This is Macro Voices with hedge fund manager Eric Townsend, the free weekly financial

podcast targeting professional finance, high net worth individuals, family offices, and

other sophisticated investors. Macro Voices is all about the brightest minds in the world

of finance and macroeconomics telling it like it is. Bullish your bearish, no holds

barred. Now here are your hosts, Eric Townsend and Patrick Sarresna.

Macro Voices episode 184 was recorded on September 12, 2019. I'm Eric Townsend. This episode

of Macro Voices is brought to you by top traders on plug.com. The only podcast dedicated

to quant and rules based investing, which I highly recommend. We've got a really special

feature interview for this week. Jeff Snyder and Luke Gromman have both expressed outspoken

views on the US dollar in their macro voices all stars appearances. But their views are

so nuanced and intricate that many listeners have been left struggling to understand exactly

where Luke and Jeff agree and where they disagree. So for this week's feature interview,

we have both Luke and Jeff together in one place, taking a deep dive into the subject

of the global US dollar liquidity shortage. What exactly is the problem with the US dollar,

what caused it, and what other problems are being caused by it? And how likely is monetary

policy to do anything meaningful to fix it? I think you're really going to enjoy this

one, folks. And be sure to stay tuned for our post game segment after the feature interview.

This promised last week, Patrick has prepared a slide deck to discuss commodity cycles, where

we stand currently and what might be on the horizon.

And I'm Patrick Sarasana. Now Eric, let's jump right into the S&P 500, which is a stone's

throw away from 52 week highs. What's your feeling? Are we going higher from here?

Patrick, as our regular listeners know, I've been predicting for several weeks that Trump

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