Marko Papic and Mike Green — The Next Decade for Geopolitics and Markets

Published on
August 3rd, 2020
Duration
71 minutes

Rob Arnott — “The S&P 500 Index is a Growth-Tilted, Momentum-Chasing, Active Strategy”


Marko Papic and Mike Green — The Next Decade for Geopolitics and Markets

The Interview ·
Featuring Marko Papic and Michael Green

Published on: August 3rd, 2020 • Duration: 71 minutes

We can all remember when geopolitical tensions and trade wars were the most important headlines seeming to move global markets up or down depending upon their tenor, but recently the global pandemic and the associated policy responses have brought the focus home with all eyes squarely on domestic fiscal policy. In this interview with Mike Green of Logica Capital Advisors, Marko Papic, partner and chief strategist at Clocktower Group, looks forward at the coming decade of the 20's and explores the growing importance of government consumption and investment to GDP, the countries and assets that will emerge as winners and losers from the rewiring of the global economy, and why the cold war is a poor analogy for U.S. relations with China. As well, they discuss why news of the European Union’s death has been greatly exaggerated and much more. Filmed on July 29, 2020.

Comments

Transcript

  • CW
    C W.
    23 August 2020 @ 14:32
    I find this conversation highly stimulating and fascinating. Many of Mr Papic's views on issues are from angles I would never have thought of myself, such as what deglobalisation means for the EU. I consider the time listening and repeated rewinding to certain parts I want to hear again time well spent. It's interesting that a number of viewers are so adamant that the guest is wrong on this or that, or right. My own take is, nobody really knows, or can know, who is right or wrong now. For all I know, all might be wrong as some hitherto unimaginable developments take place in the future. I am just glad to be able to listen to an unorthodox view, well laid out. For instance I still think it more likely than not that Italy will bow out from the EU some time in the next few years but Mr Papic's thesis lead me to re-assess and adjust my probability estimates because I had not thought about this before.
  • SG
    Sashi G.
    18 August 2020 @ 09:17
    The other great insight from the discussion is that we are no longer in a bipolar world which was much of the 20th century. The impact of this on geo-politics, economics, trade, what have you - is going to be something different that no one has ever seen before. We may not be in a world of equals yet - but the days of dominance by one nation globally are over. A part of the turmoil we see these days is a part of the adjustment of America to its "new role" grudgingly or otherwise.
  • SG
    Sashi G.
    18 August 2020 @ 09:13
    Fascinating perspective on China from their discussion. I don't think I have heard it anywhere else. Right or wrong - it is a wonderfully different view point.
  • RO
    Robert O.
    16 August 2020 @ 06:40
    The election is not going to be decided by the median voter but by the voters in the swing states. More than enough money will be supplied to the voters leading up to the election; beyond the election uncertainty and volatility would be expected to increase. At some point soon the economy will need to open fully, otherwise social unrest and financial decay will continue under any administration. A vaccine cure is a fantasy; disease management protocols have been effective and will likely improve over time. Assuming history will still exist in the future, it will show that a serious viral pandemic was made infinitely worse by the unholy union of politics and large tech/pharma industries.
  • JS
    Jon S.
    3 August 2020 @ 09:37
    He is comparing Eslovenia with Italy or Spain? He is not positioning Germany as a super power without Europe? I think he is very mistaken on his conceptions about Europe. I think RV needs to invite someone with better insights about Europe, as most of the viewers are from the US and the European integration process is not really well explained unfortunately. I would suggest you invite someone like Mohamed El-Erian to talk about different topics and among others, Europe.
    • JS
      Jon S.
      3 August 2020 @ 10:05
      However, his insights on China and US are very interesting ones and I would tend to agree with most of his geopolitical conclusions.
    • TB
      Tobin B.
      3 August 2020 @ 17:42
      Al-Erian is a talking head. Think we remember him last fall saying know we are definitely not going into recession on CNBC, and from then on I just don't listen to what he has to say.
    • DT
      David T.
      4 August 2020 @ 00:48
      If Marco was right on something, it was Europe including Slovenia, Italy, Germany and the rest.
    • JS
      Jon S.
      4 August 2020 @ 02:22
      El Erian was one of the only ones already when covid was in China who predicted a total stop of the company, because he had experienced same in the past. He also is the only one who discarded de V shape recovery first and has mantained unchanged his opinion of W recovery. No idea what he said on CNBC in October, but I do remember what he said on Bloomberg in February.
