Sponsored by

Tuesday Conversation - Brent Johnson of Santiago Capital

CEO, Portfolio Manager
Santiago Capital
112

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.

TF

JOIN US

  112 Comments

  Refresh
zman
Jun 2, 2020 - 6:34pm

Central Banks

Hmm, just because the crooks at the Central Banks (Fed) claim they want inflation, it doesn't mean they're telling the truth. Why does everyone in the gold sector believe those central bankers when they make that statement?

No, they don't want inflation at all. It wouldn't be that hard to devalue the US dollar and create inflation, it could be done in short order, but that's NOT what The Elite want.

There's a reason why silver still trades at $17 oz, it's because of the lack of money going into Main Street. And no, there's not going to be UBI, free college, single payer health care or debt reset, not gonna happen. What is going to happen is spending cuts in pensions, entitlements and other social programs. We're going to stay with 0% to negative rates of interest for many years to come.

The only way money comes into Main Street is IF the people hit the streets and demand it. Trump promised economic nationalism, how did that workout? It didn't happen. The political process is broken, there is no white knight to save the day.

These riots are more about economic destruction of Main Street and debt slavery. This is what happens when the velocity of money continues to crash. Did The Elite really think a $1200 check was going to save the day as Wall Street got $5 trillion?

It's all deflation until something forces The Elite to change their behavior, that changes needs to occur in the real world. It's NOT going to occur in their fake world of finance.

billhilly
Jun 2, 2020 - 6:29pm

Mavens...

...glad you and family made it home safely ! It's also wonderful to hear your folks are in great spirits !!!! You definitely ARE THE MAN !!!!!

Here, my dad has been trying to put shirts on the dogs. He is so adorably cute !

And I'd love to hear the Amarillo story.

Ollie
Jun 2, 2020 - 6:24pm

Ted Butler, "Falling into Place" (1 June 2020)

I am not sure if someone has already placed a link to Ted Butler's article entitled "Falling Into Place" (1 June 2020) on this site. However, it is worth a look.

https://silverseek.com/article/falling-place

Boggs
Jun 2, 2020 - 6:17pm

Mavens

This is the shotgun I have for self defense. I own the Bullpup, it holds 13 rounds. They also make one that holds 25.

https://www.keltecweapons.com/firearms/shotguns/ksg/#buyNow

Angry Chef
Jun 2, 2020 - 5:17pm
Angry Chef
Jun 2, 2020 - 5:01pm
happycamper515
Jun 2, 2020 - 4:40pm

Powell was right, he has

Powell was right, he has unlimited tools to drive the stock market higher. The stock market is freaking amazing. Corona virus and burning down America be damned, the stock market marches on.

Angry Chef
Jun 2, 2020 - 4:28pm

URGENT WARNING ! MUST READ !!!

All,

This comes directly from the WHO, CDC, Bill Gates, and Canadian Government officials.

This is an urgent warning. There is a new killer Asian Hornet that’s now loose and wrecking havoc across the planet. Theresa Tam is warning that one sting results in horrible anal leakage. Which, health officials from the WHO and CDC say, and I quote: “could cause contamination of the World’s water supply “. Both Theresa Tam and Justin Trudeau are now telling Canadians you may be locked in your houses for the balance of this decade. And if you absolutely have to go outside for any reason whatsoever. All Canadians will be required to wear a diaper on the outside of their clothing in order to contain the leakage. The Government is also warning that if Canadians don’t obey this new lockdown order. They are going to bring back Greta Thunberg to yell at us not just every day. But every minute of every day on every radio station and television station across the planet. I’m giving you forewarning so that you can get to Costco ASAP and get a three year supply of diapers.

Hang in there. We’re all in this together.

LiberoAGXIIK
Jun 2, 2020 - 4:13pm

Just want to remind you AGX

just who your bible toting, constitution violating, and most singular violator of responsible gubmint spending hero is. Hypocrisy if you can't call him out while you call out those who stand in his and apparently, your way (anyone on the left).

PS- You brought this up with your cry of "those who blame others" in an earlier post.

Oskar- Of course, he asked "can I grab your pussy" or the women said, "you can grab my pussy don". Alrighty then.

OskarLibero
Jun 2, 2020 - 4:11pm

You just confirmed what I

You just confirmed what I said. Thanks.

Subscribe or login to read all comments.

