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 64 was recorded on September 27th, 2019.

I'm Eric Townsend. All star Brent Johnson from Santiago Capital is back with us today.

Brent, I want to pick up on an interview that we just aired on Friday with Juliet DeClerc,

predicting that by the end of Q4, Juliet thinks that quantitative easing will be reintroduced

by the Fed. And of course, there's been a lot of calls for people who think that the Fed

needs to do something about the liquidity situation. First of all, do you agree with that?

But even if you don't agree with that, what would it mean if there was a return to QE to your

outlook for the dollar and your expectations of the dollar moving higher against other currencies?

Yeah, hi, Eric. Thanks for having me back again. And yeah, that's obviously a topic of conversation.

And I have several friends and people that I respect highly that agree with Juliet.

I don't happen to think that that is going to be the case. I do not think that the US is going to

have to do that big of a pivot back to do full QE in the next three months. Now that doesn't mean

that there won't be another rate cut. It doesn't mean that they might not have to provide some

liquidity along the way. But I'm just not convinced that they need to, I'm not convinced that they

need to do QE at all. I'm still not convinced that it's coming back. If it is, and it does, then

also I was wrong. But as of right now, I don't think it will happen and I don't think it's necessary

to happen. I do understand the reasons for the argument that it will come back. And I think if it

did, I think that would signal two things to me. One, I think it would probably, at least in the very

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