RECENT EPISODES
Thu 5 NovMacroVoices #557 Michael Every: The Blue Tsunami Lands on Markets... and GeopoliticsMichael Every argues Democratic gains could constrain Trump’s Iran policy, making limited action and retreat more likely, with uncertain consequences for energy prices and U.S. influence in the Middle East. Markets’ post-election rebound may be narrow: Apple, Microsoft and Amazon rose while AI infrastructure stocks fell, and oil’s sharp drop largely reflected a repricing of geopolitical risk. Every also warns that U.S. industrial capacity and tariff policy matter to its economic and military resilience.Thu 29 OctMacroVoices #556 Luke Gromen: US Midterms & BeyondLuke Gromen discusses how the Iran conflict and its strain on U.S. munitions and political patience could shape the November 3 midterms. He outlines divergent market risks after the vote: fiscal consolidation could pressure stocks and commodities, while continued spending could weaken the dollar and support gold and stocks. Looking beyond the election, he warns that AI-related job losses could undermine consumer credit and intensify political and fiscal pressures.Thu 22 OctMacroVoices #554 Dr. Anas Alhajji + Louis-Vincent Gave: Developing Crises in Middle-East and FranceDr. Anas Alhajji examines how Middle East and Black Sea disruptions are choking oil-product, fertilizer, and agricultural trade, with diesel shortages likely to persist despite Saudi efforts to reroute crude. Louis-Vincent Gave sees France’s political deadlock, limited fiscal room, and foreign-held debt as risks to European markets. The discussion also considers energy-driven inflation and the potential for pressure on AI shares to unsettle equities.Thu 15 OctMacroVoices #554 Yasir Arafat: Mass Manufacturing Nuclear Power PlantsYasir Arafat discusses ALO’s plan to mass-produce truck-transportable, 10 MWe sodium-cooled reactors, initially for AI data centers seeking reliable power quickly. Its proposed factory would make 100 reactors a year, adding 1 GWe of capacity annually, while repeat production is intended to reduce costs. He also addresses the challenges of scaling suppliers and securing nuclear fuel, and why ALO is starting with lower-enriched uranium rather than waiting for advanced fuel supply chains.Thu 8 OctMacroVoices #553 Brent Johnson: Disparate HousewivesBrent Johnson’s “Disparate Housewives” report examines closer Fed–Treasury coordination, its unresolved dynamics and potentially major market consequences. He discusses the dollar’s strength and long-term outlook, while noting scope for a near-term pullback and a possible gold dip toward support. Johnson also connects the AI race to U.S.–China competition, arguing that energy supply will be crucial to U.S. leadership.Thu 1 OctMacroVoices #552 David Rosenberg: Navigating The NoiseDavid Rosenberg argues tariffs have delivered a temporary inflation bump, while slowing wages and falling rents and home prices point toward disinflation. He says rising Treasury yields reflect markets’ changing view of Fed policy more than mounting government debt, and sees potential support for bonds from a shift in Treasury issuance. Chinese open-source AI competition could eventually add to disinflation as productivity gains emerge.Fri 25 SeptMacroVoices #551 Michael Every: Decoding The Global Geopolitical Puzzle (Part 2)Michael Every examines the geopolitical pressures shaping Canada’s choices, arguing that its industrial dependence on the US makes a turn toward Europe costly and that Washington will press Ottawa to align its trade and security policies. He also describes US-China competition as a contest among countries choosing sides, with risks spanning Ukraine, the Middle East and Taiwan. The discussion considers how governments may restrict access to strategic technologies, including AI.Thu 24 SeptMacroVoices #551 Michael Every: Decoding The Global Geopolitical PuzzleMichael Every argues that markets must be read through geopolitical and geo-economic forces, not economic data and price charts alone. He warns that falling oil prices may understate risks from the escalating Iran conflict and threats to regional energy infrastructure. The discussion explores U.S. energy statecraft, Greenland’s strategic importance, China’s efforts to resist coercion, and whether dollar stablecoin rules could extend U.S. influence.Thu 17 SeptMacroVoices #550 Harley Bassman: In FED We TrustIn this episode of MacroVoices, Harley Bassman emphasizes the urgent need for the Federal Reserve to restore market trust amid skepticism towards government institutions. He critiques