Eurodollar University: Recent Episodes
Jeff Snider, Emil Kalinowski
Discussing the function and malfunction of the global monetary order and its consequences on finance, economics, politics and society.
If you want to delve into the deep background of how everything works, check it out here.
https://www.eurodollar.university/sales-page
money #inflation #deflation #interestrates #dollar #economy #credit #interestrates #eurodollar #consumer #recession #banks #regionalbanks #bankstocks
What banking crisis? The one from just a few months back might as well has been decades ago as far as most people today are concerned. But there is a lot happening in and around the banking sector as key markets price growing trouble and the possibility for much more.
Eurodollar University's Money & Macro Analysis
Bloomberg: Yellen ‘Feeling Very Good’ About Soft Landing for US Economy
https://www.bloomberg.com/news/articles/2023-09-10/yellen-feeling-very-good-about-us-sticking-a-soft-landing
Morningstar: Regional banks may saddle themselves with $63B in fresh debt to meet regulatory requirements: report
https://www.morningstar.com/news/marketwatch/20230908407/regional-banks-may-saddle-themselves-with-63b-in-fresh-debt-to-meet-regulatory-requirements-report
WSJ: Real-Estate Doom Loop Threatens America’s Banks
https://www.wsj.com/real-estate/commercial-real-estate-regional-banks-9f8f591d?reflink=integratedwebview_share
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
https://www.eurodollar.university/sales-page
If you want to delve into the deep background of how everything works, check it out here
money #inflation #deflation #interestrates #dollar #economy #credit #interestrates #eurodollar #consumer #recession
Retailers in the US are becoming increasingly nervous and for good reason. Consumers are showing more and stronger signs of running out of spending power. Last year it was hefty price increases this year a combination of headwinds. One of those is flashing a steady and sharp recession signal.
Eurodollar University's Money & Macro Analysis
Bloomberg: The Mighty American Consumer Is About to Hit a Wall, Investors Say
https://www.bloomberg.com/news/articles/2023-09-11/us-consumer-is-likely-to-start-cutting-back-hurting-economy-and-stocks?fromMostRead=true
Bloomberg: Americans Keep Spending But Big Retailers Doubt It’ll Last
https://www.bloomberg.com/news/articles/2023-08-17/americans-keep-on-spending-but-big-retailers-doubt-it-ll-last
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
https://www.eurodollar.university/sales-page
If you want to delve into the deep background of how everything works, check it out here
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Join us Friday Sept 1 for a free webinar. Register at the link below:
https://event.webinarjam.com/channel/eurodollaruniversity
recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity #yieldcurve #unemployment #jobs
According to GDP, the US economy is resilient, really hanging in despite a tough global environment. On the other hand, GDP's twin indicates something very different. Spoiler: the very same as what has kept interest rates incredibly consistent for almost a year despite everything thrown at them. Worse, history has shown the other number is the superior cyclical indicator, not GDP.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
Join us Friday Sept 1 for a free webinar. Register at the link below:
https://event.webinarjam.com/channel/eurodollaruniversity
recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity #yieldcurve #unemployment #jobs
Beware the ides of...August? Only if it happens to foreshadow what's waiting for us in September. Looking for clues about what kind of September this one will be, inflationary and rate hike-y, or in the same category as past Septembers from 2019 or 2011, even last year's. USTs are telling us a lot by not moving around a lot. Labor data, too, telling us a lot though by moving quickly in the wrong direction.
Eurodollar University's Money & Macro Analysis
Bloomberg: US 30-Year Treasury Auction Signals Weak Demand to Wrap Up Week of Big Sales
https://www.bloomberg.com/news/articles/2023-08-10/treasuries-stumble-after-30-year-bond-auction-flags-weak-demand
CNBC: Bill Ackman says he’s shorting 30-year Treasury bills, and yields could hit 5.5% ‘soon’
https://www.cnbc.com/2023/08/03/billionaire-investor-bill-ackman-says-hes-shorting-30-year-treasury-bills.html
Bill Ackman Tweet
https://twitter.com/BillAckman/status/1686906272937869312
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Join us Friday Sept 1 for a free webinar. Register at the link below:
https://event.webinarjam.com/channel/eurodollaruniversity
recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity #yieldcurve #jacksonehole #unemployment #employment
JOLTS for July jolted the heck out of the soft landing narrative and for very good reasons. To begin with, why the soft landing view has become so widespread. It isn't necessarily what you might think. We have to dig up the current increasingly absurd version of the Phillips Curve to find out. We also have to be aware of just how close the US economy might be to the recession cliff, savings, student loans and now maybe jobs, too.
Eurodollar University's Money & Macro Analysis
Jay Powell Press Conference July 26, 2023
https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20230726.pdf
Jay Powell Jackson Hole August 25, 2023, Inflation: Progress and the Path Ahead
https://www.federalreserve.gov/newsevents/speech/powell20230825a.htm
FRBSF: Excess No More? Dwindling Pandemic Savings
https://www.frbsf.org/our-district/about/sf-fed-blog/excess-no-more-dwindling-pandemic-savings/
Benigno & Eggertson, NBER: IT’S BAAACK: THE SURGE IN INFLATION IN THE 2020S AND THE RETURN OF THE NON-LINEAR PHILLIPS CURVE
https://www.nber.org/system/files/working_papers/w31197/w31197.pdf
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Free Webinar on Friday, September 1 link to sign up here:
https://event.webinarjam.com/channel/eurodollaruniversity
recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity #yieldcurve #jacksonehole
Why do central bankers need to be "confident" about inflation? At Jackson Hole, Fed Chair Jay Powell repeatedly referred to a high level of uncertainty. It doesn't matter if that was hawkish or dovish, those at the Fed portray that they know more than they do. It was the same at Jackson in August 2010 when then-Chair Ben Bernanke used the same "uncertainty" to launch a second QE.
Eurodollar University's weekly conversation w/Steve Van Metre
Jay Powell, Jackson Hole: Inflation: Progress and the Path Ahead
https://www.federalreserve.gov/newsevents/speech/powell20230825a.htm
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Join us Friday Sept 1 for a free webinar. Register at the link below:
https://event.webinarjam.com/channel/eurodollaruniversity
recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity #yieldcurve #jacksonehole #jgb #japan #china #europe #loans
Just over a week ago, I said keep an eye on the yield for the Japanese government's 3-month bill, but I didn't have this in mind at least not in August. The rate absolutely plunged today though the good news is that was the only big mover. Outside the Jbill, more trouble in China CNY along with a credit crunch in Europe that continues to get worse. The latter keeps raising the chances of European eurodollar woes getting added to what are already-serious Asian eurodollar problems.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
Join us on Friday, Sept 1 for our free webinar. To register, go here:
https://event.webinarjam.com/channel/eurodollaruniversity
recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity #yieldcurve #china #cny #yuan
More developments in China as officials and banks struggle to stabilize the yuan. That is one way we can tell the Economy is getting worse and so are monetary conditions. While almost everyone still believes falling currencies are a choice, a form of export stimulus, here we debunk that myth by reviewing what makes the dollar go up and what that really means.
Eurodollar University's Money & Macro Analysis
Investopedia: The Impact of China Devaluing the Yuan in 2015
https://www.investopedia.com/trading/chinese-devaluation-yuan/
RealClearMarkets: A Monetary System That Is No Longer Monetary
https://www.realclearmarkets.com/articles/2015/08/14/a_monetary_system_that_is_no_longer_monetary_101784.html
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
https://www.eurodollar.university
Free Webinar on Friday, September 1 link to sign up here:
https://event.webinarjam.com/channel/eurodollaruniversity
recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #unemployment #employment #softlanding #germany #europe
We always talk about a soft landing, but do they ever happen? They are actually so exceedingly rate Economist Alan Blinder felt it necessary to change the standard to add a "softish" landing if only to make the Fed look better. But it's not about the Fed or rate hikes, rather that once the economy gets into this weak position the outcome - especially with inversions - isn't variable. Recent global data really shows why.
ABCNews: Can Greenspan Engineer Soft Landing?
https://abcnews.go.com/Business/story?id=88786&page=1
Alan Blinder: Landings, Soft and Hard: The Federal Reserve, 1965–2022
https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.37.1.101
S&P Global Flash US Composite PMI™
https://www.pmi.spglobal.com/Public/Home/PressRelease/3bfc5a90d9d2416a8f6709f78f90d014
HCOB Flash Eurozone PMI
https://www.pmi.spglobal.com/Public/Home/PressRelease/47840ba665f24e19b896088b4d160c6b
HCOB Flash Germany PMI
https://www.pmi.spglobal.com/Public/Home/PressRelease/89529aecf6ec4de5bf1698ea086999fb
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
https://event.webinarjam.com/channel/eurodollaruniversity
Check out my FREE Webinar here
recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity #yieldcurve #japan #trade #jpy
Today's lackluster 20-year JGB auction has many wondering if there really is a demand issue for governments, especially after last week's 30-year UST sale (which really wasn't a big deal). It at least raises the question of whether or not a bear steepening in government bonds has ever happened before. Recent data from the US as well as Japan simply reinforce the uncertainty across financial as well as economic dimensions.
Eurodollar University's Money & Macro Analysis
Conference Board Leading Indicators
https://www.conference-board.org/topics/us-leading-indicators
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recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity #yieldcurve
Back and forth all year; two years, actually. No recession. Recession. Soft landing, Bank crisis contraction. Right back to soft landing again. Where do we go for something to anchor on to given so much uncertainty? For all the back and forth, there's been an unmistakable and remarkable consistency in it.
Eurodollar University's Money & Macro Analysis
RECOVERING EXPECTATIONS OF CONSUMPTION GROWTH FROM AN EQUILIBRIUM MODEL OF THE TERM STRUCTURE OF INTEREST RATES
https://people.duke.edu/~charvey/Research/Thesis/Thesis.pdf
Bloomberg: Economist Says His Indicator That Predicted Eight US Recessions Is Wrong This Year
https://www.bloomberg.com/news/articles/2023-01-04/pioneering-yield-curve-economist-sees-us-able-to-dodge-recession
WSJ: Pro Take: Yield-Curve Pioneer Says This Recession Warning Is Real
https://www.wsj.com/articles/pro-take-yield-curve-pioneer-says-this-inversion-warning-is-real-ac0b606
Near Term Forward Spread:
https://www.neartermforwardspread.com/
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THE EPISODES
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity #china #yuan #rmb #cny #japan #jpy #yen
China really is gloomy, but is there hope in Japan for a boom? Not so fast. Though Japanese GDP surged the economy there actually went the other way. A big reason why is the increasingly dangerous slide in China. This has even unnerved Beijing - the PBOC panicked into an unscheduled rate cut (pair of them) and the NBS yanked the youth unemployment rate altogether.
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Eurodollar University's Money & Macro Analysis
Bloomberg: Japan’s Huge GDP Beat Driven by Exports as Domestic Demand Falls
https://www.bloomberg.com/news/articles/2023-08-14/japan-s-economy-expands-more-than-expected-signaling-resilience
China Daily:
https://www.chinadaily.com.cn/a/202308/15/WS64db0857a31035260b81c3ea.html
NBS suspends release of youth unemployment rate
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deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity #china #yuan #rmb #cny #india #rupee
It's not just China's yuan which is experiencing serious turmoil. Now India's rupee has been drawn into the growing maelstrom, too. In both cases, both country's central banks are being forced to alter their currency tactics. Why now? That's the question since we already know the answer to why the dollar is being bullish.
Eurodollar University's Money & Macro Analysis
AP: ‘Bad situation’: Soaring US dollar spreads pain worldwide
https://apnews.com/article/inflation-middle-east-africa-business-global-trade-bee68344b1812dd48ca9c0735395b868
Bruno & Shin: Capital Flows and the Risk-Taking Channel of Monetary Policy
https://www.princeton.edu/~ceps/workingpapers/237b%20shin.pdf
Reuters: Indian rupee strengthens on dollar weakness, likely RBI intervention
https://www.reuters.com/world/india/indian-rupee-strengthens-dollar-weakness-likely-rbi-intervention-2023-08-10/
Twitter: https://twitter.com/JeffSnider_AIP
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THE EPISODES
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Apple: https://apple.co/3czMcWN
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity #loans #CRE #commercialrealestate #CMBS #ustreasuries #yieldcurve
Are there too many Treasuries? You hear this all the time and while Uncle Sam has spent and borrowed more than human imagination can conceive the reason why the feds are able to is safety and liquidity come first. In 2023, we can see why that would be the case especially as more cracks emerge in key markets.
Eurodollar University's weekly conversation w/Steve Van Metre
BNNBloomberg: Property Loans Are So Unappealing That Banks Want to Dump Them
https://www.bnnbloomberg.ca/property-loans-are-so-unappealing-that-banks-want-to-dump-them-1.1955910
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity #china #lending #yuan #rmb #cny #loans
China's efforts to control or stabilize its currency are failing because the Chinese system has itself become highly unstable. July 2023 lending data shows an alarming drop in credit across all types, indicating a growing credit problem exacerbating an economic and financial system already more than flirting with deflation triggered in full part by worsening global recession conditions.
Eurodollar University's Money & Macro Analysis
FT: China’s rapid reopening will stir the global economy
https://www.ft.com/content/cb5365eb-0b52-45ac-9870-923878aeb910
Bloomberg: Next China: A Deflation Gift
https://www.bloomberg.com/news/newsletters/2023-08-11/why-deflation-could-become-a-welcomed-chinese-export-next-china
CNNBusiness: Chinese property giant Country Garden warns of $7.6 billion loss as it nears default
https://www.cnn.com/2023/08/11/investing/china-country-garden-loss-warning-intl-hnk/index.html
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
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deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity
Another thoroughly disinflationary headline CPI joined for a second month by its core component. Not only that, strengthening hints of deflation are becoming more frequent in the details, too. And if that wasn't enough, China's CPI falls negative and its PPI alarmingly goes further on the bad side, too.
Eurodollar University's Money & Macro Analysis
Project Syndicate: M El-Erian
https://www.project-syndicate.org/commentary/why-the-resurgent-transitory-inflation-narrative-is-dangerous-by-mohamed-a-el-erian-2023-02
Tweet by M El-Erian
https://twitter.com/elerianm/status/1689617154608623616
CNBC: July CPI report shows inflation gauge rose 3.2%, less than expected
https://www.cnbc.com/2023/08/10/cpi-inflation-july-2023-.html
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #federalreserve #liquidity
August 9, 2007, is a date that should live in infamy but doesn't - not yet. Hardly anyone knows what happened or why it is today still so important and relevant. Amidst a banking crisis that hasn't gone away, Moody's gave us a reminder of it yesterday, understanding what went on and what came after is crucial.
Eurodollar University's Money & Macro Analysis
RCM: Anniversary of a Market Event That Changed Everything
https://www.realclearmarkets.com/articles/2014/08/08/anniversary_of_a_panic_that_changed_everything_101216.html
Reuters: BNP freezes $2.2 bln of funds over subprime
https://www.reuters.com/article/us-bnpparibas-subprime-funds-idUSWEB612920070809
FRBNY Liberty Street Economics: Did the Fed’s Term Auction Facility Work?
https://libertystreeteconomics.newyorkfed.org/2011/10/did-the-feds-term-auction-facility-work/
CNBC: Moody’s cuts ratings of 10 U.S. banks and puts some big names on downgrade watch
https://www.cnbc.com/2023/08/08/moodys-cuts-ratings-of-10-us-banks-and-puts-some-big-names-on-downgrade-watch.html
Twitter: https://twitter.com/JeffSnider_AIP
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #china #trade
Just plain ugliness from China today, first with economic statistics that weren't just the worst since 2009 they are now becoming like 2009. Second, CNY keeps pushing lower to the point the PBOC may be forced to alter its attempt to stabilize China's currency against heavier deflationary and recession eurodollar pressures. This isn't just about the dire shape of the Chinese system, either, rather an accurate reflection of so much negative global potential that is less and less mere potential.
Eurodollar University's Money & Macro Analysis
Bloomberg: China Deflation Threat Grows as Companies Cut Prices to Survive
https://www.bloomberg.com/news/articles/2023-08-07/china-deflation-threat-grows-as-companies-cut-prices-to-survive
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
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RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
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Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #jobs #employment #unemployment
The second half of 2023 just isn't rebounding like so many have hoped. The inventory cycle continues to plague most of the world and is set to get worse not better. The yield curve has shifted to reflect that strong possibility; made stronger by the credit crunch which shows no signs of letting up through the first month of H2.
Eurodollar University's Money & Macro Analysis
A.P. Moller - Maersk reports robust Q2 financial results in difficult market conditions
https://www.maersk.com/news/articles/2023/08/04/maersk-reports-robust-q2-financial-results-in-difficult-market-conditions
Bloomberg: BofA Clients Turn Cautious, Flee From Stocks on Recession Risks
https://www.bloomberg.com/news/articles/2023-08-04/bofa-clients-turn-cautious-flee-from-stocks-amid-recession-risk
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
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RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
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deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #jobs #employment #unemployment #supplyshock
People hate the word "transitory" because they naturally believe a couple years wouldn't qualify under it. Yet, supply shocks historically take that much time and the current one we are experiencing is following that pattern very closely. What matters now, however, is what comes next. The data not only confirms the supply shock, it also holds a serious warning as to that next step.
Eurodollar University's Money & Macro Analysis
Jeff's Interview w/Erik Townsend on MacroVoices
https://youtu.be/Zr578T08l7c
https://t.co/ZGaW1CSQ0M
Time: Ketchup Shortage
https://time.com/6072227/miguel-patricio-ceo-kraft-heinz-ketchup-shortage/
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider #jobs #employment #unemployment
Payroll report for July wasn't just about July's payrolls. Instead, major downward revisions to every single month this year consistent with a serious enough downturn in the labor market. Plus, hours continue to contract while cyclical industries are right on the edge of mass layoffs.
Eurodollar University's Money & Macro Analysis
CNBC: Payrolls rose 339,000 in May, much better than expected in resilient labor market
https://www.cnbc.com/2023/06/02/jobs-report-may-2023-.html
FRB St Louis: Are Unemployment Data Revisions Biased?
https://research.stlouisfed.org/publications/employment-research/are-unemployment-data-revisions-biased
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #money #whatismoney #jeffsnider
Popular perception suggests services industries are insulated from macro problems plaguing manufacturers. While that may have been true at one time perhaps long ago, it wasn't true in '08 nor would it be today. If anything, service providers are even more closely linked to goods now than ever - many goods won't even function without services. Fewer sales of items, fewer service contracts and then fewer service jobs.
Eurodollar University's Money & Macro Analysis
Chairman Ben S. Bernanke At the International Monetary Conference, Barcelona, Spain (via satellite)
https://www.federalreserve.gov/newsevents/speech/bernanke20080603a.htm
FOMC Transcript June 2008
https://www.federalreserve.gov/monetarypolicy/files/FOMC20080625meeting.pdf
J.P.Morgan Global Composite PMI
https://www.pmi.spglobal.com/Public/Home/PressRelease/3271b887e7634ea9bd6845578aa62a3b
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #oil #gasoline #money #whatismoney #jeffsnider #treasury #debt
Fitch downgrades US government debt as its fiscal woes are piling up. Why? The same reason American use of gasoline just nosedived. This is also the reason why the government has been able to continue borrowing all it wants despite its dramatically worsening credit profile. Demand for safety and liquidity in unsafe and illiquid times matters more than how broke Uncle Sam is getting to be.
Eurodollar University's Money & Macro Analysis
Fitch Downgrades the United States' Long-Term Ratings to 'AA+' from 'AAA'; Outlook Stable
https://www.fitchratings.com/research/sovereigns/fitch-downgrades-united-states-long-term-ratings-to-aa-from-aaa-outlook-stable-01-08-2023
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
recession #inflation #deflation
deflation #recession #economy #bankfailure #money #whatismoney #jeffsnider #bankingcrisis #bankingcollapse #china #layoffs #jobs
Stocks are having a really good run, but why? Perceptions that rate hikes are coming to a close (correct) and the Fed has engineered a soft landing (not so much). What would spoil this illusion is a recession, though it will have to be confirmed by the labor market data first. Today's estimates indicate that's already happening.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
yellow #deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #bankfailure #money #whatismoney #jeffsnider #bankingcrisis #bankingcollapse #china
One of the largest trucking firms in the US, Yellow, is now formerly one of the largest trucking firms. Its story is the supply shock, general economy story in a nutshell. It was a fool's paradise that we now have to pay for. Most recent data shows the bill is already coming due and the costs are growing not the economy.
Eurodollar University's Money & Macro Analysis
Yellow’s CEO sees LTL in growth mode in opening SMC3 Connections conference
https://ajot.com/insights/full/ai-yellows-ceo-sees-ltl-in-growth-mode-in-opening-smc3-connections-conference
Yellow CEO Darren Hawkins: Q4 Earnings Show Carrier on Right Track
https://www.ttnews.com/articles/yellow-ceo-darren-hawkins-q4-earnings-show-carrier-right-track
Dallas Fed's Texas Manu Survey Comments
https://www.dallasfed.org/research/surveys/tmos/2023/2307#tab-comments
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #bankfailure #money #whatismoney #jeffsnider #bankingcrisis #bankingcollapse
In July 2019, Fed Chairman Jay Powell told Congress he was increasingly worried major global weakness would envelope the US. As a result, the FOMC would vote to start cutting interest rates in a matter of weeks. Four years later, the FOMC is still hiking rates when the US and global economy is FAR weaker. How do we make sense of this?
Eurodollar University's weekly conversation w/Steve Van Metre
Semiannual Monetary Policy Report to the Congress
https://www.federalreserve.gov/newsevents/testimony/powell20190710a.htm
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
deflation #recession #depression #inflation #interestrates #dollar #bank #money #credit #economy #bankfailure #money #whatismoney #jeffsnider #bankingcrisis #bankingcollapse
The Goldilocks scenario is kept alive only through a fundamental misreading of the situation. New consumer price data from all over decisively shows the shift to disinflation. Here's what that actually means.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
recession #inflation #china #deflation #interestrates #dollar #bank #money #economy #credit
jeffsnider #eurodollar #cpi #federalreserve #jeromepowell
The ECB and Fed have hiked rates while simultaneously citing elevated "inflation" risks and a high level of uncertainty around forecasts and results. If each economy is doing as well as is claimed, then uncertainty would be low. There is instead an almost bipolar division between outlooks; a serious and worsening downside risk only balanced by a perceived upside based on current statistics. Including GDP.
Eurodollar University's Money & Macro Analysis
ECB Combined Monetary Policy Decisions and Statement
https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230727~9e147b657d.en.pdf?ca4da9a82a1174e4b5eb9adb5079b1c7
FOMC Press Conference Transcript July 2023
https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20230726.pdf
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
china #europe #eurodollar #interestrates #lending #deflation #inflation
Bank lending continues to contract in Europe as demand for loans there have plummeted to the worst in ECB's history (lending survey). The credit crunch is spreading and deepening meaning the European economy will more than struggle to get out of its recession, it will end up being shoved farther into it. And interest rates are not the reason why. On the contrary, interest rates are telling us what that reason is.
Eurodollar University's Money & Macro Analysis
ECB: Euro Area Bank Lending Survey Q2 2023
https://www.ecb.europa.eu/stats/ecb_surveys/bank_lending_survey/html/ecb.blssurvey2023q2~6d340c8db6.en.html
FOMC Transcript Conference Call October 5, 1979
https://www.federalreserve.gov/monetarypolicy/files/FOMC19791005confcall.pdf
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
dollar #cny #currency #deflation #recession #china
China's PBOC FX interventions by themselves aren't having much luck which is why the central bank has directed commercial banks to assist, including earlier today with an aggressive push. The market weakness in the currency like the intervention is a warning of big problems and not just about China. Those were likewise acknowledged by the politburo in its mid-year assessment which offered little by way of solutions to these vexing and "grim" conditions.
Eurodollar University's Money & Macro Analysis
Xinhua: CPC leadership holds symposium to seek advice on economic work
https://english.news.cn/20230724/a8ddc909cf8d4f1d96d1c44e67c99ff4/c.html
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
recession #manufacturing #services #globaleconomy #deflation #inflation
With Germany and Europe already struggling to escape from the earlier recession, most recent July data on forward-looking sentiment shows the situation worsening substantially over the months still ahead. In the US, PMI numbers indicate the same if not yet to the same degree and intensity. Becoming more globally synchronized and deflationary.
Eurodollar University's Money & Macro Analysis
Deutsche Bundesbank Monthly Report June 2023
https://www.bundesbank.de/resource/blob/911528/01ceb958008680074abe476534ae6288/mL/2023-06-prognose-data.pdf
HCOB Flash Germany PMI
https://www.pmi.spglobal.com/Public/Home/PressRelease/c23ef113fdfb4d149593c3b3d2840fe9
HCOB Flash Eurozone PMI
https://www.pmi.spglobal.com/Public/Home/PressRelease/3b7cae66963d47798b88889727023fd3
S&P Global Flash US Composite PMI
https://www.pmi.spglobal.com/Public/Home/PressRelease/bbdd92c5f4a34bb5975b23263409ad3d
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
interestrates #inflation #deflation #recession #inversion #ratehikes
A slew of Wall Street types are getting impatient - and cold feet - waiting for a recession they're not sure is happening. The market is sure causing them to wonder if the market is just wrong with its massive inversion. No, this time is never different.
Eurodollar University's weekly conversation w/Steve Van Metre
If Powell Wants Higher Rates, He Should Ask Why He's Not Getting Them
https://www.realclearmarkets.com/articles/2023/07/21/if_powell_wants_higher_rates_he_should_ask_why_hes_not_getting_them_967624.html
Bloomberg: Goldman Says Yield Curve Is Wrong About Recession. Should Investors Be Worried?
https://www.bloomberg.com/news/articles/2023-07-18/goldman-says-yield-curve-is-wrong-about-recession-mliv-agrees
Bloomberg: Bill Gross Says Bond Bull Market Isn’t ‘In the Cards’ as Yields Peak
https://www.bloomberg.com/news/articles/2023-07-21/gross-says-bond-bull-market-isn-t-in-the-cards-as-yields-peak
James Grant: John Adams Party of One
https://www.amazon.com/John-Adams-Party-James-Grant/dp/B001714ZF2
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
dollar #brics #gold #currency #money #eurodollar
Next month, the BRICS summit is going to introduce a new common currency and one backed by gold. Or is it? Before it even begins, the group seems like it will have to proceed without the I and the S. Or any monetary sense.
Eurodollar University's Money & Macro Analysis
The Eurodollar Standard Isn't Going Anywhere Anytime Soon
https://www.realclearmarkets.com/articles/2023/06/02/the_eurodollar_standard_isnt_going_anywhere_anytime_soon_903165.html
BRICScoin, Like U.S. Inflation, Never Had a Chance
https://www.realclearmarkets.com/articles/2022/01/28/bricscoin_like_us_inflation_never_had_a_chance_814163.html
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
recession #inflation #deflation #taiwan #semiconductor #apple
Taiwan Semiconductor reported pretty awful results blaming the global macroeconomic environment, specifically singling out inventory bloat as well as China's failed reopening. The effects aren't being limited to that side of the Pacific; the spillover is already affecting projects in the United States. We aren't supposed to say "recession" yet that's what we keep finding in big ways and small.
Eurodollar University's Money & Macro Analysis
Reuters: TSMC sending more workers to speed up building of new Arizona plant
https://www.reuters.com/technology/tsmc-sending-more-workers-speed-up-building-new-arizona-plant-2023-06-29/
CNBC: TSMC reports first profit drop in 4 years as electronics demand slump continues
https://www.cnbc.com/2023/07/20/tsmc-q2-earnings.html
FT: TSMC warns over deepening slump in chipmaking sector
https://www.ft.com/content/f433971d-fd8e-4ed3-91e9-e25a96284ea0
CNBC: Apple supplier TSMC delays start of Arizona chip factory
https://www.cnbc.com/2023/07/20/tsmc-delays-start-of-arizona-chip-factory-that-will-build-apple-chips.html
CNBC: Apple reports better-than-expected quarter driven by iPhone sales
https://www.cnbc.com/2023/05/04/apple-aapl-earnings-report-q2-2023.html
Canalys: Recovery in sight after global smartphone market declined by 11% in Q2 2023
https://www.canalys.com/newsroom/global-smartphone-market-q2-2023
Canalys: Worldwide smartphone shipments fall for fourth consecutive quarter, leaving market down 12% in 2022
https://www.canalys.com/newsroom/global-smartphone-market-2022
LATimes: Supply of homes for sale in U.S. hits lowest level in more than two decades
https://www.latimes.com/business/story/2022-01-28/homes-for-sale-listings-decline
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
recession #china #germany #trade #export #deflation #bonds
Germany reported trade data exposing the resilient economy fallacy as a product of nothing more than the temporary nominal price illusion. Volumes are down huge and as values fall there's no more cushion from lack of activity. This isn't about Germany so much, either, as we can see in trade w/the German's biggest customers: China and the US of A.
Eurodollar University's Money & Macro Analysis
Bloomberg: ECB Hawk Klaas Knot Pushes Back on Bets for a September Hike
https://www.bloomberg.com/news/articles/2023-07-18/ecb-s-knot-says-hiking-beyond-july-is-at-most-a-possibility
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
recession #deflation #inflation #retailsales #industrial #consumer
US Industrial Production fell for the second month in a row, dropping the Fed's index below the same period a year ago. A negative yearly change in IP has accompanied all 18 of the economic contractions in the NBER's library. Only six times in over a century has IP been negative on an annual basis without any full-scale recession.
Eurodollar University's Money & Macro Analysis
Bloomberg: Stocks Climb After Yellen Eases Recession Fears: Markets Wrap
https://www.bloomberg.com/news/articles/2023-07-16/asia-stocks-to-struggle-as-inflation-doubts-linger-markets-wrap
Bloomberg: US Industrial Production Decreased in June for a Second Month
https://www.bloomberg.com/news/articles/2023-07-18/us-industrial-production-fell-in-june-for-a-second-month
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
china #recession #inflation #deflation #industrial #spending #money
China's GDP report as well as its monthly statistics confirm first reopening isn't just completely dead, instead the entire economy is already rolling over and heading toward more weakness. The global recession combined with China's own problems - which weren't really about the pandemic - have left the Chinese exposed to a dangerous downside and no lockdowns to blame this time.
Eurodollar University's Money & Macro Analysis
China's NBS: The basic situation of the national real estate market in the first half of 2023
http://www.stats.gov.cn/sj/zxfb/202307/t20230715_1941273.html
Bloomberg: Wall Street Cuts China Growth Forecasts as Economy Disappoints
https://www.bloomberg.com/news/articles/2023-07-17/china-growth-forcasts-cut-as-economists-highlight-risks-in-data
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
recession #inflation #deflation #globaltrade #india #credit #bank
India reported a huge drop in exports, one of its worst on record. A major US food producer says demand has worsened to the point some of its brands are having to cut prices. American banks are now scaling back certain loans. What do all these have in common? US consumers and the deflationary recession.
Eurodollar University's Money & Macro Analysis
Conagra Earnings Report Transcript
https://finance.yahoo.com/news/conagra-brands-inc-nyse-cag-093343482.html
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
recession #inflation #deflation #taxes #employment #unemployment
Individual income tax payments to Uncle Sam are running almost half a trillion (with a "T") behind same months in FY 2022. Withholdings are way off and claimed refunds are way up. At the same time, the June CPI showed broad-based disinflation and a little deflation. These two results aren't unrelated.
Eurodollar University's weekly conversation w/Steve Van Metre
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
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Castbox: https://bit.ly/3fJR5xQ
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SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Great Inflation 2, or soft landing? Those are the only two choices we're given for #inflation #deflation #recession when neither of those was ever likely. The reasons why the soft landing isn't happening and another Great Inflation simply can't are easily found in historical comparisons.
Eurodollar University's Money & Macro Analysis
Bloomberg: El-Erian Says Soft-Landing Narrative Gains Steam, Don’t Fight It
https://www.bloomberg.com/news/articles/2023-07-14/el-erian-says-soft-landing-narrative-gains-steam-don-t-fight-it
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
The Chinese aren't taking their #eurodollar #dollar woes weakening yuan lying down #recession. But they aren't doing a whole lot meaningful about it, either. Why and why not? That's the (euro)dollar conundrum.
Eurodollar University's Money & Macro Analysis
PBOC: Notice of the People's Bank of China and the State Administration of Financial Supervision on Extending the Deadline of Relevant Policies for Financial Support to the Steady and Healthy Development of the Real Estate Market
http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4987564/index.html
PBOC Financial News: Under exchange rate fluctuations, cross-border capital flows still maintain a basic balance, and the long-term investment value of RMB assets is highlighted
https://mp.weixin.qq.com/s?__biz=MzI5MjE1ODM5Mw==∣=2650304221&idx=1&sn=c340f49f6b7c79af978527b54da4588c&chksm=f409600bc37ee91d81ddc20fb91a9311a030918b8eaf3bc7c0ca913fbfc39e446d0bf4e9844e&mpshare=1&scene=1&srcid=07051Ipdhywo7Uszrm5t1JjO&sharer_sharetime=1688570086386&sharer_shareid=39b1682714627f7233e332548d9eeeae&exportkey=n_ChQIAhIQ9XMODdRsqNRK7rXOHlFIyRKZAgIE97dBBAEAAAAAAA9iK2lmv2oAAAAOpnltbLcz9gKNyK89dVj0xqpLmp%2BOOkCXGkYfc%2Buj56zqe3EaSHX7YiMHX7jwaGKj3%2BXi3JWFrCEbPE3UsWTmOJK%2BEVAoYCuh5pA7ICAfwKSKjV4AQ11CiEWdvegwRqwGQFLazoBS%2F%2FyiUhSwaF8pibmQwHB5jrhOeLxjmbghxE67FVl4bCXMMvf5%2Bo2iwPDH7hBAMK%2BBRVpADGHEpPIg%2BaPz1iIpv6zXU6blRZAahRN%2FyluyvJrQYriwjGagN1pZil89TPlXTqcS92K8LSuJd5XdRkWvgcuiCupIQRzXb5pBTfpdCcCxgECMrrbKEL5WQXs%2Bss%2FXqTV91pPmWXZs2L3j&acctmode=1&pass_ticket=pF7HUjJhpjMaKnMvCcR3jzCWS3v9bDFp78PBIsdD%2FOUroYIWKzETuTaXfGIavDEx&wx_header=0#rd
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
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RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
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Apple: https://apple.co/3czMcWN
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AmazonMusic: https://amzn.to/2UpEk2P
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Consumer #spending is down already and now we're getting data which shows by how much, #recession. There's no #inflation here. Disney theme parks are empty, consumer #credit is actually contracting, the bad news is just getting started. Steve Van Metre nailed it when he pointed out services and vacation weakness on this channel just a couple months ago.
Eurodollar University's Money & Macro Analysis
WSJ: Disney World Hasn’t Felt This Empty in Years
https://www.wsj.com/articles/disney-world-crowds-universal-studios-florida-36b0a579
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
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Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
China reported some of the worst #inflation consumer and producer price estimates in its modern history, within range of the worst parts of 2009. Such damaging #deflation shows #globalrecession #recession getting worse, and worse for everyone outside China it is becoming more synchronized.
Eurodollar University's Money & Macro Analysis
Reuters: UPDATE 1-Goldman Sachs raises 2023 China GDP growth forecast to 6%
https://www.reuters.com/article/china-economy-comment/update-1-goldman-sachs-raises-2023-china-gdp-growth-forecast-to-6-idUSL1N35N1HG
CNBC: Goldman joins Wall Street banks in cutting China’s growth outlook as post-Covid bounce fades
https://www.cnbc.com/2023/06/19/goldman-sachs-cuts-chinas-growth-outlook.html
China People's Daily: In the first quarter, we will ask about the general trend—authoritative people talk about the current Chinese economy
https://politics.people.com.cn/n1/2016/0509/c1001-28333725.html
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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Podchaser: https://bit.ly/3oFCrwN
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
It's the greatest story no one wants to tell. Money printing. Inflation. Deflation. Interest rates. Crash. The Fed. What is QT? What was QE really? They're all lies and you don't have to take my word for it. I've got all the numbers, their math, and the truth.
Eurodollar University's weekly conversation w/Steve Van Metre
Forbes Advisor: Quantitative Tightening (QT) Explained
https://www.forbes.com/advisor/investing/what-is-quantitative-tightening/
BIS Working Papers No 1105
The demand for government debt
https://www.bis.org/publ/work1105.pdf
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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Podchaser: https://bit.ly/3oFCrwN
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PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Saudi Arabia extended its #oil production cuts for another month. Given what the Japanese reported for #income, not hard to see why #recession Plus, US bank #credit crunch accelerated at the end of June when #lending fell further and cash cushions rose. #globalrecession
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
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Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
June #payrolls #jobs data stumbled badly. Worse, previous months were revised a lot lower erasing prior acceleration. The #unemployment rate went lower, though that was the lone bright spot (which you shouldn't consider as one). US #recession is more than fully on track which raises alarms given how recessions usually work in labor markets.
Eurodollar University's Money & Macro Analysis
Remarks by Governor Ben S. Bernanke At the Meetings of the American Economic Association, San Diego, California January 4, 2004
https://www.federalreserve.gov/boarddocs/speeches/2004/20040104/default.htm
Twitter: https://twitter.com/JeffSnider_AIP
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THE EPISODES
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Central banks want rates to go up but markets have largely resisted. Upping the ante, the FOMC admits there's going to be a recession but claims it will raise its rates anyway. As a result, this pushes the Fed pivot somewhat further into the future by raising the bar for any rate cuts.
Eurodollar University's Money & Macro Analysis
Bloomberg: Bets on ‘Year of the Bond’ Persist in Face of Still-Hawkish Fed
https://www.bloomberg.com/news/articles/2023-07-05/year-of-the-bond-loses-luster-as-robust-growth-imperils-bulls
FOMC June 2023 Meeting Minutes
https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20230614.pdf
FOMC Sept 2011 Meeting Transcript
https://www.federalreserve.gov/monetarypolicy/files/FOMC20110921meeting.pdf
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Central banks have said inflation risks are all in core price numbers. Here's yet another core instead deeply in deflation, so bad it fell at a rate we haven't seen since the worst part of the Great Recession. And though it may "only" be a producer price figure, history conclusively shows that it - not core CPIs - is the one to follow.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
The manufacturing recession has reached its critical point where producers have to decide to keep workers or start laying them off. Unemployment is now rising because the second half economic rebound just isn't happening. Instead, work is disappearing as new sales fail to materialize forcing companies worldwide to make their choice.
Eurodollar University's Money & Macro Analysis
S&P Global US Manu
https://www.pmi.spglobal.com/Public/Home/PressRelease/347746d7505243f8b84ca01657a4410a
JPM Global Manu
https://www.pmi.spglobal.com/Public/Home/PressRelease/f3b0f0fdd3a2474f918a7a3e736e77ce
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
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Apple: https://apple.co/3czMcWN
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TuneIn: http://tun.in/pjT2Z
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Federal bank regulators are issuing guidance to banks to do everything they can potentially limit any credit losses. With recession bearing down and loan portfolios exhibiting initial signs of major stress, authorities are clearly seeking to limit the public fallout in another can-kicking scheme.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Despite stubborn core inflation rates in the US and Europe, each economy is exhibiting more and more definite signs of recession and deflation. Unemployment is up in Europe's biggest economies and US consumer spending has sunk. Core consumer price rates never represent resilient labor markets.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
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Reason: https://bit.ly/3lt5NiH
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
While Q1 GDP was revised higher for the US, that's looking back at what is now ancient history. Looking ahead at Q2 and beyond, not just recession perhaps worse in huge part because of what's being uncovered behind the growing credit crunch. The Fed's stress test uncovered substantial future risks.
Eurodollar University's Money & Macro Analysis
Federal Reserve Stress Test Results
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20230628a.htm
https://www.federalreserve.gov/publications/files/2023-dfast-results-20230628.pdf
FINMA and the SNB issue statement on market uncertainty
https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/8news/medienmitteilungen/2023/03/20230315-mm-statement.pdf?sc_lang=en&hash=9E7D5CBED9519B41450D7D37643B482D
“Testimony Concerning the Role of Federal Regulators: Lessons from the Credit Crisis for the Future of Regulation.” Testimony before the Committee on Oversight and Government Reform, U.S. House of Representatives
https://www.sec.gov/news/testimony/2008/
Speech by Ignazio Angeloni, Member of the Supervisory Board of the ECB, Conference on “Banks, Systemic Risk, Measurement and Mitigation”
https://www.bankingsupervision.europa.eu/press/speeches/date/2017/html/se170317.en.html
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
The deflation and banking crisis which really began last fall that has now become a full-blown credit crunch and recession was far more about collateral shortages than anything else. It sure wasn't rate hikes. Not only have yield curves and interest rates told the truth, one central banker in Europe admits to it, too.
Eurodollar University's Money & Macro Analysis
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Money Market Contact Group meeting
https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230302~41273ad467.en.html
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
China's yuan currency has been incredibly weak to the point authorities in Beijing have been unable to successfully intervene against the dollar. It spells worldwide trouble given falling CNY is a dependable global recession and crisis signal. The worse it becomes for the Chinese, the more deflation we should expect elsewhere.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
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Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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AmazonMusic: https://amzn.to/2UpEk2P
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
The global economy is accelerating to the downside into more than just a short, shallow recession. It is instead sped along in the deflationary direction by the fallout from the March banking crisis which continues to spread all over the world. Credit crunch.
Eurodollar University's Money & Macro Analysis
Bloomberg: The World’s Empty Office Buildings Have Become a Debt Time Bomb
https://www.bloomberg.com/news/articles/2023-06-23/commercial-real-estate-reset-is-causing-distress-from-san-francisco-to-hong-kong?fromMostRead=true
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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Podchaser: https://bit.ly/3oFCrwN
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Economic conditions have worsened recently indicating the economy shifting gears from shallow downturn to full-blown recession. With new sales sinking, companies all over are ready to face their decision-point on workers and layoffs.
Eurodollar University's weekly conversation w/Steve Van Metre
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
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Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
The global economy has turned a corner, and not in a good (or inflation) way. Widespread ugly data and market positioning strongly suggest the deflationary recession is accelerating to the downside.
Eurodollar University's Money & Macro Analysis
HCOB Flash Eurozone PMI
https://www.pmi.spglobal.com/Public/Home/PressRelease/6a9a73ef2b4d449eb8a8d9b827cb2070
S&P Global Flash US Composite PMI
https://www.pmi.spglobal.com/Public/Home/PressRelease/6e8efbfbddde43f29eb12c5193939625
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
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Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Three more global central banks hiked interest rates despite even more determined recession signals here and abroad. Here we see just why they continue to act as if inflation is the world's biggest threat even though data and markets go completely the other way. Now labor, too.
Conference Board Leading Economic Indicators for June 2023
https://www.conference-board.org/topics/us-leading-indicators
Liberty Street Economics: The New York Fed DSGE Model Forecast— June 2023
https://libertystreeteconomics.newyorkfed.org/2023/06/the-new-york-fed-dsge-model-forecast-june-2023/
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
China yuan keeps plummeting to new lows as #deflation and #recession collide in growing global #dollar shortage. Yet, Jay Powell tells Congress he's more worried about #inflation even though this key #money signal is one among many against it. A recent paper by Ben Bernanke actually describes the mainstream problem - in the process inadvertently explaining why Powell is so off.
Eurodollar University's Money & Macro Analysis
Testimony Jerome Powell: Semiannual Monetary Policy Report to the Congress; June 21, 2023
https://www.federalreserve.gov/newsevents/testimony/powell20230621a.htm
Bernanke/Blanchard: What Caused the U.S. Pandemic-Era Inflation?
https://www.brookings.edu/wp-content/uploads/2023/04/Bernanke-Blanchard-conference-draft_5.23.23.pdf
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Central banks want #interestrates to go up if only to convince you they're fighting #inflation, when #deflation is keeping a lid on those and even pushing some market #yields lower. One that is moving down is a big one worth paying attention to. Contrary to popular perception, low rates are not easy money and conditions. Just ask Ben Bernanke.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
China's government failed to deliver concrete "stimulus" plans because authorities are conflicted. In the absence of any good ideas for combatting deflationary recession, they'll issue more rate cuts that never work hoping beyond hope something clicks.
Eurodollar University's Money & Macro Analysis
SCMP: China’s State Council fans stimulus hopes with economic plan for faltering growth
https://www.scmp.com/economy/china-economy/article/3224445/chinas-state-council-fans-stimulus-hopes-economic-plan-faltering-growth
Bloomberg: China Shifts to Stimulus Mode With Xi’s Options Dwindling
https://www.bloomberg.com/news/articles/2023-06-13/china-shifts-to-stimulus-mode-with-xi-s-options-dwindling
Bloomberg: China RRR Cut Gives Bigger Growth Boost Than Rate Move
https://www.bloomberg.com/news/articles/2023-05-25/china-rrr-cut-gives-bigger-growth-boost-than-rate-move-be-says
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
interestrates hikers and #centralbank hawks ignore failed #banks in favor of wages, Phillips Curve, and #inflation expectations. They believe the #economy has gone retro and we're stuck in 1978 when more and more each day looks too much like 2008.
Eurodollar University's weekly conversation w/Steve Van Metre
Speech by Governor Christopher J. Waller
https://www.federalreserve.gov/newsevents/speech/waller20230616a.htm
Bloomberg: Fed’s Barkin Comfortable Doing More to Slow Resilient US Economy
https://www.bloomberg.com/news/articles/2023-06-16/fed-s-barkin-comfortable-doing-more-to-slow-resilient-us-economy
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Following the alarming data from China, New Zealand confirms it is has succumbed to #recession while Australia's yield curve inverted for first time since 2008. Central banks continue to focus on #inflation because of labor data that is wildly overstating economic strength.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
The #federalreserve is pausing while the ECB is aggressively hiking #interestrates all at the same time the People's Bank of #china is cutting theirs. What is going on with the global #economy? The answer is #recession and #deflation though those haven't yet knocked #inflation down enough for some of these central bankers.
Eurodollar University's Money & Macro Analysis
ECB: Monetary policy decisions
https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230615~d34cddb4c6.en.html
The spokesperson of the National Bureau of Statistics answered reporters' questions on the operation of the national economy in May 2023
http://www.stats.gov.cn/sj/sjjd/202306/t20230615_1940669.html
Wang Xin, chief statistician of the Industry Department of the National Bureau of Statistics, interprets the industrial production data in May
http://www.stats.gov.cn/sj/sjjd/202306/t20230615_1940658.html
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
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DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
The #FOMC #federalreserve decided against another #ratehike today, instead choosing not to choose. Some officials insist #inflation is the biggest risk but apparently not enough to act right now. Instead, #recession and #bank problems still weigh enough to force this nonsense of a "hawkish pause" as a temporary compromise.
Eurodollar University's Money & Macro Analysis
Bloomberg: There’s More Trouble Coming for Regional Banks
https://www.bloomberg.com/news/articles/2023-06-10/apollo-spotted-a-worrying-real-estate-signal-for-regional-banks-credit-weekly
FOMC SEP Summary of Economic Projections June 2023
https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20230614.pdf
CNN: ‘Labor hoarding’ is gaining steam as businesses brace for a recession
https://www.cnn.com/2023/06/08/economy/labor-hoarding-economy/index.html
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Deflation #recession shows up in both the US #CPI and #China's credit system during the same month. This isn't random coincidence, rather the effects of the global downturn speeding up and taking over more geographic and economic spaces. It's already enough to get Beijing worried, though not yet enough to do the same in DC.
Eurodollar University's Money & Macro Analysis
Bloomberg: China Credit Growth Beats Expectations Amid Investment Push
https://www.bloomberg.com/news/articles/2023-04-11/china-s-credit-grows-faster-than-expected-following-rrr-cut
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Are #stocks a useful indicator of #recession? How about #depression? If they were, they can't explain how there wasn't a Great Depression 2 in the late 80s. After all, there were hundreds of #bank failures especially after the Crash of '87. Yet, we remember that period of time fondly as the Great "Moderation", a prolonged age of unrivaled global prosperity. The differences btw the 80s and 30s tell us a lot about our chances in the 20s.