    • JS
      Jon S.
      4 August 2020 @ 02:23
      I said company, I meant Economy.
    • MD
      Matt D.
      4 August 2020 @ 05:22
      You mis-understood his point in my opinion.
    • JS
      Jon S.
      13 August 2020 @ 02:24
      It could well be that as European I am biased and easily misunderstood points. What do you think was his point Matt?
  • tr
    tom r.
    11 August 2020 @ 00:57
    Mike Green very intelligent, Papic is clueless. Papic will eat a lot of crow in the coming election. Trump will bury sleepy, creepy, crooked, senile Biden. Pelosi will be history and has certainly earned it. People are much smarter than Papic realizes. The silent majority and the walk away movement is picking up speed everyday. Freedom, less restrictions and smaller gov't is winning by far against socialism, communism and defunding police and anti capitalism.
  • PD
    Paul D.
    10 August 2020 @ 23:54
    I enjoyed the interview greatly. I think perhaps Mr. Panic underestimates how valuable Twitter is to those of us able to filter the noise and and receive a ridiculously good level of signal free of charge.
  • PV
    P V.
    10 August 2020 @ 12:14
    Mr Papic is misinformed about Italy. It is very true that in a balkanized global trade a EU makes sense. However the desperate need for Italy to monetize unlimited amount of debt is paramount as the alternative will mean fiscal tightening. As most he conflate the EU (27 countries, trade zone) with the Eurozone (19 countries sharing the currency) When push come to shove (give it 12-18 months) Italy will choose to exit the Eurozone (not the Union) and return to independent monetary policy and the Lira. There is no political party in Italy not pursuing growing fiscal expansion and the ECB will eventually need to stop buying unlimited qnty of IT bonds.
  • AP
    Ananth P.
    3 August 2020 @ 20:13
    Great conversation! Marko appears to have missed the broader story re: Australia and China. Austraila has increased its defense expenditure by 40% and effectively targeted it at China. They've held up investments by Chinese firms in Australian extraction assets, made positive noises towards India and have joined defense exercises with the US, Japan and India. India remains the dark horse. If it is able to replace (at least to some extent) Chinese demand in the next decade ... D10 works as a bulwark to China. In terms of a China / D10 competition ... the weakest link is the US. A Dem president isn't likely to press as aggressively against China as Trump.
    • MD
      Matt D.
      4 August 2020 @ 05:26
      Yep I agree. His broader point may still hold (that in a non-bi-polar world allies are a bit toey), yet Australia hasn't changed. We were the ones that pushed the 5G ban for example, yet our iron ore exports haven't fallen since the "dispute".
    • HC
      HO C.
      10 August 2020 @ 00:07
      agreed I don't think he understands Australia's position
  • ml
    michael l.
    9 August 2020 @ 14:40
    Great talk. Very informative and thought-provoking. Time very well spent.
  • AF
    Andre F.
    5 August 2020 @ 09:52
    I was riveted to the previous Marko Papic interview and was again riveted to this one. Excellent to have him back. The concept of The Buenos Aires Concensus (BAC) and the position that this concept is finding ground as an actual real world reality was a big stand out for me. The real talk on Nancy Pelosi and her insight and likely strategy, the true motivations of politicians, the resistance to the scrapping of old political paradigms, etc was also an amazing, amazing stand out. Thank you.
    • LS
      Lemony S.
      5 August 2020 @ 18:03
      That's the only Marko point I don't like --- Nancy Pelosi isn't smart --- never has been. She is an identitarian hack (because that's what has worked in the indoctrination period for her constituency) and a rich person above all (as Mike points out). Few politicians are truly intelligent, they are at best diplomats with lobbying and personal interest, and they lack all wisdom because they are selfish above all. The Overton Window shift towards progressivism and marxism cannot be stopped by the "Republicans" because they have also sold out en masse (not everyone, but most). Finally, if you think Weekend at Biden's is leading right now, you aren't a critical thinker, and you don't use history either as a guide, which should tell you polling means nothing if you ask the wrong questions/focus on the wrong questions. I'll give you a hint, the real meaningful question is not the question of intention it is the question of expectation. It is much more valuable and shows that Trump will win. I am betting a lot of money as history will repeat itself --- I made a lot last time because of people's lack of wisdom and overall ignorance of the real factors going on in the society right now.