Become member and subscribe to Turd's Vault

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 1/18

1/19 10:00 ET Mother for SecTreas hearing
1/20 12:00 ET POTUS Inauguration
1/21 ECB meeting and rate decision
1/21 8:30 ET Housing Starts
1/21 8:30 ET Philly Fed
1/22 9:45 ET Markit flash PMIs (Jan)

Key Economic Events Week of 1/11

1/11 12:00 ET Goon Bostic speech
1/12 10:00 ET JOLTS job openings
1/13 8:30 ET CPI
1/13 1:00 ET Goon Brainard speech
1/13 2:00 ET Beige Book
1/14 8:30 ET Import price index
1/14 12:30 ET Chief Goon Powell
1/15 8:30 ET Retail Sales
1/15 8:30 ET PPI
1/15 9:15 ET Cap Ute and Ind Prod
1/15 10:00 ET Business Inventories

Key Economic Events Week of 1/4

1/4 9:45 ET Markit manu PMI
1/4 10:00 ET Construction Spending
1/5 Georgia U.S. Senate election
1/5 10:00 ET ISM manu PMI
1/6 US election certification
1/6 8:15 ET ADP Employment Report
1/6 9:45 ET Markit service PMI
1/6 10:00 ET Factory Orders
1/6 2:00 ET December FOMC minutes
1/7 8:30 ET Trade Deficit
1/7 10:00 ET ISM service PMI
1/8 8:30 ET BLSBS
1/8 8:30 ET Wholesale Inventories

Key Economic Events Week of 12/21

12/21 8:30 ET Chicago Fed
12/22 8:30 ET Q3 GDP final guess
12/22 10:00 ET Consumer Confidence
12/23 8:30 ET Durable Goods
12/23 8:30 ET Personal Inc and Spending
12/23 8:30 ET Core Inflation

Key Economic Events Week of 12/14

12/15 8:30 ET Import Price Index
12/15 8:30 ET Empire State Index
12/15 9:15 ET Cap Ute and Ind Prod
12/16 8:30 ET Retail Sales
12/16 9:45 ET Markit flash PMIs Dec
12/16 10:00 ET Business Inventories
12/16 2:00 ET FOMC Fedlines
12/16 2:30 ET Chief Goon Powell presser
12/17 8:30 ET Philly Fed
12/18 8:30 ET Current Account Deficit
12/18 10:00 ET LEIII

Key Economic Events Week of 12/7

12/8 8:30 ET Productivity & Unit Labor Costs
12/9 10:00 ET JOLTS jop openings
12/9 10:00 ET Wholesale Inventories
12/10 8:30 ET CPI
12/11 8:30 ET PPI

Key Economic Events Week of 11/30

11/30 9:45 ET Chicago PMI
12/1 9:45 ET Markit Manu PMI Nov
12/1 10:00 ET ISM Manu PMI Nov
12/2 8:15 ET ADP Employment Report
12/3 9:45 ET Markit Services PMI Nov
12/3 10:00 ET ISM Services PMI Nov
12/4 8:30 ET BLSBS
12/4 8:30 ET US Trade Deficit Nov
12/4 10:00 ET Factory Orders

Key Economic Events Week of 11/23

11/23 9:45 ET Markit flash PMIs
11/23 1:00 ET Goon Daly
11/23 3:00 ET Goon Evans
11/24 9:00 ET Case-Shiller home prices
11/24 10:00 ET Consumer Confidence
11/24 11:00 ET Goon Bullard
11/24 12:00 ET Goon Williams
11/24 12:45 ET Goon Chlamydia
11/25 8:30 ET Q3 GDP 2nd guess
11/25 8:30 ET Durable Goods
11/25 10:00 ET Personal Inc and Spend
11/25 10:00 ET Core inflation
11/26 US Market holiday

Key Economic Events Week of 11/16

11/16 2:00 pm ET Goon Chlamydia
11/17 8:30 ET Retail Sales
11/17 8:30 ET Import Price Index
11/17 9:15 ET Cap Ute and Ind Prod
11/17 10:00 ET Business Inventories
11/17 1:00 pm ET Chief Goon Powell
11/18 8:30 ET Housing Starts
11/18 1:20 pm ET Goon Bullard
11/19 8:30 ET Jobless claims
11/19 8:30 ET Philly Fed

Key Economic Events Week of 11/9

11/9 1:30 pm ET Goon Mester
11/10 7:30 am ET Goon Kaplan
11/10 10:00 ET JOLTS job openings
11/10 10:00 ET Goon Rosengren
11/11 Veteran's Day. Bond market closed.
11/12 8:30 ET CPI
11/12 11:45 ET Chief Goon Powell
11/12 2:00 pm ET Federal budget
11/13 7:00 ET Goon Williams
11/13 8:30 ET PPI
11/13 8:30 ET Goon Bullard
11/13 10:00 ET Consumer sentiment

Forum Discussion

by matt_, 25 min 23 sec ago
by scoremore, 1 hour 3 min ago
by DeaconBenjamin, 1 hour 10 min ago
by scoremore, 1 hour 16 min ago
by 11IMIX, 2 hours 21 min ago
randomness