recent rate hikes, suggesting they won't significantly impact the economy or inflation, and discusses the implications of rising U.S. debt and fiscal deficits. Bassman also explores the evolving role of AI in trading and the challenges posed by non-bank entities in the banking system, highlighting the complexities of current market dynamics.Thu 10 SeptMacroVoices #549 Matt Barrie: AI-gent ProvocateurIn this episode of MacroVoices, Matt Barrie explores the transformative impact of AI on workflows, revealing how his fleet of 44 agents can outperform traditional teams. He discusses the financial implications of AI token usage, predicting a future expansion to 400 agents and emphasizing the need for cost management. Barrie also addresses the potential job dislocation in white-collar roles due to AI advancements, while highlighting the importance of educational reform to prepare for an evolving job landscape.Thu 3 SeptMacroVoices #548 Dr. Carly Anderson: Emerging Energy Technologies RoundupIn this episode of MacroVoices, Dr. Carly Anderson explores the transformative potential of emerging energy technologies, particularly in nuclear power. She discusses the role of hyperscalers in revitalizing nuclear energy markets and highlights advancements in regulatory frameworks and supply chains. Anderson also addresses the urgent need for updates in the nuclear fuel supply chain, the promise of lasers for uranium enrichment, and the anticipated growth of advanced nuclear technologies in niche applications, including military and data centers.Thu 27 AugMacroVoices #547 Daniel Lacalle: The Future of Reserve CurrencyIn this episode of MacroVoices, Daniel Lacalle explores the future of reserve currencies, arguing that the US dollar's dominance is nearing its end due to unsustainable government debt levels. He highlights the rising role of gold as a preferred reserve asset and critiques central bank digital currencies while advocating for stable coins as a viable alternative. Lacalle predicts a future where cryptocurrencies and fiat currencies coexist, driven by technology that could enhance competition and promote responsible fiscal policies.Thu 20 AugMacroVoices #546 Darius Dale: Darius Dale for POTUS 2028Darius Dale joins MacroVoices to argue that the fourth turning framework he outlined in summer 2023 is now accelerating, with every major prediction from that analysis materializing. He places the United States inside a cut-grow-print sequence moving toward explicit financial repression, with the Fed-Treasury accord already effectively in place.Thu 13 AugMacroVoices #545 Michael Howell: Warsh vs. The MarketsMichael Howell joins MacroVoices to argue that global liquidity, not central bank policy, is the true driver of asset markets, and that the current liquidity cycle peaked at end of 2025 and will not trough until mid to late 2027.Thu 6 AugMacroVoices #544 Viktor Shvets: How Markets Survive DisruptionViktor Shvets joins MacroVoices to argue that disinflation remains the dominant structural trend, with technology driving marginal costs toward zero across labor, products, and assets, while inflationary spikes from COVID, the Russia-Ukraine war, the Iran conflict, and trade policy chaos represent transient disruptions rather than a regime change.Thu 6 AugMacroVoices #544 Viktor Shvets: How Markets Survive DisruptionViktor Shvets joins MacroVoices to argue that disinflation remains the dominant structural force as technology drives marginal costs toward zero, with inflationary episodes being policy-created overlays rather than durable shifts, a thesis he supports by pointing to inflation swaps that spiked to 3 to 5 percent during the Iran conflict but have since normalized below 2 percent.Thu 30 JulMacroVoices #543 Jim Bianco: Who Solves Inflation The FED or The Market?Jim Bianco makes the case that the bond market will force a resolution to inflation if the Fed refuses to act, with the 30-year Treasury yield hitting a 19-year record of 5.20 percent even as the Fed cut rates 150 basis points since September 2024. Three FOMC members dissented in favor of a hike at the July 30 meeting, a structural break from the near-zero dissent probability under prior chairs.Thu 23 JulMacroVoices #542 Luke Gromen: As The Conflict TurnsLuke Gromen returns to MacroVoices to issue a mea culpa on his oil price forecast following the Strait of Hormuz closure, explaining that he underestimated China's ability to absorb the disruption by shifting 1.4 million barrels per day of demand to EVs in the first half of 2026 and cutting overall oil consumption by 3 to 4 million