    • JC
      Jason C.
      7 August 2020 @ 23:15
      @Lemony - Good post, but I don't think Trump will win. He needs the elderly vote, but the coronavirus will likely have turned them against him. Though thing could change or I could be wrong. Also Pelosi isn't an identitarian. She's just wearing it because it is fashionable and makes the Dems more likable without giving up much in terms of economic or systemic change. You're completely right though that this shift left cannot be stopped and Republicans are just progressives in slow motion in the end.
    • AF
      Andre F.
      9 August 2020 @ 03:34
      Lemony: luckily, critical thinking isn't required to see whether someone is leading in polls or not leading in polls, All one needs to do is look at the poll results. Below, you did not bring up polling methodology and cast doubts on the relevance of Trump being behind in the polls. You simply said that he was leading. And your claim that he is leading in the polls is simply not true. The nature of the polls was not under discussion. You're evading the fact that you made a false statement about what the polls are showing.
  • AT
    ALAN T.
    9 August 2020 @ 01:06
    Excellent
  • wj
    wiktor j.
    7 August 2020 @ 09:34
    EU: Incorrect you have that all wrong. Countries in EU dont agree for more integration. The ONLY country which actually GOT TO VOTE for or against EU voted Brexit. People in Europe have enough being gov by x-politicians and Brussels. Thats why there NEVER will be another vote in European country again to stay or leave the EU. EU is NOT for Europeans. Italy and Spain and Poland and Hungry have a unique opportunity to break it up. We should break the EU up and create a more democratic Union where someone like me can vote a politician out of office if I dont like the policies. Right now the x politicians that cant get a job anywhere get hired into this EU beast that makes EU law. Why does EU need 3 presidents? Why cant I vote for a president? What kind of Union is that?
    • DR
      David R.
      7 August 2020 @ 10:16
      Fully agree. I've thought it rich and hypocritical how Brussels' politicians bemoan that China or some others aren't democratic, when they 're not democratically elected either nor even accountable to anyone... at last Xi is held to account unlike the top EU brass. LOL
  • SS
    Shanthi S.
    7 August 2020 @ 04:29
    Great discussion. Challenged a few of my preconceptions, in a good way. Excellent stuff. Mike is the bomb.
  • tc
    thomas c.
    5 August 2020 @ 01:46
    I think Mike made a brilliant statement about Putin's influence on China. In light of Chinese history and thinking, It really seems they moved too fast too aggressively and revealed their real plans before they had the strength they need to face their adversary. In Chinese ethos - Big Mistake.
    • DR
      David R.
      5 August 2020 @ 11:26
      In contrast, China's previous, brilliant president Deng always emphasized hiding any strength while he helped China rise from a very impoverished, weak state to a rising power with the most potential. But one must beware of the undeniable Russia-China strategic partnership which is stronger than any in the world and makes perfect sense as Russia & China complement each other well and now also have a common, belligerent enemy - the US. https://www.zerohedge.com/economics/shaping-eurasia-russia-china-bilateral-trade-and-cooperation
    • AB
      Alastair B.
      5 August 2020 @ 19:57
      There is a lot of fear in Eastern Russia about ethnic Chinese expansion into Siberia creating grounds for future Chinese claims on Russian territory, as China does in the Himalayas. The trust is very limited - Russia doesn’t want to be the ‘junior partner’, so this limits co-operation as well.
    • DR
      David R.
      7 August 2020 @ 01:05
      Keith, IDK where you get that appraisal from but it's inaccurate. As is evident for from reading the article I linked two posts up, even per that alt-right rag zerohedge. There are nearly 10-million Russians now happily living & working in China and vice-versa. There is probably no stronger alliance and trust today between two countries than between Russia and China. China has been around for 8000 years and was the world's most powerful nation for about 4000 years until the 17th century, for example with the largest navy in human history that was 5X bigger than the US Navy at its peak, with by far the largest ships in the world, yet throughout that history, China was relatively less imperialistic or warmongering than other top powers have been. before and after. Yes there have been some border skirmishes on occasion over that long history, but China didn't invade Russia. No fear there. Indeed, ASEAN Presidents like Mahatir just said earlier this year, in condemning the US presence in the South China Sea that's unwelcome by 8 of 10 ASEAN nations now (some of whom are permanently banning US forces or bases from their country, including the Philippines last week), "For 3000 years we traded with China and we feared China but we never were attacked or invaded by China. But after just two years of trading with Europe, we were attacked and occupied by them. And more recently many ASEAN states were attacked by America, even under 'false flag' pretences. So ASEAN nations do not fear China. But we do fear the white man. We welcome trade with them but we also now demand no more American warships in the South China Sea and no more American gunboat diplomacy. It's outdated.". SOURCE: SCMP. (And I know firsthand, by living in the region currently and for many years before in a few different countries here).
