents and efficient markets don't accord with reality, and people are starting to notice. Even recent advances in behavioral economics have failed to capture this disconnect. Mark Blyth, William R. Rhodes Professor of International Economics at Brown University, and Eric Lonergan, macro hedge fund manager at M&G Investments, explore and seek to resolve these conflicts in their new book, "Angrynomics." Blyth and Lonergan examine how the outsourcing of economic management to grey-suited bureaucrats is fomenting a populist backlash that is redrawing political battle lines and molding the destiny of different asset classes in ways few fully grasp. They analyze the recent largesse of central banks as a sort of asymmetric put-option which rewards those who hold assets and punishes those who don't. Blyth and Lonergan also explore potential solutions, which include dual interest rates, citizens' wealth fund, and - yes - even helicopter money. Sponsor Link - Keep Coming Back : http://keepcomingbackpodcast.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

David Andolfatto, economist and senior vice president at the Federal Reserve Bank of St. Louis, joins Pedro da Costa, senior reporter at Market News International, to give a peek behind the curtain into the Fed’s monetary policy at this unique market juncture. Andolfatto analyzes the most recent economic data and estimates that we are headed towards a "W-shaped" recovery. He then describes the remaining tools the Fed still has at its disposal. Da Costa and Andolfatto also analyze the pandemic as an accelerant of secular trends, such as working from home and rapid adoption of technology, as well of the lasting impacts of this acceleration. They also explore helicopter money, the commoditization of consumer loans, as well as the looming threat of inflation. Sponsor Link - Keep Coming Back : http://keepcomingbackpodcast.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington hosts Real Vision favorite Mike Green of Logica Capital Advisors. Mike Green gives a strategic update on the markets, and, through the lens of his renowned critique of passive investing, analyzes flow data on ETFs and mutual funds to conclude that the markets could be due for some turmoil in the coming months. Green and Bennington also discuss today’s interview with Green and Rob Arnott, one of the world’s leading quantitative investors. Green also shares his views on "volmaggedon" and the similarities between short-vol and bonds. In the intro, Jack reviews recent FAANG earnings and gives a preview of Jason Buck’s three-part “Ahead of the Curve,” a deep-dive into volatility featuring interviews with Chris Cole, Jerry Haworth, and Bastian Bolesta. Sponsor Link - Keep Coming Back : http://keepcomingbackpodcast.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Managing editor, Ed Harrison, hosts Marc Chandler, chief market strategist at Bannockburn Global Forex, to discuss currency markets, the dollar’s reserve status, and the world’s loosening grip on the goal of economic efficiency. Chandler and Harrison parse how a seemingly weaker US recovery is expressing itself through currency markets. Chandler also shares his thoughts on why the dollar losing reserve status and the loss of US hegemony are not as compelling by appealing to the dollar’s cyclical trends. Finally, they discuss how nations are reducing their dependency on economic efficiency as the end all, be all, what that looks like, and how the pandemic is catalyzing these trends. In the intro, Nick Correa reviews the latest GDP numbers for the U.S. economy and what implications it has over the next few months. Sponsor Link - Keep Coming Back : http://keepcomingbackpodcast.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Managing editor, Ed Harrison, and senior editor, Ash Bennington, come together to discuss the Fed in light of the FOMC’s announcement today. Ed and Ash drive home how the Fed, at this time, is the dominant agent in these markets and how investor’s feelings regarding Fed action can interfere with one’s ability to make money. Because of the Fed’s mandate, Ed and Ash discuss why they are “the only game in town” and how it’s led them to respond to the crisis with unprecedented force. They then consider the weight of the arguments concerning the dollar losing reserve currency status and examine the implications of the Fed’s latest announcement. In the intro, Nick Correa covers what’s happening in gold markets and whether the rally is “overhyped” as well as Santander’s and Barclays’ earnings announcements. Sponsor Link - Keep Coming Back : http://keepcomingbackpodcast.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor, Ash Bennington, joins Max Wiethe to cover the types of U.S. stimulus that have been implemented so far, the battle happening in Congress, and the crypto space. Ash and Max do a deep-dive into the types of monetary policy the Fed can implement and the alphabet soup of facilities they have set up to respond to the crisis. They also discuss at length what the current negotiations could mean for the 2020 elections, how the robustness of the recovery is what matters at this stage, and how the dysfunction of Congress is on display. Finally, they talk about gold breaking its all-time highs, bitcoin nearing $11,000, and the long-term view of the crypto space. In the intro, Nick Correa talks about the newly-unveiled proposal from the Republicans for fiscal stimulus and the sources of tension as Congress races toward passing a relief bill. Sponsor Link - Keep Coming Back : http://keepcomingbackpodcast.