On today's episode of Forward Guidance, Jack Farley is joined by Roger Lowenstein to discuss his new books and the intricacies of the American financial institution during and before the Civil War. Taking a look back at history, Roger is able to make connections to our modern day and how we can empower ourselves by knowing our backstory. -- BCB is Europe’s leading provider of business accounts and trading services for the digital asset economy. With a dedicated focus on institutional payment services, BCB Group provides business banking, cryptocurrency and foreign exchange market liquidity for some of the world’s largest crypto-engaged financial institutions. BCB Business Accounts allow businesses to load fiat currency and cryptocurrencies for payments, operations and trading purposes. BCB’s clients can trade FX and cryptocurrencies quickly and at scale, with market-leading value. BCB’s BLINC network is the European crypto industry’s first instant settlements network and one of the first real-time payment networks of its kind to allow free, real-time transactions across fiat and digital currencies. For more information, please visit https://bcbgroup.com/jack -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter -- Timestamps 00:00 Introduction 02:27 American Finance Before the Civil War 06:46 How Did the North Fund the Civil War? 15:25 How the South Funded The Civil War? 18:56 Disastrous Inflation In The South 24:02 BCB Ad 25:25 Illegal Cotton Smuggling And Parallels To Russian Gas 34:20 Will Commodity Price Shock Cause A Recession? 37:36 Inflation 42:28 The Fed 47:03 Final Reflection on President Lincoln ... https://www.youtube.com/watch?v=vz7L8xPTDfQ

On today's episode of "On the Margin", Darius Dale CEO of 42 Macro joins the show for a discussion on the Fed's tightening cycle. By tracking the effects of liquidity on financial markets, Darius shares his framework for assessing the current tightening cycle the Fed is embarked on in their quest to fight inflation. While 2020 and 2021 saw markets soar to new highs in a liquidity cycle & growth upturn, 2022 has seen the opposite as the liquidity cycle downturns. In order to understand the market cycle, you must first understand the liquidity cycle, but to hear that, you'll have to tune in! -- Follow Darius: https://twitter.com/@42macroDDale Follow Mike: https://twitter.com/MikeIppolito_ Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Circle’s USDC is one of the most trusted and widely used stablecoins in the digital asset industry. Check out their Transparency Hub at circle.com/transparency that outlines everything from links to USDC weekly reserve reports, monthly attestations, and blog posts written by their executive team highlighting how and why USDC was built the way it is. -- Referenced In The Show: Progressing Through The Tightening Cycle: https://www.bridgewater.com/research-and-insights/an-update-from-our-cios-progressing-through-the-tightening-cycle -- Timestamps: 00:00 Introduction 00:57 The Liquidity Cycle 07:58 Where Are We In The Liquidity Cycle? 16:12 The Fed Is Looking In The Rear View Mirror 19:24 Progressing Through The Tightening Cycle 24:08 Circle Ad 25:27 Tracking The Inflation Cycle 34:17 Measuring Liquidity Using The GRID Framework 40:45 Final Thoughts: Darius' Outlook On Markets -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets. ... https://www.youtube.com/watch?v=s_271_-ozcw