🔴 The Consequences of the Fed's Monetary Policy (w/ Stephanie Pomboy)

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  • เผยแพร่เมื่อ 4 ม.ค. 2025

ความคิดเห็น • 407

  • @RealVisionFinance
    @RealVisionFinance  5 ปีที่แล้ว +2

    Get more amazing videos like this on Real Vision Premium for only $1 for 3 Months here: rvtv.io/YTDollarPin
    No more waiting for the content to make it here weeks or even months after it was shot and no missing out on insights and information that move markets. Better yet.... No advertisements! Join today!

  • @argimm857
    @argimm857 5 ปีที่แล้ว +96

    ....she is just fantastic....Rarely we see an interview like this in the media.....Excellent.!!!!!!!

    • @rokyericksonroks
      @rokyericksonroks 5 ปีที่แล้ว

      “We have learned that 3% is pretty much the absolute ceiling (for Treasuries)” (34:32)

  • @csavory
    @csavory 5 ปีที่แล้ว +135

    Excellent interview. Stephanie was delightful and insightful. Appreciate the free content!

    • @1112-g1x
      @1112-g1x 5 ปีที่แล้ว

      heir heir!

    • @spammer7993
      @spammer7993 5 ปีที่แล้ว +4

      All the same faces from 2010ish are showing back up, talking about gold and subtly hinting, or directly speaking of, future monetary doom. Why do Grant's convo's seemingly always include dire scenarios? - "Startling Consequences" ...There's the way you wish the world worked, and then there's the way the world actually works. Fiat money stinks, I agree. Is it really "startling". - No. ...Have 5% of your portfolio in gold, and stop listening to worse-case-scenario-Grant, and ppl of his ilk. It may happen, it probably won't. No electricity - highly unlikely. ...Don't plan you life for the worst case scenario, because you will not outsmart the market or the odds. Watch hedgeye for real investment advice, so you can make money in an up or down economy.

    • @markmewordz6860
      @markmewordz6860 5 ปีที่แล้ว +1

      Spam, 2010 was a damn fine year to have put money into AU. Savvy?

    • @GeorgetheArchitect
      @GeorgetheArchitect 5 ปีที่แล้ว +1

      Grant has predicted 9 of the last two dooms. If you get up everyday and say this is doom’s day, some day you will surely be right. LoL
      That said, we sure are over leveraged and it will have to correct over time.

  • @jamesballentine7651
    @jamesballentine7651 5 ปีที่แล้ว +26

    Please bring her back again! Very smart lady. I appreciate all that I learned from her interview.

  • @kevinmassengill4360
    @kevinmassengill4360 5 ปีที่แล้ว +3

    Stephanie Pomboy is an insightful and articulate observer of our unsustainable situation. Grant does a terrific job with the interview and it's always fun to watch him with a guest as brilliant and charming as Ms. Pomboy. This is time well spent.

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      books for you :
      ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ___________ CAN Afford to BUILD a Better World

  • @Swhider
    @Swhider 5 ปีที่แล้ว +17

    9:55 PENSION UNDERFUNDING
    25:02 SELLING THE FED FLIP FLOP
    34:00 WHAT HAPPENS TO THE DOLLAR
    39:40 HOUSEHOLD COMSUMPTION
    45:01 REDISTRIBUTION AND CRISIS
    52:04 CRYPTOCURRENCY AND GOLD

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      Breathe . Some books for you :
      ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ___________ CAN Afford to BUILD a Better World

    • @cosmobuchanan7251
      @cosmobuchanan7251 5 ปีที่แล้ว

      Wait, let me get this straight. They talk about capitalism vs socialism as if these are two competing economic systems, MMT as if it will only be present if a socialist like Bernie is in power when in fact its happening now, and AOC as having "fanciful" notions then in the next breath worry about harming the "Animal Spirits"? Maybe I've be smoking to much over taxed Mary Jane , but I must be missing something.
      As for pensions, it is my understanding that workers that pay into a pension system, accept a lower pay throughout their career in exchange for a longer payout after they retire. And you casually talk about cutting benefits in half because the Federal Reserve inflated their money away, and then blame the states [fund managers] for exposing these funds to a captive market?
      Look, everyone understands that free markets work better than central planning. If you understand that get the Fed out of the way.
      I'll stop now :-)
      Rich People...

  • @avarielblackwing6613
    @avarielblackwing6613 5 ปีที่แล้ว +19

    Thank you sooo much for luring Stephanie back to your show!!! Good job! Great timing, too.

  • @GMac5409
    @GMac5409 5 ปีที่แล้ว +27

    "No pretense of any monetary integrity whatsoever". Now, there's a description that really fits...unfortunately. Thank you, for posting this valuable (though deeply troubling) interview.

    • @OMGAnotherday
      @OMGAnotherday 5 ปีที่แล้ว

      Yes deeply troubling :-( And she doesn't think MMT will work, but at least the money issue is exposed, where it has never been before!
      try this for a solution.
      th-cam.com/video/XcGh1Dex4Yo/w-d-xo.html

  • @MinuteMan76
    @MinuteMan76 5 ปีที่แล้ว +17

    Excellent interview Stephanie. It's refreshing to hear your entire thought on the real subjects that MSM constantly sidesteps. Please do more of these interviews.

  • @dudeyes7261
    @dudeyes7261 5 ปีที่แล้ว +37

    She is spot on. Knowledge is the best weapon against our government's.

    • @Lawliet734
      @Lawliet734 5 ปีที่แล้ว +1

      @Dude "...against our government's" what? Our government's propaganda? Finish your sentence!