barrels per day.Thu 23 JulMacroVoices #542 Luke Gromen: As The Conflict TurnsLuke Gromen returns to assess the geopolitical and financial fallout from the Strait of Hormuz closure, admitting oil prices never sustained the spike he expected despite the disruption running into mid-2026.Thu 16 JulMacroVoices #541 Dr. Anas Alhajji: Bab el-Mandeb: The Next Oil Chokepoint Nobody's WatchingDr. Anas Alhajji explains how the United States effectively closed the Strait of Hormuz not through military blockade but through insurance markets, as a US Navy strike triggered EU solvency rules that forced British and European insurers to cancel war-risk coverage across the Indian Ocean within seven days.Thu 16 JulMacroVoices #541 Dr. Anas Alhajji: Bab el-Mandeb: The Next Oil Chokepoint Nobody's WatchingIn MacroVoices episode 541, Dr. Anas Alhajji explains how the Strait of Hormuz was effectively closed not by Iranian military action but by US-triggered war risk insurance cancellations that stranded tankers without a single direct engagement, and why elevated insurance costs will persist long after any formal reopening.Thu 9 JulMacroVoices #540 Adam Parker: Beyond the AI Bubble: Diversifying Portfolios in an Earnings-Driven MarketAdam Parker joins MacroVoices to argue that US equities will grind higher over the next six to twelve months on earnings growth even as multiples contract modestly, and that the S&P 500 now functions so closely like an AI semiconductor ETF that genuine diversification demands measuring AI revenue exposure across the full chain.Thu 9 JulMacroVoices #540 Adam Parker: Beyond the AI Bubble: Diversifying Portfolios in an Earnings-Driven MarketAdam Parker joins MacroVoices to argue that US equities will grind higher over the next six to twelve months as earnings growth offsets modest multiple contraction, while warning investors that apparent diversification away from AI concentration is largely illusory.Thu 2 JulMacroVoices #539 Rory Johnston: Hormuz Crisis, is it Really Over?MacroVoices host Erik Townsend speaks with commodity analyst Rory Johnston about whether the Hormuz crisis is truly resolved. Johnston explains that while flows through the strait have touched pre-war levels of 20 million barrels per day on individual days, the 10-day trailing average sits near 12 million barrels per day, sustained only by floating crude drawdowns that can last another week or two at most.Thu 2 JulMacroVoices #539 Rory Johnston: Hormuz Crisis, is it Really Over?MacroVoices host Erik Townsend sits down with commodity analyst Rory Johnston to examine whether the Strait of Hormuz crisis is genuinely over or merely paused. Johnston explains that while daily flows have touched pre-war levels of 20 million barrels, the 10-day trailing average sits near 12 million, sustained only by floating crude drawdowns that can last another week or two at most.Thu 25 JunMacroVoices #538 Lyn Alden: Is The War Really Over and What’s Next For Markets?Erik Townsend and Lyn Alden examine whether the Iran memorandum of understanding truly ends the geopolitical risk premium in oil and gold, with Alden warning that unresolved details on enriched uranium, inspectors, and Strait of Hormuz access mean the headline will persist for weeks or months. The dollar's breakout above a 15-month range surprised many, driven less by the Iran safety trade unwinding than by repriced rate hike odds and AI capital flows into US equities.Thu 25 JunMacroVoices #538 Lyn Alden: Is The War Really Over and What’s Next For Markets?Lyn Alden joins MacroVoices to assess whether the Iran ceasefire represents a genuine resolution or merely a reconstruction of the 2015 nuclear deal, warning that unresolved details around enriched uranium, inspectors, and Strait of Hormuz access could keep the situation live for months.Thu 25 JunMacroVoices #538 Lyn Alden: Is The War Really Over and What’s Next For Markets?Erik Townsend and Patrick Ceresna host Lyn Alden, who argues the Iran ceasefire is far from resolved, with enriched uranium disposition, on-site inspectors, and Strait of Hormuz access all still unsettled after 60 days, meaning oil at 69.28 could spike again quickly if the strait closes.Thu 18 JunMacroVoices #537 Brent Johnson: There’s No Turning BackBrent Johnson joins MacroVoices to argue that the US-Iran ceasefire is structurally fragile, with ambiguous MOU language virtually guaranteeing each side will interpret the agreement differently and neither will fully comply. He expects the Strait of Hormuz closure to produce its sharpest economic effects in Q4 2025 and Q1 2026, with oil's