Currencies

Eurodollar University’s Making Sense; Episode 39; Part 1: A Monetary Fifth Dimension; Or, “regulatory arbitrage in the presence of non-harmonised re-hypothecation regimes”

By |2020-12-14T16:37:38-05:00December 14th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

———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/38xY7pbAmazonMusic: 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, quantum mechanic. Artwork by David Parkins. Podcast intro/outro is "Otherworld" by Lama House at Epidemic Sound. ———WHY——— 39.1 Not Lehman Bros; It was Lehman Bro Intl. [...]

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Winning The Beauty Contest

By |2020-12-21T16:23:12-05:00December 13th, 2020|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks|

One of the hardest things to understand as an investor is that markets sometimes - often - don't line up with economic reality. Markets rarely reflect current economic conditions and at times they seem to discount a future that seems highly unlikely at best, and delusional at worst. That seems to be the case today, as stocks sit near all-time [...]

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Inflation Hysteria #2 (Anleihen kaufen es nicht)

By |2020-12-11T18:30:30-05:00December 11th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

On Monday, November, 9, pharma company Pfizer announced that in partnership with Germany’s BioNTech the pair had finally come up with the answer. The world infested with COVID could breathe easier safe in the knowledge a vaccine had been discovered, proven, and already close to approvals and production. “Today is a great day for science and humanity. The first set [...]

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Act II: The Lie Unwinds

By |2020-12-11T17:53:28-05:00December 11th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It’s been said that you can’t please everyone all the time. But can you fool enough people some of the time? That’s Jay Powell’s game in a nutshell. He’s got the world believing the Federal Reserve is out here printing gobs of money and sending a tidal wave careening throw the whole economy (stock market first). Nope. Monetary policy is [...]

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Eurodollar University’s Making Sense; Episode 38; Part 3: It’s Not Modern, Wrong About Money, What’s The Theory?

By |2020-12-11T16:27:36-05:00December 11th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

———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, tongue-tied by MMT. Artwork by David "Banquo" Parkins. ———WHY——— 38.3 Stephanie Kelton: Modern Money, or just Theory?Is there any room for money in modern monetary [...]

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Inflation Hysteria #2 (Slack-edotes)

By |2020-12-10T19:54:05-05:00December 10th, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Macroeconomic slack is such an easy, intuitive concept that only Economists and central bankers (same thing) could possibly mess it up. But mess it up they have. Spending years talking about a labor shortage, and getting the financial media to report this as fact, those at the Federal Reserve, in particular, pointed to this as proof QE and ZIRP had [...]

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Talk About Putting All Your 蛋 In One 篮

By |2020-12-09T19:40:04-05:00December 9th, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

I’m not exactly sure how you translate the English word “hope” into Chinese, though Google’s translate algo tells me this is what it’d be: 希望. For the global economy to have any chance of just making next year less awful than it’s already predicted to be (by the optimists), the OECD declared China essential to the fanciful anticipation.As noted before, [...]

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Inflation Hysteria #2 (WTI)

By |2020-12-09T17:20:13-05:00December 9th, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Sticking with our recent theme, a big part of what Inflation Hysteria #1 (2017-18) also had going for it was loosened restrictions for US oil producers. Seriously. Legacy of the 1970’s experience depending too much on OPEC, subject to embargoes, American oil companies had been prohibited for decades from exporting oil. Not that it would have mattered before 2014, the [...]

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Eurodollar University’s Making Sense; Episode 38; Part 2: Shaping Pure Wind Into Solids

By |2020-12-09T15:10:38-05:00December 9th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

———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, tongue-tied by the Atlantic Ocean. Artwork by David "Banquo" Parkins. ———WHY——— 38.2 Christine Lagarde: Shaping Pure Wind into SolidsChristine Lagarde, head of the European Central [...]

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Inflation Hysteria #2 (Nominal UST)

By |2020-12-08T19:26:02-05:00December 8th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

What had given Inflation Hysteria #1 its real punch had been the benchmark 10-year Treasury note. Throughout 2017, despite the unemployment rate in the US, globally synchronized growth being declared around the world (and being declared as some momentously significant development), and whatever other tiny factors acceding to the narrative, longer-term Treasury rates just weren’t buying it. Instead, the eurodollar [...]

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