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All the same faces from 2010ish are showing back up, talking about gold and subtly hinting, or directly speaking of, future monetary doom. Why do Grant's convo's seemingly always include dire scenarios? - "Startling Consequences" ...There's the way you wish the world worked, and then there's the way the world actually works. Fiat money stinks, I agree. Is it really "startling". - No. ...Have 5% of your portfolio in gold, and stop listening to worse-case-scenario-Grant, and ppl of his ilk. It may happen, it probably won't. No electricity - highly unlikely. ...Don't plan you life for the worst case scenario, because you will not outsmart the market or the odds. Watch hedgeye for real investment advice, so you can make money in an up or down economy.
Grant has predicted 9 of the last two dooms. If you get up everyday and say this is doom’s day, some day you will surely be right. LoL That said, we sure are over leveraged and it will have to correct over time.
"No pretense of any monetary integrity whatsoever". Now, there's a description that really fits...unfortunately. Thank you, for posting this valuable (though deeply troubling) interview.
Yes deeply troubling :-( And she doesn't think MMT will work, but at least the money issue is exposed, where it has never been before! try this for a solution. ua-cam.com/video/XcGh1Dex4Yo/v-deo.html
Excellent interview Stephanie. It's refreshing to hear your entire thought on the real subjects that MSM constantly sidesteps. Please do more of these interviews.
Stephanie Pomboy is an insightful and articulate observer of our unsustainable situation. Grant does a terrific job with the interview and it's always fun to watch him with a guest as brilliant and charming as Ms. Pomboy. This is time well spent.
books for you : ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available) ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation ___________ CAN Afford to BUILD a Better World
This was immensely interesting conversation. For anyone that wants an insight the state of the US and hence the world economy, cannot miss her. Thanks Stephanie for you brilliant insight.
9:55 PENSION UNDERFUNDING 25:02 SELLING THE FED FLIP FLOP 34:00 WHAT HAPPENS TO THE DOLLAR 39:40 HOUSEHOLD COMSUMPTION 45:01 REDISTRIBUTION AND CRISIS 52:04 CRYPTOCURRENCY AND GOLD
Breathe . Some books for you : ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available) ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation ___________ CAN Afford to BUILD a Better World
Wait, let me get this straight. They talk about capitalism vs socialism as if these are two competing economic systems, MMT as if it will only be present if a socialist like Bernie is in power when in fact its happening now, and AOC as having "fanciful" notions then in the next breath worry about harming the "Animal Spirits"? Maybe I've be smoking to much over taxed Mary Jane , but I must be missing something. As for pensions, it is my understanding that workers that pay into a pension system, accept a lower pay throughout their career in exchange for a longer payout after they retire. And you casually talk about cutting benefits in half because the Federal Reserve inflated their money away, and then blame the states [fund managers] for exposing these funds to a captive market? Look, everyone understands that free markets work better than central planning. If you understand that get the Fed out of the way. I'll stop now :-) Rich People...
@@bamboozled1618 - Some book titles for you to share : ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available) ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation ___________ CAN Afford to BUILD a Better World
@@bamboozled1618 That's the point, though. Gold is a bet on currencies weakening like any other commodity, but gold differs in that it's easy to store.
This is the best video on UA-cam this month. I’ve watched it maybe ten times and each time something new clicks. Please get Ms. Pomboy back as soon you can.
The two of you are very well-informed, and articulate. Well done. And I agree with you on essentially every point, based on my own personal research. Cheers
books for you : ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available) ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation ___________ CAN Afford to BUILD a Better World
Great job! It is wonderful to listen to her. I wish host had discussed investment vehicles [indepth] given budget deficit, corporate debt, pension liabilities, social security shortfall, [eventual] $ demise and inflation. I would love to hear response from the host, the guest and the audience.
Breathe. Each citizen will have the Social Security Money they are promised. Our FED-GOV will NEVER fail to pay its obligations. What must be ensured is that INNOVATIVE INDUSTRIAL PRODUCTION is encouraged by CAPITALIST INVESTMENT. Some book titles for you : ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available) ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation ___________ CAN Afford to BUILD a Better World
Finally finished watching this video. This woman is plugged in....Really appreciate that she shares her insights via twitter. Brilliant interview Grant, and thank you Real Vision Finance for sharing.
Pretty frightening scenarios discussed. I thought I was overly conservative with only a 25% allocation to equities. Maybe that's too much.... Thank you for having her as a guest.
I want to see more of her. There's a lot to learn from her slightly sarcastic world and witty mindset alone. Thanks for posting / producing this. I'm delighted and will definitely watch this again.
Great interview, Thanks for bringing Stephanie on, this was a delight! And btw, I will never get the crypto thing until its backed by gold or something of value, I will stick with the hard metal for my insurance.
