Eurodollar University

A recent Hidden Forces podcast with Demetri Kofinas featured professor Kevin Vallier and his new book "Trust in a Polarized Age". Vallier notes that Americans are less trusting than at any point since at least the 1960s. The timing is no surprise to any that read William Strauss and Neil Howe's The Fourth Turning. The "American High" - a period of confidence during which the society felt it could accomplish anything - ended with President Kennedy's assassination. That phenomenon - that lack of trust, that lack of confidence - can be observed even in the University of Michigan survey of consumers. During the 1950s expectations about the future always ran ahead of the contemporary condition; an optimism, whether the present was good or bad, that it would be even better soon.  But, by the end of the 1960s, and ever since, expectations are always worse than the present. If we use confidence in democracy as a proxy for trust, that phenomenon is not solely American. A University of Cambridge project that includes 4 million people, covering 154 countries and combines over 25 international surveys showed 2019 to have been "the highest level of democratic discontent on record". Surely 2020 will rank even worse when results are finally published.A more granular survey by Gallup has been conducted in the United States since the early 1970s and focuses on public and private institutions. Citizens are asked how much confidence they have in: organized religion, the Supreme Court, Congress, organized labor, big business, public schools, newspapers, the military, etc. Almost at the very bottom are news organizations. The only institution in which the public consistently has less confidence in is Congress, which they recently attempted to burn down.The financial media is no exception, as Jeff Snider often makes clear in his writings. But just as Vallier expressed hope with Kofinas that trust can be rebuilt and just as Strauss and Howe conveyed confidence that institutional strength is cyclical and will return, so here, in Episode 42, does Snider note that the minority of financial press attempting to be bring truth to power is growing.----------WHY----------Part 01: Wall Street Journal columnist Andy Kessler recently spoke with Jeff Snider about central banks and monetary policy. He ended a recent column with, "The least the Fed can do is get out of the way. End QE now".Part 02: Real yields recently hit RECORD lows. Yes, inflation is rising but is that due to the real economy expanding?  Real yields say, "No!". Real yields say, 'The real economy is AWFUL!' So what is driving inflation expectations higher? Fuel. Oil prices are up - but the economy isn't.----------WHERE----------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/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBOvercast: https://bit.ly/2YyDsLaPlayerFM: 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/2V39XjrAlhambraTube: https://bit.ly/2Xp3roy----------WHAT----------How the Fed Stifles Lending: https://on.wsj.com/3bBrqc7RealVision Caitlin Long Interviews Manmohan Singh: https://bit.ly/2XEx6JWInflation, Reflation, Or Something Else?: https://bit.ly/2Lu2PeyAlhambra Investments Blog: https://bit.ly/2VIC2wWRealClear Markets Essays: https://bit.ly/38tL5a7----------WHO----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, anonymous. Artwork by David Parkins. Podcast intro/outro is "Autumn Haze" by West & Zander at Epidemic Sound.

