We draw on five articles posted at Alhambra Investments to draw out the difference between a central bank - central to money supply - and a bank authority - central to a smooth functioning banking system. Jeff notes that we are not facing a local banking crisis that requires a banking authority but an international 'money' supply problem (there's not enough of it). Not only is the Fed not central to that money supply but nobody is.
Interestingly Jeff is not concerned about another banking crisis per se as the banks have been barricading themselves behind "fortress balance sheets" for a dozen years now. Also, Jeff explains why he's not - for now - concerned about a sovereign debt default cycle nor a corporate credit default cycle. Instead he fears a 2008-style (or worse) liquidity crisis. This entirely plausible - and perhaps straight up probable - crisis would then starve perfectly healthy businesses of the required funding to keep operating.
Articles covered include: "What Is The Fed’s New FIMA? The Potential For A SHADOW Shadow Run Is Very Real", "Banks Or (euro)Dollars? That Is The (only) Question", "(No) Dollars And (No) Sense: Eighty Argentinas", "Dollar, Not Bank" and "The Empty Bank".