Currency Wars: Lining Up the Dollar Dominoes (w/ Brent Johnson and Lyn Alden)

[@RealVisionFinance]

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[@michaels4255]

Let's imagine an alternate world that consists of the USA and 10 other nations with floating exchange rates. To keep the math simple, let us imagine the current exchange rates to the USD are all 1:1. The other countries increase their currency supply 10% each and swap the newly printed currency for USD's. But to do this the USA has to increase its currency supply by 100%. That may not matter so long as foreign demand for the USD remains strong, but what happens in the future if foreign demand for the USD weakens?

[@peterwright9934]

Lyn is the absolute rockstar of these talks. She can extemporise clear answers to just about any questions and also sees the bigger picture, eg, the possibility social unrest.

[@bo840]

upvote for "extemporise". BTW, Google says you're British.

[@peterwright9934]

@@bo840 Australian

[@terrorbear7]

@@peterwright9934 Same thing. We own you.

[@COMARto]

Is she trans?

[@6789uiop]

Like Ray Dalio is trying to alert us to.

[@bozolito108]

Lyn understands and can explain these topics better than ANYBODY out there and I listen to many.

[@suckers0]

I'm also a fan of Lyn Alden's articles/broadcasts but well worth looking up Grant Williams e.g. his videos 'Cry Wolf' and 'Nobody Cares'

[@mr.bullion6786]

Agree, Lyn is great but there is one more on KZbin, Fed observer.

[@bradvincent2586]

So glad I just found her!

[@StuartFerguson55]

Brent Johnson, CEO of Santiago Capital, and ski instructor at your local resort.

[@ra803g6]

Affirmative action at its best. Transsexuals Sony make your content better real vision. Get woke, go broke.

[@jcantonelli1]

@@ra803g6 Huh?

[@jcantonelli1]

Haha, I was wondering about that vest as well - is it cold in San Fran right now?

[@tcorourke2007]

At least he's not in his bathrobe again.

[@jeffreygoss8109]

tcorourke2007 haha! I actually said the same exact thing when I first turned it on

[@bigcjm]

I like the engagement. You look down the comment section and people are caught up in being right or wrong. This is just a chance to have brilliant people discuss this topic with 2 views. You can learn a lot from both. Reality is this isn't the type conversation you overhear at starbucks. This is more like back patio talk you never hear.

[@culluc43]

Lyn is too very diplomatic for not crushing his Milk Shake theory right there in his face. But i don't even think Brett would get it. This lady is too brilliant.

[@LAWSON08]

In the long run, Triffin Dilemma > Milkshake theory. And it isn't going to be close. Lyn fully understands the Triffin Dilemma. Brent is very short-sighted vs. her long-term view.

[@enderwiggin8947]

You simp

[@my2centz487]

🤣🤣🤣

[@ableasdale2000]

I enjoyed this interview a lot.

[@wilsonsy5237]

Brent Johnson is so confused that he doesn't understand Lyn Alden's lesson. You don't need US dollar reserves if you run a trade surplus (or a current account surplus). Reserves come from the accumulation of surpluses!

[@vm-bz1cd]

Lyn is stunningly brilliant and articulate... we are seeing the emergence of an economics/investing super star👏

[@csavory]

Lyn is my absolute favourite person to hear talk about investing. Brent is great too :D

[@artofverity8791]

listening to her talk gives me nerdgasms

[@AndersHasleNielsen]

How can any dislike this conversation? The thoughts and data they present are amazing. Great they finally got together in this video. Thank you for this content

[@ra803g6]

It's probably because she's a transexual

[@joshuajames2425]

Well if thats true wich I'm not buying she's a hot trans

[@jondoe9718]

Lyn is an absolute genius. She explains it so well.

[@MRJDD63]

What a revelation , Since I learned to know Lyn : she can explain in such clear language, what others spit out. Very realistic analyses and predictions.

[@smb2265]

One of the most interesting debates I've seen this year so far...great stuff guys

[@matello18]

It's like a student pitching his ideas to the prof looking for validation and gets none.

[@web2yt488]

After a day of studying mechanical engineering, watching financial content like this feels much less taxing

[@workwillfreeyou]

The U.S. Dollar may be going higher by some measures but I just paid $10.12 for a Subway sandwich. That's a OK sandwich with no drink, fries or side! That's super high inflation.