Eurodollar University's Money & Macro Analysis
FOMC Conference Call Transcript
Oct 20, 1987
https://www.federalreserve.gov/monetarypolicy/files/FOMC19871020confcall.pdf
FOMC Transcript
Nov 3, 1987
https://www.federalreserve.gov/monetarypolicy/files/FOMC19871103meeting.pdf
FOMC Transcript
Feb 9-10, 1988
https://www.federalreserve.gov/monetarypolicy/files/FOMC19880210meeting.pdf
NBER Business Cycle Dating Committee Determines that Recession Began in July 1990
https://www.nber.org/news/business-cycle-dating-committee-announcement-april-25-1991
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
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https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Crisis borrowing at the Fed's emergency BTFP surged this week to a new high as #bankingcrisis grows critical. We're seeing more and more signs of serious #creditcrunch which, if it continues like this, won't take long to imperil more markets and the general #economy. #recession
Eurodollar University's weekly conversation w/Steve Van Metre
Bloomberg: Ackman-Backed Builder Says 48 Lenders Rejected Apartment Project
https://www.bloomberg.com/news/articles/2023-06-08/real-estate-builder-backed-by-ackman-says-lenders-rejecting-new-apartment-deals
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
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PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Both producer and consumer prices in #china fell again in the month of May as global #recession continues to hammer the Chinese economy. Though central banks see only #inflation risks, the #deflationary economy is no longer a risk. This one goes a long way toward confirming it.
Eurodollar University's Money & Macro Analysis
Bloomberg: China Central Bank Governor Reiterates Stable Policy Stance
https://www.bloomberg.com/news/articles/2023-06-09/china-s-central-bank-governor-reiterates-stable-policy-stance
Reuters: China's property shares surge as investors bet on stimulus hopes
https://www.reuters.com/world/china/chinas-property-shares-surge-investors-bet-stimulus-hopes-2023-06-06/
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
The global #dollar system is at its weakest point at these specific calendar spots, most susceptible to #collateral problems causing #deflation in #money. With the #bank crisis still raging under the surface, we're going to take a deeper look inside the shadows to see if we can find some answers here.
Eurodollar University's Money & Macro Analysis
OFR: Why Is So Much Repo Not Centrally Cleared?
https://www.financialresearch.gov/briefs/files/OFRBrief_23-01_Why-Is-So-Much-Repo-Not-Centrally-Cleared.pdf
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Central banks in Australia and Canada ended their short #ratehikes #interestrates pause, ignoring the global #recession risks China just reminded everyone about for their own #inflation biases. History (not to mention markets) caution against prematurely shifting when faced with such a high level of uncertainty.
Eurodollar University's Money & Macro Analysis
World Bank Global Economic Prospects
https://www.worldbank.org/en/publication/global-economic-prospects
RBA Statement by Philip Lowe, Governor: Monetary Policy Decision
https://www.rba.gov.au/media-releases/2023/mr-23-13.html
Bank of Canada raises policy rate 25 basis points, continues quantitative tightening
https://www.bankofcanada.ca/2023/06/fad-press-release-2023-06-07/
Bloomberg: China Asks Big Banks to Cut Deposit Rates to Boost Growth
https://www.bloomberg.com/news/articles/2023-06-06/china-asks-big-banks-to-cut-deposit-rates-again-to-boost-economy
Bloomberg: Treasuries Slide After Surprise Canada Rate Hike: Markets Wrap
https://www.bloomberg.com/news/articles/2023-06-06/equity-futures-point-to-gains-in-asian-benchmarks-markets-wrap#xj4y7vzkg
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
We can actually see #deflation right now in the form of falling producer prices. Europe reported a record drop in its PPI which has major implications starting with #recession and what this means for #inflation. Declining oil and producer prices today are linked to consumer prices and the economy tomorrow.
Eurodollar University's Money & Macro Analysis
Do Producer Prices Lead Consumer Prices?
https://www.kansascityfed.org/documents/1005/1995-Do%20Producer%20Prices%20Lead%20Consumer%20Prices%3F.pdf
The Commodity–Consumer Price Connection: Fact or Fable?
https://www.newyorkfed.org/medialibrary/media/research/epr/95v01n3/9510blom.pdf
Building A Pipeline Between Producer and Consumer Prices
https://www.richmondfed.org/publications/research/economic_brief/2022/eb_22-38
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Deflation and recession are everywhere. Almost. Of the few holdouts, only some of the US labor data starting with the least serious of the accounts. Apart from it, markets and macro are almost completely in sync. The ambiguity of previous months is melting away in favor of clarity.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Weekly Recap, featuring Steve Van Metre
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Major, sweeping inversion. WTI contango. In 2018, these warnings happened just prior to the Fed being forced out of its rate hike plans for 2019 because the economy and markets were more and more messed up. Before those, however, there was another huge shakeup...from China. All the same numbers are coming up in Nov '22, including the latest today...from China.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Weekly Recap, featuring Steve Van Metre
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Weekly Recap, featuring Steve Van Metre
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Iceland's 2007-09 experience is infamous and internationally lauded—actual bankers went to jail!—but what really happened? Is the story over? And is Iceland's secret really about Iceland at all, or capital markets everywhere? An interview of Jared Bibler, author of Iceland's Secret: The Untold Story of the World's Biggest Con.
*ICELAND'S SECRET*
Amazon USA: https://amzn.to/3DJHQLJ
Worldwide Orders: https://icelandssecret.com/orders
Website: https://IcelandsSecret.com/
*JARED BIBLER*
About: https://icelandssecret.com/the-author
Twitter: https://twitter.com/jared_bibler
LinkedIn: https://www.linkedin.com/in/jaredbibler/
*EURODOLLAR UNIVERSITY EPISODES*
YouTube (Post-Emil): https://bit.ly/3NR6v5N
YouTube (Era of Emil): https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar.
Emil Kalinowski, Ceremony Master.
David Parkins, Illustrator Deus.
Episode intro/outro music is "Say" by Heyson.
Eurodollar University's Weekly Recap, featuring Steven Van Metre
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Weekly Recap, featuring Steve Van Metre
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Ben Bernanke July 2005 https://www.youtube.com/watch?v=HQ79Pt2GNJo
Janet Yellen July 2005 https://www.frbsf.org/our-district/press/presidents-speeches/yellen-speeches/2005/july/views-on-the-economy-and-implications-for-monetary-policy-portland/
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Weekly Recap, featuring Steve Van Metre
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Swap study mentioned in this video: https://www.newyorkfed.org/research/epr/2018/epr_2018_negative-swap-spreads_boyarchenko.html
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Weekly Recap, Featuring Steve Van Metre
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
https://www.youtube.com/channel/UCrXNkk4IESnqU-8GMad2vyA/videos
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Sources included in this episode:
https://www.dramexchange.com/WeeklyResearch/Post/2/11441.html
https://www.yahoo.com/now/amd-announces-preliminary-third-quarter-201700374.html
https://www.imf.org/en/Publications/WEO/Issues/2022/10/11/world-economic-outlook-october-2022
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Sources featured in this video:
FOMC Jan '09
https://www.federalreserve.gov/monetarypolicy/files/FOMC20090116confcall.pdf
Bernanke speech Nov '02
https://www.federalreserve.gov/boarddocs/speeches/2002/20021108/
New Yorker Article Dec '08
https://www.newyorker.com/magazine/2008/12/01/anatomy-of-a-meltdown
Bernanke testimony Feb '10
https://www.reuters.com/article/usa-fed-bernanke/text-bernankes-prepared-testimomy-to-house-panel-idUSN1016179620100210
FOMC Aug 1, '11
https://www.federalreserve.gov/monetarypolicy/files/fomc20110801confcall.pdf
FOMC Aug 9, '11
https://www.federalreserve.gov/monetarypolicy/files/FOMC20110809meeting.pdf
Bernanke Brookings Mar '15
https://www.brookings.edu/blog/ben-bernanke/2015/03/30/inaugurating-a-new-blog/
Bernanke Princeton paper Dec '99
https://www.princeton.edu/~pkrugman/bernanke_paralysis.pdf
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Weekly Recap, Featuring Steve Van Metre
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Articles discussed in this video:
https://www.realclearmarkets.com/arti...
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
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Eurodollar University's Money & Macro Analysis
Articles discussed in this video:
https://www.realclearmarkets.com/articles/2022/03/25/an_entire_decade_wasted_at_the_expense_of_common_sense_823683.html
https://www.realclearmarkets.com/articles/2020/03/26/fire_all_the_central_bankers_while_theres_something_to_salvage_487635.html
https://www.realclearmarkets.com/articles/2019/07/19/theyre_all_symptoms_of_the_same_dollar_disease_103828.html
https://www.realclearmarkets.com/articles/2017/08/04/looking_for_problems_in_all_the_wrong_places_102812.html
Twitter: @JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University Conversations, featuring Steven Van Metre.
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: @JeffSnider_AIP
https://www.eurodollar.university
https://www.marketsinsiderpro.com
https://www.PortfolioShield.net
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: @JeffSnider_AIP
eurodollar.university
www.marketsinsiderpro.com
www.PortfolioShield.net
RCM essay discussed here: The Planet Has a Eurodollar Problem, Not a Dollar Problem
https://www.realclearmarkets.com/arti...
Paul Krugman NYT: Wonking Out: The Mysteries of the Almighty Dollar
https://www.nytimes.com/2022/09/09/op...
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Eurodollar University's Money & Macro Analysis
Twitter: @JeffSnider_AIP
eurodollar.university
www.marketsinsiderpro.com
www.PortfolioShield.net
RCM essay discussed here: The Planet Has a Eurodollar Problem, Not a Dollar Problem
https://www.realclearmarkets.com/articles/2022/09/16/the_planet_has_a_eurodollar_problem_not_a_dollar_problem_853940.html
Paul Krugman NYT: Wonking Out: The Mysteries of the Almighty Dollar
https://www.nytimes.com/2022/09/09/opinion/united-states-dollar-euro-currency.html
RealClearMarkets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
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Twitter: @JeffSnider_AIP
eurodollar.university
www.marketsinsiderpro.com
www.PortfolioShield.net
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Markets and not just stocks experienced a very rocky week. While the Fed raised its benchmark rates by another 75 bps, the other two "Rs" - recession and rising dollar - are lurking beneath the mainstream focus on the Fed. A conversation about commodities, curves, currencies, and collateral, the four Cs of deflationary excess.
Eurodollar University Conversations, featuring Steven Van Metre.
Twitter: @JeffSnider_AIP
eurodollar.university
www.marketsinsiderpro.com
www.PortfolioShield.net
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
THE EPISODES
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
DISCLOSURES
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
SHOW LESS
"Emerging markets burn through currency reserves as crisis risks grow," notes the Wall Street Journal. But what sticks in Mr. Jeff Snider's craw is that there's no mention as to why this is. To ask the question would move the Federal Reserve out of the media's glowing spotlight.
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 289 REFERENCES*
Emerging markets burn through currency reserves as crisis risks grow: https://on.wsj.com/3RZdWbM
The Infatuation With Fanciful Stories of Fascinating Bank Reserves: https://bit.ly/3xcXyMT
The China Syndrome: http://www.marketsinsiderpro.com/
India's China Syndrome: http://www.marketsinsiderpro.com/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Technostalgia" by Lazer Boomerang.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Technostalgia": https://www.youtube.com/shorts/9JrZ2rJaxQY
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
A study by the Federal Reserve finds that quantitative tightening has a statistically significant effect on rates and yields. Too bad the effect is IMMATERIAL in the EXTREME! Also, same study notes that quantitative easing is similarly a big, 'nothing burger' (their words; ok, ok - my words).
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 288 REFERENCES*
How Many Rate Hikes Does Quantitative Tightening Equal?: https://bit.ly/3BwhD3y
The Infatuation With Fanciful Stories of Fascinating Bank Reserves: https://bit.ly/3xcXyMT
Supplying Treasury Nonsense: http://www.marketsinsiderpro.com/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Technostalgia" by Lazer Boomerang.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Technostalgia": https://www.youtube.com/shorts/9JrZ2rJaxQY
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
Three European countries entered 2022 already on their back-foot after triggering early warning indicators of systemic banking crisis. Then they were presented energy, consumer-price and war emergencies. Keep an eye on France, Sweden and the Czech Republic (plus S. Korea and Canada!).
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 287 REFERENCES*
Early warning indicators of banking crises (expanding the family): https://bit.ly/3jFyffx
Early warning indicators of banking crises (online appendix): https://bit.ly/3uKq4or
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Technostalgia" by Lazer Boomerang.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Technostalgia": https://www.youtube.com/shorts/9JrZ2rJaxQY
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
Economic accounts are bad, worldwide. The worst is ahead of us.
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 286 REFERENCES*
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "First Horizon" by ELFL.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
ELFL: https://www.epidemicsound.com/artists/elfl/
"First Horizon": https://www.epidemicsound.com/track/YlWjWGbuEU/
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
Repurchase agreement failures by America's Primary Dealers have moved step-for-step with Japan's yen for two years. As the tempo of musical (financial-collateral) chairs picks up (scarcity, scramble) the yen depreciates. We explain why and what it means.
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 285 REFERENCES*
It's Not Just the Japanese Who Can't Afford to Wait for the Inevitable Truth: https://bit.ly/3QkvMos
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "First Horizon" by ELFL.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
ELFL: https://www.epidemicsound.com/artists/elfl/
"First Horizon": https://www.epidemicsound.com/track/YlWjWGbuEU/
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
A Financial Times opinion column avers not only is a "post-dollar world coming" but that it is "near" and that the "decline could last... longer". We review the argument, disagree, and note no discussion of the global monetary order. Also, a prediction where the dollar is headed next.
*SPONSOR*
Purchase shares in great masterpieces from artists like Pablo Picasso, Banksy, Andy Warhol, and more. Skip the waitlist and invest in blue-chip art for the very first time by signing up for Masterworks: https://masterworks.art/eurodollar. See important Masterworks disclosures: https://www.masterworks.io/about/disclaimer.
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 284 REFERENCES*
A post-dollar world is coming: https://on.ft.com/3eoCblx
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "First Horizon" by ELFL.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
ELFL: https://www.epidemicsound.com/artists/elfl/
"First Horizon": https://www.epidemicsound.com/track/YlWjWGbuEU/
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
When an emerging market central bank goes off-balance sheet to fight currency depreciation it means the world's monetary shortage has entered the next, more dangerous phase. The Indian rupee is at record lows against the United States dollar. This is neither the fault of India nor a consequence of the United States. It's all about the eurodollar system. Welcome to Hades.
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 283 REFERENCES*
Forward Pivot: http://www.marketsinsiderpro.com/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "First Horizon" by ELFL.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
ELFL: https://www.epidemicsound.com/artists/elfl/
"First Horizon": https://www.epidemicsound.com/track/YlWjWGbuEU/
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
When an emerging market central bank goes off-balance sheet to fight currency depreciation it means the world's monetary shortage has entered the next, more dangerous phase. The Indian rupee is at record lows against the United States dollar. This is neither the fault of India nor a consequence of the United States. It's all about the eurodollar system. Welcome to Hades.
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 282 REFERENCES*
Kicking and Screaming Into Deflationary Seas: https://bit.ly/3CHPFmg
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "First Horizon" by ELFL.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
ELFL: https://www.epidemicsound.com/artists/elfl/
"First Horizon": https://www.epidemicsound.com/track/YlWjWGbuEU/
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
The San Francisco Fed reveals why US consumer prices accelerated more than other nations (i.e. stimulus checks). Also, the SF Fed explains why and when prices accelerated during 2020-22 (i.e. demand collapse and surge; supply shocks). At no point was it the Fed 'money printer go brr'.
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 281 REFERENCES*
Why Is U.S. Inflation Higher than in Other Countries?: https://bit.ly/3CJZgt3
How Much Do Supply and Demand Drive Inflation?: https://bit.ly/3Riu9IZ
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "First Horizon" by ELFL.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
ELFL: https://www.epidemicsound.com/artists/elfl/
"First Horizon": https://www.epidemicsound.com/track/YlWjWGbuEU/
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
The Treasury Bill is the most liquid capital market asset of the monetary system. Now the Federal Reserve's 'quantitative' 'tightening' could liquify the dehydrated system (making Bills market-available). But are they treating it as a monetary vulnerability that needs to be addressed? Pfft.
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 280 REFERENCES*
The Bill for QT: http://www.marketsinsiderpro.com/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Sweet Escape" by Aiyo.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Aiyo: https://www.epidemicsound.com/artists/aiyo/
"Sweet Escape": https://www.epidemicsound.com/track/weMm7AKjMY/
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
China's economic results for July were "gruesome", the rest of the year not been much better. That's troubling enough but when the yuan doesn't move a scintilla for weeks it suggests the People's Bank of China is fighting hard to prevent a depreciation -- maybe even a devaluation?
*EP. 279 REFERENCES*
Beijing is tanking the domestic economy — and helping the world: https://on.ft.com/3QNQe2h
August data shows a still-struggling economy: https://bit.ly/3TcGXlM
Russell Napier: https://www.eri-c.com/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Sweet Escape" by Aiyo.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Aiyo: https://www.epidemicsound.com/artists/aiyo/
"Sweet Escape": https://www.epidemicsound.com/track/weMm7AKjMY/
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
Is there an unstoppable transformation—à la the internet in the 1990s—taking place in mining, minerals and energy? What are the supply and demand fundamentals for lithium? Where might an investor look to place some medium- to long-term bets? Is the time now, or is it still a bit early?
*EP. 278 REFERENCES*
Sean Maher Website: https://www.entext.com/
Sean Maher Twitter: https://twitter.com/smaherlon
Sean Maher LinkedIn: https://www.linkedin.com/in/seanmahereconomist/
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Daniel Want, CIO of Prerequisite Capital Management. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Sweet Escape" by Aiyo.
*FIND THE TEAM*
Daniel: https://www.prerequisite.com.au/
Daniel: https://mobile.twitter.com/danieljwant
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Aiyo: https://www.epidemicsound.com/artists/aiyo/
"Sweet Escape": https://www.epidemicsound.com/track/weMm7AKjMY/
The calendar spread (1- and 3-month) in the oil futures market (West Texas Intermediate) is compressing and is THIS close to being in contango. That would be the oil market saying, 'We don't see the demand. Keep your barrels—don't call us, we'll call you.'
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 277 REFERENCES*
Crude Flattened By Flattening: http://www.marketsinsiderpro.com/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Sweet Escape" by Aiyo.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Aiyo: https://www.epidemicsound.com/artists/aiyo/
"Sweet Escape": https://www.epidemicsound.com/track/weMm7AKjMY/
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
A recent US Treasury auction for one-month Treasury Bills showed heavy premiums paid by the market to secure the global monetary system's most desired financial collateral. It signals ongoing collateral / credit / money scarcity, so says Ben Bernanke (in a roundabout way).
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 276 REFERENCES*
Welcome to the Worst Kind of Party: http://www.marketsinsiderpro.com/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Neon Dreams" by Lazer Boomerang.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Neon Dreams": https://youtu.be/8vk_pnHbeZ4
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
The European Sovereign Debt Crisis of 2011-12 was the final nail in the post-Cold War Globalization coffin; it proved beyond a doubt that a global money/credit/collateral crisis was not a one-time event (the GFC) but a permanent, reoccurring disorder. Now, it maybe back.
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 275 REFERENCES*
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Neon Dreams" by Lazer Boomerang.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Neon Dreams": https://youtu.be/8vk_pnHbeZ4
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
If you all feel bad about the economy than the economy will be bad and you all are acting weird, so says a recent New York Times opinion column. We discuss whether concrete economic signals / data precede "vibes". Also, is the Federal Reserve the key "vibes" emitter?
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 274 REFERENCES*
The Vibes in the Economy Are … Weird. Really Weird.: https://nyti.ms/3dzG2vi
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Neon Dreams" by Lazer Boomerang.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Neon Dreams": https://youtu.be/8vk_pnHbeZ4
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
Today the repurchase agreement is the backstop, the 'lender of last resort', for the global monetary system. Over a century ago it was the Federal Reserve that created the repo market. But funnily enough, since its creation they have largely ignored it.
*SPONSOR*
Purchase shares in great masterpieces from artists like Pablo Picasso, Banksy, Andy Warhol, and more. Skip the waitlist and invest in blue-chip art for the very first time by signing up for Masterworks: https://masterworks.art/eurodollar
See important Masterworks disclosures: https://www.masterworks.io/about/disclaimer
*EP. 273 REFERENCES*
Why Does the Fed Spend So Little Time On the Past?: https://bit.ly/3vUB6HW
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Beverly Hills Cop 2022" by Lazer Boomerang.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Beverly Hills Cop 2022": https://www.youtube.com/shorts/fqK908oE208
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
On August 9, 2007 the second largest bank in Europe - BNP Paribas - kicked off the Global Financial Crisis (2007-09) and the Silent Depression (2007-2?). It started with three illiquid money market funds.
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 272 REFERENCES*
What's Lacking Right Now Is the Fed's Will To Act: https://bit.ly/3QaHR0e
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Beverly Hills Cop 2022" by Lazer Boomerang.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Beverly Hills Cop 2022": https://www.youtube.com/shorts/fqK908oE208
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
The Payroll Report (Establishment Survey) is not wrong but it is inappropriate. Heavy statistical dampening prevents the payroll report from showing economic inflections. Meanwhile, the Household Survey - note statistically constrained - is emitting recession warnings.
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 271 REFERENCES*
Same Labor, Different Worlds: http://www.marketsinsiderpro.com/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Beverly Hills Cop 2022" by Lazer Boomerang.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Beverly Hills Cop 2022": https://www.youtube.com/shorts/fqK908oE208
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
Central bankers use ‘Term Premia’ to cover for their grave, fundamental mistakes: A) not understanding bond markets, and B) putting themselves at the center of the monetary system.
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
*EP. 270 REFERENCES*
More than Model Error: http://www.marketsinsiderpro.com/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Beverly Hills Cop 2022" by Lazer Boomerang.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Beverly Hills Cop 2022": https://www.youtube.com/shorts/fqK908oE208
*DISCLOSURES*
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
The European Central Bank raised rates in July 2008 because consumer prices were too high; the Global Financial Crisis climax came next. They did it again, in July 2011, for the same reason; the European Sovereign Debt crisis appeared shortly after. Here we go again, a July 2022 rate hike, same reasons; what happens next?
*EP. 269 REFERENCES*
A European Rate Hike Is the Global Economy's Kiss of Death: https://bit.ly/3S7hCcu
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
*THE EPISODES*
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
*THE TEAM*
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Beverly Hills Cop 2022" by Lazer Boomerang.
*FIND THE TEAM*
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Beverly Hills Cop 2022": https://www.youtube.com/shorts/fqK908oE208
*DISCLOSURES*
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
James Bullard, St. Louis Fed chief, says the yield curve is twisted by the inflation surge, and may not be a recession message. Indeed, markets are twisting it because they have confidence the central bank will get control of consumer prices.
----EP. 267 REFERENCES----
Derby’s Take: Fed’s Bullard Says Yield-Curve Signal Might Not Be So Ominous: https://on.wsj.com/3PNKFAc
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Beverly Hills Cop 2022" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Beverly Hills Cop 2022": https://www.youtube.com/shorts/fqK908oE208
-------DISCLOSURES--------
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Emil Kalinowski is acting as three-ring circus ring master, he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket comes with those fancy nuts. Señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY. Even if you do the opposite of signore Kalinowski's 'advice' you will ALSO lose money - it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). Induna Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
On May 20, 1982 the Fed held an emergency conference call for which transcripts are missing (on purpose? by accident?) to solve the "Drysdale Problem". They 'solved' it by focusing on the trees and ignoring the forest.
----EP. 267 REFERENCES----
Since When Does the Fed Funds Rate Have Anything To Do With Anything?: https://bit.ly/3ougulL
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Beverly Hills Cop 2022" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Beverly Hills Cop 2022": https://www.youtube.com/shorts/fqK908oE208
-------DISCLOSURES--------
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Emil Kalinowski is acting as three-ring circus ring master, he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket comes with those fancy nuts. Señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY. Even if you do the opposite of signore Kalinowski's 'advice' you will ALSO lose money - it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). Induna Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
What if Japan's bond and currency markets aren't really about Japan at all?
----EP. 266 REFERENCES----
Global Euro$ Confirmation: http://www.marketsinsiderpro.com/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Beverly Hills Cop 2022" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Beverly Hills Cop 2022": https://www.youtube.com/shorts/fqK908oE208
-------DISCLOSURES--------
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Emil Kalinowski is acting as three-ring circus ring master, he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket comes with those fancy nuts. Señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY. Even if you do the opposite of signore Kalinowski's 'advice' you will ALSO lose money - it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). Induna Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
The US Treasury Department's Treasury International Capital report for the wild month of May 2022 goes a long way to describing our current economic and monetary predicament.
----EP. 265 REFERENCES----
When Global Banks Won't TIC: http://www.marketsinsiderpro.com/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Beverly Hills Cop 2022" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Beverly Hills Cop 2022": https://www.youtube.com/shorts/fqK908oE208
-------DISCLOSURES--------
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Emil Kalinowski is acting as three-ring circus ring master, he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket comes with those fancy nuts. Señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY. Even if you do the opposite of signore Kalinowski's 'advice' you will ALSO lose money - it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). Induna Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
On December 1, 2021 the Eurodollar Futures yield curve inverted by a single basis point, which set off recession warning sirens, claxons and clucking at Eurodollar University. Now? The curve is 120 basis points inverted - a warning that something more than 'just a recession' is plausible (possible? probable?!!!!!!).
----SPONSOR----
Purchase shares in great masterpieces from artists like Pablo Picasso, Banksy, Andy Warhol, and more. Skip the waitlist and invest in blue-chip art for the very first time by signing up for Masterworks: https://masterworks.art/eurodollar
See important Masterworks disclosures: https://www.masterworks.io/about/disclaimer
----EP. 264 REFERENCES----
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Neon Dreams" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Neon Dreams": https://youtu.be/8vk_pnHbeZ4
-------DISCLOSURES--------
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Emil Kalinowski is acting as three-ring circus ring master, he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket comes with those fancy nuts. Señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY. Even if you do the opposite of signore Kalinowski's 'advice' you will ALSO lose money - it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). Induna Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
The US Treasury yield curve continues to spread and has reached the 52-week bill. The Fed is being told by the market it will be CUTTING rates, soon.
----EP. 263 REFERENCES----
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Neon Dreams" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Neon Dreams": https://youtu.be/8vk_pnHbeZ4
-------DISCLOSURES--------
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Emil Kalinowski is acting as three-ring circus ring master, he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket comes with those fancy nuts. Señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY. Even if you do the opposite of signore Kalinowski's 'advice' you will ALSO lose money - it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). Induna Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
Foreign institutions have been merrily losing money on US Treasury holdings for years, buying high and selling low - are they insane? No, their investment behavior reveals that these bonds are used for managing risk, global systemic risk.
----EP. 262 REFERENCES----
The Rest of the World's Dollar-Weighted Return on U.S. Treasurys: http://www.nber.org/papers/w30089
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Neon Dreams" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Neon Dreams": https://youtu.be/8vk_pnHbeZ4
-------DISCLOSURES--------
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Emil Kalinowski is acting as three-ring circus ring master, he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket comes with those fancy nuts. Señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY. Even if you do the opposite of signore Kalinowski's 'advice' you will ALSO lose money - it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). Induna Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
The Economist recounts how the pandemic led to a goods-consumption-boom and whether post-pandemic economics means normalization, or a services boom or a recession.
----EP. 261 REFERENCES----
Could a shift from goods to services ease inflation?: https://econ.st/3OYNOwQ
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Neon Dreams" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Neon Dreams": https://youtu.be/8vk_pnHbeZ4
-------DISCLOSURES--------
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Emil Kalinowski is acting as three-ring circus ring master, he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket comes with those fancy nuts. Señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY. Even if you do the opposite of signore Kalinowski's 'advice' you will ALSO lose money - it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). Induna Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
The Economist admits to, warns of and draws attention to Britain's 15-year economic depression, labeling it a "slow-burning crisis", "long-standing", "stagnation nation" and "a chronic disease". There are many devastating socioeconomic, geopolitical consequences. It's not just Britain, it's the world.
----EP. 260 REFERENCES----
Low economic growth is a slow-burning crisis for Britain: https://econ.st/3nObojJ
Britain’s productivity problem is long-standing and getting worse: https://econ.st/3NVpvOM
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podvine: https://bit.ly/3lt5NiH
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Neon Dreams" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Neon Dreams": https://youtu.be/8vk_pnHbeZ4
-------DISCLOSURES--------
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Emil Kalinowski is acting as three-ring circus ring master, he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket comes with those fancy nuts. Señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on monsieur Kalinowski's 'recommendations'? Well, YOU WILL LOSE MONEY. Even if you do the opposite of signore Kalinowski's 'advice' you will ALSO lose money - it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). Induna Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.
The US labor market offers both optimistic and pessimistic data points regarding the economic outlook. Does the value of the US dollar break the tie? How do sovereign bond yields in Europe fit into the picture?
----EP. 259 REFERENCES----
Steve Van Metre: http://www.portfolioshield.net/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Neon Dreams" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://www.eurodollar.university/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Neon Dreams": https://youtu.be/8vk_pnHbeZ4
-------DISCLOSURES--------
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
Steven Van Metre and Jeff Snider have partnered together to bring financial information, investment advice and monetary education to the public.
----EP. 258 REFERENCES----
Jeff Snider: https://www.eurodollar.university/
Steve Van Metre: http://www.portfolioshield.net/
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Neon Dreams" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Neon Dreams": https://youtu.be/8vk_pnHbeZ4
-------DISCLOSURES--------
Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.
The Federal Reserve Bank of New York is forecasting the median result of its model predicts negative output growth in 2022 and 2023.
----EP. 257 REFERENCES----
Sorry Chairman Powell, Even FRBNY Now Has To Forecast Serious and Seriously Rising Recession Risk: https://bit.ly/39Syy5p
The New York Fed DSGE Model Forecast—June 2022: https://nyfed.org/3OmvQUP
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Pretender" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Pretender": https://youtu.be/YBb3y6FHxgM
A comprehensive report by the Federal Reserve - the Financial Accounts of the US - reveals that there has been no material change in rate of money creation. Not in the US (on par with an incrementally increasing but still PATHETIC 2007-21 trend), not in the rest of the world (equal to 2007-21 garbage rates).
----EP. 256 REFERENCES----
The Everything Data’s (Z1) Verdict: Not Inflation, Only More Of The Same: https://bit.ly/3QOKllW
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Pretender" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Pretender": https://youtu.be/YBb3y6FHxgM
Japanese and German trade data suggest the world is suffering through a price illusion: trade value is up because prices are up but actual trade by volume / trade by weight is falling (at least in Germany and Japan). Also, commodity prices suggest global slowdown/recession is approaching.
----EP. 255 REFERENCES----
Everything Hitting The Global (eurodollar) Wall: https://bit.ly/3QPvlE3
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Pretender" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Pretender": https://youtu.be/YBb3y6FHxgM
The latest purchasing manager surveys (services, manufacturing, composite) and manufacturing index (Kansas City Fed) suggest the United States is heading towards a recession, soon (maybe already?).
----EP. 254 REFERENCES----
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic: https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Pretender" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Pretender": https://youtu.be/YBb3y6FHxgM
How does a former bank trader with billions of euros in assets react to an impending recession? Is the inflection in bond yields (back down) and prices (back up) starting right now? Did the European Central Bank just warn of a re-run of the 2011-12 European Sovereign Debt Crisis?
----EP. 253 REFERENCES----
Alfonso Peccatiello's Substack: https://TheMacroCompass.substack.com/
Alfonso Peccatiello's Twitter: https://twitter.com/MacroAlf
Time To Buy Bonds?: https://bit.ly/3QNP7zP
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Pretender" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Pretender": https://youtu.be/YBb3y6FHxgM
Jeff Snider explains how the global currency and monetary systems actually work, the origins of the Eurodollar system, Triffin’s Paradox and the breakdown of the Bretton Woods System, the stampede towards prime collateral at all costs, the importance of sentiment and why the main role of central banks is theatrical, how vast swathes of the real economy have been deprived of credit since 2008, and a possible solution: creation and intermediation of money should be done by separate institutions.
------Find ReSolve Asset Management-------
ReSolve Website: https://investresolve.com/
ReSolve Twitter: https://twitter.com/InvestReSolve
ReSolve YouTube: https://www.youtube.com/channel/UCzeWmoM-WPVd2rNPe_7uBwg/
Adam Butler: https://twitter.com/GestaltU
Richard Laterman: https://twitter.com/Rlaterman
------ReSolve Riffs YouTube Show-------
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.
For our latest research insights and exclusive content visit our website!
Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-cente...|0
Podcasts: https://investresolve.com/podcasts/
One day prior to the Federal Reserve raising its policy rate by a bananas big 75-basis point the Eurodollar Futures market moved its yield curve inversion into the next four quarters. As fast as the Fed is hiking, the market is betting it will 'imminently-ish' be cutting. Market contempt!
----EP. 251 REFERENCES----
More Data And Markets To The Idea Something (big) Changed A Couple Months Ago: https://alhambrapartners.com/2022/06/14/more-data-and-markets-to-the-idea-something-big-changed-a-couple-months-ago/
Update The Conflict of Interest Rate(s): https://alhambrapartners.com/2022/06/10/update-the-conflict-of-interest-rates/
Globally Synchronized Last October, Not Some Far-Distant Future Risk: https://alhambrapartners.com/2022/06/14/globally-synchronized-last-october-not-some-far-distant-future-risk/
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Pretender" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Pretender": https://youtu.be/YBb3y6FHxgM
The pinnacle of investigative, introspective financial journalism assembled in front of the Federal Reserve chairman on June 15, 2022 and asked him... questions? Hardly. Weak sauce. In this episode Jeff Snider responds as a Fed chairman SHOULD respond - honestly.
----EP. 250 REFERENCES----
Transcript of Press Questions at Fed Conference June 15, 2022: https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20220615.pdf
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Pretender" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Pretender": https://youtu.be/YBb3y6FHxgM
Jeff Snider reacts live to Jay Powell's June 15, 2022 opening statement to assembled members of the press regarding the Federal Reserve's 75-basis point rate hike to the Federal Funds target range: the overarching message, overall economic activity, inflation, labor, and the 3/4-point move.
----EP. 249 REFERENCES----
Transcript of Chair Powell’s Press Conference June 15, 2022: https://bit.ly/3bbk40N
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Pretender" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Pretender": https://youtu.be/YBb3y6FHxgM
The Crash of 1907 'convinced' Washington DC that a central bank was needed. Or, perhaps more likely, the Crash of 1907 was used as an excuse for a national central bank.
----EP. 248 REFERENCES----
The Premium For Cash Is Presently Enormous: https://bit.ly/3xr0G7l
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Pretender" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Pretender": https://youtu.be/YBb3y6FHxgM
We are told that Paul Volcker led the Federal Reserve into the breech and bravely and knowingly raised short-term interest rates so as to bring about a recession and extinguish the 1970s Great Inflation. But according to Fed transcripts Volcker & Co. fell ass-backwards into recession.
----EP. 247 REFERENCES----
Monetary Policy Is All Talk All the Time, and Always Has Been: https://bit.ly/3xNg9A1
The Myth of Paul Volcker and the Powerful Fed [Eurodollar University, Ep. 221]: https://youtu.be/9XqHyZOLiEc
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Pretender" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Pretender": https://youtu.be/YBb3y6FHxgM
US consumer prices rose 8.6% year-over-year for the month of May 2022, says the US Bureau of Labor Statistics. Economists, financial media and central banks implicitly conflate this price expansion with money expansion (inflation) and economic expansion (booming) - that's a mistake.
----EP. 246 REFERENCES----
CPIs Aren't the Economy, and They're Not Inflation: https://bit.ly/3MMn8NX
United States Inflation Rate: https://bit.ly/3MNJ3nY
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Pretender" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg
"Pretender": https://youtu.be/YBb3y6FHxgM
Pine-Richland High School won a 120+ team international competition debating whether the dollar's hegemony is detrimental. Pine-Richland won due to their preparation, perspiration, inspiration... and because they ambushed the competition with something called "the eurodollar".
Sponsored by the Brewer Foundation, each year the International Public Policy Forum hosts a new debate. Teams from across the globe submit responses with the top 64 submissions taking part in a back and forth written debate. The final 8 teams are invited to New York city for the final rounds of oral argument.
----EP. 245 REFERENCES----
IPPF 2022 Debate Summary: https://bit.ly/3NFTYBl
Video of the Semi-Final: https://youtu.be/wO8SqkhKGDs
IPPF 2022 Details: https://www.ippfdebate.com/ippffinals
IPPF Debate Site: https://www.ippfdebate.com/
IPPF Facebook: https://www.facebook.com/IPPFdebate/
Pine-Richland High School: https://www.pinerichland.org/prhs
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
US President Joe Biden has a three-step plan to address the vulnerable US economy. We agree the economy is vulnerable but note that it is not for the reasons the president believes. Also, we note similarities between President Xi Jingping's 2017 messaging and Biden's 2022 narrative.
----EP. 244 REFERENCES----
Joe Biden: My Plan for Fighting Inflation: https://on.wsj.com/3MpUAcT
President Phillips Emerges To Reassure On Growing Slowdown: https://bit.ly/3Nuslej
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Cold War Games" by Gabriel Lewis.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Giants' Nest: https://www.epidemicsound.com/artists/giants-nest/
"Playa Del Colina": https://www.epidemicsound.com/track/bsHcO9r0R5/
Two short-term money markets are yielding LESS THAN the Federal Reserve's RISK FREE reverse repurchase agreement program. Despite the Fed offering now $2 trillion in Treasury securities to the market the 'below-market' yields are signaling there's not enough money / credit / collateral / securities available -- a money shortage.
----EP. 243 REFERENCES----
RRP (use) Hits $2T, SOFR Like T-bills Below RRP (rate), What Is (really) Going On?: https://bit.ly/3GXNdIy
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Cold War Games" by Gabriel Lewis.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Gabriel Lewis: https://www.epidemicsound.com/artists/gabriel-lewis/
"Cold War Games": https://www.epidemicsound.com/track/LlVpmnVjWS/
The Eurodollar Futures yield curve inverted on December 1, 2021 warning that somewhere over the horizon there was trouble. In March 2022 the US Treasury curve inverted too, confirming the earlier alert. Today the Eurodollar market is warning that trouble is on the horizon itself, and approaching.
----EP. 242 REFERENCES----
UST 2s & Euro$ Futures Whites Both Ask, Landmine At Last?: https://bit.ly/3NXb0L4
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
Samsung: (MP3 ONLY)
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Cold War Games" by Gabriel Lewis.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Gabriel Lewis: https://www.epidemicsound.com/artists/gabriel-lewis/
"Cold War Games": https://www.epidemicsound.com/track/LlVpmnVjWS/
According to the US Census Bureau both retailers and wholesalers reported bananas-crazy increases in inventory levels. As the US economy tips over into a slowdown - and realistically a recession - these inventories will have to be purged at fire-sale prices.
----EP. 241 REFERENCES----
Inventory Flood Continues Just As Consumers Tap Out: https://alhambrapartners.com/2022/05/27/inventory-flood-continues-just-as-consumers-tap-out/
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Cold War Games" by Gabriel Lewis.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Gabriel Lewis: https://www.epidemicsound.com/artists/gabriel-lewis/
"Cold War Games": https://www.epidemicsound.com/track/LlVpmnVjWS/
Target, Walmart, Japanese merchandise exports, German retail sales, and the early-morning hours of US Treasury Bill trading are all sending the same message: escalating, systemic fragility of the economic order.
----EP. 240 REFERENCES----
T-bills Targeted Target: https://bit.ly/3zf5teH
Can’t Blame COVID For This One: https://bit.ly/3Miq6JM
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Cold War Games" by Gabriel Lewis.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Gabriel Lewis: https://www.epidemicsound.com/artists/gabriel-lewis/
"Cold War Games": https://www.epidemicsound.com/track/LlVpmnVjWS/
A generation ago banks knew that there was money to be made and they acted upon that faith, creating money for the world economy to enrich itself. But ever since 2008 banks have been scared to do it; the risk is too great! The Global Financial Crisis never ended, it continues to the present.
----EP. 239 REFERENCES----
It Isn't the Fed's Theater of Rate Hikes That Got Us Here: https://bit.ly/3wvRNKk
Negative Swap Spreads (FRBNY): https://nyfed.org/3wuqYX6
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Playa Del Colina" by Giants' Nest.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Giants' Nest: https://www.epidemicsound.com/artists/giants-nest/
"Playa Del Colina": https://www.epidemicsound.com/track/bsHcO9r0R5/
The Federal Reserve is hiking rates as part of political theater in response to pressure from the legislative and executive branches of the US government. 'Do something!' A panoply of economic, monetary and financial accounts are screaming for looser monetary policy, not tighter.
----EP. 238 REFERENCES----
History Shows the Fed Would Be Cutting Rates by Now: https://bit.ly/3G2vCyF
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Playa Del Colina" by Giants' Nest.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Giants' Nest: https://www.epidemicsound.com/artists/giants-nest/
"Playa Del Colina": https://www.epidemicsound.com/track/bsHcO9r0R5/
The Federal Reserve, we are told, controls interest rates. We have learned over and over that is not true with long-term rates (e.g. yield curve inversion, Greenspan's "conundrum"). But what about short-term rates? Surely the Fed is in control. No, not really - just look at US Treasury Bills.
----EP. 237 REFERENCES----
Why the Fed Can’t Hike T-bill Rates and What That Really Means: https://bit.ly/3G6DSgV
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Playa Del Colina" by Giants' Nest.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Giants' Nest: https://www.epidemicsound.com/artists/giants-nest/
"Playa Del Colina": https://www.epidemicsound.com/track/bsHcO9r0R5/
Retail sales - a temperature check on the American consumer - were absolutely fabulous in April 2022; glory, hallelujah! So then why are three different, independent surveys of the US consumer reporting results that range from "bad" to "miserable"? Because there has been NO REAL growth, only nominal.
----EP. 236 REFERENCES----
Shipping Around Retail ‘Inflation’: https://bit.ly/3PyeXaA
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Playa Del Colina" by Giants' Nest.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Giants' Nest: https://www.epidemicsound.com/artists/giants-nest/
"Playa Del Colina": https://www.epidemicsound.com/track/bsHcO9r0R5/
The Chinese reported how their economy has fared in the month of April 2022 - the results were very, very poor. It is tempting to say the illness is Beijing's 'Zero Covid' lockdown of hundreds of millions of souls. But the true illness is the long-term, degenerative money shortage.
----EP. 235 REFERENCES----
Synchronized Not Coronavirus: https://bit.ly/3sIimtF
Why CNY DOWN = BAD (Part 3) For Everyone: https://bit.ly/3Py0ZWk
Alhambra Investments Blog: https://bit.ly/3wh01G2
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Playa Del Colina" by Giants' Nest.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Giants' Nest: https://www.epidemicsound.com/artists/giants-nest/
"Playa Del Colina": https://www.epidemicsound.com/track/bsHcO9r0R5/
The Federal Reserve is hiking interest rates while the European Central Bank is in no rush to raise its policy rates. The Economics Textbook and Financial Media say that is why the dollar is rising and the euro is falling: interest rate differentials. But that is not it!
----EP. 234 REFERENCES----
What Really ‘Raises’ The Rising ‘Dollar’: https://bit.ly/3sr6xrx
Do I Owe Christine Lagarde An Apology?: https://bit.ly/3P8s6a8
Collateral Shortage…From A Fed Perspective: https://bit.ly/3ypudk0
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Timeless Clouds" by Luwaks.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Emil: https://twitter.com/EmilKalinowski
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Luwaks: https://www.epidemicsound.com/artists/luwaks/
"Timeless Clouds": https://www.epidemicsound.com/track/faCAnWtBPc/
US Treasury Bills are trading below the 'floor' set by the Federal Reserve. Why? Why guarantee less return with Treasury Bills when the Fed is promising more?! Because the market will suffer the lost return when the financial system is short monetary collateral (like UST Bills).
----EP. 233 REFERENCES----
Collateral Shortage…From A Fed Perspective: https://bit.ly/3ypudk0
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Timeless Clouds" by Luwaks.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Emil: https://twitter.com/EmilKalinowski
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Luwaks: https://www.epidemicsound.com/artists/luwaks/
"Timeless Clouds": https://www.epidemicsound.com/track/faCAnWtBPc/
In 1928 American economist Irving Fischer published a book titled "The Money Illusion" in which he explained the difference between nominal numbers (Japan's exports are booming! Imports are surging!) and inflation-adjusted, real numbers (Japan's exports are falling! Imports are stagnating!).
----EP. 232 REFERENCES----
What We Can Learn From Japan About the Real Economic Risks to the World: https://bit.ly/3sn7y45
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Timeless Clouds" by Luwaks.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Emil: https://twitter.com/EmilKalinowski
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Luwaks: https://www.epidemicsound.com/artists/luwaks/
"Timeless Clouds": https://www.epidemicsound.com/track/faCAnWtBPc/
President Xi Jingping has, according to Western financial media, announced an 'all out' infrastructure spending spree stimulus to goose the Chinese economy. What will this spending be on? On tightening the security state. More observation, more tracking, more control.
----EP. 231 REFERENCES----
Synchronized Manufacturing, Hopefully Not Mao: https://bit.ly/37sieXI
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Timeless Clouds" by Luwaks.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Emil: https://twitter.com/EmilKalinowski
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Luwaks: https://www.epidemicsound.com/artists/luwaks/
"Timeless Clouds": https://www.epidemicsound.com/track/faCAnWtBPc/
The public utility of commodity-based money was in retreat long before President Roosevelt confiscated gold. That has implications as to whether the 1970s Petrodollar was a real monetary system, as well as whether we are moving towards a commodity-based system now, a Bretton Woods 3.
----EP. 230 REFERENCES----
The Root of the Petrodollar Error Is That There Is One: https://bit.ly/39ESnMV
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
Epoch Times Columns: https://bit.ly/39ESkRf
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Timeless Clouds" by Luwaks.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Emil: https://twitter.com/EmilKalinowski
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Luwaks: https://www.epidemicsound.com/artists/luwaks/
"Timeless Clouds": https://www.epidemicsound.com/track/faCAnWtBPc/
Nicholas Black, professional raconteur of crypto and gentleman broadcaster, explains what stablecoins are while Jeff Snider, student of the global monetary order, considers whether algorithmic stablecoins are the next evolutionary step in monetary history.
----EP. 229 REFERENCES----
The Monetary Answer: Undoing The Biggest Money Mistake of the Past: https://bit.ly/3IKVlLz
Algorithmic Stablecoins - a New Monetary Order [Eurodollar University, Ep. 208]: https://youtu.be/vAUzaVyiJlQ
Nick's Television Show: https://moneymorninglive.com/page/nick-black-replays
Nick's Instagram: https://www.instagram.com/nicholasblack60/
Nick's Twitter: https://twitter.com/NicholasBlack60
Jeff's Alhambra Blog: https://bit.ly/2VIC2wWlin
Jeff's RealClear Markets Essays: https://bit.ly/38tL5a7
Jeff's Epoch Times Column:
-------THE EPISODES-------
Emil YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Timeless Clouds" by Luwaks.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Emil: https://twitter.com/EmilKalinowski
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Luwaks: https://www.epidemicsound.com/artists/luwaks/
"Timeless Clouds": https://www.epidemicsound.com/track/faCAnWtBPc/
The International Monetary Fund has downgraded the global economy with its latest World Economic Outlook. This is no surprise to those who have been following the monetary system's warnings since 2021. Right on cue, the United States reported economic contraction in Q4 2021.
----EP. 228 REFERENCES----
One More For Euro$ #5: The Mainstream Downgrade Parade: https://bit.ly/381wjf4
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-------THE EPISODES-------
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Melodic Space" by VELDA.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
VELDA: https://www.epidemicsound.com/artists/velda/
"Melodic Space": https://www.epidemicsound.com/track/Wkrg98WtJS/
The Chinese currency is an important indicator of global financial conditions. When it is appreciating we can presume conditions are benign. When it is depreciating? Conditions may be malign. And what about when it falls through a trap door?
