68.1 This is the Hedge Fund Trade that Blew Up in 2020———Part 1 Summary———The rise and fall of an arbitrage trade by hedge funds known as the Treasury cash-futures basis trade. That was the focus of an excellent research paper by two government researchers. But there's just one problem. They don't ask what caused the rise of the basis trade [...]
Last week I was contacted by two clients seeking information about cryptocurrencies. One was my godson, 12 years old and just getting started in investing. So far, he's bought Nintendo and Roblox (the latter against my recommendation but what do I know about video games?). But last week he said he wants to buy a cryptocurrency. He first mentioned Dogecoin [...]
67.3 There are 6 (to 20?!) Liens on each US Treasury———Part 3 Summary———US Treasury Securities are the financial system's best collateral. But quantitative easing pulls Treasuries out of the system! In response market participants are 'forced' to repledge the SAME security more and more and more and more and more and more (and more and more and more and more [...]
67.2 When is government debt too much debt?———Part 2 Summary———When public debt rises to around 90% of GDP economic growth falls by 1% each year. A review of Carmen Reinhart and Kenneth Rogoff's study and a look at global debt levels in 2008, 2011 and 2020. ———See It———– Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: https://davidparkins.com/ ———Hear It——— Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr ———Ep 67.2 Topics——— 00:05 When government [...]
67.1 US Stimulus Fails: Bush, Obama, Trump (& Biden?!)———Part 1 Summary———Government stimulus seems to work sometimes (e.g. US recessions after WW2). Other times it clearly fails: 1970s USSR, 1980s S. America and Africa, 1990s Japan, and USA post-2008. Presidents Bush (ECA 2008), Obama (ARRA 2009) and Trump (TCJA 2017) tried and failed. Will Biden be any different? ———See It———– Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra [...]
April 15th was the two-week anniversary of the day my wife and I got our second Moderna shot. We have spent the last 13 months being very careful about the virus, limiting our contacts, social distancing, and generally doing anything that seemed helpful. I am certainly aware that others took a more liberal attitude as is their right. But, for [...]
66.0: LIVE! Reaction: Answering The St. Louis Fed ———Ep 66 Intro———In 2014 the St. Louis Federal Reserve noted that despite a MASSIVE increase in money the expected 4 to 6% inflation did not materialize. The researchers suggest it was a "liquidity trap". Yes, and no. But mostly no. ———SEE IT——— Twitter: https://twitter.com/izakaminskaTwitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: https://davidparkins.com/ ———HEAR IT——— Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr ———Ep 66.0 Topics——— 00:05 [...]
65.3 Did Death come for US Treasuries on February 25th?———Part 3 Summary———On February 23rd the US Treasury 2-year auction put in some record-low bids. But then, on February 24th, the snowflake (or feather, or spark... maybe all three at once) came, so that by the 25th perceptions had reversed (melo)dramatically. Had Death come for US Treasuries? ———See It———– Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil [...]
65.2 The Fed is right about inflation (this time)———Part 2 Summary———US producer prices surged in the month of March. But Federal Reserve chairman Jay Powell said they won't last, that they are "transitory". HE IS RIGHT! But the reason he gives - the covo - is not correct. No, the reason is the same one since 2007: the global, silent [...]
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