Money Printing & the Debt Spiral with Macro Alf

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  • Опубліковано 24 гру 2024

КОМЕНТАРІ • 99

  • @c.p.1090
    @c.p.1090 Рік тому +21

    Need to watch this multiple times.

  • @guy0909
    @guy0909 Рік тому +20

    Peter is great at interviewing these macro guys. I've seen a lot of Alf before but this is the clearest I've heard him explain the financial system

  • @mazza3137
    @mazza3137 Рік тому +16

    What a great episode. Very cleary explained and educational. Thank you Macro Alf , Peter and Danny. 👍

  • @qayotee
    @qayotee Рік тому +3

    Love Alf, really clear explanation of unnecessarily complex structures

  • @jingmu1289
    @jingmu1289 Рік тому +2

    This is such a great episode! Alf makes expert’s knowledge dummy proof. Please have Alf come more on the show.

  • @Hoop-pi6dp
    @Hoop-pi6dp Рік тому

    Everytime i hear Alf i learn something, and this is by far the best intro for dummies and so called financial experts alike on how the world monetary system works. Top work Alf! and Pete/Danny for the interview.

  • @YGOHeliosTM
    @YGOHeliosTM Рік тому +2

    I have been looking for an episode like this. To finally have a clear explanation of money creation for plebs like me. It’s how I stumbled into WBD…searching for that explanation on Apple Podcast, finding the few episodes of Peter interviewing Lyn, and going down the BTC rabbit hole. Very thankful for this show!

  • @ReeseHarris
    @ReeseHarris Рік тому +3

    When you really know your stuff, you can explain it with great simplicity, so it makes sense. Thank you macro ALF for your great explanation of the banking system.

  • @duncangamble8386
    @duncangamble8386 Рік тому

    This was insanely good. I've read Alf's threads explaining this stuff but his vocal delivery is much better. Looking forward to you having him back on.

  • @TheRealDerekS
    @TheRealDerekS Рік тому +3

    So good! love Alf! been watching him and A. Steno-Larsen last couple of years... always SO reasonably measured in breaking down BIG picture topics. Macro Compass kicks ass. Alf should have wore his "Dont Fight Demographics" Tshirt...
    thanks guys, another banger episode! one of my favorites of the year!

  • @dr.orange1605
    @dr.orange1605 Рік тому +4

    This was just brilliant and amazing. Thank you so much for this free educational content.

  • @yoshi545825
    @yoshi545825 Рік тому +3

    He's brilliant. Thank you for having him on. This one was very useful for me.

  • @hengteang26
    @hengteang26 Рік тому +11

    I learn a lot in this episode, such a great episode. Lol they didn't even teach this in college even though I have a degree in economic.

  • @amartian4775
    @amartian4775 Рік тому +2

    Brilliant episode. I think that at the edge of this is why bitcoin may never be a solution that is truely broad based. I just can't see nation states allowing a competitive "currency" that is inherently deflationary to take the ability to "guide" their economies away from them. Peter, when you get Macro Alf back, I would love to see this angle explored. Once again, one of the best places to go for modern and well educated thinking about finance and crypto. I would love to see Macro Alf and Lyn Alden together with you two for further discussion.

  • @dipunm
    @dipunm Рік тому

    No fud, no doom porn (I kinda miss that actually), just pure uncontroversial facts. I love it.
    Thanks for this one.

  • @BoxUne
    @BoxUne Рік тому

    This might be one of the best WBD podcasts, and I have watched them all.

  • @nights5956
    @nights5956 Рік тому

    This was a great source of information! Thank you Peter

  • @licorice71
    @licorice71 Рік тому

    Great informative episode..this guy is a natural teacher...much appreciated

  • @andreazilli6389
    @andreazilli6389 Рік тому

    Great episode! Beautiful explanations and simple to understand

  • @pamorim01
    @pamorim01 Рік тому

    Awesome show guys, best in many many months

  • @kylenelson5552
    @kylenelson5552 Рік тому

    For anyone wondering as I was, Macro Alf has 2% of his assets (real estate, stocks, etc..) in digital commodity AKA Bitcoin. That was lower than I expected but I suppose makes sense. Lovely explanations and a great podcast, thanks gentlemen!

  • @kryzt021
    @kryzt021 Рік тому

    Yes, Macro Alf! I have been waiting for this one.

  • @ryansgr8
    @ryansgr8 Рік тому

    Good episode. Very detailed.

  • @REZZA2020
    @REZZA2020 Рік тому

    Great work Pete. Wish I was over in Bedford!

  • @LearnAboutBit
    @LearnAboutBit Рік тому +1

    How are more banknotes created? In 2020 we received checks, is more physical cash created in this process? From my understanding bank reserves are digital, are more banknotes produced in the process of quantitative easing?

  • @sustany
    @sustany Рік тому

    Some really good observations. If Alf, would only make the distinction between technology (currency) and money (always a situational legal) agreement, he would make a quantum leap towards identifying potential solutions. As is, it is an intellectual engagement with well beaten strawmen.

