Forward Guidance is sponsored by VanEck.

Learn more about VanEck Bitcoin Trust (HODL) http://vaneck.com/HODLFG.

VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/us/hodlprospectus.

__

Michael Howell of Crossborder Capital and George Robertson of The Monetary Fronteir have two things in common: they both correctly predicted the renewed bull market in stocks and they both have been guests on The Forward Guidance podcast. That is where the similarities end, as Michael and George have entirely different explanations for what is driving the surge in equity prices. While Michael is renowned for his models on Global Liquidity and closely tracks the changes in central bank balance sheets (most notably the Fed’s), George dismisses the Fed entirely and thinks that monetary authorities have effectively zero influence on the economy and stock market. What ensues is a heated debate not just about what is driving the stock market and economy but about the very nature of money and credit creation itself. Recorded on April 10, 2024.

__

Follow VanEck on Twitter https://twitter.com/vaneck_us

Follow Michael Howell on Twitter https://twitter.com/crossbordercap

Follow George Robertson on Twitter https://twitter.com/BickerinBrattle

Follow Jack Farley on Twitter https://twitter.com/JackFarley96

Michael’s Substack https://t.co/7jRGW9iR0S

George’s Substack https://themonetaryfrontier.substack.com/

Michael’s Book https://www.amazon.com/Capital-Wars-Rise-Global-Liquidity/dp/3030392872

Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance

Follow Blockworks on Twitter https://twitter.com/Blockworks_

__

Timestamps:

(00:00) Introduction

(00:32) Jack's Intro

(02:28) Michael's Opening Statement

(06:09) George's Opening Statement

(18:17) The Draining of The Fed's Reverse Repo (RRP) Facility

(24:59) VanEck Ad

(26:03)

(28:38) The Portfolio Rebalancing Theory (I.E. How Quantitative Easing (QE) Theoretically Works)

(45:21) Duration Impact of U.S. Treasury Issuing Longer-Maturity Paper

(51:39) Spread Between Agency Mortgage-Backed Securities (MBS) Yield And 10-Year Treasury Yield

(01:12:09) There's A Distortion In The Yield Curve, That's For Sure"

(01:17:47) Beyond The Fed's Balance Sheet

(01:23:18) Jack's Comment On Cause And Effect

(01:25:07) Views On Markets: George And Michael Remain Very Bullish

__

Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Avsnitt 166 - Falling STAR (20180612)