Adventures In Finance: A Real Vision Podcast

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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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 si

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

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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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 megaphone.fm/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. Vis