  • @PlanetFrosty
    @PlanetFrosty Рік тому

    Excellent! Art Laffer in a recent talk with Cathie Wood described the need for an elastic component to bitcoin ecosystem possibly through Lightning Network and/or Federated Minting. I’m working on the software/hardware that make make this reasonable without undermining core bitcoin value.

  • @muteness
    @muteness Рік тому

    one of the best, real value !

  • @rinat3268
    @rinat3268 Рік тому

    Great explanation, thanks!

  • @SuperAwenger
    @SuperAwenger Рік тому

    What a smart dude. Great monologue;)

  • @ronniegranek944
    @ronniegranek944 Рік тому

    Great content. I really learnt a lot from this. Thank you!

  • @drxkalishnakov2464
    @drxkalishnakov2464 Рік тому

    My new favorite WBD episode by a long shot 🥂

  • @mikeplaced3111
    @mikeplaced3111 Рік тому

    Good episode nice addition from blockworks where Al posts. Now Jim Bianco!

  • @adamcar9376
    @adamcar9376 Рік тому

    Danny thank you for your efforts to have Makro Alf on the show, Peter thank you for the questions in the last stamp. Hey bitcoiners! The answer to all your questions is there, in the last stamp;) Well done guys !

  • @davecorley5514
    @davecorley5514 Рік тому

    Fantastic session. Thanks, Peter. Saving this to my Bitcoin Gems folder.

  • @peteinthepocket9208
    @peteinthepocket9208 Рік тому

    What an explanation of the system! Amazing 🤜🤛

  • @jonashayes2508
    @jonashayes2508 Рік тому

    Amazing podcast

  • @lastnamefirstname2390
    @lastnamefirstname2390 Рік тому

    This guy explains so well.

  • @LKNDIY
    @LKNDIY Рік тому

    Very informative. Thank you

  • @perspectiveaerialproductio8215

    Another excellent episode.

  • @beerius2349
    @beerius2349 Рік тому

    this was amazing

  • @__lancaster
    @__lancaster Рік тому +2

    This take from Macro Alf is misguided. Yes technically bank reserves are not in themselves used to create loans. However in the ABSENCE of bank reserves 'top ups' for banks their lending capacity would fall due to overall balance sheet pressure to meet regulatory requirements. This is so easy to understand and poorly articulated by Alf. I like Alf and he has some amazing content and is a valuable thinker. He's just not well articulated this concept and its implications.

    • @__lancaster
      @__lancaster Рік тому +1

      He also then goes on to argue that this mechanism (inter bank transfers of reserves) has absolutely no bearing or impact on inflation. This would be true only in a very technical sense and would ignore all second and third order effects of the central bank actions (i.e easing via injection of bank reserves).

    • @__lancaster
      @__lancaster Рік тому

      1. First Condition: 'Banks dont chase loans they must wait for credit worthy applicant to approach.' This is utterly incorrect. Banks do chase loans aggressively to match their internal risk profile targets (of which bank reserves play an integral component of this calculation regarding risk exposure).

    • @__lancaster
      @__lancaster Рік тому

      Notice how all these Keynesian economists lose their intellectual footing when hypothesising over a firm monetary standard. Its a major red flag. Notice the brevity of his answer. He admits the current system refuses to operate effectively in a countercyclical manner but then immediately uses that argument against a firm monetary standard (i.e. too inflexible).

  • @ClevelandWhite-c8s
    @ClevelandWhite-c8s Рік тому

    Alf is great! Up there with Snider

  • @evogreen81
    @evogreen81 Рік тому

    Great show, I learnt a lot.

  • @weakscaredandcrying
    @weakscaredandcrying Рік тому +2

    The convo around bank reserve’s doesn’t make sense. Bank reserves are denominated in Dollars in the US? If you have sustained excess reserves can you lend them out to non bank entities?
    Like what the hell are bank reserves if not dollars that have to be retained as a percentage of deposits?
    This feels like when Balaji describes how the people in the industry intentionally make everything opaque and confusing.

  • @AmitSingh-ui6gq
    @AmitSingh-ui6gq Рік тому

    Deficit spending: on the liability side we have a minus deficit spending or negative equity. But on what happens on the Asset side on the balance of the Government?? Minus Tga ?

  • @REZZA2020
    @REZZA2020 Рік тому

    1992 - Internet :--). still here !

  • @bitcoinpoemspro1406
    @bitcoinpoemspro1406 Рік тому

    Excellent. Thx!

  • @garcon8552
    @garcon8552 Рік тому

    Peter got himself a haircut! Well done!

  • @lucashaze6773
    @lucashaze6773 Рік тому

    Macro Alf did a very good job explaining a system the majority of people don't have a clue about. If you want another good explanation about the money system I can recommend Mike Maloney's "Hidden Secrets Of Money" series.

  • @DanaJWright
    @DanaJWright Рік тому

    Was looking forward to getting Alf’s opinions on bitcoin. Next time

  • @empireorganizing
    @empireorganizing Рік тому

    I have a crush on this person he is so intelligent and easy to understand

  • @shakenbake6303
    @shakenbake6303 Рік тому

    Great info 👌😎🤟

  • @DreamDoc-qu8ck
    @DreamDoc-qu8ck Рік тому

    amazing!

