MacroVoices

MacroVoices Erik Townsend & Patrick Ceresna welcome back, Santiago Capital founder Brent Johnson. They discuss the current rally in the dollar against other currencies, the big move in gold, and the looming question of persistent inflation. bit.ly/3WiZp0d
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00:00:00 Intro
00:01:39 Macro Scoreboard
00:04:06 Feature Interview with Brent Johnson
00:50:03 Postgame - Calm Before The Storm?
00:50:27 Crude Oil
00:52:47 S&P500
00:55:28 Nasdaq
00:57:18 VIX
00:58:33 US dollar
00:59:38 USDJPY
01:00:28 Gold
01:03:12 Copper
01:03:53 Uranium
01:05:52 Wheat

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[@EfficientEnergyTransformations]

That is probably one of the best interviews where Brent Johson explains clearly his theory. Not that I necessarily agree fully with some of his views, but he has some valid points that are worth to be considered for, eventually, everything is probabilistic, with every new change in the matrix, the expected events probability distribution changes.

[@aarong8933]

Brent’s milkshake brings all the investors to the yard

[@maxs351]

🎵 🎶 lol

[@alanmrsic893]

Great stuff, love this milkshake guest :-)

[@ZenEconomicsChannel]

10 years later, and nobody has been served their milkshake. That is some poor dining service. Why is this still a thing?

[@wilfhigginson465]

Of course it is now hindsight but Brent turns out to not only be correct but has been a voice of reason in a macro space marred with panic stricken clickbait seeking rookies.

[@mustavogaia2655]

We've try to keep listening and following some "experts". One of the few I could maintain thru the time is Brent.

[@Bob-kl3es]

Wheat,corn are grains......softs are lumber,cotton,cocoa,sugar, coffee.

[@vicschauberger2737]

Brent is right in that it's a race to the bottom for global currencies and the US$ is stronger relatively , but gold doesn't respect the dollars relative strength to other currencies . It's in the store of value business not the relative strength business .

[@BatmanBoss]

Thanks

[@mcoz7557]

Sr Batido de Leche is becoming a legend

[@maxs351]

😂 🥛

[@Conky769]

Bring back Brent's white puffer jacket/ white earphones combo. The hoth system.

[@tryolegend]

I still think that is if the us do not go around confiscating dollars off countries and people. When they do that. Of course they go to something unconfiscatable like gold, silver, bitcoin, etc.

[@nikolainorman1745]

Otherwise, even if the USD global marketshare is declining it will be the dominant currency for many years to come. No real alternative out there as of now. However, gold might just be the trigger for certain nations to move away from USD like China is doing as we speak offloading treasuries in big style

[@sivi9741]

I wonder what Brent think would interest rates be at if the 🇺🇸 dollar hits 150 on dxy ? 9% ?

[@user-su7dn9kn3s]

The 1985 peak that led to the plaza accord was in large part driven by heavy duty US interest rates in response to US inflation which strengthened the USD. We are currently no where near that level of interest rates. Unlike 40 years ago, the ex-US USD denominated debt levels are through the roof as a % of ex-US GDP, so perhaps the dxy can go alot higher. US interest rates are very unlikely to reach anywhere near 1980-1984 levels so without that tail wind it seems that Brett could be directionally correct but US cannot tolerate a very strong USD for any number of reasons

[@GM-zn5tx]

Love it when Brent strays outside his macro lane into geopolitics... That is not to say 'Milkshake' isn't valid. But there are holes and bubbles; just like a milkshake PS Russia thought it was possible. They created MirCard after 2014...

[@boonwahyeoh8167]

The bullies will not be bullies should the bullies know the other kids will not stand by their side. It takes some qualifications to be bullies and one of them is you know you will always have kids standing by your side no matter what. The reason the other kids stand by the bullies side are not necessarily because they are afraid of the bullies. They might, not saying that they won't, but more often than not it is also because they themselves will relatively benefit from the action of that bullying. So, bullies are never alone, bullies are always a plural word. The word 'bully' never exists. It is always the "bullies".

[@KamilMauel]

Dollar milkshakes seem too expensive for the average Joe, Li or Erik. Starbucks confirmed what McDonalds noticed earlier.

[@georgeholloway3981]

P.s. The US is not the bully, Russia is.

[@Weetorp]

Great guest. But Eric being hopeless as always.

[@Bob-kl3es]

If you dont know the lingo it shows shallow understanding....be careful with futures its got nothing to do with supply and demand. I will eat your lunch.

[@brandon183]

I always like Brent, but I would like to know why he doesn't have US bond outperformance (much lower overall inflation in US) as one of his bullet points. I've been getting long bonds over ther last two weeks, I think brent can be right and rates still stay in the 4.8 - 2.5% range (in the US).

[@slackercapital]

Time to get out of all dollar longs. This guy is 100% a fade. But I agree with his theory on stocks

[@Erikpdx]

He's long dollar relative to other currencies- not other assets. Try listening

[@junkscience6397]

@@Erikpdx He's a "slacker" ...it says so in his own chosen name, for cryin' out loud, LOL. Slackers "know" before they bother to "know"....LOL

[@uberimmer8993]

only 15 clients? wow I thought your fame would bring you many more

[@DcapTNT]

Brent keeps saying the world can’t afford rising dollar. But I’m more interested in whether the US can afford/interested in rising dollar.

[@jeffreygoss8109]

The Fed will just buy the bonds to keep the rates down until inflation runs rampant

[@nikolainorman1745]

Intresting to hear how easily both of you gloss over whom attacked whom. It was certainly not Ukraine and you seem to be ok with it. Almost defending a tyrant rather than say it as it is.

[@junkscience6397]

Ask the Russian-speaking half of Ukraine who the "tyrants" are first? And if you're keyboard warrior-ing from a country that participated in the War Crime that was the Iraq invasion over Fake WMDs...might I recommend you point the finger at YOURSELF next time you look in the mirror, "tyrant"? YOU have meddled in more country's internal affairs than all other countries in the world COMBINED...but of course, you're totally blind in your smug yet ignorant self-righteousness!

[@Zummbot]

There is a big problem with right-leaning people being influenced by Russian propaganda unknowingly. Unfortunately Eric is not immune.