  • CM
    Cory M.
    6 August 2020 @ 22:43
    As the self appointed President of the Mike Green fan club and with fascinating respect for Marko's ideas here, this interview somehow failed me. Rather than a conversation, where Mike can shine, this was an interesting monologue by Marko with some commentary by Mike. They didn't seem like they were in the same room. However, even though that was an obstacle, I enjoyed it very much. I guess my suggestion to Mike is rather than playing journalist, you pick guests who respect your ideas such as those with whom you've conversed with on RV in the past few months like Rob and Sri. If Mike thinks this is a good use of his time, I'd be happy to watch the next time Mike and Marko are together. (Hey, I am still fan club Pres.). But if Max interviews Marko and Mike picks a young brilliant mind on his level, I'd be even happier.
  • JW
    Joseph W.
    6 August 2020 @ 20:35
    Marko is a bit idealistic in thinking Europe can functionally unite to form a common defense. They've spent thousands of years proving otherwise when they were in an equally precarious state. At the end of the day, Germany and especially France will look out for the Germans and French, and everyone else can hope the Americans decide to re-engage with the world again down the line, perhaps after another war.
  • BP
    Bakulesh P.
    6 August 2020 @ 15:26
    As usual Mike is as articulate in making his points as would be expected of his high caliber. But Marko is somewhat disappointing that it seems he makes up his points to forcefully support his preconceived conclusion. He does sound that much of credence. Sorry not to my standards
  • CD
    C D.
    6 August 2020 @ 03:39
    I've watched the shit out of this interview. Fire!
  • TS
    Theodoros S.
    5 August 2020 @ 21:27
    Could you send the pdf of the implications of trade and investment by game theory. Thank you
  • ar
    andrew r.
    5 August 2020 @ 20:18
    Dynamic Duo back at it. Even better the second time. I thought their comments on Europe particularly great. One question: are we really defining debt growing at a slowing rate “austerity” now? Yikes.
  • MT
    Mark T.
    5 August 2020 @ 18:07
    Easily one of the top interviews Real Vision has
  • LS
    Lemony S.
    5 August 2020 @ 18:04
    I love these guys. Marko, Trump wins EASY in November (details below). I'll bet you ANYthing you want, my man.
  • DS
    David S.
    3 August 2020 @ 23:53
    Great Interview. Euro debt is and has been for a long time the reason that the EU cannot unify. If there had never been a political thing called the Euro coupled with all the debt problems, the EU could have moved forward. Ninety percent of the time and effort in Europe has been spent on the Euro, not on unification of the EU and common goals. It is up to the Europeans to figure it out, if there is a possible out. DLS
    • DT
      David T.
      4 August 2020 @ 01:07
      EU has much less debt than the US. It's about not having finance minister of the entire Euro zone.
    • DS
      David S.
      5 August 2020 @ 16:26
      ECB has the debt. DLS
  • VS
    Ville S.
    4 August 2020 @ 12:50
    Great host, great guest! I agree with Marko on the EU recovery package: it is striking how the FT and all that say it's a game changer (in a positive sense). From the inside it's not all that, to the contrary. Here in Finland many are now poring over the Italian govt reflationary (anti austerity) program in horror. They're asking "wait a minute how come we're being asked to pay more tax and work longer to prop up the italians' life quality"? Somebody called it "assymetrical solidarity" which gives an idea of the sentiment of being labelled "frugal"...
    • Nv
      Nick v.
      5 August 2020 @ 12:28
      Yes indeed. Same here for the Netherlands. The average Italian is richer (private wealth / housing) than the Dutchman. But we have to pay up because Italian government can’t tax right. This is the sentiment. But we also know we need the EU.
  • DR
    David R.
