Eurodollar University

Does rapid central bank money creation resulting from large-scale purchases of government securities fuel inflation? A review of the experience in Britain, Europe and Japan.  A reading, by Emil Kalinowski. ----------WHO---------- Gianluca Benigno, assistant vice president and head of international research in the Federal Reserve Bank of New York’s Research and Statistics Group with Paolo Pesenti,...

From Book I (Productive Powers Of Labour), Chapter V (Of The Real And Nominal Price Of Commodities, Or Of Their Price In Labour, And Their Price In Money). A reading, by Emil Kalinowski. ----------WHO---------- Adam Smith , the Scottish economist, philosopher, pioneer of political economy and a key figure of the Scottish Enlightenment. Read by Emil Kalinowski . Art by David Parkins . Intro/outro i...

From Being & Nothingness, Part Four (Having, Doing and Being), Chapter Two (Doing and Having), Part II ("Doing" and "Having" Possession). A reading, by Emil Kalinowski. ----------WHO---------- Jean-Paul Charles Aymard Sartre , the French philosopher, playwright, novelist, screenwriter, political activist, biographer and literary critic. Read by Emil Kalinowski . Art by David Parkins . Intro/ou...

The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier including those whose credit is sufficient for a swap line, the second tier including those who can offer acceptable collateral, and the third tier including everyone else. It is a global dollar system, with the Fed operating de facto as the global central bank providing internat...

PART 01: An early-1950s US consumer buying-binge sent the Consumer Price Index soaring. Inflation!? No. It was a transitory supply/demand imbalance brought on by (geo)political factors. The bond market knew it and didn't overreact. And what about the Federal Reserve? They overreacted. PART 02: We review the 1950s, 1960s, 1970s, 2000s and 2010s to study how bond yields reacted to persistent and per...

Lyn Alden's October newsletter focuses on value stocks compared to growth stocks and makes an argument for at least a mild resurgence of value performance. A reading, by Emil Kalinowski. ----------WHO---------- Lyn Alden of Lyn Alden Investment Strategy. Read by Emil Kalinowski . Art by David Parkins . Intro/outro is " Alegro " by TAGE at Epidemic Sound. ----------WHAT---------- A Resurgence in Va...

George Friedman begins to look ahead at ideas and geographies that will and will not matter in the year 2022: Covid, China, Russia, Europe, the Middle East, the United States and even the Caribbean. A reading, by Emil Kalinowski. ----------WHO---------- George Friedman of Geopolitical Futures . Read by Emil Kalinowski . Art by David Parkins . Intro/outro is " Alegro " by TAGE at Epidemic Sound. --...

The September 2021 reading for America's new orders of durable goods shows stagnation / stalling. It is likely much worse but we won't know it for several years, not until the benchmark revisions are performed. We've seen this before, in 2018. And 2014. And 2012. Don't be surprised this time. A reading, by Emil Kalinowski. ----------WHO---------- Jeff Snider of Alhambra Investments. Read by Emil K...

The United States' third quarter is in the books - how did the economy do? 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---------- GDP Red Flag: https://bit.ly/2ZIBbBD ----------WHERE---------- Jeff's Alhambra Blog: https://bit.ly/2VIC2w...

How can anyone say there’s a dollar shortage and dramatically rising deflationary potential right now? Easy, actually. 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---------- Short Run TIPS, LT Flat, Basically Awful Real(ity): https://bi...

In September the leaders of Australia, India, Japan and the United States met to discuss, among other things, how to counter-balance the growing power of China in the Indo-Pacific. A reading, by Emil Kalinowski. ----------WHO---------- Velina Tchakarova is Director of the Austrian Institute for European and Security Policy in Vienna. Read by Emil Kalinowski . Art by David Parkins . Intro/outro is...

Mastercard is compelling adult content providers to know their customer... and their content. If not, access will be withheld to payment processing. But Mastercard is an oligopolist, its censorship affects everyone. Is that proper? A reading, by Emil Kalinowski. ----------WHO---------- John Paul Koning believes thinking about money is more interesting than making money. He writes about monetary ec...

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 assi...

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 " Alegr...

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...

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 "...

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/out...

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 . Intr...

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. Bu...

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 monet...

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 Chica...

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 Cen...

We tend to talk about infrastructure in terms of spending amounts. But infrastructure in a monopoly-dominated economy is not just about money, it's about who governs - monopolists, or the public? A reading, by Emil Kalinowski. ----------WHO---------- Matt Stoller is a fellow at the Open Markets Institute and advises policymakers on the problem of monopoly. He has lectured on competition policy aro...

AnalystDC looks back at how the US money market has evolved in 2021 so far by reviewing the Fed's balance sheet and considering where things could go from here for the Fed, large and small US banks as well as foreign bank offices. A reading, by Emil Kalinowski. ----------WHO---------- AnalystDC , the anonymous enjoyer of illiquid credit, bond posting and money markets. Read by Emil Kalinowski . Ar...

Dear Ladies and Gentlemen, Typically the show notes are loaded with information about the show, reference material and acknowledgement of the people that helped make the show.  Unfortunately Episode 129 was damned by the Universe and came to us straight from Hades, Ring Four, Pit 03 (on the left).  Thankfully all the content is there.  But everything else, everything else that it takes to make the...