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Global Macro Overview: 2nd Quarter 2020

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1.  

00:00 

Introduction

2.  

04:49 

The Worst Global Recession in History

3.  

08:03 

Lockdowns Kept the Virus from Overwhelming Health Care Capacity

4.  

08:29 

Assumption: We Learn to Live with It and Science Overcomes It

5.  

08:43 

Policy Support Essential in Interim

6.  

09:30 

When Fear Ends the Cumulative Boost from Lower Yields Could Be Substantial

7.  

09:49 

Cumulative Policy Stimulus Substantial as Well

8.  

10:02 

Gold Captures the Declining Opportunity Cost of Owning Fiat Money

9.  

10:20 

Commodity Price Inflation a Good Gauge of the Success of Global Reflation

10.  

10:33 

CRB and the Economy Usually Catch up to Reflation...

11.  

11:32 

A Steeper Yield Curve Requires the World Economy to Gain Traction

12.  

11:51 

Still Early, but All This Stimulus More Anti-deflationary Than Inflationary

13.  

12:42 

In a Zero Bound Dollar Denominated World, Reflation Requires a Weaker Dollar

14.  

13:09 

Fed Has Moved on the Supply Side

15.  

13:27 

Rate Spreads Don't Support the Dollar