Kevin I know you get excited but stop interjecting while someone is making a point and finishing their sentences for them it’s so annoying

George is the best speaker. He explains complex situations like no one else can.

It seems like the old school is treating this as a serious issue. Kevin I feel like you should dial back a bit of the happy go lucky. Everytime you try to make light of it George is all Biz bro. I know that's perception and differences in personality, but if your ever really serious about being a Governor or anything of political power you will need to be more like George. Rewatch and pay close attention to George and his demeanor. Aside from that we are all screwed!

Stop interrupting your knowledgable guests. Please listen to them and allow the rest of us to hear their entire thoughts and learn. U keep distracting with rabbit trails. Stop! Ty.

This man is what the real finance bros watch

Great interview, Kevin if you could just be quiet a little more that would be great. Jumping to guess the answer, when you want to actually hear what the man says.

Kevin let him speak without interruptions

please more interviews with this gentleman! very knowledgeable and well spoken.

1:05 - Yield Curve 4:30 - Insider Info 10:50 - Current narrative 17:20 - Yield scenario 19:32 - Powell Pivot 23:08 - Beige Book/ BTFP 27:57 - Rate cuts 33:30 - Deflation 35:50 - Stimmy checks/ UBI 39:10 - Things starting to turn 42:35 - Supply chains/ Debt problem? 45:42 - 1880's example 48:10 - Important question 51:40 - Lending vs. Printing 57:00 - What do we do?

Excellent interview. George is a superb teacher on macro.

These are the kind of guys I like seeing

Thank you Kevin. This interview was thought provoking and eye opening.

love it, high level interview. Good job kevin

One of the best guests you have ever had.

This debt that the U.S. pays is ridiculous

George Gannon is impressive enjoy watching him Thanks Kevin for interviewing him.

44:00 Kevin needs to listen to this section on repeat for about a month. The federal reserve is bad. inflation is bad. There is nothing wrong with deflation while on a stable money supply.

You’re right about Tik tok youth hoping for a crash and not having lived through these pretty terrible times where no one could find a job and there’s no point in things being cheap if you can’t get loans and can’t get a job.

56:53 that is absolutely the difference, if you LEND money to somebody vs PRINT money those things are completely different. Loan is not a gift, it has to be paid back by somebody. If you just print money and give it to somebody then that doesn't have to be paid back and will cause hyperinflation

Kevin’s brain stutters when the Rebel explains that rates are actually normal! Lmao. This is exactly what people don’t understand when assuming lower rates is feasible AND/WITH a soft or no landing. Rates are being manipulated and we all know it.

Wow, who is this guy? He’s incredible! Genius analysis!

12 min in and im overwhelmed, i need to rewatch this XD

It was about time to have George again.

This has to be the smartest interview I've heard on this channel. It helps explain why astrologers are so nervous about what they're seeing for the end of this year and basically all of next year

Kevin thank you so much for bringing this interview this is one of the most insightful things I have seen in a long time

The last fifteen years is very closely correlated to the psychology of drug addiction. I love a good analogy, but many balk at simplifying complex economic systems to such things. I tend to find you can find very accurate simplifications of economics with these things. My favourite is economic cycles being like the cycles of bushfires and regeneration in evergreen forests. At the moment, we are an overgrown forest, inefficient and cluttered, approaching summer time. Black swans are often seen to be these unforeseen things which cause the crash or fire. In reality, black swans are more like a cigarette dropping and starting the fire..or lightning..or a kid with a magnifying glass. These things dont cause it. Rather, they only take hold in environments where the fire facilitates it. And once a forest gets to this overgrown stage, these black swans statistically will occur. For the forest to become healthy again free of weeds and welcome for new innovation and growth from the next generation, it needs to be cleared. Being too afraid of the fire merely clogs the forest with more weeds, and makes the next fire even worse.

Two of my favorites! Great catching up with both of you!! I always want to hear what George has to say and Kevin and Lauren are fab!

Love George..

Kevin - content lately has gone through the roof ! Thanks for so much Awesome !🤙🏼

Wow, you can get G Gammon on the show . He has a very good reputation and best explanation.

Most of the people haven't been through a down turn . It sucks

Charlie Munger once said, "Mimicking the heard invites regression to the mean" It’s funny "The Big Short" was where my obsession started, Burry meets Charlie on a park bench walking one day. The only person I’ve studied who hasn’t been interviewed by another mentor I follow is David Goggins. It’s just anchored the importance of watching everything you can. I’ve watched you both for some time. I’m close to getting my head around some things i need to understand, I’ll watch this a couple more times. I use this phrase to keep me moving forward Charlie Chaplin once went in a Charlie Chaplin look a like competition and came third.... When you recognize its Charlie, To do that you have to think like you guys think. So thank you both for the education, Charlie also help sell bonds in the great depression funny enough.....

This guy is brilliant!

Really good point by George on the pie chart of money being lent into existence. If you chart what % of commercial bank credit is lent into the REAL economy (real estate, credit cards, etc) vs just into treasuries it's 59% today. In 2008 it was 87%.

Wow, one of the best interviews

Very informative, thanks Kevin!

Love listening to these insights about the macro and what’s going on behind the scenes.

this is a really good interview, thanks both

I don't know anything about this stuff but yet I understand everything being said. My mind is blown. 😮😮

This was incredible insight, Please do more with him later on, Kevin!

