July 11, 2017

Investors Should Be Terrified Of The Imminent Liquidity Shock

We are now entering a very dangerous period for asset prices and the global economy. The Fed plans to drain more than $1 trillion of liquidity from the financial markets by the end of 2019. That’s not just taking the punch bowl away. It’s more like pumping the stomach of a chronic alcoholic. The ECB…
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June 27, 2017

Monetary Revolution: No Constraints

A Monetary Revolution began when Money ceased to be backed by Gold in 1971. Since then, central banks have taken over the management of the global economy by creating more than $22 trillion, which they have used to manipulate currencies, interest rates and asset prices. To invest successfully, you must understand how central banks are…
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June 13, 2017

Monetary Revolution

Over the last nine years, since the crisis of 2008 began, a revolution has occurred in the way in which government policymakers manage the economy – both at the national level and the global level. It has been nothing short of a Monetary Revolution. No textbooks have yet been written that explain this radical departure…
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May 25, 2017

Quantitative Tightening: The Fed’s New Very Bad Idea

The Fed intends to reverse Quantitative Easing beginning later this year. That is a very bad idea that could inflict severe damage on the economy and destroy your wealth. The new Macro Watch video lays out everything you need to know about Quantitative Tightening. Quantitative Easing (QE) was perhaps the most important element in a…
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Richard Duncan Global Economic Growth
May 10, 2017

Can Global Economic Growth Continue?

“Globalization presumes sustained economic growth. Otherwise, the process loses its economic benefits and political support.” – Paul Samuelson Today, global economic growth is weak and globalization is under political siege. The new Macro Watch video presents a snapshot of the global economy in order to assess its growth prospects. We begin by looking at the…
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May 4, 2017

The Investors Podcast Interview. Highly Recommended

I recently had a very interesting discussion with Preston Pysh and Stig Brodersen of The Investors Podcast.  I highly recommend that you listen to this free podcast now. Topics discussed include: My recent conversation with Alan Greenspan concerning how the creation of fiat money by central banks outside the United States caused the Fed to…
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April 20, 2017

The Return Of Crowding Out Threatens Your Wealth

It has long been understood that when the government borrows excessively, it pushes up interest rates and Crowds Out the private sector. Before the breakdown of the Bretton Woods International Monetary System, money was backed by gold. Consequently, there was only a limited amount of it and governments had no power to create any more….
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April 10, 2017

The Credit Structure Of The United States And Its Vulnerabilities

It is not possible to understand an economy without understanding how that economy is financed. In the latest Macro Watch video, we examine the credit structure of the United States and we explore its vulnerabilities. We see who has lent the $66 trillion that has been borrowed in the United States. We also consider the…
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March 28, 2017

Creditism In Crisis

Our economic system changed in a fundamental way when we stopped backing Dollars with Gold.  That change removed the most important constraint on how much credit could be created. Afterwards, credit growth became THE driver of economic growth. Over the last 53 years, Credit in the United States has expanded 66-fold to $66 trillion. And…
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March 10, 2017

Beware A Stronger Dollar

When the Dollar appreciated by 22% between June 2014 and March 2015, commodity prices fell, emerging markets suffered, world trade contracted, US corporate profits fell and US stocks stalled. There are reasons to believe that another significant round of Dollar appreciation has begun. In the latest Macro Watch video we weigh the factors supporting a…
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March 9, 2017

Trump’s Recipe For Disaster – Free Podcast – Correct Link

Please note: I attached the wrong link to this podcast last night, so I am reposting this blog with the correct link. Sorry for any inconvenience caused. In February, I went on a roadshow to meet with institutional investors in New York, Boston, San Francisco and Los Angeles.   I made presentations to roughly two dozen…
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March 8, 2017

Trump’s Recipe For Disaster – Free Podcast

In February, I went on a roadshow to meet with institutional investors in New York, Boston, San Francisco and Los Angeles.   I made presentations to roughly two dozen investment firms. Collectively they manage well over US$100 billion. The title of my presentation was “Trump’s Recipe For Disaster”. I recently discussed this presentation with Cris Sheridan…
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March 2, 2017

The Factors Driving And Constraining US Economic Growth

For any economy to grow, one or more of the following things must occur: 1) The Workforce must grow, 2) Wages must increase, 3) Credit must expand and/or 4) Wealth must grow. In the latest Macro Watch video we look at each of these growth drivers and consider the constraints they will impose on economic…
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February 12, 2017

My Warning To Some Of The World’s Largest Investment Managers

I’ve just returned from a couple of very interesting weeks in the United States. In mid-January, I had the opportunity to meet Alan Greenspan and to ask him a question that I believe is of historic importance. That was the subject of the Macro Watch video uploaded on January 25th. Two weeks later, I was…
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December 30, 2016

What Did You Miss In Q4?

  Three videos on the policies President Trump should and should not adopt, two videos on Derivatives Reform (or, rather, the lack thereof) one video on Credit and a free chapter from The Corruption Of Capitalism.   Six New Videos   A Recipe For Disaster December 15, 2016 It is too early to know if…
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December 13, 2016

Trump’s Recipe For Disaster

The global economic bubble came very close to collapsing into a new Great Depression in 2008. That disaster was prevented by ultra loose Monetary Policy. Central banks slashed short-term interest rates to very close to 0% and then “printed” trillions of dollars worth of new money and used it to buy financial assets. That strategy…
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November 30, 2016

Voodoo Economics? Voodoo Two Won’t Do

Voodoo Economics, the combination of tax cuts and increased military spending, worked for President Reagan, but would it work for President Trump? The latest Macro Watch video argues that it might in the short run, but that the risks those policies pose to the economy and to investors are much greater now than they were…
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November 22, 2016

An Open Letter To President-elect Trump. Watch Free Video

An open letter – and video – to President-elect Trump outlining how to make America’s economy great again. No password is required to watch this video.  Please share this blog on social media. Click here to watch. Dear Mr. President, You can make America’s economy great again. Here’s how: INVEST, Mr. President – not only…
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