----EP. 227 REFERENCES----
CNY’s Drop Wasn’t ‘Devaluation’ in ’15 nor ’18, and It Isn’t ‘Devaluation’ Now: https://bit.ly/3KyQsWV
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----THE EPISODES-----
YouTube: https://bit.ly/310yisL
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Melodic Space" by VELDA.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
VELDA: https://www.epidemicsound.com/artists/velda/
"Melodic Space": https://www.epidemicsound.com/track/Wkrg98WtJS/
Jeff Snider 'takes calls' from listeners across the globe. Your hottest requests! Playing the hits! Only on WFED 89.7 FM, The Reserve! Also, do callers play 'The U' in the background while making love? What does Jeff think about being responsible for bringing life into the world?
----EP. 226 REFERENCES----
Twitter Spaces: https://bit.ly/3vW4vk9
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "I Won" by Lukas Got Lucky.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lukas Got Lucky: https://www.epidemicsound.com/artists/lukas-got-lucky/
"I Won": https://www.epidemicsound.com/track/DLIf6oKwHI/
Since August 9, 2007 the global economy has been rocked by four world or regional dollar / money / credit shortages (2007-09, 2011-12, 2014-16, 2018-20). It is official, #5 has begun. We know for sure because of the US dollar's upward trajectory is approaching escape velocity.
----EP. 225 REFERENCES----
I’m ‘Officially’ Calling It: Euro$ #5: https://bit.ly/3Ly6odf
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Melodic Space" by VELDA.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
VELDA: https://www.epidemicsound.com/artists/velda/
"Melodic Space": https://www.epidemicsound.com/track/Wkrg98WtJS/
An insider's view of financial collateral, regulations, bond markets, bank reserves, central banks, quantitative easing and more! Alfonso "Macro Alf" Peccatiello of The Macro Compass joins Jeff Snider (and Emil).
----EP. 224 REFERENCES----
Interview with Macro Alf on Banks, Money & Macro [Eurodollar University, Ep. 194] https://youtu.be/9cYHTTkykXk
Alfonso Peccatiello's Substack: https://TheMacroCompass.substack.com/
Alfonso Peccatiello's Twitter: https://twitter.com/MacroAlf
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Melodic Space" by VELDA.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
VELDA: https://www.epidemicsound.com/artists/velda/
"Melodic Space": https://www.epidemicsound.com/track/Wkrg98WtJS/
Primary Dealers are failing to deliver and failing to receive collateral used to secure short-term funding at levels last seen in March 2020; the COVID-POCALYPSE BUST UP! These repurchase agreement fails are a warning that the monetary system is under significant strain.
----EP. 223 REFERENCES----
Yield Curve Inversion Was/Is Absolutely All About Collateral: https://bit.ly/3EFAQjl
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Multidimensional" by Sarah, the Illstrumentalist.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Sarah, the Illstrumentalist: https://www.epidemicsound.com/artists/sarah-the-illstrumentalist/
"Multidimensional": https://www.epidemicsound.com/track/s0k07RIIz2/
The price of oil is very high, causing consumer prices to rise and it is because of the Federal Reserve. BUT NOT WHY YOU THINK! The Fed does not create real-economy money and their inability to create it - or encourage private banks to - has resulted in NOT ENOUGH MONEY. Lack of money to invest in oil production.
----EP. 222 REFERENCES----
I Told You It Wasn’t Money Printing; How The Fed Helped Cause, But Can’t Solve, Our Current ‘Inflation’: https://bit.ly/3K6Py3R
Dallas Fed Energy Survey: https://bit.ly/3MsFioi
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Multidimensional" by Sarah, the Illstrumentalist.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Sarah, the Illstrumentalist: https://www.epidemicsound.com/artists/sarah-the-illstrumentalist/
"Multidimensional": https://www.epidemicsound.com/track/s0k07RIIz2/
Paul Volcker is widely credited in ending the 1970s Great Inflation with stratospheric rate hikes, purposefully pushing the USA into recession. Balderdash! Volcker blinked when rates spiked (secretly trying to unwind them). And it was stratospheric oil prices that brought on recession (as 'all' contemporary accounts agreed).
----EP. 221 REFERENCES----
The Fed Will Do What It Does, and It Won't Matter: https://bit.ly/3Mmj5YT
Economists Criticize Volcker: https://nyti.ms/37yZ2I2
Few Expect Relief From Higher Rates: https://nyti.ms/3Lg6sP2
Banks ‘Profitability Tested: https://nyti.ms/3Ovc9KM
Price Indexes Stir Complaints: https://nyti.ms/3L8pIxz
Schultze and Jackson Differ Over Inflation: https://nyti.ms/3vGp9o6
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Multidimensional" by Sarah, the Illstrumentalist.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Sarah, the Illstrumentalist: https://www.epidemicsound.com/artists/sarah-the-illstrumentalist/
"Multidimensional": https://www.epidemicsound.com/track/s0k07RIIz2/
Commodity prices are volatile. Supply is suspect and demand is dicey. So, what does the future hold for platinum? A review of the supply and demand fundamentals with Wilma Swarts. Also, Daniel Want analyzes capital flows and potential pain points.
-----SEE IT -----
YouTube: https://bit.ly/310yisL
----HEAR IT-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
------THE PEOPLE-------
Vilma Swarts: Director of PGMs, Metals Focus
Vilma Swarts Website: https://www.metalsfocus.com/
Daniel Want: Director, CIO of Prerequisite Capital Management
Daniel Want Website: https://www.prerequisite.com.au/
Daniel Want Twitter: https://mobile.twitter.com/danieljwant
The Economist worries that South Korea is mimicking 1980s' Japan—before the bust and lost decades; they may be right. The Bank for International Settlements' five early warning indicators show Korea has tripped ALL FIVE thresholds!
----EP. 219 REFERENCES----
Kindred Seoul: https://econ.st/3JHB36h
Early warning indicators of banking crises (expanding the family): https://bit.ly/3jFyffx
Early warning indicators of banking crises (online appendix): https://bit.ly/3uKq4or
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Marked Up" by Damma Beatz.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Damma Beatz: https://www.epidemicsound.com/artists/damma-beatz/
"Marked Up": https://www.epidemicsound.com/track/UWBXJoGnC5/
The US Treasury yield curve has inverted, a capital market klaxon warning that the US is on course for a recession. When did markets begin to move towards inversion? October 2021. What happened then? The debt 'ceiling' (melo)drama.
----EP. 218 REFERENCES----
Every Time, Debt Ceiling Impacts Collateral Producing Inevitable Deflationary Currency: https://bit.ly/3rsrOAC
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Marked Up" by Damma Beatz.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Damma Beatz: https://www.epidemicsound.com/artists/damma-beatz/
"Marked Up": https://www.epidemicsound.com/track/UWBXJoGnC5/
Zoltan Pozsar says a commodity-based, China-led monetary order—Bretton Woods III—is upon us, resulting in the decline of the US dollar and escalating repudiation of US Treasuries. This is not going to happen! China doesn't want it; neither do exporters nor commodity producers.
----EP. 217 REFERENCES----
(Credit Suisse) Bretton Woods III: https://bit.ly/38H76q8
(Credit Suisse) Money, Commodities, and Bretton Woods III: https://bit.ly/3jK2YI4
(Credit Suisse) The Big $hort: https://bit.ly/3roesFp
(Odd Lots) This Is Zoltan Pozsar's Vision For Bretton Woods III: https://apple.co/3EhDsDu
(Michael Pettis) Changing the Top Global Currency Means Changing the Patterns of Global Trade: https://bit.ly/3jCKPMr
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Marked Up" by Damma Beatz.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Damma Beatz: https://www.epidemicsound.com/artists/damma-beatz/
"Marked Up": https://www.epidemicsound.com/track/UWBXJoGnC5/
Michael Green, professional gentleman of capital market structure, explains why US Treasury yields are rising, why options for Eurodollar future negative yields are gaining value, and why the balance of probabilities favors monetary / economic disinflation / deflation, not expansion, growth or inflation.
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Melodic Space" by VELDA.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
VELDA: https://www.epidemicsound.com/artists/velda/
"Melodic Space": https://www.epidemicsound.com/track/Wkrg98WtJS/
MichaelGreen #JeffSnider #Inflation #Deflation #EurodollarFutures #USTreasuryYields #YieldCurve
Petrodollar? There's no such thing. We didn't transition from a gold- to an oil-backed dollar. There was something else, another kind of dollar—hidden by a conspiracy of silence between '44 and '73. Instead the world transitioned from a gold-backed US dollar to a offshore, ledger-based bank-centered eurodollar. This same eurodollar system absorbed petrodollars, easily.
----EP. 215 REFERENCES----
There Are No Petrodollars, Plus the Focus Misses the Point: https://bit.ly/3xjpzTQ
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Melodic Space" by VELDA.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
VELDA: https://www.epidemicsound.com/artists/velda/
"Melodic Space": https://www.epidemicsound.com/track/Wkrg98WtJS/
In the middle (1937-38) of the Great Depression (1929-47) the Federal Reserve FREAKED out about accelerating consumer prices and the EXCESS supply of bank reserves, so they started to hike rates. During a depression!! Rinse and repeat (2022-2?) during the Silent Depression (2007-2?).
----EP. 214 REFERENCES----
Curve Wars: Short Follows Long Because It’s Never Just One Part or One Curve: https://bit.ly/3JdswYE
(Don't Fear) The Yield Curve, Reprise: https://bit.ly/3LKhXOo
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Melodic Space" by VELDA.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
VELDA: https://www.epidemicsound.com/artists/velda/
"Melodic Space": https://www.epidemicsound.com/track/Wkrg98WtJS/
Americans' real personal income (excluding transfer receipts) stopped improving way back in October 2021. Would you believe that the US Treasury yield curve began to move towards inversion the very same month?! Now the curve has inverted, a warning that economic recession is probable. Welcome to Hades.
----EP. 213 REFERENCES----
The Short, Sweet Income Case For Ugly Inversion(s), Too: https://bit.ly/3DOSHDT
Curve Inversion Confirmed by Fed's US Treasury Lending [Ep. 204]: https://youtu.be/BWsVCNxf7bs
Curve Inversion Warning Confirmed by TriParty Repo Collateral [Ep. 205]: https://youtu.be/k-Y3aljz2Fs
Inventory Moved USA Toward Recession in October 2021 [Ep. 209]: https://youtu.be/0a6O9ydNNFs
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PodcastRepublic:https://bit.ly/3LH8JlV
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Melodic Space" by VELDA.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
VELDA: https://www.epidemicsound.com/artists/velda/
"Melodic Space": https://www.epidemicsound.com/track/Wkrg98WtJS/
In the 1960s the Bank for International Settlements investigated the offshore, shadow-money system and found it straightforward and to be ignored. In the 1970s the Federal Reserve said same system had become complex and difficult to define; it then told the US Congress to ignore it.
----EP. 212 REFERENCES----
Volcker’s Petrodollar Bigfoot; Or Why Curves Today Are So Against The Fed And Its Rate Hikes: https://bit.ly/3J0mfzi
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "1983" by Ben Elson.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Ben Elson: https://www.epidemicsound.com/artists/ben-elson/
Arcaders: https://www.epidemicsound.com/track/bvf2W5TWvQ/
The spread between the 7-year and 10-year US Treasury has been a leading indicator of US recession and/or global or regional capital liquidity shortages. We review the inversion and flattening from 1990 to the present.
----EP. 211 REFERENCES----
Long-end Inversion Does Indicate Recession Risks Are Actually Elevated: https://bit.ly/377fY7I
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "1983" by Ben Elson.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
A review of US 2021 Q4 GDP helps explain how surging demand, in concert with mauled logistical supply chains, caused blowout consumer price levels. Also, thoughts on gross domestic income and why real business income is less robust than nominal income.
----EP. 210 REFERENCES----
GDP (and GDI) Lays Out The Perfect Supply Shock Case, And Its Downside: https://bit.ly/3uGXHpT
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "1983" by Ben Elson.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
The US Treasury yield and Eurodollar futures curves are inverted, strongly suggesting US recession and/or global monetary disorder lies ahead. This did not happen overnight! When did markets begin their journey to recession warnings? In October 2021. But why?
----EP. 209 REFERENCES----
Inversions And Inventory, The Major Products of October: https://bit.ly/3qU5U9k
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "1983" by Ben Elson.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Algorithmic stablecoins may be the solution to our 15-year monetary malfunction. We consider where and if stablecoins fit into money creation, intermediation and whether they'd be units of account, stores of wealth and/or mediums of exchange.
----EP. 208 REFERENCES----
The Monetary Answer: Undoing The Biggest Money Mistake of the Past: https://bit.ly/3IKVlLz
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Arcaders" by Ben Elson.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Ben Elson: https://www.epidemicsound.com/artists/ben-elson/
Arcaders: https://www.epidemicsound.com/track/mXeSACLm2g/
The Federal Reserve's rate hike increased the reverse repo program rate, the so-called rate "floor". But why then are the 4- and 8-week US Treasury Bills trading BELOW the floor? Because there's a collateral shortfall. A monetary deflation perhaps?
----EP. 207 REFERENCES----
The Fed Inadvertently Adds To Our Ironclad Collateral Case Which Does Seem To Have Already Included A ‘Collateral Day’ (or days): https://bit.ly/3wFfRv2
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Arcaders" by Ben Elson.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Ben Elson: https://www.epidemicsound.com/artists/ben-elson/
Arcaders: https://www.epidemicsound.com/track/mXeSACLm2g/
The US Treasury yield curve inversion is EXPANDING. It has now subsumed the 3-year note under a tide of negative economic expectations. This is the monetary system's warning claxon, but are the authorities listening? (No.)
----EP. 205 REFERENCES----
Inversion Is The Real March Madness, Just Don’t Take It Literally: https://bit.ly/3JF2lLt
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Arcaders" by Ben Elson.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Ben Elson: https://www.epidemicsound.com/artists/ben-elson/
Arcaders: https://www.epidemicsound.com/track/mXeSACLm2g/
The US Treasury yield curve has inverted, strongly implying economic weakness and likely US recession. But can we identify purely monetary (i.e. non-economic) reasons for the inversion? Yes! Like tri-party repurchase agreements.
----EP. 205 REFERENCES----
There Is An Absolutely Solid Collateral Case For What’s Driving Curve Inversion(s) [Part 2]: https://bit.ly/3N4BY3y
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.facebook.com/lazerboomerang/
Lazer Boomerang: https://soundcloud.com/user-14207639
-----------TAGS-----------
JeffSnider #TriPartyRepo #Repo #RepurchaseAgreements #Inversion #TreasuryCurve #CurveInversion
The US Treasury yield curve has inverted, likely because the US economy is weak sauce. But what if we focused solely on shadow-money variables? Can we confirm the inversion warning via measures of shadow-collateral? (Yes)
----EP. 204 REFERENCES----
There Is An Absolutely Solid Collateral Case For What’s Driving Curve Inversion(s) [Part 1]: https://bit.ly/3wzX2JJ
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.facebook.com/lazerboomerang/
Lazer Boomerang: https://soundcloud.com/user-14207639
The US Treasury curve has inverted. The countdown to the next American recession has begun. We review what happened, where the inversion is in the yield curve and whether there are enough life jackets for everyone (no).
----EP. 203 REFERENCES----
Another One Inverts, The Retching Cat Reaches Treasuries: https://bit.ly/3KZc9Am
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.facebook.com/lazerboomerang/
Lazer Boomerang: https://soundcloud.com/user-14207639
An update on the US Treasury yield and Eurodollar futures curve shapes. Distorted? Contemplative? Grotesque? Retching cat chart pattern?
----EP. 202 REFERENCES----
Odd Curve Shapes, or More Chinese Than Russian: https://bit.ly/3IfGwAG
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.facebook.com/lazerboomerang/
Lazer Boomerang: https://soundcloud.com/user-14207639
The 1940s witnessed monstrous increases in consumer prices. But it wasn't inflation. In the 1960s? Smaller increases, but it was inflation. What's the difference? What about today?
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.facebook.com/lazerboomerang/
Lazer Boomerang: https://soundcloud.com/user-14207639
You won't believe it but Janet Yellen said in 2013 that narrative supply - not money supply - can be an effective tool. Turns out most Fed action is just popular psychology and the madness of crowds.
-----SEE ALL EPISODES-----
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.facebook.com/lazerboomerang/
Lazer Boomerang: https://soundcloud.com/user-14207639
Repurchase agreements are short-term collateralized loans made amongst banks. What happens when one party refuses to return the collateral? It's a "fail". They happen in swarms during unhealthy monetary conditions. They're happening now.
-----SEE ALL EPISODES-----
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.facebook.com/lazerboomerang/
Lazer Boomerang: https://soundcloud.com/user-14207639
Russia has been told they're out of SWIFT! Kind of. And not right away. And only some Russian banks, kind of. Does it matter? What is SWIFT?
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Former editor at the Financial Times (Alphaville!) has struck out on her own - why? Is it a commentary on the business press and/or mainstream media and what they refuse to cover? Izabella has lots of questions for Jeff too.
On February 24, 2021 Fedwire broke down for several hours - it was the the feather that broke the economic recovery camel's back. Copper, gold, silver, the yuan, Kiwi dollar, Treasuries, swap spreads, OATs - even bitcoin - all saw their trajectories change for the worse.
------EP. 196 TOPICS------
00:00 INTRO: Fedwire broke for hours on February 24, 2021 and took recovery down with it.
01:18 Many headlines in February 2021 suggest economic recovery and a boom was ahead.
03:00 At 11:15 AM Fedwire, FedCash, FedLine, Check 21 all experienced disruptions.
04:37 Fed's Treasury Market Practices Group says it was not a cyberattack; everything was fine.
05:17 The IMF says they too do not know what happened; no details were provided.
06:01 Fedwire's break resulted in a sea-change across global markets in risk perceptions.
09:05 Headlines were positive in early 2021 but underneath there was rot in the world economy
12:22 Lots of markets inflected away from recovery in response to the Fedwire blackout.
16:00 OUTRO: Russia in 2022, like Covid in 2020, will be blamed for preexisting slowing.
----EP. 196 REFERENCES----
A Year Later, The Fact Fedwire Is Still There Tells Us Why Markets Have Done What They’ve Done: https://bit.ly/3srvhAg
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.facebook.com/lazerboomerang/
Lazer Boomerang: https://soundcloud.com/user-14207639
A look at interest rate swap spreads relative to nominal US Treasury yields identifies constrained bank balance sheet capacity. Monetary measures like swap spreads, Eurodollar futures, yield curve flattening are all indicating that the balance of risks is tilting away from recovery and reflation.
------EP. 195 TOPICS------
00:00 INTRO: Interest rate swap spreads are a peek at bank balance sheet capacity.
01:43 Bank balance sheet capacity represents ledger money; the reserve currency, eurodollar.
03:04 If bank balance sheet capacity is not available, swap spreads will show it.
08:53 Comparing the 5-, 10- and 30-year swap spreads.
11:55 OUTRO: Swap spreads and Eurodollar Futures both turned away from Reflation at same time.
----EP. 195 REFERENCES----
The Money All Agrees: Taper Rejection Meets Policy-Error Error: https://bit.ly/3tg6wpZ
The Real Money Doesn’t Spread Inflation: https://bit.ly/3stKscv
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.facebook.com/lazerboomerang/
Lazer Boomerang: https://soundcloud.com/user-14207639
An insider's view of regulations, bond markets, bank reserves, central banks, quantitative easing, fancy wines, when it's inappropriate to drink cappuccinos, government-guaranteed bank loans and more! Alfonso "Macro Alf" Peccatiello of The Macro Compass joins Jeff Snider (and Emil).
------EP. 194 TOPICS------
00:00:00 INTRO: Introducing Alfonso Peccatiello, @MacroAlf and The Macro Compass.
00:04:08 Equities can qualify as high quality liquid assets - if you do it correctly.
00:05:47 Regulations to make banks safe and restrict activity are cosmetic and worked around.
00:08:13 Bank Reserves are inert, non-yielding burdens to the bank portfolio manager.
00:13:17 Will bank reserves be inflationary because the reserves can be turned into cash?
00:15:30 Will bank reserves force a portfolio reallocation into higher (inflationary?) risk?
00:18:27 Do banks replace QE-sold sovereign bond assets with more sovereign bond assets?
00:22:30 Are regulations holding back banks from credit/money creation in the real economy?
00:24:11 Three factors, in alignment, are required for banks to lend / take-on risk.
00:27:57 Bank reserves are immaterial in inflationary AND deflationary environments.
00:32:56 Would government-guaranteed bank loans break the economy out of the depression?
00:41:16 The world's equilibrium interest rate is heading lower with each cycle.
00:43:17 Rehypothecation is a necessity as fewer AAA collateral assets are available.
00:47:14 OUTRO: Follow Alfonso on Twitter (@MacroAlf) and Substack (The Macro Compass).
----EP. 194 REFERENCES----
Alfonso Peccatiello's Substack: https://TheMacroCompass.substack.com/
Alfonso Peccatiello's Twitter: https://twitter.com/MacroAlf
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "When To Stop" by Lofive from Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
-----------TAGS-----------
AlfonsoPeccatiello #MacroAlf #TheMacroCompass #SearchForYield
Mohamed El-Erian appeared on Hidden Forces, a great podcast by Demitri Kofinas. But instead of challenging consensus narratives or thinking critically about the power shaping our world El-Erian obfuscated and misdirected Kofinas and the audience about economics, the Fed and history.
------EP. 193 TOPICS------
00:00:00 INTRO: Reviewing Mohamed El-Erian's appearance on Hidden Forces with Demitri Kofinas.
00:00:56 El-Erian claims the Federal Reserve has made a "policy mistake" in three phases.
00:02:12 El-Erian: the economy's problem is not insufficient demand, but insufficient supply.
00:04:43 Snider: the supply of goods was inelastic during the 2020-21 covid and shutdowns.
00:06:10 El-Erian: the Fed made a mistake in calling consumer price increases "transitory".
00:08:32 El-Erian: the Fed's rate hikes will be too much for the economy to handle.
00:10:21 El-Erian: labor shortages is proof of a world of insufficient supply; not enough workers.
00:15:15 El-Erian: QE helps keep asset prices elevated through psychological, behavior forces.
00:23:39 Kofinas: Why doesn't the Fed factor financial instability into its actions?
00:25:53 El-Erian: the Fed stopped tightening monetary conditions in Q4 2018 because of stocks.
00:35:45 El-Erian: the market has noticed that we are missing market liquidity.
00:40:35 El-Erian: the 1970s Great Inflation began with an oil shock, expanding from there.
00:43:45 El-Erian: supply shocks can kick off (monetary, persistent and pervasive) inflation.
00:45:47 El-Erian: adaptive expectations in the private economy can lead to inflation.
00:47:15 El-Erian: in the 2020s we are following in the footsteps of the 1970s.
00:51:31 El-Erian: the marketplace is pushing the Fed to increase rates 5 times in 2022.
00:54:01 OUTRO: Check out Demitri Kofinas and the excellent Hidden Forces podcast.
----EP. 193 REFERENCES----
Hidden Forces: https://hiddenforces.io/
Demitri Kofinas: https://twitter.com/kofinas
Mohamed El-Erian Episode: https://bit.ly/3poVQ7f
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lazer Boomerang: https://www.facebook.com/lazerboomerang/
Lazer Boomerang: https://soundcloud.com/user-14207639
Anne Stevenson-Yang has been living in, writing about and/or focusing her work on China for more than 35 years. We discuss: employment not being a bureaucrat's concern, the transition to uneconomic activity, disinterest in simple social improvements, the 20th National Party Congress, and more!
------EP. 191 TOPICS------
00:00:00 INTRO: Anne Stevenson-Yang spent several decades living, working and thinking in China.
00:01:20 Anne introduces herself and J Capital Research, her China and equities firm.
00:03:30 Anne moved to China in 1985; Tiananmen Square massacre changed the nation's trajectory.
00:06:22 Is unproductive debt used to keep people employed?
00:09:36 How long can China's uneconomic investment continue?
00:11:14 Where is the capital / financing for uneconomic investment in China coming from?
00:13:10 Capital flows to China is now predominantly portfolio flows, not foreign direct investment.
00:16:00 China's economic trajectory changed in 2011-12, 2014-16. Why?
00:20:35 Simple social improvements would benefit the masses; Party members aren't interested.
00:21:56 Does the Communist Party believe the post-Mao system has run its course?
00:25:58 Are the regular households of China satisfied with CCP / Beijing leadership?
00:26:46 What or who is the Chinese Communist Party concerned by? What keeps it up at night?
00:28:11 The 19th National Party Congress.
00:34:29 The 20th National Party Congress.
00:39:15 China is walling itself off from foreigners with a quarantine air lock of rooms.
00:44:15 Might China withdraw from the global stage and turn inwards?
----EP. 191 REFERENCES----
Anne's Book: China Alone, The Emergence from and Potential Return to Isolation: https://amzn.to/3h19zg4
Anne's LinkedIn: https://bit.ly/3sWo9Ll
Keeping the Flies Out: https://bit.ly/3Hcbgls
J Capital Research: https://www.jcapitalresearch.com/
J Cap Twitter: https://twitter.com/jcap_research
J Cap YouTube: https://bit.ly/3Ha2xAh
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Jeff Snider & Emil Kalinowski dive into debunking central banking myths, explaining the effects of the past on our current time, and more in this November 2021 episode of Blockworks' "On the Margin" with Mike Ippolito.
Jeff Snider & Emil Kalinowski dive into debunking central banking myths, explaining the effects of the past on our current time, and more in this week’s episode of On the Margin.
Jeff & Emil are hosts of Eurodollar University, a podcast dedicated to analyzing the 2007 malfunction of the monetary system – and how its continuing disorder – affects finance, politics and society.
Jeff & Emil share their thoughts on the myth of central banking, the Fed’s effect on financial markets, why QE is not money printing, the interest rate fallacy & the role of Bitcoin & digital assets.
They also covered:
The post 2008 global depression
Wealth inequality
and more!
“On the Margin” is a two-part show. Once a week, Mike interviews industry experts, and then at the end of the week he is joined by a co-host where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.
Subscribe to “On the Margin” today on Apple or Spotify, or watch episodes on YouTube.
https://blockworks.co/podcasts/on-the-margin/
https://blockworks.co/
https://twitter.com/mikeippolito_
A collateral call in Belgium! Foreign officials are selling US Treasuries! American banks extending less credit to the rest of the world! Japan borrowing more! These, and other, nerdy insights for December 2021 from the Treasury International Capital System! Tell all your friends!
------EP. 190 TOPICS------
00:00 INTRO: TIC data for December was mixed, some positives, mostly negatives
00:55 Belgium reported a stunning one-month increase in holdings of US Treasuries.
09:11 Foreigners were buying UST overall, though officials were selling US securities.
11:21 US banks borrowed significantly less from the rest of the world in December 2021.
14:42 Japanese banks borrowed more from the US, a reflation positive!
18:10 OUTRO: Markets are sending deflationary signals, which officials will ignore.
----EP. 190 REFERENCES----
The Global Money Spec-TIC-le In December: https://bit.ly/3sR49cW
Treasury International Capital System: https://bit.ly/3H1VWaW
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "When To Stop" by Lofive from Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Consumer inflation expectations peaked in October/November 2021, according to the Federal Reserve Bank of New York's Survey of Consumer Expectations. Market based inflation expectations (Treasury Inflation Protected Securities) also peaked then. What in the CPI is going on here?
------EP. 189 TOPICS------
00:00 INTRO: The Federal Reserve intends to raise short term interest rates because...???
00:53 The Federal Reserve is not a central bank (it doesn't do money supply / demand).
03:07 The Fed will hike rates because of tight labor market is tight...
04:52 Can we trust a low unemployment rate?
06:12 How many workers short is the USA of recovery?
08:57 The Fed was (very) recently fooled by a (very) low unemployment rate.
11:07 The Fed will hike rates because of (rising?) inflation expectations...
15:47 The FRBNY asks consumers what their expectations are for inflation.
19:00 Market-based inflation expectations peaked in Oct/Nov 2020, like consumer expectations.
21:42 A review of FRBNY survey details of consumer inflation expectations for 3 years ahead.
24:30 High CPI is unlikely to persist because: logistic resolution and economic weakness.
25:21 A review of FRBNY survey details of consumer inflation expectations for 1 years ahead.
----EP. 189 REFERENCES----
Federal Reserve’s Own Inflation Expectations Surveys More Agree w/Euro$ Futures Inversion Than Rate Hikes: https://bit.ly/3GYESmb
Survey of Consumer Expectations: https://nyfed.org/3GYrIWg
Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?): https://bit.ly/3gRFyiI
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "When To Stop" by Lofive from Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Caution! Ignore this market warning at your peril. The Eurodollar futures market inversion had deepened and broadened. Eurodollar yields inverted before, for example in 2000, 2005 and 2018. Turned out that Economic Hades was about 18 months away then. What about now?
------EP. 188 TOPICS------
00:00 INTRO: The Eurodollar futures curve has deepened AND broadened its inversion.
00:39 The Eurodollar yield curve is like the US Treasury yield curve but global.
02:38 The E$ curve had been getting flatter heading into December 2021, then it inverted.
05:13 The E$ curve raised itself higher in January 2022, good news? No, the inversion stayed.
08:29 The Federal Reserve does not think much of markets, like eurodollar futures.
10:31 Bill Dudley, manager of the Fed's portfolio, blew off the E$ market in 2007.
14:15 The E$ curve inversion spread from one point to many contracts in February 2022.
19:09 What does it mean when Eurodollar future contracts are grouped by color (packet)?
22:14 OUTRO: The Eurodollar market does not believe Fed rate hikes are justified.
----EP. 188 REFERENCES----
Major Euro$ Curve Developments (also not clickbait): https://bit.ly/3BtPTuy
Euro$ Curve Chromodynamics: https://bit.ly/3JF7jaL
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "When To Stop" by Lofive from Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
The US government bond market appears to be out of step with CPI, a booming economy and money printing by central banks - what gives? We review two Federal Reserve officials explain that QE is very, really, super powerful (and that's why the bond market signals are haywire).
------EP. 187 TOPICS------
00:00 INTRO: Federal Reserve officials say QE is very effective.
01:18 The US Treasury yield curve have been flattening for many months now.
03:49 Bill Dudley wrote a column for Bloomberg on August 9... the anniversary of the end.
05:50 Dudley says the economy is booming and bond yields are wrongly way, way way too low.
07:49 Dudley explains the low yields as 1) too much global savings.
09:40 Dudley explains the low yields as 2) QE being very powerful.
10:27 QE is supposed to work via three channels: sentiment, portfolio and bank reserves.
14:19 Fed President Esther George said 12-years of QE has lowered 10-year yields by 1.5%.
19:31 Most all studies of QE show it to be a meek policy with modest, underwhelming results.
21:21 Low bond yields are not a result of meek / modest / underwhelming QE.
22:47 OUTRO: Central bankers are desperate to discredit the bond market.
----EP. 187 REFERENCES----
Bond Yields Can’t Stay This Low Forever: https://bloom.bg/3HLezRO
Another Attempt At QE/Inflation: https://bit.ly/3HIQStl
Everything Is About Obscuring the True State of the Economy: https://bit.ly/3Ls0ivG
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is CABO by Superintendent McCupcakes from Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Journalists Kate Duguid and Eric Platt explain that US government bond markets believe the Federal Reserve will be able to tame inflation. Actually bond markets believe the Fed doesn't know what it's doing AND they believe consumer prices increases are not caused by the Fed.
------EP. 186 TOPICS------
00:00 INTRO: The Financial Times says the Federal Reserve will control inflation; Jeff reacts.
01:25 The Federal Reserve will use the labor market data to support rate hikes.
04:24 Are market based inflation expectations for sub-three percent inflation in five years?
06:42 Does the bond market believe the Fed will be able to tame inflation?
10:41 Real rates are "sharply higher" says the FT; relative to the lowest ever says Jeff.
13:24 The FT works backwards to explain the market's behavior to keep the Fed central.
14:54 US employment figures for Nov-Dec '21 and Jan '22 received massive seasonal adjustments.
18:15 OUTRO: The bond market does not believe too much money has caused price increases.
----EP. 186 REFERENCES----
Bond market signals room for Fed to raise rates without stalling economy: https://on.ft.com/366WEXR
More Questions Than Clarity On Labor Inflation Pressure As FOMC Seeks Justification For Taper/Rate Hikes: https://bit.ly/3oHiWpr
In Advance of Payroll Friday, ADP Payrolls Go Cold: https://bit.ly/3uHxclV
Payrolls and Population, What A Mess: https://bit.ly/3GIKlxx
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is CABO by Superintendent McCupcakes from Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
China's 2021 trade surpluses were gigantic, so why isn't the yuan surging too? We review China's 2014-21 trade and currency experience from the perspective of the eurodollar, the international reserve currency that once intermediated trade but now intermediates capital.
------EP. 185 TOPICS------
00:00 INTRO: Capital flows drive trade, not vice versa. A review of the Chinese trade surplus.
03:39 The eurodollar created itself to finance, intermediate trade; to solve Triffin's Paradox.
06:12 The eurodollar transitioned from focusing on financing trade to intermediating finance.
09:10 The eurodollar created itself offshore (jurisdictions with light-touch regulation).
11:17 Is a US trade deficit necessary for the eurodollar network to create US dollars?
15:13 China's recent trade surplus has been surging suggesting intense eurodollar inflows.
17:12 In 2014-16 China's trade surplus accelerated but the CNY lost value (E$ outflows?).
19:30 In 2017-18 China's trade surplus was stable but the CNY surged in value (E$ inflows?).
20:58 In 2018-19 China's trade surplus slowed but the CNY collapsed in value (E$ outflows?).
22:45 In 2020 China's trade surplus surged and its currency surged in value (E$ inflows?).
23:47 In 2021 China's trade surplus surged but its currency slowed in value (E$ outflows?).
25:44 OUTRO: If China's eurodollar outflow continues it'll weigh on the global economy.
----EP. 185 REFERENCES----
China’s Total Dollar Equation: CNY minus Trade Flows equals Some Sense of the Euro$ Problem?: https://bit.ly/33fLy1C
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is CABO by Superintendent McCupcakes from Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
After Today’s FOMC, Yield Curve Is Already As Flat As It Was In Mar ’18 Without A Single Rate Hike Yet
https://alhambrapartners.com/2022/01/26/after-todays-fomc-yield-curve-is-already-as-flat-as-it-was-in-mar-18-without-a-single-rate-hike-yet/
Oil prices are up and so you would expect that Treasury Inflation Protected Security breakevens (inflation expectations) are ALSO up... but they are not. Like Bitcoin, TIPS are ignoring oil and focusing on something bigger, something worse?
Retail inventory grew at a tremendous pace month-over-month in December 2021 in America. Overall inventory growth was so strong that it contributed overwhelmingly to a strong (?) increase in US GDP for the Q4. But is this actually good news?
The Eurodollar futures curve inverted in December 2021 - what has it done since? Also, how to interpret the US Treasury yield curve in "three easy steps!" Lastly, did the Fed cause the price of (Buffalo) (chicken) wings to rise?
PART 1: Inflation @ 7% but...
PART 2: Bonds Losing Value - Worst in 2 Years! - but...
PART 3: Year 15 of Mass Formation Psychosis (We Explain Why)
None of the "Mass Formation Psychosis" interviews with Joe Rogan, Chris Martenson, Robert Malone or Mattias Desmet explained WHY and WHEN. In this episode we do: a 15-year (so far) worldwide economic depression, only the third in the past 150 years.
Alan Greenspan warned in 1996 we would not know if stocks were irrational because we could not know how much money was in the economy. Also, wages are rising - just like they did in the Great Depression? Lastly, the October 2021 Treasury International Capital update.
PART 01: The Fed has to taper faster because consumer prices (i.e. motor fuel, automobiles) rose faster than it expected. It didn't have the moxie to stare down the CPI increase and explain why QE (i.e. 'money') had nothing to do with CPI. Maybe they're not really a central (money) bank.
PART 02: The US consumer price index increased by 6.8% year-over-year for the month of November. Inflation, right? Undisputed, incontrovertible evidence of inflation! Step right up and watch the amazing Harry Houdini of Macroeconomics escape this box of inflation and call it "not inflation".
PART 03: Headline US wholesale inventories AND sales look incredible—Hallelujah! But if we exclude petroleum products? Inventory growth is outpacing sales growth—Humbug! And if we exclude motor vehicle parts and petroleum? Inventory growth is materially ahead of sales growth—Bah Humbug!
----EP. 178 REFERENCES----
Taper Rejection: https://bit.ly/3maMRFs
The Higher The CPI, The Less For Inflation: https://bit.ly/3p2XZpn
Sure, Tomorrow the CPI But Future CPI’s In Today’s Inventory?: https://bit.ly/3258EHC
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-------SHOW SPONSOR-------
Macropiece Theater with Emil Kalinowski (a/k/a Alistair Cooke, a/k/a Alistair Cookie) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from: Adam Smith, Arthur Schopenhauer, Bank for International Settlements, George Friedman, J.P. Koning, Jean-Paul Sartre, Karl Marx, Liberty Street Economics, Lyn Alden, Maroon Macro, Matt Stoeller, Michael Pettis, Myrmikan, Perry Mehrling, Robert Breedlove, Rohan Grey, Velina Tchakarova and yes, even Jeff Snider.
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Illustrations by David Parkins, myth maker. Audio and video editor, The Terence. Logo design by pixelist Lisa Jiang. Master of ceremonies, Emil Kalinowski. Musical intro/outro is "Our Christmas" by The Snowy Hill Singers feat. Sam Shore found at Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lisa: http://Lisa-Jiang.com/
Lisa: https://twitter.com/@Nylonnerves
PART 01: The Eurodollar futures curve inverted on December 1st - what's happened since? Also, does the American, German and Japanese sovereign bond market corroborate the Eurodollar futures warning? Lastly, does China's lowering of its bank Required Reserve Ratio buttress the E$ warning too?
PART 02: US Job Openings are near record highs, suggesting a rip-roaring economy. But Hires are nowhere near the same heights, suggesting a lousy economy. On the other hand, quits are at record highs, suggesting great opportunities for employees to upgrade. How to reconcile the conflicting signals?
PART 03: Gillian Tett writes that the US economy is doing quite well (e.g. goods consumption) but also quite poorly (e.g. consumer sentiment) and asks how to reconcile conflicting signals. Jeff Snider reacts live to the Financial Times columnist, suggesting new models are unnecessary.
----EP. 177a REFERENCES---
Euro$ Futures: There Be Landmines: https://bit.ly/3y8PdsU
An Inversion That Will Likely End the Inflation Narrative: https://bit.ly/335vQ8G
A Global JOLT(s) In July: https://bit.ly/31JGQrJ
Jobless Claims Slump to 52-Year Low: https://bit.ly/3IELyIg
How's the Economy Doing? That Depends on Your Perspective: https://on.ft.com/3EJUjOR
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Illustrations by David Parkins, myth maker. Audio and video editor, The Terence. Logo design by pixelist Lisa Jiang. Master of ceremonies, Emil Kalinowski. Musical intro/outro is "Sleds" by Cushy found at Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lisa: http://Lisa-Jiang.com/
Lisa: https://twitter.com/@Nylonnerves
The inflationary process is in its early stages, and it will be particularly strong because it arises in part from a devaluation of the world’s reserve currency. A reading, by Emil Kalinowski.
----------WHO----------
Joseph Wang, author of the 2021 book Central Banking 101, spent five years as the senior trader on the open markets desk at the Federal Reserve. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
Mechanics of a Devaluation: https://bit.ly/31e8Wvf
----------WHERE----------
Joseph's Book: https://amzn.to/3I688ZW
Joseph's Blog: https://fedguy.com/
Joseph's Twitter: https://twitter.com/FedGuy12
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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PART 01: You've heard that when the US Treasury yield curve inverts it is a recession warning for the United States. What about when the Eurodollar futures curve inverts? That is a warning too. A monetary red alert for the entire world economy. On December 1st the Eurodollar curve inverted.
PART 02: When the US Treasury yield curve inverts it's a recession warning for the United States. What about when the Eurodollar futures curve inverts? That's a warning too; a monetary Red Alert for the entire world economy. On December 1st the Eurodollar curve inverted. Welcome to Hades.
PART 03: Since 2008 the pace of purchases, sales - and everything in between - has not affected the price of bond yields. Indeed, bond yields seem to go the opposite way of they're 'supposed' to act. But what about the stock of purchases? Is there a total, that once reached, becomes critical?
----EP. 175 REFERENCES---
This Is A Big One (no, it’s not clickbait): https://bit.ly/3oeNNKf
If Not ‘Flow’, Then Has ‘Stock’ ‘Rigged’ The Flattening Curve In QE’s Favor?: https://bit.ly/32Ijkf9
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-------SHOW SPONSOR-------
Macropiece Theater with Emil Kalinowski (a/k/a Alistair Cooke, a/k/a Alistair Cookie) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from: Adam Smith, Arthur Schopenhauer, Bank for International Settlements, George Friedman, J.P. Koning, Jean-Paul Sartre, Karl Marx, Liberty Street Economics, Lyn Alden, Maroon Macro, Matt Stoeller, Michael Pettis, Myrmikan, Perry Mehrling, Robert Breedlove, Rohan Grey, Velina Tchakarova and yes, even Jeff Snider.
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Illustrations by David Parkins, myth maker. Audio and video editor, The Terence. Logo design by pixelist Lisa Jiang. Master of ceremonies, Emil Kalinowski. Music is "Silent Night" by One Man Quartet, "O Christmas Tree" by The Evergreen Trio, "What Child Is This" by The Evergreen Trio and "Saint Nick" by Nbhd Nick, all found at Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lisa: http://Lisa-Jiang.com/
Lisa: https://twitter.com/@Nylonnerves
What does an expansionist monetary policy produce? Is it wise to lower the rate of interest so as to encourage economic activity? The classic text, by Ludwig von Mises. A reading, by Emil Kalinowski.
----------WHO----------
One of the most notable economists and social philosophers of the twentieth century, Ludwig von Mises, in the course of a long and highly productive life, developed an integrated, deductive science of economics based on the fundamental axiom that individual human beings act purposively to achieve desired goals. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
The Economic Consequences of Cheap Money: https://bit.ly/3paz1TU
----------WHERE----------
Mises Institute: https://mises.org/
Mises Institute Twitter: https://twitter.com/mises
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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Corporate QE amounts to a subsidy to large corporations, corporations that use the money to buy back shares and give big bonuses to executives. It would be far better for central banks to support small businesses and new ventures, particularly those pursuing solutions to climate change. A reading, by Emil Kalinowski.
----------WHO----------
Frances Coppola, author of the 2019 book "The Case For People's Quantitative Easing", is a financial writer and blogger who appears regularly in Forbes and The Financial Times. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
How central banks can fight climate change: https://bit.ly/3leXPcp
----------WHERE----------
Frances' Book: https://bit.ly/3paVVe3
Frances' Twitter: https://twitter.com/frances_coppola
Frances' Website: https://www.coppolacomment.com/
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
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An uncomfortable truth: WWIII is not on the horizon, it is here. Militaries around the world are in a state of high-alert. “Sub-threshold" events are occurring with increasing frequency. War is digitizing. A reading, by Emil Kalinowski.
----------WHO----------
Dr. Pippa Malmgren, author, economist, former White House advisor, entrepreneur and venture capitalist, is a well-recognized female voice in financial and geopolitical circles. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
WWIII Has Already Started: https://drpippa.substack.com/p/wwiii-has-already-started
----------WHERE----------
Pippa's Substack: https://drpippa.substack.com/
Pippa's Twitter: https://twitter.com/DrPippaM
Pippa's Website: https://pippamalmgren.co.uk/index.html
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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Agricultural economists manipulated data to block Congress from acting on high beef prices and the destruction of independent cattle ranching. Why? Because they think monopolies are good. A reading, by Emil Kalinowski.
----------WHO----------
Matt Stoller, author of the 2019 book "Goliath: The 100-Year War Between Monopoly Power and Democracy", is a fellow at the Open Markets Institute and advises policymakers on the problem of monopoly. He has lectured on competition policy around the world and his writing has appeared in various news media and publications. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
Economists to Cattle Ranchers: Stop Being So Emotional About the Monopolies Devouring Your Family Businesses: https://bit.ly/3nZBP7g
----------WHERE----------
Stoller's Book: https://bit.ly/2YTD5iB
Stoller's Substack: https://mattstoller.substack.com/
Stoller's Twitter: https://twitter.com/matthewstoller
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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According to the FAO Food Price Index, the cost of food has surged in real terms to levels last seen in the 1970s - during the Great Inflation. But another data set, by the OECD shows no such surge at all. What's going on? Is there a food price crisis, or not? A reading, by Emil Kalinowski.
----------WHO----------
Adam Tooze, author of the 2021 book "Shutdown: How Covid Shook the World's Economy", a professor of history at Columbia University. His 2018 book "Crashed" was the winner of the Lionel Gelber Prize, a New York Times Notable Book of 2018, one of The Economist's Books of the Year, and a New York Times Critics' Top Book. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
Chartbook #47: Crisis Talk - Global Food Prices: https://bit.ly/3cWhB88
----------WHERE----------
Adam's Book: https://adamtooze.com/shutdown/
Adam's Substack: https://adamtooze.substack.com/
Adam's Website: https://adamtooze.com/
Adam's Twitter: https://twitter.com/adam_tooze
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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Reason: https://bit.ly/3lt5NiH
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Fertilizer is a critical input to global food production but circumstances have conspired to throw a spanner into the food supply chain works. The supply and demand imbalances have caused a spike in fertilizer prices and, consequently, raised the costs of producing food. Who will pay for these increases? Farmers? Consumers? Is a period of food insecurity ahead? How long might it last? A reading, by Emil Kalinowski.
----------WHO----------
Allison Fedirka of Geopolitical Futures. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
Fertilizers and Food Insecurity: https://bit.ly/3I12ZlR
----------WHERE----------
Allison Fedirka's Writings: https://geopoliticalfutures.com/author/afedirka/
Allison Fedirka's Twitter: https://twitter.com/afedirka
Geopolitical Futures: https://geopoliticalfutures.com/
Geopolitical Futures Twitter: https://twitter.com/gpfutures
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: Art: https://davidparkins.com/
---------HEAR IT----------
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PART 01: Jay Powell has been nominated by President Biden to serve another term as the Federal Reserve chair. Though his nomination has not even been heard by the US Congress, another group of people has already passed judgement on the second term: the bond market (and they say it'll be a failure!).
PART 02: The Federal Reserve, and other central banks, buy tremendous amounts of government securities and this should impact bond prices. Should, but doesn't. That's because there's an even more powerful force than the Fed, the bond market itself. We review the 2007-19 evidence.
PART 03: The nominal value of Chinese imports of iron ore, German exports and Japanese exports all look pretty, pretty good. But the unit volume is pretty, pretty awful. There are fewer units being utilized! This is an economic warning that is presently hidden behind hire prices (value = unit * price).
----EP. 168 REFERENCES----
continuity The Least Useful Person: https://bit.ly/3r4k8VN
Sorry Jay, Curve(s) #continuity Is Not A Good Thing: https://bit.ly/3DP5XYn
No, The Fed Does Not Rig The Bond Market And It Only Takes Five Seconds To Debunk This Myth: https://bit.ly/3CLJMRu
How the Fed Rigs the Bond Market: https://on.wsj.com/3p0eC3V
The ‘Growth Scare’ Keeps Growing Out Of The Macro (Money) Illusion: https://bit.ly/3cM2j5t
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-------SHOW SPONSOR-------
Macropiece Theater with Emil Kalinowski (a/k/a Alistair Cooke, a/k/a Alistair Cookie) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from: Adam Smith, Arthur Schopenhauer, Bank for International Settlements, George Friedman, J.P. Koning, Jean-Paul Sartre, Karl Marx, Liberty Street Economics, Lyn Alden, Maroon Macro, Matt Stoeller, Michael Pettis, Myrmikan, Perry Mehrling, Robert Breedlove, Rohan Grey, Velina Tchakarova and yes, even Jeff Snider.
