I don't always agree with M. Deluard, but he is invariably worth listening to. This interview was no exception. However, I have listened to him for several years across multiple different platforms, and the one constant is poor sound quality.
I came here to write this. I usually watch blockworks while doing cardio. 2 birds, 1 stone. But the audio from Vincent was so bad I could not understand a thing.
Deluard's microphone is fuzzy and he talks really fast. I think that he is an excellent thinker. i will have to listen to this a second time to get it all.
Love you guys. Cant understand a word, mostly due to guest's speaker system. Shame because i wanted to hear more. He was the same on another show. Interesting ideas but im left straining to work out what he is saying.
This is a fabulous guest that really has done his homework. I love his excellent charts and broad perspective. Blockworks is my favorite financial program.
I was extremely happy that Vincent was back at Blockworks. Unfortunately, it was the first time that I barely understand the interview. Although I'm not a native English speaker, I haven't had any problems with the language in recent years.
Yes,....Japan's debt doesn't matter because most of it is owned by the BOJ. So,.. well lets just print everyone a million dollars per year and have the Fed buy the debt. What can go wrong????
Really look forward to listening to Vincent's views, but this is the second interview of his where I just can't hear what he is saying. Can you please get a decent microphone, Vincent?
👍Thanks. Yes, liquidity has become the most important driver of asset prices -- and so we are grateful for any Blockworks episode that covers this topic at present.👍
*❤️Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!*
Wow...I know her too she is a licensed broker and a FINRA agent she is popular in US and Canada she is really amazing woman with good skills and experience.
Deluard's lack of a decent microphone is annoying. His accent adds somewhat to it. He is on a lot of podcasts always the same... he needs to step up for a decent mic.
Vincent bought his mic special to really drive the " echo" part of his Thesis home. That's how the French are y'all. They BE the thesis... Thesis .is is ..
I feel that I haven't understand Vincent train of thoughts. It could be the audio quality or his accent. Nevertheless its always good to hear from him. Great job Jack for breaking ideas down for listener and challenging uncommon views of guests.
COLA entitlement benefit increases are hardly stealthy. The Republican tax reform this passed just before Trump's Presidency severely decreased Federal tax revenue which was not mentioned in this video. The "stimulus" this decade this decade was largely in the form of Pandemic aid but if Fed Chairman Powell is to be believed this past couple weeks, all that stimulus has been sucked back out of the economy and currency levels are back to 1919 levels. If that is supposed to set the stage for a crash next year, I don't see it. It's also peculiar that there would be at least a 6 month delay before the economy starts crashing.
I am sorry, but this is unwatchable. The audio is so bad that I missed half of what the guest was saying. Jack, for the benefit of the channel, you MUST request a minimum acceptable mic from your guests before the interview starts.
Delulard’s mic is horrible. Practically only the lows came through and not the highs. His mumbling speech pattern didn’t help. Thanks for restating what he was trying to say. Appreciate the great info.
@22:00 investor bias. You hate inflation, because you are savers. But inflation is a terrific driver of spending, so fuels sales, so fuels growth. The problem was the supply shock, so sales could not be made as per usual. The more direct fix for a supply side problem is not monetary policy. (Or are you crazy?) It is probably an indication things like CHIPS and IRA are working a bit to limit inflation below the FFR. (Helluva lot more than dishing out basic income but only for people who already have money in proportion to how much money they already have.)
He's laughing because the Fed is playing little league, and discounting the fiscal deflation that's coming. The fed isn't wrong, it's just like saying that a father and son team won a basketball game because of the son, when the father was the heavy scorer :)
There wasn't a real increase in COLA for SS. The inflation rate in 2021 was 5%, 2022 was 8%. It's still 4%,... An 8.5 increase in SS is a loss of about 8% at least.
Very bad sound quality! Jack please do something about this and speak to your guests to at least get a decent microphone. You can't do much about Vincent's general but at least a better Mike will help
I love when you have this guy on but you really need to get them a decent mic between the terrible microphone in his accent It's hard to hear a lot of what he's saying..
@34:00 even better data showing nominal inflation is pretty darn good might be Worgl Austria and their use for a brief period of a Gesell currency. That's deliberate designer inflation effectively --- a labour certificate that is stamped to devalue at 12%, redeemable for payment of tax liabilities. Everyone thus knows, zero uncertainty, and so they spend rather than save, then go and earn more certificates. Best recipe for private sector expansion I've ever come across. The prices of their goods did not change.
And did wages get stamped to rise by 12% over the same period? What about retirees on fixed incomes. According Deluard,.. Japan's debt doesn't matter because most of it is owned by the BOJ. So,.. well lets just print everyone a million dollars per year and have the Fed buy the debt. What can go wrong? Here's a novel idea,... How about just having the government(s) live within their means,... not running deficits,... aka balancing budgets????
QT is stimulative because it's losing money Lol no. The stimulation occurred with QE, QT is only stimulative compared to having done the same QT earlier, not compared to not doing QT
I thought back in December that we were going to see a drop-down to 10-13k before going up again, it went the opposite direction, which is really good but I think Bitcoin is still overpriced, I think that people are choosing safer investment options than Bitcoin, the demand from the average joe is not quite there. I see only institutions buying up hundreds of millions of dollars in Bitcoin. Still, we could see an entire market bull run in early summer 2024 but people need to see a good reason for that and start believing in crypto again. (also detaching crypto from scams and useless hypemen in peoples minds people would be very good, current crypto reputation is too low)
I just figured out yesterday that most rich crypto holders invest with professional crypto traders to learn new strategies and earn huge amount of money. How true is this?
Thanks to chloe Scarlett Laplace strategy I have been able to amass about 2 BTC in every month of trading. Her expertise and knowledge of the Bitcoin market are unparalleled and I feel incredibly lucky to have found her.
sounds plausible. My only concern is how we still don't see the contraction point of these elevated rates. Of course I'm up with you that once the rates start dropping the economy will shoot, but without falling first everything will become a lot more expensive and oh boy the middle class will be wiped out, if we don't see fall before the climb.
This seems like an important interview but after trying twice, I cannot understand what the guest is saying. Speaks too fast, often mumbles and with that rubbish mic and strong accent I literally can't understand what they're saying.
I gave up listening to this. First he speaks loud and then soft and I only understand about 2 of every 3 words. I can’t follow what he’s saying. I don’t know what kind if mic he’s using. A Blue Yeti should be the minimum, if he doesn’t want to pay for a Shure. I think if he paid attention to enunciating clearly he would be understandable. The up and down volume is frustrating.
@@0DTEVIXCALLS am I wrong? Every video is “world is ending”. Youre a sheep to their fear. They do it for the clicks and obviously you’re weak minded and click them.
I think it helps a lot if you know 1. To separate the real economy and the financial economy 2. When considering global liquidity cycles, the liquidity conditions in the financial economy will improve before the real economy. So scarce and desirable financial asset investors should look forward to real economy doom and gloom, because that’s when the money printing has to get turned on. I’ll explain below Most importantly I’ll start by saying Global liquidity is the engine that drives financial asset prices (Below is mostly taken from Michael Howell’s work) From October 2022 to now, which is the lows in Global liquidity cycle (every complete cycle is about 5 years on average), is when I start buying financial assets, because that’s when we have issues in both the real economy and financial economy, that need one or both global liquidity providers to step in (Central Banks or private sector credit providers) and start the new uptrend of liquidity, and as a result the uptrend of financial asset prices as well. Nothing is in a straight line though, especially near the bottom of the cycles. The transmission process below is about 9-15 months. So it’s starts by global liquidity conditions improving, and then we see improvements in the financial economy. It’s risk assets and monetary hedges that move first because they are very liquidity sensitive and with monetary hedges, investors are forward looking and try to front run the money printer. After risk taking dies off is when investors move capital into fixed income and the overall stock market. Liquidity starts to dry up for various reasons and quantitative tightening starts, causing financial asset prices to fall. Then the cycle repeats
So Japan's debt doesn't matter because most of it is owned by the BOJ? So,.. well lets just print everyone a million dollars per year and have the Fed buy the debt. What can go wrong????
I don't always agree with M. Deluard, but he is invariably worth listening to. This interview was no exception. However, I have listened to him for several years across multiple different platforms, and the one constant is poor sound quality.
Yeah I’ve given up watching as it’s struggle from an audio perspective…
100%. Sound quality is horrible!
And speaking too fast. And mumbling often....
He sounds like he's recorded his side in a toilet, that's been pumped through a dying crab and looped back through a pantomime 4.
Deluard's microphone is awful. EDIT: In fact, his microphone is so bad, Google can't do an automated transcript in some parts of this interview...
I came here to write this. I usually watch blockworks while doing cardio. 2 birds, 1 stone.
But the audio from Vincent was so bad I could not understand a thing.
Glad I wasn't the only one.
