Eurodollar University

Welcome to Making Sense.  Jeff Snider and I are joined by a very special guest, Izabella Kaminska who has accomplished many accomplished things, including being the editor of FT Alphaville, the Financial Times blog.  Though to refer to Alphaville as a mere blog, would be a gross disservice.  No ladies and gentlemen, it is much more than that.  It is the modern-day equivalent of the 17th-century London coffeehouse.  Both, forums for transactions, spirited debate, and the exchange of information, ideas - and lies! - though Alphaville is pointing them out for our benefit.  Strangers, no matter what their social standing or political allegiance, are always welcomed into lively convivial company.  The topics, then like now: the stock exchange, insurance, auctioneering, politics, arts... Then?  The 'not-so-old' masters.  Now?  NFTs.  Both the contents of the 17th-century coffee mug and Alphaville could be described the same way: "'black as hell, strong as death, sweet as love' and shot through with grit."--------SUMMARY--------PART 01: Financial journalism, the necessity of skepticism, public distrust of media, press reticence to cover underclass concerns, reportage to clarify versus to convince and technology's impact on news.01:44 The nature of FT Alphaville relative to mainstream financial media08:55 The importance of skepticism and critique in Alphaville's coverage of markets13:26 According to Gallup, Americans have very little to no confidence in newspapers22:42 Media reticence to cover 'unsophisticated', 'conspiratorial' working class concerns33:41 Drawing attention to and clarifying versus reporting to confirm, conclude and/or convince43:42 Technology's impact on journalism - past, present and prospective.PART 02: Work furlough as proto Universal Basic Income, a labor force under Modern Monetary Theory, naïve accedence of Environmental-Social Governance, socialism, communism and corporate-capitalism.46:37 Political determination of economic outcomes via furlough, UBI and socialism57:36 Good intentions of MMT and ESG act as shields against skepticism; the echoes of communism1:07:52 Political considerations (MMT, UBI, ESG) will result in inescapable market consequences1:13:14 Corporate measurement of customer behavior and its political consequencesPART 03: Bitcoin free-market green energy, non-fungible tokens, cryptocurrency's role in the monetary order, intraday interbank liquidity, central bank command-economy green agendas and more!1:20:49 The astounding impact of intraday real time gross settlement on systemic, global liquidity1:30:43 Green mandates are command-economy solutions; Bitcoin may be the free-market alternative1:34:06 Balancing transparency against privacy with non-fungible tokens and cryptocurrencies---------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--------REFERENCES--------Izabella Kaminska: https://www.ft.com/izabella-kaminskaAlphaville: https://www.ft.com/alphavilleAlhambra Investments Blog: https://bit.ly/2VIC2wWRealClear Markets Essays: https://bit.ly/38tL5a7---------WHO-----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Izabella Kaminska, editor of FT Alphaville and Emil Kalinowski, a Financial Times subscriber. Art by David Parkins, the Pasqua Rosée of black ink.Podcast intro/outro is a chamber music version of "Canon in D" by Johann Pachelbel, the 17th-century German composer. Listen at Epidemic Sound. Learn more about "The Lost World of the London Coffeehouse" from Dr. Matthew Green.

Will stagnation follow the Biden Boom?  So asks New York Times columnist (and Nobel memorial prize winner) Paul Krugman. Jeff Snider listens and reacts to Krugman's lament that, though the relief bill is done, recovery may be harder.---------SEE IT-----------AlhambraTube: https://bit.ly/2Xp3roy---------HEAR IT----------Vurbl: https://bit.ly/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 #57 TOPICS----00:01 Paul Krugman, NYTimes columnist, believes the Biden stimulus will not be enough02:31 Will a stimulus bill with a huge sticker price be enough to overcome "Secular Stagnation"?05:28 A growing consensus of economists believes the last decade may not have been very good08:18 Bond markets are not signaling the recovery has been very good so far12:09 What is the solution to secular stagnation?15:38 There is agreement that the economy is very unhealthy, stimulus may not be enough--------REFERENCES--------Will Stagnation Follow the Biden Boom?: https://nyti.ms/2OtQ5pKAlvin Hansen and Secular Stagnation: https://bit.ly/2NkJUnsHey Kid, Want Some Communism? : https://youtu.be/bKHzn2UaqLUCommunism - Don't Call it a Comeback: https://youtu.be/FhBQhRLmTQcAlhambra 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, now hiring interns at below-market rates. Art by David Parkins, on an errand, sent by grocery store clerks, to collect a bill. Podcast intro/outro is "Cool Cat Stumble" by T. Morri at Epidemic Sound.

