Pine-Richland High School won a 120+ team international competition debating whether the dollar's hegemony is detrimental. Pine-Richland won due to their preparation, perspiration, inspiration... and because they ambushed the competition with something called "the eurodollar". Sponsored by the Brewer Foundation, each year the International Public Policy Forum hosts a new debate. Teams from across the globe submit responses with the top 64 submissions taking part in a back and forth written debat...
Jun 11, 2022•41 min•Ep. 245
US President Joe Biden has a three-step plan to address the vulnerable US economy. We agree the economy is vulnerable but note that it is not for the reasons the president believes. Also, we note similarities between President Xi Jingping's 2017 messaging and Biden's 2022 narrative. ----EP. 244 REFERENCES---- Joe Biden: My Plan for Fighting Inflation: https://on.wsj.com/3MpUAcT President Phillips Emerges To Reassure On Growing Slowdown: https://bit.ly/3Nuslej Alhambra Investments Blog: https://b...
Jun 09, 2022•22 min•Ep. 244
Two short-term money markets are yielding LESS THAN the Federal Reserve's RISK FREE reverse repurchase agreement program. Despite the Fed offering now $2 trillion in Treasury securities to the market the 'below-market' yields are signaling there's not enough money / credit / collateral / securities available -- a money shortage. ----EP. 243 REFERENCES---- RRP (use) Hits $2T, SOFR Like T-bills Below RRP (rate), What Is (really) Going On?: https://bit.ly/3GXNdIy Alhambra Investments Blog: https://...
Jun 08, 2022•19 min•Ep. 243
The Eurodollar Futures yield curve inverted on December 1, 2021 warning that somewhere over the horizon there was trouble. In March 2022 the US Treasury curve inverted too, confirming the earlier alert. Today the Eurodollar market is warning that trouble is on the horizon itself, and approaching. ----EP. 242 REFERENCES---- UST 2s & Euro$ Futures *Whites* Both Ask, Landmine At Last?: https://bit.ly/3NXb0L4 Alhambra Investments Blog: https://bit.ly/3wh01G2 RealClear Markets Essays: https://bit...
Jun 07, 2022•14 min•Ep. 242
According to the US Census Bureau both retailers and wholesalers reported *bananas-crazy* increases in inventory levels. As the US economy tips over into a slowdown - and realistically a recession - these inventories will have to be purged at fire-sale prices. ----EP. 241 REFERENCES---- Inventory Flood Continues Just As Consumers Tap Out: https://alhambrapartners.com/2022/05/27/inventory-flood-continues-just-as-consumers-tap-out/ Alhambra Investments Blog: https://bit.ly/3wh01G2 RealClear Market...
Jun 06, 2022•15 min•Ep. 241
Target, Walmart, Japanese merchandise exports, German retail sales, and the early-morning hours of US Treasury Bill trading are all sending the same message: escalating, systemic fragility of the economic order. ----EP. 240 REFERENCES---- T-bills Targeted Target: https://bit.ly/3zf5teH Can’t Blame COVID For This One: https://bit.ly/3Miq6JM Alhambra Investments Blog: https://bit.ly/3wh01G2 RealClear Markets Essays: https://bit.ly/38tL5a7 Epoch Times Columns: https://bit.ly/39ESkRf -------THE EPIS...
Jun 05, 2022•18 min•Ep. 240
A generation ago banks knew that there was money to be made and they acted upon that faith, creating money for the world economy to enrich itself. But ever since 2008 banks have been scared to do it; the risk is too great! The Global Financial Crisis never ended, it continues to the present. ----EP. 239 REFERENCES---- It Isn't the Fed's Theater of Rate Hikes That Got Us Here: https://bit.ly/3wvRNKk Negative Swap Spreads (FRBNY): https://nyfed.org/3wuqYX6 Alhambra Investments Blog: https://bit.ly...
