All-Stars #41 Juliette Declercq: Powell should be fired!

Macro Voices

Hedge Fund Manager Erik Townsend

Business, Investing, Business:investing

4.8 • 3.4K Ratings

🗓️ 5 August 2019

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

All-Star Juliette Declercq says Jay Powell blew it last week, and should be fired for it! She says the Fed had the chance to contain the USD ascent but blew it. Great interview! Link: http://bit.ly/2YK4D7J

Transcript

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0:00.0	This is a special edition of Macrovoises with hedge fund manager Eric Townsend.
0:14.2	The premier financial podcast targeting professional finance, high net worth individuals, family
0:19.8	offices, and other sophisticated investors.
0:23.0	Now for this special edition of Macrovoises, here's hedge fund manager Eric Townsend.
0:30.4	Macrovoises All Stars episode 41 was recorded on August 1st, 2019.
0:36.5	I'm Eric Townsend. All star Juliet DeClerk from JDI Research is back with us this week.
0:42.9	And Juliet sent a note out to her clients right after Powell's press conference last week.
0:48.4	Juliet, what are your thoughts based on Powell's press conference?
0:52.0	Share with our listeners some of what you already shared with your clients last week.
0:55.9	No problem. So let me start with something.
0:58.4	For those who follow me closely, I must sound like a broken record.
1:02.8	But what I need to reiterate here is that capitalism is upon this scheme that tends to fail
1:09.0	at full employment because it relies on year-and-year growth rather than an optimal level of employment
1:16.4	and general contentment. Well, Eric, the issue is that when this optimal level is rich,
1:23.8	it's not easy to continue to capitalize on it. And that's what cycles are made of.
1:29.8	Ignoring the natural effect of the business cycle is the classic error made by many
1:35.6	off-respectable economists who often prefer to extrapolate trends linearly.
1:41.6	You would think that Powell would be quote-unquote above average, but following last week's
1:48.6	ficture, he clearly does not get it and probably should get fired.
1:54.3	Okay, time out, hold the presses. I think I just heard Juliet DeClerk agree with Donald Trump
2:00.0	on something. That's got to be the most newsworthy event in years. So can you take us through your
2:06.0	reasoning on this as I'm sure Powell is not the only one who doesn't get it? Clearly, yes.
	...

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