Eurodollar University

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/2Xp3royEmil YouTube: https://bit.ly/310yisL-----HEAR EPISODE 98-----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. 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/3zJ6sB3NBC News Survey Study #210188: https://bit.ly/3n5o0Ec----EP. 98c REFERENCES----China, Australia, and The European Way Into Reverse Repo: https://bit.ly/2WYpuFrECB: The new monetary policy strategy: implications for rate forward guidance: https://bit.ly/3h2hlXmFinally, QuEstioning ‘Easy Money’: https://bit.ly/3h2hlXmQuantitative easing: a dangerous addiction?: https://bit.ly/3tmCUa7Alhambra 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 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/2Xp3royEmil YouTube: https://bit.ly/310yisL-----HEAR EPISODE 97-----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. 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/38oyvcWTaper *Without* Tantrum: https://bit.ly/38sdMVHThe Fed’s True Love: He Tapers Me, He Tapers Me Not: https://bit.ly/3yrOaCTAs Fed Focuses on Taper, It’s About To Get (a lot?) More Interesting In Bills: https://bit.ly/38n2Sk8Alhambra 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.  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/2Xp3royEmil YouTube: https://bit.ly/310yisL-----HEAR EPISODE 96-----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. 96 REFERENCES----The Two Big Anniversaries of August: The Lost Decade (plus) Of The ‘Fiat’ Half Century: https://bit.ly/3gkpENPA 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/3zjhBs0Germans Got Global: https://bit.ly/3D6sCPWThe Third Of The Transitory Inflation Trifecta And Today’s Surprisingly Consistent Ugly Surprise: https://bit.ly/3mmSoJYAlhambra 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 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/2Xp3royEmil YouTube: https://bit.ly/310yisL-----HEAR EPISODE 95-----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. 95 REFERENCES----There Is So Much, Too Much, Just Enough the Same: https://bit.ly/37IluusInflation More Than Hints ‘Transitory’: https://bit.ly/3iQc9aDThe Money Is 'Double Missing' Thanks to Economists: https://bit.ly/3yHqKKRAlhambra 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. 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/2Xp3royEmil YouTube: https://bit.ly/310yisL-----HEAR EPISODE 94-----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. 94a REFERENCES----No Matter What They Say, the Future Isn't Inflationary: https://bit.ly/3AjfK6NRealClear Markets Essays: https://bit.ly/38tL5a7----EP. 94b REFERENCES----Sophistry Dressed (as) Reallocation: https://bit.ly/3rZOhUMAlhambra 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/2Xp3royEmil YouTube: https://bit.ly/310yisL-----HEAR EPISODE 93-----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. 93a REFERENCES----Golden Collateral Checking: https://bit.ly/3j7HKmSAlhambra 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/3yezqrVRealClear Markets Essays: https://bit.ly/38tL5a7----EP. 93c REFERENCES----The Contraction Is Over, Which Means The Hard Part Only BeginsNBER 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/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR EPISODE 92----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. 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/9RbL8lTsITYThe Power of the Fed (transcript) : https://to.pbs.org/3zC3HBnAlhambra 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. 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/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR EPISODE #91---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 #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 scramble25:25 Show Conclusion: collateral scrambles are not rainbow/unicorn-reflationary phenomena----EP #91 REFERENCES---Lower Yields And (fewer) Bills: https://bit.ly/3BDZSxiWhy Don't Bonds Reflect CPI Alarm About Inflation?: https://bit.ly/3kMx2oqSorry, One More On Bills: Today A Really Good Example of All The Things We’ve Been Focused On Lately: https://bit.ly/3i20FAoIntraday Timing of General Collateral Repo Markets: https://nyfed.org/2VbxIZvAlhambra Investments Blog: https://bit.ly/2VIC2wWRealClear 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/36TfZZDMeasuring Worth Twitter: https://bit.ly/3BuZotfMeasuring Worth Blog: https://bit.ly/3rqyz4RNY Times Tulsa Article: https://nyti.ms/3eKKDIRNational Geographic Tulsa Article: https://on.natgeo.com/3izkL41---------SEE IT-----------Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL---------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----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. Williamson0:09:21 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/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR EPISODE #89---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 #89a REFERENCES---Powell Admits RRP and Collateral Scarcity, Still Unaware Of What It Means: https://bit.ly/3hK2dP9To This Day, the World Still Thinks It Was About QE: https://bit.ly/3zbSS8VThe 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/3kzlOmSA Practical History of Financial Markets: https://www.didaskoeducation.org/----EP #89c REFERENCES---Bitcoin, El Salvador, And…The Eurodollar’s Ghost: https://bit.ly/3hIom0bAlhambra Investments Blog: https://bit.ly/2VIC2wWRealClear 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.