jsnider

About Jeffrey P. Snider

Jeff is the Head of Global Research at Alhambra. Though his work makes it sound like he is an economist, he is no such thing. Rather, through intense personal study he has developed a very different sense of especially the hidden inner workings of the global monetary system - beginning with the fact that it is a global money system. With a very unique starting point, Alhambra's research truly begins in a way that no one else's does.

China’s Xi Free To Continue The Downward Course

By |2019-11-14T18:38:02-05:00November 14th, 2019|Economy, Federal Reserve/Monetary Policy, Markets|

Perhaps ominously, there were overcast and hazy conditions in Beijing back on October 1 when China put on its largest display of military force in the nation’s history. To celebrate the Communist’s regime 70 years of that history, the country’s Chairman Xi Jinping dressed up like he was its original founder Chairman Mao. Joined by his immediate two predecessors, Jiang [...]

How Do You Spell R-E-P-O With C-L-O?

By |2019-11-13T14:14:32-05:00November 13th, 2019|Bonds, Economy, Federal Reserve/Monetary Policy|

There’s trouble brewing in a particular sector of the corporate bond market. It’s not really new trouble, merely the continuation of doubts and angst that have existed for more than a year already. What’s different now is that it is finally causing more open disruptions, and thus sparking our interest as to what it might mean well beyond this specific [...]

QE’s and Rate Cuts: Two Very Different Sets of Sentiment Drawn From Them

By |2019-11-13T11:10:52-05:00November 13th, 2019|Economy, Federal Reserve/Monetary Policy, Stocks|

The stock market’s dichotomy grows ever wider. On the one side, record high prices which are being set by the expectations of a trade deal plus renewed worldwide “stimulus.” Sure, officials everywhere were late to see the downturn coming, but they’ve since woken up and went to work. On the other side, though, there’s not nearly the same level confidence. [...]

The Real Boom Potential

By |2019-11-08T16:04:53-05:00November 8th, 2019|Economy, Federal Reserve/Monetary Policy|

For the last five years Larry Summers has called it secular stagnation. It’s the right general idea as far as the result, if totally wrong as to its cause. Alvin Hansen, who first coined the term and thought up the thesis in the thirties, was thoroughly disproved by the fifties. Some, perhaps many Economists today believe it was WWII which [...]

The Sudden Need For A Trade Deal

By |2019-11-07T18:57:35-05:00November 7th, 2019|Economy, Federal Reserve/Monetary Policy|

Talk of trade deals is everywhere. Markets can’t get enough of it, even the here-to-fore pessimistic bond complex. Rates have backed up as a few whispers of BOND ROUT!!! reappear from their one-year slumber. If Trump broke the global economy, then his trade deal fixes it. There’s another way of looking at it, though. Why did the President go spoiling [...]

A Perfect Example of the Euro$ Squeeze

By |2019-11-07T16:22:14-05:00November 7th, 2019|Economy, Federal Reserve/Monetary Policy|

Germany’s vast industrial sector continued in the tank in September. According to new estimates from deStatis, that country’s government agency responsible for maintaining economic data, Industrial Production dropped by another 4% year-over-year during the month of September 2019. It was the fifth consecutive monthly decline at around that alarming rate. Four percent doesn’t sound like much, but in the context [...]

From Friends to Nemeses: JO and Jay

By |2019-11-06T22:33:59-05:00November 6th, 2019|Economy, Federal Reserve/Monetary Policy|

It was one of the first major speeches of his tenure. Speaking to the Economic Club of Chicago in April 2018, newly crowned Federal Reserve Chairman Jerome Powell was full of optimism. At that time, however, optimism was being framed as some sort of bad thing. This was the height of inflation hysteria, where any sort of official upgrade to [...]

You Have To Try Really Hard Not To See It

By |2019-11-06T22:10:08-05:00November 6th, 2019|Economy, Federal Reserve/Monetary Policy|

In early September, the Institute for Supply Management (ISM) released figures for its non-manufacturing PMI that calmed nervous markets. A few weeks before anyone would start talking about repo, repo operations, and not-QE asset purchases, recession and slowdown fears were already prevalent. It hadn’t been a very good summer to that end, the promised second half rebound failing to materialize [...]

Still Stuck In Between

By |2019-11-06T20:58:35-05:00November 6th, 2019|Economy, Federal Reserve/Monetary Policy|

Note: originally published Friday, Nov 1 There wasn’t much by way of the ISM’s Manufacturing PMI to allay fears of recession. Much like the payroll numbers, an uncolored analysis of them, anyway, there was far more bad than good. For the month of October 2019, the index rose slightly from September’s decade low. At 48.3, it was up just half [...]