Eurodollar University

Latest Episodes:

Reading Adam Smith: Money and Labor, the Nominal and Real Price of Everything [Ep. 153, Macropiece Theater] Nov 10, 2021

Show notes

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 is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
An Inquiry into the Nature and Causes of the Wealth of Nations: https://www.gutenberg.org/cache/epub/3300/pg3300-images.html

----------WHERE----------
Stanford's Encyclopedia of Philosophy entry on Smith: https://plato.stanford.edu/entries/smith-moral-political/

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

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Reading Jean-Paul Sartre: The Nature of Money [Ep. 152, Macropiece Theater] Nov 09, 2021

Show notes

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/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
Being and Nothingness: An Essay on Phenomenological Ontology

----------WHERE----------
Stanford's Encyclopedia of Philosophy entry on Sartre: https://plato.stanford.edu/entries/sartre/

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

Reading Perry Mehrling: Where’s My Swap Line? [Ep. 151, Macropiece Theater] Nov 08, 2021

Show notes

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 international lender of last resort support to the system. It is a system created not so much by conscious design, but rather as a pragmatic response to crisis, bit by bit over time. A reading, by Emil Kalinowski.

----------WHO----------
Perry Mehrling is a Professor of International Political Economy at the Pardee School of Global Studies, Boston University, where he teaches courses on the economics of money and banking, the history of money and finance and international money. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
A Money View of International Lender of Last Resort: https://bit.ly/3Ezqikv

----------WHERE----------
Perry's Website: https://sites.bu.edu/perry/
Perry's Twitter: https://twitter.com/PMehrling
Perry's Coursera Course: https://bit.ly/31GRHiF

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

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-----EURODOLLAR 101-----
• @CatherineSchenk: https://bit.ly/3fFLMix
• @JeffSnider_AIP: https://bit.ly/3ATBzdW
• @BankOfEngland: https://bit.ly/30Hsx3G
• @ResearchGate: https://bit.ly/3thkJm9
• @ysi_commons: https://bit.ly/3pH4V95
• @MacroVoices: https://bit.ly/3fX9fw4
• @BundesBank: https://bit.ly/34tKsfc
• @ICMAgroup: https://bit.ly/2VAPnYb
• @PMehrling: https://bit.ly/31GRHiF
• @CSissoko: https://bit.ly/3iFpoas
• @BIS_org: https://bit.ly/2ZxIzzc

The Bonds, the Inflation and the CPI [Eurodollar University, Ep. 150] Nov 07, 2021

Show notes

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 pervasive monetary expansion, stagnation and contraction as well as how bond markets handled transitory consumer price shocks due to supply/demand imbalances.

PART 03: What kind of foreign assets do you own PBOC? Well, we are adding a lot of "other" right now. "Other"? Yes, "other". What is that? Don't worry about it. What do you mean, 'Don't worry about it.'? Just know that we're adding it, whatever it is - it's good.

---------SPONSOR----------
Macropiece Theater with Emil Kalinowski 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 George Friedman, Lyn Alden, Daniel Oliver, Michael Pettis, the Bank for International Settlements and yes, even Karl Marx.

-----SEE EPISODE 150------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL

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----EP. 150 REFERENCES---
The Federal Reserve's Policy Deficit Has Always Been About Money: https://bit.ly/3bJsxFg
Do Bonds Accurately Price Inflation? Since Before Any of Us Were Born: https://bit.ly/3ENEYfY
China's Central Bank Condition Has Consistently Told You Everything About Global (not) Inflation: https://bit.ly/2ZWb35Q
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7

-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins . Podcast intro/outro is "Electro Animal" by Oh the City found at Epidemic Sound.

Reading Lyn Alden: A Resurgence in Value [Ep. 149, Macropiece Theater] Nov 06, 2021

Show notes

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 Value: https://bit.ly/3Cy3QHC

----------WHERE----------
Lyn's Website: https://www.lynalden.com/
Lyn's Twitter: https://twitter.com/LynAldenContact

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

---------HEAR IT----------
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Reading George Friedman: Sketching a 2022 Forecast [Ep. 148, Macropiece Theater] Nov 05, 2021

Show notes

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.

----------WHAT----------
Forecasting Time: https://bit.ly/3pNMxPf

----------WHERE----------
George Friedman's Writings: https://bit.ly/3gUl7ms
George Friedman's Twitter: https://twitter.com/George_Friedman

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/

Reading Jeff Snider: When Nobody's Looking, Past Economic Activity is Revised Downward [Ep. 147, Macropiece Theater] Nov 04, 2021

Show notes

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 Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
The Enormously Important Reasons To Revisit The Revisions Already Several Times Revisited: https://bit.ly/3jSDbhq

----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP

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

Reading Jeff Snider: US GDP Q3 2021 [Ep. 146, Macropiece Theater] Nov 03, 2021

Show notes

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/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP

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

Reading Jeff Snider: Bond Markets Betting on Dis- & De- not In-flation [Ep. 145, Macropiece Theater] Nov 02, 2021

Show notes

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://bit.ly/3bu4Y38

----------WHERE----------
Jeff's Alhambra Blog: https://bit.ly/2VIC2wW
Jeff's RealClearMarkets Essays: https://bit.ly/38tL5a7
Jeff's Twitter: https://twitter.com/JeffSnider_AIP

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

Reading Velina Tchakarova: The Quad Summit amid the Bifurcation of the Global System [Ep. 144, Macropiece Theater] Nov 01, 2021

Show notes

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 "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
The Quad Summit amid the Bifurcation of the Global System: https://bit.ly/3GuImOg

----------WHERE----------
Velina's Medium Blog: https://medium.com/@vtchakarova
Velina's Website: https://www.velinatchakarova.com/
Velina's Twitter: https://twitter.com/vtchakarova

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

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