    5 August 2020 @ 09:53
    Analysts can spin all the theories they like, but the deep dollar and gold markets are the barometer of reality. Strong gold and/or weak dollar are a huge tell for US. Together, they're overarching and currently send a clear signal about the waning prospects for the US. Remember the golden rule: he who owns the gold will make the rules.
  • MJ
    Marc J.
    4 August 2020 @ 14:29
    Really appreciate Mike's interviews, they're all great. Just one comment on the election - hardly anyone thought Trump would win last time. He's really good at fighting elections it seems. It'll be interesting to see what cards he has up his sleeves.
    • LS
      Lemony S.
      5 August 2020 @ 03:12
      Marko is dead wrong on this one. Trump is leading and will win. Again.
    • AF
      Andre F.
      5 August 2020 @ 07:51
      @ Lemony S. August 5, 2020 Opinion polls of recent weeks always show Trump trailing behind Biden. I know this from simple semi casual engagement with the news media; how is it that you are "misinformed"? Polls show binary results: someone is either leading or is behind. Poll results are not murky, they show a binary result. Trump is not leading. Your statement is simply not a factual one. https://projects.fivethirtyeight.com/polls/ <----Go there. You'll see that Trump is ahead in Presidential DISAPPROVAL. That's the only way of making your fantasy about him "leading" in to a true statement. Lemony, why are you lying?
  • DS
    David S.
    4 August 2020 @ 00:05
    Central banks would do better buying gold than Euros. In a future world there will be the FX market and gold (Bitcoin for younger folks.) The FX markets will be a powerful force to control governments who are out of control. Look for all CBs to try to increase gold reserves. It is not that gold is perfect, the supply is restrained. In the future CBs may be increasing their reserves of other precious metals too. How can they trust any fiat currency – even their own? DLS
    • DT
      David T.
      4 August 2020 @ 01:05
      Gold can not become world's trade and reserve currency. Dollar isn't going anywhere. Gold is an insurance and hedging for CBs also.
    • DS
      David S.
      4 August 2020 @ 05:17
      David T. - I agree the $US will remain the currency of settlements. We will never be on a gold standard again. The FX market will control relative value. The gold and maybe other precious metals will be the best in CB reserves for long-term value. DLS
    • GT
      Gene T.
      4 August 2020 @ 17:56
      Bitcoin is not just for younger folks. Allocating some % of your NAV to one of the best performing assets over the past 10 years (depending on start point) is less risky than many traditional asset classes at this point in the economic cycle.
    • DS
      David S.
      5 August 2020 @ 06:24
      Gene T. - I agree. Years ago I bought Bitcoin and doubled the base before Hawaii made it to difficult for Coinbase to operate in the state. I just do not want to set up a new account. I feel that I understand gold and silver better. Good luck. DLS
  • JC
    Jason C.
    5 August 2020 @ 04:22
    I fail to see how the Washington Consensus is "short term pain for long term gain", though I would agree with his idea that the Bueno Aires Consensus is "short term gain for long term pain/maybe". Democratizing the central banks will naturally have this effect. I think the truth is, however, that the central banks are already democratized but only among the oligarchic class, so the pain/gain has been unevenly distributed. "Short term pain for long term gain" has not been the rule for the "median voter" under the Washington Consensus. His thoughts on the EU were something to chew on, though I feel like they're missing something. Perhaps, the EU's current regime fails and it gets renegotiated as a new union. Mike Green was great as always.
  • JM
    Jason M.
    4 August 2020 @ 10:46
    Excellent interview. Loved Mike Green's Comment on Putin played China to move to quickly. This reverses the Nixon 1975 doctrine, boxing in China.
    • LS
      Lemony S.
      5 August 2020 @ 03:14
      The Russians are not natural allies with China. They are with India. The next world war will not see China on a side with any good guys, and Russia is (against all media narratives) ultimately one of the good guys.
  • DS
    David S.
    5 August 2020 @ 01:21
    Mr. Papic. Not being on social media certainly gives you more time to think as well as working on your tennis and/or golf game. Thanks for a great interview. DLS
  • GG
    Glycine G.
    5 August 2020 @ 00:23
    Can’t go wrong with MG. Always one of the best interviews.
  • JA
    Jordan A.
    4 August 2020 @ 02:51
    Honestly, as a business owner, I think they're seriously under estimating demand. I keep thinking I'm going to have to pull in the reins, that demand is going to slow, and yet year after year (including this one) business keeps getting better and better. I'm on track to have my best year ever wtf!
