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Jeffrey P. Snider

Jeffrey 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

Articles by Jeffrey Snider

Using GDI’s Eye On The Remaining Private Gaps

10 hours ago

Following up on the whole subsidy issue, GDP versus GDI though here with a determined eye on the Net Operating Surplus (NOS). The way this stuff is accounted for in the government’s (BEA) scheme makes it very confusing; the subsidies are subtracted from indirect taxes, therefore they reduce GDI. The more subsidies, the less aggregate income?It’s not done on purpose, as if they are trying to hide something or cover anything up. On the contrary, there is actually a bit of elegance to this. The BEA is being rather helpful in this regard. You have to keep in mind that the real business of government stipends has already shown up elsewhere. Double counting. So, the amount of overall subsidies subtracted from the tax line on GDI is an indicator of how much artificial payments have been buried

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Eurodollar University’s Making Sense; Episode 32; Part 3: Deja ‘V’, CNY Goes Hollow (Is It 2017 Again?)

12 hours ago

———WHERE———
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
———WHO———
Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiArt: https://davidparkins.com/
 
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, worth 100 kuài. Artwork by David Parkins,

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Roaring GDP, So What’s That In The I

1 day ago

US GDP both nominal and real came roaring back in Q3. Posting its largest single quarter gain ever, and it’s not even close, the domestic economy appears to have surmounted the COVID obstacles as well as others imposed by Q1’s GFC2. These estimates are the most gigantic yet. By the numbers, real GDP was $18.6 trillion (SAAR) during Q3, up from a revised $17.3 trillion low during Q2. In terms of quarterly changes, the decline had been -37.7% (continuously compounded annual rate) followed by this rebound of +28.6%. As a result, real GDP is now only 3.5% behind its Q4 peak.It turns out, to this point, the econometric models actually have been far too pessimistic. Most, if not all, had been forecasting that it would take until the end of next year at the earliest to close this enormous gap.

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Eurodollar University’s Making Sense; Episode 32; Part 2: Plucking Out By The (Unit) Root

2 days ago

———WHERE———
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
———WHO———
Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiArt: https://davidparkins.com/
 
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, Short Round. Artwork by Dr. Henry Walton “David

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What’s Going On, And Why Late August?

2 days ago

This isn’t about COVID. It’s been building since the end of August, a shift in mood, perception, and reality that began turning things several months before even then. With markets fickle yet again, a lot today, what’s going on here?What you’ll hear or have already heard is something about Europe and more lockdowns, fears about a second wave of the pandemic. No, that doesn’t fit the herdlike change in direction you can observe across many different markets (below). More so when as much as what. “When” had been late August – the 26th, to be precise. And this was actually the second inflection, beginning on August 27, the first one tracing back all the way to June 5 when nobody, I mean nobody, was thinking about more COVID. In early June, the sky was the limit, not reinfected case

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Three From Xi (bonus 4th for CNY)

2 days ago

Physical cash vs. bank reserves. Quality growth vs. quantity. Xi Jinping vs. everyone not onboard with Xi Jinping. All three contests are actually very simple and straightforward – once you let go of the strong economy, money printing Federal Reserve nonsense. As to the last of the trio, Emperor Xi has been awfully keen this year to redo government flags.Communists are big into such symbolism. What isn’t mere symbol, at least not in the same way, is Chinese cash. Renminbi seems like it should start with the People’s Bank of China (PBOC) but it actually doesn’t. Big Mama, as she’s sometimes called, has been experiencing big problems for more than half a decade. What that has meant for the central bank is suddenly fewer “dollars” show up on its balance sheet’s asset side.It’s been a

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It Shouldn’t Be Anything Like This

3 days ago

You pick up a newspaper (metaphorically, hardly anyone does this literally anymore) and you’d be left with the impression the year is 1979 again. Forget 2017; that was child’s play, more like 1968 in the mainstream imagination. October 2020 is going to mark the beginning of the biggest one in decades. Any day now.Inflation, of course. The Fed, the media says, has printed so much money it’s only a matter of time. Once the glut of cash filters its way into the real economy (not just the stock market, as is also alleged) it won’t be long until we begin longing for the (years) days of disinflation.Saner heads, however, continue to prevail. Not just where they’ve been most sane – the bond market – even regular, everyday folks seem to have tuned out this utter nonsense. Yes, nonsense. This

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Quarrel With Quarles Over Too Little, Not Too Many

