AlhambraTube: https://bit.ly/2Xp3roy

Apple: https://apple.co/3czMcWN

Deezer: https://bit.ly/3ndoVPE

iHeart: https://ihr.fm/31jq7cI

TuneIn: http://tun.in/pjT2Z

Castro: https://bit.ly/30DMYza

Google: https://bit.ly/3e2Z48M

Spotify: https://spoti.fi/3arP8mY

Pandora: https://pdora.co/2GQL3Qg

Breaker: https://bit.ly/2CpHAFO

Castbox: https://bit.ly/3fJR5xQ

Podbean: https://bit.ly/2QpaDgh

Stitcher: https://bit.ly/2C1M1GB

Overcast: https://bit.ly/2YyDsLa

PlayerFM: https://bit.ly/3piLtjV

PocketCast: https://pca.st/encarkdt

SoundCloud: https://bit.ly/3l0yFfK

ListenNotes: https://bit.ly/38xY7pb

AmazonMusic: https://amzn.to/2UpEk2P

PodcastAddict: https://bit.ly/2V39Xjr


Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Art: https://davidparkins.com/

Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, bond villain moonlighter. Artwork by David Parkins.


36.3 Are Japanese Banks Propping up the Chinese Yuan?
Japanese banks are borrowing from US banks at healthy rates (reflation!). The Chinese currency is appreciating at a healthy pace (reflation!). But there are few quirks, odds, ends, bits and bobs that remain in the shadows of the eurodollar.


00:05 Treasury International Capital Report September update.
02:20 Foreign official institutions are buy US Treasury securities recently – good!
04:27 Private (non-government) hands are selling US corporate bonds at historic rates – bad!
06:00 Eurodollar creation, distribution: US bank liabilities to the rest of the world
09:37 Eurodollar creation, distribution: Europe, the Caribbean, and Asia excluding Japan
14:38 Eurodollar creation, distribution: Europe, the Caribbean, and Asia including Japan
17:21 Conundrum: a Chinese currency is rising yet Chinese holdings of Treasuries are not; odd
21:19 Do listeners and readers have any idea what is happening


Redistributing A Shrinking Pie Is Nothing Like A Flood; Because There Was No Flood: https://bit.ly/338Bwfg
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7