May 30, 2022•22 min•Ep. 239
The Federal Reserve is hiking rates as part of political theater in response to pressure from the legislative and executive branches of the US government. 'Do something!' A panoply of economic, monetary and financial accounts are screaming for looser monetary policy, not tighter. ----EP. 238 REFERENCES---- History Shows the Fed Would Be Cutting Rates by Now: https://bit.ly/3G2vCyF Alhambra Investments Blog: https://bit.ly/3wh01G2 RealClear Markets Essays: https://bit.ly/38tL5a7 Epoch Times Colum...
May 28, 2022•17 min•Ep. 238
The Federal Reserve, we are told, controls interest rates. We have learned over and over that is not true with long-term rates (e.g. yield curve inversion, Greenspan's "conundrum"). But what about short-term rates? Surely the Fed is in control. No, not really - just look at US Treasury Bills. ----EP. 237 REFERENCES---- Why the Fed Can’t Hike T-bill Rates and What That Really Means: https://bit.ly/3G6DSgV Alhambra Investments Blog: https://bit.ly/3wh01G2 RealClear Markets Essays: https://bit.ly/3...
May 26, 2022•20 min•Ep. 237
Retail sales - a temperature check on the American consumer - were absolutely fabulous in April 2022; glory, hallelujah! So then why are three different, independent surveys of the US consumer reporting results that range from "bad" to "miserable"? Because there has been NO REAL growth, only nominal. ----EP. 236 REFERENCES---- Shipping Around Retail ‘Inflation’: https://bit.ly/3PyeXaA Alhambra Investments Blog: https://bit.ly/3wh01G2 RealClear Markets Essays: https://bit.ly/38tL5a7 Epoch Times C...
May 24, 2022•18 min•Ep. 236
The Chinese reported how their economy has fared in the month of April 2022 - the results were very, very poor. It is tempting to say the illness is Beijing's 'Zero Covid' lockdown of hundreds of millions of souls. But the true illness is the long-term, degenerative money shortage. ----EP. 235 REFERENCES---- Synchronized Not Coronavirus: https://bit.ly/3sIimtF Why CNY DOWN = BAD (Part 3) For Everyone: https://bit.ly/3Py0ZWk Alhambra Investments Blog: https://bit.ly/3wh01G2 RealClear Markets Essa...
May 22, 2022•18 min•Ep. 235
The Federal Reserve is hiking interest rates while the European Central Bank is in no rush to raise its policy rates. The Economics Textbook and Financial Media say that is why the dollar is rising and the euro is falling: interest rate differentials. But that is not it! ----EP. 234 REFERENCES---- What Really ‘Raises’ The Rising ‘Dollar’: https://bit.ly/3sr6xrx Do I Owe Christine Lagarde An Apology?: https://bit.ly/3P8s6a8 Collateral Shortage…From *A* Fed Perspective: https://bit.ly/3ypudk0 Alha...
May 17, 2022•18 min•Ep. 234
US Treasury Bills are trading below the 'floor' set by the Federal Reserve. Why? Why guarantee less return with Treasury Bills when the Fed is promising more?! Because the market will suffer the lost return when the financial system is short monetary collateral (like UST Bills). ----EP. 233 REFERENCES---- Collateral Shortage…From *A* Fed Perspective: https://bit.ly/3ypudk0 Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 Epoch Times Columns: h...
May 15, 2022•14 min•Ep. 233
In 1928 American economist Irving Fischer published a book titled "The Money Illusion" in which he explained the difference between nominal numbers (Japan's exports are booming! Imports are surging!) and inflation-adjusted, real numbers (Japan's exports are falling! Imports are stagnating!). ----EP. 232 REFERENCES---- What We Can Learn From Japan About the Real Economic Risks to the World: https://bit.ly/3sn7y45 Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https...
May 13, 2022•10 min•Ep. 232
President Xi Jingping has, according to Western financial media, announced an 'all out' infrastructure spending spree stimulus to goose the Chinese economy. What will this spending be on? On tightening the security state. More observation, more tracking, more control. ----EP. 231 REFERENCES---- Synchronized Manufacturing, Hopefully Not Mao: https://bit.ly/37sieXI Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 Epoch Times Columns: https://bit...