3 days ago

It wasn’t the first time the ground had already been eroding underneath his feet. Randall Quarles took at turn at the Treasury Department during the Bush Administration, rising to Undersecretary for Domestic Finance during the most maniacal part of the eurodollar-fueled housing bubble. Not surprisingly, among the last things he did there was tell the public how great everything was going.But then Quarles jumped from Treasury to…Carlyle. Because everyone has been told 2008 was about subprime mortgages, this one name just doesn’t register the way it really should – subsidiary CCC, in particular. However, to anyone who paid attention to repo in the months and weeks leading up to Bear Stearns, Quarles’ new firm had been seen everywhere for all the wrong reasons.I recalled a few years ago:

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A True Horror Tale

4 days ago

The “maestro” was neither the monster’s creator nor its handler, but he did preside over much of what followed the standard horror story template. Alan Greenspan said the words “proliferation of products” in June of 2000, now more than two decades ago. But the proliferation vexing him and monetary policymakers at the dawn of the 21st century had actually begun in the middle of 20th. And when the monetary paranormal really started cooking had been the sixties and seventies. As such, only now are monetary authorities taking a painfully slow interest in Greenspan’s noted products having spent the last thirteen years trying to sort out the rather monstrous consequences of their long-ago proliferation. With one foot still firmly planted in “it was subprime mortgages”, it proceeds at a snail’s

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Eurodollar University’s Making Sense; Episode 32; Part 1: Oh, *Now* They’re Interested

5 days ago

———WHERE———
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
———WHO———
Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiArt: https://davidparkins.com/
 
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, Short Round. Artwork by Dr. Henry Walton “David

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Eurodollar University’s Making Sense; Episode 31; Part 3: For The Love of Everything, Pay Attention To Japan

7 days ago

———WHERE———
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
 
———WHO———
 

Twitter: https://twitter.com/JeffSnider_AIP
 
Twitter: https://twitter.com/EmilKalinowski
 
Art: https://davidparkins.com/
 

Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, confused and conflicted.

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What’s That Smell?

7 days ago

“At least we aren’t Europe” wasn’t quite the standard for excellence Ben Bernanke was originally shooting for. Certainly not when he began QE in the United States, nor at the inauguration of its repeat not even two years later. The former Fed Chairman had promised recovery and delivered instead a highly disputed number of “jobs saved.”Framing it this way, the Chairman showed up in the Wall Street Journal in late 2015 to attempt his victory lap. With inflation on the horizon, he said, as did “everyone”, and rate hikes to commence, there must’ve been some recovery in there somewhere. He just couldn’t find it any of the numbers, as I rebutted five Octobers ago:

That means by count of real GDP and the Establishment Survey’s measure of labor utilization, both mainline statistics that are

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Anesthesia

8 days ago

Europeans are growing more downbeat again. While ostensibly many are more worried about a new set of restrictions due to (even more overreactions about) COVID, that’s only part of the problem. The bigger factor, economically speaking, is that Europe’s economy has barely moved, or at most not moved near enough, off the bottom. To interrupt now what has already proved to be a seriously impaired rebound should get people thinking more realistically about 2021. Once again, we’re witness to how the need for yet more “stimulus” is being proven – and what that might say about the effectiveness of what’s already been done. That much is universal globally from China to Europe to the US (which we’ll get to in a minute).Beyond this synchronized shortfall there’s reason to key in on Europe’s plight;

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The Unit Root of the Missing Monetary Monomial

9 days ago

Milton Friedman first proposed his “plucking model” of the economy back in 1964. In doing so, he said that any economy is sort of mean reverting, in that any setback it might experience, a recession or some such, is merely a temporary deviation from the prior established trend. In his own words (NBER, 44th Annual Report):

Consider an elastic string stretched taut between two points on the underside of a rigid horizontal board and glued lightly to the board. Let the string be plucked at a number of points chosen more or less at random with a force that varies at random, and then held down at the lowest point reached…In this analogy, output is viewed as bumping along the ceiling of maximum feasible output except that every now and then it is plucked down by a cyclical contraction.

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Eurodollar University’s Making Sense; Episode 31; Part 2: Show Me The Money, I’ll Show You The Inflation

9 days ago

———WHERE———
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
———WHO———
 

Twitter: https://twitter.com/JeffSnider_AIP
 
Twitter: https://twitter.com/EmilKalinowski
 
Art: https://davidparkins.com/
 

Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, confused and conflicted.