Space, the final metaphor. Why do central bankers offer spirographic, retrograde answers? Because they operate within a Ptolemaic paradigm - a geocentric model of our monetary system in which the central bank is the hub around which all else revolves. Why is unobservable, offshore credit fundamentally important? Because like dark matter and dark energy, this shadow money represents the broad majority of material and heat that constitute our monetary universe.Which brings your podcaster to the 21st chapter of "The Courage to Act" authored by Ben Bernanke. There, the former chairman defends the Fed's second quantitative easing in 2010 because of an economic "false dawn". No mere rhetorical flourish, the false dawn is a regular astral phenomenon. Each autumn and spring, the northern and southern latitudes respectively, will observe a triangular diffusion of light rising above the horizon. It seems to herald recovery from the darkness.But Sol won't come. Not yet at least. Light, yes. But the wrong kind. Instead of a medley of warm colors refracted by the near atmosphere, the false dawn is a sterile white, originating far beyond our Earth, in cold space. Officially known as the Zodiacal Light, we witness interplanetary dust particles reflecting sunlight.Perhaps not surprisingly, Bernanke's book had no further chapters on economic false dawns despite their taking on an astronomical regularity, arriving again and again and again in 2011, 2014 and 2017. Jeff Snider, part-time monetary sleuth and full-time cosmos student, recognizes the difference between reflation's false dawn and recovery's warm glow. In this, the 56th episode of Making Sense, we review the light coming over the horizon from negative repo rates, surging M2 money supply and rising US Treasury yields. We find it cold, fallow and gray.-------SUMMARY------PART 01: Learn why rates in the repurchase agreement market went negative. What might it mean for economic recovery, not only in the United States but globally? Learn about 2013 and 2020 when repo securities also "traded special". Jeff Snider offers two explanations, one benign (sort of). The other? Malign.PART 02: Learn why a HISTORIC surge of M2 money supply is NOWHERE near-enough to rescue the world economy. Across a group of mostly rich nations M2 and M3 are at multi-decade highs. And yet millions remain unemployed. What's missing? Money! PART 03: Learn the difference between an orthodox-economics and a shadow-money view of US Treasuries. The mainstream says, 'Too many Treasuries!' and 'Emerging markets in danger!' Is that true? ---------SEE IT-----------AlhambraTube: https://bit.ly/2Xp3roy---------HEAR IT----------Vurbl: https://bit.ly/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--------REFERENCES--------Deja Vu: Treasury Shorts Meet Treasury Shortages: https://bit.ly/3rJMnGPWhat *Must* Lie Beyond the M’s: https://bit.ly/3rEq19LTaking You, The Fed’s Bank Reserves, And Banks’ Checkable Deposits For A Quick Stroll In The Monetary Zoo: https://bit.ly/2PRhRwEWhat Gold Says About UST Auctions: https://bit.ly/2OqPJA4Standard Textbook Dollar, Or Eurodollar Standard?: https://bit.ly/3cuDNWcUnexpected U.S. Growth Surge Could Unbalance Fragile Global Economy: https://on.wsj.com/3cndEsgHedgeye Investing Summit (2021, Mar-16/18): https://bit.ly/38TkogL---------WHO-----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, sweet on M1&M2s. Art by David Parkins, on an errand, sent by grocery store clerks, to collect a bill. Podcast intro/outro is "Departure Lounge" by Brendon Moeller at Epidemic Sound.

