Eurodollar University

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Reading Frances Coppola: Central Banks Can Fight Climate Change [Macropiece Theater, Ep. 173] Dec 03, 2021

Show notes

Corporate QE amounts to a subsidy to large corporations, corporations that use the money to buy back shares and give big bonuses to executives. It would be far better for central banks to support small businesses and new ventures, particularly those pursuing solutions to climate change. A reading, by Emil Kalinowski.

----------WHO----------
Frances Coppola, author of the 2019 book "The Case For People's Quantitative Easing", is a financial writer and blogger who appears regularly in Forbes and The Financial Times. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
How central banks can fight climate change: https://bit.ly/3leXPcp

----------WHERE----------
Frances' Book: https://bit.ly/3paVVe3
Frances' Twitter: https://twitter.com/frances_coppola
Frances' Website: https://www.coppolacomment.com/

Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/

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Reading Dr. Pippa Malmgren: WW3 Has Already Started [Macropiece Theater, Ep. 172] Dec 02, 2021

Show notes

An uncomfortable truth: WWIII is not on the horizon, it is here. Militaries around the world are in a state of high-alert. “Sub-threshold" events are occurring with increasing frequency. War is digitizing. A reading, by Emil Kalinowski.

----------WHO----------
Dr. Pippa Malmgren, author, economist, former White House advisor, entrepreneur and venture capitalist, is a well-recognized female voice in financial and geopolitical circles. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
WWIII Has Already Started: https://drpippa.substack.com/p/wwiii-has-already-started

----------WHERE----------
Pippa's Substack: https://drpippa.substack.com/
Pippa's Twitter: https://twitter.com/DrPippaM
Pippa's Website: https://pippamalmgren.co.uk/index.html

Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/

Reading Matt Stoller: Economists label Cattle Ranchers "Emotional", then Defend Beef Monopoly [Macropiece Theater, Ep. 171] Dec 01, 2021

Show notes

Agricultural economists manipulated data to block Congress from acting on high beef prices and the destruction of independent cattle ranching. Why? Because they think monopolies are good. A reading, by Emil Kalinowski.

----------WHO----------
Matt Stoller, author of the 2019 book "Goliath: The 100-Year War Between Monopoly Power and Democracy", is a fellow at the Open Markets Institute and advises policymakers on the problem of monopoly. He has lectured on competition policy around the world and his writing has appeared in various news media and publications. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
Economists to Cattle Ranchers: Stop Being So Emotional About the Monopolies Devouring Your Family Businesses: https://bit.ly/3nZBP7g

----------WHERE----------
Stoller's Book: https://bit.ly/2YTD5iB
Stoller's Substack: https://mattstoller.substack.com/
Stoller's Twitter: https://twitter.com/matthewstoller

Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/

Reading Adam Tooze: Global Food Price (Crisis?) [Macropiece Theater, Ep. 170] Nov 30, 2021

Show notes

According to the FAO Food Price Index, the cost of food has surged in real terms to levels last seen in the 1970s - during the Great Inflation. But another data set, by the OECD shows no such surge at all. What's going on? Is there a food price crisis, or not? A reading, by Emil Kalinowski.

----------WHO----------
Adam Tooze, author of the 2021 book "Shutdown: How Covid Shook the World's Economy", a professor of history at Columbia University. His 2018 book "Crashed" was the winner of the Lionel Gelber Prize, a New York Times Notable Book of 2018, one of The Economist's Books of the Year, and a New York Times Critics' Top Book. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
Chartbook #47: Crisis Talk - Global Food Prices: https://bit.ly/3cWhB88

----------WHERE----------
Adam's Book: https://adamtooze.com/shutdown/
Adam's Substack: https://adamtooze.substack.com/
Adam's Website: https://adamtooze.com/
Adam's Twitter: https://twitter.com/adam_tooze

Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/

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Reading Allison Fedirka: Fertilizers & Food Insecurity [Macropiece Theater, Ep. 169] Nov 29, 2021

Show notes

Fertilizer is a critical input to global food production but circumstances have conspired to throw a spanner into the food supply chain works. The supply and demand imbalances have caused a spike in fertilizer prices and, consequently, raised the costs of producing food. Who will pay for these increases? Farmers? Consumers? Is a period of food insecurity ahead? How long might it last? A reading, by Emil Kalinowski.

----------WHO----------
Allison Fedirka of Geopolitical Futures. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
Fertilizers and Food Insecurity: https://bit.ly/3I12ZlR

----------WHERE----------
Allison Fedirka's Writings: https://geopoliticalfutures.com/author/afedirka/
Allison Fedirka's Twitter: https://twitter.com/afedirka

Geopolitical Futures: https://geopoliticalfutures.com/
Geopolitical Futures Twitter: https://twitter.com/gpfutures

Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: Art: https://davidparkins.com/

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Red or Blue Pill? Bonds say Powell will opt for Blue [Eurodollar University, Ep. 168] Nov 28, 2021

Show notes

PART 01: Jay Powell has been nominated by President Biden to serve another term as the Federal Reserve chair. Though his nomination has not even been heard by the US Congress, another group of people has already passed judgement on the second term: the bond market (and they say it'll be a failure!).

PART 02: The Federal Reserve, and other central banks, buy tremendous amounts of government securities and this should impact bond prices. Should, but doesn't. That's because there's an even more powerful force than the Fed, the bond market itself. We review the 2007-19 evidence.

PART 03: The nominal value of Chinese imports of iron ore, German exports and Japanese exports all look pretty, pretty good. But the unit volume is pretty, pretty awful. There are fewer units being utilized! This is an economic warning that is presently hidden behind hire prices (value = unit * price).