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor, Ash Bennington, hosts managing editor, Ed Harrison, to break down the recent price action in gold and bitcoin, and to analyze the health of the U.S. economy as COVID-19 continues to spread. Ash and Ed also consider how the dollar continues to weaken and where rates are headed, as well as speculate on what the next iteration of US fiscal policy will shape up to be. In the intro, Jack Farley takes a look at the plumbing of the gold market. Sponsor Link - Keep Coming Back : http://keepcomingbackpodcast.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

In many ways, China is at the center of the public health and economic crisis that has gripped the entire world for most of 2020, but recently more focus has been placed on the U.S. and Europe. George Magnus, research associate for the China Centre at Oxford University, helps viewers revert their gaze back towards the global superpower sized elephant in the room. Together with Real Vision's Ed Harrison, Magnus examines the current state of affairs for China from the perspective of the western countries left with a bad taste in their mouths after China's handling of the COVID-19 outbreak, but also from the internal perspective of a country looking to restart its growth engine and position itself for a world with fewer allies and a new economy with less reliance on traditional global trade partners. In addition, they examine the health of the Chinese banking system, the return of credit growth in China, and the potential for western sanctions and the outright weaponization of the U.S. dollar. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Brent Johnson, CEO of Santiago Capital, joins Lyn Alden of Lyn Alden Investment Strategy for an in-depth discussion on the fate of the world's most important currency: the U.S. dollar. Johnson gives a strategic update on his "Dollar Milkshake" thesis and explains his bullish long-term view of the dollar, based on the outstanding glut of dollar-denominated debt. Alden considers this analysis and introduces a less bullish view, which she bases on the U.S.'s high trade deficit and negative net international investment position (NIIP). Using many detailed charts, Alden and Johnson compare their ideas and reach something of a synthesis between their two views. The pair also reflect on the dollar's status as the world's reserve currency, and they also explore whether a move to a multipolar currency world is possible. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington is joined by editor Max Wiethe to reflect on a week of divergent price action. Ash and Max analyze the extreme rallies in precious metals, with Max describing his macro framework through the lens of his Real Vision Live interview with Greg Weldon. Ash then explores the rapidly approaching fiscal cliff, which leads into a philosophical discussion on financial journalists’ penchant for making uncertain connections between news headlines and moves in asset prices. Max describes his view on the dollar, and Ash and Max close by examining the dislocations between and within different equity indices. In the intro, Jack Farley goes over the latest economic data and explores the recent bid to rescue Brooks Brothers from bankruptcy. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Managing editor, Ed Harrison, joins Real Vision’s Tyler Neville to break down his ideas around secular stagnating markets, demographics, and pensions. Tyler discusses how mega corporations are no longer playing to win, but playing to not lose and how the Fed’s monetary policies, especially in response to the pandemic, entrenches calcified companies, rendering the zombification effect. Ed and Tyler also examine how markets no longer reward innovative ideas with capital, but rather have converted into a debt refinancing mechanism and encourages a rentier market. They wrap their discussion by exploring how lack of funding will push pensions to go risk-on, whether Tesla can be likened to Amazon, and what may be coming to markets next. In the intro, Nick Correa shares the state of Kentucky recently filed lawsuit against Blackstone and KKR and how this highlights the extreme weaknesses and woes of the pensions industry at large. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Managing editor, Ed Harrison, hosts Jim Bianco of Bianco Research to discuss the Fed and Judy Shelton’s recent nomination, the significance of flows, and his forward look on markets and the economy. Bianco and Harrison first analyze the extreme opposition of Shelton’s nomination as a Fed Governor and consider how the Fed has been a domineering force in supporting markets for the past few months. Bianco then breaks down the types of retail investors and why their influence can prove to be powerful in driving market movements. They end their discussion by talking about the recent rally in gold and silver, and Bianco’s perspective on the bifurcation of markets and the economy, whether stimulus can be effective forever, and the damaged psyche of consumers. In the intro, Nick Correa gives an overview of the status of the US’s new relief bill and how the Federal Pandemic Unemployment Compensation program will end sooner than most Americans believe. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington joins managing editor Ed Harrison to talk about how EU leaders have closed in on its landmark recovery deal. Ash and Ed examine how European political dynamics have shifted and why this may not really be Europe’s “Hamiltonian moment.” They look at how federalism has played out in the US, how the EU differs in its makeup, and what existential threats the EU faces should their efforts fail. They wrap up their discussion with the unique threats the EU may face with coronavirus should it boomerang back to Europe. In the intro, Nick Correa covers the EU recovery deal’s details and shares some of the difficulties in reaching a deal. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor, Ash Bennington, hosts managing editor, Ed Harrison, to analyze the economic news of the day. Ed and Ash examine the recent jobs figures, and Ed describes why he believes the current jobless claims may be significantly underreported. They also discuss gold, and analyze ongoing progress of the EU recovery deal. In the intro, Jack Farley places in context recent movements in the dollar, yen, and euro. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision Managing Editor Ed Harrison talks to Richard Koo, Chief Economist at Nomura Research Institute. Koo is famous for his work on balance sheet recessions, a rare type of recession where drastic liquidity injections fail to increase the money supply because they remain trapped in the financial system, as there's no low demand for loans since companies focus on minimizing debt rather than maximizing profits. He and Harrison discuss this framework in detail, and use it to analyze our current economic crisis the world faces. Koo draws a contrast between the traditional balance sheet recession, where a bursting of a debt-financed bubble causes a collapse in asset prices and an emergence of debt overhang, with what he refers to as a "pandemic recession," where an exogenous collapse of economic activity leads to disappearing income and a tightening of financial conditions. Koo and Harrison also discuss the various toolkits available to central banks and fiscal authorities worldwide, and Koo shares what he thinks what a sound policy response might look like. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Dr. Kayvon Modjarrad, director of the Emerging Infectious Diseases Program at Walter Reed Army Institute of Research, joins Ash Bennington to explain what the Department of Defense's coronavirus vaccine research project is doing to combat the pandemic. Dr. Modjarrad breaks down the different factors that have culminated to increase the difficulty of creating a vaccine. He shares details on the vaccine that his research group is creating with nanoparticles that bind to the virus itself. Finally, he answers questions like, "how long will vaccine deployment take?", "what effects do mutations have on the success of vaccines?", and "how does one protect themself from COVID-19?" from the perspective of an infectious disease doctor on the inside of the scientific effort to mitigate this deadly pandemic. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision CEO Raoul Pal is joined by senior editor Ash Bennington to reflect on weakness in the banking sector and the odd flatness that has characterized the market for the past month. Raoul gives a taste of “Afterhours with Raoul,” in which he goes over how to build a macro framework and size position. Raoul and Ash also explore whether the Fed is suppressing volatility and take a look at CLOs through the lens of the most recent episode of Ahead of the Curve. In the intro, Jack examines Netflix’s plunge and the 30-year mortgage rate reaching an all-time low. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington joins managing editor Ed Harrison to discuss the latest jobless claims numbers and its particular significance this week. They start off by discussing Ed’s latest interview with Robert P. Murphy and Austrian economics. They then distinguish the difference between non-seasonally adjusted data and seasonally adjusted data and why that’s critical to understand the news coverage of this week’s jobless numbers. Ed and Ash end their discussion on Bank of America’s earnings, why several major US banks have had mixed results this week, and what it says about the embedded inequalities in the system. In the intro, Peter Cooper discusses California Resources and why their bankruptcy is a foreshadowing for companies who are in trouble and are tapping into credit markets to carry them through the pandemic. Learn more about your ad choices. Visit podcastchoices.com/adchoices

