Foresight from Present Insight

Featuring Daniel Want

Daniel Want, CIO of Prerequisite Capital Management, is a master of interpreting liquidity trends and his last presentation on the shortage of global collateral in the economy blew Real Vision viewers away. Daniel contends that the popular reflationary narrative is transitory and the falling trends in productivity, liquidity and velocity provide greater insights into the contracting global system, incapable of creating net high quality assets. Filmed on March 21, 2017 in Sydney.

Published on
4 April, 2017
Topic
Structural flows, Financial System, Macro
Duration
73 minutes
Asset class
Currencies, Equities, Bonds/Rates/Credit
Rating
33

Comments

  • tw

    tam w.

    11 6 2017 13:37

    0       0

    A loan creates a deposit ! Whatever friction there is currently in that process, just wait for a cashless society.....frictionless money creation. The self reinforcing upward spiral will push asset prices to the moon...and we'all be rich. No one will need to work as the refinancing on our houses will create spending and more deposits so more loans and higher assets values. Etc.
    Governmanet-character- incentives....classic line Daniel. Loved it.

  • JH

    Jesse H.

    13 5 2017 13:30

    0       0

    I particularly like his comment, "If character is lacking, then we are primarily going to be motivated by incentives." Absolutely - this is one of the chief problems with incentive-based economic policies, I believe -- we focus on an Adam Smith style approach with little regard for character development, or indeed, an economic model that may lend itself to such development.

  • JH

    Jesse H.

    13 5 2017 13:00

    0       0

    Excellent - lots to digest here, and I happen to fully agree with his general message.

  • TL

    T L.

    19 4 2017 10:30

    3       0

    very insightful follow up to the previous presentation. Daniel, is there a way to receive your writings?

    • EK

      Emil K.

      20 4 2017 22:49

      4       0

      Here it is TL:
      http://www.prerequisite.com.au/blog/

  • MY

    Madjid Y.

    16 4 2017 13:02

    4       0

    I had to take my time to watch and read the transcript, amazing insight into the Eurodollar market, liquidity and capital flows, helping fill the gaps in my understanding.
    Thank you both, it will be great if next time you can cover the role of the Yuan and the BRICS Clearing Account in Local Currency as a substitute to the dollar, and the possible easing of dollar shortage.

  • CB

    Conor B.

    13 4 2017 20:52

    2       0

    I think he spoke for 32 minutes without taking a breath.... impressive

  • GS

    Gordon S.

    12 4 2017 14:04

    1       0

    First of all I want to join previous commentators in saying that I’m deeply humbled and thankful to be able to listen to such an amazing interview, now easily my favorite one on RV. One of my other favorite’s is Michael Burry’s UCLA commencement speech, where at one point he describes his thirst for knowledge leading him to travel each day to the nearest town to pick up a copy of the Wallstreet Journal just to be able to check stock prices. We’ve come a long way and thank you Daniel and of course also RV for lowering the barrier of entry to knowledge so dramatically. Also thank you RV for finally unlocking the reply function and thank you Daniel for making ample use of it! I personally would love to know more about your thoughts on innovation? You quoted: “necessity is the mother of innovation”, which unfortunately is far from being a proactive approach I know many people would like to see, especially here on RV. Do you see innovation as being maybe one of the factors possibly delaying indefinitely the end game? How do you think does innovation (maybe including financial innovation) affect your mentioned aspects of liquidity? Probably too broad of a topic for a reply here, but I would appreciate it, if you could touch on that in a possible future interview!

  • TO

    Tim O.

    11 4 2017 15:44

    2       4

    Ten minutes of good content inflated with an hour of jargon.

  • jh

    john h.

    10 4 2017 16:36

    1       0

    I read the transcript several times as I thought there was a lot of very good material there. I definitely want to hear from him regularly.

    One area that I wished had been explained better was the idea of velocity as a measure of confidence. I can see, for instance, where an increase in debt used for buybacks would result in lower velocity but not because of less confidence but because the benefits are flowing disproportionately toward a small segment of the populace (those who own stocks).