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Illustrations by David Parkins, myth maker. Audio and video editor, The Terence. Logo design by pixelist Lisa Jiang. Master of ceremonies, Emil Kalinowski. Podcast intro/outro is "Turquoise Waves" by Sarah, the Illstrumentalist found at Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lisa: http://Lisa-Jiang.com/
Lisa: https://twitter.com/@Nylonnerves
The Bank for International Settlements observes that bottlenecks in the supply of commodities, intermediate goods and freight transport have given rise to volatile prices and delivery delays. These disruptions have been particularly severe in upstream industries and have led to large international spillovers through global value chains. On the one hand, the inflationary effect of bottlenecks will likely be limited after relative prices have adjusted. But sustained pressures could emerge if bottlenecks persist long enough to trigger an upward shift in wage growth and inflation expectations. A reading, by Emil Kalinowski.
----------WHO----------
Daniel Rees and Phurichai Rungcharoenkitkul of the Bank for International Settlements. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
Bottlenecks - causes and macroeconomic implications: https://bit.ly/3DPMx5L
Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?): https://bit.ly/3FKH54B
----------WHERE----------
BIS Website: https://www.bis.org/
BIS Twitter: https://twitter.com/BIS_org
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
We are now in a giant parking lot game that threatens the global economy. Thank deregulation and the Ocean Shipping Reform Act of 1998. A reading, by Emil Kalinowski.
----------WHO----------
Matt Stoller is a fellow at the Open Markets Institute and advises policymakers on the problem of monopoly. He has lectured on competition policy around the world and his writing has appeared in various news media and publications. In 2019 he authored Goliath: The 100-Year War Between Monopoly Power and Democracy. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
Too Big to Sail: How a Legal Revolution Clogged Our Ports: https://bit.ly/3CxOXoa
----------WHERE----------
Stoller's Substack: https://mattstoller.substack.com/
Stoller's Book: https://bit.ly/2YTD5iB
Stoller's Twitter: https://twitter.com/matthewstoller
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
Silver's decade ahead maybe a perfect storm of demand for government-mandated green investment and of inflation by government-enforced financial repression. Move over 'gold bugs', silver fever is coming. A reading, by Emil Kalinowski.
----------WHO----------
The Singapore Bullion Market Association, represents bullion banks, exchanges, refineries, merchants and logistics companies. The SBMA now plays a pivotal role in the development of Singapore as one of the most global centres of connectivity for precious metals. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
Silver to the Stratosphere: https://bit.ly/3cdWnlH
----------WHERE----------
SBMA's Website: https://www.sbma.org.sg/
SBMA's Twitter: https://twitter.com/SBMA1993
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PART 01: America's September 2021 Treasury International Capital data corroborates dis/deflationary indications observed across various sources, the vast majority of which imply there's not enough money, and/or it's inadequately distributed, for the global economy to achieve permanent recovery.
PART 02: Beijing reconfirmed what was made clear in 2017, during the 19th National Party Congress: the economic boom was over and it is time to prepare for it. If anyone in the West would care to listen, the Central Committee is referring not only to China but the entire global economy.
PART 03: M1 and M2 once informed central bank decisions. But the monetary aggregates were so narrowly defined that they were, in effect, mere keyholes that offered policymakers an unsatisfactory, and often-enough misleading, peek into the great monetary hall.
----EP. 164 REFERENCES---
TIC: Consistent, Coherent, Corroborated, Inflation Never Had A Chance: https://bit.ly/3cDfqpO
Chinese Ice Cream: https://bit.ly/3kPgTO4
We Can't Depend On the Ms, Which Only Produce Bad Vs: https://bit.ly/3wZexRA
Is M2 The Money Behind Inflation? If Not, What Is (Or Isn’t)?: https://bit.ly/3DAH5n1
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-------SHOW SPONSOR-------
Macropiece Theater with Emil Kalinowski (a/k/a Alistair Cooke, a/k/a Alistair Cookie) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from: Adam Smith, Arthur Schopenhauer, Bank for International Settlements, George Friedman, J.P. Koning, Jean-Paul Sartre, Karl Marx, Liberty Street Economics, Lyn Alden, Maroon Macro, Matt Stoeller, Michael Pettis, Myrmikan, Perry Mehrling, Robert Breedlove, Rohan Grey, Velina Tchakarova and yes, even Jeff Snider.
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Illustrations by David Parkins, swine satirist. Audio and video editor, The Terence. Logo design by pixelist Lisa Jiang. Master of ceremonies, Emil Kalinowski. Podcast intro/outro is "Different Days" by Chill Cole found at Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
Lisa: http://Lisa-Jiang.com/
Lisa: https://twitter.com/@Nylonnerves
In 1896 a great political battle erupted over monetary policy in the United States. That battle and its lessons are relevant today. A reading, by Emil Kalinowski.
----------WHO----------
Adam Tooze, economist, author and historian. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
Chartbook #44: The Cross of Gold - populism, democratic iterations and the politics of money: https://bit.ly/3otXhQx
----------WHERE----------
Adam's Substack: https://adamtooze.substack.com/
Adam's Website: https://adamtooze.com/
Adam's Twitter: https://twitter.com/adam_tooze
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
China's imports of iron value is soaring, which signals a booming economy. A closer look reveals that it is iron prices which are soaring but volume - the real stuff, the real goods - is falling. What does that signal? That the world has fallen for an "booming economy" illusion. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
The Wage/Economy Illusion: https://bit.ly/3ngQ7jz
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
Trade appears to be booming in Germany and China, but a closer look reveals that the gains are concentrated in "price" and when we isolate "volume" of goods traded an entirely different, and ugly-ugly-ugly picture emerges. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
Global Trade and Global Prices, China and Germany’s ‘Growth Scare’: https://bit.ly/3DaZ3fI
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
Author, reformed lawyer, economic historian and your man from Belfast, Russell Napier, explains why the 1995-98 Asian Financial Crisis set the stage for the Age of Debt (1999-2020) and the coming Era of Financial Repression (2021-??).
----RUSSELL NAPIER BIOGRAPHY---
Russell is chairman of the Mid Wynd International Investment Trust a closed end investment vehicle listed on the London Stock Exchange. He is a member of the investment advisory committees of three fund management companies, Cerno Capital and Kennox Asset Management and Bay Capital. In 2014 Russell founded the charitable venture The Library of Mistakes a business and financial history library in Edinburgh that now has branches in India and Switzerland. Russell has degrees in law from Queen’s University Belfast and Magdalene College Cambridge. He is a Fellow of The CFA Society of the UK and is an Honorary Professor at both Heriot- Watt University and The University of Stirling. His second book which covers the events of the Asian financial crisis and the lessons to be learned from it was published in July 2021.
----RUSSELL NAPIER CONTACT-----
• The Asian Financial Crisis 1995-98: https://bit.ly/3oAkBMB
• Online Course: https://www.didaskoeducation.org/
• Research (institutional): https://www.eri-c.com/
• Research (individual): https://russellnapier.co.uk/
• Library of Mistakes (Website): https://www.libraryofmistakes.com/
• Library of Mistakes (Twitter): https://twitter.com/EdinburghLoM
---RUSSELL NAPIER INTERVIEWS---
• @MacroVoices (Oct21): https://bit.ly/2Z57o5h
• @kofinas (Jul21) https://bit.ly/2WU23g4
• @RonStoeferle (Mar21): https://bit.ly/3972Spj
• @RealVision (Feb21): https://bit.ly/3tMYggF
• @MacroVoices (Jan21): https://bit.ly/36Kn5jx
• @MoneyWeek (Dec20): https://bit.ly/3p9YDhL
• @SantiagoAuFund (Nov20): https://bit.ly/39VMokv
• @ttmygh (Aug20): https://bit.ly/3txCmxV
• @TheMarket_CH (Jul20): https://bit.ly/3rsBXef
• @MoneyWeek (Feb20): https://bit.ly/3tN2ncB
-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR ALL EPISODES-----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
An interview with Professor Samuel Williamson, economic historian and co-founder of MeasuringWorth.com, discusses gas prices in 2021 and whether they are high, or low, relative to history in terms of consumer prices and labor hours.
--------REFERENCES--------
Measuring Worth: https://bit.ly/36TfZZD
Measuring Worth Twitter: https://bit.ly/3BuZotf
Measuring Worth Blog: https://bit.ly/3rqyz4R
-----HEAR EPISODE 159----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
It is difficult to define what money is because the term money can refer to different things in different contexts. Money is not just a thing or unit of measurement but an ecosystem, a layer of social infrastructure, a language - and a source of power. A reading, by Emil Kalinowski.
----------WHO----------
Rohan Grey, assistant professor at Willamette University College of Law, where he teaches contracts, business associations and securities regulation. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
What is Money?: https://bit.ly/30d7I2o
----------WHERE----------
Rohan's Website: https://rohangrey.net/
Rohan's Twitter: https://twitter.com/rohangrey
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PART 01: Around the world data shows consumer prices are accelerating like we haven't seen in years, even decades. Why? Is it because politicians are wantonly giving away money? Are gluttonous central bankers printing cash? Is it a supply/demand imbalance? Is this the 1970s Great Inflation?
PART 02: The "landmine" has been part of each of the four global/regional dollar squeezes of the past 14 years (2007-09, 2011-12, 2014-16, 2018-20). The "landmine" is when US Treasury Bond yields decline precipitously and signal that economic potential has been seriously maimed. Where are we in 2021?
PART 03: The last time the Federal Reserve tapered its QE program the central bank spent HOURS and HOURS and HOURS and HOURS on determining which adjective to us. Adverbs. Dangling participles, onomatopoeia, clauses, subject and object. What was NOT discussed? Money. Credit. Collateral.
---------SPONSOR----------
Macropiece Theater with Emil Kalinowski (a/k/a Alistair Cooke, a/k/a Alistair Cookie) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from: Adam Smith, Arthur Schopenhauer, Bank for International Settlements, George Friedman, J.P. Koning, Jean-Paul Sartre, Karl Marx, Liberty Street Economics, Lyn Alden, Maroon Macro, Matt Stoeller, Michael Pettis, Myrmikan, Perry Mehrling, Robert Breedlove, Rohan Grey, Velina Tchakarova and yes, even Jeff Snider.
-----SEE EPISODE 157------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 157----
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PodcastAddict: https://bit.ly/2V39Xjr
----EP. 157c REFERENCES---
What Does The Rest of the Market Think About The ‘Epic’ CPI (TIPS, breakevens, even consumers themselves): https://bit.ly/30dfJ8h
How Can A CPI Now Above Six Price Like This?: https://bit.ly/3c1ScsX
Landmine Review: The Big One: https://bit.ly/3EXXEJY
Landmine Lurking, Gotta Make Tantrum Happen Before It’s Too Late (again): https://bit.ly/3wBZ3mi
What Does Taper Look Like From The Inside? Not At All What You’d Think: https://bit.ly/3C77qYf
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins, lipstick lampoonist. Podcast intro/outro is "Moonshiner's Turn" by Martin Landström found at Epidemic Sound.
China has cross three red lines - what are they? Inflation is roaring red hot - why and will it last? Next year is shaping up as a prime candidate for Recession 2022 - who believes that?
----------WHO----------
Bilal Hafeez is the Founder and CEO of Macro Hive – a leading independent research firm. Prior to Macro Hive, Bilal was Global Head of International Fixed Income Strategy at Nomura between 2016 and 2019. Before that Bilal held various senior roles at Deutsche Bank between 2002 and 2015 including Head of Multi-Asset Research, Advisor to the CEO, Head of Asia Research in Singapore and Global Head of Foreign Exchange Research. Bilal started his career at J.P. Morgan in 1998. During his sell-side career, Bilal was rated #1 market strategist by Euromoney and Institutional Investor for most years between 2004 and 2013. He also pioneered FX investment and smart beta benchmarks. Academically, Bilal was an Honorary Visiting Professor of Finance at Cass Business School. He studied Economics at St Johns College, Cambridge. Bilal lives with wife, two children, seven cats, four chickens, a beehive and one dog.
Also, Jeff Snider of head of global research for Alhambra Investments. And Emil Kalinowski, master of ceremonies.
----------WHERE----------
Bilal's Twitter: https://twitter.com/bilalhafeez123
Bilal's Website: https://macrohive.com/
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Jeff's Website: https://alhambrapartners.com/author/jsnider/
Emil's Twitter: https://twitter.com/EmilKalinowski
Emil's Website: https://www.eurodollarenterprises.com/
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Pandemic Unemployment Assistance benefits in the United States eliminated eight million income streams in September 2021. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
The Wile E. Powell Inflation: Are We Really Just Going To Ignore The Cliff?: https://bit.ly/3H68ejJ
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
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Vurbl: https://bit.ly/3rq4dPn
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Does rapid central bank money creation resulting from large-scale purchases of government securities fuel inflation? A review of the experience in Britain, Europe and Japan. A reading, by Emil Kalinowski.
----------WHO----------
Gianluca Benigno, assistant vice president and head of international research in the Federal Reserve Bank of New York’s Research and Statistics Group with Paolo Pesenti, senior vice president and policy lead on monetary policy in the Bank’s Research and Statistics Group. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
The International Experience of Central Bank Asset Purchases and Inflation: https://nyfed.org/306zCx0
----------WHERE----------
Liberty Street Economics Blog: https://libertystreeteconomics.newyorkfed.org/
Liberty Street Economics Twitter: https://twitter.com/libertystecon
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
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From Book I (Productive Powers Of Labour), Chapter V (Of The Real And Nominal Price Of Commodities, Or Of Their Price In Labour, And Their Price In Money). A reading, by Emil Kalinowski.
----------WHO----------
Adam Smith, the Scottish economist, philosopher, pioneer of political economy and a key figure of the Scottish Enlightenment. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
An Inquiry into the Nature and Causes of the Wealth of Nations: https://www.gutenberg.org/cache/epub/3300/pg3300-images.html
----------WHERE----------
Stanford's Encyclopedia of Philosophy entry on Smith: https://plato.stanford.edu/entries/smith-moral-political/
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: Art: https://davidparkins.com/
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From Being & Nothingness, Part Four (Having, Doing and Being), Chapter Two (Doing and Having), Part II ("Doing" and "Having" Possession). A reading, by Emil Kalinowski.
----------WHO----------
Jean-Paul Charles Aymard Sartre, the French philosopher, playwright, novelist, screenwriter, political activist, biographer and literary critic. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
Being and Nothingness: An Essay on Phenomenological Ontology
----------WHERE----------
Stanford's Encyclopedia of Philosophy entry on Sartre: https://plato.stanford.edu/entries/sartre/
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: Art: https://davidparkins.com/
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The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier including those whose credit is sufficient for a swap line, the second tier including those who can offer acceptable collateral, and the third tier including everyone else. It is a global dollar system, with the Fed operating de facto as the global central bank providing international lender of last resort support to the system. It is a system created not so much by conscious design, but rather as a pragmatic response to crisis, bit by bit over time. A reading, by Emil Kalinowski.
----------WHO----------
Perry Mehrling is a Professor of International Political Economy at the Pardee School of Global Studies, Boston University, where he teaches courses on the economics of money and banking, the history of money and finance and international money. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
A Money View of International Lender of Last Resort: https://bit.ly/3Ezqikv
----------WHERE----------
Perry's Website: https://sites.bu.edu/perry/
Perry's Twitter: https://twitter.com/PMehrling
Perry's Coursera Course: https://bit.ly/31GRHiF
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
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-----EURODOLLAR 101-----
• @CatherineSchenk: https://bit.ly/3fFLMix
• @JeffSnider_AIP: https://bit.ly/3ATBzdW
• @BankOfEngland: https://bit.ly/30Hsx3G
• @ResearchGate: https://bit.ly/3thkJm9
• @ysi_commons: https://bit.ly/3pH4V95
• @MacroVoices: https://bit.ly/3fX9fw4
• @BundesBank: https://bit.ly/34tKsfc
• @ICMAgroup: https://bit.ly/2VAPnYb
• @PMehrling: https://bit.ly/31GRHiF
• @CSissoko: https://bit.ly/3iFpoas
• @BIS_org: https://bit.ly/2ZxIzzc
PART 01: An early-1950s US consumer buying-binge sent the Consumer Price Index soaring. Inflation!? No. It was a transitory supply/demand imbalance brought on by (geo)political factors. The bond market knew it and didn't overreact. And what about the Federal Reserve? They overreacted.
PART 02: We review the 1950s, 1960s, 1970s, 2000s and 2010s to study how bond yields reacted to persistent and pervasive monetary expansion, stagnation and contraction as well as how bond markets handled transitory consumer price shocks due to supply/demand imbalances.
PART 03: What kind of foreign assets do you own PBOC? Well, we are adding a lot of "other" right now. "Other"? Yes, "other". What is that? Don't worry about it. What do you mean, 'Don't worry about it.'? Just know that we're adding it, whatever it is - it's good.
---------SPONSOR----------
Macropiece Theater with Emil Kalinowski reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from George Friedman, Lyn Alden, Daniel Oliver, Michael Pettis, the Bank for International Settlements and yes, even Karl Marx.
-----SEE EPISODE 150------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 150----
Vurbl: https://bit.ly/3rq4dPn
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Stitcher: https://bit.ly/2C1M1GB
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AmazonMusic: https://amzn.to/2UpEk2P
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----EP. 150 REFERENCES---
The Federal Reserve's Policy Deficit Has Always Been About Money: https://bit.ly/3bJsxFg
Do Bonds Accurately Price Inflation? Since Before Any of Us Were Born: https://bit.ly/3ENEYfY
China's Central Bank Condition Has Consistently Told You Everything About Global (not) Inflation: https://bit.ly/2ZWb35Q
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins . Podcast intro/outro is "Electro Animal" by Oh the City found at Epidemic Sound.
Lyn Alden's October newsletter focuses on value stocks compared to growth stocks and makes an argument for at least a mild resurgence of value performance. A reading, by Emil Kalinowski.
----------WHO----------
Lyn Alden of Lyn Alden Investment Strategy. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
A Resurgence in Value: https://bit.ly/3Cy3QHC
----------WHERE----------
Lyn's Website: https://www.lynalden.com/
Lyn's Twitter: https://twitter.com/LynAldenContact
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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George Friedman begins to look ahead at ideas and geographies that will and will not matter in the year 2022: Covid, China, Russia, Europe, the Middle East, the United States and even the Caribbean. A reading, by Emil Kalinowski.
----------WHO----------
George Friedman of Geopolitical Futures. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
Forecasting Time: https://bit.ly/3pNMxPf
----------WHERE----------
George Friedman's Writings: https://bit.ly/3gUl7ms
George Friedman's Twitter: https://twitter.com/George_Friedman
Geopolitical Futures: https://geopoliticalfutures.com/
Geopolitical Futures Twitter: https://twitter.com/gpfutures
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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Google: https://bit.ly/3e2Z48M
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Spotify: https://spoti.fi/3arP8mY
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Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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The September 2021 reading for America's new orders of durable goods shows stagnation / stalling. It is likely much worse but we won't know it for several years, not until the benchmark revisions are performed. We've seen this before, in 2018. And 2014. And 2012. Don't be surprised this time. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
The Enormously Important Reasons To Revisit The Revisions Already Several Times Revisited: https://bit.ly/3jSDbhq
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
The United States' third quarter is in the books - how did the economy do? A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
GDP Red Flag: https://bit.ly/2ZIBbBD
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
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Spotify: https://spoti.fi/3arP8mY
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
How can anyone say there’s a dollar shortage and dramatically rising deflationary potential right now? Easy, actually. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
Short Run TIPS, LT Flat, Basically Awful Real(ity): https://bit.ly/3bu4Y38
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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iHeart: https://ihr.fm/31jq7cI
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Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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AmazonMusic: https://amzn.to/2UpEk2P
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In September the leaders of Australia, India, Japan and the United States met to discuss, among other things, how to counter-balance the growing power of China in the Indo-Pacific. A reading, by Emil Kalinowski.
----------WHO----------
Velina Tchakarova is Director of the Austrian Institute for European and Security Policy in Vienna. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
The Quad Summit amid the Bifurcation of the Global System: https://bit.ly/3GuImOg
----------WHERE----------
Velina's Medium Blog: https://medium.com/@vtchakarova
Velina's Website: https://www.velinatchakarova.com/
Velina's Twitter: https://twitter.com/vtchakarova
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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Mastercard is compelling adult content providers to know their customer... and their content. If not, access will be withheld to payment processing. But Mastercard is an oligopolist, its censorship affects everyone. Is that proper? A reading, by Emil Kalinowski.
----------WHO----------
John Paul Koning believes thinking about money is more interesting than making money. He writes about monetary economics, economic history, finance, and fintech at his his Moneyness blog as well as for the Sound Money Project, Breaker, Coindesk, and Bullionstar. Koning also designs economics and financial wallcharts at Financial Graph & Art. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
MasterCard as censor: https://bit.ly/3nxXphK
----------WHERE----------
Koning's Blog: http://jpkoning.blogspot.com/
Koning's Twitter: https://twitter.com/jp_koning
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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Medieval Europeans put animals on trial for various misdemeanors and felonies: murderous pigs sent to the gallows, sparrows prosecuted for chattering in church, a gang of thieving rats let off on a wholly technical acquittal. It was an act of rebellion against Chaos, an attempt to restrain the capricious Universe under human order. Is modern society more sophisticated? Or do we too attempt to assign order to Chaos when we mislabel it as "conspiracy" or "(in)competence"? A reading, by Emil Kalinowski.
----------WHO----------
Nicholas Humphrey a theoretical psychologist, based in Cambridge, who is known for his work on the evolution of human intelligence and consciousness. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.
----------WHAT----------
Bugs and Beasts Before the Law: https://bit.ly/3mooZyq
----------WHERE----------
Humphrey's Website: https://www.humphrey.org.uk/
Humphrey's Twitter: https://twitter.com/humphren
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
There is a goods shortage on the store shelf, yes. But that does not mean there is a goods shortage - instead it is a warehousing and logistics problem. In fact, we may be facing a surplus of goods that's about to wash over the economy. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.
----------WHAT----------
What Seems Inflation Now Is Something Else Entirely: https://bit.ly/2Zu7CmH
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
The US Treasury bond market has been correctly anticipating inflation, disinflation, deflation as well as transitory, non-money-related increases in consumer prices for decades. Decades. Maybe we should listen to them? A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Lepiten Falls" by Ooyy at Epidemic Sound.
----------WHAT----------
Do Bonds Accurately Price Inflation? Since Before Any of Us Were Born: https://bit.ly/3vNEG5v
Whose Inflation Expectations Best Predict Inflation?: https://bit.ly/3mlCrTy
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
Federal Reserve economist Jeremy Rudd's paper savages the use of inflation expectations in monetary econometrics. He lambasts the profession for producing "minimal direct evidence" and the "next-to-no-examination of alternatives". A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Maverick" by Ooyy at Epidemic Sound.
----------WHAT----------
The Asymmetry of Ineffective and Worthless QE: https://bit.ly/2XOLx1Q
Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?): https://bit.ly/3CnvSpf
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
Time travel to the early 1970s where we hear the Nixon Tapes, read memorandums, and study Congressional testimony to understand what the Federal Reserve knew, and when they knew it. Turns out they didn't know "money" then and they still don't today. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.
----------WHAT----------
The Power of Money Lurks in the Shadows: https://bit.ly/30EPSFP
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
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AmazonMusic: https://amzn.to/2UpEk2P
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Arthur Schopenhauer, in the essay "The Wisdom of Life", favors individual strength of will and independent, reasoned deliberation over the tendency to act on irrational impulses. In the third chapter he contemplates "property, or what a man has". A reading, by Emil Kalinowski.
----------WHO----------
Arthur Schopenhauer, the German philosopher. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.
----------WHAT----------
The Wisdom of Life: https://bit.ly/3FUiV8M
----------WHERE----------
Schopehauer Twitter: https://twitter.com/artschopenhauer
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2Pd
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PART 01: The 'debate' in the US Congress about the debt 'ceiling' prevented the US Treasury Dept. from issuing UST Bills, the ultimate risk-free asset. This put serious stress on the Chinese currency. Now, with the 'debate' tabled till December, Beijing (and the world) are safe... for now.
PART 02: The US Treasury yield curve IS NOT inverted and, therefore, is not signaling a recession warning. But IT IS warning that the Federal Reserve's reasoning to "taper" its quantitative easing program (i.e. economic recovery/health) is unfounded. We saw this in 2018. And 2014. And 2005.
PART 03: A review of transcripts and recordings from the 1970s reveals that monetary and political authorities were unable to identify the source of inflation (international liquidity creation). The authorities didn't understand money in the 1970s, and they still don't.
---------SPONSOR----------
Macropiece Theater with Alistair Cooke (i.e. Emil Kalinowski) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from George Friedman, Lyn Alden, Daniel Oliver, Michael Pettis, the Bank for International Settlements and yes, even Karl Marx.
-----SEE EPISODE 136------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 136----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----EP. 136 REFERENCES---
While The Fed Chases The Unemployment Rate, TIC’s Eurodollar Deflation Case Is Unusually Unambiguous: https://bit.ly/3G8Rgkr
The Curve Is Missing Something Big: https://bit.ly/3jm0lNa
The Power of Money Lurks In the Shadows: https://bit.ly/30EPSFP
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----------WHO-------------
Jeff Snider, head of global investment research for Alhambra Investments with Emil Kalinowski, Trevor Something listener. Art by David Parkins, coloured-pencil pamphleteer. Show produced by Terence, focused visuals. Podcast intro/outro is "Aurora Borealis" by Chill Cole found at Epidemic Sound.
Kratom is a legal stimulant but MasterCard and Visa refuse to process payments by kratom vendors. How do vendors work around this embargo? And should these two network oligopolies be allowed to decide which licit products they deal with? A reading, by Emil Kalinowski.
----------WHO----------
John Paul Koning believes thinking about money is more interesting than making money. He writes about monetary economics, economic history, finance, and fintech at his his Moneyness blog as well as for the Sound Money Project, Breaker, Coindesk, and Bullionstar. Koning also designs economics and financial wallcharts at Financial Graph & Art. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.
----------WHAT----------
Embargoed by MasterCard/Visa, kratom vendors turn to crypto and eChecks: https://bit.ly/3AZQylV
----------WHERE----------
Koning's Blog: http://jpkoning.blogspot.com/
Koning's Twitter: https://twitter.com/jp_koning
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2Pd
PodcastAddict: https://bit.ly/2V39Xjr
Maroon Macro has become cautiously optimistic about Decentralized Finance's (DeFi) potential to disrupt the traditional financial system. DeFi is extraordinarily elegant in the way in which it reenables elasticity in the machinery of exchange. A reading, by Emil Kalinowski.
----------WHO----------
Maroon Macro, an anonymous global macro hedge fund analyst who is partial to the University of Chicago and writes about the mechanics of the monetary system, financial plumbing, and economic history. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.
----------WHAT----------
Issue #23-The Bull Case for Decentralized Finance (DeFi): https://bit.ly/3n4WNzO
----------WHERE----------
Maroon's Substack: https://maroonmacro.substack.com/
Maroon's Twitter: https://twitter.com/maroon_macro
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
Beijing knows it wants to discontinue the country’s existing, unsustainable growth model. The latest "Common Prosperity" policy will only shift domestic demand at the margins; a full-fledged rebalancing will require a more radical transformation. A reading, by Emil Kalinowski.
----------WHO----------
Michael Pettis, Finance Professor at Peking University and Senior Fellow at Carnegie-Tsinghua Center, specializes in Chinese financial markets, economic history, global capital flows and the relationship between different sectors of national economies. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.
----------WHAT----------
Will China’s Common Prosperity Upgrade Dual Circulation?: https://bit.ly/2Z6CoCr
----------WHERE----------
Michael's Blog: https://carnegieendowment.org/chinafinancialmarkets
Michael's Twitter: https://twitter.com/michaelxpettis
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
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We tend to talk about infrastructure in terms of spending amounts. But infrastructure in a monopoly-dominated economy is not just about money, it's about who governs - monopolists, or the public? A reading, by Emil Kalinowski.
----------WHO----------
Matt Stoller is a fellow at the Open Markets Institute and advises policymakers on the problem of monopoly. He has lectured on competition policy around the world and his writing has appeared in various news media and publications. In 2019 he authored Goliath: The 100-Year War Between Monopoly Power and Democracy. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.
----------WHAT----------
Will Monopolies Steal the Infrastructure Money?: https://bit.ly/3mXEgFr
----------WHERE----------
Stoller's Substack: https://mattstoller.substack.com/
Stoller's Book: https://bit.ly/2YTD5iB
Stoller's Twitter: https://twitter.com/matthewstoller
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
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AnalystDC looks back at how the US money market has evolved in 2021 so far by reviewing the Fed's balance sheet and considering where things could go from here for the Fed, large and small US banks as well as foreign bank offices. A reading, by Emil Kalinowski.
----------WHO----------
AnalystDC, the anonymous enjoyer of illiquid credit, bond posting and money markets. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.
----------WHAT----------
Chartbook #13: https://dcchartbook.substack.com/p/chartbook-13
----------WHERE----------
DC's Substack: https://dcchartbook.substack.com/
DC's Twitter: https://twitter.com/AnalystDC
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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Dear Ladies and Gentlemen,
Typically the show notes are loaded with information about the show, reference material and acknowledgement of the people that helped make the show. Unfortunately Episode 129 was damned by the Universe and came to us straight from Hades, Ring Four, Pit 03 (on the left). Thankfully all the content is there. But everything else, everything else that it takes to make the show was cursed by Podcast Deus. Everything went wrong, not just for me but for everyone involved with the show. Therefore I am having none of it with this show--it has bad juju. I cast it back into Mount Doom where it can join the ring.
Sincerely,
Emil
Freedom, Truth, and Love: three creative principles distinguished by uninhibited exchange. Is it any coincidence that voluntary exchange is essential to all three? A reading, by Emil Kalinowski.
----------WHO----------
Robert Breedlove, freedom maximalist. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.
----------WHAT----------
Freedom, Truth, and Love: https://bit.ly/3janbXL
----------WHERE----------
Robert's Substack: https://breedlove22.substack.com/
Robert's Podcast: https://whatismoneypodcast.com/
Robert's Twitter: https://twitter.com/Breedlove22
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
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Bank balance sheets are expanding in 2021, which is great news if you believe credit is modern money. But a closer look reveals banks are PILING into the SAFEST assets while beating a RETREAT from loans (real economy money). We haven't seen this in three generations. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.
----------WHAT----------
The U.S. Economy Remains As Frozen As Ever: https://bit.ly/3aCFKiO
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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Money, a necessary evil seems to be best compliment one can pay it. Starr argues that money, in a world of constraints and choices, helps identify price. And for all the kind words written about "value" let us consider the importance of "price" and spare a kind word about money. A reading, by Emil Kalinowski.
----------WHO----------
Roger Starr (1918-2001), editorial writer for the New York Times, military intelligence officer, New York City housing administrator. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.
----------WHAT----------
A Kind Word About Money: https://bit.ly/3DuX4Cw
----------WHERE----------
The Lives They Lived-Roger Starr, B. 1918; The Contrarian: https://nyti.ms/3mMayDs
Roger Starr, New York Planning Official, Author and Editorial Writer, Is Dead at 83: https://nyti.ms/3mQSSGu
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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Oil prices are intentionally offered as Inflation Exhibit A, even though at best it is a lagging indicator. In 2008, 2011 and 2018 we saw metal prices turn south while oil kept heading north; oil incorrectly interpreting the economic setting each time. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.
----------WHAT----------
Chip Shortages, Crude Boiling, Fed Explosion And… No Inflation: https://bit.ly/3iWtnCG
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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The Fed and Treasury have seen enough debt ceilings to develop a playbook that can be pieced together from past FOMC transcripts and Congressional subpoenas. A reading, by Emil Kalinowski.
----------WHO----------
Joseph Wang spent five years as the senior trader on the open markets desk at the Federal Reserve. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.
----------WHAT----------
Debt Ceiling Procedures: https://bit.ly/3jfTCnZ
----------WHERE----------
Joseph's Blog: https://fedguy.com/
Joseph's Twitter: https://twitter.com/FedGuy12
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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George Friedman observes that China is embarking on a difficult socioeconomic transition. Paradoxically, the transition will cause observers to underrate the country's strength, in much the same manner as they presently overrate the nation. A reading, by Emil Kalinowski.
----------WHO----------
George Friedman of Geopolitical Futures. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.
----------WHAT----------
China’s Economic Crisis and Its Foreign Policy: https://bit.ly/2X5CFEO
----------WHERE----------
George Friedman's Writings: https://bit.ly/3gUl7ms
George Friedman's Twitter: https://twitter.com/George_Friedman
Geopolitical Futures: https://geopoliticalfutures.com/
Geopolitical Futures Twitter: https://twitter.com/gpfutures
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: Art: https://davidparkins.com/
---------HEAR IT----------
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AnalystDC considers three developments in late-July 2021 that'll affect money markets for years to come: the Fed's Standing Repo Facility, the Group of Thirty recommendations and the Alternative Reference Rates Committte recommendations. A reading, by Emil Kalinowski.
----------WHO----------
AnalystDC, the anonymous enjoyer of illiquid credit, bond posting and money markets. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.
----------WHAT----------
Chartbook #12: https://dcchartbook.substack.com/p/chartbook-12
----------WHERE----------
DC's Substack: https://dcchartbook.substack.com/
DC's Twitter: https://twitter.com/AnalystDC
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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PART 01: The US dollar is rising in value against a collection of currencies (except one). It's disconfirming evidence of sustainable economic recovery; it implies strained USD-funding. And there's still that one key, stable currency - unusually stable; suspiciously stable.
PART 02: We review palladium, copper and iron ore - all metals and minerals that peaked in value in May (lumber too). Some commodities continue to rise in value, specifically energy. How do we reconcile the deflationary/disinflationary former to the inflationary latter? Also, US auto sales.
PART 03: "Despite some eerie echoes, the past is not the best guide to the present," writes The Economist. Jeff Snider agrees, but for entirely different reasons. Stagnation? Yes, definitely. But NOT inflation - despite the clear price increases! Wait, what?
---------SPONSOR----------
Macropiece Theater with Alistair Cooke (i.e. Emil Kalinowski) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from George Friedman, Lyn Alden, Daniel Oliver, Michael Pettis, the Bank for International Settlements and yes, even Karl Marx.
-----SEE EPISODE 122------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 122----
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----EP. 122 REFERENCES----
More Dollar Bull: https://bit.ly/3iGt2UJ
(Urjit Patel) Emerging markets face a dollar double whammy: https://on.ft.com/3mr6F6E
What’s The Real Downside To Some of These Key Commodities?: https://bit.ly/3oVIsZd
Is the world economy going back to the 1970s?: https://econ.st/3BmDat5
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins, myth spinner. Podcast intro/outro is "Knight's Templar" by Adriel Fair found at Epidemic Sound.
An increased risk-off sentiment, resulting from the Evergrande drama - among several other factors, has perhaps increased the likelihood, as well as accelerated the timeline, of a CNY devaluation. A reading, by Emil Kalinowski.
----------WHO----------
Maroon Macro, an anonymous global macro hedge fund analyst who is partial to the University of Chicago and writes about the mechanics of the monetary system, financial plumbing, and economic history. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.
----------WHAT----------
Issue #21: Trade Idea – Short CNH: https://bit.ly/3op5bMQ
----------WHERE----------
Maroon's Substack: https://maroonmacro.substack.com/
Maroon's Twitter: https://twitter.com/maroon_macro
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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An unprecedent increase in household wealth from housing, stocks and cryptocurrencies may have structurally changed the US labor market. The Fed, assuming no structural change, may be running the economy much hotter than they realize. A reading, by Emil Kalinowski.
----------WHO----------
Joseph Wang spent five years as the senior trader on the open markets desk at the Federal Reserve. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.
----------WHAT----------
Wealth (Side)Effects: https://bit.ly/3ml5CVS
----------WHERE----------
Joseph's Blog: https://fedguy.com/
Joseph's Twitter: https://twitter.com/FedGuy12
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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The impact of Evergrande has caused financial distress to spread faster than Beijing expected, putting pressure on regulators to move quickly to stop the contagion. But they cannot rescue Evergrande’s creditors without also undermining their fight against bad debt. A reading, by Emil Kalinowski.
----------WHO----------
Michael Pettis, Finance Professor at Peking University and Senior Fellow at Carnegie-Tsinghua Center. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.
----------WHAT----------
What Does Evergrande Meltdown Mean for China?: https://bit.ly/2Ya9rVl
----------WHERE----------
Michael's Blog: https://www.mpettis.com/
Michael's Twitter: https://twitter.com/michaelxpettis
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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Jay Powell’s Fed portrays the economy in recovery mode and intends to taper monetary accommodation - yet the US dollar has been rising in value for months. Premature celebration? It reminds Jeff Snider of an episode in 2011 when the FOMC guffawed past the monetary graveyard. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.
----------WHAT----------
'Easing' Monetary Policy Is Missing a Key Component: https://bit.ly/2YobrtC
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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iHeart: https://ihr.fm/31jq7cI
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Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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Podchaser: https://bit.ly/3oFCrwN
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AmazonMusic: https://amzn.to/2UpEk2P
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Recent polling data from Alignable reveals a difficult small-business environment. Three regional Fed surveys confirm the softness. Is it merely the passing Delta-Covid? Or the labor-shortage? Will demand in 2022 be able to meet the oncoming wave of goods orders? A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.
----------WHAT----------
Revisiting The Last Overhang-An Economy Dividing By Inventory And Labor: https://bit.ly/3muwQcO
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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AmazonMusic: https://amzn.to/2UpEk2P
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Like the bond market and the yield curve, the inventory situation is most often forward-looking. Powell is tapering and ignoring the potential of an inventory overhang, pretty much the same way as a few years ago. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "36mm" by Jobii at Epidemic Sound.
----------WHAT----------
Revisiting The Last Overhang: https://bit.ly/3isH5Nk
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
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AmazonMusic: https://amzn.to/2UpEk2P
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PART 01: US Treasury Bonds have lost a lot of value since August, and especially in the last weeks of September. Is it a taper tantrum? Are foreigners selling lousy Uncle Sam paper? Is it Armageddon (again)? No, this happens—incredibly—'every' August. But why?
PART 02: Since 2011, the US Treasury 10-year bond peaks in value during the summer-to-autumn transition. Ignoring the economic context, whether positive or negative, bonds lose value. They lose value whether central banks are hawkish or dovish. Why? We offer five theories.
PART 03: Financial collateral is indispensable to the modern monetary system. Unfortunately the most pristine collateral, the US Treasury Bill, is in short supply because of the political debt ceiling drama. So, we identify seven warning indicators for acute collateral shortage.
---------SPONSOR----------
Macropiece Theater with Alistair Cooke (i.e. Emil Kalinowski) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things. Recent readings include thoughts from George Friedman, Lyn Alden, Daniel Oliver, Michael Pettis, the Bank for International Settlements
-----SEE EPISODE 115------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 115----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
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Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----EP. 115a REFERENCES---
Finally The Taper Tantrum, Or What’s Wrong With August?: https://bit.ly/2XXJoRb
Maybe More Autumn Than Strictly August: https://bit.ly/3D01Ibt
Some Next Steps To Watch For Scarce Collateral: https://bit.ly/3l3xGxH
-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins, licensed to killustrate. Bass-y James-Bond-style podcast intro/outro is "The New Black" by Mary Riddle found at Epidemic Sound.
The bezzle is the temporary gap between the perceived value of assets and long-term economic value. Economies at times systematically create bezzle, unleashing substantial economic consequences that economists have rarely understood or discussed. A reading, by Emil Kalinowski.
----------WHO----------
Michael Pettis, Finance Professor at Peking University and Senior Fellow at Carnegie-Tsinghua Center. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "36mm" by Jobii at Epidemic Sound.
----------WHAT----------
Why the Bezzle Matters to the Economy: https://bit.ly/3B4T5vO
----------WHERE----------
Michael's Blog: https://www.mpettis.com/
Michael's Twitter: https://twitter.com/michaelxpettis
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
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Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
The Bank for International Settlements summarizes the rise and fall of the offshore eurodollar system. Offshore banking, regulatory arbitrage, financial liberalization and financial innovation created the system, which expanded exponentially--at least until 2007. A reading, by Emil Kalinowski.
----------WHO----------
Robert McCauley, Patrick McGuire and Philip Wooldridge of the Bank for International Settlements. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "36mm" by Jobii at Epidemic Sound.
----------WHAT----------
Seven decades of international banking: https://bit.ly/2ZxIzzc
----------WHERE----------
BIS Website: https://www.bis.org/
BIS Twitter: https://twitter.com/BIS_org
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
-----EURODOLLAR 101------
@CatherineSchenk: https://bit.ly/3fFLMix
@JeffSnider_AIP: https://bit.ly/3ATBzdW
@BankOfEngland: https://bit.ly/30Hsx3G
@ResearchGate: https://bit.ly/3thkJm9
@ysi_commons: https://bit.ly/3pH4V95
@MacroVoices: https://bit.ly/3fX9fw4
@BundesBank: https://bit.ly/34tKsfc
@ICMAgroup: https://bit.ly/2VAPnYb
@PMehrling: https://bit.ly/31GRHiF
@CSissoko: https://bit.ly/3iFpoas
@BIS_org: https://bit.ly/2ZxIzzc
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
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Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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AmazonMusic: https://amzn.to/2UpEk2P
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Lyn Alden's August newsletter focuses on the ongoing supply chain issues, inflation, and commodities. In many ways, the 2020s decade continues to mirror the 1940s in terms of fiscal policy, monetary policy, and de-globalization. A reading, by Emil Kalinowski.
----------WHO----------
Lyn Alden of Lyn Alden Investment Strategy. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "36mm" by Jobii at Epidemic Sound.
----------WHAT----------
Supply Chain Woes: https://bit.ly/2XRMCpi
----------WHERE----------
Lyn's Website: https://www.lynalden.com/
Lyn's Twitter: https://twitter.com/LynAldenContact
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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AmazonMusic: https://amzn.to/2UpEk2P
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Jeff Snider presents history's great monetary shortages -- the 14th century's Great Bullion Famine, the 20th century's Triffin's Paradox, the 21st century's Eurodollar Famine -- and how human innovation -- ghost money, eurodollar, cryptocurrency -- overcame monetary adversity. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "36mm" by Jobii at Epidemic Sound.
----------WHAT----------
Rebel Capitalist Live Q&A with Jeff: https://youtu.be/KpqaDv2RYdU
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
George's Website: https://www.georgegammon.com/
Rebel Capitalist Meetup: https://rebelcapitalistlive.com/
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
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Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
Jeff Snider reviews the recent Bank of Japan experience with quantitative and qualitative easing. The central bank starts off on the wrong foot, focusing on credit quality issues instead of market participants' liquidity preferences and it goes sideways from there. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "36mm" by Jobii at Epidemic Sound.
----------WHAT----------
Central Bankers Refuse to Learn QE's Obvious Lessons: https://bit.ly/3F0faOi
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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SoundCloud: https://bit.ly/3l0yFfK
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
The Fed's expected taper is just empty, insignificant theater. The Fed is tapering never once having answered for headwinds, false dawns, and the world’s true wealth repeatedly suffering under stagnation and decline. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.
----------WHAT----------
Previewing The Taper Theater: https://bit.ly/3CEBQ4N
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PART 1: Offshore shadow money funds the global economy, but it lies in the shadows; it's off-balance sheet and off-the-regulatory-radar. A good place to get a sense of offshore shadow money is the Treasury International Capital report. Jeff Snider serves as our guide through July's data - and warnings.
PART 2: Interest rate swap spreads are negative. These 'underwater' derivatives indicate very high market demand relative to money dealer supply. So, if bank balance sheet capacity remains constrained--available only at a premium--that means there's not enough 'money' in the world economy.
PART 3: Will 2022-demand be strong enough to absorb 2021-supply surges? A review of the US inventory cycle and how global covid-related restrictions have convinced retailers, wholesalers and producers to surge goods orders. If demand isn't there, they will have over-ordered.
-----SEE EPISODE 108------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 100----
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----EP. 108 REFERENCES---
Dollar Warning Update From The Islands Which Started It: https://bit.ly/3ESLFhI
PracTICal Remainders and Reminders: https://bit.ly/3kBfpr0
Hey Jay, Maybe Check The Swaps Before Committing to Taper: https://bit.ly/3ET9VjM
(WSJ) Spread on 30-Year Treasury Swaps Turns Positive: https://on.wsj.com/2XNJLxr
All Eyes On Inventory: https://bit.ly/2Wg6ty8
-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins, grand marshal of editorial cartoons. Podcast intro/outro is "Digital Breath" by ELFL from Epidemic Sound.
Karl Marx, the 19th-century German philosopher, economist, historian, sociologist, political theorist, journalist and socialist revolutionary, on the confounding and inverting nature of money and wealth. A reading, by Emil Kalinowski.
----------WHO----------
Karl Marx. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.
----------WHAT----------
Economic & Philosophic Manuscripts of 1844: https://bit.ly/2XG9I2c
----------WHERE----------
(Wikipedia) Economic and Philosophic Manuscripts of 1844: https://bit.ly/3hUSHs4
(SparkNote) Economic and Philosophic Manuscripts of 1844: https://bit.ly/3hZPnvV
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
Financial historian Daniel Oliver's essay on real rates, the profligacy of the Federal Reserve, inflation and the path of nominal gold prices. A reading, by Emil Kalinowski.
----------WHO----------
Daniel Oliver of Myrmikan Capital. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.
----------WHAT----------
Real Rates Go More Negative: https://bit.ly/3EG5ada
----------WHERE----------
Myrmikan: http://myrmikan.com/
Daniel Oliver: https://twitter.com/Myrmikan
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: Art: https://davidparkins.com/
---------HEAR IT----------
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Historian and geopolitical strategist George Friedman asks, 'Why has the United States, the most powerful state (since the Roman Empire) lost three wars in the past 50 years?' A reading, by Emil Kalinowski.
-------HEADS UP-------
In October Geopolitical Futures will do a special series on Geopolitics and Economics. George Friedman and special guests as we dig into the socio-economics of international conflict, the relationship between a nation’s economics, military, and political aspects, and technology, innovation, and the geopolitical system.
----------WHO----------
George Friedman of Geopolitical Futures. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.
----------WHAT----------
John F. Kennedy and the Origin of Wars Without End: https://bit.ly/3zvzumK
----------WHERE----------
George Friedman's Writings: https://bit.ly/3gUl7ms
George Friedman's Twitter: https://twitter.com/George_Friedman
Geopolitical Futures: https://geopoliticalfutures.com/
Geopolitical Futures Twitter: https://twitter.com/gpfutures
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: Art: https://davidparkins.com/
---------HEAR IT----------
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A review of August's Treasury International Capital data. The chief benefit is, unlike most who don’t know or can’t read the data, which is pretty much everyone, you at least know in which direction to start looking. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.
----------WHAT----------
PracTICal Remainders and Reminders: https://bit.ly/3u98BnX
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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The mainstream media is asking if China's property developer imminent demise will be the "Lehman" moment. Unlikely. It's more likely this will be yet another Chinese Bear Stearns. The first? Shanghai Chaori Solar. In 2013. This is no new development catching authorities offguard. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.
----------WHAT----------
China’s Managed Decline Ain’t Ever To Be Grand(e), It’s (euro)Dollars: https://bit.ly/3AtwqJr
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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Central bankers had a choice in the 1970s: follow the offshore money, diving headfirst down the rabbit hole; or, ignore it entirely, pretend none of this exists, and then hope by stroke of luck it won’t matter. We’re still paying for the ignorance and dereliction. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.
----------WHAT----------
Dollar Warning Update From The Islands Which Started It: https://bit.ly/3zBCezn
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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It’s becoming too obvious to keep overlooking Keynes' statement when little credit-collateral-money, "is...available our wealth suffers stagnation or decline.” The problem is hardly anyone knows what just why there might be so little. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.
----------WHAT----------
They're Ignoring That There's Too Little Money Now: https://bit.ly/3u7So2l
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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PART 01: Producer prices in the US are elevated, but decelerating. They're elevated because of demand surges, supply shocks and logistics snarls - all TRANSITORY factors. Producer prices ARE NOT elevated because of permanent, pervasive central bank or government inflationary action.
