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Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, trying to punch out of the box. Artwork by David Parkins, the thinking man’s Auguste Rodin.


Central bankers are not dumb, they merely inhabit the wrong paradigm. Actually, they are now two paradigms behind. They administer a 1950s view of the 1930s monetary order. Predictably our economy – and lately politics and society – suffer for it.


[Emil’s Summary] The final setting of Margaret Atwood’s The Handmaid’s Tale occurs well into the future, at a symposium of historians examining the Handmaid era. Your podcaster expects a similar, future gathering of scholars evaluating the Time of CoVid. They’ll likely conclude it was an economic and political bankruptcy; a mathematical and moral fiasco. Still, it wasn’t all bad, and this podcaster imagines that sitting at the back of the room a lowly assistant will indecorously interrupt proceedings with, “At least the Funny Flu allowed a new Cannonball Run that stood for ages!”

Before security could be called to escort this violator of stodgy proceedings out – the iconoclast would blithely explain, that the Cannonball Run is an unofficial, entirely illegal 2,800 mile (4,500 kilometer) car race from New York City’s Red Ball Garage to the Portofino Hotel in Los Angeles. That the pre-‘Rona record was 27 hours, 25 minutes. That with Captain Trips clearing the roads of grandmas, convoys, smokey, panda and the fuzz the new record was set at an eyelid peeling 25 hours, 55 minutes. And that two general documentaries were released on the subject, including the Cannonball Run II – which is in your podcaster’s sincere, very unprofessional opinion the best documentary ensemble cast ever, including stars: Burt Reynolds, Dom DeLuise, Dean Martin, Sammy Davis Jr., Shirley MacLaine, Frank Sinatra and Jackie Chan, among others.

And it is the ensemble cast that makes this 22nd episode of Making Sense a special one. We try to answer three questions: which paradigm do central banks inhabit, was Aristotle an idiot, and are low rates stimulative? In trying to answer them we turn to Jeff Snider. But also, Aristotle himself, and Ben Bernanke, Benoit Mandelbrot, the Bride, Christopher Nolan, the Cohen Brothers, Cormac McCarthy, Eugene Fama, Henri Poincaré, Hugh Hendry, Janet Yellen, Jay Powell, Jeb Hensarling, Joe Rogan, the Joker, Keith McCullough, Louis Bachelier, Milton Friedman, Paul Samuelson, Plato, Robert Brown, Ronald Coase, Socrates, Steve Keen, Thomas S. Kuhn, Two-Face and William F. Buckley Jr.



01:33 August 9, 2007 ended the monetary order as we know it taking our finances and economy with it
04:41 Humans are content when it’s all part of the paradigm – even if the paradigm is horrifying
06:35 Bernanke, Yellen and Powell are not idiots – they just inhabit an old paradigm
10:17 Plato’s Republic. Also, the future is bright because humans have, can and will break through
13:40 What is Jeff’s favorite philosophical work?



Was Aristotle An Idiot? Welcome Back August 9, The Answer To That Question The Key To The Next Golden Age: https://bit.ly/30UMILS
Thomas S. Kuhn’s The Structure of Scientific Revolutions: https://bit.ly/3gZiFZ0
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7