[@David-on9mk]

I got a spicy Italian with cookies and a drink today -$10. where do you live and what kind of sub did you buy?

[@WrvrUgoThrUR]

Potato chips $4 a bag too.

[@billspencer8540]

This stinking Ponzi Dollar is finished.

[@henrytep8884]

There's a five dollar menu....

[@eddiejin9211]

BOOM nailed it

[@michaelcottell6683]

Two very professional operators! Congratulations to you both.

[@gecn9685]

Lyn alden is on a completely different level

[@2butnot277]

Wonderful dialogue. I'm familiar with both base theories and current positions, so nothing said was new for me. But the far-sighted exchanges by two humble, economic thinkers, and doers, was very encouraging and refreshing. Thank you!

[@almor2445]

Great talk both. It's refreshing to see people disagree with a smile as you said. More of this please.

[@AtheosNous]

To me, Lyn is more convincing than Brent in this quickly changing world.

[@ioannislazaridis4887]

ELLINAS ISE ?

[@carlosorellana5154]

Brent: you need to stop interupting before the lady completes her thought.

[@Iwanttobeabilllionaire]

"i cannot figure out- therefore it will never happen" brent johnson

[@ggrthemostgodless8713]

I bet you everyone will start to invite her to their shows... very smart and well explained answers.

[@Rhcpbedders]

Lyn wins

[@ableasdale2000]

It looked to me like an interview, not a debate.

[@daedalusjones3804]

Constantly amazed at Lyn's wealth of information, understanding and knowledge.

[@gre6821]

These people are brilliant. I realy enjoyed this conversation. I do not understand everything but I am learning. For me Gold, certain US stocks and the Dollar. I live in Europe.

[@andrewm6786]

Wow, this has got to be one of the greatest real vision talks out there.

[@philippepoulin7842]

She's 2 stronk for Brent! She has an answer for everything, and they come without her even needing to process the questions, she just knows her area of expertise so so well.

[@endeavorwebs719]

Brent was looking for support for his milkshake and got none. Perhaps the biggest surprise of the century will be if the dollar bottom runs out.

[@orpheusepiphanes2797]

No he wasnt. She is well known to take another side of the argument

[@malkeri2107]

@@orpheusepiphanes2797 I agree with you. Real vision have done a great job getting these two together to debate the dollar. 👍 Great job to both Brent and Lyn for a classy discussion.

[@JG-cu5xu]

I agree. Both of them are super smart, but I think she made Brent think hard about some potential cracks in his dollar milkshake theory.

[@baijuthomas3716]

I have recently moved to reading up on macro economics and this is the best channel I find .Thank you . Have subscribed to the newsletter

[@louisbooysen8313]

this women..is amazing ..I have never heard someone that speak so with clarity and conviction ...amazing!!

[@eg1200comm]

The best video I seen in a while. I thought I was going to be teeth puling because the length of the video in the beginning but I was engage in the discussion all the time!!!! Great inside.

[@waynemarriott9232]

This was the best interview by 2 Brilliant financial minds that an everyday Joe like myself cant actually get to see and hear and understand that Real Vision has brought to the table for myself and others I cant Thank you enough for this content which otherwise I would never be able to afford to get this kind of research so again I want to Thank You Real Vision and everyone involved

[@johngrear6506]

The milkshake is looking shaky.

[@ableasdale2000]

The game isn't over, but it's looking like the Fed will do anything to keep the dollar down.

[@dboyz31]

Still lookin shaky ?

[@Adam-ie8ed]

will see about that in april

[@onamarjanen2304]

Awesome discussion, thank you Lyn and Brent! I just love listening to this intellectual and analytical thinking and discussion.

[@treziti-va6221]

Brent, I have a question for you. By doing swaps, the US is making the dollar weak since the other party will spend the dollars thus increasing the total amount of US dollars, while US will keep the printed counterparty currency and thus sterilizing it. This is how the dollar is going lower against the other currencies. The net amount of newly issued dollar maters, and with 0 interest rates, by rolling the swap the other party is providing only the interest (mostly nothing) but enjoying the power purchase of the dollars while FED is keeping the counterparty currency looked, thus sterilized. What do you say about this?

[@lillix8826]

Very interesting point. Hopefully he can reply.

[@treziti-va6221]

@@lillix8826 No reply yet.....