Even though this interview deserves superlatives, it’s just right to call it competent. Grant has gently elicited the best out of Stephanie, and she, with charming modesty gave a glimpse down into the awesome depth of her research. I will follow this lady’s work diligently here onwards.
As one who is retired, Stephanie Pomboy makes perfect sense. Why are there so few who look at her points of view are have some worry as doom is closer than prosperity. Thanks
This was a wonderful interview! I love her insights and even though it’s a dark look at the future, it’s more than necessary to help us to form ideas about how to navigate what may be to come.
It's good you tell us the problem but I wish more is discussed what will happen if we print endless no ey and how should we invest now to prepare for when it happens.
We will all look back and laugh at how all the neoclassical economists were misguided by those who taught them the inaccurate model of how money works. (I have only known for 187 days and I still catch myself laughing at what was in plain view) Some book titles for you : ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available) ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation ___________ CAN Afford to BUILD a Better World
Something I do not understand: the guest states at 20:40 that the US just printing new money along the line of NMT would inflate the obligations the US had to its creditors. I thought it would be the opposite: that the US would lose value and that the obligations labeled in USD would lose value. Would anyone take time to explain this to me?
Laurent Drozin You're kind of saying the same thing as she, just vice-versa...if the "value" of those obligations goes down, then correspondingly, so does the "value" the creditor places on the debtor's form of remittance. Either way, the debtor is always put in a bind. It all comes down to credibility. Ultimately, credit lines are shorter than forgiveness...no matter the amount of credibility.
I’m not sure why she said she likes China when their situation is just as precarious as ours if not more so. They also have aging populations, staggering corporate and national/local government debts, and a very real reliance on exports to developed markets that are all heading to crisis if not collapse. I’m not sure how China steers its way out of this. If anyone else knows, I’d love to hear it.
It's because she's not Chinese. Just like Home Depot in China, they were loving the housing market... until they realized Chinese people had a totally different set of aspirations from Americans.
Not sure , but some guesses : much of their debt is going to infrastructure, building the silk road and borrowing their borrowed money to other countries( and taking over whenthey default ) to build infrastructure such as ports in resource rich parts of africa, the fact that they are taking over the tech sector ( way ahead in 5g etc , partly because they have a manufacturing base where innovation comes from the floor ). Because they have been heavily buying gold for 10+ years ,. Because their middle class has quadrupled and regardless of what is stated, they are a much bigger consumer economy , buying more food , cars , houses , electronics and stuff.
Back in the old days, when I worked on the buyside, I loved chatting with Stephanie. Back then she worked with Ed Hyman and Nancy Lazar. It was the greatest econ team on the Street.
I agree with both these people. This is a when not if situation. The collective financial establishment is utterly lacking, and we will all pay for it. Having a crazed opportunist in the White House doesn't help. As a former trader, I am constrained by the question How early can I be before I am just wrong?
Breathe . Some book titles for you : ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available) ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation ___________ CAN Afford to BUILD a Better World
I really enjoyed this macro discussion with Stephanie. There were a couple of points that I would have liked Stephanie to be pressed on more. One was her comment that deregulation as a "good" thing is a universal truth. There are too many examples from ozone depletion to Flint that put the lie to that thesis. Deregulation as a business benefit truism is a last century that assumes we live in an open universe, and that we are not just defecating all over our own little petri dish that is Earth. It is a micro argument that excludes the macro consequences. And similarly, with her comment on the tax break (for the 1%) as being good for the economy. Apart from it benefiting only the rich, the research I have seen, pointed to no lasting economic benefit, other than a wealth transfer exercise that only increased the national debt burden. The other macro thing missing from the discussion was the issue of climate change. Ignoring the other non-dollar macro effects of climate change such as ecocide, its financial implications alone are greater than any pension under-funding. In isolation, the various threats are terrifying. Taken together the combined threatens are beyond terrifying. When such massive events resonate and synchronize they lead to freak waves. And we have a black swan creator sitting in the White House. While the possible event that ignites crisis may may be unknowable, the fundamental ingredients are being mixed together in such a determined fashion, that the probability of an ignition event in the near term seems close to 1. One other thing missing in this enjoyable macro discussion is ethics. If we have people making macro decisions (e.g. tax cuts, deregulation, etc) for the basest of reasons, surely there must come a time when it is not merely a discussion about capitalism is good, socialism is bad, to move to a more mature and nuanced view that places ethics as a cornerstone of any balanced macro discussion. This false dichotomy between capitalism and socialism is getting a bit stale and soggy. I am less concerned about MMT than you. I see the people making those arguments as reasonably intelligent who actually appear to care for people. Also it is a little too late, the Fed has basically blown up the financial foundations of the economy, with its policies. Pouring gasoline (MMT) on the existing raging fire does not seem like a problem worth worrying about in the scheme of things. Events will soon overtake MMT as a solution to anything. And macro economic discussion with respect to the USA should perhaps dive more deeply into the need for a war. We hear the familiar drumbeat echoes of Tonkin in Hormuz. Surely, it is too enticing for a narcissist-in-chief, that gets badly behind in the polls, with a tanking stock market. More trillions into debt. Another macro omission is the exclusion of human suffering in discussion of a macro economic policy that is so based on violence. In my own self interest, I am overweight and long gold too. I am also a bit of an atheist too when it comes to cryptos, for I ask myself which crypto should I believe in? As for BTC, the power consumption requirements of the mining operations are ridiculous. And I worry that technological advance (with Quantum Computing only one such threat) will at some point breach BTC defenses. Anyway my two cents worth.
