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 Sarasna.

Macro Voices Episode 203 was recorded on January 23rd, 2020. I'm Eric Townsend.

This episode of Macro Voices is brought to you by top traders onplugged.com, a podcast

dedicated to quant and rules based investing, helping investors overcome behavioral biases.

Noted financial historian Russell Napier joins me as this week's feature interview guest.

I particularly enjoyed this interview and I think you will too. Russell says the US

is not at a risk of a new credit crisis in the immediate future, but married other economies

around the globe, accounting for 46% of global GDP, are showing objective signs of near-term

risk of a new credit crisis. If Russell's right, the next major global economic dislocation

could be a credit contagion centered outside the United States and the United States could

become the benefactor of a flight to safety phenomenon. And that's just one of the many

topics we discussed in this week's interview. Be sure to stay tuned for our post-game segment

after the feature interview when we'll have one of Patrick's famous chart books and

we'll also discuss what it could mean for markets if the coronavirus epidemic were to escalate

from here.

And I'm Patrick Sarasna. Now Eric, let's talk the S&P 500 where trading still a decisively

above 3,300 in this trend is pretty pronounced. What's your thinking here on the market?

Well, the coronavirus fears were definitely putting a damper on the melt-up, but as soon

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