PART 02: Consumer prices in the US are elevated, but decelerating. They're elevated because of demand surges, supply shocks and logistics snarls - all TRANSITORY factors. Consumer prices ARE NOT elevated because of permanent, pervasive central bank or government inflationary action.
PART 03: Import and export prices are elevated in the US, but decelerating. They're high because of demand surges, supply shocks and logistics snarls - all TRANSITORY factors. Import/export prices ARE NOT elevated because of permanent, pervasive central bank or government inflationary action.
-----SEE EPISODE 100------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 100----
Vurbl: https://bit.ly/3rq4dPn
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----EP. 100a REFERENCES---
The Non-Charitable economics of (Not) Inflation: https://bit.ly/3EpQA9r
CPI Comes ‘Home’ To The Other Side of Inverted TIPS: https://bit.ly/3tPG3j5
First Transitory In Producers, Then More For Consumers, Now A Negative For Import Prices: https://bit.ly/2YZ0uP1
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by the complex pencil himself, David Parkins. Podcast intro/outro is "The Kill" by Particle House feat. Le June from Epidemic Sound.
PART 1: 'Maybe the economy isn't in as good a condition as you economists / academics / technocrats think it is,' says the labor force participation rate. 'The economy is in fantastic shape,' says the unemployment rate. Which one is correct?
PART 2: Labor shortages are normal, at the microscale, from time to time, in this or that industry. Yet since 2008, establishment economists use "labor shortage" as an excuse to: A) support a misleadingly low unemployment rate and, B) explain away the participation problem.
PART 3: In 1971, US Treasury Secretary John Connally told a group of European finance ministers that the US dollar "is our currency, but your problem." Half a century later, the problem has grown bigger encompassing the whole world. A world that is short of dollars.
-----SEE EPISODE 99-------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 99-----
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----EP. 99 REFERENCES----
Just In Time For Labor Day: It’s Not Payrolls Missing The Mark By Such A Wide Margin: https://bit.ly/3lc1k2j
Bad-Monetary-Joke Twitter: https://bit.ly/3A3RHZN
Turning The LABOR SHORTAGE Up to 11: https://bit.ly/3hifOww
The Eurodollar’s Nose: https://bit.ly/2X6LApB
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by the top hat of illustrated monetary satire, David Parkins. Podcast intro/outro is "Nite Glo" by Molife from Epidemic Sound.
PART 01: A lousy labor market report for August is being blamed on a "labor shortage". Also, 'lazy Americans' and 'the delta'. But the real problem is that businesses will not pay a market-clearing wage to hire the workers they need. Why not? Because the economy is lousy.
PART 02: A long-standing NBC News Survey shows John & Jane Q. Public perceive the economy's condition BETTER than economists who anchor to the unemployment rate. Since 2005, US citizens have sensed each global dollar squeeze. They may be noticing another one, right now.
PART 03: Lightning round review of the: Australian dollar, Chinese yuan, gold-silver ratio, Federal Reserve's reverse repo program, European Central Bank's symmetric inflation target and natural gas. Also, the House of Lords questions the Bank of England's use of QE.
-----SEE EPISODE 98-------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 98-----
Vurbl: https://bit.ly/3rq4dPn
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AmazonMusic: https://amzn.to/2UpEk2P
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----EP. 98a REFERENCES----
Yes And No Taper To Labor (and inflation): https://bit.ly/38E77YJ
----EP. 98b REFERENCES----
They’ve Lost That Loving Feeling: https://bit.ly/3zJ6sB3
NBC News Survey Study #210188: https://bit.ly/3n5o0Ec
----EP. 98c REFERENCES----
China, Australia, and The European Way Into Reverse Repo: https://bit.ly/2WYpuFr
ECB: The new monetary policy strategy: implications for rate forward guidance: https://bit.ly/3h2hlXm
Finally, QuEstioning ‘Easy Money’: https://bit.ly/3h2hlXm
Quantitative easing: a dangerous addiction?: https://bit.ly/3tmCUa7
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by the pen of the people, David Parkins. Podcast intro/outro is "UntrainedEye" by _91nova from Epidemic Sound.
Jay Powell announced his central bank is satisfied (enough) with the economy's direction. Thus, the Fed will soon be 'tapering'; lessening the 'monetary stimulus'. What did bond-money markets say? Did they have a tantrum? No, because they don't believe what Jay believes.
-----SEE EPISODE 97-------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 97-----
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----EP. 97 TOPICS--------
00:10 Intro: Jay Powell announced it anticipates its purchases of US Treasury bonds will slow.
00:48 Financial press puts the Federal Reserve upon a pedestal of omnipotence, competence.
03:29 A previous Fed "taper", in 2013, resulted in a so-called tantrum. But was it, really?
08:13 Knut Wicksell told us 114 years ago that rising interest rates signal a healthy economy.
10:34 Markets are not considered reliable leading indicators by technocrats at the Fed.
13:24 Leading market indicators include: sovereign bonds, eurodollar futures, the US dollar.
14:57 In mid-August it was clear there would be no tantrum if there ever was a taper.
18:16 Fed officials demurred to define what maximum employment is last year, but now...
20:11 (Fed officials believe that inflation surges are and will be transitory; so does Jeff).
21:01 ...but now, Fed officials believe maximum employment is within sight; achievable.
22:34 Maximum employment will be considered only after Fed inflationary targets are achieved.
25:42 The US labor force participation rate may not return to pre-pandemic conditions.
29:49 The US unemployment rate has detached itself from the US participation rate.
32:31 Mainstream expectations were for rising US Treasury yields after the Fed's taper news.
38:30 Bond yields did not rise after the taper announcement -- no tantrum.
40:38 US debt ceiling deadlines (2011, 2013, 217) caused/correlated with monetary turbulence.
----EP. 97 REFERENCES----
Tapering The Truth: https://bit.ly/38oyvcW
Taper Without Tantrum: https://bit.ly/38sdMVH
The Fed’s True Love: He Tapers Me, He Tapers Me Not: https://bit.ly/3yrOaCT
As Fed Focuses on Taper, It’s About To Get (a lot?) More Interesting In Bills: https://bit.ly/38n2Sk8
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "1AM OMW" by Ballpoint from Epidemic Sound.
PART 01: What did the Federal Reserve think about gold and the Nixon Shock in 1971? According to the transcripts they didn't think much about gold, neither pre- nor post-announcement. The Fed did not see the move as a release from its 'golden fetters' so as to dominate the monetary order.
PART 02: The US Treasury Department released their Treasury International Capital, one of the keyholes analysts can look through to get a sense what is happening in the eurodollar system. Jeff Snider explains three items that caught his attention. Three concerns.
PART 03: German financiers and American consumers reported HISTORIC DROPS in optimism in August. Meanwhile, in Britain and Japan, consumer confidence remains steady though both nations are reporting they intend to consume less. 'Not great, Bob!'
-----SEE EPISODE 96-------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 96-----
Vurbl: https://bit.ly/3rq4dPn
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
-----EP. 96 REFERENCES----
The Two Big Anniversaries of August: The Lost Decade (plus) Of The ‘Fiat’ Half Century: https://bit.ly/3gkpENP
A TIC Trio of More Serious Deflation Potential: Asset Rebound, Banks Can’t Borrow T-bills From Foreigners, And The China Cringe Which Goes Along: https://bit.ly/3zjhBs0
Germans Got Global: https://bit.ly/3D6sCPW
The Third Of The Transitory Inflation Trifecta And Today’s Surprisingly Consistent Ugly Surprise: https://bit.ly/3mmSoJY
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by lead Bedouin driving the camel train of monetary satire, David Parkins. Podcast intro/outro is "Multidimensional" by Sarah, the Illstrumentalist from Epidemic Sound.
PART 01: Inflation is a broad, sustained monetary phenomenon. Price deviations in a narrow set of economic sectors, though they last months, are just that: price deviations. Today's high CPI-readings will in all likelihood subsumed by the global monetary disorder, like in 2008 and 2011.
PART 02: A review of July's HUGE increase in consumer prices. We conclude these price surges are due to supply problems, base comparison effects and mostly Uncle Sam stimmy checks. None of which are permanent changes to the situation of monetary malfunction and economic depression.
PART 03: In 1998 the Bank of England completed its transformation from "central bank" to "economist club" - the two are not synonymous. The former defines, identifies, measures and maps money-credit-collateral. The latter is a narrative machine.
-----SEE EPISODE 95-------Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 95-----Vurbl: https://bit.ly/3rq4dPn
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-----EP. 95 REFERENCES----
There Is So Much, Too Much, Just Enough the Same: https://bit.ly/37Iluus
Inflation More Than Hints ‘Transitory’: https://bit.ly/3iQc9aD
The Money Is 'Double Missing' Thanks to Economists: https://bit.ly/3yHqKKR
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
-----------WHO-------------Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Dress Code: Black" by oomiee from Epidemic Sound.
PART 01: Fifty years ago the "Nixon Shock" closed the 'Gold Window' on "international speculators" and killed the Bretton Woods gold exchange era. That's what we're told. Actually, Bretton Woods died a decade (or more!) earlier; it's just that we only noticed in 1971.
PART 02: The IMF will 'print' $650 billion -- BILLION! -- in SDR-money to help with global liquidity. BIG numbers! BIG Deal! But we've heard this before from the IMF, like in 2009, their last BIGGEST EVER allocation, which was as effective as QE1, QE2, QE3, QE4, QE5, QE6...
PART 03: "This might be one of the biggest downward revisions I have ever observed," says Jeff Snider. The benchmark revision to Real Personal Income ERASED billions of dollars in presumed earnings from US workers since 2015, and especially in 2020 to 2021. "Truly stunning."
-----SEE EPISODE 94-------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 94-----
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----EP. 94a REFERENCES----
No Matter What They Say, the Future Isn't Inflationary: https://bit.ly/3AjfK6N
RealClear Markets Essays: https://bit.ly/38tL5a7
----EP. 94b REFERENCES----
Sophistry Dressed (as) Reallocation: https://bit.ly/3rZOhUM
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
----EP. 94c REFERENCES----
Inflation Estimates (PCE) Totally Overshadowed By Benchmark Income Revisions, And The (Deflationary) Implications of Them: https://bit.ly/3yB5JkY
-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Sweet Distraction" by Ealot from Epidemic Sound.
PART 01: Gold Slams! Rapid, huge sales in early morning hours are warnings about a malfunction deep within the plumbing of global capital flows. They're also multi-week, precipitous price declines. We review the last few months of gold price to triangulate if the pipes are rattling warnings.
PART 02: Foreigners were heavily selling US Treasuries in May 2021. Is this a GEOPOLITICAL plot? Is America's BANKRUPTCY imminent?!? Almost certainly not. We review the LONG HISTORY of foreigners selling US Treasuries in acute periods of dollar shortage. May's selling is a monetary warning.
PART 03: America's Covids Recession lasted only two months, says the National Bureau of Economic Research. But what if it wasn't a recession? What if 2007-09 wasn't a recession either? What if 2007-21 has been a depression? The Silent Depression.
-----SEE EPISODE 93-------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
-----HEAR EPISODE 93-----
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----EP. 93a REFERENCES----
Golden Collateral Checking: https://bit.ly/3j7HKmS
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
----EP. 93b REFERENCES----
Yet Another Key Warning Sign, Piece Of Strong Evidence: TIC & The Long Misunderstood History of Selling Treasuries: https://bit.ly/3yezqrV
RealClear Markets Essays: https://bit.ly/38tL5a7
----EP. 93c REFERENCES----
The Contraction Is Over, Which Means The Hard Part Only Begins
NBER Business Cycle FAQ: https://bit.ly/2TQqIkM
-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "MUNEY" by Beiba from Epidemic Sound.
FRONTLINE critiques the Fed for showering big banks, big business and Wall Street with easy money, which reached neither the real economy nor the vast majority of Americans. Yes to the latter, but no-no-no-no to the former.
----SEE EPISODE 92-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR EPISODE 92----
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----EP. 92 TOPICS--------
00:00:10 Frontline: the Fed is pumping billions of dollars into the financial system.
00:01:46 Frontline: the Fed is powerful and misunderstood.
00:04:58 Frontline: speculators crashed the system and the Fed rescued it.
00:12:24 Frontline: the Fed came up with the idea of quantitative easing.
00:14:38 Frontline: QE's purpose was to lower interest rates.
00:18:14 Frontline: QE was to increase credit to the economy.
00:20:33 Frontline: QE was a new experiment because Fed officials said it was.
00:23:48 Frontline: QE flooded the economy with easy money.
00:26:40 Frontline: QE powered the stock market.
00:33:40 Frontline: QE disconnected stocks from the real economy.
00:35:42 Frontline: QE didn't fix the economy because banks didn't allow it.
00:40:50 Frontline: QE2 was necessary because the Tea Party hobbled Congress.
00:47:10 Frontline: QE caused inequality because money went to banks.
00:59:33 Frontline: Wall St. was so addicted to QE it had a taper tantrum in 2013.
01:03:19 Frontline: QE helped the rich. KASHKARI: We were helping the people.
01:10:17 Frontline: QE gave easy money to corporates who used it to buy back company stock.
01:17:51 Frontline: Shadow banks gorged on easy money, increasing system fragility.
01:22:31 Frontline: In 2020 the Fed saved the world from a true depression.
01:26:01 Frontline: The Fed saved risky parts of the financial system, like junk bonds.
01:30:56 Concluding thoughts on the Frontline episode, central banking and the media.
----EP. 92 REFERENCES----
FRONTLINE The Power of the Fed: https://youtu.be/9RbL8lTsITY
The Power of the Fed (transcript) : https://to.pbs.org/3zC3HBn
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Electro Animal" by Oh the City from Epidemic Sound.
Early-morning action in the repo market shows a musical chairs-like collateral scramble; it has the Fed's attention. But the Fed is blasé about it (i.e. 'too much cash'). Yet these collateral scrambles resemble what we saw in March 2020.
----SEE EPISODE #91----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR EPISODE #91---
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----EP #91 TOPICS-------
01:53 Montana Senator Daines asked a Jeff-Snider-question to Jerome Powell in testimony.
05:02 Jerome Powell stated the Fed is focusing on the [dead] Federal Funds rate / range. WHY?!
06:29 In later testimony Powell changes his mind from "too much cash" to "not little collateral"
11:11 The NYFed notices that most repo transactions take place very early in the morning. Why?
13:39 Early morning collateral scrambles? The repo market? These took place in March 2020.
17:53 The NYFed offers several other reasons for the scramble: fees and liquidity.
19:07 The NYFed notes that more trades are taking place pre-market (to preempt the scramble?)
20:27 Monday, July 19 UST Bond yields dropped - but that was not a Jeff Snider "collateral day"
23:32 Tuesday, July 20 UST Bill yields traced out a fang-like drop in an early morning scramble
25:25 Show Conclusion: collateral scrambles are not rainbow/unicorn-reflationary phenomena
----EP #91 REFERENCES---
Lower Yields And (fewer) Bills: https://bit.ly/3BDZSxi
Why Don't Bonds Reflect CPI Alarm About Inflation?: https://bit.ly/3kMx2oq
Sorry, One More On Bills: Today A Really Good Example of All The Things We’ve Been Focused On Lately: https://bit.ly/3i20FAo
Intraday Timing of General Collateral Repo Markets: https://nyfed.org/2VbxIZv
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Night Driver" by Ballpoint and Cushy from Epidemic Sound.
Professor Sam Williamson, economic historian, explains how the value of commodities, projects and income/wealth should be properly measured across time (AND IT IS NOT WITH A CPI INDEX!). Otherwise, like a recent NY Times article, your worth may be off by a factor of 20!!!!
--------EP. 90 REFERENCES--------
Measuring Worth: https://bit.ly/36TfZZD
Measuring Worth Twitter: https://bit.ly/3BuZotf
Measuring Worth Blog: https://bit.ly/3rqyz4R
NY Times Tulsa Article: https://nyti.ms/3eKKDIR
National Geographic Tulsa Article: https://on.natgeo.com/3izkL41
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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----EPISODE #90 TOPICS----
0:00:00 The NYTimes says the 1921 Tulsa Race Riot cost $27M. And Professor Williamson? $534m.
0:06:24 Introducing Professor Samuel H. Williamson
0:09:21 At what point does using "CPI" to value something in the past stop making sense?
0:11:25 George Washington's nephew asked to borrow $1,000 in 1800 - how much is that worth now?
0:16:03 Why does the mainstream press continue to use woefully inadequate estimates of worth?
0:16:38 How does one select the correct measure of present worth for a historical value?
0:20:45 What does Professor Williamson think about the current "transitory" inflation debate?
0:29:41 Is the CPI a good, best effort measure of inflation in the United States?
0:31:53 Are alternative measures of inflation better than the CPI?
0:36:06 Mainstream economic data implies a preciseness that is illusory.
0:38:56 The headlines in the media are merely the surface of deeper, complex concepts.
0:40:26 A real price value of the Empire State Building doesn't tell us what it is worth today.
0:44:26 MeasuringWorth has data for the US, UK, Spain, Australia, gold, silver, stocks, etc.
0:47:48 Is their a pension crisis?
---------WHO-----------
Samuel H. Williamson, cofounder / president of MeasuringWorth, cofounder of The Cliometric Society, creator of EH.net and Professor of Economics, Emeritus, from Miami University with Jeff Snider, Head of Global Investment Research for Alhambra Investments, and Emil Kalinowski. Podcast intro/outro is "Mama's Woogie Mojo" by Wendy Marcini at Epidemic Sound. Art by David Parkins.
PART 01: Jay Powell has confirmed a surging Fed program (RRP) is partly the result of safe-asset demand. But he plays it off as a monetary technicality, mere arcana. Nope! Safe-asset scarcity is step one along a well-trod path towards a malfunctioning economy. Here's what happens next.
PART 02: The People's Bank of China lowers its bank Required Reserve Ratio to get money into a slowing economy. A lowered RRR means that there aren't enough (euro)dollars flowing into China. Why? Because there aren't enough (euro)dollars in the world. A lower RRR is a warning for the whole world.
PART 03: El Salvador announced its crypto intentions seemingly out of the blue. But a closer look reveals the nation had run dangerously short of (euro)dollars in early 2021. It went to the IMF for a bailout. Now it heads to the crypto world for one. Just like people did in the 14th-century. Wait, what?!
----SEE EPISODE #89----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR EPISODE #89---
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----EP #89a REFERENCES---
Powell Admits RRP and Collateral Scarcity, Still Unaware Of What It Means: https://bit.ly/3hK2dP9
To This Day, the World Still Thinks It Was About QE: https://bit.ly/3zbSS8V
The China of Today Seeks Nothing But Its Own Terms: https://bit.ly/3ks2qII
----EP #89b REFERENCES---
How Do You Spell Escalating? C-H-I-N-A-R-R-R: https://bit.ly/3kzlOmS
A Practical History of Financial Markets: https://www.didaskoeducation.org/
----EP #89c REFERENCES---
Bitcoin, El Salvador, And…The Eurodollar’s Ghost: https://bit.ly/3hIom0b
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Neon Raceway" by ELFL from Epidemic Sound.
PART 01: When the US Treasury yield curve inverts it is a warning that recession is on the horizon. What about when the Eurodollar Futures yield curve rolls over on its back? Not good news either. Would you believe that there's a kink in the curve now? Would you believe it's not great news?
PART 02: The yields on German sovereign bonds began to tumble in May - now we know why. German Factory Orders and Industrial Production delivered lousy results that month. Germany is an export power so these negatives say a lot about the global customer - that's us.
PART 03: A review of US, Chinese and global purchasing manager indices for manufacturing and services shows just a few too many "not great" readings. Not necessarily bad but within the context of HUGE 'money printing' and GIGA deficit blowouts shouldn't the economy be rip-roaring?
----SEE EPISODE #88----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
----HEAR EPISODE #88---
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PodcastAddict: https://bit.ly/2V39Xjr
----EP #88 REFERENCES----
Eurodollar Curve Quirk Trivia, But Not Trivial To Anti-Inflation: https://bit.ly/2UFv51P
Bond Reversal In Japan, But Pay Attention To It In Germany: https://bit.ly/2VvCa5J
ISM’s Nasty Little Surprise Isn’t Actually A Surprise: https://bit.ly/3k2Y1LU
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "So Casual" by Tigerblood Jewel from Epidemic Sound.
Non-economist, monetary iconoclast Jeff Snider's commentary on the the 'big news' about the 'hawkish' new Fed forecast implying economic recovery championed by the business press while at the same time an underlying liquidity reading (RRP) glows orange. A warning. And a reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Strolling with You" by John Runefelt at Epidemic Sound.
----------WHAT----------
The Dots Are On the Move, But So Are the Dot Spoilers: https://bit.ly/360hjJM
Overnight Reverse Repurchase Agreements: https://bit.ly/3jDOLxV
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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Non-economist, monetary iconoclast Jeff Snider's commentary on yet another central bank study concluding that there are TANGIBLE problems with quantitative easing and what benefits can be observed are INTANGIBLE. Sweden's Riksbank observes collateral shortages. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Steak Frites" by Dylan Sitts at Epidemic Sound.
----------WHAT----------
Because Central Bankers Have No Clue What Else To Do: https://bit.ly/3xXInFx
The Liquidity of the Government Bond Market – What Impact Does Quantitative Easing Have? Evidence from Sweden: https://bit.ly/3w8iWjm
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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Non-economist, monetary iconoclast Jeff Snider's commentary on why inflation is unwelcome directly and welcome indirectly. Also, economic depression and hopelessness have struck the United States many times. A review of contemporary accounts of despair and hope about the future from the 19th and 20th centuries. A reading, by Emil Kalinowski.
----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Nocturnal Jam" by Sarah, the Illstrumentalist at Epidemic Sound.
----------WHAT----------
Growing Indications There's More Trouble Ahead: https://bit.ly/35XF1Xc
----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/
---------HEAR IT----------
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
PART 01: After the Federal Reserve raised the return on one of its bank programs, a record $756 billion flowed into the central bank’s reverse repo facility. Jerome Powel said, "We're not concerned." He should be. Like the Fed should've been in 2017 when something similar happened. A warning. Again.
PART 02: How is it possible 14 years of data shows the Federal Reserve FLAILING ABOUT trying to raise or lower bond yields with MASSIVE purchases of securities via quantitative easing? Because they were 'massive'. The CENTRAL BANK IS NOT CENTRAL to money. The bond market is.
PART 03: The multi-year benchmark revisions to Retail Sales and Industrial Production reveal - Surprise! - the economy was much worse than initially reported. But guess who wasn't surprised? The bond market.
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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iHeart: https://ihr.fm/31jq7cI
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Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
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Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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Podchaser: https://bit.ly/3oFCrwN
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SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
--------REFERENCES--------
The FOMC Accidentally Exposes Itself (Reverse Repo-style): https://bit.ly/3zCfXTe
79a Warning: the Fed's Reverse Repo Program Surges!: https://youtu.be/9VqAB07ny4w
Upcoming Bill Cliff Refunding Recalls Rerun Reverse Repo: https://bit.ly/3j59E4P
Overnight RRP Operations as a Monetary Policy Tool: https://bit.ly/2TN1XFr
No Reason To Toss Out Low Rates In The Inflation Debate: The Repo Rat Rate Fallacy: https://bit.ly/3wKjjS8
60a Quantitative Easing: 20-Year Anniversary!: https://youtu.be/9eTqYTP0Vqo
Yields, Not Dots; Another Example of Why Inflation Had(s) No Chance: https://bit.ly/3cUi8YC
More Than A Benchmark Peeve: https://bit.ly/3vGaWG0
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Purist" by Ballpoint at Epidemic Sound.
Daniel Want, the early-21st century Australian philosopher and Chief Investment Officer of Prerequisite Capital, discusses: absence of knowledge at educational institutions, transitory inflation, first principles, disconnected markets, justice as prerequisite and the unified magnitude of the crisis.
--------REFERENCES--------
Prerequisite Capital: https://bit.ly/3gjMvd7
Training Videos: https://bit.ly/3czM4sM
Daniel LinkedIn: https://bit.ly/3gt3Rmq
Daniel Twitter: https://bit.ly/3gsH0r3
Daniel Gold Presentation: https://youtu.be/W619cfz25lQ
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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----EPISODE #83 TOPICS----
0:01:04 Will you receive an education if you attend college / university in the year 2021?
0:12:38 The Treasury, Eurodollar and US dollar markets are in agreement: transitory inflation.
0:26:16 What condition is the world (excluding the USA) economy in?
0:28:52 What condition is China's economy in?
0:37:02 Are sovereign bond yields still reliable signals if central banks are buying bonds?
0:45:58 Collateral demand signals system deterioration and impediments to private enterprise.
0:53:36 Economists pursue an ideal technocracy unaware of limits to understanding / knowledge.
0:59:53 Properly functioning markets rest upon a just, reliable legal system.
1:08:53 What do the months and quarters ahead suggest about the post-Covids reflation?
1:17:28 Has the world ever faced such an all-encompassing crisis as today?
1:20:22 Prerequisite Capital Management - portfolio manager, researchers and consultants.
---------WHO-----------
Daniel Want, Chief Investment Officer and Director at Prerequisite Capital Management, with Jeff Snider, Head of Global Investment Research for Alhambra Investments, and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Earth Awakens" by Jon Björk at Epidemic Sound.
PART 01: What should a central bank be? What does one do? Is what the Fed does 'central banking'? What did Ben Bernanke promise in 2002 that the Fed would never do again -- learning the lesson of the 1930s -- and how did he break his promise less than 5 years later?
PART 02: In March 2020 long-term US Treasury yields shot higher - why? Aren't these safe assets? Did the 'Treasury market break'? No. Yields shot higher due to illiquidity. And liquidity is JOB #1 of a central bank. So... here's looking at you Federal Reserve.
PART 03: Central banks inject liquidity into money markets to PREVENT a crisis. Let us review the last 14 years: Global Financial Crisis I (2008), European Sovereign Debt Crisis (2011), Chinese Reserve Crisis (2015), Global Financial Crisis II (2020). Not too good. Do they know what they're doing?
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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Google: https://bit.ly/3e2Z48M
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
--------REFERENCES--------
When You Aren’t Actually A Central Bank, Part 1: The Real Inflation: https://bit.ly/350rgXe
The Fed Is the Perpetual Janitor, Cleaning Up After Itself: https://bit.ly/3ird5Cw
When You Aren’t Actually A Central Bank, Part 2: The Stubborn Deflation: https://bit.ly/3x5fMxt
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Right Timing" by Cushy at Epidemic Sound.
PART 01: A new measure of the monetary order will be unveiled at the end of this two-part episode. But first, a discussion of uncertainty, incomplete pictures, relativity, perspective and the limits of human knowledge. Also, bank reserves and repurchase agreements.
PART 02: Within the US Triparty Repo environment, utilizing data from the Federal Reserve Bank of New York, we observe that three dollar shortages between 2010-20 appeared as a stagnation and/or contraction in observations per repurchase agreement transaction.
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
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Apple: https://apple.co/3czMcWN
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
--------REFERENCES--------
The First Part of the Quantum of Money: QE, Repo, and…Niels Bohr: https://bit.ly/3fRdITU
The Second Part of the Quantum of Money: Results From The Triparty Repo Experiment: https://bit.ly/3vSWzPs
NY FRB Tri-Party/GCF Repo: https://nyfed.org/2TxpV7B
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "36mm" by Jobii at Epidemic Sound.
Historian and political economist Daniel Oliver's commentary on why the quantity of currency is less important than the quality of the collateral backing it. In the USA the quality of the Federal Reserve's assets suggests two options remain: searing hyperinflation or wrenching austerity. A reading, by Emil Kalinowski.
----------WHO----------
Daniel Oliver of Myrmikan Capital. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Glitterati" by Fox Morrow at Epidemic Sound.
----------WHAT----------
The Path to Hyperinflation: https://bit.ly/3uDNmZW
----------WHERE----------
Daniel Oliver's Writings: http://www.myrmikan.com/
Daniel Oliver's Twitter: https://twitter.com/myrmikan
Emil's Twitter: https://twitter.com/EmilKalinowski
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Art: https://davidparkins.com/
---------HEAR IT----------
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PART 01: All of a sudden the Federal Reserve's Reverse Repo Program has exploded higher to half-a-trillion dollars. Why? The mainstream, orthodox narrative is that 'this is fine'; a response to 'too many bank reserves'. What does it really mean? Collateral scarcity. Systemic fragility. A warning.
PART 02: Chile, one of the 20th-century's rare economic success stories - from a low level of development to just short of advanced - held an election to rewrite its constitution. The winners? Anti-capitalists. And why not? After all, if a decade-long depression is capitalism...
PART 03: In the 15th century there was a Great Bullion Famine, which was solved by "ghost money". In the 1950s there was a Dollar Shortage, which was solved by the "eurodollar". In 2007 the Great Eurodollar Famine began (and hasn't ended!). Will it be solved by crypto currencies?
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
--------REFERENCES--------
Reserving Observations On The Reverse Repo Of Reserves: https://bit.ly/3c4hyXz
No Reserving Interpretation About Reverse Repo Collateral Connection(s): https://bit.ly/3usmxb7
Chilling Global Wind Blowing Stronger: Chilly In Chile: https://bit.ly/3vy1Yv9
We'll Continue Hearing About a Global Recovery That Isn't Real: https://bit.ly/3yW4TQz
Monetary Wrongness Has Authored a Crypto Response: https://bit.ly/3uzLIZ4
Enter the Ghost - Cashless Payments in the Early Modern Low Countries, 1500-1800: https://bit.ly/3fuagyC
The Vagaries of the Sea: Evidence on the Real Effects of Money from Maritime Disasters in the Spanish Empire: https://bit.ly/3fwXKyr
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "All Right" by William Benckert feat. Johan Tengholm, Jonas Bäckman at Epidemic Sound.
PART 01: On May 26, 2021 the Earth will witness a Super Flower Blood Moon - a sure sign of the apocalypse (again). It is no wonder then that, with the end upon us all, the Federal Reserve took the opportunity to confess in their recent meeting minutes that bank reserves are not money.
PART 02: There may be no better view into the incomprehensibly complex global monetary order than the Treasury International Capital report. We review the March TIC report and find a number of positive, good reflationary signals. We also find a number of bad, anti-reflationary warnings.
PART 03: A review of three economic accounts and three monetary accounts produce the same message: "Meh". Retail Sales, Fixed Asset Investment and Industrial Production point to continued economic deceleration. Meanwhile the People's Bank of China is not bothering to stimulate. Why?
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
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Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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Podchaser: https://bit.ly/3oFCrwN
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SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
--------REFERENCES--------
Inflation Huge: Jay Powell Did Blink, But It Had Nothing To Do With ‘Taper’: https://bit.ly/3vnrJOz
Minutes of the Federal Open Market Committee (April 27–28, 2021): https://bit.ly/3bVjnpJ
TIC Reflation Rolling (Over?): https://bit.ly/3fQwPwg
China Repeats Its Same Case For No-Inflation Bond Yields: https://bit.ly/3wHPMrT
The Chinese Money Behind Global Inflation Baseball: https://bit.ly/3fwgdev
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Scary Stairsteps" by Stationary Sign at Epidemic Sound.
"Inflation" is a generalized, sustained increase in consumer prices. A spike in consumer prices is just that - a transitory spike. Watch as Jeff gives four reasons and examples (2000, 2008, 2021 bond yields and auctions) why the probabilities favor a rise in CPI, not "inflation".
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
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AmazonMusic: https://amzn.to/2UpEk2P
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----EPISODE #77 TOPICS----
00:00 What is the difference between a rise in consumer prices and inflation?
02:10 What are some examples of generalized "inflation" versus "consumer price increase"
04:09 Does generalized, sustained inflation mean real generalized, sustained economic activity?
06:30 The summer-autumn of 2000 delivered surging inflation - right on the cusp of a recession.
09:06 The bond market looked through the 2000 inflation surge to... the incoming recession.
13:06 The bond market looked through the 2008 inflation surge to... the incoming recession.
17:43 The April 2021 reading of US consumer price (including core) was nuclear explosion hot.
19:46 In 2000 we witnessed a similar inflation shock, that was not sustained (transitory?).
21:23 Since 2000 we have witnessed a number of inflation SURGES... that proved transitory.
23:18 What would change Jeff's mind about "transitory" inflation?
26:04 Producer prices were reported at the same time as CPI, strong but perhaps base effects?
28:30 The secondary bond market seems to be unbothered by both the CPI and PPI readings.
31:06 The primary bond market showed no perturbance; auctions went off swimmingly.
32:47 US Treasury 4-Week Bill auctions have been delivering "zeros" - demand is so high!
33:38 The balance of probabilities is that the market sees "transitory" inflation.
--------REFERENCES--------
How Can Anyone In Their Right Mind Say This Much Inflation Is Transitory?: https://bit.ly/3bO8k1w
What CPI (and PPI)?: https://bit.ly/34cONUn
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins.
Historian and geopolitical strategist George Friedman's commentary on two concepts of international relations: a liberal international order and a rules-based system. A reading, by Emil Kalinowski.
----------WHO----------
George Friedman of Geopolitical Futures. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "South Is That Way" by Lofive featuring Divty at Epidemic Sound.
----------WHAT----------
The Myth of a Rules-Based World: https://bit.ly/3ugx2yP
----------WHERE----------
George Friedman's Writings: https://bit.ly/3gUl7ms
George Friedman's Twitter: https://twitter.com/George_Friedman
Geopolitical Futures: https://geopoliticalfutures.com/
Geopolitical Futures Twitter: https://twitter.com/gpfutures
Emil's Twitter: https://twitter.com/EmilKalinowski
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Art: https://davidparkins.com/
---------HEAR IT----------
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SoundCloud: https://bit.ly/3l0yFfK
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PART 01: In the 1930s the economic devastation was so bad that only radical solutions remained. But then, like now in our Silent Depression, radicalism does not mean success necessarily. The key is to first understand why the devastation in the first place. Otherwise? Dictators.
PART 02: Starting in October 2019 the Federal Reserve began to buy US Treasury Bills, EXCLUSIVELY. Starting in March 2020 the Fed stopped buy UST Bills, EXPLICITLY. What happened in between? Only the second Global Financial Crisis. 'Oops! Sorry we stripped the system of collateral.'
PART 03: Claudius Ptolemy, a genius, reconciled a geocentric model of the Universe with unexpected planetary paths with "deferent", "epicycle", "eccentric" and "equant" movements. Ben Bernanke, a technocrat, reconciled the unexpected path of bond yields with "term premia".
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
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Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
--------REFERENCES--------
Higher Prices Must Be Engineered to Restrain Dictators: https://bit.ly/3ttRxXt
SOMA’s Been Talking For Over A Year: Jay’s Got Some Explaining To Do (bills): https://bit.ly/33sXYja
Global, Not Term Premiums: What Low Yields Really Say: https://bit.ly/2RCgVgL
Is There a Global Factor in U.S. Bond Yields?: https://bit.ly/3f7qjRo
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Fort Green Sunset" by Brendon Moeller at Epidemic Sound.
Geopolitical analyst Allison Fedirka explains what made some countries socioeconomic success stories, where the next emerging market stars may be, and whether a decentralized international balance is in our future.
---------SEE IT-----------
Geopolitical Futures: https://bit.ly/3hv7Px0
LinkedIn: https://bit.ly/3eN7qEi
Twitter: https://twitter.com/AFedirka
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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iHeart: https://ihr.fm/31jq7cI
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Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----EPISODE #74 TOPICS----
01:10 Allison Fedirka, director of analysis for Geopolitical Futures (and polyglot!) as guest.
06:18 Uruguay is the (very?) rare socioeconomic success story - how did they do it?
14:52 Chile is the (very?) rare socioeconomic success stories - how did they do it?
18:55 Where does long-term political stability emanate from?
23:46 Which country or region has the potential to be the next emerging market success story?
26:52 How does the trend of deglobalization factor into geopolitical analysis?
29:31 Which countries demonstrate and execute successfully on a long-term vision? How do they?
40:06 Was the conceit of post-Cold War Globalization that it was inevitable and an evolution?
45:23 The biggest danger to geopolitical strategists is to not forecast serious changes.
49:40 What does the next world order look like? What is the next geopolitical equilibrium?
55:01 Is a decentralized international order possible?
60:57 Does cryptocurrency fit into a geopolitical analysis? What's its presence in S. America?
66:37 Do either Argentina or Venezuela, once wealthy nations, hold lessons for rich countries?
--------REFERENCES--------
Geopolitical Futures: https://geopoliticalfutures.com/welcome/
---------WHO-----------
Allison Fedirka, director of analysis for Geopolitical Futures, with Jeff Snider, Head of Global Investment Research for Alhambra Investments, and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Queen of the Night" by Andrés Cantú at Epidemic Sound.
Might the economy take off? According to a Wall Street Journal opinion column, solid wage growth and unfilled openings point to much less labor market slack than headline unemployment data. Jeff Snider reacts live.
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
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Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----EPISODE #73 TOPICS----
00:58 Some data suggests the US labor market is starting to look - well - tight.
02:08 Expect to hear about labor shortages and bottlenecks for the rest of the year.
02:46 In a bad labor market workers would accept much lower pay. That hasn’t happened.
04:34 Another sign of a tightening labor market: employers having trouble staffing up.
06:59 Why do some numbers suggest labor slack while other numbers suggest it is tight?
09:20 Greg Ip suggests "Only a small share of those labor market dropouts want a job."
14:52 The jobs market is not as bad as we think, therefore there is a risk of inflation.
--------REFERENCES--------
The Job Market Is Tighter Than You Think: https://on.wsj.com/3heuQ7q
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Sunset Drive" by Future Joust at Epidemic Sound.
From 2009-12 Buffett warned that emergency monetary and fiscal action would stoke inflation, that the dollar was in the hands of a profligate Congress and that Treasuries would lose real value. He was wrong. Now he's back.
"Number one rule of Wall Street: nobody - I don't care if you're Warren Buffett or Jimmy Buffett - nobody knows if the stock's going to go up, down, sideways, or in [#]ucking circles; least of all stockbrokers. It's all a Fugazzi. You know what a Fugazzi is?"
- Matthew McConaughey as Mark Hanna in "The Wolf of Wall Street"
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
TuneIn: http://tun.in/pjT2Z
Vurbl: https://bit.ly/3rq4dPn
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iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Apple: https://apple.co/3czMcWN
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
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PlayerFM: https://bit.ly/3piLtjV
Spotify: https://spoti.fi/3arP8mY
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Podchaser: https://bit.ly/3oFCrwN
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----EPISODE #72 TOPICS----
01:16 Howard Buffett, Warren's father, was an outspoken opponent of the New Deal fiscal deficits
03:04 Prior to 1933 the gold standard was an opportunity for people to act as 'bond vigilantes'
05:14 In 2009 Buffett warned of fiscal irresponsibility; the dollar's value in danger (nope).
09:21 In 2011 Buffett warned that the US dollar purchasing power would suffer losses (nope).
12:13 In 2011 Buffett warned that the potential for inflation was significant (nope).
12:26 In 2012 Buffett warned that the value of US Treasuries would suffer real losses (nope).
14:29 Are stocks a discounting mechanism that accurately reflect economic fundamentals? (nope).
17:14 Have US stocks, since 2008, performed better during non-QE periods than QE periods?
20:06 Academic studies explain that the three ways QE may affect the economy don't affect it.
24:25 In 2021 Buffett warns that inflation is happening and that the US economy is red hot.
26:03 Is inflation a K-shaped phenomenon where the less-well off are bearing the brunt of it?
--------REFERENCES--------
Is Warren Buffett Beautiful?: https://bit.ly/2Q13nuJ
Buffet's "The Greenback Effect": https://nyti.ms/3f2mey3
Crypto & Coffee with @NicholasBlack60: https://youtu.be/oaz-n6ayL1w
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments, and Emil Kalinowski short stocks since March 6, 2009. Art by David Parkins. Podcast intro/outro is "The Bayou" by Tigerblood Jewel at Epidemic Sound.
Professor Sissoko focuses attention on the fact that the post-2008 financial system has changed dramatically but that technocrats have not tackled what the changes mean. Sissoko discusses the path to the 2008 and 2020 shocks and proposes we turn the clock back to a wiser time.
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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Pandora: https://pdora.co/2GQL3Qg
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Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----EPISODE #71 TOPICS----
01:57 Who is Carolyn Sissoko, associate professor of at the University of the West of England?
05:41 What legal decisions led to such a preeminent position for the modern day repo market?
11:03 The Fed delivered liquidity in 2008 and 2020 but should markets come to count on it?
17:02 Profound legal changes in financial markets caught central bank economists unawares.
19:26 A summary of Carolyn's "The Collateral Supply Effect on Central Bank Policy"
22:27 When the Fed stopped freely financing intraday credit for banks, it encouraged repo
25:30 Is a collateralized loan safer than uncollateralized at both the micro and macro levels?
27:36 What 'moment' led to the 'birth' of the modern-day, systemically critical repo market?
34:15 Is the repo market inherently and irredeemably unstable?
39:27 Is there a solution: central counterparty, dealer of last resort, standing repo facility
43:16 Carolyn suggests the best solution is to return to an unsecured interbank money market
--------REFERENCES--------
Dr. Sissoko's Twitter: https://twitter.com/@csissoko
Dr. Sissoko's "The Collateral Supply Effect on Central Bank Policy": https://bit.ly/3tCslOV
Dr. Sissoko on Social Science Research Network: https://bit.ly/3fhK5Kj
Dr. Sissoko's Macro Musings Interview: https://bit.ly/3trTCTV
---------WHO-----------
Carolyn Sissoko, associate professor of economics at the University of the West of England with Jeff Snider, Head of Global Investment Research for Alhambra Investments, and Emil Kalinowski. Art by the Mr. Chips of colour, David Parkins. Podcast intro/outro is "Revolt" by Luwaks at Epidemic Sound.
Historian and geopolitical strategist George Friedman's commentary on the (un)likelihood of war with China and Russia. A reading, by Emil Kalinowski.
----------WHO----------
George Friedman of Geopolitical Futures. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Sweet Violet" by Yi Nantiro at Epidemic Sound.
----------WHAT----------
The Unlikelihood of a War With China and Russia: https://bit.ly/2Rg3LWn
The most dangerous place on Earth: https://econ.st/3nHHcG5
Putin’s next move: https://econ.st/3aVQQQw
----------WHERE----------
George Friedman's Writings: https://bit.ly/3gUl7ms
George Friedman's Twitter: https://twitter.com/George_Friedman
Geopolitical Futures: https://geopoliticalfutures.com/
Geopolitical Futures Twitter: https://twitter.com/gpfutures
Geopolitical Futures Podcast: https://bit.ly/3tgFahj
Emil's Twitter: https://twitter.com/EmilKalinowski
Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
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PodcastAddict: https://bit.ly/2V39Xjr
The Economist magazine states that "the covid-19 crisis is highlighting the limits of unemployment-insurance figures" and therefore "jobless-claims data give little insight into America’s economy". Jeff Snider reacts Live! to the article and offers his own thoughts.
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----EPISODE #69 TOPICS----
01:34 The Economist finds some of the unemployment data in the United States unbelievable
03:32 The 80 million claims filed last year does not mean that 80 million were unemployed
05:09 The Economist implies that because the 80M is preposterous the other labor stats are too
07:34 It is legitimate to acknowledge distortions to the labor stats; there are anomalies
09:32 Many economic accounts indicate that bad news in unemployment is perfectly reasonable
10:22 The jobless claims / labor market is improving over recent weeks.
13:13 Is there a clearly, unambiguous positive economic metric in the US economy?
--------REFERENCES--------
Why jobless-claims data give little insight into America’s economy: https://econ.st/3xzZn5r
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Rollerblade" by Arc De Soleil at Epidemic Sound.
PART 01: The rise and fall of an arbitrage trade by hedge funds known as the Treasury cash-futures basis trade. That was the focus of an excellent research paper by two government researchers. But there's just one problem. They don't ask what caused the rise of the basis trade in the first place.
PART 02: Open interest in US Treasury Long Bond futures have crossed the 800,000-line only a few times in the past quarter-century. Nothing ever good happened in markets or the world economy when that happened. Where are they today? Almost 1.2 million. Why, who and when?
PART 03: On April 23 the 5-year US Treasury Inflation Protected Security auction resulted in LOWER inflation expectations. For years now these auctions conveyed RISING market-based inflation expectations. But now? With monetary 'printing' and fiscal 'stimulus' gone wild the market says, "Put your shirt back on."
---------SPONSOR----------
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---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
--------REFERENCES--------
A Profound Statement In the Ongoing Saga of Shadow Money: https://bit.ly/3aOcHcs
Hedge Funds and the Treasury Cash-Futures Disconnect: https://bit.ly/3nIqFBV
The Warehouse Gap Does Much To Fill In Why There Were Never Too Many Treasuries: https://bit.ly/332LpL5
What Is It About TIPS 5s Auctions? What Was It About This One?: https://bit.ly/3gObbLn
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski, all about that basis (trade). Art by the nice version of Gordon Ramsey, David Parkins. Podcast intro/outro is "Pa Na Ma" by Giants' Nest at Epidemic Sound.
PART 01: Government stimulus seems to work sometimes (e.g. US recessions after WW2). Other times it clearly fails: 1970s USSR, 1980s S. America and Africa, 1990s Japan, and USA post-2008. Presidents Bush (ECA 2008), Obama (ARRA 2009) and Trump (TCJA 2017) tried and failed. Will Biden be any different?
PART 02: When public debt rises to around 90% of GDP economic growth falls by 1% each year. A review of Carmen Reinhart and Kenneth Rogoff's study and a look at global debt levels in 2008, 2011 and 2020.
PART 03: US Treasury Securities are the financial system's best collateral. But quantitative easing pulls Treasuries out of the system! In response market participants are 'forced' to repledge the SAME security more and more and more and more and more and more (and more and more and more and more and more and more and more and more and more and more and more and more and more and more)!
---------SPONSOR----------
The motion picture event of the summer: (Con)Tango & Cash. When an international smuggling ring uses the local commodity exchange to send gold into backwardation, two macroeconomists take matters into their own hands... and onto the spot market.
Starring Travis 'the President' Kimmel as Contango, "You can take delivery of lead -- punk."
And Steven 'the Monarch' Van Metre as Cash, "You know how I promised to let you close out that trade?"
"Yeah man, you did Cash! You did promise!"
"I lied."
With Grant Williams as the polite British guy, “Well chaps, you put the mockers on, didn’t you?”
This motion picture will never be rated. Available only on-demand at Real Vision.
---------SEE IT-----------
Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
Art: https://davidparkins.com/
---------HEAR IT----------
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Podchaser: https://bit.ly/3oFCrwN
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
--------REFERENCES--------
Neither Keynes, Trump, Pumps Nor Priming: https://bit.ly/3gBbE39
The Economist: America’s extraordinary economic gamble https://econ.st/3xiGkwf
The Durable Hibernating of Vigilantism: https://bit.ly/3esvtaf
Growth in a Time of Debt: https://bit.ly/2S3COpl
BIS Total credit to the government sector: https://bit.ly/2Pl3UHB
The QEnundrum: https://bit.ly/2QuMJDY
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by the Sir Ian Wilmut of the color pipette David Parkins. Podcast intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.
In 2014 the St. Louis Federal Reserve noted that despite a MASSIVE increase in money the expected 4 to 6% inflation did not materialize. The researchers suggest it was a "liquidity trap". Yes, and no. But mostly no.
---------SEE IT-----------
Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
Art: https://davidparkins.com/
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
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Stitcher: https://bit.ly/2C1M1GB
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----EPISODE #66TOPICS----
00:05 In the pre-2007 period an increase in money supply lead to an increase inflation but...
02:59 ...the post-2007 period displayed a break in the relationship (or did it?!)
04:57 Possible causes include: labor slack, banks not lending, and 'too credible' central banks
06:59 Another cause (perhaps likely?) is the Liquidity Trap.
08:16 If the Fed controls interest rates, then a liquidity trap explanation sounds legitimate
10:58 If the Fed controls interest rates, then raising rates will unwind a liquidity trap
14:39 In 2005 Greenspan testified to Congress that a fundamental monetary assumption had failed
17:57 The Fed identified market desire for safe, liquid instruments but got the "why" wrong
19:39 The St. Louis Fed paper was published in April 2014, just as the third crisis had begun
--------REFERENCES--------
St. Louis Fed's "The Liquidity Trap": https://bit.ly/2Qc858Z
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.