Mary Toft had delivered a litter of rabbits - that was the news that reached the court of King George I in 1726. Obstetrician John Howard arrived at Toft's bedside in September where he was presented with several animal parts, ostensibly from the supernatural womb. In October, she delivered nine dead baby rabbits, prompting Howard to write a letter to England's greatest doctors and scientists, as well as the King's secretary. Nathaniel St. André, the King's Swiss surgeon-anatomist, was sent to investigate. Toft greeted his arrival in November by delivering her 15th dead rabbit in his presence. St. André bought the story and "took some of the rabbit specimens back to London to show the King."Despite a chorus of doubt from other physicians and indisputable physical evidence from dissection of the rabbits, both Howard and St. André continued to support Toft's story. It seems Howard, taken in by the scam at first, was doubling-down as the stakes were raised hoping his bluff would be saved by a real miracle. St. André on the other hand seems to have made his stand on, "'maternal impression', an idea popular at the time. The theory proposed that an emotional stimulus experienced by a pregnant woman" - Toft had dreamt of rabbits - "could influence the development of the foetus."Howard and St. André damaged the reputation of physicians. But there have been worse, Dr. Pepper for example - disgusting. Plenty of good docs of course, and not necessarily physicians: Dr. Manhattan, the smurfy-blue god; Dr. Disrespect, the gaming personality; "The Dock of the Bay", by Otis Redding. So, where on the spectrum lies copper with its doctorate of philosophy in economics?In part 2 of Episode 41, Jeff Snider weighs the calm supply-and-demand fundamentals, versus the Howard and St. André-like narrative that the good ship #Copper-Pop - fueled by Fed #QE-finity inflation - has achieved escape velocity, entered the #Tesla-osphere, and is on its way to the #Bitcoin-star!  But first, the late-1990s Japanese government bond rout and its lessons for today.----------WHY----------Part 01: The benchmark US Treasury 10-year bond has seen its yield BLAST through 1.00% in the young year, from 0.91% on January 4 to 1.11% on January 8. Will an inflationary conflagration transform Treasuries into smoking husks of charcoal? Jeff Snider tells us what a REAL bond rout looked like.Part 02: Is the nine-month copper price blastoff due to monetary reasons (central bank printing, government budget deficits) or fundamental reasons (supply and demand)? Jeff Snider explains the fundamental backdrop (along with speculative fever) but dismisses monetary motives.----------SPONSOR----------But first, this from Eurodollar Enterprises!  Friends, are you confused by the financial press?  Are the pretty people on Bloomberg speaking in paradox?  Are the esteemed pages of The Economist written in contradiction?  Then The New Eurodollar Enterprises Dictionary of Echo-Nomics is for you!  Yes, from AbeMoronics to ZIRP (Zero Interesting, Reasonable Policies) confidently leaf through your folio to define Yellenism, Powellution and Greenspam.  "Money", a noun, is defined as "a blessing that is of no advantage to us excepting when we part with it."  What is a synonym for "Wealth"?  Impunity.  What is the compound word for making economics erotic?  "Bernanke-panky".  The New Eurodollar Enterprises Dictionary of Echo-Nomics!  New!  From Eurodollar Enterprises.----------WHERE----------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/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBOvercast: https://bit.ly/2YyDsLaPlayerFM: 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/2V39XjrAlhambraTube: https://bit.ly/2Xp3roy----------WHAT----------They’ve Gone Too Far (or have they?): https://bit.ly/2LCqA3yEp. 32, Pt. 2 Milton Friedman's Plucking Model: https://youtu.be/66W9oU0iUswThe Doctor Is In?: https://alhambrapartners.com/2020/12/30/the-doctor-is-in/Alhambra Investments Blog: https://bit.ly/2VIC2wWRealClear Markets Essays: https://bit.ly/38tL5a7----------WHO----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, says "fable" means "moral". Artwork by the Asimov of copper robots, David Parkins. Podcast intro/outro is "Occurrence" by Martin Gauffin at Epidemic Sound.

