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Before we get into the heat and craziness of 2025, I want to reflect on my favorite interviews and top takeaways for 2024.
Warren Mosler is the father and pioneer of the Modern Monetary Theory (MMT) movement, and has very unique views compared to traditional macroeconomic thinking. I brought him on the show because I wanted to understand his views on the current economic environment.
One of the big lessons we learned was how high interest rates actually exacerbated inflation, rather than deterring it. When debt levels become as high as they are, the interest payments made to treasury holders serve as income.
So, for Warren, for inflation to come down, the Fed needs to actually cut interest rates.
Jeff Park is the Head of Alpha Strategies at Bitwise and an absolute powerhouse in all things options and derivatives. We've sat as options on spot bitcoin ETFs in the US Trading has begun A great discussion was had at the 201 level.
One of the biggest takeaways: Since cryptocurrency options markets like Deribit operate 24/7, and ETF options conform to standard market hours, prices in each market should actually be different. When there is more time for an option to trade (theta), the probability of it expiring in the money is higher – which comes with a higher price for the option.
Dr. Stephen Meiran is a fellow at the Manhattan Institute and worked at the US Treasury Department during the last Trump administration. He is a leading academic on the potential economic impact of, and specifically about, Trump's upcoming trade policies Definitions.
Stephen was with me on the show for an exclusive interview to mark the launch of his latest paper, in which he reveals the mechanical effects of what tariffs could do to the US economy. He highlighted it as a necessary tool to help the United States mitigate the symptoms of what he called the Triffin dilemma — the residual effects associated with what happens when a country's money becomes the world's reserve currency.
George Robertson is a seasoned macro trader and a true veteran. He has a unique perspective on what drives the economy and markets. The core of his bullish view is that the Fed has no real influence on the economy in terms of implementing its mechanical policies; It is almost entirely psychological.
These episodes were my favorite because each guest brought unconventional perspectives that they independently developed to become a leading thinker in their fields.
As we head into another year of wicked episodes on Forward Guidance, I encourage you to revisit some of these truly excellent podcasts!
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