Eurodollar University

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----------But first, this from Eurodollar Enterprises! Friends, are you employed by the Ministry of Treasure? Do your political masters require foaming asset prices to placate the great unwashed? Are you unsure how to balance maniacal froth with sustainable momentum? 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 the capital markets foam formulation. Our line of bubble brews include: 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! Blow it, with Bath Suds. New! From Eurodollar Enterprises. (Central banker swimsuit not included.)---------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--------A Profound Statement In the Ongoing Saga of Shadow Money: https://bit.ly/3aOcHcsHedge Funds and the Treasury Cash-Futures Disconnect: https://bit.ly/3nIqFBVThe Warehouse Gap Does Much To Fill In Why There Were Never Too Many Treasuries: https://bit.ly/332LpL5What Is It About TIPS 5s Auctions? What Was It About *This* One?: https://bit.ly/3gObbLnAlhambra 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, 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_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: 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--------REFERENCES--------Neither Keynes, Trump, Pumps Nor Priming: https://bit.ly/3gBbE39The Economist: America’s extraordinary economic gamble https://econ.st/3xiGkwfThe Durable Hibernating of Vigilantism: https://bit.ly/3esvtafGrowth in a Time of Debt: https://bit.ly/2S3COplBIS Total credit to the government sector: https://bit.ly/2Pl3UHBThe QEnundrum: https://bit.ly/2QuMJDYAlhambra 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 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_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: 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/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 #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 banks06:59 Another cause (perhaps likely?) is the Liquidity Trap.08:16 If the Fed controls interest rates, then a liquidity trap explanation sounds legitimate10:58 If the Fed controls interest rates, then raising rates will unwind a liquidity trap14:39 In 2005 Greenspan testified to Congress that a fundamental monetary assumption had failed17:57 The Fed identified market desire for safe, liquid instruments but got the "why" wrong19:39 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/2Qc858ZAlhambra 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 "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----------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.---------SEE IT-----------Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: 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--------REFERENCES--------History Isn't On Your Side If You're Looking for Inflation: https://bit.ly/3uW97EJScorching, Blistering, Highest In A Decade! Powell’s The Voice of Reason Here?: https://bit.ly/32kpNcWWhy *Only* That Specific One? https://bit.ly/2Qe8zLFAlhambra 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 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/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 #64TOPICS----01:08 Central bank mission creep is a result of their failure at the original job: manage money04:38 When and why were central banks given independence and assumed a political detachment07:14 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 bankers11:30 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/3fZNZt5Alhambra 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. 

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_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: 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--------REFERENCES--------Slight, But Only Slight, Movement In the Understanding of Rates: https://bit.ly/3t9B37QThe Global Saving Glut and the Fall in U.S. Real Interest Rates: https://bit.ly/39WgTq0Global Imbalances Tracker: https://on.cfr.org/3mIWx7WRechecking On Bill And His Newfound Followers: https://bit.ly/39Ysh4YReopening 2: https://bit.ly/3s0w9skAlhambra 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. 

"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/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--------Seeing Interest Rates Counter To What They Actually Are: https://bit.ly/2QX730xFederal Reserve - What Drives U.S. Treasury Re-use?: https://bit.ly/2PMHCOKHow Does Reflation Look From The Point of View of the One Market That Gets It: https://bit.ly/3cKZKlbYes, Curves Have Been Forced To Speak Japanese: https://bit.ly/3uhsWWWData 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.---------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 #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 liquidity06:01 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 trajectory12:21 The employment recovery took place almost entirely in the first months, but sideways since14:34 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/39kdnp6One Year Later: Why No ‘V’?: https://bit.ly/3dhBaY0Alhambra 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 "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.---------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----------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/3srNL1jKiwi Busted QE And Its Relation To The Reflation Story: https://bit.ly/3ddL78QOK, NYMEX, Go On…: https://bit.ly/3cqAmknOK NYMEX, Beginning To Notice The Fine Print?: https://bit.ly/3rsmYAsWas Last Month’s Fedwire A Coincidence?: https://bit.ly/3dffKuuNPR's Full Interview With Fed Chairman Jerome Powell: https://n.pr/3crz7SaAlhambra 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, 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_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: 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/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 #59 TOPICS----00:01 Introduction to anniversary, retrospective show about... introductions02:33 #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/2VIC2wWRealClear 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.