Currencies

Eurodollar University’s Making Sense; Episode 6: Shocking (to some) Fragility
Eurodollar University’s Making Sense; Episode 6: Shocking (to some) Fragility

Eurodollar University’s Making Sense; Episode 6: Shocking (to some) Fragility

By Jeffrey P. Snider|2020-05-04T15:30:05-04:00May 4th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

iTunes: https://apple.co/3czMcWN Google-cast: https://shorturl.at/fpsEJ Spotify: https://spoti.fi/3arP8mY Alhambra-tube: below SUMMARY Hubris. It will get us to the stars but seduce us into believing we belong there. Today, monetary authorities suffer it, believing they can manage the nonlinearity, emergence, spontaneous order, adaptation and feedback loops of the unraveling. DESCRIPTION In 1929 a plague struck Florida resulting in an overwhelming government response. [...]

Just One More And Q1 Will Be A Clean Sweep Of Fragility

By Jeffrey P. Snider|2020-05-01T19:28:17-04:00May 1st, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The Japanese went ahead with it anyway. Real GDP had bounced back, sort of, from a near recession in 2018. Central bankers at the Bank of Japan had reassured Shinzo Abe that the economy was on the mend. Therefore, the second round of the VAT tax hike, an imposition which had been postponed since 2015, could go ahead in 2019. [...]

Being Forced To Be More Precise About The Most Serious Terms

By Jeffrey P. Snider|2020-05-01T18:49:36-04:00May 1st, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

He called it “unfair competition.” That’s one way to describe it, surely not the proper way. But who could blame the guy? After all, these were not normal times though at the time hardly anyone had yet realized it.James J. Davis was the second person to hold the title Secretary of Labor. Appointed by Warren Harding, he began his tenure [...]

EA GDP + GFC = HOLY CR$%

By Jeffrey P. Snider|2020-04-30T16:58:55-04:00April 30th, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Following along the same top-down model, what unites central bankers and socialists is equality. Handing over significant authority to either results in everyone being equally impoverished. And, therefore, those very authorities fighting over minute scraps so as to display some sense of accomplishment.In October 2015, safely nested within the cozy confines of Brookings, being paid handsomely to opine on matters [...]

Do We Need A “New” Capitalism?
Do We Need A “New” Capitalism?

Do We Need A “New” Capitalism?

By Joseph Y. Calhoun III|2020-04-30T08:34:36-04:00April 30th, 2020|Alhambra Research, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Taxes/Fiscal Policy|

Everyone, or at least all the right-thinking people, believes that capitalism needs to be reformed. Elizabeth Warren calls her version Accountable Capitalism. Marco Rubio dusted off an 1891 speech by Pope Leo to advocate what he calls Common Good Capitalism. Both are attempts to correct what these lawyers see as flaws in the current incarnation of economic organization that is [...]

Can You Quota The World Into Recovery?

By Jeffrey P. Snider|2020-04-29T19:25:56-04:00April 29th, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Saudi Arabia once burned through the bond market on par with demand for Argentina’s paper. During the 2016-17 globally synchronized growth-inspire Eurobond binge, the country made up for its lost oil revenues (oil crash and all) with dollar-denominated, offshore debt flotations. These merely stabilized the country’s forex reserves after they had collapsed (by a third) alongside benchmark Brent crude prices [...]

GDP + GFC = Fragile

By Jeffrey P. Snider|2020-04-29T17:04:00-04:00April 29th, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

March 15 was when it all began to come down. Not the stock market; that had been in freefall already, beset by the rolling destruction of fire sale liquidations emanating out of the repo market (collateral side first). No matter what the Federal Reserve did or announced, there was no stopping the runaway devastation.It wasn’t until the middle of March [...]

The Unpossibly Pure Signal

By Jeffrey P. Snider|2020-04-29T12:46:26-04:00April 28th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

If a central bank controls the money supply, then it can, in theory, control inflation. And if it accomplishes this feat through the use of a short-term money rate, then what part of bond yields would lie beyond its power? None.That’s what bond yields are, after all, in theory the carrying forward of inflation expectations into the future built upon [...]

There’s No V In Wholesale

By Jeffrey P. Snider|2020-04-28T15:39:28-04:00April 28th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

With survey after survey showing Americans are now firmly more concerned about the economy than the pandemic, the narrative reassurance program will be even more in demand than ever. The latest Axios-Ipsos poll suggests nine out of ten US citizens are today worried about economic disaster. To counter the growing angst, Treasury Secretary Mnuchin declared over the weekend that his [...]

The Puppet Show Is Powerful

By Jeffrey P. Snider|2020-04-27T18:47:25-04:00April 27th, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

I never said it wasn't powerful. What I continue to show is that it doesn't work. Ben Bernanke kept his job because despite the carnage, in times of turmoil people are willing to give anyone a second chance. And if the turmoil never ends, so much the luckier - for him. Anyone who promises it's all under control. A combined [...]

Eurodollar University’s Making Sense; Episode 6: Shocking (to some) Fragility

Do We Need A “New” Capitalism?

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