Eurodollar University

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/2VIC2wWJeff's RealClearMarkets Essays: https://bit.ly/38tL5a7Jeff's Twitter: https://twitter.com/JeffSnider_AIPEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

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/3mMayDsRoger Starr, New York Planning Official, Author and Editorial Writer, Is Dead at 83: https://nyti.ms/3mQSSGuEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

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/2VIC2wWJeff's RealClearMarkets Essays: https://bit.ly/38tL5a7Jeff's Twitter: https://twitter.com/JeffSnider_AIPEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

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/FedGuy12Emil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

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/3gUl7msGeorge Friedman's Twitter: https://twitter.com/George_FriedmanGeopolitical Futures: https://geopoliticalfutures.com/Geopolitical Futures Twitter: https://twitter.com/gpfuturesEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

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/AnalystDCEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

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/2Xp3royEmil YouTube: https://bit.ly/310yisL-----HEAR EPISODE 122----Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr----EP. 122 REFERENCES----More Dollar Bull: https://bit.ly/3iGt2UJ(Urjit Patel) Emerging markets face a dollar double whammy: https://on.ft.com/3mr6F6EWhat’s The Real Downside To Some of These Key Commodities?: https://bit.ly/3oVIsZdIs the world economy going back to the 1970s?: https://econ.st/3BmDat5Alhambra Investments Blog: https://bit.ly/2VIC2wWlinRealClear 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_macroEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

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/FedGuy12Emil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

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/michaelxpettisEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr