Eurodollar University

Latest Episodes:

Reading the BIS: 70 Years of International Banking [Ep. 113] Oct 01, 2021

Show notes

The Bank for International Settlements summarizes the rise and fall of the offshore eurodollar system. Offshore banking, regulatory arbitrage, financial liberalization and financial innovation created the system, which expanded exponentially--at least until 2007. A reading, by Emil Kalinowski.

----------WHO----------
Robert McCauley, Patrick McGuire and Philip Wooldridge of the Bank for International Settlements. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "36mm" by Jobii at Epidemic Sound.

----------WHAT----------
Seven decades of international banking: https://bit.ly/2ZxIzzc

----------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/

-----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

---------HEAR IT----------
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Reading Lyn Alden: Supply Chain Woes [Ep. 112] Sep 30, 2021

Show notes

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 1940s in terms of fiscal policy, monetary policy, and de-globalization. A reading, by Emil Kalinowski.

----------WHO----------
Lyn Alden of Lyn Alden Investment Strategy. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "36mm" by Jobii at Epidemic Sound.

----------WHAT----------
Supply Chain Woes: https://bit.ly/2XRMCpi

----------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/

Reading Jeff Snider: History's Great Monetary Shortages [Ep. 111] Sep 29, 2021

Show notes

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 Famine -- and how human innovation -- ghost money, eurodollar, cryptocurrency -- overcame monetary adversity. A reading, by Emil Kalinowski.

----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "36mm" by Jobii at Epidemic Sound.

----------WHAT----------
Rebel Capitalist Live Q&A with Jeff: https://youtu.be/KpqaDv2RYdU

----------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

George's Website: https://www.georgegammon.com/
Rebel Capitalist Meetup: https://rebelcapitalistlive.com/

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

Reading Jeff Snider: Liquidity Risk Concerns Given Credit Risk 'Solutions' [Ep. 110] Sep 28, 2021

Show notes

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 credit quality issues instead of market participants' liquidity preferences and it goes sideways from there. A reading, by Emil Kalinowski.

----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "36mm" by Jobii at Epidemic Sound.

----------WHAT----------
Central Bankers Refuse to Learn QE's Obvious Lessons: https://bit.ly/3F0faOi

----------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: If a Fed Taper Falls in the Woods... [Ep. 109] Sep 27, 2021

Show notes

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 wealth repeatedly suffering under stagnation and decline. A reading, by Emil Kalinowski.

----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.

----------WHAT----------
Previewing The Taper Theater: https://bit.ly/3CEBQ4N

----------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/

Ticker Tape(r) Parade? [Ep. 108] Sep 26, 2021

Show notes

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 sense of offshore shadow money is the Treasury International Capital report. Jeff Snider serves as our guide through July's data - and warnings.

PART 2: Interest rate swap spreads are negative. These 'underwater' derivatives indicate very high market demand relative to money dealer supply. So, if bank balance sheet capacity remains constrained--available only at a premium--that means there's not enough 'money' in the world economy.

PART 3: Will 2022-demand be strong enough to absorb 2021-supply surges? A review of the US inventory cycle and how global covid-related restrictions have convinced retailers, wholesalers and producers to surge goods orders. If demand isn't there, they will have over-ordered.

-----SEE EPISODE 108------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL

-----HEAR EPISODE 100----
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
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. 108 REFERENCES---
Dollar Warning Update From The Islands Which Started It: https://bit.ly/3ESLFhI
PracTICal Remainders and Reminders: https://bit.ly/3kBfpr0
Hey Jay, Maybe Check The Swaps Before Committing to Taper: https://bit.ly/3ET9VjM
(WSJ) Spread on 30-Year Treasury Swaps Turns Positive: https://on.wsj.com/2XNJLxr
All Eyes On Inventory: https://bit.ly/2Wg6ty8

-----------WHO-------------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins, grand marshal of editorial cartoons. Podcast intro/outro is "Digital Breath" by ELFL from Epidemic Sound.

Reading Karl Marx: The Paris Manuscripts [Ep. 107] Sep 26, 2021

Show notes

Karl Marx, the 19th-century German philosopher, economist, historian, sociologist, political theorist, journalist and socialist revolutionary, on the confounding and inverting nature of money and wealth. A reading, by Emil Kalinowski.

----------WHO----------
Karl Marx. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.

----------WHAT----------
Economic & Philosophic Manuscripts of 1844: https://bit.ly/2XG9I2c

----------WHERE----------
(Wikipedia) Economic and Philosophic Manuscripts of 1844: https://bit.ly/3hUSHs4
(SparkNote) Economic and Philosophic Manuscripts of 1844: https://bit.ly/3hZPnvV

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

Reading Myrmikan: Real Rates Go More Negative [Ep. 106] Sep 25, 2021

Show notes

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 Emil Kalinowski.

----------WHO----------
Daniel Oliver of Myrmikan Capital. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.

----------WHAT----------
Real Rates Go More Negative: https://bit.ly/3EG5ada

----------WHERE----------
Myrmikan: http://myrmikan.com/
Daniel Oliver: https://twitter.com/Myrmikan

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

Reading George Friedman: JFK & the Origin of Forever Wars [Ep. 105] Sep 24, 2021

Show notes

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 past 50 years?' A reading, by Emil Kalinowski.

-------HEADS UP-------
In October Geopolitical Futures will do a special series on Geopolitics and Economics. George Friedman and special guests as we dig into the socio-economics of international conflict, the relationship between a nation’s economics, military, and political aspects, and technology, innovation, and the geopolitical system.

----------WHO----------
George Friedman of Geopolitical Futures. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.

----------WHAT----------
John F. Kennedy and the Origin of Wars Without End: https://bit.ly/3zvzumK

----------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: PracTICal Remainders and Reminders [Ep. 104] Sep 23, 2021

Show notes

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 everyone, you at least know in which direction to start looking. A reading, by Emil Kalinowski.

----------WHO----------
Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Born in the 90's" by Ameryh at Epidemic Sound.

----------WHAT----------
PracTICal Remainders and Reminders: https://bit.ly/3u98BnX

----------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/

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