Shows / Eurodollar University
Eurodollar University
Jeff Snider will guide you through the realm of monetary science. Multiple episodes uploaded each week, discussing big news and key current events, the state of markets and what they are telling you, as well as historical summaries and deep background material so that you can understand what’s really going on in this eurodollar’s world.
Episodes
Eurodollar UniversityReading Michael Pettis: "Common Prosperity" vs. "Dual Circulation" [Ep. 133, Macropiece Theater]
Beijing knows it wants to discontinue the country’s existing, unsustainable growth model. The latest "Common Prosperity" policy will only shift domestic demand…
Eurodollar UniversityReading Matt Stoller: Will Monopolies Steal the Infrastructure Money? [Ep. 132, Macropiece Theater]
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…
Eurodollar UniversityReading AnalystDC: The Fed's Balance Sheet, Changes and Effects [Ep. 131, Macropiece Theater]
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…
Eurodollar UniversitySafest Bank Balance Sheets in Three Generations [Ep. 129, Eurodollar University]
Dear Ladies and Gentlemen, Typically the show notes are loaded with information about the show, reference material and acknowledgement of the people that…
Eurodollar UniversityReading Robert Breedlove: Freedom, Truth, Love (plus Bitcoin) [Ep. 130, Macropiece Theater]
Freedom, Truth, and Love: three creative principles distinguished by uninhibited exchange. Is it any coincidence that voluntary exchange is essential to all…
Eurodollar UniversityReading Jeff Snider: US Bank Loans Shrinking in 2021 [Ep. 128, Macropiece Theater]
Bank balance sheets are expanding in 2021, which is great news if you believe credit is modern money. But a closer look reveals banks are PILING into the…
Eurodollar UniversityReading Roger Starr: A Kind Word About Money [Ep. 127, Macropiece Theater]
Money, a necessary evil seems to be best compliment one can pay it. Starr argues that money, in a world of constraints and choices, helps identify price. And…
Eurodollar UniversityReading Jeff Snider: Metals Down vs. Oil Up [Ep. 126, Macropiece Theater]
Oil prices are intentionally offered as Inflation Exhibit A, even though at best it is a lagging indicator. In 2008, 2011 and 2018 we saw metal prices turn…
Eurodollar UniversityReading The Fed Guy: Debt Ceiling Procedures [Ep. 125, Macropiece Theater]
The Fed and Treasury have seen enough debt ceilings to develop a playbook that can be pieced together from past FOMC transcripts and Congressional subpoenas. A…
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Reading George Friedman: China’s Economic Crisis, Foreign Policy [Ep. 124, Macropiece Theater]
George Friedman observes that China is embarking on a difficult socioeconomic transition. Paradoxically, the transition will cause observers to underrate the…
Eurodollar UniversityReading AnalystDC: The Fed's Standing Repo Facility [Ep. 123, Macropiece Theater]
AnalystDC considers three developments in late-July 2021 that'll affect money markets for years to come: the Fed's Standing Repo Facility, the Group of Thirty…
Eurodollar UniversityThe Volcker Myth [Ep. 122, Eurodollar University]
PART 01: The US dollar is rising in value against a collection of currencies (except one). It's disconfirming evidence of sustainable economic recovery; it…
Eurodollar UniversityReading Maroon Macro: A Trade Idea, Shorting CNH [Ep. 121]
An increased risk-off sentiment, resulting from the Evergrande drama - among several other factors, has perhaps increased the likelihood, as well as…
Eurodollar UniversityReading The Fed Guy: Wealth (Side)Effects [Ep. 120]
An unprecedent increase in household wealth from housing, stocks and cryptocurrencies may have structurally changed the US labor market. The Fed, assuming no…
Eurodollar UniversityReading Michael Pettis: What Does an Evergrande Meltdown Mean for China? [Ep. 119]
The impact of Evergrande has caused financial distress to spread faster than Beijing expected, putting pressure on regulators to move quickly to stop the…
Eurodollar UniversityReading Jeff Snider: FOMC 'Let's make it up as we go along!' [Ep. 118, Macropiece Theater]
Jay Powell’s Fed portrays the economy in recovery mode and intends to taper monetary accommodation - yet the US dollar has been rising in value for months…
Eurodollar UniversityReading Jeff Snider: 1/3 of US, Canadian Small Businesses Can't Pay Rent [Ep. 117]
Recent polling data from Alignable reveals a difficult small-business environment. Three regional Fed surveys confirm the softness. Is it merely the passing…
Eurodollar UniversityReading Jeff Snider: Revisiting 2019's Inventory Overhang [Ep. 116]
Like the bond market and the yield curve, the inventory situation is most often forward-looking. Powell is tapering and ignoring the potential of an inventory…
Eurodollar UniversityBonds, Treasury Bonds [Ep. 115]
PART 01: US Treasury Bonds have lost a lot of value since August, and especially in the last weeks of September. Is it a taper tantrum? Are foreigners selling…
