"Every time the Japanese government intervenes to support the yen to make it stronger it sells something in foreign currency and what it has been selling is US securities." - Mohamed El-Erian 00:01:08

"We're living in a world of geoeconomics... a world in which geopolitics, domestic politics and national security starts influencing economic policies.…

• "Japan has shown that you can develop rapidly, be successful, and create prosperity without any foreign money whatsoever. What you do need is credit creation." - Prof. Richard Werner [00:02:48]

• "Foreign money, which is always foreign currency-denominated, does not even arrive in the recipient country. Dollars stay only in US banks... it was 100% a…

• "My objective is to provide options if the Fed were to decide to reduce its balance sheet how could it do it... the Fed's not going to send the SWAT team, the military to the banks, to people's houses to get all the cash... so the only real channel to reduce it is reducing reserves." - Professor Darrell Duffie [00:00:00]

• "If the Fed were to…

"The weaponization of the Strait of Hormuz is not just a regional crisis; it is a profound exogenous shock to the global inflationary baseline." - Ken Rogoff [00:12:45]

"Chess teaches you to look five moves ahead; unfortunately, global economic policy is currently operating on a one-move time horizon." - Ken Rogoff…

Quotes

"We've shifted a lot of the leverage from the private sector up to the public sector... this has implications for nominal GDP, wealth concentration, inflation levels, and market performance." - Lyn Alden [00:02:33] "If you raise rates in the face of inflation, you do slow down bank lending to a certain degree, but then you blow out…

"I don't think we come back to the status quo ex ante. I mean, we don't go back to $60 oil. We've done significant damage down the chain if you think about fertilizer and jet fuel." - Vincent Deluard [00:02:08]

"Treasuries serve the same role as the plagues in ancient Egypt... if you are a country that can be potentially harmed by…

"Over the past 100 years the pound sterling has lost about I think 95 96% of its purchasing power in the last century... by the time of Diocletian [the denarius] was 3% of what it had been in the time of Marcus Aurelius." - Freddie New [00:01:36]

"Money is crucially important for gigantic power structures like the Roman Empire and complex…

"You want to get paid to take on the risk. You don't want to pay to take on the risk. And that's what investors are doing right now." - David Rosenberg [00:23:09]

"Today the stock market drives the economy, not the other way around... everybody knows what their equity portfolio is doing and they're checking it like 10 times a day." - **David…

"one of the most important drivers of risk assets worldwide is the flow of money into markets i mean it seems common sense but it's often needs repeating" - Michael Howell [00:01:46]

"all money that is anywhere must be somewhere and it can't be in two places at once" - Michael Howell…

"financial repression is a very appealing tax because the people who are being taxed actually don't know they're being taxed because it's all super complicated and you need to have at least a solid understanding of economics to even begin to understand what's going on..." - Dr. Hanno Lustig [00:00:00]

"the Japanese public sector is arguably the…

"If you're approaching a red light but it's still green you at least take your foot off the accelerator if you don't hit the brake what you don't do is floor it." - Rob Kaplan [00:08:44]

"I tend to look at structural drivers... academics are inclined to look at data, look at models... the problem with data is it's primarily cyclical data." - **Rob…

"One thing that is forever invariably true is that war is inflationary. War overstrains the productive apparatus that is uh it its purpose is to destruct and kill and um and to print money to finance those activities." - Jim Grant [00:04:49]

"The Federal Reserve has defined price stability as a 2% debasement of the currency... like a tax that…

"we've had years and years and years of big tech basically I guess generating infinite amounts of cash it feels like uh and now they are switching to actually spending some of that cash to build very expensive data centers" - Tracy Alloway [00:00:42]

"if you look at that ratio the value of all the firms in the US relative to the total cash flow…

"Iran doesn't have to beat the US military they just have to beat the US Treasury market..." - Luke Gromen [00:00:00]

"The global economy is an upside down pyramid with that little tip on the bottom being raw materials..." - Lyn Alden [00:14:10]

"Military action is literally putting…