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 32 was recorded on May 5, 2022. I'm Eric Townsend, Feliz Cinco

de Mayo. This episode of Macro Voices was brought to you by FarmTogether.com where you

can hedge against inflation and protect your portfolio by investing in U.S. farmland,

now available to all accredited investors. I have a couple of announcements and will

have a slightly different show format this week. In recent weeks I've been using the

phrase World War III quite a bit. Patrick and I discussed this after our last show and

agreed to avoid that terminology going forward. The reason is that so many people equate

those three words with certain nuclear armageddon and that's definitely not what we're talking

about or predicting. I myself failed to seriously heed my green's

prescient message when he told me more than a year ago that he believed World War III

had begun a year earlier than that. I dismissed the comment as hyperbole at the time because

I thought he was saying nuclear armageddon was imminent, which is not what we've been

talking about. So going forward I'm going to use the phrase Conflict of the Superpowers

to describe the escalating geopolitical tension between the United States, Russia and China,

the primary nuclear superpowers. What seems to be lost on a large percentage of society

is that this situation bears zero similarity to past wars between the United States and

Iraq or Afghanistan. We're talking about a rapidly escalating conflict between three

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