Eurodollar University

Latest Episodes:

Reading JP Koning: MasterCard - Adult Content Gatekeeper? [Ep. 143, Macropiece Theater] Oct 31, 2021

Show notes

Mastercard is compelling adult content providers to know their customer... and their content. If not, access will be withheld to payment processing. But Mastercard is an oligopolist, its censorship affects everyone. Is that proper? A reading, by Emil Kalinowski.

----------WHO----------
John Paul Koning believes thinking about money is more interesting than making money. He writes about monetary economics, economic history, finance, and fintech at his his Moneyness blog as well as for the Sound Money Project, Breaker, Coindesk, and Bullionstar. Koning also designs economics and financial wallcharts at Financial Graph & Art. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
MasterCard as censor: https://bit.ly/3nxXphK

----------WHERE----------
Koning's Blog: http://jpkoning.blogspot.com/
Koning's Twitter: https://twitter.com/jp_koning

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

---------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
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr

Reading Nicholas Humphrey: Bugs & Beasts Before the Law [Ep. 142, Macropiece Theater] Oct 30, 2021

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Medieval Europeans put animals on trial for various misdemeanors and felonies: murderous pigs sent to the gallows, sparrows prosecuted for chattering in church, a gang of thieving rats let off on a wholly technical acquittal. It was an act of rebellion against Chaos, an attempt to restrain the capricious Universe under human order. Is modern society more sophisticated? Or do we too attempt to assign order to Chaos when we mislabel it as "conspiracy" or "(in)competence"? A reading, by Emil Kalinowski.

----------WHO----------
Nicholas Humphrey a theoretical psychologist, based in Cambridge, who is known for his work on the evolution of human intelligence and consciousness. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.

----------WHAT----------
Bugs and Beasts Before the Law: https://bit.ly/3mooZyq

----------WHERE----------
Humphrey's Website: https://www.humphrey.org.uk/
Humphrey's Twitter: https://twitter.com/humphren

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

Reading Jeff Snider: A Goods Supply SURPLUS!? Not a Shortage [Ep. 141, Macropiece Theater] Oct 29, 2021

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There is a goods shortage on the store shelf, yes. But that does not mean there is a goods shortage - instead it is a warehousing and logistics problem. In fact, we may be facing a surplus of goods that's about to wash over the economy. 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----------
What *Seems* Inflation Now Is Something Else Entirely: https://bit.ly/2Zu7CmH

----------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: Bonds Know What Inflation Is and Is Not [Ep. 140, Macropiece Theater] Oct 28, 2021

Show notes

The US Treasury bond market has been correctly anticipating inflation, disinflation, deflation as well as transitory, non-money-related increases in consumer prices for decades. Decades. Maybe we should listen to them? A reading, by Emil Kalinowski.

----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Lepiten Falls" by Ooyy at Epidemic Sound.

----------WHAT----------
Do Bonds Accurately Price Inflation? Since Before Any of Us Were Born: https://bit.ly/3vNEG5v
Whose Inflation Expectations Best Predict Inflation?: https://bit.ly/3mlCrTy

----------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: Why Do We Think Inflation Expectations Matter? [Ep. 139, Macropiece Theater] Oct 27, 2021

Show notes

Federal Reserve economist Jeremy Rudd's paper savages the use of inflation expectations in monetary econometrics. He lambasts the profession for producing "minimal direct evidence" and the "next-to-no-examination of alternatives". A reading, by Emil Kalinowski.

----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Maverick" by Ooyy at Epidemic Sound.

----------WHAT----------
The Asymmetry of Ineffective and Worthless QE: https://bit.ly/2XOLx1Q
Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?): https://bit.ly/3CnvSpf

----------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: 1970s Inflation vs. 2020s Price Increases [Ep. 138, Macropiece Theater] Oct 26, 2021

Show notes

Time travel to the early 1970s where we hear the Nixon Tapes, read memorandums, and study Congressional testimony to understand what the Federal Reserve knew, and when they knew it. Turns out they didn't know "money" then and they still don't today. A reading, by Emil Kalinowski.