near-20-percent selloff driven by forced liquidation rather than fundamentals, and prices likely recovering above 80 dollars once that unwinds.Thu 18 JunMacroVoices #537 Brent Johnson: There’s No Turning BackBrent Johnson joins MacroVoices to argue that the Iran ceasefire represents a temporary pause rather than a durable resolution, with the memorandum of understanding written ambiguously enough that the US, Iran, and Israel will each interpret it to suit their own interests. A $300 billion figure in both the Iranian and US versions of the MOU contradicts the $300 million Trump cited publicly, and Iran retains weapons-grade uranium on-site, a condition Israel has explicitly rejected.Thu 11 JunMacroVoices #536 Larry Mcdonald: The Migration is Upon usLarry McDonald argues that the NASDAQ 100's surge from 30 trillion to 41 trillion dollars in under 50 trading days mirrors the Q4 2021 setup that preceded a 7 to 8 trillion dollar collapse through 2022, and that a great migration out of financial assets and large-cap tech into hard assets is now underway.Thu 11 JunMacroVoices #536 Larry Mcdonald: The Migration is Upon usLarry McDonald argues that a great migration from financial assets into hard assets is already underway, driven by sticky inflation running at an annualized 5.2 percent rate and 1.1 trillion dollars in annual US debt interest that effectively prevents the Fed from hiking. A wave of simultaneous equity supply from Google, SpaceX, Anthropic, and OpenAI could unlock roughly 3 trillion dollars in lockup shares by end of 2027, echoing the insider distribution patterns of 1999 to 2000.Thu 4 JunMacroVoices #535 Michael Every: NAFTA and NAPTHA – Warcraft & FartcraftErik Townsend and Michael Every examine the geopolitical and market consequences of the Strait of Hormuz closure, with roughly 2,000 vessels trapped and global crude inventories drawing down at the fastest pace on record despite Brent crude sitting near 98 dollars, a level analysts call inconsistent with a prolonged closure.Thu 4 JunMacroVoices #535 Michael Every: NAFTA and NAPTHA – Warcraft & FartcraftMacroVoices 535 brings Raoul Pal, Michael Every, and a panel of energy analysts together to examine the closure of the Strait of Hormuz, which remained shut as of June 4, 2026, with roughly 2,000 vessels trapped and between 13 and 15 million barrels per day of production shut in.Thu 28 MayMacroVoices #534 Dr. Pippa Malmgren: Superpower War or Superpower Hug?Dr. Pippa Malmgren joins Erik Townsend to assess whether the US-China-Russia-Iran standoff resolves as superpower war or superpower deal. With the Strait of Hormuz running below 10 percent of normal traffic and roughly 13 million barrels per day shut in, Malmgren and Jim Bianco warn oil could reach 150 to 200 dollars per barrel within a month.Thu 28 MayMacroVoices #534 Dr. Pippa Malmgren: Superpower War or Superpower Hug?Erik Townsend and Dr. Pippa Malmgren debate whether the three-month closure of the Strait of Hormuz represents an unfolding catastrophe or a manageable moment in a broader superpower negotiation. Crude experts warn that another month of closure could push oil to 150 to 200 dollars per barrel, requiring destruction of roughly 10 million barrels of daily demand, while Iran's 441 kilograms of uranium enriched to 60 percent remains the unresolved red line Trump has staked his policy on.Thu 21 MayMacroVoices #533 Morgan Downey: The Return of Oil 101Morgan Downey, author of Oil 101, joins to explain why the closure of the Strait of Hormuz represents the most consequential oil market event since World War II, surpassing even the 1970s crises.Thu 21 MayMacroVoices #533 Morgan Downey: The Return of Oil 101Morgan Downey joins MacroVoices to discuss what he calls the most significant oil market event since World War II, the closure of the Strait of Hormuz now stretching beyond two months as of the May 21, 2026 recording.Thu 21 MayMacroVoices #533 Morgan Downey: The Return of Oil 101Morgan Downey joins the show to explain why the Strait of Hormuz closure is the most consequential oil market event since World War II, yet prices have responded far less dramatically than historical models predict.Thu 14 MayMacroVoices #532 Mike Green: Record Mechanical FlowsMike Green joins MacroVoices to explain why April 2026 produced the largest single-month S&P 500 inflow in US history, arguing the rally was driven almost entirely by mechanical forces including a simultaneous CTA reversal from net short to fully invested, vol control strategies adding exposure, and short covering of VIX positions creating synthetic long exposure.