Sponsored by

Tuesday Conversation - Brent Johnson of Santiago Capital

CEO, Portfolio Manager
Santiago Capital

Following Monday's podcast with Luke Gromen, I thought it would be fun to next visit with our old friend (and fellow Cornhusker), Brent Johnson. For this discussion, Brent and I cover several of the same topics as yesterday while incorporating Brent's unique perspective on the markets.

So for this podcast, Brent and I begin with the same Krugman tweet that Luke and I discussed yesterday:

Repeat after me: debt is money we owe to ourselves. It doesn't make the nation as a whole poorer. https://t.co/yyAkexUV0N

— Paul Krugman (@paulkrugman) May 22, 2020

From there, we discuss:

  • the liquidity-driven necessity of QE∞
  • the impact of an official yuan devaluation
  • global demand for dollars driving its relative value higher
  • whether QE∞ will ultimately be inflationary
  • the possibility of global stagflation
  • and quite a bit in between

Many thanks to Brent for being so generous with his time. I think you'll find this podcast to be extremely interesting and thought-provoking.




Jun 2, 2020 - 10:47am

Chuck Butler (ex-Daily Pfennig)....feeling

OK... Gold was up $10 yesterday, and closed the day at $1,738, and is up a buck or two this morning. Silver, which has really outperformed Gold in the last week, on a percentage basis, continued to move higher throughout the day yesterday, and again this morning. It's about time for an engineered takedown, don't you think? Or.... have the boys in the band finally turned in their instruments? Well, it appears that the boys in the band have given up, at least for now... I wouldn't be surprised if they came back strong, as Gold nears the launching pad of $1,750 that I talked about yesterday... I hope they don't, but I get this feeling that they will...

Jun 2, 2020 - 10:47am

Random thoughts

Well, seems that the 4th turning is well underway with a societal collapse taking place in economics, job losses, government oppression, and revolt in the inner cities. The pallets of pre-placed bricks are telling, but the organizers seem to have no problem recruiting angry young people to throw them.

Thanks for the reminder about MMS, Orange... We have some on the shelf and I keep forgetting to use it to help me get over this nagging respiritory problem.

@silverseeker- My wife also is fully on board with metals purchases. I am so glad we loaded up in the past few months--even if the price was higher than I liked for a buy. We are keeping very little in the banks.

Our brother-in-law is a Phoenix cop of 30 years. He has been working the "demonstrations" downtown each night. two days ago he went ot the hospital for an IV to rehydrate his body. then, back to the streets. Working 24 hour shifts and coming home to get a bit of rest before he is back on the streets. Wifey's sis has been an avid rabid prepper for a decade now, with her cop husband encouraging her the whole time.

So glad we are living in a small rural farm/retirement town of only 10K a long way from that big desert city. I am spending my days lately renovating an old 800 sqft ranch building into a luxury studio apartment for my wife and I to retire into ... though I'm not sure retirement in the traditional sense is in the cards for us. Sitting on our stack with no definite plans until this 4th turning has run its course.

The riots have me thinking about buying more ammo for my 9mm pistol while I can still get it. I always figured that one clip and a single box was enough to protect ourselves... not so sure these days.

That Simpsons frame is spooky. Have there not been several scenes from that show that accurately prophesied something very specific? Or were they constructed after the fact just to confuse us?

Jun 2, 2020 - 10:22am

Whenever I see the bridge..

I think about this documentary and the bank PM shorts

The Bridge
Jun 2, 2020 - 10:14am

Nice to see

confirmation that MMS cures people from covid 19. Yes and the cost is probably pennies per dose. As I said previously, I lost my cough, constantly runny nose and likely slight fever within 2 hours.


Jun 2, 2020 - 10:10am

Sorry, transfer from last post on yesterday's thread

Craigo, another 'coincidence' in an endless string it seems!

I'd just completed the below, and posted as today's thread opens... hate when that happens!

The danger of 'keeping scorecards'

We've enjoyed a strong rally off the March lows, and the mining shares are nearing or finally besting Sept 2019 and June 2016 levels... With this comes some tiny vindication, and even a glimmer of elation to finally see the accounts swell.

Cashonly; my wife of 33 yrs has thankfully endured and travelled a similar path as yours over the last 15 yrs as I have gradually divested of fiat and offered truthiness regarding the Fed, media, money, etc.

Now, when I convert savings into PMs she no longer begrudges that I 'spent' the money, and accepts that we converted that paper into something more durable than bank currency...in spite of the govnt caused day to day price volatility. Yes the present rally is nice, but until the bullion banks are finally overwhelmed via permanent and worldwide physical monetary demand, the central banks will generate volatility or could even recycle the 2011-2012 round trip experience. So long as physical demand abates, and <if> the populous again cashes their PMs back into fiat currency.... as if that is the final scorecard. The banks will then create whatever reality they choose, impressing a fiat price upon us as is their whim. Only our sustained and permanent action, holding physical metals as long term savings and repudiating fiat, will limit the banks' ability to control their perceived valuation. This is why Gold has held so strong over the last several months, stretching the Gold:Silver ratio so wide, as to now incentivize even hardened Gold holders to convert into or add some Silver.

If this worldwide slave cycle of fiat currency is finally recognized for its fraud, as for example; may slowly be gleened by a few of those protesting G Floyd's death... maybe some will begin to link and question how the economic conditions which lead to his face drilled into the street over a 'counterfeit $20' came about; and begin their discovery and awaking journey as we've transited here at TFMR.

