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Eurodollar University Episode 168, Part 3: The Red Pill of Growth ‘Scare’

Summary:
168.3 Economic Growth Scare: Are Markets Rightly Scared?———Ep 168.3 Summary———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 168.3 Topics——— 00:00 INTRO: The 2021 reflation is following a pattern we have observed three times already.00:55 What is a “growth scare”?02:29 What is a “money illusion”?05:28 The nominal value of Chinese imports of iron ore is great! But the unit count is awful.07:21 The nominal value of German exports is great! But the weight/unit count is awful.10:54 The nominal VALUE OF Japanese exports is great! But by

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168.3 Economic Growth Scare: Are Markets Rightly Scared?

———Ep 168.3 Summary———
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 168.3 Topics———

00:00 INTRO: The 2021 reflation is following a pattern we have observed three times already.
00:55 What is a “growth scare”?
02:29 What is a “money illusion”?
05:28 The nominal value of Chinese imports of iron ore is great! But the unit count is awful.
07:21 The nominal value of German exports is great! But the weight/unit count is awful.
10:54 The nominal VALUE OF Japanese exports is great! But by volume/unit count is awful.
13:12 OUTRO: The nominal appearance of the recovery looks fine, but not the real unit count.
15:46 Bonus Material: gravy is the best side, Americans don’t understand cranberries.

———Ep 168.3 References———

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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———Euro$U 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.

———Where To Find Us———

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


 

Jeffrey P. Snider
As Head of Global Investment Research for Alhambra Investment Partners, Jeff spearheads the investment research efforts while providing close contact to Alhambra’s client base. His company is a global investment adviser, hence potential Swiss clients should not hesitate to contact AIP

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