The host I believe his name is Graham it's always the hardest one to hear, I hope somebody reads this sick and adjusted you guys are doing a great job over there keep it 100 Banker
We will only buy back 5% of our float? We will take the Federal Reserve balance sheet from 50 billion and make it 4 trillion dollars and repeat its growth into infinitum?
Stephanie, Bitcoin is a private, consensus means of exchange and it is very limited unlike fiat where a central banker can create trillions of fiat with click of a mouse. There will only be 21 million Bitcoin and the last Bitcoin will be mined in about 2140! If society agrees that Bitcoin is a means of exchange why should we oppose it, especially when Bitcoin is not under the control of the central bankers. I think you should consult GATA about manipulation of gold. No theories, Stephanie. Only hard data.
I agree with Stephanie, I don't understand Bitcoin. If I buy it for $40,000 per coin, it can easily be $35,000 tomorrow and I lost money. Sound more like stocks rather than saving accounts?
Great conversation. On the BTC "killer app," your timeline of expectation is just way, way off. Where was the internet 10 years into development? That would have been around 1985. Yeah, no killer apps. But here we are.
What is most striking is her tone of voice, the fact that she is almost giggling out of embarrassment the entire interview, when she is describing the extent of the debt.
books for you : ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available) ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation ___________ CAN Afford to BUILD a Better World
How many molecules of gold will you trade for a loaf of bread or a dozen eggs? Some book titles for you : ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available) ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation ___________ CAN Afford to BUILD a Better World
books for you : ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available) ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation ___________ CAN Afford to BUILD a Better World
You say Japan is different, how so? You say they're internally financed. So Japan's Fed or the Japanese Govt. buy their own bonds. With what? They buy them with printed (electronic deposits), out of thin air. Well, the U.S. is already close and getting closer to being the sole purchaser of its own debt. So they really aren't that different. Especially as more and more unilateral country trade agreements arise like China has with Russia, Brasil, Argentina, the African nations and on and on. China has even setup their own alternative to Swift.
When it gets serious, you have to lie... She is sharp as brass tacks in her analysis except for the fact she seems to refuse to entertain the fact that the Fed is lying through their teeth. I was watching a program the other night and I can't recall who it was but they said "It looks like something has already blown up and is getting monetized." I couldn't agree more and the longer this goes on the more likely that something(s) are being done covertly behind the scenes because they are all out of transparent solutions. And, they have to do it covertly because openly admitting to monetizing debt would cause the world to understand the emperor has no clothes and right quick. All the actions I have seen in the past 6 months wreaks of desperation.
Thanks for very important information amazing insights from this great economist is incredible how people not paying attention to this that will affect theirs life’s I can see it in how many times this video was watched
I am a girl too and I only get cryto if backed by gold, silver, diamonds. Worst case bitcoin drops to zero but a gold based version still gives you sparking gold jewelry or coins. It seems like in SHTF scenario gold etc is a great gift for caveboy to give to cavegirl something at least a little sparkly. The bitcoin logo makes it appear like gold on the screen so maybe it's like fool's gold. Maybe the CIA or some other country created bitcoin to get more people to stop buying so much real gold. Spreading the investments out lets the dollar stay king a bit longer before the population figures out it's not backed by gold. Most common folk still think it is!
It's still 1991 in crypto. would you compare todays experience on the net to that of the internet in 1993? the advances are coming but it will take some time......
15k workers retiring off the rolls every month will be a lot less workers to steal income from at a time when all the assets being destroyed are replaced by Treasury bills?
Brilliant interview. She has many great insights. The Fed has eliminated the free market economics with manipulated markets built on irresponsible actions has lead to a massive debt bubble. Once price discovery returns to the economy things will get very ugly very quickly. The future of fiat currency is very bleak. Mass money printing is not the path to anything but disaster. Its too bad the central banks have not learnt from history.... or maybe the have decided to ignore history for the perceived short term benefits of debased fiat currency to enrich the few.
