Eurodollar University

Medieval Europeans put animals on trial for various misdemeanors and felonies: murderous pigs sent to the gallows, sparrows prosecuted for chattering in church, a gang of thieving rats let off on a wholly technical acquittal. It was an act of rebellion against Chaos, an attempt to restrain the capricious Universe under human order. Is modern society more sophisticated? Or do we too attempt to assign order to Chaos when we mislabel it as "conspiracy" or "(in)competence"? A reading, by Emil Kalinowski.----------WHO----------Nicholas Humphrey a theoretical psychologist, based in Cambridge, who is known for his work on the evolution of human intelligence and consciousness. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound. ----------WHAT----------Bugs and Beasts Before the Law: https://bit.ly/3mooZyq----------WHERE----------Humphrey's Website: https://www.humphrey.org.uk/Humphrey's Twitter: https://twitter.com/humphrenEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

There is a goods shortage on the store shelf, yes. But that does not mean there is a goods shortage - instead it is a warehousing and logistics problem. In fact, we may be facing a surplus of goods that's about to wash over the economy. A reading, by Emil Kalinowski.----------WHO----------Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.----------WHAT----------What *Seems* Inflation Now Is Something Else Entirely: https://bit.ly/2Zu7CmH----------WHERE----------Jeff's Alhambra Blog: https://bit.ly/2VIC2wWJeff's RealClearMarkets Essays: https://bit.ly/38tL5a7Jeff's Twitter: https://twitter.com/JeffSnider_AIPEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

The US Treasury bond market has been correctly anticipating inflation, disinflation, deflation as well as transitory, non-money-related increases in consumer prices for decades. Decades. Maybe we should listen to them? A reading, by Emil Kalinowski.----------WHO----------Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Lepiten Falls" by Ooyy at Epidemic Sound.----------WHAT----------Do Bonds Accurately Price Inflation? Since Before Any of Us Were Born: https://bit.ly/3vNEG5vWhose Inflation Expectations Best Predict Inflation?: https://bit.ly/3mlCrTy----------WHERE----------Jeff's Alhambra Blog: https://bit.ly/2VIC2wWJeff's RealClearMarkets Essays: https://bit.ly/38tL5a7Jeff's Twitter: https://twitter.com/JeffSnider_AIPEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

Federal Reserve economist Jeremy Rudd's paper savages the use of inflation expectations in monetary econometrics. He lambasts the profession for producing "minimal direct evidence" and the "next-to-no-examination of alternatives". A reading, by Emil Kalinowski.----------WHO----------Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Maverick" by Ooyy at Epidemic Sound.----------WHAT----------The Asymmetry of Ineffective and Worthless QE: https://bit.ly/2XOLx1QWhy Do We Think That Inflation Expectations Matter for Inflation? (And Should We?): https://bit.ly/3CnvSpf----------WHERE----------Jeff's Alhambra Blog: https://bit.ly/2VIC2wWJeff's RealClearMarkets Essays: https://bit.ly/38tL5a7Jeff's Twitter: https://twitter.com/JeffSnider_AIPEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

Time travel to the early 1970s where we hear the Nixon Tapes, read memorandums, and study Congressional testimony to understand what the Federal Reserve knew, and when they knew it. Turns out they didn't know "money" then and they still don't today. A reading, by Emil Kalinowski.----------WHO----------Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.----------WHAT----------The Power of Money Lurks in the Shadows: https://bit.ly/30EPSFP----------WHERE----------Jeff's Alhambra Blog: https://bit.ly/2VIC2wWJeff's RealClearMarkets Essays: https://bit.ly/38tL5a7Jeff's Twitter: https://twitter.com/JeffSnider_AIPEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

Arthur Schopenhauer, in the essay "The Wisdom of Life", favors individual strength of will and independent, reasoned deliberation over the tendency to act on irrational impulses. In the third chapter he contemplates "property, or what a man has". A reading, by Emil Kalinowski.----------WHO----------Arthur Schopenhauer, the German philosopher. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.----------WHAT----------The Wisdom of Life: https://bit.ly/3FUiV8M----------WHERE----------Schopehauer Twitter: https://twitter.com/artschopenhauerEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PdPodcastAddict: https://bit.ly/2V39Xjr