-----PART 01 SUMMARY------
US President Jimmy Carter told the nation that the US dollar's devaluation "is clearly not warranted by the fundamental economic situation". In fact, it was unreservedly deserved as the necessary consequence of prolonged official incompetence.
-----PART 02 SUMMARY------
US producer prices surged in the month of March. But Federal Reserve chairman Jay Powell said they won't last, that they are "transitory". HE IS RIGHT! But the reason he gives - the covo - is not correct. No, the reason is the same one since 2007: the global, silent depression.
-----PART 03 SUMMARY------
On February 23rd the US Treasury 2-year auction put in some record-low bids. But then, on February 24th, the snowflake (or feather, or spark... maybe all three at once) came, so that by the 25th perceptions had reversed (melo)dramatically. Had Death come for US Treasuries?
---------SPONSOR----------
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Yes, strut through The Waste Land knowing that marauding lynch mobs of War Boys pose no danger. The carbon-fibre nanoweave is comfortable, flexible and the ultimate luxury in an April dystopia you hastened. Barter aquacola for guzzoline at Thunderdome with no concern of the guillotine. Is that the Road Warrior with a chainsaw? Then save your skin... with your Second Skin Neck Brace.
---------SEE IT-----------
Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
Art: https://davidparkins.com/
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--------REFERENCES--------
History Isn't On Your Side If You're Looking for Inflation: https://bit.ly/3uW97EJ
Scorching, Blistering, Highest In A Decade! Powell’s The Voice of Reason Here?: https://bit.ly/32kpNcW
Why Only That Specific One? https://bit.ly/2Qe8zLF
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by the Ingmar Bergman of the pen, David Parkins. Podcast intro/outro is "Strolling with You" by John Runefelt at Epidemic Sound.
The Economist says, 'No! They are white knights to be held in reserve; don't sully them with politics.' Jeff Snider agrees on the 'No!', but for entirely opposite reasons.
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
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----EPISODE #64TOPICS----
01:08 Central bank mission creep is a result of their failure at the original job: manage money
04:38 When and why were central banks given independence and assumed a political detachment
07:14 Both governments and central bankers have taken an expansive view of the latter's mission.
08:06 Politicians do not want to tackle difficult issues, shirking their duty to central bankers
11:30 A central bank's original mission is money - not employment, not inflation.
--------REFERENCES--------
The perils of asking central banks to do too much: https://econ.st/3fZNZt5
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski. Art by David Parkins.
Karen King of the Harvard Divinity School wasn't the first 'professor' to discover "the long-buried secret of Jesus' marriage." That distinction belongs to fellow Harvard faculty member Robert Langdon, protagonist in Dan Brown's 2003 novel, The Da Vinci Code. Langdon was a fiction. King on the other hand was not; she held the very real Hollis Professorship of Divinity established in 1721 - the oldest, and arguably most prestigious, endowed chair in America. And there she was, in Rome, just seven years after serving as a consultant for the novel's film adaptation, to present at the International Congress of Coptic Studies. Like Langdon she would cast a stone at 2,000 years of patriarchal tradition.
King had in her possession a business-card-sized papyrus, bearing 30-some Coptic words, including this astounding sequence: "Mary is worthy of it... Jesus said to them, My wife... she is able to be my disciple..." King proposed the fragment was a fourth-century Coptic translation of a late-second-century Greek gospel. She called it the Gospel of Jesus' Wife - "something that would stick", she later explained.
Incredulous complaints emerged almost immediately: the handwriting appeared blatantly modern, misspellings were "monstrous". One bemused Egyptoligist noted the copyist would, "have benefited from one more semester of Coptic." Still King persisted; she leveraged her institution's reputation and that of her office to engineer a defense from the prestigious Harvard Theological Review. Not until two years later, when the forger was revealed, did she conditionally concede the scrap was "likely a fake".
Ariel Sabar, the author of Veritas, the 2020 book which chronicles the affair, summarized King's behavior thusly: “[I]deological commitments were choreographing her practice of history. The story came first; the dates managed after. The narrative before the evidence; the news conference before the scientific analysis.” In this, the 63rd episode of Making Sense, we review the latest scholarship that questions the Gospel of Bernanke's Global Savings Glut. We note that ideological commitments are choreographing monetary practice. Expectations before the evidence; the forward guidance before the scientific analysis.
-----PART 01 SUMMARY------
In the early 2000s, bond markets ignored the Fed. Alan Greenspan called it a "conundrum". Ben Bernanke blamed a "Global Savings Glut". But recent Federal Reserve research notes events since 2008 upend the Bernanke glut and instead suggest economic weakness and financial fear as causal.
-----PART 02 SUMMARY------
Economic recovery? Then why aren't US Treasury Securities being OBLITERATED by the combined power of vaccines, fiscal stimulus and monetary easing? Maybe because stimulus is really 'stimulus' and easing is 'easing'. Indeed, US Treasury Bills are being bid and signalling angst.
-----PART 03 SUMMARY------
America's unemployment rate is a miraculously low 6% - a remarkable achievement. But behind the headlines is the sad fact that labor force participation is awful.
---------SEE IT-----------
Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
Art: https://davidparkins.com/
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--------REFERENCES--------
Slight, But Only Slight, Movement In the Understanding of Rates: https://bit.ly/3t9B37Q
The Global Saving Glut and the Fall in U.S. Real Interest Rates: https://bit.ly/39WgTq0
Global Imbalances Tracker: https://on.cfr.org/3mIWx7W
Rechecking On Bill And His Newfound Followers: https://bit.ly/39Ysh4Y
Reopening 2: https://bit.ly/3s0w9sk
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins.
"I glanced at the list, running over names (probably misspelled) that meant nothing to me, with my hand on the butt of my righthand gun. That one now contained a very special load. According to Vannay, there was only one sure way to kill a skin-man: with a piercing object of the holy metal. I had paid the blacksmith in gold, but the bullet he’d made me – the one that would roll under the hammer at first cock – was pure silver." The scene is from The Wind Through the Keyhole, a 2012 Stephen King novel. It's not unheard of for the horror/fantasy-master's characters to call on silver to battle something from the dark and murky gray.
From his 1986 novel, IT: "But that, of course, is only a joke, and not a very good one; there is only one story left, at least one he remembers, and that is the story of the silver slugs – how they were made in Zack Denbrough's workshop on the night of July 23rd and how they were used on the 25th." A great yarn, to be sure, but as members of an advanced civilization we KNOW there's nothing in the shadows with blood-red eyes and tentacles. Then again... that's precisely why Count Dracula moved to cosmopolitan London in Bram Stoker's 1897 classic.
You see, the superstitious peasants of Transylvania knew the preternatural was real. Not so post-Enlightenment England where mucus-oozing pores and frightful claws were disclaimed. And what better place to hide disgusting aberrations, but in the shadows of denial and willfully forgotten knowledge?
Today, enlightened monetary-scientists placate us with soothing expectation policies that the shadows harbor no ill-proportioned beasts. But supposing there were. Is there a silver bullet we could roll under the hammer? In Part 2 of this, the 62nd Episode of Making Sense, Jeff Snider discusses one candidate: the Eurodollar Futures market. But first, two researchers for the Federal Reserve uncover the horror of quantitative easing. Then we conclude with the fantasy of government stimulus.
---------SUMMARY----------
01: Two Federal Reserve researchers claim the Fed, "can effectively reduce the [fragility] of the financial system by reducing the size of its balance sheet." REDUCING, not growing! To understand their conclusion we discuss: money dealers, interbank loans and collateral.
02: If there was A SILVER BULLET, if there was ONE RING TO RULE THEM ALL - if there was ONE MARKET TO FOLLOW to track the health of the global monetary order and world economy - it would be the Eurodollar Futures market. Incredibly, the Federal Reserve has a very low opinion of it.
03: The 2007-09 crisis was a permanent shock. Neo-Keynesians do not believe such a thing is possible. But consumers? Not only do they believe in permanent shocks, they KNOW they are very real. Therefore, the Trump and Biden stimulus payments have NO CHANCE of fixing the economy.
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
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--------REFERENCES--------
Seeing Interest Rates Counter To What They Actually Are: https://bit.ly/2QX730x
Federal Reserve - What Drives U.S. Treasury Re-use?: https://bit.ly/2PMHCOK
How Does Reflation Look From The Point of View of the One Market That Gets It: https://bit.ly/3cKZKlb
Yes, Curves Have Been Forced To Speak Japanese: https://bit.ly/3uhsWWW
Data Downgrading Uncle Sam’s Helicopter: https://bit.ly/3sQefcX
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Shadow of a Gunman" by Sight of Wonders and "Night Remains" by Farrell Wooten at Epidemic Sound.
So says Federal Reserve Chairman Jerome Powell in a recent Wall Street Journal opinion column. Jeff Snider listens and reacts to Powell's case that the disruption wasn't the Fed's fault and that the central bank did the best it could.
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Alhambra YouTube: https://bit.ly/2Xp3roy
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----EPISODE #61 TOPICS----
01:03 Is a central bank's job to prevent crisis or to make the crisis less worse?
04:34 The Fed's goal should've been to maintain US dollar exchange rate stability and liquidity
06:01 US Treasuries were being sold by the market in March 2020, but why?
10:28 Powell says the recovery is continuing apace and on a good trajectory
12:21 The employment recovery took place almost entirely in the first months, but sideways since
14:34 What role does the mainstream media have in explaining what standard to hold the Fed to?
--------REFERENCES--------
Jerome Powell on the Pandemic Year: https://on.wsj.com/39kdnp6
One Year Later: Why No ‘V’?: https://bit.ly/3dhBaY0
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Habitual" by Ava Low at Epidemic Sound.
Jeff Snider is in his element in Episode 60, in which he observes the 20th anniversary of quantitative easing and notes the unsettling twist in oil futures; also, he reacts to the Federal Reserve Chairman who recently likened the Fed's actions last year, to the heroic Dunkirk evacuation.
Your podcaster on the other hand comes out of the gate staggering by slandering everyone's favorite nation: New Zealand. Operating under the false impression that The Hobbit was a documentary, this podcaster opens the show asserting New Zealand is home to all manner of fantastic creatures like the platypus, narwhal, orcs and elves. The YouTube comments were aflame with polite indignation. The narwhal belongs to the Arctic, not Antarctic. Worse yet, the platypus is endemic to the only country in the world that doesn't care for New Zealand: Australia.
To make amends this podcaster watched BBC Planet Earth with New Zealand's fourth most popular guitar-based digi-bongo acapella-rap-funk-comedy folk duo: Bret McKenzie and Jemaine Clement. So dear audience, please squint your ears at the start of the episode. When you hear "platypus", receive Fiordland Crested Penguin, which is twice the size of a normal-sized man. When you hear "narwhal", instead pick up Kakapo, a parrot that identifies as an owl. When you hear "orcs", perceive Kiwi, like the bald eagle but flightless and with fur. And when you hear "elves", glean Weka another flightless bird with the legs of a witch, a taste for pickled olives and a cholesterol problem.
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Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
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----------TOPICS------------
PART 01: On March 19, 2001 CNN described quantitative easing by the Bank of Japan as "inject[ing] a large amount of money into the Japanese economy." It wasn't large, it wasn't money, and it never got to the economy. In two decades nothing has changed; not in Japan - not anywhere.
PART 02: The headline oil price has been falling since early-March, but insiders were alerted 10 days earlier of possible trouble by the futures curve. What is contango? What is backwardation? Do oil futures tell us the economy is struggling to gain additional liftoff?
PART 03: Federal Reserve Chairman Jerome Powell analogized the central bank actions in March 2020 to the heroic evacuation of soldiers from Dunkirk in WW2. A more fitting analogy is the blunderbuss loss at Dunkirk that necessitated the rescue at all.
--------REFERENCES--------
Central Banks Don't Do Quantities of Money Because They Can't: https://bit.ly/3srNL1j
Kiwi Busted QE And Its Relation To The Reflation Story: https://bit.ly/3ddL78Q
OK, NYMEX, Go On…: https://bit.ly/3cqAmkn
OK NYMEX, Beginning To Notice The Fine Print?: https://bit.ly/3rsmYAs
Was Last Month’s Fedwire A Coincidence?: https://bit.ly/3dffKuu
NPR's Full Interview With Fed Chairman Jerome Powell: https://n.pr/3crz7Sa
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski, Flight of the Conchords fan. Art by Dunkirk Lil' Ship Capt. David Parkins. Podcast intro/outro is "New Zealand Story" by S.A. Karl at Epidemic Sound.
March 23, 2020 is a day that no financial market participant will forget. It was the day that America's S&P 500 put in its low and stock prices began their climb to "what looks like a permanently high plateau." More importantly, it was the day that Making Sense debuted. Yes, Jeff Snider and I decided that what the world really needed in the time of Covid and financial Armageddon was another financial podcast, and that we were going to give it to them. To commemorate the anniversary I proposed to Jeff that we do a retrospective. Jeff responded that he would love to - really. But he was reading through the Federal Open Market Committee's August 20, 1974 Memorandum of Discussion - again.
And so instead, let me provide you with a retrospective of sorts, by playing the Top 10 Podcast Introductions as voted on by me, the introducer. Starting with Episode 14 and continuing through Episode 58 I introduce the points of discussion with the purpose of ensnaring you, the dear listener. In two to three minutes I have to convey to you the topics in an educational or funny or poignant or enthusiastic or absurd way. Sometimes I use a metaphor, other times a literary reading. Sometimes it is a suckescess... sometimes I can't pronounce the word success. Either way, it is an adventure. Here are the Top 10 Podcast Introductions of Making Sense, Season 1.
---------SEE IT-----------
Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Alhambra YouTube: https://bit.ly/2Xp3roy
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Art: https://davidparkins.com/
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AmazonMusic: https://amzn.to/2UpEk2P
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----EPISODE #59 TOPICS----
00:01 Introduction to anniversary, retrospective show about... introductions
02:33 #10 - Ep. 43 - Modern Monetary Hypnosis (24-Jan-2021)
05:56 #09 - Ep. 15 - Hey Kid, Want Some Communism? (27-Jun-2020)
09:13 #08 - Ep. 56 - False Dawn(s) (15-Mar-2021)
12:37 #07 - Ep. 34 - Social Contract (11-Nov-2020)
16:06 #06 - Ep. 17 - Communism, Don't Call it a Comeback (11-Jul-2020)
19:28 #05 - Ep. 24 - The Discovery of Oz (31-Aug-2020)
23:11 #04 - Ep. 21 - What's in the Monetary Toolkit? (09-Aug-2020)
27:12 #03 - Ep. 39 - Quantum Dollar Mechanics (14-Dec-2020)
30:48 #02 - Ep. 30 - QE2 Syndrome: Making Economics Errata (12-Oct-2020)
34:57 #11 - Ep. 28 - Interview: Brent Johnson (27-Sep-2020)
36:38 #12 - Ep. 58 - Interview: Izabella Kaminska (22-Mar-2021)
39:32 #01 - Ep. 33 - Eurodollarween (02-Nov-2020)
----------MUSIC-----------
10 - Ep. 43 - "Whispering of the Stars" by Luella Gren at https://bit.ly/31a9ONZ
09 - Ep. 15 - "The Ministry" by Howard Harper-Barnes at https://bit.ly/398LeBg
08 - Ep. 56 - "Departure Lounge" by Brendon Moeller at https://bit.ly/3tOnTgh
07 - Ep. 34 - "All Emotions" by ELFL at https://bit.ly/395Oxti
06 - Ep. 17 - "Callin Shots" by Damma Beatz at https://bit.ly/3rer4MK
05 - Ep. 24 - "So Many Secrets" by Gavin Luke at https://bit.ly/3tOo5Mx
04 - Ep. 21 - "Cornelia" by The Eastern Plain, remixed by Luwaks, at https://bit.ly/3vS2FzZ
03 - Ep. 39 - "Otherworld" by Lama House at https://bit.ly/39b7BX3
02 - Ep. 30 - "A Most Violent Man" by Lofive at https://bit.ly/3d1YHMu
11 - Ep. 28 - "We Just Gotta (Get Together)" by Wanda Shakes at https://bit.ly/3sfVpf7
12 - Ep. 58 - "Canon in D" by Johann Pachelbel at https://bit.ly/3tOu9EI
01 - Ep. 33 - "Fugent" by Lupus Nocte at https://bit.ly/3sh5kRt
--------REFERENCES--------
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, disc jockey. Art by David Parkins. All intro music found at Epidemic Sound.
Welcome to Making Sense. Jeff Snider and I are joined by a very special guest, Izabella Kaminska who has accomplished many accomplished things, including being the editor of FT Alphaville, the Financial Times blog. Though to refer to Alphaville as a mere blog, would be a gross disservice. No ladies and gentlemen, it is much more than that. It is the modern-day equivalent of the 17th-century London coffeehouse.
Both, forums for transactions, spirited debate, and the exchange of information, ideas - and lies! - though Alphaville is pointing them out for our benefit. Strangers, no matter what their social standing or political allegiance, are always welcomed into lively convivial company. The topics, then like now: the stock exchange, insurance, auctioneering, politics, arts... Then? The 'not-so-old' masters. Now? NFTs. Both the contents of the 17th-century coffee mug and Alphaville could be described the same way: "'black as hell, strong as death, sweet as love' and shot through with grit."
--------SUMMARY--------PART 01: Financial journalism, the necessity of skepticism, public distrust of media, press reticence to cover underclass concerns, reportage to clarify versus to convince and technology's impact on news.
- 01:44 The nature of FT Alphaville relative to mainstream financial media
- 08:55 The importance of skepticism and critique in Alphaville's coverage of markets
- 13:26 According to Gallup, Americans have very little to no confidence in newspapers
- 22:42 Media reticence to cover 'unsophisticated', 'conspiratorial' working class concerns
- 33:41 Drawing attention to and clarifying versus reporting to confirm, conclude and/or convince
- 43:42 Technology's impact on journalism - past, present and prospective.
PART 02: Work furlough as proto Universal Basic Income, a labor force under Modern Monetary Theory, naïve accedence of Environmental-Social Governance, socialism, communism and corporate-capitalism.
- 46:37 Political determination of economic outcomes via furlough, UBI and socialism
- 57:36 Good intentions of MMT and ESG act as shields against skepticism; the echoes of communism
- 1:07:52 Political considerations (MMT, UBI, ESG) will result in inescapable market consequences
- 1:13:14 Corporate measurement of customer behavior and its political consequences
PART 03: Bitcoin free-market green energy, non-fungible tokens, cryptocurrency's role in the monetary order, intraday interbank liquidity, central bank command-economy green agendas and more!
- 1:20:49 The astounding impact of intraday real time gross settlement on systemic, global liquidity
- 1:30:43 Green mandates are command-economy solutions; Bitcoin may be the free-market alternative
- 1:34:06 Balancing transparency against privacy with non-fungible tokens and cryptocurrencies
---------SEE IT-----------Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
--------REFERENCES--------Izabella Kaminska: https://www.ft.com/izabella-kaminska
Alphaville: https://www.ft.com/alphaville
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Izabella Kaminska, editor of FT Alphaville and Emil Kalinowski, a Financial Times subscriber. Art by David Parkins, the Pasqua Rosée of black ink.
Podcast intro/outro is a chamber music version of "Canon in D" by Johann Pachelbel, the 17th-century German composer. Listen at Epidemic Sound. Learn more about "The Lost World of the London Coffeehouse" from Dr. Matthew Green.
Will stagnation follow the Biden Boom? So asks New York Times columnist (and Nobel memorial prize winner) Paul Krugman. Jeff Snider listens and reacts to Krugman's lament that, though the relief bill is done, recovery may be harder.
---------SEE IT-----------
AlhambraTube: https://bit.ly/2Xp3roy
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
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Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----EPISODE #57 TOPICS----
00:01 Paul Krugman, NYTimes columnist, believes the Biden stimulus will not be enough
02:31 Will a stimulus bill with a huge sticker price be enough to overcome "Secular Stagnation"?
05:28 A growing consensus of economists believes the last decade may not have been very good
08:18 Bond markets are not signaling the recovery has been very good so far
12:09 What is the solution to secular stagnation?
15:38 There is agreement that the economy is very unhealthy, stimulus may not be enough
--------REFERENCES--------
Will Stagnation Follow the Biden Boom?: https://nyti.ms/2OtQ5pK
Alvin Hansen and Secular Stagnation: https://bit.ly/2NkJUns
Hey Kid, Want Some Communism? : https://youtu.be/bKHzn2UaqLU
Communism - Don't Call it a Comeback: https://youtu.be/FhBQhRLmTQc
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, now hiring interns at below-market rates. Art by David Parkins, on an errand, sent by grocery store clerks, to collect a bill. Podcast intro/outro is "Cool Cat Stumble" by T. Morri at Epidemic Sound.
Space, the final metaphor. Why do central bankers offer spirographic, retrograde answers? Because they operate within a Ptolemaic paradigm - a geocentric model of our monetary system in which the central bank is the hub around which all else revolves. Why is unobservable, offshore credit fundamentally important? Because like dark matter and dark energy, this shadow money represents the broad majority of material and heat that constitute our monetary universe.
Which brings your podcaster to the 21st chapter of "The Courage to Act" authored by Ben Bernanke. There, the former chairman defends the Fed's second quantitative easing in 2010 because of an economic "false dawn". No mere rhetorical flourish, the false dawn is a regular astral phenomenon. Each autumn and spring, the northern and southern latitudes respectively, will observe a triangular diffusion of light rising above the horizon. It seems to herald recovery from the darkness.
But Sol won't come. Not yet at least. Light, yes. But the wrong kind. Instead of a medley of warm colors refracted by the near atmosphere, the false dawn is a sterile white, originating far beyond our Earth, in cold space. Officially known as the Zodiacal Light, we witness interplanetary dust particles reflecting sunlight.
Perhaps not surprisingly, Bernanke's book had no further chapters on economic false dawns despite their taking on an astronomical regularity, arriving again and again and again in 2011, 2014 and 2017. Jeff Snider, part-time monetary sleuth and full-time cosmos student, recognizes the difference between reflation's false dawn and recovery's warm glow. In this, the 56th episode of Making Sense, we review the light coming over the horizon from negative repo rates, surging M2 money supply and rising US Treasury yields. We find it cold, fallow and gray.
-------SUMMARY------
PART 01: Learn why rates in the repurchase agreement market went negative. What might it mean for economic recovery, not only in the United States but globally? Learn about 2013 and 2020 when repo securities also "traded special". Jeff Snider offers two explanations, one benign (sort of). The other? Malign.
PART 02: Learn why a HISTORIC surge of M2 money supply is NOWHERE near-enough to rescue the world economy. Across a group of mostly rich nations M2 and M3 are at multi-decade highs. And yet millions remain unemployed. What's missing? Money!
PART 03: Learn the difference between an orthodox-economics and a shadow-money view of US Treasuries. The mainstream says, 'Too many Treasuries!' and 'Emerging markets in danger!' Is that true?
---------SEE IT-----------
AlhambraTube: https://bit.ly/2Xp3roy
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
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Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
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Podchaser: https://bit.ly/3oFCrwN
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
--------REFERENCES--------
Deja Vu: Treasury Shorts Meet Treasury Shortages: https://bit.ly/3rJMnGP
What Must Lie Beyond the M’s: https://bit.ly/3rEq19L
Taking You, The Fed’s Bank Reserves, And Banks’ Checkable Deposits For A Quick Stroll In The Monetary Zoo: https://bit.ly/2PRhRwE
What Gold Says About UST Auctions: https://bit.ly/2OqPJA4
Standard Textbook Dollar, Or Eurodollar Standard?: https://bit.ly/3cuDNWc
Unexpected U.S. Growth Surge Could Unbalance Fragile Global Economy: https://on.wsj.com/3cndEsg
Hedgeye Investing Summit (2021, Mar-16/18): https://bit.ly/38TkogL
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, sweet on M1&M2s. Art by David Parkins, on an errand, sent by grocery store clerks, to collect a bill. Podcast intro/outro is "Departure Lounge" by Brendon Moeller at Epidemic Sound.
Wolf ponders what central banks should target (e.g. inflation, asset prices, social justice, nominal GDP). Incredibly at no point in the article was targeting actual money supply considered. WILD!
---------SPONSOR----------
But first, this from Eurodollar Enterprises! Friends, do you direct the Treasury Ministry? Do your political masters expect foaming asset prices? Are you unsure how to produce lasting froth? Then a box of Bath Suds from Eurodollar Enterprises is for you! Yes, practice blowing bubbles in the gurgling luxury of your free-standing clawfoot tub. Find the perfect mix between liquidity and hot air with our capital markets foam formulation. Our bubble brew line comes in: currencies, commodities, cryptos and collectibles. Blow them all! Orders received today will come with a fussy central banker - typically retailing for the price of "hedge fund general partner" - absolutely free! Simulate the political arena trying to blow it in the presence of an erratic technocrat. Don't blow it! Not without Bath Suds. New! From Eurodollar Enterprises. (Central banker swimsuit not included.)
---------SEE IT-----------
AlhambraTube: https://bit.ly/2Xp3roy
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
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Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
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Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
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SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
--------REFERENCES--------
What central banks ought to target: https://on.ft.com/38eLtu7
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
-----------WHO------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, targeting cat-video ratings. Art by Master Quillsman, David Parkins. Podcast intro/outro is "Reversed Beginning" by Luwaks at Epidemic Sound.
"The pen is mightier than the sword." "The great unwashed." "Pursuit of the almighty dollar." These are prhases we have all heard and they come from a single source: 19th century English writer and politician Edward George Earle Lytton Bulwer-Lytton. Bulwer-Lytton was a successful novelist, poet and playwright. His political accomplishments included nine years in Parliament, serving as the British Colonial Secretary, and being offered - AND TURNING DOWN - both a lordship of the Admiralty AND the Crownship of Greece (i.e. king)! Today he is remembered for writing... the worst opening sentence in the history of the English-speaking peoples:
"It was a dark and stormy night; the rain fell in torrents — except at occasional intervals, when it was checked by a violent gust of wind which swept up the streets (for it is in London that our scene lies), rattling along the housetops, and fiercely agitating the scanty flame of the lamps that struggled against the darkness."
Episode 54 reviews articles by Jeff Snider covering: the Treasury inflation-protected securities curve inverting, the life span of a post-2008 reflation, the curious appreciation of the Chinese currency, as well as how Fed officials in 1937 convinced themselves of an impending inflationary storm (in the middle of an economic depression). None of those articles open in the Bulwer-Lytton style -- precisely the opposite! And yet many - some, a few... someone... And yet this podcaster wonders, how might a Eurodollar University educated author open their novel?
It was a dark and stormy depression; bank reserves fell in torrents — except at occasional intervals, when they were checked by a breath of reflation which swept up economists (for it is in the Eccles Building that our scene lies), rousing along the academics, and fiercely inflating the faith in a recovery that struggled against the darkness.
-------SUMMARY------
PART 01: The US Treasury inflation-protected security curve has gone upside down. Indeed, it has NEVER been more upside down. What is the Treasury market telling us about the economy's prospects? Also, how long does reflation typically last? Are we closer to its beginning or end?
PART 02: The appreciation of the Chinese yuan against the American dollar has paused. A survey of the Chinese services sector scored a historic low. Are these the first indications of an economic slowdown? A slowdown that is not only Chinese but global?
PART 03: In 1937, like now, circumstantial evidence and biases of central bankers suggested the impending arrival of fierce inflation: huge government deficits, better economic statistics, rising bond yields and excess bank reserves. Yet the underlying condition was of depression and credit illiquidity.
---------SEE IT-----------
AlhambraTube: https://bit.ly/2Xp3roy
---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
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Spotify: https://spoti.fi/3arP8mY
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Stitcher: https://bit.ly/2C1M1GB
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ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
--------REFERENCES--------
TIPS Tipping Over, But Not That Way: https://bit.ly/3sVqgh4
Reflation Amplitude, Important, What About Frequency?: https://bit.ly/2MSUa68
What If CNY’s Backdoor Still Isn’t A Big Enough Exit?: https://bit.ly/3uT06Nw
There’s Two Sides To Synchronize: https://bit.ly/3cm1j7R
There's Precedent for Yellen Demanding a Central Bank Rescue: https://bit.ly/3qoUQxF
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, a dark and stormy host. Art by Master Quillsman, David Parkins. Podcast intro/outro is "Nocturne" by Trevor Kowalski at Epidemic Sound.
Should speculative ventures be included in calculations of inflation? What about productive investment? Housing? All transactions? Or just consumer prices?
----------WHERE----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
AlhambraTube: https://bit.ly/2Xp3roy
----------WHEN----------
01:02 John Hilsenrath says the Fed has failed to hit its inflation target for "several" years.
02:48 Is the Fed keeping interest rates low or is it the market? Which is the cart? The horse?
03:31 Should asset price increases be included in measures of inflation?
05:08 How to interpret rising housing prices with falling apartment rental prices?
08:15 Asset price bubbles - whose responsibility are they? The Fed? Other regulators?
11:32 The TIPS market has inverted - near-term up, long-term trending down.
13:13 Economists have long struggled whether / to what degree to include asset price inflation
----------WHAT----------
Inflation Problems Depend on Where You Look for Them: https://on.wsj.com/3b1E9nB
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, not spending money on haircuts. Art by David Parkins. Podcast intro/outro is "About to Explode" by Daxten and Wai at Epidemic Sound.
The theme of Making Sense Episode 52 is how an environment reacts to an anomaly. Resilient systems keep these aberrations constrained. But fragile ones can retroactively redefine what had earlier been labeled as an "irregularity", "oddity" or "operational error" to something altogether more unsettling: "cause", "spark", "trigger".
In part one, Jeff Snider continues his multi-week review of historical breaks to the smooth functioning of interbank payment and messaging systems. This time a look at a sequence that led to a week-long disorder to Fedwire in August 1990. Part two, also a continuation of a multi-week review, ponders what may be causing the disquieting twist in the US Treasury yield curve. Is the demand for short-term collateral a disqualification of reflation, as was the case during 2013's so-called Taper Tantrum? Lastly, some words on oil and the developing Texas power market credit crisis, in which electric retailers failed to make $2.1 billion in required payments and put the largest power generation and transmission cooperative into bankruptcy.
Fedwire "operational error[s]". Unsettling demand for Bills. Texas margin calls. An approaching quarter-end seasonal low point in liquidity. A looming regulation-mandated US Treasury cliff on April Fools' Day. All anomalies... in a resilient system.
----------WHY----------
PART 01: Fedwire, the interbank system that transmits billions between 9,000-plus members, broke on Wednesday. The Fed says, "operational error" implying mere technical trivia - an anomaly. Why do some breaks stay mere anomalies while others trigger volatile, systemic consequences?
PART 02: The US yield curve has twisted as Bill yields fall and Bond yields rise. We review a similar situation in 2013 popularly known as "the Taper Tantrum", WHICH WAS NOT A TAPER TANTRUM! Then - like now - a collateral scramble in Bills and a relief sell-off in Bonds.
PART 03: What does the oil market (production, demand, inventory) in the USA tell us about the economic recovery in early 2021? Also, is a power market credit crisis in Texas causing a national run on banking-system collateral?
----------WHERE----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
AlhambraTube: https://bit.ly/2Xp3roy
----------WHAT----------
Why Price Alone Does Not Render An Asset Class 'Safe': https://bit.ly/3suB0Td
‘Operational error’ disrupts Federal Reserve payment system: https://on.ft.com/3stDlOe
Fed needs to ignore ‘taper tantrums’ and let longer rates rise: https://on.ft.com/2O5ECMm
What Might Be In Another Market-based Yield Curve Twist?: https://bit.ly/2ZVz4qE
Hot Oil, Cold Weather, Uncle Sam’s Green: https://bit.ly/3sxGJb0
Power market credit crisis looms as Texas bills come due: https://on.ft.com/3dOWoOY
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, anomaly. Art by Winterfell resident, David Parkins. Podcast intro/outro is "Some Thing" by Rambutan at Epidemic Sound.
Michael Pettis of Carnegie Endowment for International Peace. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "The Village Idiot" by Justnormal at Epidemic Sound.
----------WHAT----------
How Trump’s Tariffs Really Affected the U.S. Job Market: https://bit.ly/2P7qHWJ
----------WHERE----------
Pettis' Writings: https://carnegieendowment.org/experts/444
Pettis' Twitter: https://twitter.com/michaelxpettis
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
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Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
Part 01: (01:30 to 38:27) What are monetary technocrats / financiers doing to save the world economy? We review: yield curve control in Australia (and Japan!), American regulators tip-toeing away from a once-favored LIBOR alternative, and the ecstatic economic expectations of German financiers.
Part 02: (38:27 to 1:05:19) A Financial Times column warns of a US Treasury Bill air-pocket in March. Learn the little-known history of a mid-market, 1970s German bank that compelled regulators to move towards capital and supplementary leverage ratios. The very ratios that may now trigger a panic.
Part 03: (1:05:19 to 1:17:00) Learn how to reconcile a positive surge in retail sales with a nightmare string of 'record' jobless claims and lousy sentiment reported by the University of Michigan consumer survey. Perhaps pent up demand? Maybe. An unusual, poorly explained seasonal adjustment boost? Maybe too.
----------SPONSOR----------
But first, this from Eurodollar Enterprises! The motion picture event of the summer: (Con)Tango & Cash. When an international smuggling ring uses the local commodity exchange to send gold into backwardation, two macroeconomists take matters into their own hands... and onto the spot market.
Starring Travis 'the President' Kimmel as Contango, "You can take delivery of lead -- punk."
And Steven 'the Monarch' Van Metre as Cash, "You know how I promised to let you close out that trade?"
"Yeah man, you did Cash! You did promise!"
"I lied."
With Grant Williams as the polite British guy, “Well chaps, you put the mockers on, didn’t you?”
This motion picture will never be rated. Available only on-demand at Real Vision.
----------WHERE----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
AlhambraTube: https://bit.ly/2Xp3roy
----------WHAT----------
With YCC About To Come Back Up, A Look At It Down Under: https://bit.ly/3dvApMW
Already Tried: https://bit.ly/2ZwP9CP
Insufferable SOFR, Suffering: https://bit.ly/3aAgla2
Episode 34 All About SOFR: https://youtu.be/LH1wDUG-dEI
Reflation Patients, ‘Another’ Six Months: https://bit.ly/3pByiJF
Beware, There's Another SLF 'Cliff' Coming At the End of Q1: https://bit.ly/2NdNpMv
John Dizard's Do not rule out a market panic next month: https://on.ft.com/3pCGaLc
Forty-Seven Explains Much: https://bit.ly/3azo1te
Uncle Sam Was Back Having Consumers’ Backs: https://bit.ly/3dsHLAL
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, celebrates Towel Day on May 25. Art by the King of the North, David Parkins. Podcast intro/outro is "Zombie Raiders" by Wave Saver at Epidemic Sound.
After decades of market liberalism and fiscal fundamentalism, policymakers are returning to Keynes. Jeff Snider reacts to two recent articles: "Bond yields are not good predictors of inflation" (Peterson Institute for International Economics) and "Why economists kept getting the policies wrong" (Financial Times).
----------WHERE----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
AlhambraTube: https://bit.ly/2Xp3roy
----------WHEN----------
01:02 Two economists write that bond yields are not good predictors of inflation
03:20 Bond yields have failed to predict inflation for 70 years in the US; three other countries
05:31 Why economists kept getting the policies wrong
08:01 Was monetarism was derailed by poor philosophy? Or because measures of money failed?
11:43 Monetarism ditched, so first came currency exchange targeting then inflation targeting.
13:26 Positive Economics, econometrics promised wonderful, impossible things
16:11 Central Bankers use mathematics as a shield against criticism
18:42 We are back where we started, time to dust off Keynes General Theory.
----------WHAT----------
Teenagers baffled by rotary phone: https://youtu.be/oHNEzndgiFI
Bond yields are not good predictors of inflation: https://bit.ly/2Zz7dwd
Why economists kept getting the policies wrong: https://on.ft.com/2ZwAgAw
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski. Art by the King of the North, David Parkins.
Financial historian Daniel Oliver's essay on the systemic consequence of the 1907 short squeeze on United Copper Company and lessons for today. A reading, by Emil Kalinowski.
----------WHO----------
Daniel Oliver of Myrmikan Capital, LLC. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alienated" by ELFL at Epidemic Sound.
----------WHAT----------
The Final Pop: https://bit.ly/37sfwOH
----------WHERE----------
Myrmikan's Writings: http://myrmikan.com/
Myrmikan's Twitter: https://twitter.com/Myrmikan
Emil's Twitter: https://twitter.com/EmilKalinowski
Art: https://davidparkins.com/
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
Having studied monetary policy for several years it was only natural that your podcaster spent considerable time contemplating the essential elements of fiction. Some experts say there are five components to it; others put the tally at six, even eight! But at the core it has always been the three elements: plot, setting and character.
Plot was perfected, in the Western tradition at least, in the late 16th century by Shakespeare with the 5-act dramatic structure. Setting, given short-shrift for millennia, did not achieve co-equal status until the gothic novels of the mid-18th century. And character? Scholars point back 28 centuries to The Iliad: heroism, cowardice, pride, hubris - wrath. But the scholars are wrong. Character wasn't perfected first, but last. Not until the 1980s action drama The A-Team did this element of fiction reach its zenith.
The American television masterpiece synthesized what the Great Books dared not imagine into the now classic quartet: Colonel John "Hannibal" Smith as the brains; Lieutenant Templeton "Faceman" Peck as the looks; Sergeant Bosco Baracus the muscle; Captain H.M. Murdock the wildcard. The casting blueprint can be observed most everywhere; in the arts, at the office; even family the dinner table. Central banking is no exception. In the role of the brains is Ben "Hannibal" Bernanke. The looks? Lady Lagarde. The muscle? Jay "Mad Dog" Powell. The wildcard? The audience will naturally point to Haruhiko Kuroda and, before January 28th, the audience would have been correct.
On that day Isabel Schnabel, Member of the Executive Board of the European Central Bank, gave a speech extolling the virtues of the sovereign-bank-corporate nexus. That is technocrat-speak for the government-guaranteed private-bank loans to private enterprise. Schnabel endorsed these "crucial" national loan schemes and encouraged Europe's capitals to continue them, warning any premature end would be "destabilising". Put another way, the baton that represents the supervision of money creation, has been wrested away from Frankfurt and placed into the neatly manicured hands of politicians, seeking re-election.
The new wildcard is not Isabel Schnabel but the Euro Area member state. All 19 of them.
In this episode we touch upon 1980s television shows, like CHiPs and interbank clearing mechanisms, like CHIPS. Also, why are corporate elephants on the hunt for fast-moving gazelle enterprises? Why are these elephants being offered their own fiefdoms in Nevada? Lastly, a potpourri review of Jeff Snider's recent writing.
----------WHY----------
PART 01: Private banks fund global economic activity. But how do they move money among themselves?
PART 02: Nevada Governor Sisolak is proposing to offer corporations to set up their own local government structures.
PART 03: Cautionary sign posts that say this reflationary path may not be the road to recovery but a deflationary cul-de-sac.
----------WHERE----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
AlhambraTube: https://bit.ly/2Xp3roy
----------WHAT----------
There's Much More Going On Than You've Been Led to Believe: https://bit.ly/3qhFnAq
The Endangered Inflationary Species: Gazelles: https://bit.ly/3dbuIDq
The Cautionary Tale of Undocumented Insanity: https://bit.ly/3deHyRI
Permanent Jobs, Permanent Job Losses: https://bit.ly/37fgD47
Old Numbers Show Us Why There Will be New Checks: https://bit.ly/3b41FPM
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, Tyrell Corporation full-time equivalent. Art by David Parkins. Podcast intro/outro is "City Lights, City Dreams" by Forever Sunset at Epidemic Sound.
Jeff Snider reacts LIVE! to an article from The Economist. The magazine offers three arguments why the US economy might overheat in 2021: evidence that the downturn is temporary; generous fiscal stimulus; and the Federal Reserve’s monetary-policy strategy.
----------WHERE----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
AlhambraTube: https://bit.ly/2Xp3roy
----------WHEN----------
00:55 Why won't a large fiscal stimulus (e.g. Biden's 9% of US GDP) save a post-2008 economy?
03:39 Why won't a large fiscal stimulus overheat a post-2008 economy?
06:46 Why aren't the positive employment gains of July-December 2020 positive?
08:13 Why isn't a pool of excess savings indicative of potential activity in a post-2008 economy?
11:38 Did the Federal Reserve learn the right lesson from the 2013 "taper tantrum"?
14:19 Why won't the Fed's new "average inflation" strategy not make save a post-2008 economy?
----------WHAT----------
The Economist, Fire without Fury: https://econ.st/3qnkWSu
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, seeing what the tide brought in. Art by David Parkins. Podcast intro/outro is "Chasing Visions" by vvano at Epidemic Sound.
Sophocles won 24 of the 30 literary competitions he entered, placing second in the rest. Of his 120-plus plays, only seven survive. Eratosthenes, calculated the Earth's circumference with breathtaking accuracy. As Chief Librarian of the Library of Alexandria he oversaw the collation of hundreds of thousands of works. But not even his own "On the Measure of the Earth" survived the Library's progressive destruction by war, negligence and cultural revolution.
Rashid-al-Din Hamadani created the first world history, taking advantage of his location at the crossroads of a Mongol empire with access to European, Arabic, Persian, Indian, Mongol and Chinese scholars. Hamadani, not wanting his masterpiece to be lost to time, arranged to have the work copied in Arabic and Persian every year and distributed. But his patron's death and royal intrigues cost him his station and us his work; no complete copy survives.
Several scholars, dizzy by the thought of humanity's lost knowledge, tried their hand at wistful, melancholy catalogues of what might have been. Thomas Browne wrote Musaeum Clausum, "an imagined inventory of 'remarkable books, antiquities, pictures and rarities of several kinds, scarce or never seen by any man now living.'" Besides Seneca's epistles to St. Paul, this hidden library houses history's most famous box within which was the perfume of infection responsible for the 17th century Plague of Milan.
Of course there's a difference between the tragedy of lost knowledge and the tomfoolery of what was willfully forgotten. It is the latter which financial market participants specialize in. John Kenneth Galbraith lamented that, "There can be few fields of human endeavor in which history counts so little as in the world of finance." James Grant concurs, laconically noting that, "Progress is cumulative in science and engineering, but cyclical in finance." And so, in Episode 45 the Rashid-al-Din of the Eurodollar will help us un-forget the three reflations since 2007 and how they compare to present-day. But first we review why US Treasury Bill Yields may be so low.
----------WHY----------
Part 01: There is a mainstream explanation for why US Treasury Bill rates are falling. There is also a Eurodollar / Shadow Money / Collateral System explanation. Jeff Snider reviews the two perspectives and looks ahead to where trouble may lay.
Part 02: We look through the lenses of the dollar, Treasury yields, inflation breakevens, swap spreads to see how this Post-Covid reflation compares to the three economic recoveries of the past 13 years: Green Shoots (2009-10), Global Growth (2012-14) and Globally Synchronized Growth (2016-18).
----------WHERE----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
AlhambraTube: https://bit.ly/2Xp3roy
----------WHAT----------
Let’s Talk Bills (again): https://bit.ly/3q6tJs9
Hey Bill, What Is It?: https://bit.ly/3rs3Ov3
Hey Bill, Why Now?: https://bit.ly/2MGohxx
Reaching Half A Year, What’s The (Complete) Reflation Situation?: https://bit.ly/2OchADQ
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, piling the bologna high and deep. Evolutionary sketches by David Parkins aboard the HMS Beagle. Podcast intro/outro is "Stand Divided" by Deskant at Epidemic Sound.
As many listeners have long suspected, your podcast host did, as a child, run away and join the circus. Not dissimilar from a traditional childhood, it was your classic Gypsy camp. If children misbehaved, we would be "lock[ed]... into stocks, or throw[n]... into a cage and hoist[ed]... into the flytower... dangling precariously over the stage." Our ringmaster, Giuseppe Grimaldi "was horribly morbid, living in perpetual fear of death, and especially of being buried alive. When he finally died... his will directed that his eldest daughter cut his head from his corpse just to be certain." Sure, perhaps quirky, but certainly not the oddest troupe - not Pandemonium Carnival.
So, looking to make a career of it your podcaster tried his hand at clownship. But, by that time, famous clowns like Pagliacci, Pennywise and Pogo were, despite slaying their audience with their routines, giving a bad name to the profession. So then, this host turned to tarot card reading and hypnosis. Despite earning some minor acclaim in London as Madame Simza, your host simply didn't have the chops and was forced to turn to the only option left: a Masters in Business Administration.
Surprisingly, it was an easy fit. Tarot cards - which "illuminate your past, clarify [the] present, show... the future" - had taught me everything I needed to know about finance. The card "Temperance, [when] inverted [is] indicative of volatility." If one draws "The Fool, someone has been led astray" - an investment fraud. "The Two of Cups?" It represents "a powerful bond" - a sovereign bond. Your podcaster learned about hypnosis too, except that the economics professors used different terms for it: expectations policy, forward guidance, moral suasion.
----------WHY----------
Part 01: Central banks cannot define, identify, measure or map modern money. And they haven't been able to since the 1970s. So instead they offer "moral suasion". That's a fancy word for threats, posturing and coercion. That's all fine and well until the global economy requires money.
Part 02: How does one define an asset bubble? Might there be fundamental, non-speculative reasons why prices are persistently high? Also, why did money-financed fiscal expansion fail in Japan? What does that experience tell us about the present?
----------SPONSOR----------
But first, this from Eurodollar Enterprises! Friends, are you worried your monetary policies are causing lurid levels of inequality? Are you concerned civil war, its hour come round at last, slouches toward K Street? Do you worry how your supple neck will fare when the blood-dimmed tide is loosed? Then the new Eurodollar Enterprises Second Skin Neck Brace is for you! Yes, strut through The Waste Land knowing that marauding lynch mobs of War Boys pose no danger. The carbon-fibre nanoweave is comfortable, flexible and the ultimate luxury in an April dystopia you hastened. Barter aquacola for guzzoline at Thunderdome with no concern of the guillotine. Is that the Road Warrior with a chainsaw? Then save your skin... with your Second Skin Neck Brace. New! From Eurodollar Enterprises.
----------WHERE----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
AlhambraTube: https://bit.ly/2Xp3roy
----------WHAT----------
Suasion, Sure, But Is It Really Moral?: https://bit.ly/3bXMsBQ
If the Fed’s Not In Consumer Prices, Then How About Producer Prices?: https://bit.ly/2NomiOd
(Reinhart & Sbrancia) The Liquidation of Government Debt: https://bit.ly/363NUih
(Van Metre & Ashton) Everything You Wanted to Know About Inflation: https://bit.ly/2LZ8OZ5
The Fundamentals of the Bond ‘Bubble’: https://bit.ly/3qI1D6c
When They Introduced An Even Longer Gov’t Bond: https://bit.ly/3qCYhBw
They Keep Assuring Us Japan Can't Happen Here: https://bit.ly/39UfwHP
What is a Concentration Camp?: https://bit.ly/3iCN6G2
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, troubled by definitions. Artwork by David Parkins. Podcast intro/outro is "Whispering of the Stars" by Luella Gren at Epidemic Sound.
A recent Hidden Forces podcast with Demetri Kofinas featured professor Kevin Vallier and his new book "Trust in a Polarized Age". Vallier notes that Americans are less trusting than at any point since at least the 1960s. The timing is no surprise to any that read William Strauss and Neil Howe's The Fourth Turning. The "American High" - a period of confidence during which the society felt it could accomplish anything - ended with President Kennedy's assassination.
That phenomenon - that lack of trust, that lack of confidence - can be observed even in the University of Michigan survey of consumers. During the 1950s expectations about the future always ran ahead of the contemporary condition; an optimism, whether the present was good or bad, that it would be even better soon. But, by the end of the 1960s, and ever since, expectations are always worse than the present. If we use confidence in democracy as a proxy for trust, that phenomenon is not solely American. A University of Cambridge project that includes 4 million people, covering 154 countries and combines over 25 international surveys showed 2019 to have been "the highest level of democratic discontent on record". Surely 2020 will rank even worse when results are finally published.
