The Grant Williams Podcast

A long-overdue episode seven of Shifts Happen sees Luke Gromen return to discuss the pace at which three things are happening: the acceleration of the US fiscal crisis and debt spiral, the Fed’s policy mistake of not letting inflation run hot enough, and the de-dollarization of global oil markets. Luke explains that China needs to de-dollarize its oil imports and commodity imports to avoid a currency crisis, which is driving the de-dollarization of global oil markets and also highlights the importance of gold in this process, as China needs gold to work in order to improve its standards of living and avoid a crisis. Luke believes gold will continue to rise in price, and that the pace of events is accelerating towards a US fiscal crisis. He explains the US is facing a fiscal crisis due to its high debt and deficits, and the lack of price-sensitive buyers for its treasuries and that the Fed’s choice is not inflation or deflation, but rather how it wants to lose the long end of the yield curve Plenty of food for thought here with Luke on fine form. Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

The subject at hand in episode six of Shifts Happen is the potential for a new commodity-backed BRICS currency and, joining us to kick the idea around is Josh Crumb, Founder and CEO of Abaxx Technologies. Through his work at Abaxx, Josh is perfectly placed to discuss the importance of physical settlement in the commodity markets and the practical limitations of introducing a currency that requires settlement through physical transfer. Also up for discussion is the wider connection between energy and interest rates as Josh shares with us the lessons learned from decades of experience, with his diverse background as a mining engineer, trader and the Co-Founder of Goldmoney, giving him a rare perspective into the significant change taking place in the world of commodities.   Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

Episode Five of Shifts Happen brings into focus the recent 'quickening' around the de-dollarization narrative and the impossible-to-ignore elevation in comments from world leaders questioning the logic underpinning their forced adoption of the US dollar in many cross-border trades. From the numerous bilateral trade agreements being struck that circumvent the dollar to the rising percentage of cross border trade being conducted by China in renminbi, Grant and Luke discuss the crucial difference between the dollar as a reserve currency and its role as a reserve asset - one of which is coming under significant threat, one of which remains rock solid. The extraordinary level of dogmatism on both sides of the argument comes under the microscope and Luke turns to Lucille Ball for an analogy which provides the perfect illustration of the problem facing the US Treasury. Every episode of the Grant Williams podcast, including The End Game, Super Terrific Happy Hour, The Narrative Game, This Week In Doom and the new series, Shifts Happen, featuring Luke Gromen is available to Copper and Silver Tier subscribers at my website Grant dash Williams dot com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… So if you enjoy what you hear on this show and want more high-quality content like it, make your way over to Grant dash Williams dot com and join our exciting community today!

Episode Three of Shifts Happen focuses on a fast-moving world that seems to get trickier by the day. The importance of energy self-sufficiency is revealing itself and that is shifting the power from formerly strong hands into the hands of those once considered weaker players. The war in Ukraine is amplifying the situation in mainstream media headlines but, away from those, there is a balance sheet contest taking place that reveals an entirely different pecking order - one which potentially upends the global power structure. Western sovereign debt markets are now under immense pressure with liquidity concerns escalating dramatically and currencies starting to move in directions and at speeds that are confounding central banks. What happens next? Luke has a few ideas and, as always, they are pretty thought-provoking. Every episode of the Grant Williams podcast, including The End Game, Super Terrific Happy Hour, The Narrative Game, This Week In Doom and the new series, Shifts Happen, featuring Luke Gromen is available to Copper and Silver Tier subscribers at my website Grant dash Williams dot com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… So if you enjoy what you hear on this show and want more high-quality content like it, make your way over to Grant dash Williams dot com and join our exciting community today!

Episode Two of Shifts Happen shines a spotlight on the shift between the ‘paper’ markets and the ‘real’ markets as the importance of energy supplies becomes ever more apparent in a world where battle lines are being drawn, supply lines are being stretched and, in the case of the EU, economic suicide is being committed. What happens to the dollar? Will the US balance of payments finally start to matter and what are the chances of a hyperinflationary outcome? All of these questions and more are pondered in the wake of the surprising strength of the rouble and the increasing inflationary pressure being heaped upon Western governments who can’t seem to get out of their own way. Every episode of the Grant Williams podcast, including The End Game, Super Terrific Happy Hour, The Narrative Game, This Week In Doom and the new series, Shifts Happen, featuring Luke Gromen is available to Copper and Silver Tier subscribers at my website Grant dash Williams dot com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… So if you enjoy what you hear on this show and want more high-quality content like it, make your way over to Grant dash Williams dot com and join our exciting community today!