That’s TOTAL BS - Crypto’s have zero intrinsic or real value so if the shite hits the fan, WHY would I go buy an empty tin can. Crypto’s have no value other than to those who think it does as they sell it to some other fool, or falsely felt by those who just bought it so as to substantiate their foolish purchase. A $3,000 used car has more actual value than $6,000 of Crypto - ESPECIALLY in a in a market where equities just fell by 20%. If equities have real value and just fell by 20%, what value can play money possibly have? Crypto IS NOT Gold.
@@LoveThatRod - Close. Some books for you : ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available) ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation ___________ CAN Afford to BUILD a Better World
the interest rate "cunumdrum" is based on the fact that pension plans are gobbling up bonds without regard to value. Once this starts to unwind is the day inflation will come back with a vengence!
Stephanie is spot on about bitcoin. A lot of people push bitcoin as an alternative to gold, but they are missing a key difference between the two that makes it a bad comparison. First, bitcoin is great at transferring money while doing currency conversions (and taking a 1% off the top instead of 3%) so when used to transfer money, it definitely has value. However, unlike bitcoin, gold has intrinsic value so a 1 ounce nugget will buy you a nice suit today or hundreds of years ago. Alexander Hamilton knew this, and when he was trying to peg gold to the dollar his problem was that if he got it wrong people would cash in their dollars for gold or they would be too much conversion of gold to dollars (inflation). This problem exists because of the inherit value of gold - I don't think anybody really understands exactly why people associate a value to gold, but this seems to be true. Now bitcoin, however, has no inherit value and you can do the same money transfers if bitcoin was a penny or a million dollars and it would transfer money exactly the same way. So investing in bitcoin is probably worse than investing in tulips because at least tulips are beautiful and fragrant.
Everything will be fine and nothing will blow up. Think not? Go ahead and screenshot this and comeback in 5 years. Nothing ever happens, these trends just continue.
The banks use "paper gold and silver, GLD and SLV. These "paper reserves" are bought and sold by banks to control the price of the physical metal. The paper silver to physical silver is 196.51/1 oz of physical silver.The paper gold to physical gold is 106.7 to 1 oz. of physical gold. The banks make money selling paper gold and silver at a leveraged rate. The governments allow this because this keeps the dollar strong in relation to gold and silver.
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....she is just fantastic....Rarely we see an interview like this in the media.....Excellent.!!!!!!!
“We have learned that 3% is pretty much the absolute ceiling (for Treasuries)” (34:32)
Excellent interview. Stephanie was delightful and insightful. Appreciate the free content!
heir heir!
All the same faces from 2010ish are showing back up, talking about gold and subtly hinting, or directly speaking of, future monetary doom. Why do Grant's convo's seemingly always include dire scenarios? - "Startling Consequences" ...There's the way you wish the world worked, and then there's the way the world actually works. Fiat money stinks, I agree. Is it really "startling". - No. ...Have 5% of your portfolio in gold, and stop listening to worse-case-scenario-Grant, and ppl of his ilk. It may happen, it probably won't. No electricity - highly unlikely. ...Don't plan you life for the worst case scenario, because you will not outsmart the market or the odds. Watch hedgeye for real investment advice, so you can make money in an up or down economy.
Spam, 2010 was a damn fine year to have put money into AU. Savvy?
Grant has predicted 9 of the last two dooms. If you get up everyday and say this is doom’s day, some day you will surely be right. LoL
That said, we sure are over leveraged and it will have to correct over time.
Please bring her back again! Very smart lady. I appreciate all that I learned from her interview.
"No pretense of any monetary integrity whatsoever". Now, there's a description that really fits...unfortunately. Thank you, for posting this valuable (though deeply troubling) interview.
Yes deeply troubling :-( And she doesn't think MMT will work, but at least the money issue is exposed, where it has never been before!
try this for a solution.
ua-cam.com/video/XcGh1Dex4Yo/v-deo.html
Thank you sooo much for luring Stephanie back to your show!!! Good job! Great timing, too.
Excellent interview Stephanie. It's refreshing to hear your entire thought on the real subjects that MSM constantly sidesteps. Please do more of these interviews.
Stephanie Pomboy is an insightful and articulate observer of our unsustainable situation. Grant does a terrific job with the interview and it's always fun to watch him with a guest as brilliant and charming as Ms. Pomboy. This is time well spent.
books for you :
___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
___________ CAN Afford to BUILD a Better World
Great conversation, charming guest. I like her glib presentation of the impending doom. 😆
The lesson: Weed will save us all :D
She is spot on. Knowledge is the best weapon against our government's.
@Dude "...against our government's" what? Our government's propaganda? Finish your sentence!
@Lawliet allow your imagination filling in the blanks.
@@dudeyes7261 too many people have allowed the governments to fill in the blanks with nonsense for far too long - time to be specific.
