Eurodollar University

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/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--------REFERENCES--------Inflation Huge: Jay Powell Did Blink, But It Had *Nothing* To Do With ‘Taper’: https://bit.ly/3vnrJOzMinutes of the Federal Open Market Committee (April 27–28, 2021): https://bit.ly/3bVjnpJTIC Reflation Rolling (Over?): https://bit.ly/3fQwPwgChina Repeats Its Same Case For No-Inflation Bond Yields: https://bit.ly/3wHPMrTThe Chinese Money Behind Global Inflation Baseball: https://bit.ly/3fwgdevAlhambra 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 "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/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 #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/3bO8k1wWhat CPI (and PPI)?: https://bit.ly/34cONUnAlhambra 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.

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/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/EmilKalinowskiJeff's Twitter: https://twitter.com/JeffSnider_AIPArt: 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: 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/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--------REFERENCES--------Higher Prices Must Be Engineered to Restrain Dictators: https://bit.ly/3ttRxXtSOMA’s Been Talking For Over A Year: Jay’s Got Some Explaining To Do (bills): https://bit.ly/33sXYjaGlobal, Not Term Premiums: What Low Yields Really Say: https://bit.ly/2RCgVgLIs There a Global Factor in U.S. Bond Yields?: https://bit.ly/3f7qjRoAlhambra 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 "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/3hv7Px0LinkedIn: https://bit.ly/3eN7qEiTwitter: https://twitter.com/AFedirkaAlhambra 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 #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/2Xp3royEmil YouTube: https://bit.ly/310yisL---------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/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 #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/3heuQ7qAlhambra Investments Blog: https://bit.ly/2VIC2wWRealClear 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/2Xp3royEmil YouTube: https://bit.ly/310yisL---------HEAR IT----------TuneIn: http://tun.in/pjT2ZVurbl: https://bit.ly/3rq4dPnDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cICastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MApple: https://apple.co/3czMcWNBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgPodchaser: https://bit.ly/3oFCrwNSoundCloud: https://bit.ly/3l0yFfKPocketCast: https://pca.st/encarkdtListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr----EPISODE #72 TOPICS----01:16 Howard Buffett, Warren's father, was an outspoken opponent of the New Deal fiscal deficits03:04 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/2Q13nuJBuffet's "The Greenback Effect": https://nyti.ms/3f2mey3Crypto & Coffee with @NicholasBlack60: https://youtu.be/oaz-n6ayL1wAlhambra 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 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/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 #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 repo25:30 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 facility43:16 Carolyn suggests the best solution is to return to an unsecured interbank money market--------REFERENCES--------Dr. Sissoko's Twitter: https://twitter.com/@csissokoDr. Sissoko's "The Collateral Supply Effect on Central Bank Policy": https://bit.ly/3tCslOVDr. Sissoko on Social Science Research Network: https://bit.ly/3fhK5KjDr. 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/2Rg3LWnThe most dangerous place on Earth: https://econ.st/3nHHcG5Putin’s next move: https://econ.st/3aVQQQw----------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/gpfuturesGeopolitical Futures Podcast: https://bit.ly/3tgFahjEmil's Twitter: https://twitter.com/EmilKalinowskiArt: 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 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/2Xp3royEmil YouTube: https://bit.ly/310yisL---------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/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 #69 TOPICS----01:34 The Economist finds some of the unemployment data in the United States unbelievable03:32 The 80 million claims filed last year does not mean that 80 million were unemployed05:09 The Economist implies that because the 80M is preposterous the other labor stats are too07:34 It is legitimate to acknowledge distortions to the labor stats; there are anomalies09:32 Many economic accounts indicate that bad news in unemployment is perfectly reasonable10:22 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/3xzZn5rAlhambra Investments Blog: https://bit.ly/2VIC2wWRealClear 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.