    • MG
      Michael G. | Contributor
      4 August 2020 @ 04:25
      Jordan, would be interested in hearing more. Please send an email to Max W. and he’ll forward
    • MC
      Mark C.
      4 August 2020 @ 05:28
      There is such a bifurcation in the economy. My construction suppliers, nurseries are telling me the same thing. YoY and or best year ever. Also a close friend who works/(ed) at events like homeshows, boat shows etc for 20 years tells me that her prior clients are all doing well except for the folks in gifts. Also she is out of work for more than 18...hence the bifurcation. I am working my tail off while it lasts. Tbh This bifurcation...it feels very wrong.
    • DT
      David T.
      4 August 2020 @ 09:19
      What kinds of business? It all depends doesn't it? Are you in tourism for example? :-)
    • JA
      Jordan A.
      4 August 2020 @ 21:28
      Yeah forsure what's his email address? For those who are interested I have a small renovation construction contracting business up here in Canada. I think I'm busy because everyone's been sitting around at home looking at all the stuff that needs fixing. Either way I'm greatful.
  • CC
    Charlie C.
    4 August 2020 @ 20:16
    Mike: always LOVE your interviews and your willingness to engage and debate with your guests. I recommend Akio Yaita as one of your future guests. He is the ONLY China expert at your caliber of intellect and knowledge.
  • KB
    Kreso B.
    4 August 2020 @ 11:30
    "It's illogical for Slovenia to be independent - being so small." That's why Serbs went to war with Slovenia - not because they were chauvinists... it was matter of logic.
  • PJ
    Peter J.
    4 August 2020 @ 09:52
    Some great ideas and theories put forward by Marko, really makes you think. Great interview and ripostes from Mike. Must watch IMO.
  • TF
    Timothy F.
    4 August 2020 @ 09:52
    Interested in some of the comments. I have followed Marko for a while, from when he set up the Geopolitical Research at BCA, with whom he remains an editorial adviser. He is a deep analytical thinker and an experienced one. We live in a world lead by politics. MMT is financial madness and yet is is happening because of the supportive political framework, which Marko and Mike explore and discuss. This is a fantastic interview, recommend highly.
  • tc
    thomas c.
    4 August 2020 @ 09:28
    Another valuable Mike Green piece. So much intelligence and common sense in one brain. Good counterpoint with Marko but Marko sounds like a foolish young man mostly speaking the obvious.
  • LF
    Liam F.
    4 August 2020 @ 04:49
    From the perspective of the "median voter" (whatever the hell that means), the Washington consensus has been an unmitigated disaster. This 40+ year period has been characterized by stagnant wages, evaporated jobs, wealth inequality, the rise of industrial-monopoly-complexes, rising prices (for the things we need), and regulatory capture by the 0.1%. And so now societies will swing away from globalization and its discontents to populism and its discontents.
    • LF
      Liam F.
      4 August 2020 @ 04:51
      And "short term pain to achieve long term gain". The question is, for whom?
    • LF
      Liam F.
      4 August 2020 @ 04:52
      And who says that the short term pain is really short term. Maybe for the ones who pull the levers. For the "median voter", not so much.
    • DT
      David T.
      4 August 2020 @ 09:10
      Last 15 to 20 years maximum. Not 40 years. Reagan a d Walker fixed a lot of things in the US economy. Not everything though. After that slowly it has been breaking.
  • KP
    Kaushal P.
    3 August 2020 @ 21:48
    Great video and discussion. One question I had about the purple line of government spending: although it’s part of GDP, what is it producing when the spending is just to pay people to stay home and watch Netflix or trade stocks? At some point doesn’t actual production of goods and services matter?
    • MC
      Mark C.
      4 August 2020 @ 07:02
      I believe (prolly wrong) it was a previous Michael Green video (recent) where they explain that 70% of thay 600$ was getting into the economy. That doesn't really answer your questions...except to say that the effect of it not being there will be significant. ~80 billion a month gone. With a significant portion of people not able to work.
  • PB
    Patrick B.
    3 August 2020 @ 10:28
    What are some ways to play semiconductor capex ex-ASML? Thanks
    • CV
      Coen V.
      4 August 2020 @ 05:51
      AMAT, KLA, TEL,
  • MC
    Mark C.