    Another example would be balance sheet activity at banks where we might detect slower or lower levels of lending despite an increase in the M2 money supply. By the same token, such a decline in velocity could be the result of regulatory changes and not in confidence in the borrowers or the economy or anything of the sort.

    • DW

      Daniel W.

      11 4 2017 11:24

      7       0

      I would encourage you to keep thinking in the way that you are - velocity I have learned is such a multi-faceted concept, that to simply use the word 'velocity' is too blunt a term. Most people's thinking about velocity starts and stops at an GDP/M2 concept, whereas different sectors and levels of the domestic and global systems have vastly different 'behavioural' dynamics interjected within them. Money demand is a term that in theory is supposed to be synonymous (but inverse) to the velocity concept - where an increase in money demand (say, as a hoarding response or loss of confidence in non-money alternatives) is equivalent to a fall in velocity and visa versa. But increasingly I have realised that velocity as a circulation concept is subtly quite different to money demand as a behavioural function (depends also on the context within which you are applying these concepts too), but don't ask me to explain this here. Usually it's easy to see quantity dynamics of monetary or financial/economic variables, but to see quality and circulation dynamics within different realms is something that I have found to be quite a fruitful line of enquiry. Also I'd suggest that some areas of a system are more important than others - to figure out what is 'symptom' and what is closer to 'core' within a system dynamic is more the battle we need to be contending - for example, I'd suggest to you that there is some validity to your observations around the buyback aspects, but in the current structure I would posit that those particular dynamics are more symptoms of larger dynamics than necessarily at the core of the significant drivers of the system. Definitely looking at banks tends to take you more towards a core dynamic than symptom, but not always the case. Unfortunately, this is where some training in systems analysis can come in handy - yet another topic that is beyond this forum. Hope this is somewhat helpful - my main point is to encourage you to keep thinking in the manner you are. Surely I am reaching the word count limits of these comment areas :)

  • RA

    Robert A.

    10 4 2017 01:57

    2       1

    First, Daniel I think I can speak for all of us in thanking you sooo much for taking the time to respond to some of our comments! Second, Boy Howdy I think you nailed it---if you take "character" out of it, incentives are indeed all that remain to drive decision making----why not borrow the money if you know you have no intention of paying it back and you will never be required to do so? Lastly, even if you are correct with regard to the headwinds for Gold short and medium term due to the US $ liquidity issues driving the US $ up could the following thought provide more of a bid for the dollar than you might think? That is, through behavioral psychology reflextivity if lots of perceived to be smart investors buy Gold and their disciples and followers buy Gold and then their friends who know they are smarter than they are buy Gold and then their friends and followers buy Gold and then common Portfolio construct indicates that one should own 10 % Gold and then everyone with assets buys a bit of Gold to stabilize and diversify their savings couldn't a case for Gold holding its value be made-----even short to medium term? Couldn't we lambs get lucky for all the wrong reasons and be in a little safer position when the LONG term eventually hits?

    • DW

      Daniel W.

      11 4 2017 11:05

      4       0

      Thanks Robert, most appreciated.
      With regards to the gold comments at the end - the only way I could see the network/crowd effect working as you describe (where friends/followers/'every-person-and-their-dog' piles into gold in the manner you describe) would be as a RESULT OF a multi-year strong rise in the price of gold, not so much a driver of such. In markets, more often than not it is increased price that tends to beget increased demand by a broader audience - by the time everyone was 'piling in', the price of gold will probably be quite mature in its trend and probably going parabolic, we'd likely be in the later stages of a bubble type condition rather than the early stages of a sustainable bull market? But who knows, I'm sure we could figure out an array of circumstances wherein your observations may play out as you described - though I can't really see it happening anytime soon.
      As an aside, I should probably point out that although I have an on-balance negative view of precious metals, we still hold an exposure to precious metals of circa 7-8% in our portfolios. I think everyone should have a diversified holding of some sort to precious metals, but at this point in time this represents an 'underweight' position for us relative to our broader strategy and mandate. In some ways I'd love a sustainable bull market in precious metals, because their underpinnings tend to be highly reflexive in nature and the trends strong to ride, but at least at the moment the frameworks and tools I have regarding the precious metals complex suggest that such favourable underpinnings are not in place. I should also note that I'm not trying to call tops or bottoms, if I can capture the middle 70% of the major multi-year trends more often than not, then my portfolios will do very well.