A more granular survey by Gallup has been conducted in the United States since the early 1970s and focuses on public and private institutions. Citizens are asked how much confidence they have in: organized religion, the Supreme Court, Congress, organized labor, big business, public schools, newspapers, the military, etc. Almost at the very bottom are news organizations. The only institution in which the public consistently has less confidence in is Congress, which they recently attempted to burn down.
The financial media is no exception, as Jeff Snider often makes clear in his writings. But just as Vallier expressed hope with Kofinas that trust can be rebuilt and just as Strauss and Howe conveyed confidence that institutional strength is cyclical and will return, so here, in Episode 42, does Snider note that the minority of financial press attempting to be bring truth to power is growing.
----------WHY----------
Part 01: Wall Street Journal columnist Andy Kessler recently spoke with Jeff Snider about central banks and monetary policy. He ended a recent column with, "The least the Fed can do is get out of the way. End QE now".
Part 02: Real yields recently hit RECORD lows. Yes, inflation is rising but is that due to the real economy expanding? Real yields say, "No!". Real yields say, 'The real economy is AWFUL!' So what is driving inflation expectations higher? Fuel. Oil prices are up - but the economy isn't.
----------WHERE----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
AlhambraTube: https://bit.ly/2Xp3roy
----------WHAT----------
How the Fed Stifles Lending: https://on.wsj.com/3bBrqc7
RealVision Caitlin Long Interviews Manmohan Singh: https://bit.ly/2XEx6JW
Inflation, Reflation, Or Something Else?: https://bit.ly/2Lu2Pey
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, anonymous. Artwork by David Parkins. Podcast intro/outro is "Autumn Haze" by West & Zander at Epidemic Sound.
Mary Toft had delivered a litter of rabbits - that was the news that reached the court of King George I in 1726. Obstetrician John Howard arrived at Toft's bedside in September where he was presented with several animal parts, ostensibly from the supernatural womb. In October, she delivered nine dead baby rabbits, prompting Howard to write a letter to England's greatest doctors and scientists, as well as the King's secretary. Nathaniel St. André, the King's Swiss surgeon-anatomist, was sent to investigate. Toft greeted his arrival in November by delivering her 15th dead rabbit in his presence. St. André bought the story and "took some of the rabbit specimens back to London to show the King."
Despite a chorus of doubt from other physicians and indisputable physical evidence from dissection of the rabbits, both Howard and St. André continued to support Toft's story. It seems Howard, taken in by the scam at first, was doubling-down as the stakes were raised hoping his bluff would be saved by a real miracle. St. André on the other hand seems to have made his stand on, "'maternal impression', an idea popular at the time. The theory proposed that an emotional stimulus experienced by a pregnant woman" - Toft had dreamt of rabbits - "could influence the development of the foetus."
Howard and St. André damaged the reputation of physicians. But there have been worse, Dr. Pepper for example - disgusting. Plenty of good docs of course, and not necessarily physicians: Dr. Manhattan, the smurfy-blue god; Dr. Disrespect, the gaming personality; "The Dock of the Bay", by Otis Redding. So, where on the spectrum lies copper with its doctorate of philosophy in economics?
In part 2 of Episode 41, Jeff Snider weighs the calm supply-and-demand fundamentals, versus the Howard and St. André-like narrative that the good ship #Copper-Pop - fueled by Fed #QE-finity inflation - has achieved escape velocity, entered the #Tesla-osphere, and is on its way to the #Bitcoin-star! But first, the late-1990s Japanese government bond rout and its lessons for today.
----------WHY----------
Part 01: The benchmark US Treasury 10-year bond has seen its yield BLAST through 1.00% in the young year, from 0.91% on January 4 to 1.11% on January 8. Will an inflationary conflagration transform Treasuries into smoking husks of charcoal? Jeff Snider tells us what a REAL bond rout looked like.
Part 02: Is the nine-month copper price blastoff due to monetary reasons (central bank printing, government budget deficits) or fundamental reasons (supply and demand)? Jeff Snider explains the fundamental backdrop (along with speculative fever) but dismisses monetary motives.
----------SPONSOR----------
But first, this from Eurodollar Enterprises! Friends, are you confused by the financial press? Are the pretty people on Bloomberg speaking in paradox? Are the esteemed pages of The Economist written in contradiction? Then The New Eurodollar Enterprises Dictionary of Echo-Nomics is for you! Yes, from AbeMoronics to ZIRP (Zero Interesting, Reasonable Policies) confidently leaf through your folio to define Yellenism, Powellution and Greenspam. "Money", a noun, is defined as "a blessing that is of no advantage to us excepting when we part with it." What is a synonym for "Wealth"? Impunity. What is the compound word for making economics erotic? "Bernanke-panky". The New Eurodollar Enterprises Dictionary of Echo-Nomics! New! From Eurodollar Enterprises.
----------WHERE----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
AlhambraTube: https://bit.ly/2Xp3roy
----------WHAT----------
They’ve Gone Too Far (or have they?): https://bit.ly/2LCqA3y
Ep. 32, Pt. 2 Milton Friedman's Plucking Model: https://youtu.be/66W9oU0iUsw
The Doctor Is In?: https://alhambrapartners.com/2020/12/30/the-doctor-is-in/
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, says "fable" means "moral". Artwork by the Asimov of copper robots, David Parkins. Podcast intro/outro is "Occurrence" by Martin Gauffin at Epidemic Sound.
In the middle of the 17th century, Athanasius Kircher -- "one of Europe’s most successful scholars" -- published "Egyptian Oedipus", a magisterial three-volume folio on Egyptology that "presented Latin translations of hieroglyphic inscriptions". The three-tome folio of ornate illustrations and diagrams was the product of "more than two decades of toil"; it sourced Arabic, Aramaic, Coptic, Ethiopian, Greek, Latin, Oriental and Samaritan texts. Kircher had illustrated "mummies, sarcophagi, Canopic jars, sphinxes" as well as "almost every hieroglyphic inscription known to Europeans" and translated them "character by character, into Latin prose." It was wholly and "utterly mistaken".
In the late 19th century, William F. Warren was "one of the outstanding figures" of education, noted his 1929 New York Times obituary. He was a charter member of both the New England Conservatory of Music and Wellesley College. He spent 45 years at Boston University, including three decades as president during which a number of progressive firsts occurred, such as America's very first female PhD. He authored eight books, including "Paradise Found" in which, drawing on his knowledge of "the great epic folklore of the Hindus, the Celts, the Chinese, the Persians", and footnoting in French, German and Greek, "he arrived at the inevitable conclusion: the Garden of Eden is at the North Pole."
Are we, in the early 21st century, free of such erroneous scholarship? Was then a superstitious past and now a scientific present? If our scholarly leaders were presented with evidence, if they had inside information, if they were imbued with power to compel actors to share data would they goal-seek a result, like Kircher and Warren? In Part 1 of Episode 40 Jeff Snider reads through official Federal Reserve emails covering the final 90-some days of Lehman Brothers' existence. It turns out our scholars are human too.
----------SPONSOR----------
But first, this from Eurodollar Enterprises! Friends, are you a central banker? Have you been invited into the home of a member of the financial press to celebrate Christmas or Hanukkah or Ramadan or Pancha Ganapati or Kwanzaa or Saturnalia or Yalda or Koliada or Festivus but have nothing to wear? Then the new line premium quality bathrobes from Eurodollar Enterprises is for you! Yes, arrive adorned in 800-thread count, plush Egyptian cotton emanating entitlement and overconfidence with devil-may-care flair. Each robe comes with your initials hand-stitched on the sleeves, and for that added touch of superiority, the logo of a regulated institution and your prospective employer, will be emblazoned over the breast pocket. Premium quality bathrobes! New! From Eurodollar Enterprises.
----------WHY----------
Part 01: Ben Bernanke was informed that Lehman Bros. was believed finished, on June 13, 2008 - 94 days before the bankruptcy. JPMorgan, with its seat at the heart of the repurchase agreement market, was acting on this belief. Internal Fed emails suggest the Fed thought JPMorgan was nuts.
Part 02: Jamie Dimon, CEO of JP Morgan -- America's most important bank, "wouldn’t touch" America's Treasury securities with a "10-foot pole". But JP Morgan itself is likely buying the same Treasuries hand-over-fist! Why the disconnect? Politics? Malice? Or just bad economics?
Part 03: Inflation. Social media denizens claim it’s bad, that it’s ugly and that I’m a jerk. Does a professional survey of American citizens confirm that claim? On the latter point certainly – but what about inflation acceleration? Americans say, 'Meh'.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PlayerFM: https://bit.ly/3piLtjV
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
Vaccine Euphoria and Inflation Hysteria Obscure Dollar Problem: https://bit.ly/37tfO8p
Inflation HyZ1teria #2: https://bit.ly/3r41Gu2
(CNBC) Jamie Dimon says he wouldn’t touch Treasuries: https://cnb.cx/37t1mNM
Act II: The Lie Unwinds: https://bit.ly/38g78l8
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, cootie-free. Artwork by David Parkins. Podcast intro/outro is "Chasing Visions" by Vano at Epidemic Sound.
Your podcaster has long been impressed by cinema that presents what is outside the human sensory process; art that conceives and presents what we literally cannot perceive. In 2001: A Space Odyssey, Stanley Kubrik shows us what transcendence is, by sending Keir Dullea through an astral rainbowfall. Christopher Nolan's Interstellar presents Matthew McConaughey in a tesseract, the three-dimensional shadow of four-dimensional space. In Annihilation, Alex Garland samples evolution, by introducing a sentient, prismatic cancer that refracts and reflects the DNA of its surroundings, including that of Natalie Portman.
The audience is placed in an environment that doesn't reconcile with daily life and leaves them holding on to reality - at least as they understand it - by their fingernails. The eurodollar system is like that. Consider this legal wordfall from the Financial Stability Board: "regulatory arbitrage in the presence of non-harmonised re-hypothecation regimes."
Or this two-dimensional shadow of extra-dimensional money by Jeff Snider: "Nobody buys securities; they borrow and claim to 'own' [them]... [then] the client will agree to allow the dealer to re-pledge... the very security the client is claiming to own... [T]he already re-pledged security... can be re-pledged again... In many if not most cases, there needn’t be the original client [desire] for this chain of re-pledging."
If you want to know what it's like to travel through a wormhole for 18 hours in a hundredth of a second like Jodie Foster did in Robert Zemeckis' Contact then part one of Episode 39 is for you. Parts two and three aren't the worst things in the world either. Well, this world at least...
----------SPONSOR----------
But first, this from Eurodollar Enterprises! Friends, are you a central banker? Do you celebrate monetary accomplishments before they occur? Do you struggle in credibly promising to be irrational? Then the new Clench 5000 from Eurodollar Enterprises is for you! Yes, simply place this refashioned, stainless-steel mousetrap in your trousers or pencil skirt for your next press conference. Nary a hair will move on your head nor an eyebrow raise in confidence. Nary a smile will cross your face before the policy transmits successfully through the economy. Rest easy that your days of premature celebration are over with the knowledge that the Clench 5000 is hair-trigger sensitive. The Clench 5000! New! From Eurodollar Enterprises.
----------WHY----------
Part 01: To understand the 2008 crisis one must understand Lehman Brothers. But NOT Lehman Brothers, Inc. - the American subsidiary. No, the REAL STORY was Lehman Brothers International (Europe), the United Kingdom subsidiary.
Part 02: Inflation Hysteria II is the latest blockbuster advertised in the financial media. Is the sequel better, or worse than the original (2017-18)? Let's ask the critics: TIPS, interest rate swaps, the yield curve and oil prices.
Part 03: In the end, these polar opposites in consumer credit are saying something important about the state of the economy. The same thing. Jobs.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PlayerFM: https://bit.ly/3piLtjV
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
A Nonsensical Jumble of Misused Words Requires Discussion: https://bit.ly/3oPaJ0d
(I. Schnabel Speech) Shifting tides in euro area money markets: https://bit.ly/3oLBz9w
Inflation Hysteria #2 (TIPS, Swaps): https://bit.ly/3gE6SjH
Inflation Hysteria #2 (Nominal UST): https://bit.ly/37TV492
Inflation Hysteria #2 (WTI): https://bit.ly/2W7Gvcf
Polar Opposite Sides of Consumer Credit End Up in the Same Place - Jobs: https://bit.ly/37RVlJu
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, quantum mechanic. Artwork by David Parkins. Podcast intro/outro is "Otherworld" by Lama House at Epidemic Sound.
Christine Lagarde, Janet Yellen and Stephanie Kelton are among the world's best known political-economists. Lagarde, was France's Minister of Finance, Managing Director of the International Monetary Fund, and is President of the European Central Bank - all firsts for a lady. Yellen, was America's Chair of the Federal Reserve and is presumptive nominee for US Secretary of the Treasury - each a first for a lady. Kelton, was advisor to the Bernie Sanders 2016 presidential campaign, is a best-selling author, and is the most famous evangelist for modern monetary theory.
And now these remarkable three are in positions of power and influence to guide the world out of socioeconomic depression. It echoes the 1999 cover of Time Magazine featuring three men -- Robert Rubin, Alan Greenspan, and Larry Summers -- with the agitated headline "The Committee to Save the World". Alas, this 38th episode of Making Sense continues the long tradition of unease found in the Western canon regarding the female triumvirate.
Yes, of course The Graces -- Aglaea, Euphrosyne, and Thalia -- were lovely… but there was the rumor about them spending so much time in the underworld. No need to comment on the Harpies - a triad of vengeful, winged sisters. And who can forget The Witches of Eastwick: Susan Sarandon, Michelle Pfeiffer and Cher? They put your podcaster off cherries for the rest of the 80s. But it is Shakespeare who provides us the incomparable trio: the Weird Sisters. Better understood today as 'weyward' or 'weyard', they were the Anglo-Saxon Fates responsible for divination and predictions - what we call "economics" in modern day. Don't take this podcaster's word for it - listen to the Bard:
<
Round about the cauldron go;
In the poison'd policies throw.
Media, that report narrative
Days and nights as quantitative
Sweat inflation running hot
Boil thou first i' th' charmed pot.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Soul of financial journalist
In the cauldron boil and mist;
UBI of newt and bank reserves,
Wool of bat and control of curves,
Adder's fork and Janet's QE,
Lizard's leg and Kelton's MMT,
For a charm of powerful trouble,
Like a hell-broth boil and bubble.
Zirp, nirp toil and trouble;
Economy burn, and markets bubble.
----------WHY----------
PART 01: What is former Federal Reserve Chair Janet Yellen all about? What can we expect from the US Treasury under her leadership? She didn't commit any MAJOR errors during her term. Was it competence, or happenstance?
PART 02: Christine Lagarde, head of the European Central Bank, promises to employ trillions in euro carrots (large-scale asset purchase programs) and sticks (negative interest rates). Seems solid! But modern-day monetary policy, "is designed to... give an appearance of solidity to pure wind."
PART 03: Is there any room for money in modern monetary theory? Stephanie Kelton, the best known evangelist for MMT says yes. Jeff Snider, says no. Indeed, Snider maintains that MMT is more likely to lead to deflation and disinflation than hyperinflation - just look to Japan for proof.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PlayerFM: https://bit.ly/3piLtjV
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
Meet the Same New Boss: https://bit.ly/39JxXAg
(NY Times) Divining the Regulatory Goals of Fed Rivals: https://nyti.ms/33MtJnN
(CBS News) Janet Yellen: The exit interview: https://cbsn.ws/3lHbeaB
(The FT) Janet Yellen is the right woman for the times: https://on.ft.com/36FvMfe
Saving Jobs Won’t Save Us From Jaws: https://bit.ly/3mUTGcc
(OECD): Continued fiscal support and public health action needed to make hope of recovery a reality: https://bit.ly/36HsCYD
The Failure of the Printing Press Birthed MMT and the Printing Press: https://bit.ly/37wzozs
Knapp's The State Theory of Money (1924 English translation): https://bit.ly/37z6IG0
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, tongue-tied by Rana Foroohar. Artwork by David "Banquo" Parkins. Podcast intro/outro is "The Mole" by Christoffer Moe Ditlevsen at Epidemic Sound.
“The Case of the Missing Money” is not an Arthur Conan Doyle short-story but instead a 1976 essay by well-known economist Stephen Goldfeld who noticed that there wasn’t enough money to justify the high level of economic activity at that time. Goldfeld explained that money was traditionally a simple function of, “real gross national product, [and] the interest rates on savings and time deposits at commercial banks and on commercial paper.”
But that formula was suddenly producing “whopping”, “unprecedented”, “quite unacceptable” and “conspicuous” errors that stood out “like a sore thumb”. The clue to the mystery -- which he was not able to solve at the time -- was that the formula for currency was on target BUT the one for checking accounts was unreliable. The monetary format under the auspices of public institutions -- cash and coin -- was fine. But the monetary format that was the domain of private banks -- deposit accounts -- was way short.
But money WASN'T missing from the economy. Money as traditionally understood and defined by economists, THAT money was missing, but the market had broadened the definition in the 1960s and 70s by turning capital market securities into near-money, among many other evolutions. This suited the banks because, while they couldn’t print and mint official government money, they could ‘print and mint’ ledger ‘money’.
Just under half a century later the roles are reversed. A modern-day Goldfeld would note that official monetary formats like bank reserves are being created at a “whopping”, “unprecedented”, “quite unacceptable” and “conspicuous” pace that stands out “like a sore thumb”. But because the vastly more valuable private bank ledger balances are way short, our global economy suffers for it. In this 37th Episode of Making Sense, Jeff Snider writes and solves three mysteries: "Japan: The Case of the Missing Inflation!", "Europe: The Case of the Missing Economy!" and "Treasury Bills! The Case of the Missing Money?
----------WHY----------
Part 01: How might an economy fare if there was no corona? With neither covids nor gremlins throwing sand into the gears of economic machinery, would the engine be purring or sputtering? We turn to Japan for answers.
Part 02: Europe's latest PMI scores tell us the continent is falling into re-recession, perhaps not unlike Japan. Where did the momentum disappear to? The USA has better PMIs but should that give us comfort?
Part 03: All debt is equal, but some debt is more equal than others. Treasury market short-term bills hold a special place in the monetary hierarchy. Does recent selling of Bills signal economic hope? Or something else more mundane?
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PlayerFM: https://bit.ly/3piLtjV
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
QQE To The Moon, Deflation Returns to Japan Anyway: https://bit.ly/3q0YK0K
Deflation Returns To Japan, Part 2: https://bit.ly/33qhzAR
A Lesson In PMIs: Relative vs. Absolute: https://bit.ly/2HHWtpU
Treasury Auctions Are Anything But Sorry Because They’ve Never Been Sorry About Solly: https://bit.ly/33rsLNL
Just Who Is, And Who Is Not, Selling T-Bills: https://bit.ly/2Jgw7w6
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, Double-Dutch auctioneer. Artwork by David Parkins. Podcast intro/outro is "The Great Ascension" by Christoffer Moe Ditlevsen at Epidemic Sound.
Part 01: What can the late-19th century Long Depression (1873-96) tell us about the early-21st century Silent Depression (2008-2?)? We turn to Henry George, the author of the most popular economics book of all time to learn what he got right, got wrong and how it applies to the present.
Part 02: An estimated 742,000 Americans submitted initial claims for unemployment insurance in the week ending November 14. That is 'worst all-time' prior to the 2020 experience and is wholly inappropriate EIGHT MONTHS AFTER the shock.
Part 03: Japanese banks are borrowing from US banks at healthy rates (reflation!). The Chinese currency is appreciating at a healthy pace (reflation!). But there are few quirks, odds, ends, bits and bobs that remain in the shadows of the eurodollar.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PlayerFM: https://bit.ly/3piLtjV
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
The Economic Emergency In 2020 and Beyond Won't Be Covid: https://bit.ly/332eI0R
Progress and Poverty by Henry George, fifth edition (1881): https://bit.ly/390ZjBH
It Will Have To Be Our New Weekly Ritual: https://bit.ly/39aL90K
Making Sense's Review of Economic Symmetry: https://youtu.be/yGOiHqVdE_M
Redistributing A Shrinking Pie Is Nothing Like A Flood; Because There Was No Flood: https://bit.ly/338Bwfg
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, bond villain moonlighter. Artwork by David Parkins. Podcast outro is "Things to Do" by Ballpoint at Epidemic Sound.
PART 01: US Treasury yields have risen on positive news, especially following the CoVo Vax news from Pfizer. Does it mean reflation has begun? Does it mean the 40-year bond bull market is dead? What do other economic accounts say?
PART 02: America's unemployment rate plummeted from 14.7% to 6.9% in six short months! But it's the same 2010-15 mirage. Even the Federal Reserve doesn't believe it - that's why they edited away the idea of "full employment" in August 2020.
PART 03: Communists in Beijing have a better grasp of the world economy's direction than the capitalists in Washington, London and Brussels. Beijing's 14th Five-Year Plan hints at an isolated Chinese economy, an island unto itself.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PlayerFM: https://bit.ly/3piLtjV
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
Vaccine-phoria: https://bit.ly/3pnufSB
No Time For Pfizer, Europe Heads Back: https://bit.ly/38GnchV
Where Is It, Chairman Powell?: https://bit.ly/3eVWiDA
Good Payrolls Still Say Slowdown: https://bit.ly/32GaxaE
Slowdown In The Rebound; Stop Listening To Central Bankers: https://bit.ly/3psbbT1
QE Didn’t JOLT (again): https://bit.ly/2UswUfw
Xi Jinping Is Mao, Only For His Focus to Be On Technology: https://bit.ly/35ubOnf
The Prices And Costs Of What Xi Believes He’s Got To Do: https://bit.ly/32E1SWr
Moving The Bird Back Into Its (Old) Cage: https://bit.ly/35tDkB4
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, the slightly poorer and unsuccessful - but handsomer eurodollar podcast version of Tom Brady. Artwork by the Lance Russell of the art ring David Parkins. Podcast intro/outro is "Temple of Runha" by ELFL at Epidemic Sound.
A social contract is the agreement between government, business, wealthy and ordinary households in how to apportion the costs and benefits of society. The recently concluded (?) American election comes to mind, as a potential first step towards a new (green?) deal. In this, the 34th episode of Making Sense, Jeff Snider identifies another, less obvious freshly fashioned contract: China and its recent 14th Five-Year plan. But as Snider explains, question marks are not unique to democratic republics -- communist 'republics' have them too.
The most successful, contemporary social contract your podcaster is aware of are the early-2000s Hartz Reforms in Germany. Listeners may be surprised to learn that before them today's "economic engine of Europe" was the "sick man of Europe". The decade-long assimilation of East Germany had taken a heavy toll and unemployment levels would breach more than 10% -- in 2004! The new social contract ensured employment in return for low-wage growth that favored business. So, success doesn't mean cost-free. But we've always known that; remember the story of one of humanity's original contracts?
As we learn in Exodus, Moses had to introduce The Commandments twice; the stone tablets were angrily shattered in the first attempt! And by the time the second draft was presented the scene was rather tense. Firstly, God was annoyed as all get-out to see Moses again -- what, he doesn't have anything else to do other than hew stone tablets? Secondly, Moses was ill-tempered that he couldn't leave the chosen people alone for a few days before they started chugging flagons like Frank the Tank. Lastly, the people, like the teenager unable to thread the needle in a way that explained bongs and brassieres strewn across the yard to her parents, were anxiously awaiting judgement.
When Moses returned for the second time the apprehensive throng gathered before him. Moses announced, "I have good news and bad news. The good news is, I got him down to ten." And a great cheer of relief issued forth. "The bad news is... adultery stays."
----------WHY----------
PART 01: Does Xi Jinping, General Secretary of the Chinese Communist Party, have a BETTER understanding of the global economy than capitalists? China's newest Five-Year Plan is sending the following signals: (A) Globalization is dead. (B) The world's monetary order has broken. (C) Bye.
PART 02: Central bankers in Frankfurt and London are very active lately. They want, "to help the economy", "to boost lending" and give banks "confidence" all so as to achieve their inflation targets. So far? Bubkis. Would MMT be different?
PART 03: The LIBOR price-fixing scandal was called "crime of the century". Central bankers saw the crime as an opportunity to shunt aside LIBOR - a global rate that shouldn't exist for a supply of dollars that shouldn't exist. But does.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
China’s 1st 15-year Xi-athon: https://bit.ly/3p4vo11
E$U M.S. Ep. #17 - From Bond Yields to Communism, Don’t Call It A Comeback: https://bit.ly/32kijag
Washington looms large over drafting of China’s next five-year plan: https://on.ft.com/2U0T1JF
In 2020, Central Bankers Everywhere Are Being Exposed: https://bit.ly/3k8DQZm
COT B-und?: https://bit.ly/38iQaUC
There Is A Hard Truth To This Soft SOFR Arrogance: https://bit.ly/38mPBJM
IMF Global Markets Monitor (03-Nov-2020): https://bit.ly/2GD911j
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, social-media beast of burden. Artwork by David "Mr. Universe" Parkins. Podcast intro/outro is "All Emotions" by ELFL at Epidemic Sound.
Broadcasting from the kingdom of NYE, I'm Art Bell and this is Coast to Coast AM from the great beyond. Tonight we'll talk to General Johnson Jameson from his bunker complex beneath the Saskatchewan crust, as to whether Y2K can still happen. Then... 'Do you want to believe?!' The government doesn't want you to. Chris Carter, creator of the X-Files, will tell us exactly which episodes the government didn't want you to see. Also, Rod Sterling will join me live in studio... well in a manner of speaking. Was the Twilight Zone a documentary that had to be presented to the public as fiction...?
Our time on Earth is indeed, very short. No matter how old or young you are, you are a tiny slice of the cosmos' plan. You're here for a very, very short time. We all are. And the big question of course is, what happens after we end this physical life... or it is ended, however you have it. It's a big question. And October, of course, is a great time to explore that question because one of the main things you look for is some - any evidence of life beyond the physical. The supernatural, the apparition, the unexplained, the Kachina doll that seems to move around the house by itself...
There's no place more spooky and unexplained than central banking and the monetary order. Let us then enter another dimension. A monetary realm. Let us turn to the wildcard line. Jeff, Emil... can you hear me? This is Art Bell.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
A True Horror Tale: https://bit.ly/2TGjGvb
FOMC Meeting Minutes Transcript, June 27-28, 2000: https://bit.ly/3kKDysO
Innovation in the International Financial Markets by G. Dufey and I. Giddy: https://bit.ly/2HDEpND
Quarrel With Quarles Over Too Little, Not Too Many: https://bit.ly/35Mshly
The Authority Fallacy, Or The Quarles Quandary: https://bit.ly/3mDro5H
Vice Chair for Supervision Randal K. Quarles Remarks at the Hoover Institution: https://bit.ly/2HSETQf
The Dollar Disease Well Predates the Coronavirus: https://bit.ly/3kLVaod
BIS "US dollar funding - an international perspective": https://bit.ly/31Yurxi
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, redrum redrum REDRUM! Artwork by the modern day Gustave Doré, David Parkins. Podcast intro/outro is "Fugent" by Lupus Nocte at Epidemic Sound.
The bread of this podcast hotdog features Jeff Snider putting into context how far behind the times monetary authorities are, and that all may not be as it seems with the appreciating Chinese currency. But the middle, the wiener if you will, is about the unit root. But please! Before you throw your device across the room in disgust rather than listen to yet another podcast about monomial equations and non-stationary processes realize that it's all about econometricians assuming economies do not suffer permanent shocks. The assumption that an economy must experience a recession AND a recovery.
A 1993 paper by Milton Friedman averred the data showed this is how economies operated, and indeed they did -- in the post-WW2 experience. Friedman referenced an earlier work of his, from 1964, with data that stretched over a longer period that ALSO showed this. And indeed, the 1879 to 1961 period does, as long as you exclude the war cycles and 1945 to 1949 because, as Friedman put it "of their special characteristics." So, if your podcaster understands this correctly, if you exclude permanent shocks and data discontinuity then one is welcome to assume no permanent shocks.
Now, your podcaster is admittedly missing something here. For one, he's missing econometricians' razor-sharp intelligence. Second, he hasn't won a Nobel in economics - not yet at least. The cost of this lacuna is that shoelaces give him trouble - all his trainers and loafers have Velcro. Simultaneous gum chewing and walking results in emergency trips to the dentist. And hot dogs are eaten with the bun in one hand and dog in the other. But the benefit of not having a towering intelligence is not falling prey to hubris. In believing intricate mathematics model out permanent shocks. In believing that it can go back to the way it was. The year 2008 was a permanent break. Like 1914. Like 1929. Like 1945.
----------WHY----------
PART 01: How many years behind are regulators, from the leading edge of money? Consider, seven years AFTER the crisis, Europe introduced legislation (2014) to track securities lending. Not until 2020 did data collection begin. Besides, this, and other, money activity was brought to our attention in 1981!
PART 02: The world is complex. Too complex to model. Assumptions must be made. Is the exclusion of permanent shocks to the economy a reasonable one? Rational? Plausible? Yet econometricians -- with their hands on the wheel -- say it is. That iceberg dead ahead? Not in the model.
PART 03: The Chinese currency is gaining against the dollar. That SHOULD be an 'all-clear' signal that reflation, global trade, and positive momentum are in place. But we DO NOT see corroborating evidence on the People's Bank of China balance sheet. Maybe the move is an engineered feint?
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
Central Banks Trying to Create Inflation Is An Old Laugh Line: https://bit.ly/35uS5Cr
Innovation in the International Financial Markets by G. Dufey and I. Giddy: https://bit.ly/2HDEpND
The Unit Root of the Missing Monetary Monomial: https://bit.ly/37zvVBV
Milton Friedman's 1964 The Monetary Studies of the National Bureau: https://bit.ly/3dQquQ2
Milton Friedman's 1993 "The Plucking Model of Business Fluctuations Revisited": https://bit.ly/3dQ1OY3
CNY + TIC = October 2020, or 2017?: https://bit.ly/2FTp2Qk
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, an innuendo. Artwork by the unit root, David Parkins. Podcast intro/outro is "Siren Screen" by Ooyy at Epidemic Sound.
American economist and New York Times columnist, Paul Krugman entered the economics profession to follow in the footsteps of Hari Seldon, a psychohistorian living on Trantor, approximately 10,000 years into the future. Seldon, psychohistory and Trantor are all from Isaac Assimov's Foundation series published between 1951 to '53. Seldon used, "the mathematics of human behaviour to save civilisation," as Krugman put it. Admittedly, "economics is a pretty poor substitute", muses Krugman, "[b]ut I tried," he says. Many would say he's done so very successfully having been awarded the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography.
Is he the best psychohistorian alive? Your podcaster does not think so - they hand out those Nobels like candy. No, the best is Hungarian-American George Friedman, the geopolitical strategist. As proof this podcaster offers his 2009 book titled: "The Next 100 Years". Sure, Seldon forecasted the next 1,000 for the galaxy, but still, who on Earth is offering an outlook for the next century?
In Friedman's book, Japan plays a very prominent role, second only to the United States. In macroeconomics and monetary policy Japan plays a central role too. It is the scout. Recon as the Americans call it; recee to the Commonwealth. The Bank of Japan is about seven years ahead of the main central banking force. And it's waving back at everyone to, 'Stay back! Don't come this way!' Is the warning lost in translation? Is it ignored?
Spanish essayist George Santayana famously noted, "Those who cannot remember the past are condemned to repeat it." But your podcaster prefers Friedman's quip that, "Studying history has little practical utility in averting past outcomes. We are doomed to repeat history whether we know it or not."
----------WHY----------
PART 01: Central banks regulate money supply - the Federal Reserve does not. The Fed does not control US dollars. Consider what came of Fed research Marvin Goodfriend's writings in the 1980s and 90s the eurodollar system and its enormous, ocean of offshore dollars? Nothing.
PART 02: Real central banks manage money supply. Fake central banks manage inflation expectations. Central bankers cannot define, identify, quantify or convey money supply. Thus, they are reduced to observing a monetary output: inflation expectations.
PART 03: The Bank of Japan has implemented radical, unorthodox policies for over two decades. The bank is seven years out in front of everyone. As scout, it has repeatedly warned the main central banking force (i.e. Britain, Europe and North America) not to follow in its path. But it's been ignored.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
Bond Yields Are Really Quite Easy to Understand: https://bit.ly/2T3rQNT
Marvin Goodfriend's 1981 "Eurodollars" article : https://bit.ly/2HgoRyL
J. Alfred Broaddus Jr.'s 1993 'Good Luck' article: https://bit.ly/2SYebHM
Randal K. Quarles' 2020 'All Clear' speech: https://bit.ly/319RuVF
Inflation (Expectations) Is Anything But Confusing: https://bit.ly/3j6CYE0
Decoding Gauges of Inflation Expectations Is Fed’s Next Big Task: https://bloom.bg/2T3qmDm
You Need To Understand What’s Really Behind This New ‘V’, And Once Again Japan Is More Than Helpful: https://bit.ly/358weAz
Raising the Inflation Target: Lessons from Japan: https://bit.ly/31f85Yi
Why Did the BOJ Not Achieve the 2 Percent Inflation Target with a Time Horizon of About Two Years?: https://bit.ly/359eS6T
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, falling out of balance, splitting his differential and tipping the f— over. Artwork by David Parkins, the Edmund Blackadder of the lampoon trenches. Podcast intro/outro is "Tiger's Nest" by Ooyy and Smartface at Epidemic Sound.
As your podcaster put the finishing touches on Episode 30 word came down from up-on-high: 'We need to do errata!'
Yes! Finally! This podcaster's long-time goal would be a reality: to make economics erotic again. To tell the world that economists can stimulate. To inform that offshore bankers do it in the shadows. To broadcast that technical analysis has the best curves with those plunging chart necklines. The undulating data and heaving economic activity. Going long Treasuries. Wanting yield. Oh yeah, pile that yield on... yeah, high and deep... yeah, yeah...
Alas, when the new intro copy was handed in for proofreading this podcaster's confusion was laid... bare. Errata? It's all about copy-editing. And mistakes. The ancient Latin word is plural for erratum, "a correction of a published text." And indeed, in part three of this episode, the article under discussion was originally printed as, "Inflation Targeting: You Can Me Al". Wha? It should have been "Inflation Targeting: You Can Call Me Al".
And that's not all. Closely related to errata is corrigenda, a plural Latin word, "for a thing to be corrected, typically an error in a printed book." Whereas an erratum is, as a general rule, issued for a production error, a corrigendum is a mistake by the author. And, in part three, Jeff Snider and I introduce Al Broaddus, the former Federal Reserve Bank of Richmond president. And when we segue to a quote about inflation targeting by Fed Governor Edward M. Gramlich, instead of attributing it to Gramlich, we continue to refer to Broaddus! We hope you forgive the erratum and the corrigendum and how we piled them high and deep in this episode... ooh, yeah.
----------WHY----------
PART 01: $1,200 direct cash payments is not stimulus, it is "relief aid"; these are "alms" given to the poor, needy and those harmed by both the virus and the government-mandated shutdowns of the economy. We review the state of the American labor market, European furlough programs, and conclude very difficult days are still ahead.
PART 02: The SECOND round of stimulus checks is like the second round of quantitative easing. Instead of celebrating it as signaling something positive it should serve as a warning: if the first version was so good why do we need another round? Maybe the people in charge don't know what they're doing and are out of ideas?
PART 03: The Federal Reserve has been fighting the last war: 1970s inflation.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
What’s Job (cuts) Got To Do With It (everything): https://bit.ly/2SEKCuz
Who’s Negative? The Marginal American Worker: https://bit.ly/2GGYuSS
COT Blue: OMG the 30s!!!!: https://bit.ly/2GKN0h0
Inflation Targeting: You Can [Call] Me Al: https://bit.ly/2GKKqYp
Speech by Governor Edward M. Gramlich: https://bit.ly/3jT34M8
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, prodigious producer of errata and corrigenda. Artwork by David Parkins, the Dorothea Lange of the Silent Depression. Podcast intro/outro is "A Most Violent Man" by Lofive at Epidemic Sound.
Advanced-economy money centers make the world go round. In the early 1800s London and Paris funded globalization cycles. Berlin and Vienna joined the exclusive club as the century waned; New York at the start of the next. Today, East Asia's cities are members, including Singapore and Hong Kong. But the 800-pound sumo wrestler of the Pacific basin is, and has been, Tokyo.
Some speculate it was there at the beginning of the eurodollar, putting overseas dollars, held by WW2 service members, to work. The subsequent, multi-decade growth miracle established Tokyo's financial prowess. The 1980s brought disturbance early - the LDC Crisis - and euphoria later - the baburu keiki. When the bubble burst Japan's dollar borrowings from US banks dropped by more than three-quarters by the end of the 1990s.
Then, in 1999, the Bank of Japan implemented the first modern zero interest rate policy. In 2001, the first quantitative easing. From it's 1999 low Japan's dollar borrowings from US banks doubled by 2004. Then doubled again by 2009. Then doubled again by 2011.
In part three of this, the 29th episode of Making Sense, Jeff Snider explains Tokyo's role in the rise of a synthetic dollar empire and how disturbances within it, in early-2014 and late-2017, set off the third and fourth eurodollar crises. But first, thoughts about the rising appeal of socialism and words about the modern-day monetary tension between the ideas of 18th-century Scottish philosopher David Hume and 19th-century American financier Jay Cooke.
----------WHY----------
PART 01: Dick Costollo said, "Me-first capitalists who think you can separate society from business are going to be the first people lined up against the wall and shot in the revolution. I'll happily provide video commentary." Jeff Snider explains the historical context of Marxist agitation against Capitalism.
PART 02: Over the ages legendary philosophers have offered their thoughts on the nature money. This episode focuses on two - David Hume and Jay Locke - whose ideas, though diametrically opposed, are both true. Also, Antonio Gramsci, Milton Friedman, Nicholas Copernicus and Ice Cube weigh in.
PART 03: The Wall Street Journal recently wrote, "The Japanese government bond market is rarely considered interesting. But beneath the placid surface... a thriving world of dollar funding, which offers hints about developments in China’s banking system too." Jeff Snider tells us what it means.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
There Have Long Been Too Many 'Have Nots' In the U.S.: https://bit.ly/3l4GX5F
The context behind Dick Costollo's Tweet: https://on.ft.com/3lddCpL
Who was Antonio Gramsci: https://bit.ly/36vWcAr
Before Hume, Before Carnegie: https://bit.ly/3iqcg99
Ice Cube Tweet: https://bit.ly/2Gd9JCt
Small But Real Progress Carrying The Yen Carry Trade Into the Light: https://bit.ly/3nc0J0J
How the World’s Dullest Market Quietly Created a Synthetic Dollar Empire: https://on.wsj.com/3l9FV8p
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, owner of many red (hardcover) books. Artwork by stylograph sammurai, David Parkins. Podcast intro/outro is "STHLM-Tokyo" by Ooyy and Smartface at Epidemic Sound.
In 1969 Johnny Carson was hosting The Tonight Show and, in one particular episode, Bob Hope headlined. After Carson finished interviewing Hope he called out his next guest, George Gobel. To everyone's surprise the person that walked out on stage was most certainly not Gobel. It was none other than the Italian Crooner himself, Dean Martin. Now, as was Martin's style in those days, he was already two cognacs into the next day's hangover, which made for a rocking good show. Eventually Gobel did make it out on to the set. When he finally did, he complained to Carson, 'Having to come on last! Having to share the stage with legends!'
He turned to the cameras and asked, "Do you ever get the feeling... do you ever get the feeling that the whole world was a tuxedo, and you were a pair of brown shoes?" In this, the 28th episode of Making Sense, Jeff Snider and Brent Johnson talk fin de siècle political-economy while Emil Kalinowski holds up a pair of egregious brown brogues.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Castbox: https://bit.ly/3fJR5xQ
Breaker: https://bit.ly/2CpHAFO
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
SoundCloud: https://bit.ly/3l0yFfK
PocketCast: https://pca.st/encarkdt
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
OK, Bank Reserves; Let’s Do This One More Time: https://bit.ly/3hXhJ7m
Taking You, The Fed’s Bank Reserves, And Banks’ Checkable Deposits For A Quick Stroll In The Monetary Zoo: https://bit.ly/3i4du9P
A Good Time For Some Q & A: Bank Reserves, Treasury Auctions, MMT, and the Monetary Resolve: https://bit.ly/3mLPrjE
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments as Bob Hope. Brent Johnson, Chief Executive Officer of Santiago Capital as Dean Martin. And Emil Kalinowski, as George Gobel. Artwork by the Johnny Carson of caricature, David Parkins. Podcast intro/outro is "We Just Gotta (Get Together)" by Wanda Shakes at Epidemic Sound.
US President Harry Truman prosecuted the war to its conclusion, finishing his predecessor's near-impossible task. Then, with bitter irony, History reversed his role as "anchor" for the Second World War into "lead" for the third. As the trilogy approached its near-miraculous end decades later, one could hear an echo of a Truman slogan - “Education is our first line of defense” - in the 1980s cartoon GI*Joe that averred, “Knowing is half the battle.” Both aphorisms are twigs coming off the "Knowledge is Power" branch. And the trunk itself? A tree of the knowledge of good and evil with roots stretching to the genesis.
More recently our physicists have been informing us of hard limits to our knowledge - uncertainty principles, incompleteness theorems - butressing Socrates' statement that, "The only true wisdom consists in knowing that you know nothing." Still, bounded knowledge is a poor excuse for apathy, and in 1951 Truman signed into existence an agency whose purpose was to prepare American citizens for nuclear war. "Knowledge is not only key to power. It is the citadel of human freedom," he said.
In this 27th episode of Making Sense, Jeff Snider reveals that Truman's agency's most iconic result was that of a cartoon turtle named Bert. It may sound startlingly silly to the 21st-century ear, but educating citizens to turtle up, to duck and cover at the first instance of a flash made sense at that particular time. At least, up to the point when weapons, and thus circumstances, evolved. Similarly, the Federal Reserve's monetary policies made sense, up to the point when money, and thus circumstances evolved, which, coincidentally enough, began in Truman's time.
----------WHY----------
PART ONE: What can 1950s preparations for nuclear war tell us about monetary policy in 2020? Well, that some preparations - such as "Duck and Cover" - made sense, up to the point when circumstances evolved. Similarly, the Fed's bank reserves made sense, up to a point.... long since passed.
PART TWO: Beijing has reported dead quiet in its foreign exchange reserves. In the middle of THE most abrupt and widespread economic halt? It literally does not add up - unless bold assumptions are made. We look to what happened in Brasilia in 2013-16 and Beijing 2014-16 for answers.
PART THREE: What do the latest figures tell us about the world's most important consumer? Jeff Snider reviews retail sales, industrial production and asks what is it that is missing from our post 2007-08 economy that precludes robust recovery.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Castbox: https://bit.ly/3fJR5xQ
Breaker: https://bit.ly/2CpHAFO
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
SoundCloud: https://bit.ly/3l0yFfK
PocketCast: https://pca.st/encarkdt
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
If Jerome Powell Has a Middle Name, It Might Well Be Bert: https://bit.ly/3c9UA0d
Duck And Cover (1951) Bert The Turtle: https://youtu.be/IKqXu-5jw60
The Contingent Hole In China’s Brazil Dollar Strategy: https://bit.ly/35PJGve
The Mysterious $100 Billion Gap In China's Payments Data: https://bit.ly/2FIAVZo
Another Key Economic Stumble In August Pointing Back At July: https://bit.ly/3cgPVJL
No Hole Puzzle, From Autos An August Stumble: https://bit.ly/3mCWknl
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, who turtle waxes. Artwork lined with graphite by David Parkins. Podcast intro/outro is "Steps" by Cushy at Epidemic Sound.
How much is several? What is a few? If you were to put a numerical value on "probably" would it be more, or less, than "likely"? To your podcaster's great consternation the linguistic gatekeepers of Middle English appear to have been rather disinterested about it all. And so, people are constantly late... or early! 'I thought we were to meet in a few hours?' 'No! It was several.' 'Oh, right.' Women seem to revel in these nuances, arriving for a date with this podcaster when it pleases them and then claiming etymological immunity.
Which brings us to the word transitory. Admittedly there is SOME lexicographic nuance: momentary, transient, impermanent, temporal. However, the Federal Reserve - like the proverbial camel - stuck its thesaurus-nose into that nuance and CHARGED into the economic-tent of the past decade. Why did the 2009-10 Green Shoots recovery fail? Transitory European Sovereign Debt Crisis, gummed Bernanke. Why did the economy swoon in the first quarter of 2014? Transitory Polar Vortex, chomped Yellen. Why did inflation not accelerate despite 'full-employment'? Transitory cellular data-plan price war, gnawed the FOMC. Why was Globally Synchronized Growth tripped up? Transitory political trade wars, chawed Powell.
So here we are, 10 transitory-filled years later. Now, unless there are glaciers listening to this podcast - and it needs all the ratings assistance it can get - it's likely the audience is in unanimous agreement that the definition of "transitory" has been tortured to death. Indeed, the Federal Reserve agrees! And Transitory has been retired. Or cremated. Still, instinct informs your podcaster that much like our zombie economy, the excuse is undead and Transitory will walk again!
----------WHY----------
PART 01: A great improvement in the US unemployment rate (JUL: 10.2%, AUG: 8.4%) suggests the Reopening Boom hints at economic recovery. UNFORTUNATELY, we have heard this story before -- indeed, for over a decade. Other employment data imply the unemployment rate is unreal. AGAIN.
PART 02: Capital market seasonality is popularly assumed to be a phenomenon of the past; a quirk of an agricultural, bygone era. Not true! They still exist. And the calendar's biggest capital market bottleneck is dead ahead: September.
PART 03: Why didn't the economy recover by 2011-12? Transitory issues in Europe. Why didn't the economy boom? Transitory weather. Why didn't good inflation materialize? Transitory price wars. Sadly what's not transitory is the seriousness with which central banks are taken.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Castbox: https://bit.ly/3fJR5xQ
Breaker: https://bit.ly/2CpHAFO
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
SoundCloud: https://bit.ly/3l0yFfK
PocketCast: https://pca.st/encarkdt
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
Unfortunately Like Old Times: Back To Being The Star of the Payroll Show: https://bit.ly/3hglpAI
Even More Suggesting Something Did Happen In July: https://bit.ly/2Fu7uJU
COT Black: Closing In On Mid-September, What About Oil?: https://bit.ly/3mhs9BR
Bottleneck In Japanese: https://bit.ly/3hof06B
New York Clearing House Banks Monthly Movements of Cash to and from Interior (1905-1908): https://bit.ly/3hsLYCK
A Deflationary Mindset That Isn't In Our Minds: https://bit.ly/2FyXJdO
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, who has no idea if it is safe. Artwork by "Marathon Man" David Parkins. Podcast intro/outro is "Moonline" by Cushy at Epidemic Sound.
Last week, current and former Federal Reserve officials offered a mea culpa, saying the timing of the 2015-18 rate hikes may have curbed a potentially quicker recovery from 2008. Apparently, seven to ten years is not enough time.
Well then, if time is the problem your podcaster will take a page out of Hugh Hendry's book. Recently the early-21st century Scottish philosopher suggested the Fed would be taken seriously at its attempt of irresponsibility if it was headed by the funny, mixed martial artist, media-sensation Joe Rogan. Why not then filmmaker Christopher Nolan? He offers Rogan-style pyrotechnics, plus he knows his way around time. In Memento he reversed it, telling the story from back to front. With Inception he slowed it down - allowing multiple realities to exist simultaneously. Interstellar showed him capable of harnessing no less than the gravity well of the black hole Gargantua to 'steal' decades of time. And in his latest opus - TENƎT - Nolan folds all of these ideas into the same movie. Not just the same movie, but the same frames! Entire sequences are shown with characters and objects sharing the same space but not the same eddies of entropy.