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Yep, There’s A New ‘V’ In Town And The Locals…Don’t Seem To Much Care For It

9 days ago

They should be drooling over the prospects of a clearing path toward normality. The pain and disaster of 2020’s economic hole receding into a more pleasant 2021 which would have been in position to conceivably pay it all back before any long run damage. Getting back to just even with February instead is becoming a distant probability, the kind of non-transitory shortfall with which we’ve grown far too accustomed. Therefore, “they” now salivate (reported to be salivating) for more where no more should be necessary: government aid, government spending, and whatever it is the Fed pretends to do.The “V” has changed – and markets are, believe it or not, changing with it. Not in a good way, though not yet necessarily in a bad way. Surefire recovery gave way months ago to more determined doubts

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Synchronized (still)

10 days ago

Their experience with COVID has been different in each case. Their response to the outbreak and pandemic hardly uniform. Mexico, for example, has reported 855,000 cases of the coronavirus from which more than 86,000 have died (or were found to have the disease when they died). Japan, on the other hand, just 93,000 cases with only 1,600 fatalities. We all know the US stats (it is, after all, the home stretch of this highly contentious quadrennial election season).Some lockdowns, not others. Widespread outbreaks, major differences in testing – and when – as well as spread out over the entire global landscape. Highly dissimilar geography in addition to policies. Different currency regimes. Central bank and government countermeasures all over the place. No single unifying feature except

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CNY + TIC = October 2020, or 2017?

10 days ago

The dominating feature during the last months and days of globally synchronized growth (Reflation #3, to you and me) wasn’t inflation nor growth. It was instead CNY. Taken at face value, the marvelous resurrection of China’s currency after 2014-16’s debacle (Euro$ #3, to you and me) did seem consistent with a global dollar system (eurodollar, to you and me) rebound.And there was a legitimate basis to believe this – up until September 2017. Before then, you could see as CNY rose the level of reserve assets (especially UST’s, according to TIC) were rebounding, too. That’s what we should see; the latter confirming the former, more eurodollars in the global system ending up in both official as well as private foreign hands.The very essence of reflation in this the eurodollar’s world.But –

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Eurodollar University’s Making Sense; Episode 31; Part 1: Extremely Relevant Certainty About ‘Highly Uncertain’

11 days ago

———WHERE———
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
———WHO———
 

Twitter: https://twitter.com/JeffSnider_AIP
 
Twitter: https://twitter.com/EmilKalinowski
 
Art: https://davidparkins.com/
 

Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, falling out of balance,

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You Need To Understand What’s Really Behind This New ‘V’, And Once Again Japan Is More Than Helpful

16 days ago

Why do we care so much about inflation targeting in any form? Ask that question of a central banker and they will merely state the answer is self-evident before calling the police to have you arrested and thrown in jail for daring to query. Inflation targeting is central to this version of the central bank, so much so it has tossed the very idea of “full employment” into the garbage just so it can continue on with the program.For everyone else, the issue is more practical. Think about Jay Powell’s task as he sees it: the economy is a huge mess and in order to get out of it the Federal Reserve can only offer a highly glossed, refined vision of a very hopeful and fruitful future. Fret not about today, dear laborer (and tens of millions of former laborers), there’s so much better to come –

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Eurodollar University’s Making Sense; Episode 30; Part 2: Do “V’s” Like QE’s Get Do-overs?

17 days ago

———WHERE———
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
———WHO———
 

Twitter: https://twitter.com/JeffSnider_AIP
 
Twitter: https://twitter.com/EmilKalinowski
 
Art: https://davidparkins.com/

 
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski (is that a ponytail?). Artwork

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Sobering Germans To The Mexican and Indian “V”

17 days ago

The original “V” narrative was simple and straightforward. The economy was turned off by governments prioritizing modeled simulations of something like the Black Death, but it would be easy enough to turn it right back on especially with the aid of so much “stimulus” being added in every possible way. Monetary, fiscal, you name it.Piece of cake. Legitimizing the choice of overreacting to disease projections. The very fact the “V” has already shifted is itself a big clue. A cakewalk it hasn’t been. On the contrary, what’s left of the original “V” has been transformed recently instead into hopes for more “stimulus” – without ever squaring how more of the same which hasn’t produced the intended results would suddenly become effective. As we’ve noted almost every month since March, Germany’s

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Inflation (Expectations) Is Anything But Confusing

17 days ago

Before the word “taper” ever left the lips of anyone occupying an official position at the Federal Reserve in the late spring of 2013, there was already something very much amiss. Not that you would have known it, of course. In the financial media, everything was moving along swimmingly, Bernanke the thrice-crowned hero. QE4 had been dutifully buried by its members getting combined within QE3, both of them still powered up at full throttle.Since QE3 plus QE4 together were the largest of these “money printing” episodes, “everyone” said Bernanke’s biggest problem moving forward would be inflation. The unemployment rate was dropping fast (though why?) and the near recession of 2012 yielded to at least a reflation (though it was called recovery over and over and over again). But in February