    • @dudeyes7261
      @dudeyes7261 5 ปีที่แล้ว +1

      @Lawliet allow your imagination filling in the blanks.

    • @lazywhale7364
      @lazywhale7364 5 ปีที่แล้ว

      @@dudeyes7261 too many people have allowed the governments to fill in the blanks with nonsense for far too long - time to be specific.

  • @gustavklint3157
    @gustavklint3157 5 ปีที่แล้ว +12

    This was immensely interesting conversation. For anyone that wants an insight the state of the US and hence the world economy, cannot miss her. Thanks Stephanie for you brilliant insight.

  • @gened7611
    @gened7611 5 ปีที่แล้ว +13

    Intelligent, classy, beautiful, a joy to listen and watch!!

  • @misty671
    @misty671 5 ปีที่แล้ว +70

    Great conversation, charming guest. I like her glib presentation of the impending doom. 😆

    • @Felicidade101
      @Felicidade101 5 ปีที่แล้ว +2

      The lesson: Weed will save us all :D

  • @Clenched.Cheeks
    @Clenched.Cheeks 5 ปีที่แล้ว

    She has such a charm! There is no reason for her to at all be nervous about an interview, it was a delight to listen to.

  • @sleepingonsaturday
    @sleepingonsaturday 5 ปีที่แล้ว +19

    She’s just fantastic. What a bright mind.

  • @AZmisc
    @AZmisc 5 ปีที่แล้ว +8

    Love her comments: gold is for people that actually believe in what we are discussing here. Ahhh such a lovely and self-aware sense of humor!

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      @@bamboozled1618 - Some book titles for you to share :
      ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ___________ CAN Afford to BUILD a Better World

    • @dsp628
      @dsp628 5 ปีที่แล้ว

      @@bamboozled1618 That's the point, though. Gold is a bet on currencies weakening like any other commodity, but gold differs in that it's easy to store.

  • @Eonomix
    @Eonomix 5 ปีที่แล้ว +3

    The two of you are very well-informed, and articulate. Well done. And I agree with you on essentially every point, based on my own personal research. Cheers

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      books for you :
      ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ___________ CAN Afford to BUILD a Better World

  • @pontonsky
    @pontonsky 5 ปีที่แล้ว +6

    Guys- your best interview in a long time! Great way to start a Saturday.

  • @libertysprings2244
    @libertysprings2244 5 ปีที่แล้ว +1

    I am a girl too and I only get cryto if backed by gold, silver, diamonds. Worst case bitcoin drops to zero but a gold based version still gives you sparking gold jewelry or coins. It seems like in SHTF scenario gold etc is a great gift for caveboy to give to cavegirl something at least a little sparkly. The bitcoin logo makes it appear like gold on the screen so maybe it's like fool's gold. Maybe the CIA or some other country created bitcoin to get more people to stop buying so much real gold. Spreading the investments out lets the dollar stay king a bit longer before the population figures out it's not backed by gold. Most common folk still think it is!

  • @lawrenceteft7209
    @lawrenceteft7209 5 ปีที่แล้ว

    This is the best video on TH-cam this month. I’ve watched it maybe ten times and each time something new clicks. Please get Ms. Pomboy back as soon you can.

  • @Travelingman-1980
    @Travelingman-1980 5 ปีที่แล้ว +13

    1929 will happen again, without a doubt.

  • @MarkSass
    @MarkSass 5 ปีที่แล้ว

    I want to see more of her. There's a lot to learn from her slightly sarcastic world and witty mindset alone. Thanks for posting / producing this. I'm delighted and will definitely watch this again.

  • @generalyan7084
    @generalyan7084 5 ปีที่แล้ว +2

    A truly classy woman providing an eloquent and gentle explanation of the impending doom...oh the ambivalence!

  • @newsjunkie3000
    @newsjunkie3000 5 ปีที่แล้ว +7

    What a great interview! Thank you very much! We are in for one bumpy ride, if you can survive it.

  • @UltimateBargains
    @UltimateBargains 5 ปีที่แล้ว +6

    "It may look like a crisis, but it's only the end of an illusion." -- Gerald Weinberg

  • @wearewaves3106
    @wearewaves3106 5 ปีที่แล้ว

    Finally finished watching this video. This woman is plugged in....Really appreciate that she shares her insights via twitter. Brilliant interview Grant, and thank you Real Vision Finance for sharing.

  • @jimhendricks88
    @jimhendricks88 5 ปีที่แล้ว +2

    Wonderfully stated. Thank you for posting this! Cheers.

  • @frankySR21
    @frankySR21 5 ปีที่แล้ว +3

    I’m not sure why she said she likes China when their situation is just as precarious as ours if not more so. They also have aging populations, staggering corporate and national/local government debts, and a very real reliance on exports to developed markets that are all heading to crisis if not collapse. I’m not sure how China steers its way out of this. If anyone else knows, I’d love to hear it.

    • @10-AMPM-01
      @10-AMPM-01 5 ปีที่แล้ว

      It's because she's not Chinese. Just like Home Depot in China, they were loving the housing market... until they realized Chinese people had a totally different set of aspirations from Americans.

    • @kevinautogardens8763
      @kevinautogardens8763 5 ปีที่แล้ว

      Not sure , but some guesses : much of their debt is going to infrastructure, building the silk road and borrowing their borrowed money to other countries( and taking over whenthey default ) to build infrastructure such as ports in resource rich parts of africa, the fact that they are taking over the tech sector ( way ahead in 5g etc , partly because they have a manufacturing base where innovation comes from the floor ). Because they have been heavily buying gold for 10+ years ,. Because their middle class has quadrupled and regardless of what is stated, they are a much bigger consumer economy , buying more food , cars , houses , electronics and stuff.