In the middle of the 17th century, Athanasius Kircher -- "one of Europe’s most successful scholars" -- published "Egyptian Oedipus", a magisterial three-volume folio on Egyptology that "presented Latin translations of hieroglyphic inscriptions". The three-tome folio of ornate illustrations and diagrams was the product of "more than two decades of toil"; it sourced Arabic, Aramaic, Coptic, Ethiopian, Greek, Latin, Oriental and Samaritan texts. Kircher had illustrated "mummies, sarcophagi, Canopic jars, sphinxes" as well as "almost every hieroglyphic inscription known to Europeans" and translated them "character by character, into Latin prose." It was wholly and "utterly mistaken".In the late 19th century, William F. Warren was "one of the outstanding figures" of education, noted his 1929 New York Times obituary. He was a charter member of both the New England Conservatory of Music and Wellesley College. He spent 45 years at Boston University, including three decades as president during which a number of progressive firsts occurred, such as America's very first female PhD. He authored eight books, including "Paradise Found" in which, drawing on his knowledge of "the great epic folklore of the Hindus, the Celts, the Chinese, the Persians", and footnoting in French, German and Greek, "he arrived at the inevitable conclusion: the Garden of Eden is at the North Pole."Are we, in the early 21st century, free of such erroneous scholarship? Was then a superstitious past and now a scientific present? If our scholarly leaders were presented with evidence, if they had inside information, if they were imbued with power to compel actors to share data would they goal-seek a result, like Kircher and Warren? In Part 1 of Episode 40 Jeff Snider reads through official Federal Reserve emails covering the final 90-some days of Lehman Brothers' existence. It turns out our scholars are human too.----------SPONSOR----------But first, this from Eurodollar Enterprises!  Friends, are you a central banker?  Have you been invited into the home of a member of the financial press to celebrate Christmas or Hanukkah or Ramadan or Pancha Ganapati or Kwanzaa or Saturnalia or Yalda or Koliada or Festivus but have nothing to wear?  Then the new line premium quality bathrobes from Eurodollar Enterprises is for you!  Yes, arrive adorned in 800-thread count, plush Egyptian cotton emanating entitlement and overconfidence with devil-may-care flair. Each robe comes with your initials hand-stitched on the sleeves, and for that added touch of superiority, the logo of a regulated institution and your prospective employer, will be emblazoned over the breast pocket. Premium quality bathrobes!  New!  From Eurodollar Enterprises.----------WHY----------Part 01: Ben Bernanke was informed that Lehman Bros. was believed finished, on June 13, 2008 - 94 days before the bankruptcy. JPMorgan, with its seat at the heart of the repurchase agreement market, was acting on this belief. Internal Fed emails suggest the Fed thought JPMorgan was nuts.Part 02: Jamie Dimon, CEO of JP Morgan -- America's most important bank, "wouldn’t touch" America's Treasury securities with a "10-foot pole". But JP Morgan itself is likely buying the same Treasuries hand-over-fist! Why the disconnect? Politics? Malice? Or just bad economics?Part 03: Inflation. Social media denizens claim it’s bad, that it’s ugly and that I’m a jerk. Does a professional survey of American citizens confirm that claim? On the latter point certainly – but what about inflation acceleration? Americans say, 'Meh'.----------WHERE----------AlhambraTube: https://bit.ly/2Xp3royVurbl: 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/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBOvercast: https://bit.ly/2YyDsLaPlayerFM: https://bit.ly/3piLtjVPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr----------WHAT----------Vaccine Euphoria and Inflation Hysteria Obscure Dollar Problem: https://bit.ly/37tfO8pInflation HyZ1teria #2: https://bit.ly/3r41Gu2(CNBC) Jamie Dimon says he wouldn’t touch Treasuries: https://cnb.cx/37t1mNMAct II: The Lie Unwinds: https://bit.ly/38g78l8----------WHO----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, cootie-free. Artwork by David Parkins. Podcast intro/outro is "Chasing Visions" by Vano at Epidemic Sound.

