A2A with Alasdair Macleod of GoldMoney

65

Alasdair Macleod has long been one of our favorite and most frequent podcast guests. As Head of Reserach at Goldmoney, few people are as fluent in the language of macroeconomics as Alasdair so, with the wildly-unpredictable 2017 upon us, there was no better time than the present to hear from Alasdair once again.

We covered a wide range of topics today from China, to Europe, to the emerging markets and to the US and the dollar. This baby checks in at nearly a full hour so you may need to carve it up into chunks but, regardless, I strongly encourage you to listen to every minute.

Great stuff from a good friend and we should all appreciate Alasdair's willingness to share so much of his time, wisdom and experience with us today.

TF

  65 Comments

Rakka
Jan 12, 2017 - 3:42pm

1st in Japan

awesome interview again Turd

AGAU
Jan 12, 2017 - 3:43pm

Hmm

... Listen time

Jan 12, 2017 - 3:44pm

more audio

Here's today's KE Report commentary. Recorded two hours ago.

https://www.kereport.com/2017/01/12/similarities-beginning-2016-2017/

Rakka
Jan 12, 2017 - 3:44pm

sorry for double tap

sorry for double tap

Underdawg
Jan 12, 2017 - 3:45pm

1st

Did I make it. Well I see that I did not get first, but am I second or third?

LostMind
Jan 12, 2017 - 4:03pm

Lost some where in the Top 10...

Great interview.

What I was asking...

We have had numerous articles and individuals discussing the various nature of the US$ and reserve currency, SDR, and having to run trade deficits to maintain liquidity around the world.

Since we have the SDR "becoming" more prevalent and the US$ "slated" for death (Jackass), I am trying to bring all of these things together...

The US$ may be on the way out as the "reserve currency". This cannot be done over night.

The Chinese/Russians and others have may it cleat that "They" want the US$ to lose its stand alone hegemony associated with the US$ reserve currency status,

The Chinese Yuan has been added to the SDR. The US$ makes us approximately 48% of this SDR basket.
If other countries "Choose" to use other currencies to "settle" trade, like the Yuan/Euro/Pound; is this not the SDR in a round a bout way?!

So, the US$ slowly loses its reserve currency status. As we do, the "world" still needs to maintain at least 48% of trade in US$ to "preserve" the status quo of the SDR.

That being said, it makes since that we have had to run a deficit since Bretton Woods to make the liquidity issue work. This has decimated our industrial base as corporations have left our shores to seek cheaper labor.

OK, tying it together.

Trump comes in under the guise of national pride. Does he/IS he rebuilding our industrial base to "protect" us from the coming reset that has to occur. The reset being the shift to the SDR for settling world trade. The US$ is debased even further, the US debt is inflated away, cost of living goes up, living standards goes down. But the key here is that the inflation is mostly felt on "imported" goods, which currently is damn near everything... Re-build industrial power in the US protects us when the "reset" occurs?! Does it not?

Also, this means that the current financial world stays alive for another 10, 20, 30, or 40 years?? Globally, the debasement of all currencies can continue with no "real" noticeable (meaning hyper inflation) inflation from any one country, just higher cost every where.

Just some thoughts.

Dr. P. Metals
Jan 12, 2017 - 4:17pm

Congrats to the Banksters today

unwound all of golds gains. Job well done. Off to happy hour now they will go I'm sure...

ah yes, I see they have thought up a new topic to jawbone for 2017, which they will surely use to hammer us with for months on end now:

https://www.zerohedge.com/news/2017-01-12/chatter-fed-balance-sheet-unwind-spikes-yield-curve

well heck then, they may as well start "unwinding" that balance sheet right away then yes? Why wait? Lol As if "unwinding" their balance sheet of worthless toxic crap "assets" which no one wants actually makes a difference to anything. If the CB doesn't want these "assets" the selves, then they' surely are worth nothing: or why would they be "selling" them to others at all? Ah yes, could it be out of the sheer goodness of their hearts? Just benevolence so others can scoop up such great investments, er, I mean "assets" for themselves.

