Are Bearsterns and Leman Brothers Excessively Leveraged?

Jeff Snider joins me for a multi-episode conversation exploring the evolution of money and central banking throughout the 20th and 21st centuries.

Be sure to check out NYDIG, one of the most important companies in Bitcoin: https://nydig.com/

GUEST
Jeff's twitter: https://twitter.com/JeffSnider_AIP
Jeff's writing: https://alhambrapartners.com/author/jsnider/

PODCAST
Podcast Website: https://whatismoneypodcast.com/
Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400
Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE?si=wgVuY16XR0io4NLNo0A11A&nd=1
RSS Feed: https://feeds.simplecast.com/MLdpYXYI
Transcript:

OUTLINE
00:00:00 “What is Money?” Intro
00:00:08 The Misconception of the 2008 “Housing Bubble”
00:03:50 “Run on the Banks” and “Securities Lending”
00:11:57 Eurodollar System Emerged in Spite of Central Banks
00:13:19 Mortgage-Backed Lending and its Demise
00:17:41 Cascading Liquidity Crunch in Repo
00:19:55 The “Poster Children” of the 2008 GFC
00:23:38 Collateral Shortage and Backwards Elasticity of Money
00:29:55 NYDIG
00:31:03 Rehypothecation of Collateral Harder on Bitcoin Standard
00:33:19 LIBOR vs Federal Funds Rate
00:38:22 The 12 Basis Point LIBOR Increase Ruptured Markets Globally
00:43:15 Dampening Short-Term Volatility Exacerbates Long-Term Volatility
00:47:53 What is The Fed to do?
00:50:43 The Fed is a Bystander in the Grand Scheme of Things

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