![Macro Voices show](https://d3dthqtvwic6y7.cloudfront.net/podcast-covers/000/067/847/small/macro-voices.jpg)
Summary: Erik Townsend and Aaron Chan welcome Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss rich equity valuations despite an on-going earnings recession, the mainstream misconception and myth that the Fed provides liquidity, Milton Friedman's Interest Rate Fallacy and how long-run low interest rates demonstrate tightness of money supply, wholesale eurodollar system not tracking with prior exponential growth and demonstrating permanent monetary disruption, and much more.