He's also got an italian accent, but yeah, his room ironically feeds back better into his mic better than his own voice does.
The echo is typical nuisance
@@LostSoulAscension His name is French and his accent sounds quite french to my ear. But your point stands :)
Deluard's microphone is fuzzy and he talks really fast. I think that he is an excellent thinker. i will have to listen to this a second time to get it all.
Deluard : " I dont have money to buy a new one, prepare for market crash. "
the guest needs a way better mic. I can barely understand half of what he is saying
You've got to get these people to use half decent microphones. It's quite difficult to understand what he's saying.
It is a little silly when finance people talking about massive sums of capital can't afford a half decent microphone setup lol
@@0DTEVIXCALLS😂 so true
@@0DTEVIXCALLS Yep, I also find it very funny. I don't do interviews and I'm sitting on an average salary but my microphone is much much better.
Love you guys. Cant understand a word, mostly due to guest's speaker system. Shame because i wanted to hear more. He was the same on another show. Interesting ideas but im left straining to work out what he is saying.
This is a fabulous guest that really has done his homework. I love his excellent charts and broad perspective.
Blockworks is my favorite financial program.
Very hard to hear and understand. Captions would be great.
Guy probably makes millions. Can’t spend $200 on a mic. I’m fricking pulling my hair out. Jack, can’t we tune it up in post?
Great interview, learned a lot. Only negative - sound quality for Vincent could be better.
Bummer, can't make out what the guest is saying, not watchable.
Vincent is a great guest. Such a shame he records audio on a potato
I was extremely happy that Vincent was back at Blockworks. Unfortunately, it was the first time that I barely understand the interview. Although I'm not a native English speaker, I haven't had any problems with the language in recent years.
How on earth did Jack hold a conversation? Does he actually understand what he's saying?
I wish the voice was more clearer. I had a tough time hearing such an intelligent guest.
Great stuff as always. I'm going to have to pay closer attention to Mr. Deluard's work. He's spot on!
Yes,....Japan's debt doesn't matter because most of it is owned by the BOJ.
So,.. well lets just print everyone a million dollars per year and have the Fed buy the debt.
What can go wrong????
I could hear half of what he said
Really look forward to listening to Vincent's views, but this is the second interview of his where I just can't hear what he is saying. Can you please get a decent microphone, Vincent?
👍Thanks. Yes, liquidity has become the most important driver of asset prices -- and so we are grateful for any Blockworks episode that covers this topic at present.👍
*❤️Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!*
Wow that's huge, how do you make that much monthly?
I earn from investing in the digital market with the guidance of Mrs Mary Margaret Schimweg Brokerage services. I'm happy to talk about it..
Wow...I know her too she is a licensed broker and a FINRA agent she is popular in
US and Canada she is really amazing woman with good skills and experience.
I remember giving her my first savings $20,000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.
@1.18sinhtonsmpI will leave her info below this comment.
Vincent, thank you for sharing your viewpoints. When you can, please get a new microphone...
Can’t even listen to this. Mic is terrible. I wish I could looks interesting
4:03 - The 2% target is not arbitrary most people don't get raises in excess of 2% each year. 3% inflation slips upwards to 4% far too easily.
He sounds like he was sitting in a toilet with towel on his head.
He has an accent
@@draymond5067 not just an accent, the audio quality is very bad that I could not be bothered to listen for more than 5 mins.
Audio quality was rough to the point that I found it difficult to understand the guest.
The microphone is a real problem.
Ask me, I can send him a new one that works.
Deluard's lack of a decent microphone is annoying. His accent adds somewhat to it. He is on a lot of podcasts always the same... he needs to step up for a decent mic.
Check the audio quality please
Vincent bought his mic special to really drive the " echo" part of his Thesis home. That's how the French are y'all. They BE the thesis... Thesis .is is ..
Great interview!
Sound was a bit bad though
Thanks guys
I feel that I haven't understand Vincent train of thoughts. It could be the audio quality or his accent. Nevertheless its always good to hear from him. Great job Jack for breaking ideas down for listener and challenging uncommon views of guests.
COLA entitlement benefit increases are hardly stealthy.
The Republican tax reform this passed just before Trump's Presidency severely decreased Federal tax revenue which was not mentioned in this video.
The "stimulus" this decade this decade was largely in the form of Pandemic aid but if Fed Chairman Powell is to be believed this past couple weeks, all that stimulus has been sucked back out of the economy and currency levels are back to 1919 levels.
If that is supposed to set the stage for a crash next year, I don't see it. It's also peculiar that there would be at least a 6 month delay before the economy starts crashing.
