Saxo Bank CIO: No Recession With Full Employment, GOLD Under-Owned!

Saxo Bank CIO Steen Jakobsen joins us for an in-depth discussion on the global economy, landing scenarios and why he sees deflation ahead! Where is the recession? How is the job market doing and what about commodities? Where does he see leverage and opportunity?
#gold #recession #fed
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Guest: Steen Jakobsen, CIO
Company: Saxo Bank
𝕏 @Steen_Jakobsen
Recording date: March 18th, 2024
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[@jeffsurfanderson]

You should be asking him the question then why is Japan Germany and the UK and the EU all in recession with unemployment near all-time lows

[@Mr4autiger]

we are in a stagflationary recession, or depression. Asset prices are being propped up to one degree or another ie - "inflation." "full employment" does not denote that we are not in a recession if " full employment" can't keep up with basic living expenses. See - massive consumer debt.

[@george0r510]

your understanding of the truth is right on thank you for your truthful understanding.

[@capitocapital]

When you are this bold saying nothing can go wrong, everything will probably go wrong...

[@martinbeckmann9376]

Right at election time

[@fredfarkle-bp9en]

sell Mortimer, sell, sell , sell

[@edhamo]

Always a pleasure listening to Steen. Thanks gents.

[@SoarFinancially]

Our pleasure!

[@theinflationsituation8870]

Great questions re: liquidity, BTFP, RRP. I do agree that extend & pretend is the game for another 12 months. Regarding: in fiat terms, no way is energy getting cheaper. Need to measure commodities relative to each other (oil priced in gold), not in nominal dollar terms. Just a KZbin Rando. 😂

[@SoarFinancially]

Thanks for tuning in. Much appreciate the feedback.

[@longgowhereto]

"I sometimes feel I am in a parallel universe. Maybe I am." - Albert Edwards (Soc Gen) I leave at 6:13

[@nunoalexandre6408]

kkkkkkk what a joke ..real usa inflation is already is above 10% !!!!!!!!!!!!!

[@fredfarkle-bp9en]

Sell Mortimer, sell, sell, sell

[@bbracing2780]

Lost me at fusion in 5 to 10 years

[@14Unow]

Unfortunately unemployment is far higher than the figures declared by government. Try 24% plus to include unemployed, discouraged workers, part time workers and those who can find full time work earning under $20,000. There are also a great number of over 50ies who are out of work and do not appear on any statistics. In addition, after 1 year of claiming unemployment benefit, claimant people fall off recorded government numbers. It would be useful if a proper and accurate unemployment rate was dis used in your programme. About time someone told the truth.

[@randyprince9213]

Unfortunately, the bogus job numbers don't differentiate between full-time and part-time employment. I have no doubt that there are a great many part-time gigs available out there. I'm assuming that this guy is looking at the government's job numbers which seem to be revised downward by 30 to 50 percent almost every month. The current administration needs for us to believe these numbers to have any chance at all of being reelected. You can bet that all of the former full-time employees that are now juggling 2 or 3 part-time jobs to try to keep their houses and feed their families won't be voting for sleepy Joe in November. Unfortunately a Biden /Trump election is a lose/lose situation (again).

[@costaselgreco]

Great guest with a lot of wisdom. But please ask him why the West is so interested in commandeering Russian energy resources if fusion is taking over in 10-15 years? That's not long to wait before Russia is out of fossil fuel revenue streams so, is the money the US/EU has spent in provoking a war to deconstruct Russia just a 120 year hobby? it's hard to buy into the EU's green ambition when they claim to want to turn Europe into a smoky war factory (Charles Michel's recent quote).

[@chrisjones1796]

Listened to stein before, highly entertaining. I dont recognise the World he is describing.

[@MaryJaneNZL]

prices are only going one way though

[@Number3boyz]

Not even going to waste my time thanks for the heads up with the title. We are in a recession on the way to a depression. Unemployment is about to skyrocket and the dollar is on the way out. Can he even explain the inverted yield curve? Nope. 👎

[@advocate1563]

Michael Howell suggests inverted curve is teeesult ofseliberate scsrcitysroundthe 10 year yield whilst yelled deliberately flooding market with short term t bills. This is a fake inversion.

[@yanivpete]

commercial fusion within 5 years? cmon man

[@ACzechManGoingHisOwnWay]

WTF is he talking about with respect to fusion energy and pushing energy costs to zero? Does he have ANY idea, how much these fusion plants are going to cost to build and to run? The lost opportunity costs (saving that money and earning market interest rate on it instead) are going to be huge, putting a hard floor on the price of energy produced by such plants. And I'm not even talking about amortisation (finite lifespan and eventual decommissioning). Maybe he lives in a future, where interest rate (time value of money) is no longer a thing (or people get actually punished for saving money). :D

[@ACzechManGoingHisOwnWay]

Thank god I only use Saxo as a stock broker. I wouldn't let this guy allocate my money. Hopefully, my assets are properly segregated from any investment decisions he and/or Saxo makes. Nothing can go wrong in 2024? As far as I can tell, we are not too far away from nukes flying out of Russia or Israel. When that happens, things will have gone wrong, regardless of any upcoming US elections.

[@lorilacour7816]

What a great discussion!!! He’s awesome

[@jttheat5445]

Too many ads. Blocked.

[@SoarFinancially]

Heard of KZbin Premium?

[@213thAIB]

Why would I listen to a bankster.

[@george0r510]

the acoustics stinks with the echo, and the poor logistics, and equipment on your guest's side of the commentary. How can anyone take a credible guest, when he can't get acoustics correct??? Not credible especially his "NO RECESSION" position. There is a recession no matter if jobs go down or not as the DEBT IS A RECESSION IN ITS SELF. The commodities are too cheap and fun for the economy, Yes on the back of a few there is a RECESSION on them and the rest of the system steals their daily keep. That alone is a recession. The hegemony is a recession???? Everyone loves living off others' work, and it is a recession. The true definition of a recession is when your neighbor does something or endures some imposition to support others who should support themselves. DEBT is exactly that, and they are sucking the blood out of the system. So we have a depression no recession...this guest is out of the understand as he is so accustomed to taking what he was not earning as profit. It is DEBT in the WEST, and he cant see it. Commentary with this guest is no commentary....

[@george0r510]

Very poor commentary he is accustomed to living off others production not his own..