In these unprecedented times of economic stress, the mainstream playbook has been tossed out the window as fiscal and monetary authorities continue to throw everything but the kitchen sink at the problem of synchronized global economic downturn. In this interview with Ed Harrison, heterodox economist Steve Keen argues that, although some of these policies are headed in the right direction, many are completely missing the core issue – ungodly levels of private sector debt. Together, Keen and Harrison discuss common misconceptions about private debt, MMT, and the circumstances where ballooning public debt led to hyperinflation. They also break down Keen's argument that the exogenous nature of the COVID crisis might improve the palatability of a much-needed private debt jubilee. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington joins managing editor Roger Hirst to discuss the latest developments in markets and macro. Bennington and Hirst consider the divergence of large-cap stock indexes and small-cap stock indexes, the DXY falling with the dollar weakening, and how the momentum of US equity markets is slowing due to Fed balance sheet tightening. They also dive into banking and explain why the recent earnings reports for some of the US’s large banks reveal the bifurcation of the real economy and financial markets. In the intro, Peter Cooper talks about Goldman Sachs’ 2020 Q2 earnings and explains why it exceeded expectations by a wide margin. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington joins managing editor Ed Harrison to discuss Q2 earnings for banks such as JPMorgan and Wells Fargo and use it as a barometer to talk about market cycles. Ash and Ed consider how the abysmal results in financials can cloud our understanding of where markets are at in the cycle. They also break down the sector weightings in the S&P 500, examining how severely underrepresented certain industries are and how that is distorting equity market performance. They also ponder the ways in which the system is currently “rigged,” the sorts of inequities that arise out of it, and how the pandemic is exposing it all. In the intro, Peter Cooper discusses the Q2 earnings for JPMorgan, Citigroup, and Wells Fargo, and analyzes how effective the Payroll Protection Program has been in supporting small businesses in the US. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington hosts Ed Harrison for a conversation about life and markets during coronavirus. Using Tesla as a jumping off point, they take an existentialist turn and explore what might bring people to speculate on a stock that, by all traditional metrics, is extremely overvalued. Ed proffers that people who take a gamble on Tesla and other retail favorites do so out of a sense of desperation in order to feel a sense of control, at a time when they feel powerless. Ash provides additional color on Ed’s theory by analyzing the impact of fiscal stimulus. Ed and Ash also they frame their thinking through today’s interview with Mark Blyth and Eric Lonergan. In the intro, Jack Farley explores the coming “fiscal cliff” in the U.S., and puts Tesla’s extreme price action in context. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Professor Richard Werner joins Hugh Hendry, founder and former CIO of Eclectica Asset Management, for a deep-dive into the world of central banking. They explore the process of credit creation and examine the fundamental role it plays in inflating asset bubbles, the popping of which can wreck whole economies but can be very good for central bankers. They analyze the Bank of Japan's (BOJ) remarkable record of credit expansion, including its use of lending quotas, through the lens of Werner’' renowned book, "Princes of the Yen," which was a number one bestseller in Japan. They also look at the ongoing efforts of the Fed and the European Central Bank (ECB) to provide liquidity during this unprecedented global crisis at all costs, particularly debt monetization and quantitative easing (a term Werner himself coined), which Werner suggests could lead to a widespread bank nationalization – or a "Sovietization" of the banking sector, as he says. Werner argues that the ECB is undemocratic and that it bears a closer similarity to the Reichsbank (1876 – 1945) than it does to the Bundesbank (1957-present). Hendry and Werner conclude their lengthy discussion by looking forward: they scrutinize the current and future monarchs of the global monetary order, who are no longer princes but who may be on their way to becoming kings. Hugh Hendry can be found on Twitter at @hendry_hugh and on Instagram at hughhendryofficial. Learn more about your ad choices. Visit podcastchoices.com/adchoices

