Eurodollar University

The mainstream media is asking if China's property developer imminent demise will be the "Lehman" moment. Unlikely. It's more likely this will be yet another Chinese Bear Stearns. The first? Shanghai…

Central bankers had a choice in the 1970s: follow the offshore money, diving headfirst down the rabbit hole; or, ignore it entirely, pretend none of this exists, and then hope by stroke of luck it wo…

It’s becoming too obvious to keep overlooking Keynes' statement when little credit-collateral-money, "is...available our wealth suffers stagnation or decline.” The problem is hardly anyone knows what…

PART 01: Producer prices in the US are elevated, but decelerating. They're elevated because of demand surges, supply shocks and logistics snarls - all TRANSITORY factors. Producer prices ARE NOT elev…

PART 1: 'Maybe the economy isn't in as good a condition as you economists / academics / technocrats think it is,' says the labor force participation rate.  'The economy is in fantastic shape,' says t…

PART 01: A lousy labor market report for August is being blamed on a "labor shortage". Also, 'lazy Americans' and 'the delta'. But the real problem is that businesses will not pay a market-clearing w…

Jay Powell announced his central bank is satisfied (enough) with the economy's direction. Thus, the Fed will soon be 'tapering'; lessening the 'monetary stimulus'. What did bond-money markets say? Di…

PART 01: What did the Federal Reserve think about gold and the Nixon Shock in 1971? According to the transcripts they didn't think much about gold, neither pre- nor post-announcement. The Fed did not…

PART 01: Inflation is a broad, sustained monetary phenomenon. Price deviations in a narrow set of economic sectors, though they last months, are just that: price deviations. Today's high CPI-readings…

PART 01: Fifty years ago the "Nixon Shock" closed the 'Gold Window' on "international speculators" and killed the Bretton Woods gold exchange era. That's what we're told. Actually, Bretton Woods died…

PART 01: Gold Slams! Rapid, huge sales in early morning hours are warnings about a malfunction deep within the plumbing of global capital flows. They're also multi-week, precipitous price declines. W…

FRONTLINE critiques the Fed for showering big banks, big business and Wall Street with easy money, which reached neither the real economy nor the vast majority of Americans. Yes to the latter, but no…

Early-morning action in the repo market shows a musical chairs-like collateral scramble; it has the Fed's attention. But the Fed is blasé about it (i.e. 'too much cash'). Yet these collateral scrambl…

Professor Sam Williamson, economic historian, explains how the value of commodities, projects and income/wealth should be properly measured across time (AND IT IS NOT WITH A CPI INDEX!). Otherwise, l…

PART 01: Jay Powell has confirmed a surging Fed program (RRP) is partly the result of safe-asset demand. But he plays it off as a monetary technicality, mere arcana. Nope! Safe-asset scarcity is step…

PART 01: When the US Treasury yield curve inverts it is a warning that recession is on the horizon. What about when the Eurodollar Futures yield curve rolls over on its back? Not good news either. Wo…

Non-economist, monetary iconoclast Jeff Snider's commentary on the the 'big news' about the 'hawkish' new Fed forecast implying economic recovery championed by the business press while at the same ti…

Non-economist, monetary iconoclast Jeff Snider's commentary on yet another central bank study concluding that there are TANGIBLE problems with quantitative easing and what benefits can be observed ar…

Non-economist, monetary iconoclast Jeff Snider's commentary on why inflation is unwelcome directly and welcome indirectly. Also, economic depression and hopelessness have struck the United States man…

PART 01: After the Federal Reserve raised the return on one of its bank programs, a record $756 billion flowed into the central bank’s reverse repo facility. Jerome Powel said, "We're not concerned."…