Grant Williams: “These levels of debt absolutely matter.”
Peak Prosperity
Chris Martenson
4.7 • 591 Ratings
🗓️ 28 December 2023
⏱️ 93 minutes
🧾️ Download transcript
Summary
Every time I hear Grant Williams speak, I always come away with at least two important lessons. One is having the additional context I need to make better sense of the world and another is that I need to continue to work on my oratory skills. Grant is truly a gifted communicator. Come for the explanation of why these levels of debt absolutory matter and stay for the nuanced discussion about free speech.
Transcript
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| 0:00.0 | Hello, everyone. Chris Martinson of Peak Prosperity here with another edition of Off the Cuff. |
| 0:07.5 | And today I am so excited to be welcoming back to the program after a far too long absence. |
| 0:13.1 | Grant Williams, the inestimable Grant Williams, if you haven't seen him speak, you have to. |
| 0:18.1 | His slide decks and presentations and ability to craft a narrative are unparalleled. |
| 0:23.6 | He is an unbelievably great macroeconomist and storyteller in a way that it's very relatable. |
| 0:29.9 | That makes it so powerful as well. |
| 0:32.1 | Runs the things that make you go, hmm, TTG, HMI. But I think, yeah, I think you find it at grant-hyphen |
| 0:41.2 | williams.com. Is that true, Grant, and welcome to the program. It's all there. Great to see you |
| 0:45.1 | again, my friend. Thank you for that overly generous introduction. Oh, well, people will find out |
| 0:50.3 | not even generous enough. So I want to talk all things macro with you. There's a chart I |
| 0:55.7 | show all the time to my people because I just keep pointing at it going, this should cause more |
| 1:00.3 | consternation than it seems to be. And it's just a simple chart you find on the Fred, the Fed data |
| 1:06.2 | site Fred. Line one, US GDP. |
| 1:12.4 | Line two, total credit market debt, not liabilities, not under unfunded debt that is. |
| 1:18.9 | Detal credit market debt, not federal debt, because a lot of people focus on that. |
| 1:24.5 | This other line is going like this. |
| 1:27.2 | Credit has been accelerating it twice the underlying |
| 1:30.8 | rate of exponential compounding growth of GDP for a very long time. And even Jerome Powell |
| 1:36.4 | said, by definition, that's unsustainable. What do you make of that chart? |
| 1:42.1 | Look, I mean, it's funny about the chart speaks for itself. |
| 1:45.5 | There's no, you don't need to interpret that. |
| 1:47.7 | It's very, very straightforward. |
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