May 11, 2022•11 min•Ep. 231
The public utility of commodity-based money was in retreat long before President Roosevelt confiscated gold. That has implications as to whether the 1970s Petrodollar was a real monetary system, as well as whether we are moving towards a commodity-based system now, a Bretton Woods 3. ----EP. 230 REFERENCES---- The Root of the Petrodollar Error Is That There Is One: https://bit.ly/39ESnMV Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 Epoch T...
May 09, 2022•24 min•Ep. 230
Nicholas Black, professional raconteur of crypto and gentleman broadcaster, explains what stablecoins are while Jeff Snider, student of the global monetary order, considers whether algorithmic stablecoins are the next evolutionary step in monetary history. ----EP. 229 REFERENCES---- *The* Monetary Answer: Undoing The Biggest Money Mistake of the Past: https://bit.ly/3IKVlLz Algorithmic Stablecoins - a New Monetary Order [Eurodollar University, Ep. 208]: https://youtu.be/vAUzaVyiJlQ Nick's Televi...
May 07, 2022•1 hr 2 min•Ep. 229
The International Monetary Fund has downgraded the global economy with its latest World Economic Outlook. This is no surprise to those who have been following the monetary system's warnings since 2021. Right on cue, the United States reported economic contraction in Q4 2021. ----EP. 228 REFERENCES---- One More For Euro$ #5: The Mainstream Downgrade Parade: https://bit.ly/381wjf4 Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -------THE EPISO...
May 04, 2022•20 min•Ep. 228
The Chinese currency is an important indicator of global financial conditions. When it is appreciating we can presume conditions are benign. When it is depreciating? Conditions may be malign. And what about when it falls through a trap door? ----EP. 227 REFERENCES---- CNY’s Drop Wasn’t ‘Devaluation’ in ’15 nor ’18, and It Isn’t ‘Devaluation’ Now: https://bit.ly/3KyQsWV Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----THE EPISODES----- You...
May 03, 2022•17 min•Ep. 227
Jeff Snider 'takes calls' from listeners across the globe. Your hottest requests! Playing the hits! Only on WFED 89.7 FM, The Reserve! Also, do callers play 'The U' in the background while making love? What does Jeff think about being responsible for bringing life into the world? ----EP. 226 REFERENCES---- Twitter Spaces: https://bit.ly/3vW4vk9 Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES----- Alhambra YouTube: https:...
May 02, 2022•1 hr 6 min•Ep. 226
Since August 9, 2007 the global economy has been rocked by four world or regional dollar / money / credit shortages (2007-09, 2011-12, 2014-16, 2018-20). It is official, #5 has begun. We know for sure because of the US dollar's upward trajectory is approaching escape velocity. ----EP. 225 REFERENCES---- I’m ‘Officially’ Calling It: Euro$ #5: https://bit.ly/3Ly6odf Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES----- Alha...
May 01, 2022•20 min•Ep. 225
An insider's view of financial collateral, regulations, bond markets, bank reserves, central banks, quantitative easing and more! Alfonso "Macro Alf" Peccatiello of The Macro Compass joins Jeff Snider (and Emil). ----EP. 224 REFERENCES---- Interview with Macro Alf on Banks, Money & Macro [Eurodollar University, Ep. 194] https://youtu.be/9cYHTTkykXk Alfonso Peccatiello's Substack: https://TheMacroCompass.substack.com/ Alfonso Peccatiello's Twitter: https://twitter.com/MacroAlf Jeff's Twitter:...
Apr 28, 2022•1 hr 5 min•Ep. 224
Primary Dealers are failing to deliver and failing to receive collateral used to secure short-term funding at levels last seen in March 2020; the COVID-POCALYPSE BUST UP! These repurchase agreement fails are a warning that the monetary system is under significant strain. ----EP. 223 REFERENCES---- Yield Curve Inversion Was/Is Absolutely All About Collateral: https://bit.ly/3EFAQjl Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL E...