Wolf ponders what central banks should target (e.g. inflation, asset prices, social justice, nominal GDP). Incredibly at no point in the article was targeting actual money supply considered. WILD!---------SPONSOR----------But first, this from Eurodollar Enterprises! Friends, do you direct the Treasury Ministry? Do your political masters expect foaming asset prices? Are you unsure how to produce lasting froth? Then a box of Bath Suds from Eurodollar Enterprises is for you! Yes, practice blowing bubbles in the gurgling luxury of your free-standing clawfoot tub. Find the perfect mix between liquidity and hot air with our capital markets foam formulation. Our bubble brew line comes in: currencies, commodities, cryptos and collectibles. Blow them all! Orders received today will come with a fussy central banker - typically retailing for the price of "hedge fund general partner" - absolutely free! Simulate the political arena trying to blow it in the presence of an erratic technocrat. Don't blow it! Not without Bath Suds. New! From Eurodollar Enterprises. (Central banker swimsuit not included.)---------SEE IT-----------AlhambraTube: https://bit.ly/2Xp3roy---------HEAR IT----------Vurbl: https://bit.ly/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--------REFERENCES--------What central banks ought to target: https://on.ft.com/38eLtu7Alhambra 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, targeting cat-video ratings. Art by Master Quillsman, David Parkins. Podcast intro/outro is "Reversed Beginning" by Luwaks at Epidemic Sound.

"The pen is mightier than the sword." "The great unwashed." "Pursuit of the almighty dollar." These are prhases we have all heard and they come from a single source: 19th century English writer and politician Edward George Earle Lytton Bulwer-Lytton.  Bulwer-Lytton was a successful novelist, poet and playwright.  His political accomplishments included nine years in Parliament, serving as the British Colonial Secretary, and being offered - AND TURNING DOWN - both a lordship of the Admiralty AND the Crownship of Greece (i.e. king)!  Today he is remembered for writing... the worst opening sentence in the history of the English-speaking peoples:"It was a dark and stormy night; the rain fell in torrents — except at occasional intervals, when it was checked by a violent gust of wind which swept up the streets (for it is in London that our scene lies), rattling along the housetops, and fiercely agitating the scanty flame of the lamps that struggled against the darkness."Episode 54 reviews articles by Jeff Snider covering: the Treasury inflation-protected securities curve inverting, the life span of a post-2008 reflation, the curious appreciation of the Chinese currency, as well as how Fed officials in 1937 convinced themselves of an impending inflationary storm (in the middle of an economic depression).  None of those articles open in the Bulwer-Lytton style -- precisely the opposite!  And yet many - some, a few... someone... And yet this podcaster wonders, how might a Eurodollar University educated author open their novel? It was a dark and stormy depression; bank reserves fell in torrents — except at occasional intervals, when they were checked by a breath of reflation which swept up economists (for it is in the Eccles Building that our scene lies), rousing along the academics, and fiercely inflating the faith in a recovery that struggled against the darkness.-------SUMMARY------PART 01: The US Treasury inflation-protected security curve has gone upside down. Indeed, it has NEVER been more upside down. What is the Treasury market telling us about the economy's prospects? Also, how long does reflation typically last? Are we closer to its beginning or end?PART 02: The appreciation of the Chinese yuan against the American dollar has paused. A survey of the Chinese services sector scored a historic low. Are these the first indications of an economic slowdown? A slowdown that is not only Chinese but global?PART 03: In 1937, like now, circumstantial evidence and biases of central bankers suggested the impending arrival of fierce inflation: huge government deficits, better economic statistics, rising bond yields and excess bank reserves. Yet the underlying condition was of depression and credit illiquidity.---------SEE IT-----------AlhambraTube: https://bit.ly/2Xp3roy---------HEAR IT----------Vurbl: https://bit.ly/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--------REFERENCES--------TIPS Tipping Over, But Not That Way: https://bit.ly/3sVqgh4Reflation Amplitude, Important, What About Frequency?: https://bit.ly/2MSUa68What If CNY’s Backdoor Still Isn’t A Big Enough Exit?: https://bit.ly/3uT06NwThere’s Two Sides To Synchronize: https://bit.ly/3cm1j7RThere's Precedent for Yellen Demanding a Central Bank Rescue: https://bit.ly/3qoUQxFAlhambra 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, a dark and stormy host. Art by Master Quillsman, David Parkins. Podcast intro/outro is "Nocturne" by Trevor Kowalski at Epidemic Sound.

