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
Petrodollar? There's no such thing. We didn't transition from a gold- to an oil-backed dollar. There was something else, another kind of dollar—hidden by a conspiracy of silence between '44 and '73. Instead the world transitioned from a gold-backed US dollar to a offshore, ledger-based bank-centered eurodollar. This same eurodollar system absorbed petrodollars, easily. ----EP. 215 REFERENCES---- There Are No Petrodollars, Plus the Focus Misses the Point: https://bit.ly/3xjpzTQ Alhambra Investmen...
Apr 10, 2022•25 min•Ep. 215
In the middle (1937-38) of the Great Depression (1929-47) the Federal Reserve FREAKED out about accelerating consumer prices and the EXCESS supply of bank reserves, so they started to hike rates. During a depression!! Rinse and repeat (2022-2?) during the Silent Depression (2007-2?). ----EP. 214 REFERENCES---- Curve Wars: Short Follows Long Because It’s *Never* Just One Part or One Curve: https://bit.ly/3JdswYE (Don't Fear) The Yield Curve, Reprise: https://bit.ly/3LKhXOo Alhambra Investments Bl...
Apr 09, 2022•35 min•Ep. 214
Americans' real personal income (excluding transfer receipts) stopped improving way back in October 2021. Would you believe that the US Treasury yield curve began to move towards inversion the very same month?! Now the curve has inverted, a warning that economic recession is probable. Welcome to Hades. ----EP. 213 REFERENCES---- The Short, Sweet Income Case For Ugly Inversion(s), Too: https://bit.ly/3DOSHDT Curve Inversion Confirmed by Fed's US Treasury Lending [Ep. 204]: https://youtu.be/BWsVCN...
Apr 08, 2022•13 min•Ep. 213
In the 1960s the Bank for International Settlements investigated the offshore, shadow-money system and found it straightforward and to be ignored. In the 1970s the Federal Reserve said same system had become complex and difficult to define; it then told the US Congress to ignore it. ----EP. 212 REFERENCES---- Volcker’s Petrodollar Bigfoot; Or Why Curves Today Are So Against The Fed And Its Rate Hikes: https://bit.ly/3J0mfzi Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets E...
Apr 04, 2022•20 min•Ep. 212
The spread between the 7-year and 10-year US Treasury has been a leading indicator of US recession and/or global or regional capital liquidity shortages. We review the inversion and flattening from 1990 to the present. ----EP. 211 REFERENCES---- Long-end Inversion *Does* Indicate Recession Risks Are Actually Elevated: https://bit.ly/377fY7I Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES----- Alhambra YouTube: https://bi...
Apr 03, 2022•21 min•Ep. 211
A review of US 2021 Q4 GDP helps explain how surging demand, in concert with mauled logistical supply chains, caused blowout consumer price levels. Also, thoughts on gross domestic income and why real business income is less robust than nominal income. ----EP. 210 REFERENCES---- GDP (and GDI) Lays Out The Perfect Supply Shock Case, And Its Downside: https://bit.ly/3uGXHpT Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES--...
Apr 02, 2022•22 min•Ep. 210
The US Treasury yield and Eurodollar futures curves are inverted, strongly suggesting US recession and/or global monetary disorder lies ahead. This did not happen overnight! When did markets begin their journey to recession warnings? In October 2021. But why? ----EP. 209 REFERENCES---- Inversions And Inventory, The Major Products of October: https://bit.ly/3qU5U9k Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES----- Alha...
Apr 01, 2022•20 min•Ep. 209
Algorithmic stablecoins may be the solution to our 15-year monetary malfunction. We consider where and if stablecoins fit into money creation, intermediation and whether they'd be units of account, stores of wealth and/or mediums of exchange. ----EP. 208 REFERENCES---- *The* Monetary Answer: Undoing The Biggest Money Mistake of the Past: https://bit.ly/3IKVlLz Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES----- Alhambra...
Mar 29, 2022•35 min•Ep. 208
The Federal Reserve's rate hike increased the reverse repo program rate, the so-called rate "floor". But why then are the 4- and 8-week US Treasury Bills trading BELOW the floor? Because there's a collateral shortfall. A monetary deflation perhaps? ----EP. 207 REFERENCES---- The Fed Inadvertently Adds To Our Ironclad Collateral Case Which Does Seem To Have Already Included A ‘Collateral Day’ (or days): https://bit.ly/3wFfRv2 Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets ...
Mar 28, 2022•28 min•Ep. 207
The US Treasury yield curve inversion is EXPANDING. It has now subsumed the 3-year note under a tide of negative economic expectations. This is the monetary system's warning claxon, but are the authorities listening? (No.) ----EP. 205 REFERENCES---- Inversion Is The Real March Madness, Just Don’t Take It Literally: https://bit.ly/3JF2lLt Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES----- Alhambra YouTube: https://bit.l...
Mar 27, 2022•25 min•Ep. 206
The US Treasury yield curve has inverted, strongly implying economic weakness and likely US recession. But can we identify purely monetary (i.e. non-economic) reasons for the inversion? Yes! Like tri-party repurchase agreements. ----EP. 205 REFERENCES---- There Is An Absolutely Solid Collateral Case For What’s Driving Curve Inversion(s) [Part 2]: https://bit.ly/3N4BY3y Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES-----...
Mar 22, 2022•26 min•Ep. 205
The US Treasury yield curve has inverted, likely because the US economy is weak sauce. But what if we focused solely on shadow-money variables? Can we confirm the inversion warning via measures of shadow-collateral? (Yes) ----EP. 204 REFERENCES---- There Is An Absolutely Solid Collateral Case For What’s Driving Curve Inversion(s) [Part 1]: https://bit.ly/3wzX2JJ Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES----- Alhamb...
Mar 21, 2022•26 min•Ep. 204
The US Treasury curve has inverted. The countdown to the next American recession has begun. We review what happened, where the inversion is in the yield curve and whether there are enough life jackets for everyone (no). ----EP. 203 REFERENCES---- Another One Inverts, The Retching Cat Reaches Treasuries: https://bit.ly/3KZc9Am Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES----- Alhambra YouTube: https://bit.ly/2Xp3roy Em...
Mar 20, 2022•22 min•Ep. 203
An update on the US Treasury yield and Eurodollar futures curve shapes. Distorted? Contemplative? Grotesque? Retching cat chart pattern? ----EP. 202 REFERENCES---- Odd Curve Shapes, or More Chinese Than Russian: https://bit.ly/3IfGwAG Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES----- Alhambra YouTube: https://bit.ly/2Xp3roy Emil YouTube: https://bit.ly/310yisL ----HEAR ALL EPISODES----- Vurbl: https://bit.ly/3rq4dPn A...
Mar 15, 2022•20 min•Ep. 202
The 1940s witnessed monstrous increases in consumer prices. But it wasn't inflation. In the 1960s? Smaller increases, but it was inflation. What's the difference? What about today? -----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 Deezer: https://bit.ly/3ndoVPE iHeart: https://ihr.fm/31jq7cI TuneIn: http://tun.in/pjT2Z Castro: https://bit.ly/30DMYza Goog...
Mar 14, 2022•29 min•Ep. 201
You won't believe it but Janet Yellen said in 2013 that narrative supply - not money supply - can be an effective tool. Turns out most Fed action is just popular psychology and the madness of crowds. -----SEE ALL EPISODES----- Emil YouTube: https://bit.ly/310yisL ----HEAR ALL EPISODES----- 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 Google: https://bit.ly/3e2...
Mar 13, 2022•24 min•Ep. 200
