-- Follow Alfonso: https://twitter.com/MacroAlf Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ -- Use code GUIDANCE20 to get 20% off Permissionless 2023 in Austin: https://blockworks.co/event/permissio...

-- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://rb.gy/5weeyw

Market commentary, charts, degen trade ideas, governance updates, token performance, can’t-miss-tweets and more. Subscribe to the Blockworks Research “Daily Debrief” Newsletter: https://rb.gy/feusos

(00:00) Introduction (00:20) The Recession That Didn't Show Up (11:35) How Big Is The Tightening of Credit Availability? (20:15) Is Quantitive Easing (QE) "Money Printing"? Jack & Alf Debate (29:45) Money Printing Type #1: Fiscal Deficits (38:47) Money Printing Type #2: Bank Lending (46:53) Money Printing Type #3: Non-Bank Lending (49:20) Can "Liquidity" Explain Market Returns? Alf Says No! (01:00:43) Why Haven't Bonds Performed As Inflation Has Fallen? (01:06:34) When Recession? — Disclaimer: Nothing discussed on Forward Guidance 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.