Apr 26, 2022•20 min•Ep. 223
The price of oil is very high, causing consumer prices to rise and it is because of the Federal Reserve. BUT NOT WHY YOU THINK! The Fed does not create real-economy money and their inability to create it - or encourage private banks to - has resulted in NOT ENOUGH MONEY. Lack of money to invest in oil production. ----EP. 222 REFERENCES---- I Told You It *Wasn’t* Money Printing; How The Fed Helped Cause, But Can’t Solve, Our Current ‘Inflation’: https://bit.ly/3K6Py3R Dallas Fed Energy Survey: ht...
Apr 25, 2022•21 min•Ep. 222
Paul Volcker is widely credited in ending the 1970s Great Inflation with stratospheric rate hikes, purposefully pushing the USA into recession. Balderdash! Volcker blinked when rates spiked (secretly trying to unwind them). And it was stratospheric oil prices that brought on recession (as 'all' contemporary accounts agreed). ----EP. 221 REFERENCES---- The Fed Will Do What It Does, and It Won't Matter: https://bit.ly/3Mmj5YT Economists Criticize Volcker: https://nyti.ms/37yZ2I2 Few Expect Relief ...
Apr 24, 2022•36 min•Ep. 221
Commodity prices are volatile. Supply is suspect and demand is dicey. So, what does the future hold for platinum? A review of the supply and demand fundamentals with Wilma Swarts. Also, Daniel Want analyzes capital flows and potential pain points. -----SEE IT ----- YouTube: https://bit.ly/310yisL ----HEAR IT----- Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWN Deezer: https://bit.ly/3ndoVPE iHeart: https://ihr.fm/31jq7cI TuneIn: http://tun.in/pjT2Z Castro: https://bit.ly/30DMYza Go...
Apr 21, 2022•1 hr 5 min•Ep. 220
The Economist worries that South Korea is mimicking 1980s' Japan—before the bust and lost decades; they may be right. The Bank for International Settlements' five early warning indicators show Korea has tripped ALL FIVE thresholds! ----EP. 219 REFERENCES---- Kindred Seoul: https://econ.st/3JHB36h Early warning indicators of banking crises (expanding the family): https://bit.ly/3jFyffx Early warning indicators of banking crises (online appendix): https://bit.ly/3uKq4or Alhambra Investments Blog: ...
Apr 20, 2022•33 min•Ep. 219
The US Treasury yield curve has inverted, a capital market klaxon warning that the US is on course for a recession. When did markets begin to move towards inversion? October 2021. What happened then? The debt 'ceiling' (melo)drama. ----EP. 218 REFERENCES---- *Every* Time, Debt Ceiling Impacts Collateral Producing Inevitable Deflationary Currency: https://bit.ly/3rsrOAC Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES-----...
Apr 19, 2022•13 min•Ep. 218
Zoltan Pozsar says a commodity-based, China-led monetary order—Bretton Woods III—is upon us, resulting in the decline of the US dollar and escalating repudiation of US Treasuries. This is not going to happen! China doesn't want it; neither do exporters nor commodity producers. ----EP. 217 REFERENCES---- (Credit Suisse) Bretton Woods III: https://bit.ly/38H76q8 (Credit Suisse) Money, Commodities, and Bretton Woods III: https://bit.ly/3jK2YI4 (Credit Suisse) The Big $hort: https://bit.ly/3roesFp (...
Apr 18, 2022•50 min•Ep. 217
Michael Green, professional gentleman of capital market structure, explains why US Treasury yields are rising, why options for Eurodollar future negative yields are gaining value, and why the balance of probabilities favors monetary / economic disinflation / deflation, not expansion, growth or inflation. -----SEE ALL EPISODES----- Alhambra YouTube: https://bit.ly/2Xp3roy Emil YouTube: https://bit.ly/310yisL ----HEAR ALL EPISODES----- Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWN ...
Apr 12, 2022•1 hr•Ep. 216