Your podcaster has long been impressed by cinema that presents what is outside the human sensory process; art that conceives and presents what we literally cannot perceive. In 2001: A Space Odyssey, Stanley Kubrik shows us what transcendence is, by sending Keir Dullea through an astral rainbowfall. Christopher Nolan's Interstellar presents Matthew McConaughey in a tesseract, the three-dimensional shadow of four-dimensional space. In Annihilation, Alex Garland samples evolution, by introducing a sentient, prismatic cancer that refracts and reflects the DNA of its surroundings, including that of Natalie Portman.The audience is placed in an environment that doesn't reconcile with daily life and leaves them holding on to reality - at least as they understand it - by their fingernails. The eurodollar system is like that. Consider this legal wordfall from the Financial Stability Board: "regulatory arbitrage in the presence of non-harmonised re-hypothecation regimes."  Or this two-dimensional shadow of extra-dimensional money by Jeff Snider: "Nobody buys securities; they borrow and claim to 'own' [them]... [then] the client will agree to allow the dealer to re-pledge... the very security the client is claiming to own...  [T]he already re-pledged security... can be re-pledged again... In many if not most cases, there needn’t be the original client [desire] for this chain of re-pledging."If you want to know what it's like to travel through a wormhole for 18 hours in a hundredth of a second like Jodie Foster did in Robert Zemeckis' Contact then part one of Episode 39 is for you. Parts two and three aren't the worst things in the world either. Well, this world at least...----------SPONSOR----------But first, this from Eurodollar Enterprises!  Friends, are you a central banker?  Do you celebrate monetary accomplishments before they occur?  Do you struggle in credibly promising to be irrational?  Then the new Clench 5000 from Eurodollar Enterprises is for you!  Yes, simply place this refashioned, stainless-steel mousetrap in your trousers or pencil skirt for your next press conference.  Nary a hair will move on your head nor an eyebrow raise in confidence.  Nary a smile will cross your face before the policy transmits successfully through the economy.  Rest easy that your days of premature celebration are over with the knowledge that the Clench 5000 is hair-trigger sensitive.  The Clench 5000!  New!  From Eurodollar Enterprises.----------WHY----------Part 01: To understand the 2008 crisis one must understand Lehman Brothers. But NOT Lehman Brothers, Inc. - the American subsidiary. No, the REAL STORY was Lehman Brothers International (Europe), the United Kingdom subsidiary. Part 02: Inflation Hysteria II is the latest blockbuster advertised in the financial media. Is the sequel better, or worse than the original (2017-18)? Let's ask the critics: TIPS, interest rate swaps, the yield curve and oil prices.Part 03: In the end, these polar opposites in consumer credit are saying something important about the state of the economy. The same thing. Jobs. ----------WHERE----------AlhambraTube: https://bit.ly/2Xp3royApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBOvercast: https://bit.ly/2YyDsLaPlayerFM: https://bit.ly/3piLtjVPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr----------WHAT----------A Nonsensical Jumble of Misused Words Requires Discussion: https://bit.ly/3oPaJ0d(I. Schnabel Speech) Shifting tides in euro area money markets: https://bit.ly/3oLBz9wInflation Hysteria #2 (TIPS, Swaps): https://bit.ly/3gE6SjHInflation Hysteria #2 (Nominal UST): https://bit.ly/37TV492Inflation Hysteria #2 (WTI): https://bit.ly/2W7GvcfPolar Opposite Sides of Consumer Credit End Up in the Same Place - Jobs: https://bit.ly/37RVlJuAlhambra Investments Blog: https://bit.ly/2VIC2wWRealClear Markets Essays: https://bit.ly/38tL5a7----------WHO----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, quantum mechanic. Artwork by David Parkins. Podcast intro/outro is "Otherworld" by Lama House at Epidemic Sound.