  • @MadnSad
    @MadnSad 4 ปีที่แล้ว

    Even though this interview deserves superlatives, it’s just right to call it competent. Grant has gently elicited the best out of Stephanie, and she, with charming modesty gave a glimpse down into the awesome depth of her research. I will follow this lady’s work diligently here onwards.

  • @ronmclaughlin2515
    @ronmclaughlin2515 5 ปีที่แล้ว +1

    Thank you Stephanie! You opinion is greatly appreciated.

  • @mycoblue9320
    @mycoblue9320 5 ปีที่แล้ว +2

    Great interview, Thanks for bringing Stephanie on, this was a delight! And btw, I will never get the crypto thing until its backed by gold or something of value, I will stick with the hard metal for my insurance.

  • @fredocorleone3280
    @fredocorleone3280 5 ปีที่แล้ว +1

    I remember articles from the 1980s-1990s saying that pensions were underfunded and doomed to fail. These articles also suggested that if you did have a pension, that you should take your entire allotment out early, if you could before it inevitably failed. This isn't a new failing.
    The next thing to fail is the U.S. medical system, which is approaching double the cost of much better international systems. It's at 17.7% of GDP. We all know it's failing, but our leadership in government will do nothing to upset the current established $$$ status quo. Please start voting for 3rd parties...the Democrat and Republican parties are both failing the needs of this country's citizens and burning cash/tax revenues. How long are Democrats and Republicans going to sit with their fat guts on our failing health care system?

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      Before you reach for your pitchfork. Breathe. Then some books for you :
      ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ___________ CAN Afford to BUILD a Better World

  • @efanshel
    @efanshel 5 ปีที่แล้ว +3

    I agree with both these people. This is a when not if situation. The collective financial establishment is utterly lacking, and we will all pay for it. Having a crazed opportunist in the White House doesn't help. As a former trader, I am constrained by the question How early can I be before I am just wrong?

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      Breathe . Some book titles for you :
      ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ___________ CAN Afford to BUILD a Better World

  • @billmitchell5805
    @billmitchell5805 3 ปีที่แล้ว

    As one who is retired, Stephanie Pomboy makes perfect sense. Why are there so few who look at her points of view are have some worry as doom is closer than prosperity. Thanks

  • @laurentdrozin812
    @laurentdrozin812 5 ปีที่แล้ว

    Something I do not understand: the guest states at 20:40 that the US just printing new money along the line of NMT would inflate the obligations the US had to its creditors. I thought it would be the opposite: that the US would lose value and that the obligations labeled in USD would lose value. Would anyone take time to explain this to me?

    • @algorhythm4593
      @algorhythm4593 5 ปีที่แล้ว

      Laurent Drozin You're kind of saying the same thing as she, just vice-versa...if the "value" of those obligations goes down, then correspondingly, so does the "value" the creditor places on the debtor's form of remittance. Either way, the debtor is always put in a bind. It all comes down to credibility. Ultimately, credit lines are shorter than forgiveness...no matter the amount of credibility.

  • @marshallcraig225
    @marshallcraig225 5 ปีที่แล้ว +1

    Pretty frightening scenarios discussed. I thought I was overly conservative with only a 25% allocation to equities. Maybe that's too much.... Thank you for having her as a guest.

  • @shaileshparikh6920
    @shaileshparikh6920 5 ปีที่แล้ว +4

    Great job! It is wonderful to listen to her. I wish host had discussed investment vehicles [indepth] given budget deficit, corporate debt, pension liabilities, social security shortfall, [eventual] $ demise and inflation.
    I would love to hear response from the host, the guest and the audience.

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      Breathe. Each citizen will have the Social Security Money they are promised. Our FED-GOV will NEVER fail to pay its obligations. What must be ensured is that INNOVATIVE INDUSTRIAL PRODUCTION is encouraged by CAPITALIST INVESTMENT. Some book titles for you :
      ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ___________ CAN Afford to BUILD a Better World

  • @tonysmith5812
    @tonysmith5812 5 ปีที่แล้ว +2

    What an excellent interview. Great job on both sides.

  • @GuildhallWealthMgmt
    @GuildhallWealthMgmt 5 ปีที่แล้ว

    This is a fantastic interview. There are just so many great points. Listened to it twice already.

  • @uhlijohn
    @uhlijohn 5 ปีที่แล้ว +2

    Stephanie, Bitcoin is a private, consensus means of exchange and it is very limited unlike fiat where a central banker can create trillions of fiat with click of a mouse. There will only be 21 million Bitcoin and the last Bitcoin will be mined in about 2140! If society agrees that Bitcoin is a means of exchange why should we oppose it, especially when Bitcoin is not under the control of the central bankers. I think you should consult GATA about manipulation of gold. No theories, Stephanie. Only hard data.

