PART 01: Around the world data shows consumer prices are accelerating like we haven't seen in years, even decades. Why? Is it because politicians are wantonly giving away money? Are gluttonous central bankers printing cash? Is it a supply/demand imbalance? Is this the 1970s Great Inflation?

PART 02: The "landmine" has been part of each of the four global/regional dollar squeezes of the past 14 years (2007-09, 2011-12, 2014-16, 2018-20). The "landmine" is when US Treasury Bond yields decline precipitously and signal that economic potential has been seriously maimed. Where are we in 2021?

PART 03: The last time the Federal Reserve tapered its QE program the central bank spent HOURS and HOURS and HOURS and HOURS on determining which adjective to us. Adverbs. Dangling participles, onomatopoeia, clauses, subject and object. What was NOT discussed? Money. Credit. Collateral.

---------SPONSOR----------
Macropiece Theater with Emil Kalinowski (a/k/a Alistair Cooke, a/k/a Alistair Cookie) 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: Adam Smith, Arthur Schopenhauer, Bank for International Settlements, George Friedman, J.P. Koning, Jean-Paul Sartre, Karl Marx, Liberty Street Economics, Lyn Alden, Maroon Macro, Matt Stoeller, Michael Pettis, Myrmikan, Perry Mehrling, Robert Breedlove, Rohan Grey, Velina Tchakarova and yes, even Jeff Snider.

-----SEE EPISODE 157------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL

-----HEAR EPISODE 157----
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----EP. 157c REFERENCES---
What Does The Rest of the Market Think About The ‘Epic’ CPI (TIPS, breakevens, even consumers themselves): https://bit.ly/30dfJ8h
How Can A CPI Now Above Six Price Like This?: https://bit.ly/3c1ScsX
Landmine Review: The Big One: https://bit.ly/3EXXEJY
Landmine Lurking, Gotta Make Tantrum Happen Before It’s Too Late (again): https://bit.ly/3wBZ3mi
What Does Taper Look Like From The Inside? Not At All What You’d Think: https://bit.ly/3C77qYf
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, lipstick lampoonist. Podcast intro/outro is "Moonshiner's Turn" by Martin Landström found at Epidemic Sound.

Oscar Wilde (II): Oscar Wilde: Lectura dramatizada