This was immensely interesting conversation. For anyone that wants an insight the state of the US and hence the world economy, cannot miss her. Thanks Stephanie for you brilliant insight.
Intelligent, classy, beautiful, a joy to listen and watch!!
9:55 PENSION UNDERFUNDING
25:02 SELLING THE FED FLIP FLOP
34:00 WHAT HAPPENS TO THE DOLLAR
39:40 HOUSEHOLD COMSUMPTION
45:01 REDISTRIBUTION AND CRISIS
52:04 CRYPTOCURRENCY AND GOLD
Breathe . Some books for you :
___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
___________ CAN Afford to BUILD a Better World
Wait, let me get this straight. They talk about capitalism vs socialism as if these are two competing economic systems, MMT as if it will only be present if a socialist like Bernie is in power when in fact its happening now, and AOC as having "fanciful" notions then in the next breath worry about harming the "Animal Spirits"? Maybe I've be smoking to much over taxed Mary Jane , but I must be missing something.
As for pensions, it is my understanding that workers that pay into a pension system, accept a lower pay throughout their career in exchange for a longer payout after they retire. And you casually talk about cutting benefits in half because the Federal Reserve inflated their money away, and then blame the states [fund managers] for exposing these funds to a captive market?
Look, everyone understands that free markets work better than central planning. If you understand that get the Fed out of the way.
I'll stop now :-)
Rich People...
Guys- your best interview in a long time! Great way to start a Saturday.
Can you put the topics and times in the description please? Helpful for long interviews
What a great interview! Thank you very much! We are in for one bumpy ride, if you can survive it.
She has such a charm! There is no reason for her to at all be nervous about an interview, it was a delight to listen to.
She’s just fantastic. What a bright mind.
Love her comments: gold is for people that actually believe in what we are discussing here. Ahhh such a lovely and self-aware sense of humor!
@@bamboozled1618 - Some book titles for you to share :
___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
___________ CAN Afford to BUILD a Better World
@@bamboozled1618 That's the point, though. Gold is a bet on currencies weakening like any other commodity, but gold differs in that it's easy to store.
Thank you Stephanie! You opinion is greatly appreciated.
This is the best video on UA-cam this month. I’ve watched it maybe ten times and each time something new clicks. Please get Ms. Pomboy back as soon you can.
Wonderfully stated. Thank you for posting this! Cheers.
This is a fantastic interview. There are just so many great points. Listened to it twice already.
The two of you are very well-informed, and articulate. Well done. And I agree with you on essentially every point, based on my own personal research. Cheers
books for you :
___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
___________ CAN Afford to BUILD a Better World
Great job! It is wonderful to listen to her. I wish host had discussed investment vehicles [indepth] given budget deficit, corporate debt, pension liabilities, social security shortfall, [eventual] $ demise and inflation.
I would love to hear response from the host, the guest and the audience.
Breathe. Each citizen will have the Social Security Money they are promised. Our FED-GOV will NEVER fail to pay its obligations. What must be ensured is that INNOVATIVE INDUSTRIAL PRODUCTION is encouraged by CAPITALIST INVESTMENT. Some book titles for you :
___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
___________ CAN Afford to BUILD a Better World
Great interview. One of my favorite folks.
1929 will happen again, without a doubt.
Underappreciated is such a good term for narratives surrounding buyback? Buybacks good , QT bad?
Really great interview, thoroughly enjoyed it
Finally finished watching this video. This woman is plugged in....Really appreciate that she shares her insights via twitter. Brilliant interview Grant, and thank you Real Vision Finance for sharing.
What an excellent interview. Great job on both sides.
Pretty frightening scenarios discussed. I thought I was overly conservative with only a 25% allocation to equities. Maybe that's too much.... Thank you for having her as a guest.
@7:45 what are "Charts with alligator jaws"?
Great interview. She is very insightful. Is she running a publicly traded fund?
A truly classy woman providing an eloquent and gentle explanation of the impending doom...oh the ambivalence!
I want to see more of her. There's a lot to learn from her slightly sarcastic world and witty mindset alone. Thanks for posting / producing this. I'm delighted and will definitely watch this again.
Great interview, Thanks for bringing Stephanie on, this was a delight! And btw, I will never get the crypto thing until its backed by gold or something of value, I will stick with the hard metal for my insurance.
"It may look like a crisis, but it's only the end of an illusion." -- Gerald Weinberg
Only the second time I have watched your show but definitely a fan great commentary
I agree with previous comments, excellent interview, both are fantastic.
What is MMT? Monetary market tools? Changes in the Fed’s interest rate?
Even though this interview deserves superlatives, it’s just right to call it competent. Grant has gently elicited the best out of Stephanie, and she, with charming modesty gave a glimpse down into the awesome depth of her research. I will follow this lady’s work diligently here onwards.
