The Volcker Myth [Ep. 122, Eurodollar University]

Oct 11, 2021

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PART 01: The US dollar is rising in value against a collection of currencies (except one). It's disconfirming evidence of sustainable economic recovery; it implies strained USD-funding. And there's still that one key, stable currency - unusually stable; suspiciously stable.

PART 02: We review palladium, copper and iron ore - all metals and minerals that peaked in value in May (lumber too). Some commodities continue to rise in value, specifically energy. How do we reconcile the deflationary/disinflationary former to the inflationary latter? Also, US auto sales.

PART 03: "Despite some eerie echoes, the past is not the best guide to the present," writes The Economist. Jeff Snider agrees, but for entirely different reasons. Stagnation? Yes, definitely. But NOT inflation - despite the clear price increases! Wait, what?

---------SPONSOR----------
Macropiece Theater with Alistair Cooke (i.e. Emil Kalinowski) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from George Friedman, Lyn Alden, Daniel Oliver, Michael Pettis, the Bank for International Settlements and yes, even Karl Marx.

-----SEE EPISODE 122------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL

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----EP. 122 REFERENCES----
More Dollar Bull: https://bit.ly/3iGt2UJ
(Urjit Patel) Emerging markets face a dollar double whammy: https://on.ft.com/3mr6F6E
What’s The Real Downside To Some of These Key Commodities?: https://bit.ly/3oVIsZd
Is the world economy going back to the 1970s?: https://econ.st/3BmDat5
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7

-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins, myth spinner. Podcast intro/outro is "Knight's Templar" by Adriel Fair found at Epidemic Sound.