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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.




indiana rod
Jun 2, 2020 - 12:03pm

What's Going On ?

Deficits, Debts, excessive military spending, debasement of currency, breakdown of trade, plagues, revolts, wars and hyperinflation.

America 2020 ? No, Roman Empire, 3rd Century.

The coin of the Empire had 50% silver in 235 A. D. Over the next 50 years it declined to 5 % as the currency was debased. Sound familiar ?

The hyper inflationary part come later--- in the Roman Empire--and in America.

Who said history doesn't repeat ?

Jun 2, 2020 - 12:02pm

Question for the TFMR community

We have now had two very bright people on with opposing viewpoints. What are your thoughts?

For the record, I agree with Luke. When Brent said something to the effect of "what currency could the US devalue their currency against," I thought Hmmm, perhaps the one we talk about here all the time? The one that went up considerably in Mar/Apr as the Fed was expanding it's balance sheet rapidly.

Also, the statement that governments don't want to go back to a gold standard raised an eyebrow for me. Seems to me there are two very powerful countries (Russia and China) that are angling for just that.

That is just my opinion though, and as always and occurs frequently, I can be wrong. So, please add your thoughts. Curious to read and thanks.

Jun 2, 2020 - 11:57am

RE: Silver


The entire second half of May was wasted due to suppression and now this, while the country goes up in flames.

Its infuriating because nearly 3 weeks of time value on my call options has been wasted due to these thieves.

I wish riots would smash into their offices.

Jun 2, 2020 - 11:54am

Chlorine Dioxide @Orange - Nice to see

Thanks for posting that Orange. I had seen it mentioned a month or more ago, where I don't remember, but the article I read had little explanation or background as to how it worked.

It sickens me the lengths the CDC and medical officialdom goes to push for a mandatory vaccine. I have little trust in most vaccines especially one cooked up for a pandemic that was such an over reach by th CDC and the drug cartel types that have grown to such a powerful force.

Ben StackinCraigo
Jun 2, 2020 - 11:45am

Never hurts to do a quick Startpage search....

FYI.... we live in the Brave New World of deep fakes. Trust nothing. The Simpsons JPG appears to be made up.


sad state of affairs people.

PS: Startpage is a search engine. I don't use Goolag when there is an alternative.

PPS: CNBS is now a full time virtue signaling piece of excrement. Sean Penn?? Sunglasses Guy? When is Brittney Spears scheduled? I might watch that.

Jun 2, 2020 - 11:42am
Jun 2, 2020 - 11:39am


Amazing so predictable.fk criminals.

Jun 2, 2020 - 11:23am

9mm 115 grain. Doc, check ammoman.com

They have plenty of lower cost 9mm, steel or brass case. Prices are up at least 30% since I last bought 1000 round cases. If it was me I'd buy 2000 rounds of the Wolf or lower cost range ammo, steel case is ok. Buy 1000 rounds of brass case. Then 500 rounds of gold dot or similar carry ammo.

It's not just you who you're stacking for. Since 9mm is commonplace round you might find yourself the ammo guy if things get frisky. Ammo man is my go to place because I got to know the owner and he's a small business man operating out of Pahrump NV, offering free shipping but does collect sales tax

Jun 2, 2020 - 11:10am

Silver smash attempt again

I guess the criminals want to try to break the support at $18.

OrangeDoctor J
Jun 2, 2020 - 10:58am

Perhaps this protocol is helpful

If you have no experience with MMS, please do some research before using it.

This is the first time I have read about breathing it in, however this might be helpful.


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9/21 8:00 ET Goon Kaplan
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9/21 Noon ET Goon Brainard
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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
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9/25 8:30 ET Durable Goods
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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
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9/9 10:00 ET JOLTS job openings
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Key Economic Events Week of 8/31

9/1 9:45 ET Markit Manu Index
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