The geniuses of the central banks care not of the ruinous societal results of their debasement, and it is forever each citizens' role to either bear the chains or to whaterever extent possible; throw them off.

Please mention to friends or family the irony of G Floyd smothered to death over a 'fake'$20 bill printed from nothing, while simulantaneously, the central banks print $Trillions as if it were real money, and bail out their friends with impunity.

Jun 2, 2020 - 10:04am

The Four Horsemen

Economic crisis - (March 2020)

Societal crisis - (June 2020)

Banking crisis - (September 2020???)

Political crisis - (November 2020???)

Jun 2, 2020 - 9:45am
4 oz
Jun 2, 2020 - 9:36am


Stocks open higher today; BTC up over 10k. Never mind that domestic sorro-terrorists are burning down American cities cuz under it all we're still finding out just how much/what he was saying when Obozo "Fundamentally Changed America.....guess all is well......

Jun 2, 2020 - 9:22am

June deliveries...

June deliveries look to be 7,361. This seems high to me. Any thoughts?

Jun 2, 2020 - 9:15am

English major

"poorer" is correct. (The stuff about debt is nonsense of course - that's my pension fund and the government has spent it on boondoggles!)

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Key Economic Events Week of 9/21

9/21 8:00 ET Goon Kaplan
9/21 10:00 ET Goon Evans
9/21 Noon ET Goon Brainard
9/21 6:00 pm ET Goon Williams & Goon Bostic
9/22 10:30 ET Chief Goon Powell on Capitol Hill
9/22 Noon ET Goon Barkin
9/22 3:00 pm ET Goon Bostic again
9/23 9:00 ET Goon Mester
9/23 9:45 ET Markit flash PMIs for September
9/23 10:00 ET Chief Goon Powell on Capitol Hill
9/23 11:00 ET Goon Evans again
9/23 Noon ET Goon Rosengren
9/24 1:00 pm ET Goon Bostic #3
9/24 2:00 pm ET Goon Quarles
9/24 10:00 ET Chief Goon Powell on Capitol Hill
9/24 Noon ET Goon Bullard
9/24 1:00 pm ET Goon Barkin again & Goon Evans #3
9/24 2:00 pm ET Goon Bostic #4
9/25 8:30 ET Durable Goods
9/25 11:00 ET Goon Evans #4
9/25 3:00 pm ET Goon Williams again

Key Economic Events Week of 9/14

9/15 8:30 ET Empire State and Import Price Idx
9/15 9:15 ET Cap Ute and Ind Prod
9/16 8:30 ET Retail Sales
9/16 10:00 ET Business Inventories
9/16 2:00 ET FOMC Fedlines
9/16 2:30 ET Powell Presser
9/17 8:30 ET Philly Fed
9/18 8:30 ET Current Acct Deficit

Key Economic Events Week of 9/7

9/9 10:00 ET JOLTS job openings
9/10 8:30 ET Initial jobless claims
9/10 8:30 ET PPI
9/10 10:00 ET Wholesale Inventories
9/11 8:30 ET CPI
9/11 9:45 ET Core CPI

Key Economic Events Week of 8/31

9/1 9:45 ET Markit Manu Index
9/1 10:00 ET ISM Manu Index
9/1 10:00 ET Construction Spending
9/2 8:15 ET ADP employment
9/2 10:00 ET Goon Williams
9/2 10:00 ET Factory Orders
9/3 8:30 ET Initial jobless claims
9/3 8:30 ET Trade Deficit
9/3 12:30 ET Goon Evans
9/4 8:30 ET BLSBS

Key Economic Events Week of 8/24

8/24 8:30 ET Chicago Fed Idx
8/25 10:00 ET Consumer Confidence
8/26 8:30 ET Durable Goods
8/27 8:30 ET Q2 GDP 2nd guess
8/27 9:10 ET Chief Goon Powell Jackson Hole
8/28 8:30 ET Pers Inc and Consumer Spend
8/28 8:30 ET Core Inflation
8/28 9:45 ET Chicago PMI

Key Economic Events Week of 8/17

8/17 8:30 ET Empire State Manu Idx
8/17 Noon ET Goon Bostic
8/18 8:30 ET Housing Starts
8/19 2:00 pm ET July FOMC minutes
8/20 8:30 ET Jobless claims
8/20 8:30 ET Philly Fed
8/20 10:00 ET LEIII
8/21 9:45 ET Markit flash PMIs July

Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

Key Economic Events Week of 8/3

8/3 9:45 ET Markit Manu PMI July
8/3 10:00 ET ISM Manu PMI July
8/3 10:00 ET Construction Spending
8/4 10:00 ET Factory Orders
8/5 8:15 ET ADP employment July
8/5 9:45 ET Markit Service PMI
8/5 10:00 ET ISM Service PMI
8/6 8:30 ET Initial jobless claims
8/7 8:30 ET BLSBS for July
8/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
7/28 9:00 ET Case-Shiller home prices
7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
7/29 2:30 ET CGP presser
7/30 8:30 ET Q2 GDP first guess
7/31 8:30 ET Personal Income and Spending
7/31 8:30 ET Core inflation
7/31 9:45 ET Chicago PMI

Key Economic Events Week of 7/20

7/21 8:30 ET Chicago Fed
7/21 2:00 ET Senate vote on Judy Shelton
7/22 10:00 ET Existing home sales
7/23 8:30 ET Jobless claims
7/23 10:00 ET Leading Economic Indicators
7/24 9:45 ET Markit flash PMIs for July

Forum Discussion

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