Christine Lagarde, Janet Yellen and Stephanie Kelton are among the world's best known political-economists. Lagarde, was France's Minister of Finance, Managing Director of the International Monetary Fund, and is President of the European Central Bank - all firsts for a lady. Yellen, was America's Chair of the Federal Reserve and is presumptive nominee for US Secretary of the Treasury - each a first for a lady. Kelton, was advisor to the Bernie Sanders 2016 presidential campaign, is a best-selling author, and is the most famous evangelist for modern monetary theory.And now these remarkable three are in positions of power and influence to guide the world out of socioeconomic depression. It echoes the 1999 cover of Time Magazine featuring three men -- Robert Rubin, Alan Greenspan, and Larry Summers -- with the agitated headline "The Committee to Save the World". Alas, this 38th episode of Making Sense continues the long tradition of unease found in the Western canon regarding the female triumvirate.Yes, of course The Graces -- Aglaea, Euphrosyne, and Thalia -- were lovely… but there was the rumor about them spending so much time in the underworld. No need to comment on the Harpies - a triad of vengeful, winged sisters.  And who can forget The Witches of Eastwick: Susan Sarandon, Michelle Pfeiffer and Cher? They put your podcaster off cherries for the rest of the 80s. But it is Shakespeare who provides us the incomparable trio: the Weird Sisters. Better understood today as 'weyward' or 'weyard', they were the Anglo-Saxon Fates responsible for divination and predictions - what we call "economics" in modern day.  Don't take this podcaster's word for it - listen to the Bard:<<Macbeth, Act 4, Scene 1:>>Round about the cauldron go;In the poison'd policies throw.Media, that report narrativeDays and nights as quantitativeSweat inflation running hotBoil thou first i' th' charmed pot.Double, double toil and trouble;Fire burn, and cauldron bubble.Soul of financial journalistIn the cauldron boil and mist;UBI of newt and bank reserves,Wool of bat and control of curves,Adder's fork and Janet's QE,Lizard's leg and Kelton's MMT,For a charm of powerful trouble,Like a hell-broth boil and bubble.Zirp, nirp toil and trouble;Economy burn, and markets bubble.----------WHY----------PART 01: What is former Federal Reserve Chair Janet Yellen all about?  What can we expect from the US Treasury under her leadership? She didn't commit any MAJOR errors during her term. Was it competence, or happenstance?PART 02: Christine Lagarde, head of the European Central Bank, promises to employ trillions in euro carrots (large-scale asset purchase programs) and sticks (negative interest rates). Seems solid! But modern-day monetary policy, "is designed to... give an appearance of solidity to pure wind."PART 03: Is there any room for money in modern monetary theory? Stephanie Kelton, the best known evangelist for MMT says yes. Jeff Snider, says no. Indeed, Snider maintains that MMT is more likely to lead to deflation and disinflation than hyperinflation - just look to Japan for proof.----------WHERE----------AlhambraTube: https://bit.ly/2Xp3royApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBOvercast: https://bit.ly/2YyDsLaPlayerFM: https://bit.ly/3piLtjVPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr----------WHAT----------Meet the Same New Boss: https://bit.ly/39JxXAg(NY Times) Divining the Regulatory Goals of Fed Rivals: https://nyti.ms/33MtJnN(CBS News) Janet Yellen: The exit interview: https://cbsn.ws/3lHbeaB(The FT) Janet Yellen is the right woman for the times: https://on.ft.com/36FvMfeSaving Jobs Won’t Save Us From Jaws: https://bit.ly/3mUTGcc(OECD): Continued fiscal support and public health action needed to make hope of recovery a reality: https://bit.ly/36HsCYDThe Failure of the Printing Press Birthed MMT and the Printing Press: https://bit.ly/37wzozsKnapp's The State Theory of Money (1924 English translation): https://bit.ly/37z6IG0----------WHO----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, tongue-tied by Rana Foroohar. Artwork by David "Banquo" Parkins. Podcast intro/outro is "The Mole" by Christoffer Moe Ditlevsen at Epidemic Sound.