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Eurodollar University’s Making Sense; Episode 30; Part 1: Belaboring the Ongoing Lack of “V”

19 days ago

———WHERE———
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
———WHO———
 

Twitter: https://twitter.com/JeffSnider_AIP
 
Twitter: https://twitter.com/EmilKalinowski
 
Art: https://davidparkins.com/

 
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski (is that a ponytail?). Artwork

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Are These Magic Beans?

21 days ago

China’s Caixin Composite PMI came down a little bit in the month of September 2020. According to the latest update, the country’s manufacturing sector index declined by a small amount while services accelerated only modestly. Combined, the manufacturing side worked out to contribute more to the composite than services, so the score for last month dropped to 54.5 from 55.1 in August.You wouldn’t know it from the press release which covered only the one part:

China’s services activity expanded at the fastest pace in three months in September with a sustained increase in total new business, a Caixin-sponsored survey showed Friday, adding to signs that the sector’s post-epidemic recovery is gathering speed. [emphasis added]

For news outlets that reported on the composite as a whole, it

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Eurodollar University’s Making Sense; Episode 29; Part 3: Carrying The Yen Carry Trade Into The Light

22 days ago

———WHERE———
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
———WHO———
 

Twitter: https://twitter.com/JeffSnider_AIP
 
Twitter: https://twitter.com/EmilKalinowski
 
Art: https://davidparkins.com/

 
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, owner of many red (hardcover)

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It Just Isn’t Enough

22 days ago

The Department of Labor attached a technical note to its weekly report on unemployment claims. The state of California has announced that it is suspending the processing of initial claims filed by (former) workers in that state. Government officials have decided to pause their efforts for two weeks so as to try and sort out what “might” be widespread fraud.The state is also using this time to get after a substantial backlog of previous initial claims yet to be processed. So, possibly fewer legitimate claims due to dishonesty, though maybe more claims if they’d all be processed at the time they’d been filed. In other words, we have no how many claims are being honored in California versus how many “should” be completed therefore representing the underlying economic state of that state. In

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Is There Enough?

23 days ago

It’s just not fast enough. And with the labor market spitting out numbers across a broad economic cross-section that look increasingly tired suggesting an economy running out of momentum, there’s the added urgency of time. Late summer figures still aren’t close to where they need to be even though when you view them in isolation they can look tremendous.Start with PMI’s, a bunch of them from last week and early this week. Many are the highest in many months, years for quite a few. But matching up with early 2019 or late 2018, not even coming up as high as 2017, that’s actually trouble. And it would be that way even if following a normal downturn.After the one from Q2, it’s downright curious this absence of an unambiguously sharp upturn. Take the best of the bunch relating to the US

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Q3’s Gigantic Positives Were A Nice Start, But They Weren’t The Story

23 days ago

Back in late July, the government of Ecuador opened negotiations with a particular set of what it called institutional bondholders. Like so many other nations, every other nation, Ecuador needs dollars and borrows them from global markets. Eurodollars, as in directly bank loans, those have been harder to come by post-2013. Eurobonds, however, they’ve been somewhat of a different story especially during 2016-17’s globally synchronized growth nonsense and the tainted repo backing behind it. Having leaned heavily on the Eurobond market, Ecuador in 2020 has fallen on hard times forcing it to seek concessions. That’s what the July talks were about; threading a very fine needle between threatening bondholders with outright losses in order to bring them to the table while at the same time not

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Eurodollar University’s Making Sense; Episode 29; Part 2: David Hume, Copernicus, and Ice Cube Walk Into A Bar…

24 days ago

———WHERE———
AlhambraTube: https://bit.ly/2Xp3roy
Apple: https://apple.co/3czMcWN
iHeart: https://ihr.fm/31jq7cI
Castro: https://bit.ly/30DMYza
TuneIn: http://tun.in/pjT2Z
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
Overcast: https://bit.ly/2YyDsLa
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
PodcastAddict: https://bit.ly/2V39Xjr
———HOW———29.2 Copernicus, Hume, Cooke & Ice Cube ‘talk’ MoneyOver the ages legendary philosophers have offered their thoughts on the nature money. This episode focuses on two – David Hume and Jay Locke – whose ideas, though diametrically opposed, are both true. Also, Antonio

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