As one who is retired, Stephanie Pomboy makes perfect sense. Why are there so few who look at her points of view are have some worry as doom is closer than prosperity. Thanks
This was a wonderful interview! I love her insights and even though it’s a dark look at the future, it’s more than necessary to help us to form ideas about how to navigate what may be to come.
It's good you tell us the problem but I wish more is discussed what will happen if we print endless no ey and how should we invest now to prepare for when it happens.
LULU H pay off your debt and you will be better than most! Cut the lifestyle spending and save for that rainy day.
share widely this is critical information thats not widely held but absolutely spot on.
The fact that she can laugh at the unbelievable mess the FED has made out of the financial markets is charming.
We will all look back and laugh at how all the neoclassical economists were misguided by those who taught them the inaccurate model of how money works. (I have only known for 187 days and I still catch myself laughing at what was in plain view) Some book titles for you :
___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
___________ CAN Afford to BUILD a Better World
Something I do not understand: the guest states at 20:40 that the US just printing new money along the line of NMT would inflate the obligations the US had to its creditors. I thought it would be the opposite: that the US would lose value and that the obligations labeled in USD would lose value. Would anyone take time to explain this to me?
Laurent Drozin You're kind of saying the same thing as she, just vice-versa...if the "value" of those obligations goes down, then correspondingly, so does the "value" the creditor places on the debtor's form of remittance. Either way, the debtor is always put in a bind. It all comes down to credibility. Ultimately, credit lines are shorter than forgiveness...no matter the amount of credibility.
Get her on more often-she’s a great guest
I’m not sure why she said she likes China when their situation is just as precarious as ours if not more so. They also have aging populations, staggering corporate and national/local government debts, and a very real reliance on exports to developed markets that are all heading to crisis if not collapse. I’m not sure how China steers its way out of this. If anyone else knows, I’d love to hear it.
It's because she's not Chinese. Just like Home Depot in China, they were loving the housing market... until they realized Chinese people had a totally different set of aspirations from Americans.
Not sure , but some guesses : much of their debt is going to infrastructure, building the silk road and borrowing their borrowed money to other countries( and taking over whenthey default ) to build infrastructure such as ports in resource rich parts of africa, the fact that they are taking over the tech sector ( way ahead in 5g etc , partly because they have a manufacturing base where innovation comes from the floor ). Because they have been heavily buying gold for 10+ years ,. Because their middle class has quadrupled and regardless of what is stated, they are a much bigger consumer economy , buying more food , cars , houses , electronics and stuff.
Money for nothing, that never works.
Back in the old days, when I worked on the buyside, I loved chatting with Stephanie. Back then she worked with Ed Hyman and Nancy Lazar. It was the greatest econ team on the Street.
What is she saying at the 17.27 mark? Something terrifying for her mentioning an acronym?
Excellent interview.
Loved this!
Excellent conversation.
I agree with both these people. This is a when not if situation. The collective financial establishment is utterly lacking, and we will all pay for it. Having a crazed opportunist in the White House doesn't help. As a former trader, I am constrained by the question How early can I be before I am just wrong?
Breathe . Some book titles for you :
___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
___________ CAN Afford to BUILD a Better World
can someone sum up 4 me, the subtitle is lagged, i do not follow the big idea she said
Here is your one-sentence summary. The root of our current financial ills is the printing of free money by the U.S. government.
@@mikebetts2046 thank u very much
get out of debt
I really enjoyed this macro discussion with Stephanie. There were a couple of points that I would have liked Stephanie to be pressed on more. One was her comment that deregulation as a "good" thing is a universal truth. There are too many examples from ozone depletion to Flint that put the lie to that thesis. Deregulation as a business benefit truism is a last century that assumes we live in an open universe, and that we are not just defecating all over our own little petri dish that is Earth. It is a micro argument that excludes the macro consequences. And similarly, with her comment on the tax break (for the 1%) as being good for the economy. Apart from it benefiting only the rich, the research I have seen, pointed to no lasting economic benefit, other than a wealth transfer exercise that only increased the national debt burden. The other macro thing missing from the discussion was the issue of climate change. Ignoring the other non-dollar macro effects of climate change such as ecocide, its financial implications alone are greater than any pension under-funding.
In isolation, the various threats are terrifying. Taken together the combined threatens are beyond terrifying. When such massive events resonate and synchronize they lead to freak waves. And we have a black swan creator sitting in the White House. While the possible event that ignites crisis may may be unknowable, the fundamental ingredients are being mixed together in such a determined fashion, that the probability of an ignition event in the near term seems close to 1.