Should speculative ventures be included in calculations of inflation? What about productive investment? Housing? All transactions? Or just consumer prices?----------WHERE----------Vurbl: https://bit.ly/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/2V39XjrAlhambraTube: https://bit.ly/2Xp3roy ----------WHEN----------01:02 John Hilsenrath says the Fed has failed to hit its inflation target for "several" years.02:48 Is the Fed keeping interest rates low or is it the market? Which is the cart? The horse?03:31 Should asset price increases be included in measures of inflation? 05:08 How to interpret rising housing prices with falling apartment rental prices?08:15 Asset price bubbles - whose responsibility are they? The Fed? Other regulators?11:32 The TIPS market has inverted - near-term up, long-term trending down.13:13 Economists have long struggled whether / to what degree to include asset price inflation ----------WHAT----------Inflation Problems Depend on Where You Look for Them: https://on.wsj.com/3b1E9nBAlhambra 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, not spending money on haircuts. Art by David Parkins. Podcast intro/outro is "About to Explode" by Daxten and Wai at Epidemic Sound.

The theme of Making Sense Episode 52 is how an environment reacts to an anomaly. Resilient systems keep these aberrations constrained. But fragile ones can retroactively redefine what had earlier been labeled as an "irregularity", "oddity" or "operational error" to something altogether more unsettling: "cause", "spark", "trigger".In part one, Jeff Snider continues his multi-week review of historical breaks to the smooth functioning of interbank payment and messaging systems. This time a look at a sequence that led to a week-long disorder to Fedwire in August 1990.  Part two, also a continuation of a multi-week review, ponders what may be causing the disquieting twist in the US Treasury yield curve. Is the demand for short-term collateral a disqualification of reflation, as was the case during 2013's so-called Taper Tantrum?  Lastly, some words on oil and the developing Texas power market credit crisis, in which electric retailers failed to make $2.1 billion in required payments and put the largest power generation and transmission cooperative into bankruptcy. Fedwire "operational error[s]". Unsettling demand for Bills. Texas margin calls. An approaching quarter-end seasonal low point in liquidity. A looming regulation-mandated US Treasury cliff on April Fools' Day.  All anomalies... in a resilient system.----------WHY----------PART 01: Fedwire, the interbank system that transmits billions between 9,000-plus members, broke on Wednesday. The Fed says, "operational error" implying mere technical trivia - an anomaly. Why do some breaks stay mere anomalies while others trigger volatile, systemic consequences?PART 02: The US yield curve has twisted as Bill yields fall and Bond yields rise. We review a similar situation in 2013 popularly known as "the Taper Tantrum", WHICH WAS NOT A TAPER TANTRUM! Then - like now - a collateral scramble in Bills and a relief sell-off in Bonds.PART 03: What does the oil market (production, demand, inventory) in the USA tell us about the economic recovery in early 2021? Also, is a power market credit crisis in Texas causing a national run on banking-system collateral?----------WHERE----------Vurbl: https://bit.ly/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/2V39XjrAlhambraTube: https://bit.ly/2Xp3roy----------WHAT----------Why Price Alone Does Not Render An Asset Class 'Safe': https://bit.ly/3suB0Td‘Operational error’ disrupts Federal Reserve payment system: https://on.ft.com/3stDlOeFed needs to ignore ‘taper tantrums’ and let longer rates rise: https://on.ft.com/2O5ECMmWhat Might Be In *Another* Market-based Yield Curve Twist?: https://bit.ly/2ZVz4qEHot Oil, Cold Weather, Uncle Sam’s Green: https://bit.ly/3sxGJb0Power market credit crisis looms as Texas bills come due: https://on.ft.com/3dOWoOYAlhambra 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, anomaly. Art by Winterfell resident, David Parkins. Podcast intro/outro is "Some Thing" by Rambutan at Epidemic Sound.