  • CR

    Chad R.

    9 4 2017 03:50

    0       0

    First viewing - thoroughly enjoyed. Second viewing made me realize this interview was conducted off-the-cuff. What a shame. So much depth shown here from seemingly random tangents, but in the end, the conclusions were too broad to really action. And, by action, I mean useful tools to dig deeper on. Granted, the log scale of gold vs. the case shiller index was illuminating - to say the least! Always hungry, Mr. Want seemed like the perfect subject to take us deep into the valves of the monetary system and it made me feel that the interviewer wasn't up to snuff to take us there.

  • DG

    Daniel G.

    9 4 2017 02:06

    8       0

    Could i please compliment Grant for letting Daniel just run with his ideas? This is why subscribers value your service - guest original thought. I love Grant and Raoul's insight, but the content of ea

  • GS

    Greg S.

    8 4 2017 03:46

    4       0

    We were all better off when investment banks were separate from deposit banks and the investment banks were general partnerships. Each partner thoroughly vetted any investment idea because ultimately each partner owned the risk that was created.

    • AS

      Arthur S.

      8 4 2017 21:03

      0       0

      Absolutely Correct....

    • DW

      Daniel W.

      11 4 2017 11:27

      0       0

      agreed

  • JV

    JACK V.

    7 4 2017 14:04

    10       0

    "I don't have the disadvantages of a university education." Best Realvision quote of all time.

  • HS

    Hubert S.

    7 4 2017 10:15

    2       0

    Daniel,
    thanks for this deeply honest conversation, I am really grateful for your search for truth from first principles beyond those academic follies.
    Two things. First, I believe the people really in charge understand the system better than the puppets in executive positions. So as the endgame draws closer, keep an eye out for game breakers like war, martial law, capital controls, and special taxes.
    Second, you may find a similar spirited and outspoken soul in Prof Richard Warner, from the University of Southampton - which would be a great guy too for Grant to interview btw.

    • HS

      Hubert S.

      7 4 2017 10:18

      0       0

      Sorry, Prof Richard Werner, quite a warner.

    • DW

      Daniel W.

      11 4 2017 10:20

      0       0

      I definitely agree that Professor Werner would be a great candidate for an interview. I came across some of his work maybe 10-15 years ago and thought it was very interesting.

  • JM

    John M.

    7 4 2017 02:53

    2       0

    I'm only half-way through, quite compelling. A question though on the comment that the system is 'untethered'.

    Since 'untethering' USD from Gold (Nixon Gold Shock) there is a view that USD was subsequently 'tethered' to Oil. That is, considerable portion of energy trades are done in USD (e.g. Saudi/Iraq oil exports, etc). Given global demand for energy and oil, this 'tethering' underpins demand for USD. Any move to change this 'tether' could, of course, affect demand for USD. (I wonder, for example, whether this is what Simon Hunt was vaguely alluding to before Xmas, when he projected his non-consensus view of a fall in USD).

    Grant / Daniel / RV subscribers - I'd welcome views on the underlying premise of this - please feel free to shoot it down....

    • DW

      Daniel W.

      11 4 2017 10:29

      2       0

      My reference was mostly from the point of view of a tethering to gold being a form of ultimate restriction to trade and capital flow imbalances. In the different ways I look at the global system, I don't really see that oil operates in that sort of manner. Unfortunately I'm not familiar with Simon Hunt's views around this, but I've always thought that he was quite a capable analyst.

