Business
Why Guggenheim’s Minerd Sees the Market as a ‘Ponzi Scheme’
Jan.22 — Scott Minerd, Guggenheim Partners co-founder and Guggenheim Global chief investment officer, discusses his concerns about rallying asset prices. He talks with Bloomberg’s Tom Keene and Jonathan Ferro at the World Economic Forum’s annual meeting in Davos, Switzerland on “Bloomberg Surveillance.”
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Former Trump Senior Economic adviser Stephen Moore is on Bloomberg This Weekend and says inflation remains too high for the Federal Reserve to cut interest rates, breaking with President Donald Trump’s repeated calls for lower borrowing costs and arguing the central bank should hold rates steady for now. Moore also warned hosts Christina Ruffini and Bailey Lipschultz that elevated oil prices and the escalating US Canada trade fight pose risks to the economy and Republicans heading into the midterm elections.
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Former US Ambassador to NATO Ivo Daalder says the Trump administration lacks a concerted strategy to pressure Russia into negotiations, arguing Washington needs to combine continued military support for Ukraine with stronger economic pressure and diplomacy. He also sees little prospect that Chinese President Xi Jinping’s upcoming visit to Washington will produce progress toward ending the war. Daalder speaks with Joe Mathieu and Tyler Kendall on the late edition of Bloomberg’s “Balance of Power.”
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Tom Keene and Lisa Abramowicz host a special edition of “Bloomberg Surveillance” live from Jackson Hole. In his debut as Fed Chair at the annual gathering, Kevin Warsh warned inflation isn’t meaningfully slowing and said policymakers still have “work to do” unless they can be confident it is. Guests include Cleveland Fed President Beth Hammack, former Kansas City Fed President Esther George, the Bank of England’s Catherine Mann, Cornell University’s Eswar Prasad, Citi Wealth CIO Kate Moore, NewEdge Wealth CIO Cameron Dawson and PIMCO Global Economic Advisor Richard Clarida.
Chapters:
00:00:00 – Surveillance Jackson Hole Special
00:02:38 – Warsh’s Policy Shift, Fed Credibility, Inflation Risks & Market Uncertainty
00:03:34 – Beth Hammack | Inflation Too High, Why the Fed May Need Higher Rates & Restoring Credibility
00:16:16 – Esther George | New Fed Leadership, Inflation Risks, Rate Cuts Debate & Policy Credibility
00:23:44 – Cameron Dawson | Markets vs. the Fed, Financial Conditions, Rate Hikes & Investor Expectations
00:28:48 – Catherine Mann | Global Inflation, Supply Shocks, Monetary Policy & Why Central Banks Remain Hawkish
00:39:38 – Eswar Prasad | The Dollar’s Future, Stablecoins, Reserve Currency Risks & Global Financial Fragmentation
00:46:43 – Richard Clarida | What Markets Need from Warsh, Fed Framework Changes & Inflation Strategy
00:51:39 – Kevin Warsh Fed President | 2% Inflation Target Remains Firm, Inflation Not Moving Fast Enough & “We Have Work To Do”
01:11:13 – AI Investment Boom, Capex Growth, Corporate Profits & Productivity Potential
01:14:41 – Inflation Still Too High, Price Stability Mandate & Conditions for Future Rate Hikes
01:20:55 – Immediate Reaction to Warsh’s Jackson Hole Speech
01:24:42 – Did Warsh Signal a Rate Hike? Inflation, Policy Framework & Fed Credibility
01:27:38 – Kate Moore Citi | Market Reaction, 2% Inflation Commitment, Equities & Higher Rates
01:42:11 – Breaking Down Warsh’s Message, AI Productivity & Rate Hike Expectations
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Six months into the US conflict with Iran, oil flows from the Persian Gulf have recovered to about 40% of prewar levels, but risks remain as the Strait of Hormuz stays constrained and the Navy faces mounting pressure on personnel, equipment and finances. Bloomberg News Economic Statecraft Lead Chris Kennedy and Bloomberg News Defense Reporter Jen Judson join hosts Christina Ruffini and Bailey Lipschultz on Bloomberg This Weekend and discuss the strain on US military readiness and why a new US deal involving Venezuelan oil fields is unlikely to deliver a significant near-term boost to global supply.