  • @mettaphysicist93
    @mettaphysicist93 5 ปีที่แล้ว +1

    I really enjoyed this macro discussion with Stephanie. There were a couple of points that I would have liked Stephanie to be pressed on more. One was her comment that deregulation as a "good" thing is a universal truth. There are too many examples from ozone depletion to Flint that put the lie to that thesis. Deregulation as a business benefit truism is a last century that assumes we live in an open universe, and that we are not just defecating all over our own little petri dish that is Earth. It is a micro argument that excludes the macro consequences. And similarly, with her comment on the tax break (for the 1%) as being good for the economy. Apart from it benefiting only the rich, the research I have seen, pointed to no lasting economic benefit, other than a wealth transfer exercise that only increased the national debt burden. The other macro thing missing from the discussion was the issue of climate change. Ignoring the other non-dollar macro effects of climate change such as ecocide, its financial implications alone are greater than any pension under-funding.
    In isolation, the various threats are terrifying. Taken together the combined threatens are beyond terrifying. When such massive events resonate and synchronize they lead to freak waves. And we have a black swan creator sitting in the White House. While the possible event that ignites crisis may may be unknowable, the fundamental ingredients are being mixed together in such a determined fashion, that the probability of an ignition event in the near term seems close to 1.
    One other thing missing in this enjoyable macro discussion is ethics. If we have people making macro decisions (e.g. tax cuts, deregulation, etc) for the basest of reasons, surely there must come a time when it is not merely a discussion about capitalism is good, socialism is bad, to move to a more mature and nuanced view that places ethics as a cornerstone of any balanced macro discussion. This false dichotomy between capitalism and socialism is getting a bit stale and soggy. I am less concerned about MMT than you. I see the people making those arguments as reasonably intelligent who actually appear to care for people. Also it is a little too late, the Fed has basically blown up the financial foundations of the economy, with its policies. Pouring gasoline (MMT) on the existing raging fire does not seem like a problem worth worrying about in the scheme of things. Events will soon overtake MMT as a solution to anything.
    And macro economic discussion with respect to the USA should perhaps dive more deeply into the need for a war. We hear the familiar drumbeat echoes of Tonkin in Hormuz. Surely, it is too enticing for a narcissist-in-chief, that gets badly behind in the polls, with a tanking stock market. More trillions into debt. Another macro omission is the exclusion of human suffering in discussion of a macro economic policy that is so based on violence.
    In my own self interest, I am overweight and long gold too. I am also a bit of an atheist too when it comes to cryptos, for I ask myself which crypto should I believe in? As for BTC, the power consumption requirements of the mining operations are ridiculous. And I worry that technological advance (with Quantum Computing only one such threat) will at some point breach BTC defenses. Anyway my two cents worth.

    • @DavidAKZ
      @DavidAKZ 5 ปีที่แล้ว

      Debt saturation, automation and aged population demographics are deflationary.

  • @amoliterno945
    @amoliterno945 5 ปีที่แล้ว +2

    Can you put the topics and times in the description please? Helpful for long interviews

  • @jackjohnson9449
    @jackjohnson9449 5 ปีที่แล้ว +11

    The fact that she can laugh at the unbelievable mess the FED has made out of the financial markets is charming.

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      We will all look back and laugh at how all the neoclassical economists were misguided by those who taught them the inaccurate model of how money works. (I have only known for 187 days and I still catch myself laughing at what was in plain view) Some book titles for you :
      ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ___________ CAN Afford to BUILD a Better World

  • @smokybear7511
    @smokybear7511 5 ปีที่แล้ว +16

    Money for nothing, that never works.

  • @dudleyserious1
    @dudleyserious1 5 ปีที่แล้ว +1

    Meredith Whitney warned about pensions in 2009. The market can remain irrational longer than you can remain solvent.

  • @dudleyserious1
    @dudleyserious1 5 ปีที่แล้ว +4

    Everybody is talking about this stuff now. Its no longer contrarian. A lot of these ideas are now conventional.

  • @sheeplewatcher5125
    @sheeplewatcher5125 5 ปีที่แล้ว +2

    Really great interview, thoroughly enjoyed it

  • @enderwiggin8947
    @enderwiggin8947 5 ปีที่แล้ว +4

    Do the world a favour USA and end all the insanity with a civil war.
    The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. Thomas Jefferson

  • @Mywalkingblog
    @Mywalkingblog 5 ปีที่แล้ว

    This was a wonderful interview! I love her insights and even though it’s a dark look at the future, it’s more than necessary to help us to form ideas about how to navigate what may be to come.

  • @dannythomson8123
    @dannythomson8123 5 ปีที่แล้ว +1

    I agree with previous comments, excellent interview, both are fantastic.

  • @ackerrj
    @ackerrj 5 ปีที่แล้ว +3

    Great interview. One of my favorite folks.

  • @walkyourdog6584
    @walkyourdog6584 5 ปีที่แล้ว +2

    The increasing divide between super rich and poor, destruction of middle class, and discontent of masses. Social unrest and anger will find an outlet.

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      books for you :
      ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ___________ CAN Afford to BUILD a Better World

  • @shizzle5150
    @shizzle5150 5 ปีที่แล้ว +1

    When it gets serious, you have to lie... She is sharp as brass tacks in her analysis except for the fact she seems to refuse to entertain the fact that the Fed is lying through their teeth. I was watching a program the other night and I can't recall who it was but they said "It looks like something has already blown up and is getting monetized." I couldn't agree more and the longer this goes on the more likely that something(s) are being done covertly behind the scenes because they are all out of transparent solutions. And, they have to do it covertly because openly admitting to monetizing debt would cause the world to understand the emperor has no clothes and right quick. All the actions I have seen in the past 6 months wreaks of desperation.

  • @davidgregg3438
    @davidgregg3438 5 ปีที่แล้ว +5

    Love Stephanie, great discussion. Love for you to bring back Nancy Davis..