[@chadbrasfield]

If I understand this correctly (and I very well may not) I think his point is that the swaps ultimately remove dollar debt (deflationary). The only reasons the other countries hyperinflate their currency is to secure dollars to pay down dollar denominated debt. Therefore the local currency hyper inflates and the dollars dry up. I could be completely mistaken about that though.

[@ruim8590]

brent needs to close some longs and buy gold coins for Peter. Lyn is very smart

[@rsiow2]

Brent "For a lack of better word" Johnson

[@jordanaraujo2579]

Brent "I don't want to put words in your mouth." Johnson.

[@fringedweller221]

Awesome discussion guys, best spent hour and a quarter of my week. RVF gets best analysts and I always come away feeling educated on a topic. My first exposure to Lyn Alden . Will scan the net for more of her analysis as she exhibits great ability to explain her positions in a convincing and authoritative way without leaving her audience in the dust.

[@jimwolfe4286]

This was a fascinating conversation; like an intellectual "ping-pong" match...However, this was a top-down analysis, social and societal factors were not fully considered. Dr. Shiller usually mentions " animal spirits" in his analysis. This "bottom-up" view considers social stability as a factor that will allow this geo-economic "shell" game to continue. Various uprisings in the US, France, Germany , and other Western nations should be factored in as possible big "spoilers" to erudite macro analysis.......Thank you , Brent and Lyn for your valued and respected views and scenarios..........Godspeed........

[@bubblybull2463]

Absolutely! And since jobs are going to be missing, social unrests are bound to happen. And wait for the next terrorist threats...

[@nunoalexandre6408]

Checkmate!!!!!!!

[@Project2013B]

Brent picking up a chick at a bar: So for lack of a better word, can we make mattress music?

[@Thenachobear101]

Loved this! Felt like a debate between peers rather than a one sided interview. Made it much more entertaining and it was nice to see the holes in each others logic

[@itsonlyafl3shwound]

peter schiff called and asked to get your gold coin ready for him 😂😂😂

[@alan17h]

I’ve been waiting to see these two get together. Fantastic discussion/debate, Real Vision. This makes up for the Kelton spoon-fed “interview”.

[@jonathanbartsch2938]

I enjoyed your episode and really appreciate your breaking down both your views 👍

[@brianmoran1196]

Lyn has a very listentoable voice.

[@CocaineCowboysUncensored]

Is she a dude?

[@TOMinPDX]

Yup and has interesting things to say.

[@ashthegreat1]

@ Winifred Fowler - Totally.... I don’t care either way. Lyn’s a dish.

[@brianmoran1196]

@@CocaineCowboysUncensored Tut!....Lord, but you're fussy!

[@gabrielvaladao5282]

@@CocaineCowboysUncensored No. She's just a contralto.

[@gottfriedvandale1035]

I disagree with the dollar milkshake but i must admit that Brent is a real gentleman. Congratulations for this kind interview of your opponent.

[@Sander-bx9lh]

Wow lyn is amazing. Lyn should do a debate with schiff.

[@joshuajames2425]

Schiff wouldn't touch that w a 10 ft pole

[@itsonlyafl3shwound]

peter schiff is milkshake drinking brents gold coins 😂😂😂 "i drink them up"

[@uofidad2012]

Great discussion! Lynn again simplifies complex economic issues in a way we can all understand!

[@damprojectsolutions5777]

I have a question, Brent says that the dollar will go up in relation to the swap lines because of the demand for dollars and the lack of demand for the other currency. So, if there are swap lines and a country has to pledge their currency equivalent in dollars as per the swap, and i get it, that would mean both currencies are being created so no inflationary of value depreciating effect on the USD. Or is there? If both currencies are being created but one is being used due to a shortage, but the other one is a reserve against these, then wouldn't the USD created in the swap actually have a velocity component that the other currency would not. If so, would that not mean then that there is a depreciating factor against the USD (as it is being used) and not against the other (as it is just a held reserve). Please clarify if you have an answer as this seems to not have been addressed and looks to be an issue with "the milkshake". Thanks.

[@TheRacingShawn]

I enjoyed the interview. I also read Lyn's article on gold earlier this month. It's informative and well-structured!

[@djames693]

Simply beautiful exchanging! Thank you!