Eurodollar UniversityReading Michael Pettis: Why the Bezzle Matters to the Economy [Ep. 114]
The bezzle is the temporary gap between the perceived value of assets and long-term economic value. Economies at times systematically create bezzle, unleashing…
Eurodollar UniversityReading the BIS: 70 Years of International Banking [Ep. 113]
The Bank for International Settlements summarizes the rise and fall of the offshore eurodollar system. Offshore banking, regulatory arbitrage, financial…
Eurodollar UniversityReading Lyn Alden: Supply Chain Woes [Ep. 112]
Lyn Alden's August newsletter focuses on the ongoing supply chain issues, inflation, and commodities. In many ways, the 2020s decade continues to mirror the…
Eurodollar UniversityReading Jeff Snider: History's Great Monetary Shortages [Ep. 111]
Jeff Snider presents history's great monetary shortages -- the 14th century's Great Bullion Famine, the 20th century's Triffin's Paradox, the 21st century's…
Eurodollar UniversityReading Jeff Snider: Liquidity Risk Concerns Given Credit Risk 'Solutions' [Ep. 110]
Jeff Snider reviews the recent Bank of Japan experience with quantitative and qualitative easing. The central bank starts off on the wrong foot, focusing on…
Eurodollar UniversityReading Jeff Snider: If a Fed Taper Falls in the Woods... [Ep. 109]
The Fed's expected taper is just empty, insignificant theater. The Fed is tapering never once having answered for headwinds, false dawns, and the world’s true…
- Eurodollar University
Ticker Tape(r) Parade? [Ep. 108]
PART 1: Offshore shadow money funds the global economy, but it lies in the shadows; it's off-balance sheet and off-the-regulatory-radar. A good place to get a…
Eurodollar UniversityReading Karl Marx: The Paris Manuscripts [Ep. 107]
Karl Marx, the 19th-century German philosopher, economist, historian, sociologist, political theorist, journalist and socialist revolutionary, on the…
Eurodollar UniversityReading Myrmikan: Real Rates Go More Negative [Ep. 106]
Financial historian Daniel Oliver's essay on real rates, the profligacy of the Federal Reserve, inflation and the path of nominal gold prices. A reading, by…
Eurodollar UniversityReading George Friedman: JFK & the Origin of Forever Wars [Ep. 105]
Historian and geopolitical strategist George Friedman asks, 'Why has the United States, the most powerful state (since the Roman Empire) lost three wars in the…
Eurodollar UniversityReading Jeff Snider: PracTICal Remainders and Reminders [Ep. 104]
A review of August's Treasury International Capital data. The chief benefit is, unlike most who don’t know or can’t read the data, which is pretty much…
Eurodollar UniversityReading Jeff Snider: Evergrande isn't Lehman but (another) Bear Stearns [Ep. 103]
The mainstream media is asking if China's property developer imminent demise will be the "Lehman" moment. Unlikely. It's more likely this will be yet another…
Eurodollar UniversityReading Jeff Snider: The Caribbean's Dollar Warning [Ep. 102]
Central bankers had a choice in the 1970s: follow the offshore money, diving headfirst down the rabbit hole; or, ignore it entirely, pretend none of this…
Eurodollar UniversityReading Jeff Snider: There's Too Little Money Now [Ep. 101]
It’s becoming too obvious to keep overlooking Keynes' statement when little credit-collateral-money, "is...available our wealth suffers stagnation or decline.”…
Eurodollar UniversityInflation is not a Price Increase [Ep. 100]
PART 01: Producer prices in the US are elevated, but decelerating. They're elevated because of demand surges, supply shocks and logistics snarls - all…
Eurodollar UniversityLabor Shortage: The Fed's Get Out Of Jail Free Card [Ep. 99]
PART 1: 'Maybe the economy isn't in as good a condition as you economists / academics / technocrats think it is,' says the labor force participation rate. 'The…
Eurodollar UniversityWisdom of the Crowds [Ep. 98]
PART 01: A lousy labor market report for August is being blamed on a "labor shortage". Also, 'lazy Americans' and 'the delta'. But the real problem is that…
Eurodollar UniversityTaper (but no) Tantrum! Why not? [Ep. 97]
Jay Powell announced his central bank is satisfied (enough) with the economy's direction. Thus, the Fed will soon be 'tapering'; lessening the 'monetary…
Eurodollar UniversityThe dogs bark, but the caravan goes on... [Ep. 96]
PART 01: What did the Federal Reserve think about gold and the Nixon Shock in 1971? According to the transcripts they didn't think much about gold, neither…
Eurodollar UniversityOmens of Bad Luck [Ep. 95]
PART 01: Inflation is a broad, sustained monetary phenomenon. Price deviations in a narrow set of economic sectors, though they last months, are just that…
Eurodollar UniversityLet them Eat SDRs
PART 01: Fifty years ago the "Nixon Shock" closed the 'Gold Window' on "international speculators" and killed the Bretton Woods gold exchange era. That's what…
Eurodollar UniversityOut of the Frying Pan Recession and into...
