———WHERE———
AlhambraTube: https://bit.ly/2Xp3roy

Apple: https://apple.co/3czMcWN

iHeart: https://ihr.fm/31jq7cI

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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———

 
 
 
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, incredibly irresponsible. Artwork by David Parkins, the Eurodollar University version of W. W. Denslow. Podcast intro/outro is “So Many Secrets” by Gavin Luke at Epidemic Sound.
 
———HOW———
24.3 Safe Asset Desperation Facilitates Fiscal Blowout
America’s government is spending wildly – and promises more. It does so via US Treasury bond sales. But who is buying? Are foreigners boycotting auctions? Are US banks already full? Is the Federal Reserve the last line of defense?
 

———WHY———

[Emil’s Summary of L. Frank Baum] “I am Oz, the Great and Terrible. Why do you seek me?” They looked again in every part of the room, and then, seeing no one, Dorothy asked, “Where are you?”
“I am everywhere but to the eyes of common mortals I am invisible. I will now seat myself upon my throne, that you may converse with me.”
“We have come to claim our promise, O Oz.”
“What promise?” asked Oz.
“You promised to send me back to Kansas when the Wicked Witch was destroyed.”
“And you promised to give me brains,” said the Scarecrow.
“And you promised to give me a heart,” said the Tin Woodman.
“And y’all promised to give me courage,” said the Southern Lion.
“Dear me, how sudden! Well, come to me tomorrow, for I must have time to think it over.”
“You’ve had plenty of time already!”
“We shan’t wait a day longer!”
“You must keep your promises to us!”
The Lion thought it might be as well to frighten the Wizard, so he gave a large, loud roar, which was so fierce and dreadful that Toto jumped away from him in alarm and tipped over the screen that stood in a corner. As it fell with a crash they looked that way, and the next moment all of them were filled with wonder. For they saw, standing in just the spot the screen had hidden, a little old man, with a bald head and a wrinkled face, who seemed to be as much surprised as they were. Our friends looked at him in surprise and dismay.
“I thought Oz was a great Head,” said Dorothy.
“And I thought Oz was a lovely Lady,” said the Scarecrow.
“And I thought Oz was a courageous Bernanke,” said the Tin Woodman.
“And I thought Oz was the Greenspan Put,” exclaimed the Lion.
“No, you are all wrong,” said the little man meekly. “I have been making believe.”
“Making believe!” cried Dorothy. “Are you not a Great Wizard?”
“Hush, my dear, don’t speak so loud, or you will be overheard–and I should be ruined. I’m supposed to be a Great Wizard.”
“And aren’t you?”
“Not a bit of it, my dear; I’m just a common man. My dear friends, I pray you not to speak of these little things. Think of me, and the terrible trouble I’m in at being found out. No one knows it but you four–and myself. I have fooled everyone so long that I thought I should never be found out.”
“But, I don’t understand,” said Dorothy, in bewilderment. “How was it that you appeared to me as a great Head?”
“That was one of my tricks. Step this way, please, and I will tell you all about it.”

———WHEN———

00:05 Three huge US Treasury auctions went off without a hitch. Was it thanks to Fed demand?
05:40 The “Too Many Treasuries” argument relies on a desire to confirm a world view, not facts
08:20 The foreign sector is not buying US Treasuries – doesn’t that prove the Fed MUST step in?
10:41 If the Fed really was the only thing holding up Treasuries there would be a BOND ROUT!!!!

———WHAT———

Not This Again: Too Many Treasuries?: https://bit.ly/3b4XZwF
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7