[@amandoad]

LYN is definitely one of the smartest and must be followed

[@vmurt]

I wish I had discovered Lyn earlier - she is amazing. Learned so much from her.

[@mr.bullion6786]

Some of the countries that have the USD swap lines have not even used them.

[@bradynields9783]

38:02 Could that single global currency system involve something like an eSDR? I'm not sure what it would be collateralized with but it will have to be something digital if they ever expect it to work. Enter stage left: Brian Brooks

[@cstevenson5256]

NIIP, the overseas held US assets, who holds them, are they held by Ford Australia, Google Singapore as part of MNC tax strategies.

[@michaelmorris3884]

Brent Talked to much. Lyn has exceptional knowledge and perspective on what is happening. It would have been nice to hear more from Lyn and her perspective!

[@postscript5549]

This was produced on 6/22. I assume it was posted on KZbin only a day ago.

[@alexaiz7521]

Brent , a question or a point for consideration. what happens if in the swap lines the world put the dollars into circulation but at parallel the u.s just keep the currensy from the exchange in it's reserve would it stil be rigth to think the dollar rises and other currency falls? cos in real terms the actual dollars in circulation will be much more aboundend . same time it also move u.s to the path of global currency basket by acumilating diffrent currencies.

[@malkeri2107]

👍 Glad to see this debate and these two have a great discussion. There was so much great info in this one video. Great work from both Brent and Lyn👍👍👍 Nice one realvision for for getting these two together.

[@generalyan7084]

So brilliant and relevant today, thanks guys

[@samsonisir229]

wow lyn and brent awesome video

[@milianisanchez6894]

Is there anyone sharper than Lyn or Lacy in macro??? If so, let us know

[@tallswede80]

Dollar down, gold up. Brent is going to pay Peter another gold coin

[@rof8200]

Came here just to say the same thing. Lol

[@John-wf5if]

@@rof8200 Came here just to see that someone had posted it :)

[@foolsleadtheworld578]

Awesome conversation and nice to hear both sites. As always Lyn was sharp as a samurai sword and explains with such ease her perspective. Thanks to the both of you, I got some of the missing puzzles in place. Have an amazing day all of you. p.s. The video says airdate june 22 ?

[@freydenker6335]

but there is no fractional reserve banking..?

[@moviehipster]

The only person understanding you two... is Lord Gammon, The Macro Interpreter. Seriously, he should be running commentary for you, pausing you, telling us what you said, and why we care. Your viewership will double.

[@cameronalexander359]

Even the graphs were unintelligible. I mean 3d triangles!? Seriously?

[@amanimotto]

I loved this discussion. Thank you so much both of you. We’ve really enjoyed it. Makes for a smart cautious investors. When is the next video ?

[@malthus101]

"For lack of a better word, I don't want to put words in your mouth."

[@WorldRespectForLife]

Notice how she mirrors those two lines back at him in the conversation? She's sharp.

[@ludwigvonmises1]

I usually like Brent but he was a bit prickly with Lyn who frankly is brilliant. Maybe it's just me but I think Lyn deserves better than what Brent gave

[@malthus101]

It's just you. You misread the situation.

[@AbbeyRoad69147]

24:43 "what do you think happens to the dollar in that environment?" MOST IMPORTANT QUESTION!!!

[@cyclingphilosopher8798]

Interesting discussion. The thought experiment presented by Lyn is particularly interesting: what if the swap lines are made to be permanent as a first move towards a multipolar currency system? If there would be agreement on that, then it is mainly a matter of printing by multiple central banks in such an order that you can work towards currency equilibrium, especially if it is in step and pace with some degree of deglobalisation. That could be a way out.

[@jeffreygoss8109]

Really informative and understandable. It’s nice to hear conflicting or differing opinions without it being personal like our politics

[@DolphLongedgreens]

Dollar milk-shake-shake brings all of the FX to the yard

[@jordanaraujo2579]

Wow. You went there eh. I was wondering when I would see something along these lines. It's finally happened.

[@jamesdean7756]

Lyn Alden is full of class

[@kevinwright7026]

Could the demand of dollars exceed the amount the Fed prints?

[@carlomottola3213]

If commodity trading is done in multi currency, at which value will sellers give their products? 1:1 on the euro? 1:7 on the Yuan? How?)))

