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 242 was recorded on October 22, 2020. I'm Eric Townsend.

This episode of Macro Voices is brought to you by Top Traders on Plug.com, a podcast

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

and by farmtogether.com, bringing farmland a new trillion dollar investment opportunity

within reach of all accredited investors. Professor Stephanie Kelton has been making

waves in political circles with her book The Deficit Myth, which advocates for public

policy adoption of the principles of modern monetary theory to enable more, not less,

government spending, using the power of central banks to conjure new money supply out of

thin air to finance government spending without necessarily raising taxes or borrowing from

foreigners. Professor Kelton joins me as this week's feature interview guest. Due to

Professor Kelton's very busy schedule, we were only able to get a 30 minute interview

with her. So we'll be supplementing that with an extended post-game segment this week,

in which Patrick and I will discuss the feature interview in more depth than usual. And

then, with Patrick back from his break, we'll have another of his signature chart decks

to top it all off. And I'm Patrick Sarasna. Now, Eric, let's

jump to that S&P 500 for all of the hype going into the elections. The market volatility

is rather narrow. What's your take on what's going on? Patrick, I think we've reached an

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