This is a special edition of Macrovoices 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 Macrovoices, here's hedge fund manager Eric Townsend.

Macrovoices All Stars Episode 40 was recorded on July 29, 2019.

I'm Eric Townsend.

All Star Professor Steve Keane is back with us today.

This episode of Macrovoices All Stars is brought to you by top traders on plug.com, the

leading podcast for systematic trading and investing.

There even offering Macrovoices listeners a free book.

I'll tell you how to claim it at the end of this episode.

Steve, you are generally seen as kind of a permabare on the economy.

But right now a lot of people are calling for a US recession coming soon, except you're

not.

So what's going on?

Yeah, well this is, I can actually drag this back to 2000 Eric because when I started

seeing the potential for financial crisis, that was the trigger for me writing debunking

economics the first edition.

And what I saw happening was that everybody was emulating the same mistake Japan had done.

And that was letting private that get out of control, which when you, what you have when

the private that's rising rapidly, you have very high credit, you have a boom out of that.

But when the boom, when the rising credit comes to a halt, so does your economy, you have

...