Best of the best: Top 2024 lessons from Forward Guidance

One big learning was how high interest rates were actually making inflation worse, rather than deterring it

article-image

Forward Guidance host Felix Jauvin | Permissionless III by Mike Lawrence for Blockworks

share

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


Before we get into the groove and craziness of 2025, I want to reflect on my favorite interviews and biggest takeaways of 2024.

Warren Mosler is the father and pioneer of the modern monetary theory (MMT) movement, and has very unique views compared to traditional macroeconomic thinking. I had him on the show as I wanted to understand his views of the current economic environment. 

One big learning was how high interest rates were actually making inflation worse, rather than deterring it. When debt levels become as elevated as they are, interest payments made to Treasury holders act as income. 

Therefore, to Warren, for inflation to come down the Fed needs to actually cut rates.

Jeff Park is the head of Alpha Strategies at Bitwise and an absolute powerhouse on all things options and derivatives. We sat down right as options on the US spot bitcoin ETFs started trading and had a fascinating 201-level discussion.

One of the biggest takeaways: Because crypto options marketplaces like Deribit operate 24/7 and ETF options hew to standard market hours, prices on each marketplace should actually be different. When there is more time for the option to trade (Theta), the probability of it expiring in the money is higher — which comes with a higher price for the option.

Dr. Stephen Miran is a fellow at the Manhattan Institute and worked at the US Treasury during the last Trump Administration. He’s a leading academic on the potential economic impact of Trump’s incoming trade policies, namely around tariffs

I had Stephen on the show for an exclusive launch interview for his latest paper, in which he unpacked the mechanical impacts of what tariffs could do to the US economy. He highlighted them as a necessary tool to help the US alleviate symptoms of what he calls the Triffin’s Dilemma — the associated residual effects of what happens when a country’s money is the global reserve currency.

George Robertson is a veteran macro trader and a true maven.  He has a unique view on what drives the economy and markets. The core of his revolutionary view: The Fed has no actual impact on the economy in terms of its mechanical policy implementations; it’s almost entirely psychological. 

These episodes were my favorite because each guest held unorthodox views that they developed independently to become leading thinkers within their domains. 

As we head into another year of wicked episodes on Forward Guidance, I encourage you to revisit some of these truly excellent podcasts!


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Monad SR Report Graphic.png

Research

Monad is a new Layer 1 blockchain designed as a high performance, EVM-compatible platform.

article-image

Engineers from MetaMask, Coinbase, Google, and the Ethereum Foundation make the case for onchain AI agents via ERC-8004

article-image

Legacy payments firm partners with Anchorage Digital to issue a dollar-pegged token under new US stablecoin law

by Blockworks /
article-image

As Solana ETFs launch but network REV trends lower, Jito sits at the intersection of new capital inflows and microstructure improvements

article-image

The Truth Social parent will integrate Crypto.com Derivatives North America, allowing users to trade prediction contracts under federal oversight

by Blockworks /
article-image

Partnership surpasses $2 billion in staked assets and adds support for new Proof-of-Stake networks

by Blockworks /
article-image

The tokenization leader will merge with Cantor Equity Partners II, becoming the first public firm focused on securities tokenization

by Blockworks /