Even though I liked the interview, it felt a little like an insult to Lyn to be interviewed by Travis. It was so blatantly clear that she was simply way out of his league in terms of argumentation, knowledge, understanding and especially articulation of her views and arguments.

This is the definition of an excellent interview. Great questions from Travis and allowing Lyn sufficient opportunity to fully respond so the listener obtains the full benefit of the question and the answer. That sort of structure allows the listener to patch together a more coherent and cohesive understanding of the macro perspecitve Lyn provides. That is not to say that she is 100% correct - who is - nor does it mean her view should not be challenged via intelligent agitation, but it makes more sense than less to have a solid foundation of her macro thesis before looking for potential weakness and therefore opportunity to consolidate a committed and stronger personal POV of the financial world. Refreshing considering another so called interview Lyn recently participated in. Thanks Travis and Lyn!

I’ve been exploring Bitcoin very seriously lately and what I’ve come to understand is that people can certainly own Bitcoin, but they can not safely buy or sell it. All of the exchanges are either bankrupt or just pure scams. 50% of the reviews are from people who are owed money by the various exchanges but the exchanges either claim a need for unending delays or they just ghost them altogether. There is no safe way to obtain or sell Bitcoin. Even the highly touted Coinbase is inaccessible to customers. They don’t have phone access and they don’t respond to email. Caveat emptor.

This is such an excellent interview! Travis asked very good questions and Lyn truly enlightened me with her perspectives. I also took this opportunity to review some of the economic concepts that have eluded me for a while now. Thanks both! : )

Bitcoin (BTC) is king and will keep eating everything, as it has for the past 12 years. Dec. 02, 2020 Year to date BTC +178% Gold +20% SP500 +12.6%

"Holders of bitcoin" seen as future voters --> adoption reduces probability of banning

I find this soothing for some strange reason. I wonder about this strange psychological experience is. The experience of being surrounded by new financial information all the time. How am I being affected?

People are protesting against people who use the phrase “Forcing function”

Brilliant!

Yield Curve control = sell bills and buy bonds. It doesn't mean demand is less, it just means the Fed has to soak up the excess supply. What the Treasury and Congress does with that excess is the part that could cause inflation. Sitting in the TGA, all this program does is take liquidity OUT of the system. In WWII, the debt was financed domestically and reinvested into the country's infrastructure. They supercharged the velocity of money AS WELL AS the size of base money. To offset inflationary pressure, they controlled the duration of credit and put caps on commodities. They essentially took away things they needed and didn't allow it to enter the economy. You couldn't buy new tires for your car for like 4 years during the war. Contrast that with today where most of the base money created fails to leave the financial system. We need to see the other shoe drop in order for inflation to actually be a real thing. And no matter WHAT the Fed does, it does not have the power to create inflation alone. https://libertystreeteconomics.newyorkfed.org/2020/04/how-the-fed-managed-the-treasury-yield-curve-in-the-1940s.html#:~:text=During%20World%20War%20II%20the,than%20200%20basis%20points%20higher.&text=A%20flatter%20curve%20and%2For,have%20required%20less%20aggressive%20interventions. Quoting from the article: Experience with the Fixed Pattern of Rates Fixing the level of Treasury yields endogenized the size of the System Open Market Account: the Fed had to buy whatever private investors did not want to hold at the fixed rates. As a result, the size of the Account increased from $2.25 billion at the end of 1941 to $24.26 billion at the end of 1945. Fixing the pattern of Treasury yields endogenized the maturity distribution of publicly held debt. In each market sector, the Fed had to buy whatever private investors did not want to hold and, up to the limits of its holdings, had to sell whatever private investors wanted to buy beyond what the Treasury was issuing. Investors quickly came to appreciate that they faced a positively sloped yield curve in a market where yields were at or near their ceiling levels. An investor could move out the curve to pick up coupon income without taking on more risk and then ride the position down the curve, adding to total return. This strategy of “playing the pattern of rates” led investors to prefer bonds to bills. Their preferences, coupled with the Treasury’s decision to issue in all maturity sectors, forced the Open Market Account to buy unwanted bills and to sell the more attractive bonds. By late 1945 the Account held 75 percent of outstanding bills, but—in spite of heavy bond issuance by the Treasury— (This is the most important part): -- fewer bonds than it had held in late 1941. The essential problem was that the positive slope of the curve was inconsistent with the negligible volatility of rates and the Treasury’s issuance program. In early 1949, Allan Sproul, the president of the Federal Reserve Bank of New York, concluded that “in a supported market in which all obligations might be regarded as demand obligations, a horizontal rate structure would theoretically be required.” (so if we have already done this song and dance before, I fail to see why the 30Y is going anywhere but DOWN from here. What happens to inflation is up to Congress ultimately. But without Georgia handing the Senate to Democrats, I fail to see McConnell wanting to let Joe Biden bring about the largest expansion of investment into America since WWII unless someone holds a gun to his head and causes 1929.)

Awesome (as usual with Lyn)!

Fantastic discussion!

Question - can someone explain what Lyn means by US manufacturing jobs being exported overseas because the world needs US dollars? Great interview.

Lyn is awesome! She is completely data driven and pragmatic. One thing I would love to hear is her opinion on Treasury issuance. It's a massive mechanical problem...

LA obviously a phenom. Unfortunately at 1:32:28 the word "exspecially" was used :/

One of the best conversations of the year. Applied macro without the fluff. Up there with Raoul x Kiril, Raoul x Hugh, Hugh x Werner and Hugh x Gromen.

Please do this again.

Lyn Alden is such a fresh voice in economics. I'd love to hear more. Thank you Lyn.

Lyn's the best. Her depth of knowledge on an incredible number of topics is impressive.

I would love to see RV do something on the WEF. Lyn in particular would love to hear her thoughts. This was brilliant. I really enjoyed.

Fantastic! Both the questions and the answers.

Lyn Alden is so articulate. Love hearing her talk

Great interview. Thank you both!!

Travis dont be shy to ask the girl out!!!

Who gave thumbs down? Excellent discussion.

Brilliant!

Great questions and great answers for value insight.

Travis, great job here my man. Lyn always has a great way, a very cogent approach her. I appreciated this interview very much; I hope you all do it again as you said you might.

Terrific

Great content Lyn, i really enjoy your style and delivery.

More like the bottom 80-90% getting hollowed out at this point.

Very nice painting on the wall.