  • @1966human
    @1966human 5 ปีที่แล้ว +11

    yep forcing money into super and overvalued realestate and your at 2007 again

  • @jamespatrick5348
    @jamespatrick5348 5 ปีที่แล้ว

    Stephanie is spot on about bitcoin. A lot of people push bitcoin as an alternative to gold, but they are missing a key difference between the two that makes it a bad comparison. First, bitcoin is great at transferring money while doing currency conversions (and taking a 1% off the top instead of 3%) so when used to transfer money, it definitely has value. However, unlike bitcoin, gold has intrinsic value so a 1 ounce nugget will buy you a nice suit today or hundreds of years ago. Alexander Hamilton knew this, and when he was trying to peg gold to the dollar his problem was that if he got it wrong people would cash in their dollars for gold or they would be too much conversion of gold to dollars (inflation). This problem exists because of the inherit value of gold - I don't think anybody really understands exactly why people associate a value to gold, but this seems to be true. Now bitcoin, however, has no inherit value and you can do the same money transfers if bitcoin was a penny or a million dollars and it would transfer money exactly the same way. So investing in bitcoin is probably worse than investing in tulips because at least tulips are beautiful and fragrant.

  • @knh5954
    @knh5954 5 ปีที่แล้ว +4

    The feds mandate indicators are no longer accurate. When unemployment gets below 4%, and this should be good, recession and massive layoffs right around corner. Not fair for the wealthy in the markets to play and workers/ sm. bus being the ones to pay. Guaranteed jobs for those that want to work, use for infrastructure etc. Take that indicator out of the picture. What is left inflation, 10 yrs of cheap money did not allow fed to hit their target. Automation ( cheap goods ) offsetting services inflation (healthcare, education, etc) has created a system where fiscal policy can now benefit and be invested in middle class/poor to create stable growth while watching inflation, but excess profit needs to benefit people instead of more profit to wealthy in rigged system. MMT will be necessary and is only scary until you understand it and then realize - we have no choice. The problem with all the printing is that monetary and fiscal policy benefited supply side for 40 yrs. Older people saying new things won't work after they screwed the system doing it their right way, pure hubris- invest in people , simple, done- healthy, well educated, happy people buy stuff and can afford to pay fed taxes.
    seekingalpha.com/article/4260457-time-look-carefully-monetary-policy-3-mp3-modern-monetary-theory-mmt

  • @JoshKaufmanstuff
    @JoshKaufmanstuff 5 ปีที่แล้ว

    @7:45 what are "Charts with alligator jaws"?

  • @robtmil51
    @robtmil51 5 ปีที่แล้ว +6

    If you don't understand cryptos all you need to know is when TSHTF they will behave like gold on steroids.

    • @chasenielsen7834
      @chasenielsen7834 5 ปีที่แล้ว +1

      Yea, verily

    • @LoveThatRod
      @LoveThatRod 5 ปีที่แล้ว +2

      That’s TOTAL BS - Crypto’s have zero intrinsic or real value so if the shite hits the fan, WHY would I go buy an empty tin can.
      Crypto’s have no value other than to those who think it does as they sell it to some other fool, or falsely felt by those who just bought it so as to substantiate their foolish purchase.
      A $3,000 used car has more actual value than $6,000 of Crypto - ESPECIALLY in a in a market where equities just fell by 20%. If equities have real value and just fell by 20%, what value can play money possibly have?
      Crypto IS NOT Gold.

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      @@LoveThatRod - Close. Some books for you :
      ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ___________ CAN Afford to BUILD a Better World

    • @gaylewestney7198
      @gaylewestney7198 5 ปีที่แล้ว

      @Robt. Miller. IMHO if the SHTF the majority of the population will not trust Crypto because they do not understand it.

  • @peacefulprepper2402
    @peacefulprepper2402 5 ปีที่แล้ว +1

    Great interview. She is very insightful. Is she running a publicly traded fund?

  • @jamesrattenborg
    @jamesrattenborg 5 ปีที่แล้ว

    The banks use "paper gold and silver, GLD and SLV. These "paper reserves" are bought and sold by banks to control the price of the physical metal. The paper silver to physical silver is 196.51/1 oz of physical silver.The paper gold to physical gold is 106.7 to 1 oz. of physical gold. The banks make money selling paper gold and silver at a leveraged rate. The governments allow this because this keeps the dollar strong in relation to gold and silver.

  • @waynejones5635
    @waynejones5635 5 ปีที่แล้ว

    Brilliant interview. She has many great insights. The Fed has eliminated the free market economics with manipulated markets built on irresponsible actions has lead to a massive debt bubble. Once price discovery returns to the economy things will get very ugly very quickly. The future of fiat currency is very bleak. Mass money printing is not the path to anything but disaster. Its too bad the central banks have not learnt from history.... or maybe the have decided to ignore history for the perceived short term benefits of debased fiat currency to enrich the few.

  • @woodentoyscom
    @woodentoyscom 5 ปีที่แล้ว

    Back in the old days, when I worked on the buyside, I loved chatting with Stephanie. Back then she worked with Ed Hyman and Nancy Lazar. It was the greatest econ team on the Street.

  • @fnmag6809
    @fnmag6809 5 ปีที่แล้ว +1

    Only the second time I have watched your show but definitely a fan great commentary

  • @elbazart
    @elbazart 5 ปีที่แล้ว

    What is most striking is her tone of voice, the fact that she is almost giggling out of embarrassment the entire interview, when she is describing the extent of the debt.

  • @euripides911
    @euripides911 5 ปีที่แล้ว +2

    June 19, 2019 - Gold closed up $14.00 today at $1,360

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      How many molecules of gold will you trade for a loaf of bread or a dozen eggs?
      Some book titles for you :
      ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ___________ CAN Afford to BUILD a Better World

  • @consciouscrypto3090
    @consciouscrypto3090 5 ปีที่แล้ว +1

    Great conversation. On the BTC "killer app," your timeline of expectation is just way, way off. Where was the internet 10 years into development? That would have been around 1985. Yeah, no killer apps. But here we are.