Join Doomberg and I as we discuss several topics sure to stir even the most languid of blood including the ongoing conflict between Russia and Ukraine, the changing nature of warfare with the rise of drone technology, and the concept of peak cheap oil. Doomberg’s argument that peak cheap oil is a fallacy and that human ingenuity will always find ways to extract and produce more hydrocarbons has garnered plenty of attention (and pushback) in recent weeks so here’s another chance to understand why and to hear about the backlash they received for their views on the matter. Finally, just when you think we’ve run out of controversial subjects, the conversation turns to an upcoming piece on the assault on climate denialism and the labeling of certain views as hate speech…   Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

The Green Chicken is back to discuss three excellent recent pieces spanning Western sanctions against Russian oil and their unintended consequences, the preposterous words of a high-ranking member of the US House Ways & Means committee around the 'creation' of hydrogen and the ongoing attempts to wean the world off a diet of meat. As always, Doomberg brings a little much-needed sanity to the debates around all three issues, using outdated concepts such as science and common sense to debunk much of what mainstream media is force-feeding its consumers. As the world around us gets a little more unhinged with each passing day, we're fortunate to be able to call upon a cartoon fowl to provide a little perspective. Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

In the latest episode of This Week in Doom, The Green Chicken discusses a couple of recent pieces the Doomberg team published which have attracted a significant level of attention. One covers the recent train derailment in East Palestine, OH, the other Seymour Hersh's article about the destruction of the Nord Stream Pipeline. As always, Doomie doesn't shy away from offering a thoughtful and well-researched appraisal of both events and, as always, the team's assessments have stirred up plenty of emotion amongst their readership. Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

In this special edition of This Week In Doom, Grant and The Green Chicken are joined by Luke Gromen of Forest For The Trees LLC, Marko Papic of Clocktower Group and special guest Sir Steven Wilkinson, author of The Pitchfork Papers, for a discussion on the EU's creaking energy policy, the effects of sanctions against Russia in the wake of the invasion of Ukraine and what it all means for the future of Europe. In a two-hour debate filled with insightful analysis, respectful disagreement and thoughtful perspective, we explored multiple facets of the current situation, picked apart the potential outcomes and tried to handicap the likely paths that may be taken from here. Finally, as the discussion turned to Germany's role in how this all plays out, we welcomed Sir Steven who gave us the benefit of his near-30 years experience building and operating businesses in Germany.

On the seventh episode of This Week In Doom, Grant and The Green Chicken take a dive into some of the recent pieces published by the Doomberg team, zeroing in on ludicrous energy policies, the real definition of the scientific method, the move to censor open debate, the strength of the Russian Ruble and tactics the Biden administration should implement in order defeat Vladimir Putin Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

On the sixth episode of This Week In Doom, Doomberg and I turn our attention to the world of cryptocurrencies — or rather, stablecoins — in the wake of the recent collapse of Terra/Luna and the astonishing spectacle of a $60 billion meltdown. Joining us are two high profile critics of the crypto space, Bennett Tomlin and George Noble. Bennett and his co-host Cas Piancey have been at the forefront of thoughtful criticism of the cryptoverse with their excellent podcast, Crypto Critics Corner, while George has taken the bit between his teeth on behalf of Wall Street and become an Establishment lightning rod determined to force regulators into action. As always, the subject leads to raised voices and inflamed passions but... would you want it any other way? Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

Episode Two of This Week In Doom sees The Chicken and me welcome our first guest, Rory Johnston whose work at his Substack, Commodity Context, is absolutely indispensable and, given the current dynamics in energy markets, looks set to become more so with each passing week. In this fascinating discussion, Rory walks us through the oil industry from some basic concepts to some of the more nuanced factors affecting supply and demand and offers a set of insights rooted in years of experience analyzing the sector for one of Canada’s biggest banks. From pipelines to politics, Rory breaks down the oil & gas sector with the precision of a surgeon, proving exactly why he was the perfect opening guest on This Week In Doom as we try to bring under- followed analysts and content creators to a broader (and deserved) audience... Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, and The Narrative Game, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

This is the full audio of the first in a brand new series of podcasts featuring my co-host, Doomberg (the little green chicken who could) and a series of occasional guests who we believe will enhance and broaden your understanding of the increasingly complex world surrounding us. Many of these guests will be content creators with smaller audiences than their work deserves to whom we'll hopefully be able to offer a platform in order to help raise awareness of their work, as well as introducing our audience to great new talent. In this first episode, we talk about recent pieces we’ve both written - fleshing out the ideas contained within them and discussing the feedback we’ve received. From crypto to energy markets and the use of both propaganda and censorship, there’s plenty into which we can sink our teeth (and beaks)... Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, and The Narrative Game, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time. So if you enjoy what you hear on this show and want more high-quality content like it, make your way over to www.Grant-Williams.com and join our exciting community today!

