great interview, wish we could get more like this. the recap / summary at the end is a nice touch to wrap up the interviews. keep up the good work!

I really liked this. Realize it's a bit of a re-hash of a ton of other stuff we've seen but a nice, fresh spin. I say that as someone who doesn't believe in Europe now and thinks more USD strength is on the way so I disagree with his currency outlook (and agree with Raoul's, well eventually). I would note it's funny how he brings up relevant points about the US economy slowdown but vis-a-vis who? Europe? It's a total basketcase with perpetual low-growth, massive social issues, migration, huge youth unemployment, creeping communism and stifling bureaucracy almost everywhere. I think RV should really do a tear-down job on the EU and show just how dysfunctional and often times undemocratic it is, and also how many of the bigger countries are in freefall now by almost any measure.

Grant and for the guest - one more question/observation with regard to whether the US is technically in a recession now. If GDP is a rounded $18T in the US and we are growing optimistically at 2% then GDP is growing by roughly $360B per year. If the US annual deficit is running $500B, then why couldn't one assert that absent deficit spending the US would have negative GDP growth. The guest was absolutely correct that Reagan took over a 30% Debt to GDP economy and that 30% had actually fallen from 100% post WWII. It wasn't annual Gov't surpluses that reduced the Debt to GDP from 100% to 30% over those 35 years (1945 to 1980) it was that GDP grew faster than the Debt. The prospect of that happening going forward without a dramatic "reset" seems highly unlikely.

The idea of the Japanese Gov't and the Bank of Japan simply making that accounting entry is something I've been wondering and have commented on before on prior RV interviews. Grant, this question is for you when you came back with "If they do that who will buy Yen" My response would be "For people and institutions buying Yen now, what will have really changed. There is no way that debt gets paid back. It has to be monetized, so I would offer back - So what if that "accounting entry" gets made. The actually backing of the currency will not have changed. In the US, do we really think that the Fed's balance sheet will get back to under $1T or even under $2T. The scary think for me is that if the Bank of Japan has set the bar - look how much further the US and the Fed has to go. I simply can't comprehend a Fed Balance Sheet comparable to the BOJ. Thanks to RV. I am so appreciative of this platform and information flow.

Hi, not sure if others have mentioned this, but I am finding the panning side-shots of the interviews distracting due to the opaque objects in the foreground. I understand this is being done to improve the quality of the video, and I like the side panning, but the opaque objects are annoying to me. Perhaps consider limiting this? Otherwise, loving the new intro and conclusion by the interviewer.

Too polite re his comments about the evil and dangerous arrogance rampant among Ph'd CBers. The pain they have caused amongst pensioners, savers, and generally people trying to live off their savings and the speculation practiced by the large banks and their prop shop arms, is unconscionable. Year zero for them all.

Trump's effort in weakening NATO helps Russia whether he is in bed with them or not. Is all the talk about NATO members not paying their fair share a smoke-screen?

It's genuinely disconcerting to see people this smart talk about something like incarceration in such fuzzy and frankly ignorant terms. Sorry to be blunt, but seriously, what else are you getting completely wrong if you look at the world like this. (I've worked in criminal justice for years and would counsel you to look at - for instance - the decline in violent crime after Clinton's initiatives and other social factors such as the IQ sweet spot for crime or even just recidivsim rates. Looking at the incarcerated population as just 'potential workers' is ABSURD!

nice new format

Agree with previous comment that "there isn't a lot new here", but Patrick is clearly a very astute observer and his commentary brought a lot of weight to themes being followed. I do believe that Grant's summary is a great add. Parenthetic to the interview content, I think that the camera effects were distracting (maybe I need to get used to it?) and the echo in the room wasn't ideal. Stylistically, I saw Grant being less interactive than normal and in this case I think that this guest's contribution would have been more engaging with more challenge from him. I know this has been a point of contention in other discussions but I conclude that this hinges on the verbal style of the person being interviewed.

Enjoyed this one very much. Summary form for about 6 different global themes that are in current interplay. A true macro jig saw puzzle player. I think I heard a pretty definitive "Last Call" lads.

Very slow I couldn't sit through this. What's really new here?

Nice summary at the end, great perspective, not much in the opportunity section when money has to go somewhere. Overall great info. Thx.

Good interview, prefer the old music though :P

Love the recap at the end. Great addition.

Fantastic interview great to see some well thought through original thinking One of the best on realvision Be interested to get Patrick's view on whether we need growth and what that world would like

Landslide for the tories doesn't seem a foregone conclusion to me. The Tories and Labor have neglected the youth in the UK for many years and their rightly pissed off. If they come out for Corybn then it may not be enough to beat the Tories but it could result in a very weak majority or even a hung Parliament. Which puts May at the mercy of the tory Euro sceptics and diminishes dramatically the chance of a soft BREXIT, may even encourage the Germans and by proxy Macron Angela's effective puppet to really turn the screw on May and the tory euro skeptics. Add to this a landslide in Scotland for SNP and her problems intensify. Either way I think the Sterling Tanks back to 1.20

FRED website https://fred.stlouisfed.org

what is fred's website that he refers to?

crushed it!

I must confess I did not think I was going to enjoy this intereview at first ,and thought i'd probably cease listening after ten minutes. Instead I ended up watching it twice. Very instructive to get Patrick's insights.

Grant I like that you did an intro and a wrap-up to the interview. And echo Enrico on appreciating the how to position part. Once again great interview.

Had to stop the video to comment on the fuzzy picture movement I found distracting to this great conversation. It was OK in the first few minutes but this format needs to go. I'll do my best to comment on the positives after I finish watching as long as I don't first have a seizure from the video blur movements.

Fantastic, could've listened for another hour. Also enjoyed the how do you position for these ideas wrap-up question that I feel has been requested in the past on RV.