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Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG.\n\nNew paper published by Hudson Bay Capital, written by Nouriel Roubini & Stephen Miran, \u201cATI: Activist Treasury Issuance and the Tug-of-War Over Monetary Policy\u201d:\nhttps://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/635102_Activist_Treasury_Issuance_-_Hudson_Bay_Capital_Research.pdf\nNouriel Roubini\u2019s book discussed in the interview, \u201cPolitical Cycles and the Macroeconomy\u201d: https://www.amazon.com/Political-Cycles-Macroeconomy-Alberto-Alesina/dp/0262510944\nNouriel Roubini\u2019s latest book, \u201cMegathreats\u201d: https://www.hachettebookgroup.com/titles/nouriel-roubini/megathreats/9780316284059/?lens=little-brown\n\nFollow Nouriel Roubini on Twitter https://x.com/Nouriel\nFollow Stephen Miran on Twitter https://x.com/SteveMiran\nFollow VanEck on Twitter https://x.com/vaneck_us\nFollow Jack Farley on Twitter https://twitter.com/JackFarley96\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\n__\nTimestamps:\n(00:00) Introduction\n(01:18) What Is "Activist Treasury Issuance" (ATI)?\n(08:00) The Mechanics Of How The U.S. Treasury Has Altered Engaged In "Activist Treasury Issuance"\n(20:52) VanEck Ad\n(24:21) Activist Treasury Issuance Played A Role In Boosting Asset Values, And In Avoiding A Recession (And Might Have Caused A "No Landing" Instead of a "Soft Landing")\n(29:53) History of Treasury's "Bill Share": GFC, Money Market Reform, March 2020 Panic\n(33:44) How Much Does Current Treasury Issuance Differ From Historical Issuance Patterns?\n(45:43) Permissionless Ad\n(46:46) Does Government Borrowing "Crowd Out" Private Investment?\n(59:09) Will ATI Continue In The Next Presidential Administration?\n(01:07:20) Long-Term Interest Rates Could Rise and Force a "Meaningful Repricing of Risk Assets"\n(01:10:49) It's Not Just The Fed - U.S. Treasury Has "Forward Guidance" Now Too\n(01:13:02) Nouriel Roubini's Closing Thoughts\n__\nDisclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.