When they "unwind" the 200 TRILLION in unfounded liabilities then it may actually matter. What's that? No way to do that, ever? Oops...

twippers
Jan 12, 2017 - 4:48pm

PPP

Turd, you are wise beyond words and I wonder if you or someone can't answer this....
If the Plunge Protection Team is sitting on trillions (as The Golden Jackass often states) why can they not keep this whole charade going for a very long long time? I remember back at the beginning of 2016 when many were saying this was the year that it would all fall apart. Here we are on to 2017 and it's the same narrative. I know it's been discussed here ad nauseum as to how no one knows when the dam collapses but seriously, this shit is getting really boring and tiresome, especially since the crooks are the ones who seem to be winning the game.

RickshawETF
Jan 12, 2017 - 5:01pm

Seventh

Seven, come eleven (hundred dollar silver!)

goldcom
Jan 12, 2017 - 5:14pm

Price action today

Seeeeyyuucks!!!

Key Economic Events Week of 12/9

12/10 8:30 ET Productivity and Unit Labor Costs
12/11 8:30 ET CPI
12/11 2:00 pm ET FOMC fedlines
12/11 2:30 pm ET CGP presser
12/12 8:30 ET PPI
12/13 8:30 ET Retail Sales
12/13 10:00 ET Business Inventories
12/13 11:00 ET Goon Williams speech

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Key Economic Events Week of 12/9

12/10 8:30 ET Productivity and Unit Labor Costs
12/11 8:30 ET CPI
12/11 2:00 pm ET FOMC fedlines
12/11 2:30 pm ET CGP presser
12/12 8:30 ET PPI
12/13 8:30 ET Retail Sales
12/13 10:00 ET Business Inventories
12/13 11:00 ET Goon Williams speech

Key Economic Events Week of 12/2

12/2 9:45 ET Markit Manu PMI
12/2 10:00 ET ISM Manu PMI
12/2 10:00 ET Construction Spending
12/4 9:45 ET Markit Services PMI
12/4 10:00 ET ISM Services PMI
12/5 8:30 ET Trade Deficit
12/5 10:00 ET Factory Orders
12/6 8:30 ET BLSBS
12/6 10:00 ET Wholesale Inventories

Key Economic Events Week of 11/25

11/25 8:30 ET Chicago Fed Nat'l Idx
11/25 7:00 pm ET CGP speech
11/26 8:30 ET Advance Trade
11/26 9:00 ET Case-Shiller home prices
11/26 10:00 ET New home sales
11/26 10:00 ET Consumer Confidence
11/27 8:30 ET Q3 GDP 2nd guess
11/27 8:30 ET Durable Goods
11/27 9:45 ET Chicago PMI
11/27 10:00 ET Pers Inc & Cons Spndg
11/27 10:00 ET Core inflation
11/27 2:00 pm ET Beige Book

Key Economic Events Week of 11/18

11/19 8:30 ET Housing Starts & Bldg Perms
11/20 2:00 ET October FOMC minutes
11/21 8:30 ET Philly Fed
11/21 10:00 ET Existing Home Sales
11/22 9:45 ET Markit November Flash PMIs

Key Economic Events Week of 11/11

11/12 Three Fed Goon speeches
11/13 8:30 ET CPI
11/13 11:00 ET CGP on Capitol Hill
11/14 8:30 ET PPI
11/14 Four Fed Goon speeches
11/14 10:00 ET CGP on Capitol Hill
11/15 8:30 ET Retail Sales
11/15 8:30 ET Empire State Manu Index
11/15 9:15 ET Cap Ute and Ind Prod
11/15 10:00 ET Business Inventories

Key Economic Events Week of 11/4

11/4 10:00 ET Factory Orders
11/5 9:45 ET Markit Services PMI
11/5 10:00 ET ISM Services PMI
11/6 8:30 ET Productivity & Labor Costs
11/6 Speeches by Goons Williams, Harker and Evans
11/8 10:00 ET Consumer Sentiment
11/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 10/28

10/30 8:30 ET Q3 GDP first guess
10/30 2:00 ET FOMC fedlines
10/30 2:30 ET CGP presser
10/31 8:30 ET Personal Income & Spending
10/31 8:30 ET Core Inflation
10/31 9:45 ET Chicago PMI
11/1 8:30 ET BLSBS
11/1 9:45 ET Markit Manu PMI
1/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

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