This is macro voices, 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 or bearish, no holds barred.

Now here are your hosts Eric Townsend and Patrick Sorezna.

Macro Voices episode 435 was pre-recorded to air on July 3rd 2024. I'm Eric Townsend.

The dog days of summer are here, so we're going to run a pre-recorded episode this holiday week.

Tresses Fund Manager Daniel Lacayet returns as my feature interview guest to discuss monetary

debasement why it will be a primary strategy of governments and how investment

professionals can defend their portfolios from its ill effects.

We'll be back to our regular show format next week

when I'll be joined by Patrick Sorezna and Nick Galarnick

for our usual post-game chart deck segment after the feature interview.

My interview with Daniel Lekai is coming up next. And now with this week's special guest, here's your host, Eric Townsend.

Joining me now is Tress's chief economist and fund manager Daniel Lekaiy. Daniel, I've been dying to talk to you about some longer term big picture issues.

You know, back when we had zero interest rates, all of the doomsday bloggers were saying,

mark my words, someday we're going to get back to 5% Treasury yields normal interest rates and when that happens

you're going to see the United States rack up an extra trillion dollars of national debt in a single quarter and when that happens it's all over baby

the sky is falling the world comes to an end that's it well Daniel the crazy thing is

almost all of that happened we got back to 5% treasury yields we got

the trillion dollars of additional US national debt in a single calendar quarter and nobody noticed. It didn't even make the news.

I guess that probably is reinforcing moral hazard that a lot of people who say deficits don't matter feel like they've been

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