The term “balance sheet recession” is one that had come up more often a little more than half a decade ago. At the same time everyone at the Fed, especially Bill Dudley, was wondering why QE had kept coming up (way) short of every one of its goals, some of them began to speculate about this other thing. If the [...]
———WHERE——— AlhambraTube: https://bit.ly/2Xp3roy Apple: https://apple.co/3czMcWN iHeart: https://ihr.fm/31jq7cI Castro: https://bit.ly/30DMYza TuneIn: http://tun.in/pjT2Z Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Castbox: https://bit.ly/3fJR5xQ Breaker: https://bit.ly/2CpHAFO Podbean: https://bit.ly/2QpaDgh Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa SoundCloud: https://bit.ly/3l0yFfK PocketCast: https://pca.st/encarkdt PodcastAddict: https://bit.ly/2V39Xjr ———WHO——— Twitter: https://twitter.com/JeffSnider_AIP Twitter: https://twitter.com/EmilKalinowski Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, who turtle waxes. Artwork lined with graphite by David Parkins. Podcast intro/outro is “Steps” by Cushy at Epidemic Sound. ———HOW——— 27.3 US Retail Sales and [...]
Bill Dudley was a key guy at the Fed for a very long time. It is very important to point this out. Not only did he hold two of the central bank’s most crucial positions, he held them during the institution’s most critical moments. Dudley was Manager of the system’s Open Market Account in August 2007. On the seventh of [...]
Flash PMI’s for September 2020 around the world add more evidence to the possibility of a global slowdown during the economy’s all-important rebound quarter. Q2 was the big downturn, and so it always going to be Q3 where the bounce back would be sharpest. While that has definitely been the case, concerns are mounting for what might follow in Q4. [...]
Working with my colleague Joe Calhoun (mostly him), we’ve come up with what we think is a list of questions that quite naturally arise from this week’s discussions of bank reserves, some specific and technical, the monetary system, some theoretical, some practical, and the (much) wider economic consequences which follow from those. 1. When the bank buys a Treasury note/bond/bill [...]
———WHERE——— AlhambraTube: https://bit.ly/2Xp3roy Apple: https://apple.co/3czMcWN iHeart: https://ihr.fm/31jq7cI Castro: https://bit.ly/30DMYza TuneIn: http://tun.in/pjT2Z Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Castbox: https://bit.ly/3fJR5xQ Breaker: https://bit.ly/2CpHAFO Podbean: https://bit.ly/2QpaDgh Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa SoundCloud: https://bit.ly/3l0yFfK PocketCast: https://pca.st/encarkdt PodcastAddict: https://bit.ly/2V39Xjr ———WHO——— Twitter: https://twitter.com/JeffSnider_AIP Twitter: https://twitter.com/EmilKalinowski Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, who turtle waxes. Artwork lined with graphite by David Parkins. Podcast intro/outro is “Steps” by Cushy at Epidemic Sound. ———HOW——— 27.2 What in the world [...]
Milton Friedman wasn’t trying to be cagey. Quite the contrary, he was recognizing the complexity of the world we actually inhabit and then stating this in perfectly clear language. Things aren’t so simple as positive versus negative, especially when it comes to moving progress forward – or stopping in its tracks. What if progress merely slows; worse, what if it [...]
What the hell is a bank reserve? Is it money? Since its very creation is a byproduct of concerted central bank action, the thing sure sounds like it has to be. As we know only too well since 2008, the financial media will uniformly call these things and the creation of more of them “money printing.” If everyone says…Not only [...]
———WHERE——— AlhambraTube: https://bit.ly/2Xp3roy Apple: https://apple.co/3czMcWN iHeart: https://ihr.fm/31jq7cI Castro: https://bit.ly/30DMYza TuneIn: http://tun.in/pjT2Z Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Castbox: https://bit.ly/3fJR5xQ Breaker: https://bit.ly/2CpHAFO Podbean: https://bit.ly/2QpaDgh Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa SoundCloud: https://bit.ly/3l0yFfK PocketCast: https://pca.st/encarkdt PodcastAddict: https://bit.ly/2V39Xjr ———WHO——— Twitter: https://twitter.com/JeffSnider_AIP Twitter: https://twitter.com/EmilKalinowski Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, who turtle waxes. Artwork lined with graphite by David Parkins. Podcast intro/outro is "Steps" by Cushy at Epidemic Sound. ———HOW——— 27.1 Repo [...]
When the eurodollar system worked, or at least appeared to, not only did the overflow of real effective (if virtual and confusing) currency “weaken” the US dollar’s exchange value, its enormous excess showed up as more and more foreign holdings of US$ assets. Mostly US Treasuries, especially in official hands, but not entirely those. That much is perfectly clear; you [...]
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