PART 01: The 'debate' in the US Congress about the debt 'ceiling' prevented the US Treasury Dept. from issuing UST Bills, the ultimate risk-free asset. This put serious stress on the Chinese currency. Now, with the 'debate' tabled till December, Beijing (and the world) are safe... for now.PART 02: The US Treasury yield curve IS NOT inverted and, therefore, is not signaling a recession warning. But IT IS warning that the Federal Reserve's reasoning to "taper" its quantitative easing program (i.e. economic recovery/health) is unfounded. We saw this in 2018. And 2014. And 2005.PART 03: A review of transcripts and recordings from the 1970s reveals that monetary and political authorities were unable to identify the source of inflation (international liquidity creation). The authorities didn't understand money in the 1970s, and they still don't.---------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 136------Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL-----HEAR EPISODE 136----Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr----EP. 136 REFERENCES---While The Fed Chases The Unemployment Rate, TIC’s Eurodollar Deflation Case Is Unusually Unambiguous: https://bit.ly/3G8RgkrThe Curve Is Missing Something Big: https://bit.ly/3jm0lNaThe Power of Money Lurks In the Shadows: https://bit.ly/30EPSFPAlhambra Investments Blog: https://bit.ly/2VIC2wWlinRealClear Markets Essays: https://bit.ly/38tL5a7-----------WHO-------------Jeff Snider, head of global investment research for Alhambra Investments with Emil Kalinowski, Trevor Something listener. Art by David Parkins, coloured-pencil pamphleteer. Show produced by Terence, focused visuals. Podcast intro/outro is "Aurora Borealis" by Chill Cole found at Epidemic Sound.

Kratom is a legal stimulant but MasterCard and Visa refuse to process payments by kratom vendors. How do vendors work around this embargo? And should these two network oligopolies be allowed to decide which licit products they deal with? A reading, by Emil Kalinowski.----------WHO----------John Paul Koning believes thinking about money is more interesting than making money. He writes about monetary economics, economic history, finance, and fintech at his his Moneyness blog as well as for the Sound Money Project, Breaker, Coindesk, and Bullionstar. Koning also designs economics and financial wallcharts at Financial Graph & Art. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.----------WHAT----------Embargoed by MasterCard/Visa, kratom vendors turn to crypto and eChecks: https://bit.ly/3AZQylV----------WHERE----------Koning's Blog: http://jpkoning.blogspot.com/Koning's Twitter: https://twitter.com/jp_koningEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PdPodcastAddict: https://bit.ly/2V39Xjr

Maroon Macro has become cautiously optimistic about Decentralized Finance's (DeFi) potential to disrupt the traditional financial system. DeFi is extraordinarily elegant in the way in which it reenables elasticity in the machinery of exchange. A reading, by Emil Kalinowski.----------WHO----------Maroon Macro, an anonymous global macro hedge fund analyst who is partial to the University of Chicago and writes about the mechanics of the monetary system, financial plumbing, and economic history. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.----------WHAT----------Issue #23-The Bull Case for Decentralized Finance (DeFi): https://bit.ly/3n4WNzO----------WHERE----------Maroon's Substack: https://maroonmacro.substack.com/Maroon's Twitter: https://twitter.com/maroon_macroEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

Beijing knows it wants to discontinue the country’s existing, unsustainable growth model. The latest "Common Prosperity" policy will only shift domestic demand at the margins; a full-fledged rebalancing will require a more radical transformation. A reading, by Emil Kalinowski.----------WHO----------Michael Pettis, Finance Professor at Peking University and Senior Fellow at Carnegie-Tsinghua Center, specializes in Chinese financial markets, economic history, global capital flows and the relationship between different sectors of national economies. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.----------WHAT----------Will China’s Common Prosperity Upgrade Dual Circulation?: https://bit.ly/2Z6CoCr----------WHERE----------Michael's Blog: https://carnegieendowment.org/chinafinancialmarketsMichael's Twitter: https://twitter.com/michaelxpettisEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr