Eurodollar University

AnalystDC considers three developments in late-July 2021 that'll affect money markets for years to come: the Fed's Standing Repo Facility, the Group of Thirty recommendations and the Alternative Refe…

PART 01: The US dollar is rising in value against a collection of currencies (except one). It's disconfirming evidence of sustainable economic recovery; it implies strained USD-funding. And there's s…

An increased risk-off sentiment, resulting from the Evergrande drama - among several other factors, has perhaps increased the likelihood, as well as accelerated the timeline, of a CNY devaluation. A …

An unprecedent increase in household wealth from housing, stocks and cryptocurrencies may have structurally changed the US labor market. The Fed, assuming no structural change, may be running the eco…

The impact of Evergrande has caused financial distress to spread faster than Beijing expected, putting pressure on regulators to move quickly to stop the contagion. But they cannot rescue Evergrande’…

Jay Powell’s Fed portrays the economy in recovery mode and intends to taper monetary accommodation - yet the US dollar has been rising in value for months. Premature celebration? It reminds Jeff Snid…

Recent polling data from Alignable reveals a difficult small-business environment. Three regional Fed surveys confirm the softness. Is it merely the passing Delta-Covid? Or the labor-shortage? Will d…

Like the bond market and the yield curve, the inventory situation is most often forward-looking. Powell is tapering and ignoring the potential of an inventory overhang, pretty much the same way as a …

PART 01: US Treasury Bonds have lost a lot of value since August, and especially in the last weeks of September. Is it a taper tantrum? Are foreigners selling lousy Uncle Sam paper? Is it Armageddon …

The bezzle is the temporary gap between the perceived value of assets and long-term economic value. Economies at times systematically create bezzle, unleashing substantial economic consequences that …

The Bank for International Settlements summarizes the rise and fall of the offshore eurodollar system. Offshore banking, regulatory arbitrage, financial liberalization and financial innovation create…

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 …

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 innovat…

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 pa…

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 stagna…

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 Tr…

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 wea…

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----------
Dan…

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 Kal…

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 …