This is a special edition of Macrovoises with hedge fund manager Eric Townsend.

The premier financial podcast targeting professional finance, high net worth individuals, family

offices, and other sophisticated investors.

Now for this special edition of Macrovoises, here's hedge fund manager Eric Townsend.

Macrovoises All Stars episode number 26 was recorded on July 3rd, 2019.

I'm Eric Townsend. All star Juliet DeClerc is back with us today.

Juliet, you sent a tweet out last night about lawyers now being in charge of the two main

central banks. Don't you like lawyers?

Good question Eric and since this tweet, who actually generated quite a lot of interest,

I've had a good thought about whether I like it or not and whether it is a lot more meaningful

than we all been joking about. So the first thing is like potentially two women at key EU

post, what's not to like about it, but lag out at the helm of the ECB. I think he's especially

interesting. In fact, I did think that she was going to get one of the main posts, but the ECB

one is the one that is most impactful on the market. At least I hope it will be.

Because of a comment that negative rates were good for the world, which were reported in the

WSJ, investors have assumed that she might be the most dovish of all potential appointees,

and that appointment meant some amount of financial repression.

Now don't get me wrong, financial repression has been my main theme this year and a very successful

one, but clients ask me more and more what's the end game and actually saying that lag out could

mark the transition to the so-called end game. Well, at least I hope she is.

Well, that's very exciting Juliet, so what's the end game?

So, think about this. I did highlight in my tweet that the two main central banks are now led

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