The people who believe they are the Federal Reserve’s biggest critics are actually Jay Powell’s most vocal supporters right now. Rather than being bothered by all the “Weimar” memes and printer-go-brrrrr jokes, US central bank officials welcome such free press (pun intended). Anything that contributes to the idea there will be inflation – a little or a ton – helps [...]
Lehman Brothers was a cultural marker, the kind of thing that sticks for generations because of all the wrong reasons. Hardly anyone had heard of the investment bank throughout its unbelievably long history stretching back to the middle of the 1840’s (yes, eighteen forties). But being near the center of a multi-generational breakdown causing as yet-untold damage and misery extending [...]
Blame Milton Friedman for this one, too. The economist made many significant contributions to the advancement of economic understanding, but perhaps an equal number of extreme errors. For one thing, that whole bout with bank reserves and “high powered money” (what became QE) recommended in the late nineties to cure Japan of its obvious monetary illness. This followed from the [...]
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/2Xp3royApple: 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 ———WHO——— Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiArt: https://davidparkins.com/ Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, possesses outside information. Artwork [...]
Since we highlighted the action in T-bills yesterday and the day before, it’s worth at least mentioning what TIC had to say about the instruments. Foreigners had been reducing their holdings of them not out of growing distaste but rather the opposite. There’s not nearly as many of them, not enough for what’s demanded, the Treasury Department quite purposefully (and [...]
The Chinese have never subscribed to the modern wave of “transparency” which has swept over Western central banks. The People’s Bank of China, Big Mama, very much operates instead on the doctrine which preceded it. Basically, Montagu Norman’s way of doing things. Never explain, never excuse.This mantra has been applied to what it does outside of China as much as [...]
———WHERE——— AlhambraTube: https://bit.ly/2Xp3royApple: 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 ———WHO——— Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiArt: https://davidparkins.com/ Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, spiking the ball at the 30-yard line. Artwork by David Parkins. Podcast intro/outro is "Otherworld" by Lama House at Epidemic Sound. ———WHY——— 39.3 Polar Opposite [...]
It has happened more frequently the past few days. The difference between the equivalent yield for the 6-month (26-week) Treasury bill and its cousin with a 1-year (52-week) maturity has turned negative. You have to watch for it intraday, catching it flipping occasionally back and forth by fractions. After hours more than regular trading.Inversion, in other words. That dirty term [...]
They really got carried away, though in the context of that time there seemed any number of legitimate reasons for this. Gold investors were bidding up the precious metal like there was some kind of shortage, the price in dollars making a new record high (LBMA morning fix) on August 7. The way it was reported in the mainstream, this [...]
There is a lot of evidence which shows some basis for expectations-based monetary policy. Much of what becomes a recession or worse is due to the psychological impacts upon businesses (who invest and hire) as well as workers being consumers (who earn and then spend). Once the snowball of macro contraction begins rolling downhill, rational prudence dictates some degree of [...]
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