By both surprise and necessity, Modern Monetary Theory is here at our doorstep. And with neither major party remaining as the party of 'fiscal responsibility', it seems there is little standing in the way of MMT becoming the premise for US government spending initiatives. That’s why it is more important than ever to understand the thinking behind MMT and the common misconceptions surrounding it -- and to prepare your portfolio for its increased acceptance by politicians who view it as an invitation to spend. In this interview with Marshall Auerback of the Levy Economics Institute, Stephanie Kelton breaks down the arguments put forward in her new book, "The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy". Together they discuss why MMT does not give governments carte blanche to spend indiscriminately. Kelton also articulates why comparing government debts to private debts is flawed. She explores the varying gradations of monetary sovereignty as it relates to constraints on countries potentially using MMT as an economic framework. Finally, Kelton touches on the 'job guarantee vs. UBI' debate and much more in this interview that is sure to be a learning experience for MMT skeptics and believers alike. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Is the idea of a V-shaped recovery dead? Real Vision CEO Raoul Pal and senior editor Ash Bennington explore that question in depth through the lens of the virulent reemergence of COVID-19 in the U.S. Raoul and Ash break down the alarming rise of cases coming out of many states and analyze the effect that this ominous second wave will have on markets. They also discuss Ash’s seminal interview today with Dr. Kayvon Modjarrad, director for Emerging Infectious Diseases at the Walter Reed Army Institute of Research. Raoul is firm in belief that the human reaction function is what matters and that the virus’s effect on behavior is more significant than the virus itself. Raoul concludes that caution is prudent in these uncertain times and that the bond market is sending the clearest signal to investors. In the intro, Peter Cooper examines market news and coronavirus data. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision managing editor Ed Harrison hosts Real Vision's Tyler Neville to discuss the ever-expanding chasm in markets between fundamentals and flows. Drawing upon his experience on the buy-side, Tyler analyzes how market forces such as commission free trading and the widespread adoption of passive ETFs have distorted price discovery, and he and Ed explore whether this means that the bull market mania could last longer than the bears expect. Ed is skeptical and argues that the pain on Main Street must eventually move to Wall Street as well. Ed and Tyler also explore how macro tailwinds such as demographics affect the pension system. In the intro, Peter Cooper looks at job destruction that's currently happening in several different countries and what the long-term effects the pandemic may have on employment. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington joins managing editor Ed Harrison to discuss the latest developments in markets, macro, and coronavirus. Ash and Ed first dive into recently released interviews with Stephanie Kelton and with George Magnus and share their takeaways from those pieces. They also talk about how flows are buoying equities, the “summer lull” that is occurring in markets, and the developing macro picture that could pull the rug out from underneath unsuspecting investors in the next few months. In the intro, Peter Cooper explains how coronavirus has affected millions of Americans’ living situations and what lies ahead for both renters and homeowners. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Managing editor Ed Harrison joins Dan Russo, CMT, chief market strategist at Chaikin Analytics, to discuss the latest developments and trends in markets. With his blend of technical and fundamental analysis, Russo shares where he’s seeing relative strength in equities and explains why understanding the macro picture and the interconnected relationships of various asset classes is important for equity traders. Russo and Harrison also dive into currencies, bonds, and the macro trends, especially as it pertains to inflation. In the intro, Peter Cooper talks about remittance and why it’s a critical piece of puzzle for the global economic recovery. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Max Wiethe joins managing editor Ed Harrison to discuss sentiment, the 2020 election, and forward earnings and what sort of impact that will have on markets in the coming months. Max and Ed first break down Peter Atwater’s interview from last week on Real Vision, examining his thoughts on current market sentiment and US politics, which then leads them to consider what a Democratic sweep would mean for fiscal policy and how MMT policy would affect equities. They also talk about the growing consensus around the Fed’s indirect influence on equities, what variables would challenge the narrative of the Fed’s omnipotence, and how the growing number of companies suspending EPS estimates makes the future that much more unclear. In the intro, Peter Cooper shines a light on Warren Buffett's recent purchase of major natural gas pipelines from energy giant Dominion Energy. Learn more about your ad choices. Visit podcastchoices.com/adchoices