    • JM

      John M.

      13 4 2017 01:52

      0       0

      Ok, thanks Daniel for taking the time to respond. I referred to Oil and Energy, as it is such a necessary and widely-used commodity, and the decision on which currency to use to settle contracts would no doubt affect demand for that currency. So for example, if China negotiates a massive energy deal with Russia, for example, and they agree to use the Yuan to settle contracts (this occurred in 2014), well that's one less massive energy deal settled in USD. And the growth in energy demand in recent years has been mostly China, so the impact is possibly significant. So if the marginal increase in demand for currency is going elsewhere, then a new source of demand for USD needs to be created. It was also in 2014, for example, that US Commercial Banks were required to hold greater reserves of US Treasuries. There may be no connection at all of course, but these are the dots we try to connect. Ultimately, demand for USD helps fund US deficits - d'Estaing's moniker of an 'exorbitant privilege'. Simon Hunt did not specifically make this connection to Oil, (though he was a USD bear late 2016) so possibly an incorrect projection on my part. Thanks again for your thoughts and insights.

  • RI

    R I.

    7 4 2017 01:23

    1       1

    I would give him my momey if it wasnt for his blind belief that gold's fate is tied to the USD. Both are going up together and with velocity sooner than later.

    • DW

      Daniel W.

      11 4 2017 10:38

      6       0

      Definitely a good idea not to give money to people with blind beliefs.

  • SL

    Stuart L.

    7 4 2017 00:44

    2       0

    Brilliant interview. Very good explanation of credit and liquidity creation initially by the private banking system. Then when confidence in real economic prospects declines and a credit/liquidity crisis occurs, the central bank liquidity/credit creation steps in to keep up asset prices. This is then likely to lead to increased money velocity and inflation and a currency crisis. So where is Japan on this journey? If Daniel, Grant or anyone else has any views I would love to hear them.

    • DW

      Daniel W.

      11 4 2017 10:41

      2       0

      Japan is definitely not heading in a great direction, and no doubt there will be a point in time where confidence begins to materially fail. But this is probably a topic best left for a future RV interview - I wouldn't want to try and broach it in a comments section sorry. Thanks for the kind words though

  • ww

    will w.

    6 4 2017 04:29

    2       0

    What a tragedy that the CBs don't - & presumably WON'T? - pay attention to the wisdom of Daniel, Jeff Snider, Michael Green, Raoul, Grant, & at least about half-dozen other of the top RV guests.

    Is there ANY way to get any of those CBs to take heed? It would save us ALL a tremendous amount of pain & loss.

    • SB

      Sam B.

      6 4 2017 12:25

      1       0

      Believe me, I share your frustration, but I well and truly doubt it. No one in power wants to pay attention to those guys since essentially their whole argument is that the central banks never had a clue what was going on to begin with (and still don't). To your second point, even if Yellen was replaced by Jeff Snider today, I think it's impossible to switch from our current broken system without a tremendous degree of pain/loss. That's why the powers the be have engaged in QE/ZIRP/NIRP/"stimulus" for the last decade... to delay the pain and prop up asset prices. Sadly, I think it will take a bigger crisis than 2008, serious asset price deflation and ultimately the final collapse of the eurodollar system to reveal the central banker charlatans for what they truly are... which is clueless at best, criminal at worst. Once the whole mainstream is finally discredited in the eyes of the broader public, it's far more likely that a greater share of people will listen to the real experts. Sooner the better.

  • an

    adrian n.

    6 4 2017 04:09

    6       0

    There was more intelligence in that interview than all the indoctrinated PHD's at the US FED.

  • TS

    Thomas S.

    6 4 2017 03:44

    3       0

    Governments and Investment Banks have been creating risk and then not owning that risk for a few decades. Passing on the bill to the future. That sums up the world right now

  • DS

    David S.