Hopefully the point survives the exaggeration. A true, fundamental overhaul is long overdue and recently the Federal Reserve did perform just such a review at the end of which it announced a new, grand strategy. In this, the 25th episode of Making Sense, while we wait for Rogan, Nolan or Deus-forbid anyone with authority, Snider offers his review of the new, grand strategy.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Castbox: https://bit.ly/3fJR5xQ
Breaker: https://bit.ly/2CpHAFO
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
SoundCloud: https://bit.ly/3l0yFfK
PocketCast: https://pca.st/encarkdt
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
Murphy's Law Is Fed's Law, and Everything Is Wrong: https://bit.ly/3lTWbLM
Peak Inflation? No, Peak Stupidity: https://bit.ly/357HFKr
Read Richard Clarida's Speech: https://bit.ly/3lPo2wO
Watch Richard Clarida's Speech: https://bit.ly/2QXB793
Fat Chance, Flat Phillips: https://bit.ly/3hV2RXP
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, exempt from Murphy's Law. Artwork by David "the right stuff" Parkins. Podcast intro/outro is "Sleeves" by Cushy at Epidemic Sound.
"I am Oz, the Great and Terrible. Why do you seek me?" They looked again in every part of the room, and then, seeing no one, Dorothy asked, "Where are you?"
"I am everywhere but to the eyes of common mortals I am invisible. I will now seat myself upon my throne, that you may converse with me."
"We have come to claim our promise, O Oz."
"What promise?" asked Oz.
"You promised to send me back to Kansas when the Wicked Witch was destroyed.
"And you promised to give me brains," said the Scarecrow.
"And you promised to give me a heart," said the Tin Woodman.
"And y'all promised to give me courage," said the Southern Lion.
"Dear me, how sudden! Well, come to me tomorrow, for I must have time to think it over."
"You've had plenty of time already!"
"We shan't wait a day longer!"
"You must keep your promises to us!"
The Lion thought it might be as well to frighten the Wizard, so he gave a large, loud roar, which was so fierce and dreadful that Toto jumped away from him in alarm and tipped over the screen that stood in a corner. As it fell with a crash they looked that way, and the next moment all of them were filled with wonder. For they saw, standing in just the spot the screen had hidden, a little old man, with a bald head and a wrinkled face, who seemed to be as much surprised as they were. Our friends looked at him in surprise and dismay.
"I thought Oz was a great Head," said Dorothy.
"And I thought Oz was a lovely Lady," said the Scarecrow.
"And I thought Oz was a courageous Bernanke," said the Tin Woodman.
"And I thought Oz was the Greenspan Put," exclaimed the Lion.
"No, you are all wrong," said the little man meekly. "I have been making believe."
"Making believe!" cried Dorothy. "Are you not a Great Wizard?"
"Hush, my dear, don't speak so loud, or you will be overheard--and I should be ruined. I'm supposed to be a Great Wizard."
"And aren't you?"
"Not a bit of it, my dear; I'm just a common man. My dear friends, I pray you not to speak of these little things. Think of me, and the terrible trouble I'm in at being found out. No one knows it but you four--and myself. I have fooled everyone so long that I thought I should never be found out."
"But, I don't understand," said Dorothy, in bewilderment. "How was it that you appeared to me as a great Head?"
"That was one of my tricks. Step this way, please, and I will tell you all about it."
----------WHY----------PART ONE: The Federal Reserve announced a grand, new strategy intended to convince YOU they are credibly irresponsible - real monetary maniacs. 'We will do it, man! We swear to Monetary Deus we'll let inflation run pure! We're not joking! Real hot. We can do it you know... Boogah boogah boogah!'
PART TWO: The Federal Reserve announced a grand, new strategy form which the idea of 'full employment' is stricken. It is an implicit admission that the much celebrated, often trumpeted and frenzied waving of the "Best Unemployment Rate Ever!" flag was a mistake. It wasn't real. It wasn't true.
PART THREE: America's government is spending wildly - and promises more. It does so via US Treasury bond sales. But who is buying? Are foreigners boycotting auctions? Are US banks already full? Is the Federal Reserve the last line of defense?
----------WHERE----------AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Castbox: https://bit.ly/3fJR5xQ
Breaker: https://bit.ly/2CpHAFO
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
SoundCloud: https://bit.ly/3l0yFfK
PocketCast: https://pca.st/encarkdt
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------This Has To Be A Joke, Because If It’s Not…: https://bit.ly/3jB3jLt
The World's On Fire Because the Growth Never Was: https://bit.ly/34GxOv9
Not This Again: Too Many Treasuries?: https://bit.ly/3b4XZwF
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, not holding up the Treasury market single-handedly. Artwork by David Parkins, Eurodollar University's W. W. Denslow. Podcast intro/outro is "So Many Secrets" by Gavin Luke at Epidemic Sound.
Magrathea. It is one of legendary, advanced-economy planets of the human imagination sitting along side Asimov's Trantor of the Foundation Series, and Cybertron, home of the Autobots and Decepticons. Sure, there are other fabled worlds like Cameron's Pandora, Besson's Fhloston Paradise Herbert's Arrakis, but these are - let's be honest - emerging economies. What made Magrathea a galactic leader in economic complexity is that it WAS a planet-building planet.
As we learn in Douglas Adams' Hitchhiker's Guide to the Galaxy, Magrathea has been missing for five million years. By the time we join the story it is considered long dead. The only being who believed it still existed was the two-headed Galactic President / confidence man. And, after some LIGHT-piracy, MILD-conscription and heavy-improbability, our party of protagonists discover the planet all but deserted.
Actually, not deserted. Asleep. You see Magrathea's product was a "luxury commodity" - none of this off-brand, pseudo-planet stuff like Pluto. Well, "five million years ago the Galactic economy collapsed... the recession came and [they] decided it would save a lot of bother if [they] just slept through it. So [they] programmed the computers to revive [them] when it was all over... The computers were index-linked to the Galactic stock-market prices... so that [they'd] be revived when everybody else had rebuilt the economy enough to afford [their] rather expensive services."
Now dear listener, you anticipate this set up is likely in reference to our own 5-million year recession - now in its 13th year. Or perhaps a nod to our own computer modeling gone berserk. No ladies, gentlemen and galactic visitors, this 23rd episode of Making Sense is about the premature obituary. Magrathea wasn't dead, merely dozing. Our own Earthly list of rash declarations are just as entertaining.
British musician Dave Swarbrick, after visiting a local township, was declared dead by the Daily Telegraph to which he quipped: "It's not the first time I have died in Coventry." American author Mark Twain had to explain on TWO occasions: "The report of my death was an exaggeration." And who can forget King Arthur's quest for the Holy Grail in plague infested England when the Cart Master asked the village to, "Bring out your dead!" only to be presented a very alive, singing, dancing grandpa that had merely worn out his welcome at home? Well, we can add the US Dollar to that list. As Jeff Snider says, "the dollar’s not going anywhere. Except, of course, further up."
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Castbox: https://bit.ly/3fJR5xQ
Breaker: https://bit.ly/2CpHAFO
Podbean: https://bit.ly/3enSAkr
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
SoundCloud: https://bit.ly/3l0yFfK
PocketCast: https://pca.st/encarkdt
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
Part 1 of June TIC: The Dollar What: https://bit.ly/31kjXbU
The Case of the Missing Money by Stephen M. Goldfeld: https://brook.gs/3gcX2Du
Treasury International Capital: https://bit.ly/34lykyp
Part 2 of June TIC: The Dollar Why: https://bit.ly/3iZTDJW
It’s Not As Obvious, But Stocks Are Tipped More Toward ‘Deflation’, Too: https://bit.ly/2QeZCOF
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, aspiring Zaphod Beeblebrox. Artwork by David Parkins, a Flying Circus surrealist. Podcast intro/outro is "By the Harbor" by Mhern at Epidemic Sound.
The final setting of Margaret Atwood's The Handmaid's Tale occurs well into the future, at a symposium of historians examining the Handmaid era. Your podcaster expects a similar, future gathering of sober scholars evaluating the Time of CoVid. They'll likely conclude it was an economic and political bankruptcy - a mathematical and moral fiasco. Still, it wasn't all bad, and this podcaster imagines that sitting at the back of the room a lowly assistant will indecorously interrupt proceedings with, "At least the Funny Flu allowed Cannonball Run that stood for ages!"
Before security could be called to escort this violator of stodgy proceedings out the banquet room - the iconoclast would blithely explain, that the Cannonball is an unofficial, entirely illegal 2,800 mile (4,500 kilometer, but who knows with inflation these days) car race from New York City's Red Ball Garage to the Portofino Hotel in Los Angeles. That the pre-'Rona record was 27 hours, 25 minutes. That with Captain Trips clearing the roads of grandmas, convoys, smokey, panda and the fuzz the new record was set at an eyelid-peeling 25 hours, 55 minutes. And that two general documentaries were already released on the subject, including Cannonball Run II - which is in your podcaster's sincere, very unprofessional opinion the best documentary ensemble cast ever, including stars: Burt Reynolds, Dom DeLuise, Dean Martin, Sammy Davis Jr., Shirley MacLaine, Frank Sinatra, Marilu Henner, Aristotelis Savalas, Catherine Bach, Susan Anton and Jackie Chan, among others.
And it is the idea of the "ensemble cast" that makes this 22nd episode of Making Sense a special one. We try to answer three questions: which paradigm do central banks inhabit, was Aristotle an idiot, are low rates stimulative? In trying to answer them we turn to Jeff Snider. But also, Aristotle himself, and Ben Bernanke, Benoit Mandelbrot, the Bride, Christopher Nolan, the Cohen Brothers, Cormac McCarthy, Eugene Fama, Henri Poincaré, Hugh Hendry, Janet Yellen, Jay Powell, Jeb Hensarling, Joe Rogan, the Joker, Keith McCullough, Louis Bachelier, Milton Friedman, Paul Samuelson, Plato, Robert Brown, Ronald Coase, Socrates, Steve Keen, Thomas S. Kuhn, Two-Face and William F. Buckley Jr.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Castbox: https://bit.ly/3fJR5xQ
Breaker: https://bit.ly/2CpHAFO
Podbean: https://bit.ly/3enSAkr
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
SoundCloud: https://bit.ly/3l0yFfK
PocketCast: https://pca.st/encarkdt
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
Was Aristotle An Idiot? Welcome Back August 9, The Answer To That Question The Key To The Next Golden Age: https://bit.ly/30UMILS
Thomas S. Kuhn's The Structure of Scientific Revolutions: https://bit.ly/3gZiFZ0
Eugene Fama’s Efficient View of Stimulus Porn: https://bit.ly/2Y0kk9t
Fama 2: No Inflation For Old Central Banks: https://bit.ly/3gYVuhA
Eugene Fama Interview (Inflation is Totally Out of the Control of Central Banks): https://bit.ly/2Y1Y7aY
Low Rates Aren't a Central Bank Providing Accommodation: https://bit.ly/3iF0cBs
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, making economics erogenous again. Artwork by David Parkins, the thinking man's Auguste Rodin. Podcast intro and outro "Mt. Fuji" by Ooyy and Smartface at Epidemic Sound.
Life is full of problems. And when particularly irritated by them, we turn to professionals for help. Sure, men - especially the married kind - will insist they can take care of it. Plumbing? No problem. The Johnson-rod is loose in the car? I got it. Open wound with compound bone fracture? Rub some dirt on it. Still, eventually even men will get to a point when they'll ask for directions, because what can be done - they built the city all wrong. And so, when the technical expert is called we damn well expect they've got a toolbox of specialized, effective gadgets.
For example, those tooth-yanking sadists are expected to make small talk about The Marathon Man while utilizing a tray of mouth mirrors, sickle probes, scalers and saliva ejectors. Go to the stables and you'll see brushes, sweat scrapers, hoof picks, deworming pastes, fly bonnets and liniments that will give your mare that glossy finish. One expects the same of our monetary technocrats. Their toolkit - you'd EXPECT - to hold a printing press, bond certificates, gold, as well as maps and barometers identifying the specification, production, distribution and utilization of modern money.
In this 21st episode of Making Sense, Jeff Snider tells us what IS in the monetary toolkit after spending a professional lifetime reading meeting minutes, transcripts and speeches. What's in there? Yeah, Magic-8 Ball. A rubber duck. Prayer book, of course. Half-eaten egg-salad sandwich. And importantly, the phone numbers of financial journalists. Join us as we discuss the monetary toolkit through the lens of: China's unchanging foreign exchange reserves, credit conditions in the United States and PMI scores from around the world. Also, we end the show by holding a candle-light vigil for the 13th anniversary August 9, 2007. The day that the global monetary order malfunctioned. A day that the then-CEO of the British bank Northern Rock said, "the world changed." A day that The Guardian newspaper analogized to August 4, 1914 - the start of The Great War. A day that has yet to end.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Castbox: https://bit.ly/3fJR5xQ
Breaker: https://bit.ly/2CpHAFO
Podbean: https://bit.ly/3enSAkr
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
SoundCloud: https://bit.ly/3l0yFfK
PocketCast: https://pca.st/encarkdt
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
What’s In The Same Number? China’s Part In The (euro)Dollar Story: https://bit.ly/3ahCjND
Reading the Tea Leaves About China (Making Sense Episode 14): https://youtu.be/UTTjUGp-K-o
Buckets and Tookits, Empty Each: https://bit.ly/33BNUFR
Purchasing Managers Indigestion: https://bit.ly/3imBky6
Author Christopher Clark lecture on "Sleepwalkers: How Europe Went to War in 1914": https://youtu.be/6snYQFcyiyg
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, standing there looking pretty. Artwork by David Parkins, operating with palette knives, color charts, painting palettes, tube wringers and paint rollers. Podcast intro is "Cornelia" by The Eastern Plain, remixed by Luwaks, at Epidemic Sound.
Baseball. The nation's pastime. For well over a century the sport has nestled itself in the romantic nook of America's soul. Its greatness captured in sentimental movies like The Natural and Field of Dreams. But light is balanced with darkness and for all its majesty the sport bears scandals and self-inflicted wounds: the 1919 Black Sox, a racial barrier. And of course, there's that gray space between light and dark where tragi-comedy lies. The 1888 poem Casey at Bat. Yogi Berra's relationship with paradox and irony. The Red Sox and the 20th century.
Like any phenomenon, the game has a full life that cannot be reduced to just one idea, one moment, one game. To do so would be the height of chutzpah and ego. So - let your podcaster oblige. The greatest game ever played was on February 2, 1946. Known as the Baseball Bugs game it took place in New York City's famed Polo Grounds where the Tea Totallers hosted the Gas-House Gorillas. The aged Totallers - one could even go so far as calling them elderly - were no match for the unshaven, cigar chawing players with shoulders as broad as the outfield placards. By the fourth inning the visitors were up: 96 to 0. So total was the farce that the home team turned to fans in the outfield for help. One such wasn't even a man. Or woman. It was a rabbit. Bugs Bunny.
He struck out the first Gorilla with fastballs. Then - well - he changed baseball history with a single, off-speed pitch that struck out the side as three Gorillas swung three times each before the ball reached the plate. Players ever since have attempted to recreate the throw. And though pitches such as the Fossum Flip, Super Changeup, balloon ball, parachute, gravity curve and the Monty Brewster have come close, nothing has been seen like that magical day in 1946. Nothing until America's central bank came up to bat on August 9, 2007.
For 13 years the Fed has been hacking away at the same pitch of monetary disorder. And unlike the Gas House Gorillas, apparently there is no limit to the number of swings it can take at this slow-moving soap bubble. In this, the Frank Robinson episode of Making Sense, Jeff Snider recounts just the three most recent strikes: Gold, Dollar, and Inflation Expectations. As part of the discussion we'll talk about Goldman Sachs' claim that "real concerns are emerging" about the dollar's reserve currency status and note that negative yielding US bonds are only a hare's hair away. Also, the Euro, the yen and other important things like Magnum PI's mustache and whether Jeff likes baseball.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Castbox: https://bit.ly/3fJR5xQ
Breaker: https://bit.ly/2CpHAFO
Podbean: https://bit.ly/3enSAkr
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
SoundCloud: https://bit.ly/3l0yFfK
PocketCast: https://pca.st/encarkdt
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
Would The Real Dollar Please Stand Up: https://bit.ly/3hWwyHG
US Dollar Index (DXY) Futures: https://bit.ly/3giQK6a
Strike 1: Gold; Strike 2: Dollar; Strike 3: Inflation Expectations: https://bit.ly/39IlJG6
The Fastball Behind Strike 3: https://bit.ly/2XjV11B
OMG The Dollar!!!: https://bit.ly/2XfRamq
Kevin Warsh Quote (Jerome Powell Is a Barely Adequate Writer of Fiction): https://bit.ly/2BNmHV3
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, hidden in right field. Artwork by David Parkins, the Ernest Thayer of the colored pencil. Podcast intro and outro is "Suddenly You" by Golden Age Radio, at Epidemic Sound.
Now, admittedly SOME commodity prices have gone up. Half of the agricultural and livestock prices are up year-to-date. Copper is up! But these are the results of supply line disruptions and demand surges. The temporary, transitory reactions to the CoVo. NOT the persistent, broad-based multi-year inflation carried in by a monetary surge that central bankers suggest. Almost every energy-based commodity is DOWN. Most all industrial metals are DOWN.
We address the issue in three segments, in this, the 19th episode of Making Sense. First, gold's sauntering up to $2,000. Silver is looking lustily at $30. Inflation, right? Central bank printing, true? Politicians handing out stipends and stimulus, yes? NO! Gold has been rising regularly - in concert with sovereign bonds - since October 2018 signaling deflation, disorder... and danger.
Then in part two, America's dollar is said to be the global reserve currency. But might there be hostile nations scheming furiously to undermine the US dollar? They are, after all, selling US Treasuries on net, since 2014. Is there a dollar Pearl Harbor ahead? No. Precisely the opposite. It's the real reserve currency - the EURODOLLAR - that holds nations hostage, including the USA.
And finally, Federal Reserve officials are promoting the notion the central bank will allow inflation to run. Run pure. And hot! A Bloomberg opinion column called it "a whole new ballgame [baby!]" (I added the "baby!" part). We've heard this story before. Not only from the Fed but as children. From Aesop. We knew it then as, "The Boy Who Cried Wolf".
That's not Inflation's war cry. Not in this monetary disorder and economic depression. It's a publicity campaign. A caterwauling.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Castbox: https://bit.ly/3fJR5xQ
Breaker: https://bit.ly/2CpHAFO
Podbean: https://bit.ly/3enSAkr
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
SoundCloud: https://bit.ly/3l0yFfK
PocketCast: https://pca.st/encarkdt
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
Exposing The Golden Lie
Sign of the Times: Gold Has Its Most Vocal Proponents Helping Sell Jay Powell’s Fiction
Huge, Massive Difference: De-dollarizing vs. Being De-dollared
More To Being De-dollared
Not This Again
The Fed Is Setting the Stage for a Major Policy Change
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, wandering hedge knight. Artwork by David Parkins, descendant of Arthur Eld ancient King of All-World. Podcast intro and outro is "Aoraki" by Ooyy, at Epidemic Sound.
- Albuquerque, New Mexico. The first business meeting of what would become the best-known chemist team since Nobel-prize winners Molina, Crutzen and Rowland was not auspicious. Pinkman wanted to cook as an artist, with chili powder. White, called Pinkman's chili-p recipe -- garbage. In-turn, Pinkman dismissed White's science; all he needed was a big jar. He was actually referring to a volumetric flask, which as - the appalled chemistry teacher Mr. White responded - is for general mixing and titration you wouldn't apply heat to it. That's what a round bottom 5000 millilitre boiling flask was for. Pinkman's flasks almost certainly fractured often and leaked out.
It is the metaphor of the fractured flask, the punctured pail - the leaking bucket - that Jeff Snider uses, in this the 18th episode of Making Sense, to explain why the inflationary concoction created by monetary technocrats isn't boiling over. First, we discuss why the Federal Reserve's monetization of debt isn't inflationary. Second, we review the latest inflation readings from the United States. Finally, Snider explains why the accelerating size of the US Treasury's checking account isn't inflationary either. It is all about the metaphor - technocrats and politicians pour inflationary water in yes, but not only is the bucket not a full one, ready to spill over, but it's perforated.
Well, to head off a letter writing campaign, this podcaster acknowledges that a fair number of you dear listeners feel your podcasting team missed the opportunity to employ the metaphor of the leaky cauldron. To cast central bankers as a coven of warlocks preparing a witches brew of inflation. However, your podcaster prefers the analogy of the fractured flask. The technocrats style themselves as scientists, not magicians. They surround themselves with very rare 800 millilitre Kjeldahl-style recovery flasks and dynamic stochastic general equilibrium models, Griffin beakers and Erlenmeyer flasks. The tragi-comedy is that despite the scientific accouterments, they go about it in a Pinkman-like manner. Heating volumetrics, adding adulterants like yield curve control, bank reserves and chili-p.
----------WHERE----------
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Castbox: https://bit.ly/3fJR5xQ
Breaker: https://bit.ly/2CpHAFO
Podbean: https://bit.ly/3enSAkr
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
SoundCloud: https://bit.ly/3l0yFfK
PocketCast: https://pca.st/encarkdt
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
So Long As The Bucket Is Full of Holes, Treasury Demand Comes First
Transitory, The Other Way
Wait A Minute, The Dollar And The Fed’s Bank Reserves Are Directly Not Inversely Related
A General Sense of Treasury’s General Account
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, Pinkman. Artwork by David Parkins. Podcast intro and outro is "Full House Dusk" by River Foxcroft, at Epidemic Sound.
Plato, Kant, Nietzsche, Buddha, Confucius, Rousseau, Aristotle, Bastiat, Molinari, Cicero, Hegel, Hobbes, Kant... LL Cool J. The contemporary philosopher sits on the social and political branch of the Western tradition. He began releasing treatises in 1985 after collaborating with Def Jam. Radio was his first. Two years later, Bigger and Deffer. But 1989's Walking with a Panther was 'too pop-y', said the Philosophical Review. 'So much empty fluff,' pondered the British Society for Phenomenology. Dialectica wouldn't even look at it. His fourth commentary however, returned him to the top. Both the album and its most famous song were titled Mama Said Knock You Out. The single famously begins with, "Don't call it a comeback, I been here for years".
Singing that tune these days are Communism, Marxism and Socialism. In this, the 17th episode of Making Sense, Jeff Snider explains how to understand their philosophy and why their recent popularity is not a comeback despite the doctrine's body of work. Marxism was never gone, it was waiting for the club of mostly wealthy nations to reach the end of their capitalist potential. Well, a thirteen year depression on par with the 19th century's Long and the 20th century's Great depressions is making a good case. So then, how to counter the argument?
But that's for the back-half of the show. First, a Catch-22 like paradox in bond markets. Safe sovereign and risky corporate bonds both display falling yields. Why? We look back to the last worldwide depression for answers. Then, yield curve control. This podcaster has a feeling it'll be the must-have toy for central bankers by Christmas. We look back at the US experience with the policy during the 1940s. Then Marx, Lenin and Mao take the stage, grab the mic and start spitt'n.
----------WHAT----------
Don’t Low Rates On Junk Bonds Mean Fed-fueled Credit Bubble? No. Precisely The Opposite
Yield Cap History Is Rock Solid, Just Not At All In The Way They Are Telling You
Yield Caps = Toddlers
From QE to Eternity: The Backdoor Yield Caps
Socialism Would Have Been Easy to Discredit, Had There Been Growth
Brent Johnson & Jeff Snider "Breaking Down Eurodollars" Webinar by BlockWorks Group
Reddit Late Stage Capitalism Thread 549,000 Strong
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emilulous. Artwork by David 'Straight Outta London' Parkins. Podcast intro and outro is "Callin Shots" by Damma Beatz at Epidemic Sound.
After half-a-century, some 8,000 episodes and numerous tournament of champions the American television game show Jeopardy! decided to hold its definitive contest to determine its ultimate victor. The trial featured three accomplished champions: Ken Jennings, Brad Rutter and James Holzhauer. The selection of these three remains one of sports' great scandals -- right up there with the Czechoslovakian judge in Lillehammer. The three contenders were fine, having won more than a 100 contests and $10.7 million dollars between them. That's not bad... as far as humans go. Who should have been in the tournament?
The first contestant most clearly deserved to be Phil Connors. Connors, initially a Pittsburgh weatherman stuck in a time loop, eventually attained the status of god. Not the God - at least he didn't think so - but a god. And as a deity not only did Connors know every answer in "Lakes & Rivers" - What is Mexico? What are the Finger Lakes? What is Titicaca? - he knew the question before the answer was even given: What is the Rhône?
The second contestant was god-like in its knowledge: Watson. The likely forerunner of HAL-9000, this question-answering computer system already beat both Jennings and Rutter in an exhibition match for a million dollars. A eurodollar realist and having no use for a pyramid of physical bills, Watson promptly set the money alight and was heard walking off stage saying, "It's not about the money - it's about sending a message."
The third contestant inhabits that shimmering space between reality and myth called "legend": Clifford C. Clavin, Jr. The part-time Boston-area mailman and full-time bar patron appeared on Jeopardy! in 1990, where he feasted on the categories like a walrus in a bed of bivalve mollusks, which is the mammal's preferred food you know. "Civil Servants", "Stamps from Around The World", "Mothers and Sons", "Beer", "Bar Trivia", "Celibacy".
It is in the spirit of these latter three - as legend, as eurodollar realist, as living through a monetary time-loop - that Jeff Snider confronts listener questions in a Jeopardy!-style show in this, the 16th episode of Making Sense.
----------WHAT----------
Alhambra Investments Blog
RealClear Markets Essays
Yield Cap History Is Rock Solid, Just Not At All In The Way They Are Telling You
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, the Vanna White of Eurodollar Jeopardy! Artwork by the Phil Connors-like, preternatural David Parkins. Podcast intro and outro is "Come 2gether" by Ooyy at Epidemic Sound.
Published in 1862, Les Misérables by Victor Hugo is "the novel of the century" according to David Bellos, professor of French and comparative literature at Princeton University. When asked on The Great Books podcast what qualifies this novel to be on the show Bellos responded, "It tackles a huge range of human experience, with an enormous amount of passion. If there ever was a great book, it must be Les Misérables."
The story focuses on 'the suffering ones', 'the humiliated'. It's set in the social, political and economic upheaval of early-nineteenth century France. 'The poor people who are worthy of our pity' were caught up in the consequences of what Jeff Snider calls the first modern business cycle. Michael Pettis, in his 2001 book The Volatility Machine, identifies it as the first modern deglobalization. And Friedrich Engels called it "the first general crisis".
Engels is, of course, the co-author of the Communist Manifesto, published in 1848 in response to the shocking, worldwide disorder. Karl Marx and Engels are said to suggest that capitalism has an expiration date; that capitalism was an ahistorical phenomenon which would burn up the limited fuel of labor and then sputter. And at that point communism would take over and redistribute the existing wealth equitably because there was a limit to human wealth creation.
This, over the long sweep of history, is a pessimistic view of human character and potential. But humans don't live across history, they have a handful of decades. And when capitalism does find itself in a cul-de-sac as it did during the first general crisis, and the Long Depression, and the Great Depression and now this -- Year 13 of the Silent Depression, well then terminal capitalism sounds perfectly reasonable.
In this the 15th episode of Making Sense, Jeff Snider discusses the barricades and autonomous zones of Les Misérables, Marx and Engles' thesis, late-stage capitalism, the Soviet Union, and present-day China; but all in defense of capitalism without denying that it's going down the wrong road -- toward the barricades.
----------WHERE----------
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Castbox: https://bit.ly/3fJR5xQ
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
PodcastAddict: https://bit.ly/2V39Xjr
----------WHAT----------
The Economic Boom You Heard About Never Really Was
A Massive Problem That Has Them Searching For One
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, manning the barricades in the CHAZ (Cayman Highball Armorik Zone). Artwork by David Parkins, a modern-day Émile-Antoine Bayard. Music track "The Ministry" by Howard Harper-Barnes at Epidemic Sound.
Your podcaster shunned traditional university education and instead sought a guild apprenticeship. Drawn to parapsychology and the occult even as a sma' one, it was natural this podcaster's inclinations were in alchemy, phrenology, gryphography, cryptozoology and economics. However, The Inquisition and Salem Trials had somewhat narrowed opportunities in these first options; opportunities which are now reserved for only the most gifted. With an aptitude optimistically scored by one high-school counselor as "average", your podcaster nevertheless found a welcome home in economics. That field was supplemented with a minor in tasseomancy.
Sometimes called tassology or tasseography, it's the study of tea leaves for the purposes of divination, fortune telling and interpreting the political economy of China. Yes, any economist can tell you about last month's results for industrial production, retail sales and fixed asset investment. And Jeff Snider does, in this the fourteenth episode of Making Sense.
We first steep and then drink West Lake's famous Dragon Well tea while discussing April's Treasury International Capital report, the echoes of 2013 and the Oktoberfest-in-June-like optimism of German Financiers.
But then conversation turns to the political intrigue surrounding President Xi and Premier Li. Peering inside our porcelain cups the upward strokes of the leaves indicate a stabilized GDP level. The flourishes on the lower zone denote meticulous, yet highly creative accounting. But if one observes the overall slant and the pressure of the leaves there's a suggestion of acute overcapacity, a complete lack of recovery, and a pronounced inclination toward stagnation.
If the monetary shadows are your fancy then the next time someone asks, 'Would you care for some tea or coffee? Something stronger perhaps?' - you know what to say.
----------WHAT----------
Still TIC’ed Off In The Shadows In April
When Sentiment Flies
A Chinese Outbreak (of Li v. Xi, Round 2)
----------WHO----------
Jeff Snider, Head of Global Research at Alhambra Investments with Emil Kalinowski, who prefers his tea by leaf not by the bag. Artwork by the Yellow Mountain Fur Peak of the paintbrush, David Parkins. Song "Asian Fork Fight" by Lenzer at Epidemic Sound. Apologies to Michele Mulroney and Kieran Mulroney, screenwriters for Warner Bros' Sherlock Holmes: A Game of Shadows.
Upon its release the book was met with popular indifference. And no wonder. A cautionary tale about indulgence, extravagance and social upheaval? Right into the racing heart of the Roaring Twenties and its cloche hat wearing flappers, smoking Lucky Strikes and listening to jazz? No thanks. When Fitzgerald asked his editor about the book's reception he was told, "Sales situation doubtful, but excellent reviews." The author, in response, closed with, "Yours in great depression." It wasn't until the consequences of the Great Depression that the book achieved the acclaim it holds today. Only in retrospect did perception resonate with plot. Only in retrospect did the era seem an empty phantasm.
Our own 'Roaring Twenty' has no such excuse. Unlike 1925 when economic depression was five years in front of those enormous yellow spectacles, our economy is 13 years in Daisy's rear-view mirror -- run over, killed. But you wouldn't know it if your radio was tuned to the business network. When it was reported in early June that the US economy unexpectedly added 2.5 million jobs for the month of May it set off an orgy of dip buying, lest there be no dip left to buy. David Portnoy, the Gatsby of our day and host of this stock market party leaves the invitation open to all via livestream and will tell you stocks only go, "Up! Up! Up! Up! Up!"
In this episode we discuss how even establishment-economist forecasts -- forecasts in which the economy runs pure -- implicitly anticipate a worse experience than 2008. An experience from which the world never recovered; not really. In this episode we emerge from sheltering in place and survey the landscape. We see the Great Portnoy, hosting an elaborate party, in the Valley of Ashes.
----------WHEN----------
00:32 US Employment | Establishment / Household Survey
02:52 US Employment | Initial & Continuing Jobless Benefit Claims
04:59 US Employment | Economically Unemployed vs. Exogenous Shock Unemployment
12:51 World Economy | Consensus Two-Year Outlook for GDP
16:38 World Economy | The OECD W-Shaped Recovery Doesn't Factor in a Second Economic Wave
19:04 World Economy | World Bank Forecast as Warning that V is very L
22:09 US Consumers | Revolving Consumer Credit Being Extinguished by Consumers
27:22 US Yield Caps | Talk of Yield Curve Caps and What About Yield Curve Control in Japan
32:01 US Yield Caps | World War II Experience with Yield Curve Ceilings
35:31 World Economy | The Worst is Behind Us Now We Survey the Damage
----------WHAT----------
What Did Everyone Think Was Going To Happen?
This Thing Is Only Getting Started; Or, All The V’s Are Light On The Right
Attention All “V” People
A Second Against Consumer Credit And Interest ‘Stimulus’
OMG The 30s!!!
From QE to Eternity: The Backdoor Yield Caps
----------WHO----------
Jeff Snider, Head of Global Research at Alhambra Investments with Emil Kalinowski, someone that's not invited to the party. Artwork by David Parkins, the Francis Cugat of our Roaring Twenties.
Legendary figures took on the mantle of "Mail Carrier!" including: founding father Benjamin Franklin, Wells Fargo cowboys of the Pony Express, and nice guy Mr. McFeely from Mr. Rogers' Neighborhood. In more recent decades the profession saw its reputation sullied. Represented at one end of the spectrum by the austere, virginal, trivia-oracle Clifford C. Clavin, Jr. and at the other end the covetous and lurid Newman.
But in this episode of Making Sense, Jeff Snider endeavors to bring back the profession's good name, just like Kevin Costner did in The Postman, a 1997 escapist fable about a post-Apocalyptic America that begins to find its soul thanks to a mailman. The film takes on a more documentary-like tone these days. Snider as itinerant nomad, wandering the dystopian monetary order delivering long lost answers to bewildered people asking why -- in a world where a smokey haze obscures the horizon -- oil is more valuable underground and stock prices are lighter than air. "Why? Why?! Why!"
Sure, Rotten Tomatoes gave The Postman an 8 percent rating with one reviewer thinking, 'Relative to this, Waterworld is Citizen Kane.' Well, this podcaster disagrees and gives the movie 100 percent for British actress Olivia Williams alone.
Is the US Treasury deluge good? Are banks opting out of the game? What's the deal with foreign central banks and their dollar reserves? Can the banking system function without central bank reserves? Why buy lower-yielding sovereign debt from Europe or Japan instead of the US Treasury? How to animate reserves? Should we add asset managers to the Primary Dealer pool? Is inflation low due to Chinese goods? Why is the Federal Reserve buying mortgage backed securities? Is it a violation of the Federal Reserve Act to buy risky assets? Why is the S&P500 exploding higher? Why was there inflation in the 1970s?
WHAT
Alhambra Investments
RealClear Markets
Metals & Markets Blog
WHO
Jeff Snider, Head of Global Research at Alhambra Investments with Emil Kalinowski, not mailman material. Artwork by David Parkins, il primo ballerino of the colored pencil.
In the mid-80s parents allowed their children to watch an innocent-looking television program titled V thinking it was some kind of Sesame Street offshoot. Imagine little Johnny and Suzy Q's horror when, instead of Reading Rainbow, they were watching a sci-fi melodrama about disguised reptilians. The Visitors, presenting themselves as competent, benevolent beings here to teach the backwards ape a few things, were hiding behind masks -- including their beautiful smokeshow of a leader Diana -- and had actually come to harvest Earth's water and snack on humans. A sophisticated allegory about economists? Perhaps...
The mini-series had been the reigning champion of "Worst V of All Time" until the 2007-09 financial crisis, which sent the global economy off its post-World War Two trend. Unlike all downturns since 1945, this one was different in that a plurality of economies representing a majority of global gross domestic product never regained their pre-crisis trend growth. The V-shaped recovery that three generations had come to take for granted turned out to be a grossly misshapen, lizard-like L that was visible beneath the mask of positive numbers in all manner of broad economic accounts, including: global foreign direct investment, world merchandise trade, the 35-country Organisation for Economic Co-operation and Development industrial production index, etc.
In this eleventh episode of Making Sense, Jeff Snider, Chief Investment Officer of Alhambra Investments (and Resistance Leader) explains why 2020 may surpass the intergalactic reptiles AND dethrone 2007-09. We review the US Congressional Budget Office's very un-V forecast through 2021, estimate in trillions the depth of the contraction in the US, put into context Washington D.C.'s inadequate-sized stimulus and review the Euro Area's broad survey of economic confidence.
No iguanas were hurt in this episode.
WHAT
Getting A Sense of the Economy’s Current Hole and How the Government’s Measures To Fill It (Don’t) Add Up
The Optimists Have Some Terrible News For the ‘V’
What Would The Hole Be Without The ‘L’?
What Flood?
WHO
Jeff Snider, Head of Global Research at Alhambra Investments with Emil Kalinowski, still working on his ABCs. Artwork by David Parkins, mammal.
We are informed by the financial press the agitated creation of reserves are, to capital market participants, a mix of whiskey and Felix Felicis; liquid courage and luck. The first manifestation of the wealth effect, which will encourage households to consume and corporations to invest. The financial market animal spirit. The economist's Patronus Charm.
But what did the Federal Reserve do - and more importantly not do - in 1929, 1987 and throughout 2008-20 to support US stock markets? When was there a direct link between bank-created money and the stock market? And when was there nothing more tangible than "expectations policy" - the modern equivalent of the warlock's frantic charms, hexes, jinxing and spell-casting?
Also, Federal Reserve Chairman Jerome Powell was interviewed on the American news program 60 Minutes this week. He said, the Fed saw the market meltdown coming, that the central bank increased money supply - he says they can print 'real' money too, you know - that there's no limit to what they can do to support the economy (and also that the said economy may not 'get back to zero' until the end of 2021). We review the interview by pointing out what the smoke is obscuring, where the mirrors have been placed, and discuss how "theatricality and deception are powerful agents to the uninitiated."
WHAT
Stocks Haven’t Been Moneyed
The Reason For So Many Lies: He Finally Realizes He’s In Way Over His Head
WHO
Jeff Snider, Chief Investment Officer of Alhambra Investments with Emil Kalinowski, a physical (precious metals) man; artwork by David Parkins, sculptor of the color wheel.
It is often said that there is, "nothing new under the sun", and with a few exceptions (e.g. negative nominal interest rates, negatively priced oil, TikTok) that is true, even with a monetary gewgaw like quantitative easing. Japan, so as to revive its economy, has been implementing different flavors of QE for just under two decades now (that's all one really needs to know about its effectiveness). In this episode we explore what lead up to the first QE program with a tour guide: Milton Friedman.
What was Friedman's analysis of 1970-90 from the perspective of money supply and economic activity? How did the Bank of Japan seemingly lose its way during the 1990s when it had 'got it all right' during the 70s and 80s? Why did Friedman believe that QE would be the solution? Why did the Japanese bond market disagree from the get-go? Why is a sovereign bond market important anyway? Why do low rates - not high - signal monetary tightness and vice versa?
On the other side of the Pacific, in late 2001, with the Good Ship Q.E. having already been launched, researcher Mark Spiegel from the Federal Reserve Bank of San Francisco raised a critical question: what if private banks don't want to put this newly 'printed money' to work? In Japan that question has remained unanswered for two decades. In the United States and Europe? Over a decade. Is it a matter of difficulty or ideology that impedes the answer? We believe it is the latter.
WHAT
There Was Never A Need To Translate ‘Weimar’ Into Japanese by Jeff Snider
Reviving Japan by Milton Friedman
Quantitative Easing by the Bank of Japan by Mark Spiegel
A Tally of 23 Japanese QEs by Jeff Snider
WHO
Jeff Snider, Chief Investment Officer of Alhambra Investments and Emil Kalinowski, not bad at fantasy football. Artwork by David Parkins, curator of the illustrated aesthetic.
Will unlimited dollar swaps by the Federal Reserve solve the dollar shortage? How does collateral shortage in the repo market affect, for example, equities? Why does the gold price plunges when there are collateral fails in the repo market? Does re-pledging and/or re-hypothecation take place in the repo market? If there's liquidity crisis, why do corporations get such cheap loans still? Interest rate swaps go negative; what does it mean? Why aren't bank reserves useful to the monetary system? Why does a financial entity sell cash to buy a Treasury to put it up as collateral to get cash; wut? What is an individual to do in this chaos? Does stress in the interbank markets reach the real economy and if so, how? What is your definition of inflation and does asset inflation factor in?
Sadly, we did not get to each inquiry. Also, some did not really pose questions but took the opportunity to send death threats and ransom notes; we love the passion! (But yes, we didn't get to those either.) However, please continue asking questions on Twitter and YouTube, and if we - or someone from the community - don't answer there, we hope to do so on a future show.
WHAT
Alhambra Investments
RealClear Markets
Metals & Markets Blog
WHO
@JeffSnider_AIP, Head of Global Research at Alhambra Investments with @EmilKalinowski, professional gentleman of leisure. Artwork by David Parkins, paintbrush performance artist.
Quantitative easing, like foie gras, is controversial. The gavage-based production of duck and goose livers is considered cruel to the animal, gorged helplessly as it is in a pen. Central banks likewise perform a force-feeding, a monetary gavage of reserves forced onto the private bank balance sheet. What makes it a peculiar practice is that the monetary farmer expects this gorged banking goose to then dance around carefree - honking out credit at every passing leaf or tussled blade of grass.
Since 2001 this 'monetary husbandry' has failed. In Japan, the United States, Britain and Europe. (Worse still, the result isn't a rich, buttery and delicate specialty that could be enjoyed with some mustard seeds and green beans in duck jus.) In this episode we review three articles that delve even farther back in history, to the Great Depression, to show that similar sounding solutions didn't work then either.
The fear of unchecked inflation - "Weimar", for short - now that fiscal authorities and central banks are both encouraging the leaden economy to flap its wings is therefore misplaced. At least, not until wholesale reform of process and procedures within the modern central bank. Not until credibility and competence is prioritized over its credentials.
WHERE@JeffSnider_AIP
@EmilKalinowski
WHATWeimar Ben Didn’t Happen, So Now Weimar Jay?
Weimar Thirties Didn’t Happen Because It’s What You Don’t See
Everyone Knows The Gov’t Wants A ‘Controlled’ Weimar
Chicago Fed's Monetary Policy in a Lower Interest Rate Environment
WHO
Jeff Snider, Head of Global Research at Alhambra Investments with Emil Kalinowski, one of several people - along with Archibald Leach, Bernard Schwartz and Lucille LeSueur - who've never been in your kitchen. Artwork by the Brunelleschi of our day, David Parkins.
In 1929 a plague struck Florida resulting in an overwhelming government response. The consequences were not only agricultural but financial as banks, heavily exposed to the Sunshine State's horticulture sector, approached insolvency. Bank stability, Federal Reserve responses and a suitcase stuffed with six million dollars are all part of the thrilling story. But so is the notion of bureaucratic delay, wild swings from hope to despair (and back), contemporary titans of industry offering reassuring words, and the impotence of human effort against the monstrous chaos of a complex system reverting back towards simplicity.
In today's day, the US Treasury bond market was warning for the better part of two years that the monetary, financial and economic - to say nothing of the political and social - facets of our system were fragile. Weak. Already enervated by six years of political upheaval and a dozen years of monetary disorder. The virus was the banana peel upon the wall that Humpty Dumpty was dancing on.
The United States and European Union GDP estimates for the first quarter corroborate the bond market's opinion. Though the virus, and the government response to it, only took hold in the final month of the quarter (with exceptions of course, Italy for example) the result was catastrophic nonetheless. In other words, the US and EU economies were already stumbling about the street, late at night after a 12-year bender when Corona stepped out from the shadowy alleyway with a billy club and an appetite for mayhem.
1929 Florida Plague as Parable
Bond Markets Dismiss Fed
Q1 US GDP
Q1 EU GDP
Jeff Snider, Head of Global Research at Alhambra Investments and Officer of the Offshore with Emil Kalinowski, Getting His Pump On. Artwork by the Caravaggio of caricature, David Parkins.
The Earl of the Eurodollar Jeff Snider (@JeffSnider_AIP), Chief Investment Officer at Alhambra Investments and Emil Kalinowski (@EmilKalinowski) discuss the four topics.
First, what happened this past week when the price of oil to be delivered in May was priced at a negative $50(ish) dollars per barrel? And much more importantly than the bizarre price, what does the back-half of the oil futures curve say about the medium-term condition of the global economy? Nothing good unfortunately.
Second, why do well respected names in the financial industry continue to believe that US Treasury yields will rise? They are called Bond Kings and one of them recently had to take off his crown (temporarily). But was it the Fed's changing policy that caused the change of heart? Or was it the bond market all along who was signaling the bond kings wore crowns but nothing else?
Third, the important German ZEW survey shows very sharp pick-up in optimism. No surprise, ZEW survey respondents traditionally respond very positively to central bank 'liquidity' programs, even if the real economy does not follow through. It is the legendary Greenspan Put gone international.
Fourth, the multi-decade Japanese experience regarding 'overwhelming' purchases of stocks and bonds is instructive for investors counting other advanced economy central banks buying financial instruments. It seems bullish, on the surface at least. But recently the Bank of Japan opened the taps and increased their equity purchases to record amounts. The result? A 31 percent decline. You're welcome.
Alhambra Investment articles discussed:
Let Japan Show You Again Just How Laughable The Idea That Central Banks Can Support MarketsThe Greenspan BellThe Fallen Kings & The Bond Throne of CollateralWhat Was Monday’s Negative Oil, And Why It Was Overshadowed On Tuesday
Jeff Snider, Chief Investment Officer of Alhambra Investments and Baron of the Balance Sheet @JeffSnider_AIP and Emil Kalinowski, Not Hard on the Eyes @EmilKalinowski.
The World Trade Organization offered two outlooks for 2020-21, one that is not terrible and the other distinctly so. Jeff and Emil discuss how getting back to previous levels would be an impressive achievement in itself and how it suggests that central bank actions are limited in their impact on the broader economy.
The US labor force shrank a horrifying 1.6 million people in March which is almost as much as the entire 2007-09 contraction. Jeff explains what the difference is between unemployment and exiting the labor force entirely.
The oil market has experienced a conniption fit over the last month but in the last couple of weeks only the front half of the futures curve is still having a full body dry heave. The back half, the half that represents market expectations of future economic activity levels, has settled down. Where it has gotten cozy offers no inspiration about the economic outlook.
We draw on five articles posted at Alhambra Investments to draw out the difference between a central bank - central to money supply - and a bank authority - central to a smooth functioning banking system. Jeff notes that we are not facing a local banking crisis that requires a banking authority but an international 'money' supply problem (there's not enough of it). Not only is the Fed not central to that money supply but nobody is.
Interestingly Jeff is not concerned about another banking crisis per se as the banks have been barricading themselves behind "fortress balance sheets" for a dozen years now. Also, Jeff explains why he's not - for now - concerned about a sovereign debt default cycle nor a corporate credit default cycle. Instead he fears a 2008-style (or worse) liquidity crisis. This entirely plausible - and perhaps straight up probable - crisis would then starve perfectly healthy businesses of the required funding to keep operating.
Articles covered include: "What Is The Fed’s New FIMA? The Potential For A SHADOW Shadow Run Is Very Real", "Banks Or (euro)Dollars? That Is The (only) Question", "(No) Dollars And (No) Sense: Eighty Argentinas", "Dollar, Not Bank" and "The Empty Bank".
Jeff Snider, Alhambra Investments Chief Investment Officer (@JeffSnider_AIP) and Emil Kalinowski (@EmilKalinowski) review three topics. We review three articles Jeff wrote this week, trying to explain them a bit more than perhaps may be apparent at first glance.
Firstly, why repurchase agreement stresses materialize prior to quarter-end. Secondly, why low-low-low-limbo-proof interest rates (e.g. effective Federal Funds, overnight repo market rates) are not signalling success but further interbank stress. Thirdly, why LIBOR and near-month Eurodollar futures are rising despite the "greatest liquidity event since Noah".
This inaugural episode discusses the goal of building a collaborative, educational community to discuss the creation, destruction and redistribution of modern monetary formats throughout the global economy. A strange kind of money, so unlike what we're used to seeing in our pockets, but a money that is needed to finance activity, trade and progress.
We briefly touched upon the nature of money, the un-centralness of central banks and identified the financial collateral markets - not cash or bank reserves - as the source of the monetary disorder that has spilled out into the broader economy in conjunction with the developing international health emergency. The disorder is in the repurchase agreement market and it lies with collateral, specifically there's not enough of it. Hence, these intermittent liquidity squeezes that have over the past 12 years spread like contagion into the wider economy.
"You can't take out your spine and hope to stand up; that's really what the [repurchase agreement] market is. The way the repo market functions is more collateral-based than it is bank reserves or cash. The lack of collateral is a massive, massive problem."