[@stevemar8027]

Confused on huge dollar rally theory: currently 5yr vs other fiat and gold below: Has the dollar really been that strong? -4.01% vs Swiss franc- 5 years -5.58% vs Euro 5 year -14.53% vs Japanese yen 5 year -73.10% vs Gold 5 year -33% vs Gold 1 year -22% vs Gold last 6 months -Is the dollar going all of a sudden going to make a substantial reversal in a crisis/squeeze? Maybe it can close the gap but I don’t see how it would be substantial enough to reverse its losses relative to other currencies and gold when it already has performed poorly yet deemed as being strong? Doesn’t make sense considering how flawed the dollar is. Hey, it’s up 682% vs the Argentinian peso!!

[@stevemar8027]

Correction -4% vs Swiss franc over 5 year

[@brucepentheny1892]

Great video 👍. Always nice to hear intelligent conversation.

[@burtdj]

How do we out print other countries with swap lines? Well US swap line dollars become deposits and with the magic of Euro dollar factional reserve banking the money becomes multiple more than what was pledged.

[@deantan4080]

What is a TED spread?

[@renatowhoareyou2464]

This should be taught in University! Greetings from Hamburg, Germany

[@costaselgreco]

not clear if the host is debating economic explanations or reciting a wish list

[@monkeystacks9657]

This "interview" could have been so much better if Brent didn't have to relate every question to his milkshake theory.

[@jdavis9837]

I don't think it's an interview. Normally the interviewer's name isn't listed in the description. Brent's is

[@JenNy-bl5we]

IMO that's the whole point of Brent interviewing Lyn.. is to debate his theory with her. I think this interview is awesome. We get to see Lyn responds to Brent's theory and as they said it's all come down to whether the FED can print enough USD into the market. I'm on Lyn's side. The FED will flood the market with USD. UBI is coming soon!

[@JenNy-bl5we]

To sum it up: How hard it is to print the money?

[@jackieodea4036]

It was great listening to you both very smart people

[@Johnson-Sequoia]

Thanks guys excellent conversation. Intelligent and informative appreciate the efforts to help the masses navigate this mine field.

[@mikerudinsky]

For lack of a better word. I don't want to put words in your mouth.... Lyn's massive strength, in addition to her control theory mindset, is her ability explain complex areas. She does not require pre loading by Brent. I don't like milkshakes.

[@ChancetheCanine]

Great interview folks!

[@erikkaareson6493]

Fantastic conversation. Most honnest and interesting in along while.

[@boichotemelakiev4039]

how many times he said "for the lack of better word"?

[@93Mischief]

How many times did he try to not put words in her mouth?

[@andrewhoover4641]

Great exchange very enlightening...

[@JaminSilbaugh]

Great interview!

[@theupscalepanhandler]

Great discussion. I always like to hear different perspectives on currencies, especially the Euro dollar issue and currency swaps. But my biggest question for Brent is whether he has hedged his gold coin bet with Peter Schiff by buying it before this recent surge.

[@Project2013B]

Style points for Brent's headphone color matching his vest.

[@Peter-MH]

Great debate, really enjoyed listening to their viewpoints here!

[@jerryhunter5242]

Min 34:20 Lyn says “ the US dollar is not inherently scarce. They can print as much as they want.” Wrong! Wrong ! When the conditions are tight, the private banks and repo markets will not lend leading to a shrinkage in Money supply. The US government has no control over this. No amount of increased primary dealer reserves will entice them to lend more. This is just one of many examples of how she gets it wrong.

[@Lerppunen]

Nothing prevents the government from supplying dollar liquidity to any party in need of it.

[@jerryhunter5242]

@Hirmuinen Trolli The fed so far has created bank reserves. It cannot provide direct liquidity to anyone in need. If the banks don’t lend their reserves, the Fed has provided no liquidity.

[@Lerppunen]

Jerry Hunter But the government can give money it anyone, and the Fed can create the money and lend (=give) it to the government.

[@jerryhunter5242]

@Hirmuinen Trolli none of that will help a very tight private banking system that will not lend. There is a reason 10 year treasury rate is at 0.5%. It indicates a shortage of dollars and deflation. The US dollar will inevitably turn around and rise.

[@eothedj3853]

I love your mind Lyn!

[@pagogo84]

Yo, she is dropping gems! All ears here yo!

[@jamessteers]

Two of my favourite people here