    6 4 2017 01:29

    2       0

    Keynes theory prescribed paying all stimulus back as the economy expands. Politicians just keep spending hoping for a free lunch and to get re-elected. DLS

  • RC

    Ryan C.

    5 4 2017 21:51

    8       0

    What a fascinating interview, it's so helpful to hear some unique and insightful perspectives like this. Daniel, I would love to hear more about the dichotomy of how liquidity flows will effect P/E multiple, the dollar and precious metals.

    My face looked like Grant's face the whole time I was watching this. Please bring him back to RVTV soon.

    • DW

      Daniel W.

      5 4 2017 22:22

      22       0

      I might look at doing a presentation for RV on this subject as it comes up a lot with people I speak with.

    • RC

      Ryan C.

      6 4 2017 01:40

      5       0

      Thanks Daniel, that would be a real educational interview, set it up, Grant and RV team!

  • IZ

    Ileana Z.

    5 4 2017 21:33

    3       0

    Wow! So refreshing to hear such intellect and critical thinking delivered in such a humble, thoughtful way! Integrity...hard to find these days. Thanks RVTV for helping us navigate our troubled times. x

  • DM

    Dom M.

    5 4 2017 21:19

    0       0

    confidence shifting from public to private.

  • HF

    Hamish F.

    5 4 2017 20:34

    2       0

    Daniel has an absolutely brilliant mind and it is fascinating to learn about his processes. Great interview. Thank you Daniel and thank you RV

  • DC

    Dale C.

    5 4 2017 18:56

    4       0

    All the great macro thinkers seem to be saying the same thing. Reminds me of a 1960's movie "Something Wicked This Way Comes". I understand that no one wants to predict it but it would be interesting to hear their thoughts about "when".

  • DM

    Daniel M.

    5 4 2017 16:48

    2       1

    Sorry to place this comment here as it has nothing to do with the interview. But I've been listening to your podcast and sometimes there is music when people are talking. It's very distracting and definitely takes away from being able to follow what they are saying.

  • ss

    shaun s.

    5 4 2017 15:02

    15       0

    Daniel..thank you so much for taking the time to reply to the comments. Really helps me understand better.
    Cheers!

  • ag

    anthony g.

    5 4 2017 14:44

    3       0

    Good to hear this. Hopefully real vision
    can talk with him again in about 6 months ?

  • LN

    Lucy N.

    5 4 2017 14:26

    1       0

    Outstanding

  • FB

    Florian B.

    5 4 2017 11:55

    3       0

    very nice interview, really good stuff. When you say the price of gold is reflected in the excess liquidity of the USD, does that imply the assumption that gold and the USD are(will stay)inversely correlated?

    • DW

      Daniel W.

      5 4 2017 22:19

      10       0

      For what it's worth, I loosely see the inverse correlation between gold and the USD being maintained in the years to come. At some point the USD will materially loose its reserve currency status and the 'excess liquidity' framework will need to expand to become less USD centric (I already run such a model, and on an underlying trend basis, problems in non-USD liquidity are still causing flows to the USD rather than gold, this is always worth monitoring but in my view it's still too early to be expecting the inverse correlation between gold and USD to be breaking down yet on a sustained basis. But will see)

  • CD

    Chris D.

    5 4 2017 10:26

    4       1

    I like it. Don't agree with him on everything though. For instance, there is nothing "organic" about the regular smackdowns in AU/AG - I wish we has a free market..

  • ML

    Michael L.

    5 4 2017 04:58

    3       0

    around 13:00 he seem to be saying a lack of liquidity = higher P/E ratios. This is completely unintuitive. Am I misunderstanding this?

    • DW

      Daniel W.

