PROGRAMMING NOTE: Episode 40 will be the final one for 2020. Episode 41 will pick back up in early January, ~10th.

———WHERE———

AlhambraTube: https://bit.ly/2Xp3roy

Apple: https://apple.co/3czMcWN

Deezer: https://bit.ly/3ndoVPE

iHeart: https://ihr.fm/31jq7cI

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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

———WHO———

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, a jerk. Artwork by David Parkins.

———WHY———

40.3 Americans Don’t Believe in Money Printer Go Brrr
Inflation. Social media denizens claim it’s bad, that it’s ugly and that I’m a jerk. Does a professional survey of American citizens confirm that claim? On the latter point certainly – but what about inflation acceleration? Americans say, ‘Meh’.

[Emil’s Summary] In the middle of the 17th century, Athanasius Kircher — “one of Europe’s most successful scholars” — published “Egyptian Oedipus”, a magisterial three-volume folio on Egyptology that “presented Latin translations of hieroglyphic inscriptions”. The three-tome folio of ornate illustrations and diagrams was the product of “more than two decades of toil”; it sourced Arabic, Aramaic, Coptic, Ethiopian, Greek, Latin, Oriental and Samaritan texts. Kircher had illustrated “mummies, sarcophagi, Canopic jars, sphinxes” as well as “almost every hieroglyphic inscription known to Europeans” and translated them “character by character, into Latin prose.” It was wholly and “utterly mistaken”.

In the late 19th century, William F. Warren was “one of the outstanding figures” of education, noted his 1929 New York Times obituary. He was a charter member of both the New England Conservatory of Music and Wellesley College. He spent 45 years at Boston University, including three decades as president during which a number of progressive firsts occurred, such as America’s very first female PhD. He authored eight books, including “Paradise Found” in which, drawing on his knowledge of “the great epic folklore of the Hindus, the Celts, the Chinese, the Persians”, and footnoting in French, German and Greek, “he arrived at the inevitable conclusion: the Garden of Eden is at the North Pole.”

Are we, in the early 21st century, free of such erroneous scholarship? Was then a superstitious past and now a scientific present? If our scholarly leaders were presented with evidence, if they had inside information, if they were imbued with power to compel actors to share data would they goal-seek a result, like Kircher and Warren? In Part 1 of Episode 40 Jeff Snider reads through official Federal Reserve emails covering the final 90-some days of Lehman Brothers’ existence. It turns out our scholars are human too.

———SPONSOR———

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———WHEN———

00:05 On May 17, 2020 Fed Chairman Jay Powell was on 60 Minutes and lied, brazenly.
02:39 An analogy of the 2002 movie The Sum of All Fears and the 2020 performance on 60 minutes.
05:05 The New York branch of the Fed surveyed consumers as to their inflation expectations
12:17 Inflation exists. Accelerating inflation? Not really. Certainly not money- printer go brrr.
14:41 Thank yous. Making Sense in 2021. The Future. The Audience.

———WHAT———

Act II: The Lie Unwinds: https://bit.ly/38g78l8
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7