“The Case of the Missing Money” is not an Arthur Conan Doyle short-story but instead a 1976 essay by well-known economist Stephen Goldfeld who noticed that there wasn’t enough money to justify the high level of economic activity at that time. Goldfeld explained that money was traditionally a simple function of, “real gross national product, [and] the interest rates on savings and time deposits at commercial banks and on commercial paper.” But that formula was suddenly producing “whopping”, “unprecedented”, “quite unacceptable” and “conspicuous” errors that stood out “like a sore thumb”. The clue to the mystery -- which he was not able to solve at the time -- was that the formula for currency was on target BUT the one for checking accounts was unreliable. The monetary format under the auspices of public institutions -- cash and coin -- was fine.  But the monetary format that was the domain of private banks -- deposit accounts -- was way short.But money WASN'T missing from the economy. Money as traditionally understood and defined by economists, THAT money was missing, but the market had broadened the definition in the 1960s and 70s by turning capital market securities into near-money, among many other evolutions. This suited the banks because, while they couldn’t print and mint official government money, they could ‘print and mint’ ledger ‘money’. Just under half a century later the roles are reversed. A modern-day Goldfeld would note that official monetary formats like bank reserves are being created at a “whopping”, “unprecedented”, “quite unacceptable” and “conspicuous” pace that stands out “like a sore thumb”.  But because the vastly more valuable private bank ledger balances are way short, our global economy suffers for it.  In this 37th Episode of Making Sense, Jeff Snider writes and solves three mysteries: "Japan: The Case of the Missing Inflation!", "Europe: The Case of the Missing Economy!" and "Treasury Bills! The Case of the Missing Money?----------WHY----------Part 01: How might an economy fare if there was no corona? With neither covids nor gremlins throwing sand into the gears of economic machinery, would the engine be purring or sputtering? We turn to Japan for answers.Part 02: Europe's latest PMI scores tell us the continent is falling into re-recession, perhaps not unlike Japan. Where did the momentum disappear to? The USA has better PMIs but should that give us comfort?Part 03: All debt is equal, but some debt is more equal than others. Treasury market short-term bills hold a special place in the monetary hierarchy. Does recent selling of Bills signal economic hope? Or something else more mundane?----------WHERE----------AlhambraTube: https://bit.ly/2Xp3royApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBOvercast: https://bit.ly/2YyDsLaPlayerFM: https://bit.ly/3piLtjVPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr----------WHAT----------QQE To The Moon, *Deflation* Returns to Japan Anyway: https://bit.ly/3q0YK0KDeflation Returns To Japan, Part 2: https://bit.ly/33qhzARA Lesson In PMIs: Relative vs. Absolute: https://bit.ly/2HHWtpUTreasury Auctions Are Anything But Sorry Because They’ve Never Been Sorry About Solly: https://bit.ly/33rsLNLJust Who Is, And Who Is Not, Selling T-Bills: https://bit.ly/2Jgw7w6----------WHO----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, Double-Dutch auctioneer. Artwork by David Parkins. Podcast intro/outro is "The Great Ascension" by Christoffer Moe Ditlevsen at Epidemic Sound.

Part 01: What can the late-19th century Long Depression (1873-96) tell us about the early-21st century Silent Depression (2008-2?)?  We turn to Henry George, the author of the most popular economics book of all time to learn what he got right, got wrong and how it applies to the present.Part 02: An estimated 742,000 Americans submitted initial claims for unemployment insurance in the week ending November 14. That is 'worst all-time' prior to the 2020 experience and is wholly inappropriate EIGHT MONTHS AFTER the shock. Part 03: Japanese banks are borrowing from US banks at healthy rates (reflation!). The Chinese currency is appreciating at a healthy pace (reflation!). But there are few quirks, odds, ends, bits and bobs that remain in the shadows of the eurodollar.----------WHERE----------AlhambraTube: https://bit.ly/2Xp3royApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBOvercast: https://bit.ly/2YyDsLaPlayerFM: https://bit.ly/3piLtjVPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr----------WHAT----------The Economic Emergency In 2020 and Beyond Won't Be Covid: https://bit.ly/332eI0RProgress and Poverty by Henry George, fifth edition (1881): https://bit.ly/390ZjBHIt Will Have To Be Our New Weekly Ritual: https://bit.ly/39aL90KMaking Sense's Review of Economic Symmetry: https://youtu.be/yGOiHqVdE_MRedistributing A Shrinking Pie Is Nothing Like A Flood; Because There Was No Flood: https://bit.ly/338Bwfg----------WHO----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, bond villain moonlighter. Artwork by David Parkins. Podcast outro is "Things to Do" by Ballpoint at Epidemic Sound.