Michael Pettis of Carnegie Endowment for International Peace. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "The Village Idiot" by Justnormal at Epidemic Sound.----------WHAT----------How Trump’s Tariffs Really Affected the U.S. Job Market: https://bit.ly/2P7qHWJ----------WHERE----------Pettis' Writings: https://carnegieendowment.org/experts/444Pettis' Twitter: https://twitter.com/michaelxpettisVurbl: 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

Part 01: (01:30 to 38:27) What are monetary technocrats / financiers doing to save the world economy? We review: yield curve control in Australia (and Japan!), American regulators tip-toeing away from a once-favored LIBOR alternative, and the ecstatic economic expectations of German financiers.Part 02: (38:27 to 1:05:19) A Financial Times column warns of a US Treasury Bill air-pocket in March. Learn the little-known history of a mid-market, 1970s German bank that compelled regulators to move towards capital and supplementary leverage ratios. The very ratios that may now trigger a panic.Part 03: (1:05:19 to 1:17:00) Learn how to reconcile a positive surge in retail sales with a nightmare string of 'record' jobless claims and lousy sentiment reported by the University of Michigan consumer survey. Perhaps pent up demand? Maybe. An unusual, poorly explained seasonal adjustment boost? Maybe too.----------SPONSOR----------But first, this from Eurodollar Enterprises! The motion picture event of the summer: (Con)Tango & Cash. When an international smuggling ring uses the local commodity exchange to send gold into backwardation, two macroeconomists take matters into their own hands... and onto the spot market. Starring Travis 'the President' Kimmel as Contango, "You can take delivery of lead -- punk."  And Steven 'the Monarch' Van Metre as Cash, "You know how I promised to let you close out that trade?" "Yeah man, you did Cash!  You did promise!"  "I lied."With Grant Williams as the polite British guy, “Well chaps, you put the mockers on, didn’t you?”  This motion picture will never be rated. Available only on-demand at Real Vision.----------WHERE----------Vurbl: https://bit.ly/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/2V39XjrAlhambraTube: https://bit.ly/2Xp3roy----------WHAT----------With YCC About To Come Back Up, A Look At It Down Under: https://bit.ly/3dvApMWAlready Tried: https://bit.ly/2ZwP9CPInsufferable SOFR, Suffering: https://bit.ly/3aAgla2Episode 34 All About SOFR: https://youtu.be/LH1wDUG-dEIReflation Patients, ‘Another’ Six Months: https://bit.ly/3pByiJFBeware, There's Another SLF 'Cliff' Coming At the End of Q1: https://bit.ly/2NdNpMvJohn Dizard's Do not rule out a market panic next month: https://on.ft.com/3pCGaLcForty-Seven Explains Much: https://bit.ly/3azo1teUncle Sam Was Back Having Consumers’ Backs: https://bit.ly/3dsHLAL----------WHO----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, celebrates Towel Day on May 25. Art by the King of the North, David Parkins. Podcast intro/outro is "Zombie Raiders" by Wave Saver at Epidemic Sound.

After decades of market liberalism and fiscal fundamentalism, policymakers are returning to Keynes.  Jeff Snider reacts to two recent articles: "Bond yields are not good predictors of inflation" (Peterson Institute for International Economics) and "Why economists kept getting the policies wrong" (Financial Times).----------WHERE----------Vurbl: https://bit.ly/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/2V39XjrAlhambraTube: https://bit.ly/2Xp3roy----------WHEN----------01:02 Two economists write that bond yields are not good predictors of inflation03:20 Bond yields have failed to predict inflation for 70 years in the US; three other countries 05:31 Why economists kept getting the policies wrong08:01 Was monetarism was derailed by poor philosophy? Or because measures of money failed?11:43 Monetarism ditched, so first came currency exchange targeting then inflation targeting.13:26 Positive Economics, econometrics promised wonderful, impossible things 16:11 Central Bankers use mathematics as a shield against criticism18:42 We are back where we started, time to dust off Keynes General Theory.----------WHAT----------Teenagers baffled by rotary phone: https://youtu.be/oHNEzndgiFIBond yields are not good predictors of inflation: https://bit.ly/2Zz7dwdWhy economists kept getting the policies wrong: https://on.ft.com/2ZwAgAwAlhambra 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 the King of the North, David Parkins.