      5 4 2017 06:16

      32       0

      Yes, this is counter-intuitive at first, but it is exactly what I'm saying.
      Precious metals trends are defined by 'excess' liquidity trends (mainly relative to USD liquidity as reserve currency benchmark). So if effective USD 'supply' is out-pacing 'demand' for USDs, then you typically have a bull market in Gold and bear market in the USD (i.e. you have an 'excess' of USD liquidity above what is being absorbed by the global economic system).
      Presently we have the reverse, an underlying trend of problematic effective USD liquidity 'supply' that is being outpaced by USD demand, which basically means USDs are becoming more valuable (Precious Metals less valuable compared to USDs) - The Shiller CAPE is effectively a measure of the value of $1 USD in earnings, Precious Metals effectively represent the inverse global value of $1USD, so a downtrend in precious metals (increase in global value of $1USD) typically is reflected as an expansionary uptrend in P/E multiples (as every $1USD in earnings is becoming 'more valuable') as represented by CAPE. Conversely, bear markets in P/E multiples (falling CAPE) typically occur when the value of $1USD is 'falling' globally (i.e. rising Gold trends, or conditions of 'excess' liquidity supply above demand, the value of $1USD of earnings also falling hence contracting P/Es).
      Hope this helps

    • ML

      Michael L.

      5 4 2017 21:23

      7       0

      Thanks Daniel, that’s definitely an unique view of the world. btw, I think it's awesome you're replying to the comments here. Cheers!

    • KB

      Kreso B.

      10 4 2017 21:41

      0       0

      1) Daniel's explanation of relationship of CAPE and price of gold holds as long as financial system (in particular USD flows) function.
      2) And furthermore, Anglo-Saxon states were first to achieve technological independence and maintained the leadership against the rest of the world, and the world is forced to use USD.
      Difficult to see 1) or 2) breaking, which would move gold from being commodity to being monetary base (as it was in 19th century, when France, the Netherlands and Germany were a somewhat equal trading partner.)
      China still can't produce about 15% of products they like to use.

    • DW

      Daniel W.

      11 4 2017 10:45

      0       0

      Yes - I can't see 1) or 2) breaking in a hurry

  • js

    jacob s.

    5 4 2017 04:38

    0       0

    Amazing.

  • RW

    R W.

    5 4 2017 03:42

    22       0

    He doesn't have the "disadvantage of a university education"
    How can you not like this bloke

  • GS

    Greg S.

    5 4 2017 03:22

    5       0

    Reminds me a lot of a fellow Aussie who is no longer in the game, Bill Buckler, who produced the Privateer Newsletter. If he is still knocking about, he would be a great potential interviewee.

    • DW

      Daniel W.

      5 4 2017 05:53

      8       0

      I was actually a subscriber to his newsletter almost a decade ago. I'd love to see him interviewed on RV if anyone can track him down? He had a fascinating view of the world well-informed by history

  • GM

    Greg M.

    5 4 2017 03:07

    4       1

    Brilliant interview, a great mind that hasnt been polluted by a university "education". Well done RV

  • MP

    Mark P.

    5 4 2017 01:56

    8       0

    RVTV outdoes itself again. Brilliant. Another watch to capture even more. Nothing else like RVTV out there. Thanks again.

  • VS

    Victor S.

    5 4 2017 00:00

    4       0

    Although Daniel did not say anything SPECIFIC ON A PREDICTION you have to like his manner of thought !

    • DW

      Daniel W.

      5 4 2017 06:50

      15       0

      Thanks.
      I try to avoid (as best as I can) from stumbling into making 'predictions'. Largely I try to develop a reasonably robust approach for the major macro markets wherein I can probabilistically decipher 'signal' from noise, to gauge the probabilities of a market move being 'counter-trend' or a 'change in trend' on my time horizon of operation... obviously this is just as much an art as a science, but it enables me to 'adapt' rather than 'predict' when managing portfolios. By observing 'what is', I can gain a better appreciation of what 'might be' and when I need to take action or sit tight. An example would be some of my discussions in this interview around the reflation trade narrative having the patterning of being simply a 'counter-trend' dynamic, hence (on the time horizon I operate on in the portfolios) not necessarily requiring an 'adaptation' or increased weighting yet to precious metals.
      In order to protect against getting these dynamics wrong, I try to build into my allocations a reasonable degree of portfolio wide resiliency (basically diversification) and I always maintain a 'line in the sand' which if market price moves against me too far then I'll capitulate. It's not perfect, but by adhering to this philosophy I stay fairly safe & resilient, and on balance am able to generate the returns we are aiming to generate for clients whilst preserving capital and without necessarily having to 'predict' things too much.

  • GG

    Gerald G.

    4 4 2017 23:58

    3       0

    I agree 100% with the premise that, essentially, the root of all evil is the belief in the concept of a "free lunch" but... I sure wish Mr. Want would have explained how the unravelling of all of this is going to result in a perpetually strong dollar and weak gold. Doesn't the recognition that the entire system is "untethered" (and that capital preservation is key) imply that gold is a natural safe haven?

    • DW

      Daniel W.

      5 4 2017 05:50

      22       0

      Apologies, I communicated that poorly. I did not intend to imply it would result in a 'perpetually' strong USD... but rather I was trying to point out that these dynamics are likely to strengthen the USD further, and that any further strengthening 'may' reinforce (& trend) a little longer than people might have otherwise thought as there are likely to be other reflexive processes triggered wherein stress begets a stronger USD, and a stronger USD begets more stress globally, which begets a stronger dollar etc. This obviously may not be the case, but I was trying to make the point to Grant that these trends can take on a bit of a life of their own due to self-reinforcing processes that can often be triggered. Will be interesting to see how the system unfolds.
      Gold may be a safe haven, but probably only after a lot more pain in the system that catalyses an over-reaction by authorities, but in the earlier phases Gold is likely to remain under pressure as there is more demand for USDs than effective available supply of USD liquidity (i.e. Gold bearish)

    • JC

      Joe C.

      5 4 2017 12:16

      1       3

      In America we have an educational system that's based in Hellenistic thought. Therefore most educated people do not have critical skills necessary to have critical thinking or what we would call common sense. That being said history teaches us people always revert to some form of monetary exchange that is incorruptible or not easily counterfeited.I submit ultimately paper currency Will fail and they'll be some currencythat we will be back by a unit of intrinsic value of something possibly like gold.

  • EK

    Emil K.

    4 4 2017 23:57

    5       0

    Tour de force. Tour. De. Force. Looking forward to a mid-year video update. Will put up funds if necessary to sponsor.

  • IJ

    Ian J.

    4 4 2017 22:51

    4       0

    Highly recommend watching this in tandem w/Dr Lacy Hunt's interviews. They have different approaches but come to the same conclusion.

  • CD

    Charles D.

    4 4 2017 22:44

    5       0

    Hmmm....societal debt larger... productivity lesser... less monetary velocity means global economic contraction...which results in diminshrd confidence...Prescription....heads up everybody.

  • dd

    darrell d.

    4 4 2017 22:38

    6       0

    Umm ... What he said.

    This will be a necessary rewatch 1,2 3 times.

  • cb

    christian b.

    4 4 2017 22:10

    1       0

    great. comprehensive , clear view point.

  • SB

    Sam B.

    4 4 2017 21:07

    34       0

    Love it. Another guy who appreciates the wholesale/interbank/eurodollar system and the enormous impact of its dysfunction. Please keep bringing on the Wants, Sniders and Mylchreests of the world to educate us on this topic... one which nobody in the mainstream ever even briefly mentions. If possible, I think a Zoltan Pozsar interview would be a huge coup in that he best explains the nuts and bolts elements of the wholesale banking system.

    • EK

      Emil K.

      4 4 2017 22:27

      12       0

      I second the motion put forward by Sam B. Wants, Sniders, Mylchreests and Pozsar would be *amazing*.

  • MF

    Martin F.

    4 4 2017 20:10

    15       0

    Amazing!! The most passionate attempt to make sense of all the madness surrounding us. Even for RVTV standards your presentations are outstanding! Congratulations!! Hope to see you again!!