PART 01: US Treasury yields have risen on positive news, especially following the CoVo Vax news from Pfizer. Does it mean reflation has begun? Does it mean the 40-year bond bull market is dead? What do other economic accounts say?PART 02: America's unemployment rate plummeted from 14.7% to 6.9% in six short months! But it's the same 2010-15 mirage. Even the Federal Reserve doesn't believe it - that's why they edited away the idea of "full employment" in August 2020.PART 03: Communists in Beijing have a better grasp of the world economy's direction than the capitalists in Washington, London and Brussels. Beijing's 14th Five-Year Plan hints at an isolated Chinese economy, an island unto itself.----------WHERE----------AlhambraTube: https://bit.ly/2Xp3royApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBOvercast: https://bit.ly/2YyDsLaPlayerFM: https://bit.ly/3piLtjVPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr----------WHAT----------Vaccine-phoria: https://bit.ly/3pnufSBNo Time For Pfizer, Europe Heads Back: https://bit.ly/38GnchVWhere Is It, Chairman Powell?: https://bit.ly/3eVWiDAGood Payrolls Still Say Slowdown: https://bit.ly/32GaxaESlowdown In The Rebound; Stop Listening To Central Bankers: https://bit.ly/3psbbT1QE Didn’t JOLT (again): https://bit.ly/2UswUfwXi Jinping Is Mao, Only For His Focus to Be On Technology: https://bit.ly/35ubOnfThe Prices And Costs Of What Xi Believes He’s Got To Do: https://bit.ly/32E1SWrMoving The Bird Back Into Its (Old) Cage: https://bit.ly/35tDkB4----------WHO----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, the slightly poorer and unsuccessful - but handsomer eurodollar podcast version of Tom Brady. Artwork by the Lance Russell of the art ring David Parkins. Podcast intro/outro is "Temple of Runha" by ELFL at Epidemic Sound.

 A social contract is the agreement between government, business, wealthy and ordinary households in how to apportion the costs and benefits of society.  The recently concluded (?) American election comes to mind, as a potential first step towards a new (green?) deal.  In this, the 34th episode of Making Sense, Jeff Snider identifies another, less obvious freshly fashioned contract: China and its recent 14th Five-Year plan.  But as Snider explains, question marks are not unique to democratic republics -- communist 'republics' have them too.The most successful, contemporary social contract your podcaster is aware of are the early-2000s Hartz Reforms in Germany. Listeners may be surprised to learn that before them today's "economic engine of Europe" was the "sick man of Europe".  The decade-long assimilation of East Germany had taken a heavy toll and unemployment levels would breach more than 10% -- in 2004!  The new social contract ensured employment in return for low-wage growth that favored business. So, success doesn't mean cost-free.  But we've always known that; remember the story of one of humanity's original contracts?As we learn in Exodus, Moses had to introduce The Commandments twice; the stone tablets were angrily shattered in the first attempt!  And by the time the second draft was presented the scene was rather tense.  Firstly, God was annoyed as all get-out to see Moses again -- what, he doesn't have anything else to do other than hew stone tablets?  Secondly, Moses was ill-tempered that he couldn't leave the chosen people alone for a few days before they started chugging flagons like Frank the Tank.  Lastly, the people, like the teenager unable to thread the needle in a way that explained bongs and brassieres strewn across the yard to her parents, were anxiously awaiting judgement.  When Moses returned for the second time the apprehensive throng gathered before him.  Moses announced, "I have good news and bad news.  The good news is, I got him down to ten."  And a great cheer of relief issued forth.  "The bad news is... adultery stays." ----------WHY----------PART 01: Does Xi Jinping, General Secretary of the Chinese Communist Party, have a BETTER understanding of the global economy than capitalists? China's newest Five-Year Plan is sending the following signals: (A) Globalization is dead. (B) The world's monetary order has broken. (C) Bye. PART 02: Central bankers in Frankfurt and London are very active lately. They want, "to help the economy", "to boost lending" and give banks "confidence" all so as to achieve their inflation targets. So far? Bubkis. Would MMT be different?PART 03: The LIBOR price-fixing scandal was called "crime of the century". Central bankers saw the crime as an opportunity to shunt aside LIBOR - a global rate that shouldn't exist for a supply of dollars that shouldn't exist. But does.----------WHERE----------AlhambraTube: https://bit.ly/2Xp3royApple: https://apple.co/3czMcWNiHeart: https://ihr.fm/31jq7cICastro: https://bit.ly/30DMYzaTuneIn: http://tun.in/pjT2ZGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBOvercast: https://bit.ly/2YyDsLaPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKPodcastAddict: https://bit.ly/2V39Xjr----------WHAT----------China’s 1st 15-year Xi-athon: https://bit.ly/3p4vo11E$U M.S. Ep. #17 - From Bond Yields to Communism, Don’t Call It A Comeback: https://bit.ly/32kijagWashington looms large over drafting of China’s next five-year plan: https://on.ft.com/2U0T1JFIn 2020, Central Bankers Everywhere Are Being Exposed: https://bit.ly/3k8DQZmCOT B-und?: https://bit.ly/38iQaUCThere Is A Hard Truth To This Soft SOFR Arrogance: https://bit.ly/38mPBJMIMF Global Markets Monitor (03-Nov-2020): https://bit.ly/2GD911j----------WHO----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, social-media beast of burden. Artwork by David "Mr. Universe" Parkins. Podcast intro/outro is "All Emotions" by ELFL at Epidemic Sound.

Broadcasting from the kingdom of NYE, I'm Art Bell and this is Coast to Coast AM from the great beyond.  Tonight we'll talk to General Johnson Jameson from his bunker complex beneath the Saskatchewan crust, as to whether Y2K can still happen.  Then... 'Do you want to believe?!'  The government doesn't want you to. Chris Carter, creator of the X-Files, will tell us exactly which episodes the government didn't want you to see.  Also, Rod Sterling will join me live in studio... well in a manner of speaking.  Was the Twilight Zone a documentary that had to be presented to the public as fiction...?Our time on Earth is indeed, very short.  No matter how old or young you are, you are a tiny slice of the cosmos' plan.  You're here for a very, very short time.  We all are.  And the big question of course is, what happens after we end this physical life... or it is ended, however you have it.  It's a big question.  And October, of course, is a great time to explore that question because one of the main things you look for is some - any evidence of life beyond the physical.  The supernatural, the apparition, the unexplained, the Kachina doll that seems to move around the house by itself...There's no place more spooky and unexplained than central banking and the monetary order.  Let us then enter another dimension.  A monetary realm.  Let us turn to the wildcard line.  Jeff, Emil... can you hear me?  This is Art Bell. ----------WHERE----------AlhambraTube: https://bit.ly/2Xp3royApple: https://apple.co/3czMcWNiHeart: https://ihr.fm/31jq7cICastro: https://bit.ly/30DMYzaTuneIn: http://tun.in/pjT2ZGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBOvercast: https://bit.ly/2YyDsLaPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKPodcastAddict: https://bit.ly/2V39Xjr----------WHAT----------A True Horror Tale: https://bit.ly/2TGjGvbFOMC Meeting Minutes Transcript, June 27-28, 2000: https://bit.ly/3kKDysOInnovation in the International Financial Markets by G. Dufey and I. Giddy: https://bit.ly/2HDEpNDQuarrel With Quarles Over Too Little, Not Too Many: https://bit.ly/35MshlyThe Authority Fallacy, Or The Quarles Quandary: https://bit.ly/3mDro5HVice Chair for Supervision Randal K. Quarles Remarks at the Hoover Institution: https://bit.ly/2HSETQfThe Dollar Disease Well Predates the Coronavirus: https://bit.ly/3kLVaodBIS "US dollar funding - an international perspective": https://bit.ly/31Yurxi----------WHO----------Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, redrum redrum REDRUM!  Artwork by the modern day Gustave Doré, David Parkins.  Podcast intro/outro is "Fugent" by Lupus Nocte at Epidemic Sound.