----EP. 168 REFERENCES----
#continuity The Least Useful Person: https://bit.ly/3r4k8VN
Sorry Jay, Curve(s) #continuity Is Not A Good Thing: https://bit.ly/3DP5XYn
No, The Fed Does *Not* Rig The Bond Market And It Only Takes Five Seconds To Debunk This Myth: https://bit.ly/3CLJMRu
How the Fed Rigs the Bond Market: https://on.wsj.com/3p0eC3V
The ‘Growth Scare’ Keeps Growing Out Of The Macro (Money) Illusion: https://bit.ly/3cM2j5t
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7

-------SHOW SPONSOR-------
Macropiece Theater with Emil Kalinowski (a/k/a Alistair Cooke, a/k/a Alistair Cookie) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from: Adam Smith, Arthur Schopenhauer, Bank for International Settlements, George Friedman, J.P. Koning, Jean-Paul Sartre, Karl Marx, Liberty Street Economics, Lyn Alden, Maroon Macro, Matt Stoeller, Michael Pettis, Myrmikan, Perry Mehrling, Robert Breedlove, Rohan Grey, Velina Tchakarova and yes, even Jeff Snider.

-----SEE ALL EPISODES-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL

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PodcastAddict: https://bit.ly/2V39Xjr

---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Illustrations by David Parkins, myth maker. Audio and video editor, The Terence. Logo design by pixelist Lisa Jiang. Master of ceremonies, Emil Kalinowski. Podcast intro/outro is "Turquoise Waves" by Sarah, the Illstrumentalist found at Epidemic Sound.

------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/

Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com

David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com

Lisa: http://Lisa-Jiang.com/
Lisa: https://twitter.com/@Nylonnerves

Reading the BIS: Bottlenecks & Macro Implications [Ep. 167, Macropiece Theater] Nov 25, 2021

Show notes

The Bank for International Settlements observes that bottlenecks in the supply of commodities, intermediate goods and freight transport have given rise to volatile prices and delivery delays. These disruptions have been particularly severe in upstream industries and have led to large international spillovers through global value chains. On the one hand, the inflationary effect of bottlenecks will likely be limited after relative prices have adjusted. But sustained pressures could emerge if bottlenecks persist long enough to trigger an upward shift in wage growth and inflation expectations. A reading, by Emil Kalinowski.

----------WHO----------
Daniel Rees and Phurichai Rungcharoenkitkul of the Bank for International Settlements. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
Bottlenecks - causes and macroeconomic implications: https://bit.ly/3DPMx5L
Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?): https://bit.ly/3FKH54B

----------WHERE----------
BIS Website: https://www.bis.org/
BIS Twitter: https://twitter.com/BIS_org

Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/

Reading Matt Stoller: Will Monopolies Steal the Infrastructure Money? [Ep. 166, Macropiece Theater] Nov 24, 2021

Show notes

We are now in a giant parking lot game that threatens the global economy. Thank deregulation and the Ocean Shipping Reform Act of 1998. 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 around the world and his writing has appeared in various news media and publications. In 2019 he authored Goliath: The 100-Year War Between Monopoly Power and Democracy. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
Too Big to Sail: How a Legal Revolution Clogged Our Ports: https://bit.ly/3CxOXoa

----------WHERE----------
Stoller's Substack: https://mattstoller.substack.com/
Stoller's Book: https://bit.ly/2YTD5iB
Stoller's Twitter: https://twitter.com/matthewstoller

Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/

Reading Singapore Bullion Market Assoc.: Silver to the Stratosphere [Ep. 165, Macropiece Theater] Nov 23, 2021

Show notes

Silver's decade ahead maybe a perfect storm of demand for government-mandated green investment and of inflation by government-enforced financial repression. Move over 'gold bugs', silver fever is coming. A reading, by Emil Kalinowski.

----------WHO----------
The Singapore Bullion Market Association, represents bullion banks, exchanges, refineries, merchants and logistics companies. The SBMA now plays a pivotal role in the development of Singapore as one of the most global centres of connectivity for precious metals. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
Silver to the Stratosphere: https://bit.ly/3cdWnlH

----------WHERE----------
SBMA's Website: https://www.sbma.org.sg/
SBMA's Twitter: https://twitter.com/SBMA1993

Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/

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Applying Lipstick to the Hog [Eurodollar University, Ep. 164] Nov 22, 2021

Show notes

PART 01: America's September 2021 Treasury International Capital data corroborates dis/deflationary indications observed across various sources, the vast majority of which imply there's not enough money, and/or it's inadequately distributed, for the global economy to achieve permanent recovery.

PART 02: Beijing reconfirmed what was made clear in 2017, during the 19th National Party Congress: the economic boom was over and it is time to prepare for it. If anyone in the West would care to listen, the Central Committee is referring not only to China but the entire global economy.

PART 03: M1 and M2 once informed central bank decisions. But the monetary aggregates were so narrowly defined that they were, in effect, mere keyholes that offered policymakers an unsatisfactory, and often-enough misleading, peek into the great monetary hall.

----EP. 164 REFERENCES---
TIC: Consistent, Coherent, Corroborated, Inflation Never Had A Chance: https://bit.ly/3cDfqpO
Chinese Ice Cream: https://bit.ly/3kPgTO4
We Can't Depend On the Ms, Which Only Produce Bad Vs: https://bit.ly/3wZexRA
Is M2 The Money Behind Inflation? If Not, What Is (Or Isn’t)?: https://bit.ly/3DAH5n1
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

---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Illustrations by David Parkins, swine satirist. Audio and video editor, The Terence. Logo design by pixelist Lisa Jiang. Master of ceremonies, Emil Kalinowski. Podcast intro/outro is "Different Days" by Chill Cole found at Epidemic Sound.

------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/

Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com

David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com

Lisa: http://Lisa-Jiang.com/
Lisa: https://twitter.com/@Nylonnerves

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