  • @jefflovejoy2997
    @jefflovejoy2997 5 ปีที่แล้ว

    These governments and companies have been passing the burden for funding your own retirement onto the people since forever.
    The reason Social Security was created back in the 1930s was that people were exploited so badly by the blind greed and avarice of these "Labor Barons" and corporate oligarchs that the people could in no way meaningfully save for retirement. For the majority of Americans, there were no pensions back in the 1930s; there were no benefits. Not only this, but wages were so low people were using their old-age-nest-eggs just to pay the bills. Sound familiar?
    The Crash of 1929 exposed the national disgrace of old people being thrown out onto the streets, and was just too great and too real for anyone to ignore. People got angry The people responded by removing all participation in the fully-rigged, manipulated and controlled system. They began organizing themselves away from the republic towards another political party -- communism. Out of pride, shame, and mainly fear, the powers that be, set up Social Security. The government and these corporate oligarchs started offering benefits and dedicated pensions.
    However, and make no mistake, the intention was to take it all back someday.
    That day has come. Now it has all been taken away. Public and private pensions have either been eliminated or "under-funded" (read: "stolen from"). In Social Security's case (which was set-up in a blind trust), the professional politicians have just stolen the money outright. The program is broke, busted, and bankrupt. All that is left is the lying about the reasons why, and the lies are heavy and thick.
    Since the 1970s, the burden for funding pensions and "paying your own way" has fallen squarely upon the shoulders of the individual -- but with no safe place to put this money; no place where government and the corporate oligarchs couldn't get at it. These outfits responsible for managing this money (like Fidelity), played the stock market with it, exposing the old-age-nest-eggs of millions of Americans to risk. The Crash of 2008 - 09 wiped away between 40- and 50-percent of this money. That money is never coming back.
    This was all part of the plan, because here we are again. The whole thing is about to crash again. And this time the government and corporate oligarchs are prepared. They have organized themselves around what they once feared the most -- communism, authoritarianism, the fully-rigged, manipulated and controlled government we now see in the form of the Progressive Socialist Democrats all paid for with cryptocurrency, which they will control.
    And here you thought you were screwed before. Just you wait.

  • @markburnham7512
    @markburnham7512 5 ปีที่แล้ว

    Amazing that she keeps such a light tone when discussing very heavy stuff.

    • @jamesmitchell652
      @jamesmitchell652 5 ปีที่แล้ว

      She knows enough to know that if she didn't laugh, she'd cry.

  • @peterfoerderer8224
    @peterfoerderer8224 5 ปีที่แล้ว

    At 4:00 she asks "what's to stop this game of going on?". Answer is, when they decide, and "they" will be positioned to profit from the crash. Buy precious metals, be overstocked at least with your needs, and maybe even watch some prepper videos to get some ideas.

  • @ryanborder189
    @ryanborder189 5 ปีที่แล้ว

    Get her on more often-she’s a great guest

  • @Parture
    @Parture 5 ปีที่แล้ว

    The reason why gold has to go below $1000 is because prior in the 80s and 90s it took 20 years for it to bottom out. This time it only took 4 years from the high to low to bottom out. So did it really bottom out? Not yet.

  • @jwlee4925
    @jwlee4925 5 ปีที่แล้ว

    What is MMT? Monetary market tools? Changes in the Fed’s interest rate?

  • @jackjohnson9449
    @jackjohnson9449 5 ปีที่แล้ว +1

    QE is Socialism for the rich. Now the people are demanding Socialism for middle class.

  • @Gunni1972
    @Gunni1972 5 ปีที่แล้ว +2

    That boat is sailing down the stream, seeing the rock in the middle, trying to avoid it in order to not shatter, but instead going down a waterfall.

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      books for you :
      ___________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ___________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ___________ CAN Afford to BUILD a Better World

  • @CoreyChambersLA
    @CoreyChambersLA 5 ปีที่แล้ว

    Bitcoin is the internet of money. Because Bitcoin is an encrypted distributed ledger, it requires no bank or government interference. Therefore, Bitcoin alleviates the problems of bank bureaucracy and government interference. Bitcoin helps overcome problems of capital controls, 3rd party interference, inflation, privacy invasion, etc.

  • @albertomaccatrozzo3689
    @albertomaccatrozzo3689 5 ปีที่แล้ว +8

    Great interview thank you!
    I suggest to interview Saifedean Ammous about Bitcoin (not blockchain BS). He is an academic who wrote the amazing book "The Bitcoin standard. The decentralized alternative to central banking".

    • @luckylui3282
      @luckylui3282 5 ปีที่แล้ว

      Otherwise known as the shill of all shills in the land of crypto spreading disinformation to ignorant and uninitated souls anywhere he can find them.

  • @ctdesign1503
    @ctdesign1503 5 ปีที่แล้ว +2

    some of the smartest women in macro economics ..stephanie pomboy - judy shelton - danielle dimartino booth-

  • @marsmotion
    @marsmotion 5 ปีที่แล้ว

    share widely this is critical information thats not widely held but absolutely spot on.

