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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 "transitory". HE IS RIGHT! But the reason he gives - the covo - is not correct. No, the reason is the same one since 2007: the global, silent depression.

-----PART 03 SUMMARY------
On February 23rd the US Treasury 2-year auction put in some record-low bids. But then, on February 24th, the snowflake (or feather, or spark... maybe all three at once) came, so that by the 25th perceptions had reversed (melo)dramatically. Had Death come for US Treasuries?


---------SPONSOR----------
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---------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://davidparkins.com/


---------HEAR IT----------
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--------REFERENCES--------
History Isn't On Your Side If You're Looking for Inflation: https://bit.ly/3uW97EJ
Scorching, Blistering, Highest In A Decade! Powell’s The Voice of Reason Here?: https://bit.ly/32kpNcW
Why *Only* That Specific One? https://bit.ly/2Qe8zLF
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7


---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by the Ingmar Bergman of the pen, David Parkins. Podcast intro/outro is "Strolling with You" by John Runefelt at Epidemic Sound.

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