  • @ecineko1
    @ecineko1 Рік тому

    Can the central bank force commercial banks to sell treasury bonds as part of the issuing more reserves to them ? What if I as a commercial bank am not interested.

  • @mc-kz8zn
    @mc-kz8zn Рік тому

    Aweaome show! Please…have him back on the show end of Q1,2024.

  • @pedromogga6928
    @pedromogga6928 Рік тому

    I was thinking this way 10 years ago and bought a lot of physical gold (alas not bitcoin). The debt spiral was in full force then. Truth is that it's going to be a long time before the collapse .... I would guess at least 10 more years. The biggest problem is that 99% of the population have no idea that the problem even exists.

  • @rorrovilla1
    @rorrovilla1 Рік тому

    Bravo!

  • @RapMasterG
    @RapMasterG Рік тому

    So when they sell the soybean and then want to move the money into something trustworthy and liquid does Bitcoin in theory potentially take that role? Wish this was addressed in the video

  • @edgeman148
    @edgeman148 Рік тому +1

    Imagine if no monetary systems existed (this is sci-fi btw) Aliens arrive on Earth and issue an edict, "We want to create a monetary systems to be used here and need two proposals for this." One group presents a fiat based system with some possible hard assets. The second group presents Bitcoin. Which one gets chosen?

  • @willdorey8283
    @willdorey8283 Рік тому

    Surely if banks can buy government bonds with bank reserves then the reverses become real economic money through government sending? And therefore bank reserves can be inflationary?

    • @theguy9067
      @theguy9067 Рік тому +1

      That's what I thought as well, ultimately reserves are being created from thin air, those reserves are paying for SOMETHING

    • @theguy9067
      @theguy9067 Рік тому

      Another thing that confused me or maybe I didn't understand, he says bank reserves can't go into the real economy but then says that if there are major deposit outflows, the bank can get reserves injected by the central bank if required, therefore reserves are being withdrawn and can be spent?

  • @REZZA2020
    @REZZA2020 Рік тому

    Vires in Numeris !

  • @davidcodes009
    @davidcodes009 Рік тому

    Peter, please interview Tom Luongo, it would be fantastic

  • @billcarino1188
    @billcarino1188 Рік тому +1

    Interviews Richard Werner please

    • @tomashancarj3rry66
      @tomashancarj3rry66 Рік тому

      Thank you. I was the very first one to comment on this video suggesting exactly that, but somehow that comment got deleted. When Alfonso started to talk about Japan it became clear to me immediatelly he ain't got a clue what he's talking about in terms of how it used to work in Japan when it comes to money. Besides, Richard Werner is the one who coined the term "Quantitative Easing" anyways.

  • @jasongrig
    @jasongrig Рік тому +5

    again Alf is not telling the whole story. As Lyn has explained, when QE is done to fund the bond issuance of the gov to facilitate fiscal spending (deficits) then QE is real money printing. In 2020, QE was real money printing. The dealers would not have bought the bonds if they didn't know the FED would buy these bonds from them immediately.

  • @jackw.3978
    @jackw.3978 Рік тому

    Cash is central bank money!!!

  • @fp3234
    @fp3234 Рік тому

    The Pizzaman is smart

  • @REZZA2020
    @REZZA2020 Рік тому

    Using both GBT/BARD daily -

  • @imrankanchwala6322
    @imrankanchwala6322 Рік тому +1

    Macro Alf was the one who said no soft landing end of 2022? I can't keep the macro guys straight

  • @adamcar9376
    @adamcar9376 Рік тому

    Brillant

  • @edreeves121
    @edreeves121 Рік тому

    Housing is a consumption, not an investment in general.

  • @franklinrodriguez1802
    @franklinrodriguez1802 Рік тому

    Hi 👋

  • @PelikanVPustatine
    @PelikanVPustatine Рік тому

    alf good

  • @karivirtanen8093
    @karivirtanen8093 Рік тому +2

    Fiat guy talking fiat

  • @perwaizrahim6354
    @perwaizrahim6354 Рік тому +2

    Really 😂😂 Pete this guy in a Bitcoin podcast I would rather listen to Pete Rizzo and the root again Alf is a wash out bonds trader nothing he says has seen the light

  • @tasKristaps
    @tasKristaps Рік тому

    Good to see Alf here 🫶🙌

  • @DavidLawrenceDaley
    @DavidLawrenceDaley Рік тому

    What!? First comment again, 10 seconds in

  • @skijay2010
    @skijay2010 Рік тому

    Macro "12k Bitcoin" Alf 🤡🤡🤡

  • @eddiejin9211
    @eddiejin9211 Рік тому +2

    This guy always talks sophisticated, but all his calls have been wrong.

    • @filipb1462
      @filipb1462 Рік тому +1

      The fact that you said "all of his calls have been wrong" let's me know you're sensationalising and to dismiss your POV.