Returning to The End Game as we begin the year with a bang are the brains behind Simplify, The Two Mikes, Green & Taylor who take turns picking apart just about ever facet of the financial and political spectrum. From the growth of passive investing and its potential impact on the market to the importance of understanding the holdings and flows of passive funds, The Two Mikes hold court in typically forthright fashion. Also under the microscope are the behavior of stocks like Tesla and Apple, and how fundamental valuations will eventually come into play. The conversation then shifts to the influence of politics on the market, with a focus on the actions of the Treasury and the potential impact of the upcoming election. Finally, we discuss the role of the Federal Reserve and its recent policies, somehow managing to trigger just about every group along the way. Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

Returning to The End Game is The Lord of the Dark Matter himself, James Aitken. Among the topics under discussion is the (under appreciated) potential for a normalization cycle by the Bank of Japan. James suggests the BOJ may attempt a policy rate normalization due to structural reforms and the need to revitalize the equity culture in Japan which, it’s fair to say, would send the horses scuttling from the barn. James also highlights the potential spillover effects and changes in incentives for Japanese savers, which could impact global bond markets and capital flows. Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

Joining us for this episode of The End Game is Kris Sidial, Co-Chief Investment Officer of The Ambrus Group, a tail-risk manager specializing in volatility strategies. Kris and his team seek to offer investors tail-risk protection without the associated 'bleed' in premium during times of dampened volatility so, with September fast-approaching, we thought it was a perfect time to chat with him as markets prepare to wake from their traditional summer slumbers. Kris' thoughts about what to expect as we move towards the back end of 2023 are incredibly interesting, with his expected scenario for the rest of this year having the potential to  create quite the stir in markets lulled to sleep by the constant downward pressure on vol over recent years. Buckle up, folks! Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

Bill and Grant return for a no-holds-barred conversation with the great Steve Eisman of The Eisman Group within Neuberger Berman. Steve is no stranger,  thanks both to his exploits during the GFC and the stupendous portrayal of those exploits by Steve Carell in the movie version of Michael Lewis' wonderful book, The Big Short. Steve explains the history of paradigm shifts and tells us why he feels we are at the point of another major change - not only in the investment landscape but also in broader society.  The recent meltdown in the mid-size banking sector comes under the microscope, as do Fed policy, lofty valuations, a likely return to a more familiar investment world, the tech reckoning and the purveyor of a certain set of ETFs focused on 'exponential growth' stocks. Fun for all the family! As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, The Narrative Game, This Week In Doom and Shifts Happen so sign up today!  

The latest guest to grace The End Game series is hedge fund legend, value investor, reformed shortseller and poker wizard, David Einhorn. In a greatly anticipated conversation, Bill and I get the chance to quiz David about his recent comments on the death of value investing, the challenges posed by investing in a bear market and the likelihood that inflation, far from being transitory, is now structural. Throw in a dissection of where central banks find themselves, and a fascinating glimpse into David's experiences at some of the highest stakes poker tables in the world and you have all the ingredients necessary for a classic End Game conversation. As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, The Narrative Game, This Week In Doom and Shifts Happen so sign up today!

When James Aitken calls and says we need to record another episode of The End Game based on the events of recent weeks, Fleck and I dropped everything and got him on the phone immediately. In this superb conversation, James lays out how and why the turmoil in the UK happened and explains the implications — which extend into the depths of financial market plumbing, an area James knows better than just about anybody. LDIs, Linkers, the box into which the Fed has painted itself and the dreadful predicament facing the BoJ all come under the microscope as James picks apart the plumbing as only he can. Buckle up, folks. Things are about to get really interesting... As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, The Narrative Game, This Week In Doom and Shifts Happen so sign up today!

Episode 37 of The End Game sees Bill and Grant welcome back Gerard Minack of Minack Advisors for a discussion on the current market environment, the reality of the inflationary pulse upending markets and the path Gerard believes we take from here. Gerard’s one-man mission to convince the world that Central Bankers aren’t responsible for the unfolding disaster in financial markets runs headlong into a man with a hammer to whom everything looks like a nail in Fleck but the case Gerard makes is extremely thought-provoking. As Gerard says, investor sentiment is a three-month trailing average of the price action and, with that as a backdrop, we pick apart recent price action and dig into the ocean of data that Gerard parses for his clients in order to try and figure out what comes next... As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, The Narrative Game, This Week In Doom and Shifts Happen so sign up today!