In order to prepare for the craziness and groove of 2025 I would like to look back at my most memorable interviews from 2024 and share with you some of my biggest learnings.
Warren Mosler, the founder and father of modern monetary theories (MMT), has unique and different views from traditional macroeconomics. He was on my show because I wanted to know his opinion of the economic climate.
A big discovery was that higher interest rates made inflation worse instead of preventing it. In a situation where debt is so high, the interest paid to Treasury holders can be considered income.
Warren argues that the Fed must cut interest rates to reduce inflation.
Jeff Park, the Head of Alpha Strategies at Bitwise is a true expert in all things derivatives and options. The discussion was fascinating and we had it just as the US Bitcoin ETFs spot options started to trade.
Prices on the two marketplaces should be very different. This is because Deribit, a crypto-options marketplace that operates 24/7, and ETF options adhere to market hours. When there is more time for the option to trade (Theta), the probability of it expiring in the money is higher — which comes with a higher price for the option.
Stephen Miran was a Treasury Department employee during the previous Trump Administration. He is now a Manhattan Institute Fellow. He’s an academic leader on potential trade policy impacts, specifically tariffs.
Stephen was on my show to give an exclusive interview about his new paper. He explained the mechanics of tariffs and what they could mean for the US economy. He highlighted them as a necessary tool to help the US alleviate symptoms of what he calls the Triffin’s Dilemma — the associated residual effects of what happens when a country’s money is the global reserve currency.
George Robertson has been a successful macrotrader for many years. He is also a maven. His unique perspective on the markets and economy is unmatched. He believes that mechanically implemented policy by the Fed does not have any impact on the economy. The Fed is a psychological force.
The guests were unorthodox and developed these views independently. They became leaders within their fields.
You should revisit these podcasts as we prepare to enter another season of Forward Guidance.
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