Bank balance sheets are expanding in 2021, which is great news if you believe credit is modern money. But a closer look reveals banks are PILING into the SAFEST assets while beating a RETREAT from loans (real economy money). We haven't seen this in three generations. A reading, by Emil Kalinowski.

----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.

----------WHAT----------
The U.S. Economy Remains As Frozen As Ever: https://bit.ly/3aCFKiO

----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP

Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/

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TV Guidance Counselor Episode 308: Owen Linders