    4 August 2020 @ 05:30
    I have thoroughly enjoyed every interview with Michael Green. This one was extra great. This Marko guy was fun to listen to...book is preordered.
  • MM
    Mark M.
    4 August 2020 @ 03:08
    Love the geo politics discussion
  • GA
    Gabriel A.
    4 August 2020 @ 02:52
    Interesting, sort of.
  • CX
    Cindy X.
    4 August 2020 @ 02:11
    Wow !!! This young man is so insightful !!! The world has so many dynamics that one single country will not be able to keep all its dogs on a leach. They will seek their own bones.
  • CO
    Craig O.
    4 August 2020 @ 01:44
    Killer convo. I like it when they disagree or push back on the other's point of view. That's where I find my mind working the most, trying to weigh the disparate ideas.
  • BK
    Brian K.
    4 August 2020 @ 00:38
    Mike Green - the next charlie rose
    • DT
      David T.
      4 August 2020 @ 01:01
      Mike is better.
  • RT
    Richard T.
    4 August 2020 @ 00:56
    Why have not you uttered the term “Brexit”?
  • EM
    EB M.
    3 August 2020 @ 23:50
    If you keep putting out Mike Green videos, I am going to have to give in and subscribe.
  • RD
    REMCO D.
    3 August 2020 @ 23:00
    Fantastic stuff. Both were great.
  • PE
    Paul E.
    3 August 2020 @ 22:45
    Great conversation, really interesting! Much to consider. Thanks.
  • TW
    Thomas W.
    3 August 2020 @ 21:58
    Wonderful conversation!
  • LK
    Lisa K.
    3 August 2020 @ 21:10
    Love Mike Green videos! Keep them coming. He explains his viewpoint with a historical context. I always feel like I'm smarter after his videos.
  • PE
    Per E.
    3 August 2020 @ 18:29
    Only in the U.S. can a $1T annual deficit over the last decade be called austerity...
  • JJ
    John J.
    3 August 2020 @ 17:47
    Fabulous dialogue. I learned a lot.
  • HB
    Hayden B.
    3 August 2020 @ 16:36
    MG seems one of the rulers of the world has summarised your Pelosi argument and the debate into one eloquent paragraph, hope you enjoy as a man of history. The few who can understand the system will be either so interested in its profits, or so dependent on its favours, that there will be no opposition from that class, while, on the other hand, that great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burden without complaint and, perhaps, without even suspecting that the system is inimical to their interests. ~ The Rothschilds
  • SS
    S S.
    3 August 2020 @ 16:02
    I wish I had Mike Green's brain.
  • AM
    Alexander M.
    3 August 2020 @ 14:53
    #underlyingdynamicsgang
  • RG
    Roman G.
    3 August 2020 @ 14:29
    I'm really liking the increase in volume on Mike Green episodes.
  • SW
    Scott W.
    3 August 2020 @ 13:27
    Found myself in disbelief listening to some of Papic's views. Prudence and austerity since 1980? Federal/Debt to GDP went from 30% to ~130% today. Same across the massively indebted developed world. The Tea Party got crushed. Most papers and the incredible work done by Lacy Hunt show that growth is now structurally impaired by debt levels. Spending more borrowed money will make it worse as the entire developed world starts to mirror Japan. 1919 to 1929 debt build up was similar to 1997 to 2007 debt build up. The 40s austerity solved the problem back then so we had the post war boom. We are are doing the opposite now (going deeper into debt) so we should expect growth to continue to weaken.
  • EO
    Elena O.
    3 August 2020 @ 12:42
    possible to share the slide with the purple line, please?
  • KF
    Kalen F.
    3 August 2020 @ 11:38
    Yes, the median voter is so important to politicians.... https://www.nytimes.com/2019/07/11/opinion/politicians-voters.html
  • AD
    Anna D.
    3 August 2020 @ 09:55
    I do like Mike Green's interview format because he adds a lot and the result are not just interviews but great conversations.
  • AD
    Anna D.
    3 August 2020 @ 09:55
    I do like Mike Green's interview format because he adds a lot and the result are not just interviews but great conversations.
  • AD
    Anna D.
    3 August 2020 @ 09:55
    I do like Mike Green's interview format because he adds a lot and the result are not just interviews but great conversations.
  • PB
    Patrick B.
    3 August 2020 @ 06:22
    Pap-Dog! Miss him at BCA