Outstanding Guest, and great interview! Thank you!

Now this was an interview where I found the guest fascinating. More of this please. Like Gammon and Barbera Cocoran

the stock market environment 50 years ago WAS NOT THE SAME AS THE MARKET TODAY

Always appreciate you guys

Glad I watched the whole thing😀

Great job Kevin! George is definitely somebody to listen to when he starts talking.

Great talk!

Kevin, these interviews are the best. Just finished the one with Lauren. Thank you for what you do

This is a good collab. You should do this monthly.

Great explaination George.

Finally had time to sit and watch this more closely and it did not dissapoint. What a great interview! I learned so much

One of my fav interviews and exactly how I have been seeing market the last year and now… one stipulation, when you spoke of Japan Vs Arg. What you described as beneficial scenario, was that not a CBDC? Seemed like you literally described a CBDC as to what is more beneficial. Think a follow up vid on that would be great

Unbelievable knowledge. I will have to listen again. Thanks George and Kevin!

Love watching these two, big bull and bear but reasonable to the possibilities thus the educational conversation

Let's GO!!!! Awesome interview

Kevin question. Not sure who else to ask or where to find the answer to my question.. Question: with the passing of the CR bill. Does that include funding loans for USDA programs? Or is it just to keep the govt running?.. I guess my question is: does the CR BILL provide budget for USDA loans?

Thank you 🙏 Kevin,Excellent information 😳wide awake 🙌✨👏👏👏✨🇺🇸🇺🇸🇺🇸

Good interview

the part on Japan and Argentina was really interesting!

Nice conversation

YES YES GEORGE FINALLY SOMEONE SAYING THIS 😊❤🎉

Very interesting 👌🙏

Amazing interview!

George is the MAN! Great interview. George not only brilliant but has the best laugh 😂

great show thanks

First time I have heard of George. Absolutely loved this! This dude is the real deal!

This guy is so damn underrated. 🔥

George G.is great!

Finalllllllyyyyy reading between the lines Kevin!!!

GREAT VIDEO!!!!

Kevin this is such a great interview. Wow.

This is probably the most clever guy that you bring to your channel. Very interesting.

Ooooh this should be good. Gonna watch

My top 2 together Excellent

Great pod

Awesome video ! Kevin you killed it

There were some gold nuggets in this interview. I always assumed that the Fed would pick hyperinflation over a deflationary depression. Now I'm not so sure. I'm honestly shocked that they haven't lowered rates yet.

Loved it❤

BTFP allows for a 1 year payment from when the loan is taken, so if you took a loan today it would be due one year from now so you will likely see a rush into it before it expires in March

weird - all the smiles and laughter from Kevin

The banking crisis "contagion" is government bonds. The banks are coerced and forced to buy government bonds with customer deposits. As rates increase, the present value of those bonds is less than what the bank paid with customers' funds. This *bank run* will destroy the economy with a *Greater Depression* lasting for 10+ years.

Wow this is good macro analysis

Kevin just let the man preach please.

Can you break down the ETF effect on bitcoin? How are they? going to manipulate the price and keep it low? I believe bitcoin ETF became a meme stock.

I dont know how anyone can look at the yield curve and almost any other indicator from 2019 and not conclude that a recession was ripe for 2020. The recession caused covid, so to speak, not the other way around.

We are here to listen to George so stop talking Kevin and just listen for once in your life.

Very wise

I would love kevin to argue a little more and challenge his guest. Those who follow kevin we know that he doesn't agree with this guy forecast but he was kinda agreeing and laughing

Very interesting conversation but the 10/3 inverted in April. That early?

I would love to see a dumbed down version of this conversation.

Wow first time hearing George, he really sounds like he know his stuff , we the populous are screwed. (Unless you find a different store of value to your work effort)

George is gem

The Fed provides the financing for foreign entities to buy the Federal Debt. The foreign entity merely pledges the Treasury security as collateral for the loan from the Fed to buy the debt. The Fed has been doing this for decades to monetize the Federal debt.

Remember to add in the new demands of the Digital Overnight Settlement system which is instant instead of 'Overnight'. Every bank needs high Reserves to satisfy the instant movement of Cash and there is no time to Borrow internally or through the Repo Market.

while yield curve inversions have preceded every recession, there have been instances where an inversion did not lead to a recession

If US shipping is having missiles fired at it; it's reasonable that big money is hedging with long-term treasuries to smooth out the effects of a possible erratic market and economy. That was a startling headline which could cause enough instant purchasing to cause the uncommon change in basis points. In 2019, China, as one of the biggest purchasers of USA debt, could have made a similar decision based on the possibilities of an outbreak. 🤷‍♀️

There was a liquidity problem in the banking system that started in 2019. The fed had to open liquidity, but they couldn't say it was because the euro dollar system was taking liquidity out of the dollar system. That's why the whole world was on board with covid being worse than it was, so the fed could bail out the world. That's why the first thing they did in March 2020 was open up swap lines with other countries. If they wouldn't have done this the dollar system would have failed.

Nice

Lyn Alden is frequently on Macro Voices podcast. Great analyst.

people keep saying "these rates are historically normal" which is a statical lie. they do this generally by averaging the rates through the time period which doesn't dicern a difference between stable and unstable economies.