  • @RyanKassel
    @RyanKassel 5 ปีที่แล้ว

    Great stuff! But I came for the crypto @ 51:50

  • @ffbpb666
    @ffbpb666 5 ปีที่แล้ว +1

    Germans care about gold. They have more then Bundesbank :-) which has third biggest state gold reserves in the world. Greetings from Munich

  • @Breezemike
    @Breezemike 5 ปีที่แล้ว

    Crypto is a response to the crime against humanity that the banks have created by leading us down the path of unimaginable debt worldwide. "I GET GOLD, I GET BITCOIN" l own both as they are both a store of value. Stephanie grant me 30 minutes of your time and l can give you absolute proof of purpose as a means and store of value for crypto and this coming from a baby-boomer like me. Great interview your both a delight to listen to. Mike

  • @YuccaSpeedShop
    @YuccaSpeedShop 5 ปีที่แล้ว

    The value of bitcoin. It makes governments scared because they don't control it and there is a set limit. No more MMT by central banks. That's the value, it's truth and freedom.

  • @puddles5501
    @puddles5501 5 ปีที่แล้ว

    WHAT HAPPENS TO PAYMENTS IF VISA GOES OFFLINE? SAME AS BITCOIN AND THE INTERNET.
    WHAT HAPPENS IF YOU FORGET WHERE YOU STASHED YOUR GOLD? SAME AS IF YOU FORGET TO BACK UP YOUR SEED/PRIVATE KEYS.

  • @Parture
    @Parture 5 ปีที่แล้ว

    Gold is definitely going below $1000. I am 100% certain. What do you think the price of gold stocks will look like when that happens?

  • @george3737
    @george3737 5 ปีที่แล้ว

    First TH-cam I have seen relating our Obama Monetary Policy of low-interest rates and underfunded Pension Plans. This was obvious to any Pension Actuary, but not the public.

  • @CloverPickingHarp
    @CloverPickingHarp 5 ปีที่แล้ว +6

    Long the corn 🌽 people!!!! Mark these words... Ride the next bubble.

  • @AniishAu
    @AniishAu 5 ปีที่แล้ว

    50:19 We're at an extreme in markets, we're at an extreme in all kinds of benchmarks. And yet people either don't want to, or are afraid to go to extremes in terms of contemplating outcomes.

  • @londongabaldon9894
    @londongabaldon9894 5 ปีที่แล้ว +1

    The host I believe his name is Graham it's always the hardest one to hear, I hope somebody reads this sick and adjusted you guys are doing a great job over there keep it 100 Banker

  • @ransielgalme8097
    @ransielgalme8097 5 ปีที่แล้ว +1

    ............brilliant....humble......beautiful..........thankyou

  • @AGoogleUser-hf5zg
    @AGoogleUser-hf5zg 5 ปีที่แล้ว

    the interest rate "cunumdrum" is based on the fact that pension plans are gobbling up bonds without regard to value. Once this starts to unwind is the day inflation will come back with a vengence!

  • @DarkMysteriousObject
    @DarkMysteriousObject 5 ปีที่แล้ว

    Steph is one of my faves. Pensions mark 10% Avg Returns. Market takes an Avg 5 years from top to bottom to top in a bear market. Avg Bull gives back 50% of gains... If history holds true.. Pension obligations will double automatically at the nadir of the next bear market... Cheers.....

  • @first001
    @first001 5 ปีที่แล้ว +1

    Everything will be fine and nothing will blow up. Think not? Go ahead and screenshot this and comeback in 5 years. Nothing ever happens, these trends just continue.

  • @uhlijohn
    @uhlijohn 5 ปีที่แล้ว

    HODL Grant! You have to HODL your Bitcoin! Buy Litecoin! Buy Digibyte! You do have to keep tabs on it but don't try to trade it!

  • @Dragonjrc
    @Dragonjrc 5 ปีที่แล้ว +1

    You know how you said how it will be impossible to own gold if you dont already have it? There is one of the main differences. Everyone will still be able to get Bitcoin even after the crash, from their couch.

    • @12InchesUnBuffed
      @12InchesUnBuffed 5 ปีที่แล้ว

      only if they can afford it

    • @Dragonjrc
      @Dragonjrc 5 ปีที่แล้ว

      @@12InchesUnBuffed satoshis

  • @jamesrattenborg
    @jamesrattenborg 5 ปีที่แล้ว

    The tax cuts cut my payroll taxes, but on the other hand, they eliminated our property tax deduction and workplace tools write-offs. The gave with one hand and took from the other.

  • @nickexcelsior
    @nickexcelsior 5 ปีที่แล้ว

    Stephanie, Choose 5 different types of financial transactions and research all the layers involved to complete it in our legacy financial system, corporate or retail. Ask yourself how many of those layers of entities (all getting paid for their service) could be removed if money was guaranteed to be exchanged, you can 100% trust the party you are transacting with even if you do not know them, you can make any stipulations to close the transaction and a computer automatically verifies the qualities you stipulated and both parties must agree to the transaction before it is settled. Once that goes through, no one can cancel it, modify it or fraudulently claim any other conditions actually existed.
    Our labor force participation rate is shrinking. Our government spending is out of control led by redundant and inefficient systems. Our government balance sheet is only going to grow to compensate for our underfunded programs. Corporate debt is out of control. There is no possible way we can grow our economy without modifying the efficiency of our system. Simply put, although I like your idea of marijuana raising the funds we need, we need to increase productivity.
    Now, imagine how much we can increase productivity if we strip out the 4-10 legacy layers in every transaction. Imagine if we can transact from seller to buyer with little to no layers in-between. Imagine if individual people can become lenders to reputable borrowers who's identity and payment history is recorded on the blockchain. And imagine if you can do all that behind a webpage, which we all know and recognize without anyone seeing a difference in their transaction experience. What if digital assets can be exchanged among anyone in the world and you know you can trust the transaction as much as you can trust any transaction today with very few middle men getting paid. And what if those in the middle are getting paid fractions of pennies to confirm the transactions.
    What if monetary policy was written in code and only modifiable if a consensus of the millions-billions of users agreed. No governments, no banks, no trusted third parties involved. Imagine the network effects if a small number of people start to use cryptocurrencies because there is no legacy system in place in the country they live in.
    That is decentralized cryptocurrency. Bitcoin is the foundation. Today the smartest minds in the world are all putting the blocks on to build the skyscraper above it. Tweaking the code, in an open source environment where all ideas are available for criticism, to build better code. Our transition to the next economy is overdue. The easy flow of money to the big guys on wall street has gone on too long.
    But what do I know, I am just a flight attendant.