Had to turn off cuz his audio was pretty bad
The audio is terrible please get him some air pods
Hope this guys forecasts better than his lighting
and audio.
This is almost unlistenable
I understand what he is using a shitty phone speakers, but I might be an outlier.
Vincent, please invest in a good microphone! PLEASE! I watch your podcasts. We don’t understand half of what you say.
Tried to listen this great guest, but the sound is horrible! Quit mid-way through.
Whens george noble going to make another appearance? I heard his schedule is pretty open lol
Sacré bleu, je ne comprends pas ...si vous ne vous mêliez pas de tout
Exactement
The global economy has not been resilient - the stock market has. Two different things.
I am sorry, but this is unwatchable. The audio is so bad that I missed half of what the guest was saying. Jack, for the benefit of the channel, you MUST request a minimum acceptable mic from your guests before the interview starts.
Hey, by the way with the growth of M2 and M3, I have predicted stagflation for 2024 back in MAY 2020 So it is not rocket science not even science…
Deluard needs decent mic
Awful sound quality. Cc does not understand either.
@VincentDeluard - invest in good audio equipment
the comments about Vincent's atrocious sound quality are pretty hilarious. seriously, StoneX (his employer) should buy him a decent mic ASAP!
Audio bad. Can’t understand much.
Will be interesting to see how everything is in year
Vincent needs a better microphone but as always very interesting.
The only other person to be this accurate was Juliette Declercq. Any chance Jack can do an interview with her again to update us on her views?
I figured it out. He's in a submarine. Canada is at war with Maldives?!? Wtf
Delulard’s mic is horrible. Practically only the lows came through and not the highs. His mumbling speech pattern didn’t help. Thanks for restating what he was trying to say. Appreciate the great info.
@22:00 investor bias. You hate inflation, because you are savers. But inflation is a terrific driver of spending, so fuels sales, so fuels growth. The problem was the supply shock, so sales could not be made as per usual. The more direct fix for a supply side problem is not monetary policy. (Or are you crazy?) It is probably an indication things like CHIPS and IRA are working a bit to limit inflation below the FFR. (Helluva lot more than dishing out basic income but only for people who already have money in proportion to how much money they already have.)
Sound quality made for strained listening, not so enjoyable
He laughs at the long and variable lags and then says the same lags will lead to slowdown...
He's laughing because the Fed is playing little league, and discounting the fiscal deflation that's coming. The fed isn't wrong, it's just like saying that a father and son team won a basketball game because of the son, when the father was the heavy scorer :)
There wasn't a real increase in COLA for SS. The inflation rate in 2021 was 5%, 2022 was 8%. It's still 4%,... An 8.5 increase in SS is a loss of about 8% at least.
Very bad sound quality! Jack please do something about this and speak to your guests to at least get a decent microphone.
You can't do much about Vincent's general but at least a better Mike will help
I think he's a great thinker
His walls are so flat that his feedback hits the mic better than his voice does. He's too far from his mic and the feedback is overpowering it.
GDP numbers were not as strong as it appeared. Hard landing coming.
I love when you have this guy on but you really need to get them a decent mic between the terrible microphone in his accent It's hard to hear a lot of what he's saying..
@34:00 even better data showing nominal inflation is pretty darn good might be Worgl Austria and their use for a brief period of a Gesell currency. That's deliberate designer inflation effectively --- a labour certificate that is stamped to devalue at 12%, redeemable for payment of tax liabilities. Everyone thus knows, zero uncertainty, and so they spend rather than save, then go and earn more certificates. Best recipe for private sector expansion I've ever come across. The prices of their goods did not change.
And did wages get stamped to rise by 12% over the same period?
What about retirees on fixed incomes.
According Deluard,.. Japan's debt doesn't matter because most of it is owned by the BOJ.
So,.. well lets just print everyone a million dollars per year and have the Fed buy the debt.
What can go wrong?
Here's a novel idea,...
How about just having the government(s) live within their means,... not running deficits,... aka balancing budgets????
Nice
Thx
QT is stimulative because it's losing money
Lol no. The stimulation occurred with QE, QT is only stimulative compared to having done the same QT earlier, not compared to not doing QT
Would like to listen but cannot understand his words very weird so much distortion
Drop a comment below on what vincent sounds like. Ill go first. He sounds like some rapping faster than eminem with a bucket over their head.
Very annoying audio fluctuations from the guest side ... difficult and torturous to grasp sentences !!! FIX IT VINCENT
MIke Green -- its about flows that all.