PART 01: Gold Slams! Rapid, huge sales in early morning hours are warnings about a malfunction deep within the plumbing of global capital flows. They're also…
Eurodollar UniversityWhat FRONTLINE got SO wrong about the Fed
FRONTLINE critiques the Fed for showering big banks, big business and Wall Street with easy money, which reached neither the real economy nor the vast majority…
Eurodollar UniversityGlowing Orange: Repo Market Collateral Rumble
Early-morning action in the repo market shows a musical chairs-like collateral scramble; it has the Fed's attention. But the Fed is blasé about it (i.e. 'too…
- Eurodollar University
Interview-Professor Samuel Williamson: What is that Thing's Value Today? [Eurodollar University, Ep. 90]
Professor Sam Williamson, economic historian, explains how the value of commodities, projects and income/wealth should be properly measured across time (AND IT…
Eurodollar UniversityLight at the End of the Tunnel
PART 01: Jay Powell has confirmed a surging Fed program (RRP) is partly the result of safe-asset demand. But he plays it off as a monetary technicality, mere…
Eurodollar UniversityGötterdämmerung
PART 01: When the US Treasury yield curve inverts it is a warning that recession is on the horizon. What about when the Eurodollar Futures yield curve rolls…
Eurodollar UniversityReading Jeff Snider on the Fed's Not-Hot Dot-Plot
Non-economist, monetary iconoclast Jeff Snider's commentary on the the 'big news' about the 'hawkish' new Fed forecast implying economic recovery championed by…
Eurodollar UniversityReading Jeff Snider on Central Bankers Having No New Ideas
Non-economist, monetary iconoclast Jeff Snider's commentary on yet another central bank study concluding that there are TANGIBLE problems with quantitative…
Eurodollar UniversityReading Jeff Snider on Trouble Ahead
Non-economist, monetary iconoclast Jeff Snider's commentary on why inflation is unwelcome directly and welcome indirectly. Also, economic depression and…
Eurodollar UniversityThe Bond Market Foreshadows
PART 01: After the Federal Reserve raised the return on one of its bank programs, a record $756 billion flowed into the central bank’s reverse repo facility…
Eurodollar UniversityInterview: Daniel Want
Daniel Want, the early-21st century Australian philosopher and Chief Investment Officer of Prerequisite Capital, discusses: absence of knowledge at educational…
Eurodollar UniversityJanitor, Not Central Bank
PART 01: What should a central bank be? What does one do? Is what the Fed does 'central banking'? What did Ben Bernanke promise in 2002 that the Fed would…
Eurodollar UniversityUncertain Shadow Money
PART 01: A new measure of the monetary order will be unveiled at the end of this two-part episode. But first, a discussion of uncertainty, incomplete pictures…
Eurodollar UniversityReading Around - Myrmikan on The Path to Hyperinflation
Historian and political economist Daniel Oliver's commentary on why the quantity of currency is less important than the quality of the collateral backing it…
Eurodollar UniversityGhost Money, the Eurodollar and Crypto
PART 01: All of a sudden the Federal Reserve's Reverse Repo Program has exploded higher to half-a-trillion dollars. Why? The mainstream, orthodox narrative is…
Eurodollar UniversityConfessions to the Super Blood Moon
PART 01: On May 26, 2021 the Earth will witness a Super Flower Blood Moon - a sure sign of the apocalypse (again). It is no wonder then that, with the end upon…
Eurodollar University4 Reasons Why Inflation is Transitory
"Inflation" is a generalized, sustained increase in consumer prices. A spike in consumer prices is just that - a transitory spike. Watch as Jeff gives four…
Eurodollar UniversityReading George Friedman on The Myth of a Rules-Based World
Historian and geopolitical strategist George Friedman's commentary on two concepts of international relations: a liberal international order and a rules-based…
Eurodollar UniversityA Rise in Prices or Dictators or Both
PART 01: In the 1930s the economic devastation was so bad that only radical solutions remained. But then, like now in our Silent Depression, radicalism does…
Eurodollar UniversityInterview: Allison Fedirka
Geopolitical analyst Allison Fedirka explains what made some countries socioeconomic success stories, where the next emerging market stars may be, and whether…