  • @billmitchell5805
    @billmitchell5805 3 ปีที่แล้ว

    I agree with Stephanie, I don't understand Bitcoin. If I buy it for $40,000 per coin, it can easily be $35,000 tomorrow and I lost money. Sound more like stocks rather than saving accounts?

  • @RR-js9kl
    @RR-js9kl 5 ปีที่แล้ว

    Excellent conversation.

  • @bostonseeker
    @bostonseeker 5 ปีที่แล้ว

    There's a lot said in this interview, but much important left unsaid.
    Japan is not the example of monetary fantasy that people think. Unlike us, Japan has an almost closed financial system that allows the Bank of Japan to prop up the bond market and suppress interest rates. What they don't mention is where the real resources are coming from. Over the decades of its postwar rise and rebuilding, Japan bought or built many assets around the world, mainly in the US and Asia. Japan has run out domestic savings to support its aging population and swollen government deficits. It supports those now by slowly liquidating its assets in other countries. Converted to yen, those assets help prop up the yen's value and an alternative source of savings to live on. This game will end at some point in the next decade.
    The US doesn't have this luxury. We have neither current trade surpluses nor a net positive asset position outside the US. We depend on the kindness of strangers, foreigners who invest or lend the money to us. Our having the world's reserve currency has enabled this situation and make it seem natural, which it isn't.
    Our situation is more like the deficit countries in Europe. The ones in the eurozone have come to rely on Germany and a few other surplus countries to recycle their surpluses by lending them to the weaker economies. The weaker economies keep getting further and further into debt. This is what will eventually destroy the EU and eurozone. The common currency destroyed many countries' ability to earn their way and support themselves. They've gotten hooked on someone else's surpluses being lent to them.
    Even closer is the UK, with its heavily financialized economy, where much of the wealth and income being generated is through financial "assets," meaning money owed by one party to another. There's a depression of real assets, productive assets that can generate income through economic growth. Lacking the world's reserve currency, the UK has gradually become impoverished even as the City of London (its equivalent of Wall Street) has done very well.
    We can't inflate our way of it, unlike the 1970s. Money velocity is falling, and the underlying situation is deflationary. Retirees don't spend as much as they do when they were middle-aged. The watchwords are deflation and default -- debt written down or written off. The new bond vigilantes will be sniffing for possible default, not worrying about inflation skyrocketing a la 1979.
    About 1970s inflation (true money printing), cheap and easy credit, quantitative easing (QE), and the fantasy of modern monetary theory (MMT), here's *the* most important thing to remember:
    *Governments and central banks behaving badly with monetary policy doesn't help the poor at the expense of the rich. It helps the politically connected and favored at the expense of the politically unconnected and not favored.*
    That is, if you're at the head of the line, you're relatively favored. If you're at the back, or not in line at all, you're relatively unfavored and definitely will suffer.
    Repeat that to yourself many times and look at examples around us. Venezuela is a clear case, with most of the population greatly impoverished and getting dramatically poorer every day, those who could flee having fled, and only those in, or favored by, the ruling party being helped. (And even the latter are being helped only in a relative sense.)
    What's happening here and in the rest of the developed world is obviously not that extreme. It's more indirect and diffuse. But the mechanics are the same: the well-connected (the large, money-center banks that have an outsized influence over Fed policy and all the wealthier classes that borrow from those banks) are relatively more favored. The aging Boomers, who have a large, outsized influence and control over our institutions more generally like policies that keep their assets -- real estate, stocks, bonds, etc. -- inflating in value.
    It's not possible to extend such a system to everyone, or close to everyone. The reason is that the whole gain enjoyed by the "wealthy" (those who own valuable assets) is due to their ability to sell the asset at an inflated price to someone willing and able to pay the inflated price. That selling can only take place in a limited way at one time. Not everyone, or close to everyone, can sell all at once. If they tried, the asset prices -- house values, stock prices, whatever -- would crash. That's what happened in 2008.
    Here's the other side of the fantasy of MMT. Our present upside-down financial system, which is built on ballooning debt which inflates asset values which allows people to borrow more, relies on not everyone cashing out all at once. The "wealthy" (and this means the top 20% or so of the population) are asset-rich, but income-poor. If they're working, they can earn that way. If they're retired, they're really screwed, as their assets cannot generate sufficient income. All they can do is slowly sell those assets. Collectively, those assets can only be sold to younger Americans or to foreigners.
    Notice how, in all the talk about MMT or QE or easy, cheap credit, no one mentions debt origination. They all talk about the cost of debt service and owing so much. But no one asks the right question: Why all the debt to begin with? How did that happen? How did college, health case, and child care get so freaking expensive in the last 25 years?

    • @thomasd2444
      @thomasd2444 5 ปีที่แล้ว

      books for you :
      ____________ DIAGRAMS & DOLLARS by J D ALT (kindle available)
      ____________ THE MILLENNIAL's MONEY : Why the Next Power Generation
      ____________ CAN Afford to BUILD a Better World