At few moments in history have the policies of global central banks been as important as they are today. Former central bank insider and senior fellow at the C.D. Howe Institute, William White, tells Santiago Capital's Brent Johnson just how we’ve gotten to this point. Dr. White puts forward the nuanced view that he is glad policymakers have implemented certain tools to lessen the impact of the crisis while also driving home the point that at best we are kicking the can down the road. The pair also discuss central bankers' recent abdication to fiscal authorities, the political limitations of policy tools supporting foreign markets, and the fate of the global dollar system. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Kyle Bass, founder and CIO of Hayman Capital, joins Real Vision's Raoul Pal to break down the state of global macro. Bass talks about the bifurcation between capital markets and the real economy due to unprecedented monetary policy response. Bass and Pal discuss both temporary and permanent behavioral changes in response to coronavirus shutdowns and the potential for the global economy to stave off an insolvency crisis. Finally, Bass shares his perspective on U.S. – China tensions and provides viewers with a few ideas for investments that can help portfolios navigate today's uncertain markets. Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this special, Fourth of July edition of the Daily Briefing, senior editor Ash Bennington and managing editor Ed Harrison sit down to answer questions from our viewers concerning everything from crypto to markets and more. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington joins managing editor Ed Harrison to discuss the latest developments in markets, macro, and coronavirus. Bennington and Harrison dive into the June jobs report and talk about how it fits into the overall picture of the US's economic recovery. They also explore the implications and future trajectory of the coronavirus's spread and its continuing impact on the economy. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Editor Max Wiethe joins senior editor Ash Bennington to debrief Real Vision’s Crypto Gathering conference. Ash shares his insights from some of the panels he participated in and his recommended pieces of content for viewers if they didn’t have an opportunity to participate. Max and Ash also tee up the case for bitcoin and debate why and how the crypto space will have enduring relevance for years to come. In the intro, Nick Correa discusses the Fed’s Main Street Lending Program and its chilly reception by both lenders and borrowers. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Managing editor Ed Harrison joins Dave Floyd, founder of Aspen Trading Group, to discuss how to evaluate markets from a technical perspective. Believing that it’s important to “follow the tape” and trade what an investor sees, Floyd shares where he believes bonds and the S&P are headed and how both technical and fundamental analysis inform each other in a market rocked by COVID-19. Harrison and Floyd also touch on distortions of market signals, volatility, currencies, and silver. In the intro, Nick Correa discusses the potential impact of the Payroll Protection Program on small businesses and how the spread of the virus in the US further hurts their chances of making it through the pandemic. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Editor Max Wiethe joins managing editor Ed Harrison to discuss the latest developments in markets, macro, and coronavirus. Max and Ed examine how the US is currently dealing with the virus and whether that means the nation is par for the course or has “gone off the reservation” as compared to other countries. They also talk about the risk factors that could put a highly volatile market over the edge, consider the longevity of US outperformance, and explore the current market rotation. They wrap up their discussion by sharing their thoughts on the latest video on Real Vision Essential and announce a special edition of the Daily Briefing on Friday as the U.S. observes Independence Day. Learn more about your ad choices. Visit podcastchoices.com/adchoices

What happens when an upheaval so massive forces financial markets, governments, and society to rethink how our systems work? Michael Krieger, author of the Liberty Blitzkrieg, joins Real Vision to explain what coronavirus and the response to the outbreak has revealed about the condition of American systems – from financial markets to the health care system. Tracing the story of financial markets and societal trends over the past two decades, Krieger outlines how our systems have been pushed to the brink – focusing on emergency policy responses and the everything bubble. He also provides viewers with potential solutions to the systemic decay that has been brought to the forefront by the coronavirus outbreak. