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Ep. 443: Simon Black Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Different Forms of Money

There are three fundamentally different forms of money. They all share a one to one to one exchange rate, they're all essentially trading at parity and financial speak. Negative interest rates turn that equation upside down and make it much easier to consume and much more difficult to produce and to save. Banks have huge disincentives against being conservative custodians of other people's money.

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