The Credit Cycle is on the Turn

Ryan Girdusky visits for the first time on the radio program this week while Alasdair Macleod and Michael Oliver return.

Alasdair says we are nearing the end of the current credit cycle that began after the 2008 credit collapse. Banks sell treasuries and make loans as interest rates and wages rise leading to fears of inflation and still further interest rate increases. Ultimately higher rates lead to an equity bear market. But might the end of the current cycle be even more profound and injurious to unsuspecting investors that the last one? Are interest rates destined to rise dramatically higher as in the 1970s such that inflation becomes a major threat even as gold rises to much, much higher levels? We get answers to those questions from Alasdair as well as Michael.

More immediately on the minds of many Americans are the upcoming midterm elections.  First time guest Ryan Girdusky, a native New Yorker and frequent Fox TV guest, tells us how he sees the Senate and House races shaping up.

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Alasdair Macleod has a background as a stockbroker, banker and economist. He is a Senior Fellow at the GoldMoney Foundation and Head of Research at Goldmoney.  His weekly articles written for GoldMoney are posted on his blog at



Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F. Hutton’s International Commodity Division, NYC. He studied under David Johnson, head of Hutton’s Commodity Division and Chairman of the COMEX.

In the 1980’s Oliver began to develop his own momentum-based method of technical analysis. In 1987 Oliver, along with his futures client accounts (Oliver had trading POA) technically anticipated and captured the Crash. Oliver began to realize that his emergent momentum-structural-based tools should be further developed into a full analytic methodology.

In 1992 he was asked by the Financial VP and head of Wachovia Bank’s Trust Department to provide soft dollar research to Wachovia. Within a year Oliver shifted from brokerage to full-time technical research. MSA has provided its proprietary technical research services to financial and asset management clients continually since 1992. Oliver is the author of The New Libertarianism: Anarcho-Capitalism.

Ryan James Girdusky is a born and raised New Yorker, and has been politically active since his teens. He is a frequent guest on Fox News, Fox Business, and many radio shows nationwide and writes for The Washington Examiner. Ryan is active in supporting and working for local candidates but he is also acutely aware of American politics on a state-by-state and national scale.  

About Jay Taylor