----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.

----------WHAT----------
The Power of Money Lurks in the Shadows: https://bit.ly/30EPSFP

----------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 Schopenhauer: Wealth, Poverty, the Nature of Money [Ep. 137, Macropiece Theater] Oct 25, 2021

Show notes

Arthur Schopenhauer, in the essay "The Wisdom of Life", favors individual strength of will and independent, reasoned deliberation over the tendency to act on irrational impulses. In the third chapter he contemplates "property, or what a man has". A reading, by Emil Kalinowski.

----------WHO----------
Arthur Schopenhauer, the German philosopher. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.

----------WHAT----------
The Wisdom of Life: https://bit.ly/3FUiV8M

----------WHERE----------
Schopehauer Twitter: https://twitter.com/artschopenhauer

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

The 2s/10s Treasury Spread 'Conundrum' [Ep. 136, Eurodollar University] Oct 24, 2021

Show notes

PART 01: The 'debate' in the US Congress about the debt 'ceiling' prevented the US Treasury Dept. from issuing UST Bills, the ultimate risk-free asset. This put serious stress on the Chinese currency. Now, with the 'debate' tabled till December, Beijing (and the world) are safe... for now.

PART 02: The US Treasury yield curve IS NOT inverted and, therefore, is not signaling a recession warning. But IT IS warning that the Federal Reserve's reasoning to "taper" its quantitative easing program (i.e. economic recovery/health) is unfounded. We saw this in 2018. And 2014. And 2005.

PART 03: A review of transcripts and recordings from the 1970s reveals that monetary and political authorities were unable to identify the source of inflation (international liquidity creation). The authorities didn't understand money in the 1970s, and they still don't.

---------SPONSOR----------
Macropiece Theater with Alistair Cooke (i.e. 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 136------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL

-----HEAR EPISODE 136----
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/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr

----EP. 136 REFERENCES---
While The Fed Chases The Unemployment Rate, TIC’s Eurodollar Deflation Case Is Unusually Unambiguous: https://bit.ly/3G8Rgkr
The Curve Is Missing Something Big: https://bit.ly/3jm0lNa
The Power of Money Lurks In the Shadows: https://bit.ly/30EPSFP
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 with Emil Kalinowski, Trevor Something listener. Art by David Parkins, coloured-pencil pamphleteer. Show produced by Terence, focused visuals. Podcast intro/outro is "Aurora Borealis" by Chill Cole found at Epidemic Sound.

Reading JP Koning: Crypto Solution to MasterCard/Visa Embargo [Ep. 135, Macropiece Theater] Oct 23, 2021

Show notes

Kratom is a legal stimulant but MasterCard and Visa refuse to process payments by kratom vendors. How do vendors work around this embargo? And should these two network oligopolies be allowed to decide which licit products they deal with? A reading, by Emil Kalinowski.

----------WHAT----------
Embargoed by MasterCard/Visa, kratom vendors turn to crypto and eChecks: https://bit.ly/3AZQylV

----------WHERE----------
Koning's Blog: http://jpkoning.blogspot.com/
Koning's Twitter: https://twitter.com/jp_koning

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

Reading Maroon Macro: The Bull Case for Decentralized Finance (DeFi) [Ep. 134] Oct 22, 2021

Show notes

Maroon Macro has become cautiously optimistic about Decentralized Finance's (DeFi) potential to disrupt the traditional financial system. DeFi is extraordinarily elegant in the way in which it reenables elasticity in the machinery of exchange. A reading, by Emil Kalinowski.

----------WHO----------
Maroon Macro, an anonymous global macro hedge fund analyst who is partial to the University of Chicago and writes about the mechanics of the monetary system, financial plumbing, and economic history. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.

----------WHAT----------
Issue #23-The Bull Case for Decentralized Finance (DeFi): https://bit.ly/3n4WNzO

----------WHERE----------
Maroon's Substack: https://maroonmacro.substack.com/
Maroon's Twitter: https://twitter.com/maroon_macro

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

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