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A deadly flash flood tore through a valley in Nepal near the Chinese border, leaving hundreds dead and more than a thousand missing. Foreign tourists are among those affected as authorities brace for flooding downstream.
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@TGSM19
January 5, 2024 at 11:18 am
it's more complex then that…
@BRuane-pw6xq
January 5, 2024 at 11:18 am
Right before COVID hit
@deesus1085
January 5, 2024 at 11:18 am
RIP. One of the few people I understood and kept it simple. Everything he said is playing out.
@warrenwelsh
January 5, 2024 at 11:18 am
3:00
@johngiancola6241
January 5, 2024 at 11:18 am
Rest in peace scott a great man
@dentonfender6492
January 5, 2024 at 11:18 am
EVERYTHING IS A RICH MAN'S TRICK!
@valdomero738
January 5, 2024 at 11:18 am
Scott is dead now.
@abeybaby29
January 5, 2024 at 11:18 am
RIP Scott Minerd. Thank you for sharing your knowledge and wisdom with all of us. You will be missed.
@jDaniel5721
January 5, 2024 at 11:18 am
RIP Scott
@azncs11
January 5, 2024 at 11:18 am
I hope someone told this guy about Jesus.
@thomastrefz
January 5, 2024 at 11:18 am
RIP Scott you will be remembered for speaking the truth.
@richardmarshall1707
January 5, 2024 at 11:18 am
Great interview. Scott was one of the good guys.
@clarkroberts5603
January 5, 2024 at 11:18 am
Don’t you mean it’s been a series of bubbles since 1914
@DiveHard
January 5, 2024 at 11:18 am
this aged well
@fuzzzeballs
January 5, 2024 at 11:18 am
"played that out" is the name of the game
@meehanasap
January 5, 2024 at 11:18 am
This guy has been right on the whole time.
@theyjustwantyourmoney4539
January 5, 2024 at 11:18 am
The United States created Ponzi schemes
@Tweetogreggieb59
January 5, 2024 at 11:18 am
That's right, TQQQ & SQQQ, it's only one option when someone's coming at you with a bunch of crap, you shut that ass down, that's how I did the stock market in 2022 by empowering you the people… ..
@Tweetogreggieb59
January 5, 2024 at 11:18 am
That's right, TQQQ & SQQQ, it's only one option when someone's coming at you with a bunch of crap, you shut that ass down, that's how I did the stock market in 2022 by empowering you the people… ..
@DonFather
January 5, 2024 at 11:18 am
Well DUH! Is that all this guy's knowledge can bring to the table? The whole world's existence is a ponzi scheme because people feel entitled to consume all they can without thinking about the future or the environment. Everything from pensions to going on multiple vacations/road trips/cruises a year, buying V8 engined cars/trucks, eating meat every meal, everything down to the last minute detail of our lives, we have been conditioned to destroy the world and let somebody else pay for the consequences. But then who is willing to give up their "rights?" Consider Covid a litmus test. All people can think of is when will we get back to "normal" after having only very light restrictions on their lives. God forbid if we had to really cut back to save the environment.
@lenich89
January 5, 2024 at 11:18 am
Beeep, beeep, beeep…
Hear that?
That's the sound of everyone backing up the truck.
@berthacastillo6109
January 5, 2024 at 11:18 am
ponzi FACTOR
@jasontito7644
January 5, 2024 at 11:18 am
the idea of Fed is right, but the people running it are knuckleheads
@WhatWeCallDollarsArentMoney
January 5, 2024 at 11:18 am
When the Fed pivoted
^^^ BINGO ^^^
@gaeldesmontagnesnoires1711
January 5, 2024 at 11:18 am
Get your Satoshies TODAY!!! You might accumulate up to a full BITCOIN 💛
@gaeldesmontagnesnoires1711
January 5, 2024 at 11:18 am
Buy Bitcoin so governments will have to be subservient to civilians instead of the other way around