Cant understand half of what he is saying
Hard to understand him when he mumbles sometimes, but interesting talk
Fiscalflation + chinaflation (reversing post 2001 deflation effect of China) = long term high interest rates and stagflation
Yeah short US buy lat am, classic Vincent. It has never worked 😂
bad sound and mumbling...gave up in the middle
I thought back in December that we were going to see a drop-down to 10-13k before going up again, it went the opposite direction, which is really good but I think Bitcoin is still overpriced, I think that people are choosing safer investment options than Bitcoin, the demand from the average joe is not quite there. I see only institutions buying up hundreds of millions of dollars in Bitcoin. Still, we could see an entire market bull run in early summer 2024 but people need to see a good reason for that and start believing in crypto again. (also detaching crypto from scams and useless hypemen in peoples minds people would be very good, current crypto reputation is too low)
I just figured out yesterday that most rich crypto holders invest with professional crypto traders to learn new strategies and earn huge amount of money. How true is this?
It's interesting how a bafoon like Trump moves the market!SMDH! Epic and fire, as always!
This is very true, There hasn't been a more better time to start trading.
Thanks to chloe Scarlett Laplace strategy I have been able to amass about 2 BTC in every month of trading. Her expertise and knowledge of the Bitcoin market are unparalleled and I feel incredibly lucky to have found her.
sounds plausible. My only concern is how we still don't see the contraction point of these elevated rates. Of course I'm up with you that once the rates start dropping the economy will shoot, but without falling first everything will become a lot more expensive and oh boy the middle class will be wiped out, if we don't see fall before the climb.
I give up. I can’t hear a word this guy is saying.
Too bad I couldn't understand due to poor audio/accent
Capte rien
Can we all chip in to buy Vincent a $20 headset from Amazon? Terrible audio. Got to quit watching.
This seems like an important interview but after trying twice, I cannot understand what the guest is saying.
Speaks too fast, often mumbles and with that rubbish mic and strong accent I literally can't understand what they're saying.
Guys difficult to listen to
I gave up listening to this. First he speaks loud and then soft and I only understand about 2 of every 3 words. I can’t follow what he’s saying. I don’t know what kind if mic he’s using. A Blue Yeti should be the minimum, if he doesn’t want to pay for a Shure.
I think if he paid attention to enunciating clearly he would be understandable. The up and down volume is frustrating.
Almost impossible to follow. Poor microphone. Fast speaking rate. Strong accent. Unfortunate as I was curious as to what he had to say.
Thick accent and poor mike...and being wrong again ....nice combo
This has become a sad page. Always screaming crash lol. Have to unfollow.
Bull in a China shop with your disregard for nuance
@@0DTEVIXCALLS am I wrong? Every video is “world is ending”. Youre a sheep to their fear. They do it for the clicks and obviously you’re weak minded and click them.
Did you see the video? Expectations seem positive in this video.
I think it helps a lot if you know
1. To separate the real economy and the financial economy
2. When considering global liquidity cycles, the liquidity conditions in the financial economy will improve before the real economy.
So scarce and desirable financial asset investors should look forward to real economy doom and gloom, because that’s when the money printing has to get turned on. I’ll explain below
Most importantly I’ll start by saying Global liquidity is the engine that drives financial asset prices
(Below is mostly taken from Michael Howell’s work)
From October 2022 to now, which is the lows in Global liquidity cycle (every complete cycle is about 5 years on average), is when I start buying financial assets, because that’s when we have issues in both the real economy and financial economy, that need one or both global liquidity providers to step in (Central Banks or private sector credit providers) and start the new uptrend of liquidity, and as a result the uptrend of financial asset prices as well. Nothing is in a straight line though, especially near the bottom of the cycles.
The transmission process below is about 9-15 months.
So it’s starts by global liquidity conditions improving, and then we see improvements in the financial economy.
It’s risk assets and monetary hedges that move first because they are very liquidity sensitive and with monetary hedges, investors are forward looking and try to front run the money printer.
After risk taking dies off is when investors move capital into fixed income and the overall stock market.
Liquidity starts to dry up for various reasons and quantitative tightening starts, causing financial asset prices to fall.
Then the cycle repeats
So Japan's debt doesn't matter because most of it is owned by the BOJ?
So,.. well lets just print everyone a million dollars per year and have the Fed buy the debt.
What can go wrong????
buy vincent a new mic. I cant understand him.
Baby boomers are beginning to retire.🤔