One other thing missing in this enjoyable macro discussion is ethics. If we have people making macro decisions (e.g. tax cuts, deregulation, etc) for the basest of reasons, surely there must come a time when it is not merely a discussion about capitalism is good, socialism is bad, to move to a more mature and nuanced view that places ethics as a cornerstone of any balanced macro discussion. This false dichotomy between capitalism and socialism is getting a bit stale and soggy. I am less concerned about MMT than you. I see the people making those arguments as reasonably intelligent who actually appear to care for people. Also it is a little too late, the Fed has basically blown up the financial foundations of the economy, with its policies. Pouring gasoline (MMT) on the existing raging fire does not seem like a problem worth worrying about in the scheme of things. Events will soon overtake MMT as a solution to anything.
And macro economic discussion with respect to the USA should perhaps dive more deeply into the need for a war. We hear the familiar drumbeat echoes of Tonkin in Hormuz. Surely, it is too enticing for a narcissist-in-chief, that gets badly behind in the polls, with a tanking stock market. More trillions into debt. Another macro omission is the exclusion of human suffering in discussion of a macro economic policy that is so based on violence.
In my own self interest, I am overweight and long gold too. I am also a bit of an atheist too when it comes to cryptos, for I ask myself which crypto should I believe in? As for BTC, the power consumption requirements of the mining operations are ridiculous. And I worry that technological advance (with Quantum Computing only one such threat) will at some point breach BTC defenses. Anyway my two cents worth.
Debt saturation, automation and aged population demographics are deflationary.
Everybody is talking about this stuff now. Its no longer contrarian. A lot of these ideas are now conventional.
The host I believe his name is Graham it's always the hardest one to hear, I hope somebody reads this sick and adjusted you guys are doing a great job over there keep it 100 Banker
Love Stephanie, great discussion. Love for you to bring back Nancy Davis..
Great interview. Prepare for the storm.
We will only buy back 5% of our float? We will take the Federal Reserve balance sheet from 50 billion and make it 4 trillion dollars and repeat its growth into infinitum?
Meredith Whitney warned about pensions in 2009. The market can remain irrational longer than you can remain solvent.
Gold is definitely going below $1000. I am 100% certain. What do you think the price of gold stocks will look like when that happens?
Excellent thank you 🙏
Ok guys I have a question for you. What happen when productivity is sustain by debt?
Stephanie, Bitcoin is a private, consensus means of exchange and it is very limited unlike fiat where a central banker can create trillions of fiat with click of a mouse. There will only be 21 million Bitcoin and the last Bitcoin will be mined in about 2140! If society agrees that Bitcoin is a means of exchange why should we oppose it, especially when Bitcoin is not under the control of the central bankers. I think you should consult GATA about manipulation of gold. No theories, Stephanie. Only hard data.
Great stuff! But I came for the crypto @ 51:50
I agree with Stephanie, I don't understand Bitcoin. If I buy it for $40,000 per coin, it can easily be $35,000 tomorrow and I lost money. Sound more like stocks rather than saving accounts?
great interview
Amazing that she keeps such a light tone when discussing very heavy stuff.
She knows enough to know that if she didn't laugh, she'd cry.
Darn good interview, she was a breath of fresh air. Intelligent, charming beautiful lady
Subtitles way out of sync with audio, fyi
i love this woman great interview. when things happen need to get her on aggain
Great conversation. On the BTC "killer app," your timeline of expectation is just way, way off. Where was the internet 10 years into development? That would have been around 1985. Yeah, no killer apps. But here we are.
Delightful equals, a pleasant conversation with an elephant in the room.
What is most striking is her tone of voice, the fact that she is almost giggling out of embarrassment the entire interview, when she is describing the extent of the debt.
THIS WAS AWESOME!!!! BTW I DON'T REALLY GET BITCOIN EITHER!!!
That boat is sailing down the stream, seeing the rock in the middle, trying to avoid it in order to not shatter, but instead going down a waterfall.
books for you :
___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
___________ CAN Afford to BUILD a Better World
why gold not a real estate?
June 19, 2019 - Gold closed up $14.00 today at $1,360
How many molecules of gold will you trade for a loaf of bread or a dozen eggs?
Some book titles for you :
___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
___________ CAN Afford to BUILD a Better World
The increasing divide between super rich and poor, destruction of middle class, and discontent of masses. Social unrest and anger will find an outlet.
books for you :
___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
___________ CAN Afford to BUILD a Better World
yep forcing money into super and overvalued realestate and your at 2007 again
You say Japan is different, how so? You say they're internally financed. So Japan's Fed or the Japanese Govt. buy their own bonds. With what? They buy them with printed (electronic deposits), out of thin air.
Well, the U.S. is already close and getting closer to being the sole purchaser of its own debt. So they really aren't that different. Especially as more and more unilateral country trade agreements arise like China has with Russia, Brasil, Argentina, the African nations and on and on. China has even setup their own alternative to Swift.
