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Our guest in todays episode is Julian Brigden, co-founder of MI2 partners. Julian has decades experience in investment banking on both sides of the Atlantic, and is a true original thinker. We had a highly enjoyable conversation with Julian, who has a unique knack of explaining his frequently controversial views in a thoroughly entertaining fashion. He has a wide knowledge of topics as varied as silver and shale oil, and his historical references ranged from the 2008 crash all the way back to the Black Death in the middle ages.\n\t\n\tTopics Discussed in this Episode\n\nThe consistency of the US dollar cycle\nThe COVID related March funding squeeze\nUS current and capital account deficit\nWhy Risk Parity strategies might be a bad idea going forward\nThe many visible signs of \u2018the Fourth Turning\u2019 and why global markets are at an inflection point\nUnemployment\n\n"The U.S. just hit post Second World War highs (for unemployment), and if you don\u2019t, post Great Depression highs. The point is that we are starting in an economic hole which is, arguably, much, much deeper than many of our peers. And that is in virtue of the fact that we have a super flexible labor market"\n\nWhy recent Federal Reserve liquidity injections into the market may not have been part of Quantitive Easing (QE), which could still be yet to come\n\n\u201cAs the economy starts to recover, that\u2019s when we will come out with old fashioned QE." I\u2019m like, \u201cJesus, what\u2019s that? Is that another 80 billion a month, trillion a year?\u201d And the answer is, \u201cAlmost certainly.\u201d\n\nYield curve control\nThe independence of the Fed\nThe case for Systematic Trend Following commodity funds\nWhy Bitcoin may be a dangerous long-term investment\n\n"(That) is the day that you are presented with the option of handing your bitcoin over in the same way that you did with gold in the \u201830s or trying to keep hold of it and if you\u2019re caught ending up in a big dark hole with a bloke called Bubba who calls you Shirley"\n\nFinancial repression\nWhy government bond yields may struggle to rise again\nThe history of global pandemics\n\n"There was this little bloke called Martin Luther who hung around as all the Catholic priests fled out to their country properties when we had the black death, who stayed and helped. Guess what? That was the cycle high of Catholicism. That was a relatively big turning point in History. Pandemics kind of do that"\n\nCommodity markets\nThe case for Silver against the US dollar\nHow market cycles tend to repeat themselves\nThe importance of central bank policies when trying to gauge markets\n\n\n\tLinks\nCatch up with Julian Brigden and learn more about his macroeconomic research firm, MI2Partners\nJulian Brigden\nMI2Partners\n\nFollow Niels, Moritz, & Rob on Twitter:\nNiels Kaastrup-Larsen\nMoritz Seibert\nRob Carver\n\tSubscribe on:\n\n\tFull Transcript\nThe following is a full detailed transcript of this conversion. Subscribe to the podcast to get access to all of our transcripts as eBook downloads!\n\tJulian\nHere's my big problem: once, when I worked at Medley Advisors, we were on a phone call with a Senator from Texas and it was around the time of Enron\u2019s collapse. We were talking about executives at Enron and what was going to happen. My boss was talking away and we were listening in and this Senator just stopped, at one point, and said, \u201cYou don\u2019t understand. I don\u2019t care what happens to Skilling and all these boys I just want them to end up in a big dark hole with a boy called Bubba who calls them Shirley.\u201d\nAt that point, it just underlined one thing to me and that is the ultimate power of government to dictate your behavior because I\u2019ve loved saying to people in the bitcoin space, \u201cLook, I think it\u2019s a great trade.