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Steve Greenhut, Western region director at R Street Institute and author of "Plunder: How Public Employee Unions are Raiding Treasuries, Controlling Our Lives and Bankrupting the Nation," joins Mike Green of Logica Capital Advisers to discuss his coverage of the political paralysis that surrounds the issue of pensions in California. He guides Mike on a deep-dive into the gargantuan public employee compensation complex and how that complex bleeds into every other aspect of California government spending. He argues that public employees have forced state and local governments into a corner wherein they cannot maintain their obligations because of the massive burden of pension disbursements and employee compensation. Due to a lack of transparency, pension assumptions based on guesswork, and legal precedent overturning democratic decisions, Greenhut says that the perfect storm that will surely "surprise" Californian politicians has been plain to see for longer than a decade. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington hosts managing editor Ed Harrison to discuss a day of pain on Wall Street as the coronavirus shows no signs of relenting and the normally cautious Federal Reserve issued an alarming mandate to large-cap banks. Ed and Ash also flesh out their thinking on a potential "double-dip recession" and a second wave of coronavirus. In the intro, Jack Farley looks at COVID-19 data and analyzes the dire results from the Fed's "stress test" of the banking sector. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington and managing editor Ed Harrison break down the latest economic data amid a bullish day on Wall Street. They discuss the rising infections in states like Texas, Arizona, and Florida, and they take a data-driven look at the apparent stalling of the jobs recovery and the reversal of the durable goods slowdown. Ash looks at how peoples’ marginal propensity to spend is affecting the recovery, while Ed explores whether different asset classes are pricing in different recovery “shapes” (equities pricing in a V-shape, high-yield pricing in a Nike swoosh, and investment grade pricing in a “reverse radical”). In the intro, Nick Correa discusses what's happening in Texas and how the virus spread undetected for several weeks before the US locked down. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington joins managing editor Roger Hirst to analyze the anatomy of bubbles, propelled by emotional mania, and how that is relevant to today’s markets. Bennington and Hirst discuss how equity markets appear to be inflated by flows rather than grounded in fundamentals and why the Fed’s balance sheet is the key driver of all of the recent price action. They also explain why time horizons are a critical piece to how traders should form their thesis and shapes the way they look at the market as well. In the intro, Nick Correa shares the IMF’s latest update on its global GDP projections, what’s happening in CDS markets, and the cost of business operations during coronavirus. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington joins managing editor Ed Harrison to discuss the latest news in markets, macro, and coronavirus. Bennington and Harrison first analyze the breaking story about Wirecard, a German fintech company, and its implications for Germany. They also talk about how the Fed has released the animal spirits on markets, bolstered by exorbitant amounts of liquidity, and anticipate the pullback in consumption in light of a W-shaped recovery. Finally, they explain how the pandemic reasserting itself will end up strengthening the dollar and lead to a liquidity crunch. In the intro, Nick Correa explains the latest developments in the Wirecard story and provides some context around how they arrived at this point. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington and managing editor Ed Harrison explore the perilous state of the global markets amid the unrelenting spread of coronavirus. They discuss the disturbing “second wave” of coronavirus in the U.S. – in states like Florida, Texas, and Arizona – as well as around the world and evaluate how the continued spread will impact economic growth and financial returns across different asset classes. Ed hazards whether the U.S. yield curve will see bear-steepening (or bull flattening), and Ash puts the widening “breadth” of the U.S. rally in proper context. In the intro, Jack Farley explores why CLO managers are often rendered incapable just at the time that bold action is most required. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Dan Rasmussen, the CIO and Founder of Verdad Capital Advisers, speaks with his colleague Greg Obenshain, Verdad's director of credit, to examine the credit market sell-off over the past two months. They focus on the recent widening of spreads and other areas of financial markets hit hardest by the recent acceleration. Rasmussen asks Obenshain what the biggest factors for returns in corporate credit are, the turmoil in the credit markets has impacted the energy sector, and where they see the biggest opportunities for investors will be coming out of the crisis. They also update Verdad's Fool's Yield thesis that the company has been writing about since January 2020 and that Rasmussen has presented to Real Vision members in the past few months. Learn more about your ad choices. Visit podcastchoices.com/adchoices