Japanese have high saving rates
@@robertmitchell8630 The Japanese Citizens aren't Buying all of their debt.
When it gets serious, you have to lie... She is sharp as brass tacks in her analysis except for the fact she seems to refuse to entertain the fact that the Fed is lying through their teeth. I was watching a program the other night and I can't recall who it was but they said "It looks like something has already blown up and is getting monetized." I couldn't agree more and the longer this goes on the more likely that something(s) are being done covertly behind the scenes because they are all out of transparent solutions. And, they have to do it covertly because openly admitting to monetizing debt would cause the world to understand the emperor has no clothes and right quick. All the actions I have seen in the past 6 months wreaks of desperation.
Thanks for very important information amazing insights from this great economist is incredible how people not paying attention to this that will affect theirs life’s I can see it in how many times this video was watched
I am a girl too and I only get cryto if backed by gold, silver, diamonds. Worst case bitcoin drops to zero but a gold based version still gives you sparking gold jewelry or coins. It seems like in SHTF scenario gold etc is a great gift for caveboy to give to cavegirl something at least a little sparkly. The bitcoin logo makes it appear like gold on the screen so maybe it's like fool's gold. Maybe the CIA or some other country created bitcoin to get more people to stop buying so much real gold. Spreading the investments out lets the dollar stay king a bit longer before the population figures out it's not backed by gold. Most common folk still think it is!
Long the corn 🌽 people!!!! Mark these words... Ride the next bubble.
the corn ?
Hilarious
It's still 1991 in crypto. would you compare todays experience on the net to that of the internet in 1993? the advances are coming but it will take some time......
15k workers retiring off the rolls every month will be a lot less workers to steal income from at a time when all the assets being destroyed are replaced by Treasury bills?
Brilliant interview. She has many great insights. The Fed has eliminated the free market economics with manipulated markets built on irresponsible actions has lead to a massive debt bubble. Once price discovery returns to the economy things will get very ugly very quickly. The future of fiat currency is very bleak. Mass money printing is not the path to anything but disaster. Its too bad the central banks have not learnt from history.... or maybe the have decided to ignore history for the perceived short term benefits of debased fiat currency to enrich the few.
BINGO Stephanie...... once again!!!
............brilliant....humble......beautiful..........thankyou
If you don't understand cryptos all you need to know is when TSHTF they will behave like gold on steroids.
Yea, verily
That’s TOTAL BS - Crypto’s have zero intrinsic or real value so if the shite hits the fan, WHY would I go buy an empty tin can.
Crypto’s have no value other than to those who think it does as they sell it to some other fool, or falsely felt by those who just bought it so as to substantiate their foolish purchase.
A $3,000 used car has more actual value than $6,000 of Crypto - ESPECIALLY in a in a market where equities just fell by 20%. If equities have real value and just fell by 20%, what value can play money possibly have?
Crypto IS NOT Gold.
@@LoveThatRod - Close. Some books for you :
___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
___________ CAN Afford to BUILD a Better World
@Robt. Miller. IMHO if the SHTF the majority of the population will not trust Crypto because they do not understand it.
the interest rate "cunumdrum" is based on the fact that pension plans are gobbling up bonds without regard to value. Once this starts to unwind is the day inflation will come back with a vengence!
Stephanie is spot on about bitcoin. A lot of people push bitcoin as an alternative to gold, but they are missing a key difference between the two that makes it a bad comparison. First, bitcoin is great at transferring money while doing currency conversions (and taking a 1% off the top instead of 3%) so when used to transfer money, it definitely has value. However, unlike bitcoin, gold has intrinsic value so a 1 ounce nugget will buy you a nice suit today or hundreds of years ago. Alexander Hamilton knew this, and when he was trying to peg gold to the dollar his problem was that if he got it wrong people would cash in their dollars for gold or they would be too much conversion of gold to dollars (inflation). This problem exists because of the inherit value of gold - I don't think anybody really understands exactly why people associate a value to gold, but this seems to be true. Now bitcoin, however, has no inherit value and you can do the same money transfers if bitcoin was a penny or a million dollars and it would transfer money exactly the same way. So investing in bitcoin is probably worse than investing in tulips because at least tulips are beautiful and fragrant.
Everything will be fine and nothing will blow up. Think not? Go ahead and screenshot this and comeback in 5 years. Nothing ever happens, these trends just continue.
The banks use "paper gold and silver, GLD and SLV. These "paper reserves" are bought and sold by banks to control the price of the physical metal. The paper silver to physical silver is 196.51/1 oz of physical silver.The paper gold to physical gold is 106.7 to 1 oz. of physical gold. The banks make money selling paper gold and silver at a leveraged rate. The governments allow this because this keeps the dollar strong in relation to gold and silver.