Making Sense

Making Sense

Discussing the function and malfunction of the global monetary order and its consequences on finance, economics, politics and society.

Episodes

June 18, 2021 85 min

Daniel Want, the early-21st century Australian philosopher and Chief Investment Officer of Prerequisite Capital, discusses: absence of knowledge at educational institutions, transitory inflation, first principles, disconnected markets, justice as prerequisite and the unified magnitude of the crisis.


--------REFERENCES--------
Prerequisite Capital: https://bit.ly/3gjMvd7
Training Videos: https://bit.ly/3czM4sM

Daniel LinkedIn: https://b...

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PART 01: What should a central bank be? What does one do? Is what the Fed does 'central banking'? What did Ben Bernanke promise in 2002 that the Fed would never do again -- learning the lesson of the 1930s -- and how did he break his promise less than 5 years later?

PART 02: In March 2020 long-term US Treasury yields shot higher - why? Aren't these safe assets? Did the 'Treasury market break'? No. Yields shot hig...

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June 7, 2021 46 min

PART 01: A new measure of the monetary order will be unveiled at the end of this two-part episode. But first, a discussion of uncertainty, incomplete pictures, relativity, perspective and the limits of human knowledge. Also, bank reserves and repurchase agreements.

PART 02: Within the US Triparty Repo environment, utilizing data from the Federal Reserve Bank of New York, we observe that three dollar shortages between 2010-20 appeare...

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Historian and political economist Daniel Oliver's commentary on why the quantity of currency is less important than the quality of the collateral backing it. In the USA the quality of the Federal Reserve's assets suggests two options remain: searing hyperinflation or wrenching austerity. A reading, by Emil Kalinowski.


----------WHO----------
Daniel Oliver of Myrmikan Capital. Read by Emil Kalinowski. Art by David Parkins. Int...

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PART 01: All of a sudden the Federal Reserve's Reverse Repo Program has exploded higher to half-a-trillion dollars. Why? The mainstream, orthodox narrative is that 'this is fine'; a response to 'too many bank reserves'. What does it really mean? Collateral scarcity. Systemic fragility. A warning.

PART 02: Chile, one of the 20th-century's rare economic success stories - from a low level of development to just ...

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PART 01: On May 26, 2021 the Earth will witness a Super Flower Blood Moon - a sure sign of the apocalypse (again). It is no wonder then that, with the end upon us all, the Federal Reserve took the opportunity to confess in their recent meeting minutes that bank reserves are not money.

PART 02: There may be no better view into the incomprehensibly complex global monetary order than the Treasury International Capital report. We review...

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"Inflation" is a generalized, sustained increase in consumer prices. A spike in consumer prices is just that - a transitory spike. Watch as Jeff gives four reasons and examples (2000, 2008, 2021 bond yields and auctions) why the probabilities favor a rise in CPI, not "inflation".

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


---------HEAR IT----------
Vurbl: http...

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Historian and geopolitical strategist George Friedman's commentary on two concepts of international relations: a liberal international order and a rules-based system. A reading, by Emil Kalinowski.

----------WHO----------
George Friedman of Geopolitical Futures. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "South Is That Way" by Lofive featuring Divty at Epidemic Sound.

----------WHAT----------
The Myth of ...

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PART 01: In the 1930s the economic devastation was so bad that only radical solutions remained. But then, like now in our Silent Depression, radicalism does not mean success necessarily. The key is to first understand why the devastation in the first place. Otherwise? Dictators.

PART 02: Starting in October 2019 the Federal Reserve began to buy US Treasury Bills, EXCLUSIVELY. Starting in March 2020 the Fed stopped buy UST Bills, EXP...

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May 17, 2021 83 min

Geopolitical analyst Allison Fedirka explains what made some countries socioeconomic success stories, where the next emerging market stars may be, and whether a decentralized international balance is in our future.


---------SEE IT-----------
Geopolitical Futures: https://bit.ly/3hv7Px0
LinkedIn: https://bit.ly/3eN7qEi
Twitter: https://twitter.com/AFedirka

Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL


------...

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Might the economy take off?  According to a Wall Street Journal opinion column, solid wage growth and unfilled openings point to much less labor market slack than headline unemployment data.  Jeff Snider reacts live.


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


---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
i...

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May 12, 2021 32 min

From 2009-12 Buffett warned that emergency monetary and fiscal action would stoke inflation, that the dollar was in the hands of a profligate Congress and that Treasuries would lose real value. He was wrong. Now he's back.

"Number one rule of Wall Street: nobody - I don't care if you're Warren Buffett or Jimmy Buffett - nobody knows if the stock's going to go up, down, sideways, or in [#]ucking circles; least of ...

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May 10, 2021 54 min

Professor Sissoko focuses attention on the fact that the post-2008 financial system has changed dramatically but that technocrats have not tackled what the changes mean. Sissoko discusses the path to the 2008 and 2020 shocks and proposes we turn the clock back to a wiser time.


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


---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
...

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Historian and geopolitical strategist George Friedman's commentary on the (un)likelihood of war with China and Russia. A reading, by Emil Kalinowski.

----------WHO----------
George Friedman of Geopolitical Futures. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Sweet Violet" by Yi Nantiro at Epidemic Sound.

----------WHAT----------
The Unlikelihood of a War With China and Russia: https://bit.ly/2Rg3LWn
The mo...

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The Economist magazine states that "the covid-19 crisis is highlighting the limits of unemployment-insurance figures" and therefore "jobless-claims data give little insight into America’s economy". Jeff Snider reacts Live! to the article and offers his own thoughts.


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


---------HEAR IT----------
Vurbl: https://bit.ly/3rq...

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May 3, 2021 72 min

PART 01: The rise and fall of an arbitrage trade by hedge funds known as the Treasury cash-futures basis trade. That was the focus of an excellent research paper by two government researchers. But there's just one problem. They don't ask what caused the rise of the basis trade in the first place.

PART 02: Open interest in US Treasury Long Bond futures have crossed the 800,000-line only a few times in the past quarter-century...

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April 26, 2021 62 min

PART 01: Government stimulus seems to work sometimes (e.g. US recessions after WW2). Other times it clearly fails: 1970s USSR, 1980s S. America and Africa, 1990s Japan, and USA post-2008. Presidents Bush (ECA 2008), Obama (ARRA 2009) and Trump (TCJA 2017) tried and failed. Will Biden be any different?

PART 02: When public debt rises to around 90% of GDP economic growth falls by 1% each year. A review of Carmen Reinhart and Kenneth R...

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In 2014 the St. Louis Federal Reserve noted that despite a MASSIVE increase in money the expected 4 to 6% inflation did not materialize. The researchers suggest it was a "liquidity trap". Yes, and no. But mostly no.


---------SEE IT-----------
Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
Art: https://davidparki...

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April 19, 2021 66 min

-----PART 01 SUMMARY------
US President Jimmy Carter told the nation that the US dollar's devaluation "is clearly not warranted by the fundamental economic situation". In fact, it was unreservedly deserved as the necessary consequence of prolonged official incompetence.

-----PART 02 SUMMARY------
US producer prices surged in the month of March. But Federal Reserve chairman Jay Powell said they won't last, that they are...

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The Economist says, 'No! They are white knights to be held in reserve; don't sully them with politics.' Jeff Snider agrees on the 'No!', but for entirely opposite reasons.


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


---------HEAR IT----------
Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31j...

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