Bahisçilerde Eurodollar bahisleri

Bahisçiler, çok sayıda seçkin pazarla birlikte mükemmel bir liste sunar. Aşağıdaki bölümlerde, oyuncuların belirli bir süre sonra döviz çiftlerini nasıl yükseltebileceklerini anlatacağım: bahisçilerde 10, 20 Eurodollar bahis.

Ortalama katsayı seviyeleri ve çizgili görkemli resimler. Önce her şeyi okuyacaksın, sonra ayırmayı öğreneceksin.

Legalbet, kişisel bir hesap açmanızı ve bahisçilerde Eurodollara bahis oynamanızı önerir. Bugün denizaşırı kumar şirketleri arasında ayırabiliriz, birkaç örneğe bakalım. Bu oldukça düşük bir göstergedir, oyuncuya iyi bir Rusya ve BDT ülkelerine sahip olma fırsatı veren, ancak Rusça bir versiyon sağlamaz.Ayrıca, turnuva bahisçilerinde Eurodollar bahislerinde ilk kez , oyuncuların görüşleri üzerinde bahisler ve manipülasyonlar olacaktır.

Özü çok basit, aşağıda okuyun: Üçünü açarsınız. Batı bahis şirketi pazarı, çok çeşitli finansal araçları kapsamaktadır. Herhangi bir kazan-kazan spor bahis stratejisi var mı? Para birimi seçiminizi dikkatlice değerlendirin – yasal bahisçilerde çok fazla harcayın.

Bu faktör, ihracatın mal ithalatına oranı ile karakterizedir. Genellikle oyuncuya, para birimlerinden birinin sistemlerden hareketinin sonucunu tahmin etme fırsatı verilir ve daha sonra dönüştürülecekleri.

This Post Has 166 Comments

  1. prashanthigirl

    What about HSBC? Rumours abound. Is it going to fail or require a bail out or bail ins?

  2. Vesela Pankova

    Jeff Snider is a financial rock star

  3. Mark S

    Non-U.S. banks have long played an outsized role in money creation because of the multiplier impact of their moves, according to Jeffrey Snider, the Florida-based head of global research at Alhambra Investments who has studied offshore banking for 25 years, and asset manager Kevin Price, former product head for UBS Group AG’s unit in the Bahamas.

    Only a small portion of the world’s money creation comes from bills and coins created by central banks. A much larger amount comes from commercial banks’ willingness to create money through book entries, enabling credit and the money supply to continually expand.

    So banks’ hesitancy to lend to each other is acting as a powerful and unseen force that’s counteracted the Fed’s efforts to soothe investors, and is behind some of the seemingly counter-intuitive moves in currency and rates markets, both Snider and Price said.

    1. Mark S

      @Emil Kalinowski Yeah. Also, I thought Jeff was blacklisted from Bloomberg. I was shocked when I saw his name in the money markets feed of my terminal.

    2. Emil Kalinowski

      Sounds like Vivien Chen
      knows what shes writing about.

  4. John Charles

    So glad I came across your work. Not only does Jim Rickards follow you but economist Daniel Lacalle, so you keep good company. I wouldn’t doubt if you also had “shadow” company following you incognito. Keep up the outstanding work and relevant discussions.

  5. No Fun Zone

    best episode yet

  6. Toro Blanco

    Emil, your Alambra was perfect.

  7. Aayush Patodia

    right into my veins!!!!

    1. Aayush Patodia

      Emil Kalinowski touché, please don’t rat me out

    2. Emil Kalinowski

      Lysergic acid diethylamide, methaqualone and Making Sense with Jeff Snider & Emil Kalinowski are each United States Drug Enforcement Agency Schedule I drugs.

  8. yalesdy

    Absolutely amazing information! The keys to the inner-financial universe! And the pace at which you guys deliver it is so perfect. Thank you, again, for understanding that we all aren’t financial experts! Because the rest of us still want to understand.

  9. jim bob

    these are great videos, some of the best content out right now. Would you be able to post the link of the news articles in the video description please?

  10. Outdoorsman

    Yet another excellent video, thank you… please keep them coming!

  11. Barrett L

    Thanks guys, as always.

  12. andy

    seems like as long as there is strong demand overseas for dollars we can just keep printing?

    1. Emil Kalinowski

      @daniel lowry It is not a bad rule of thumb. Not bad at all. I believe if we went back and examined the 500-year geopolitical history of when Europe ruled the world then the Dutch, French, Portuguese, Spanish and British experience would add some nuance to that Hunts axiom. For example, Britain won her World War and indeed retained her sovereign reign over the monetary realm. But then, during the Suez Crisis, she was forced to withdraw under pressure of the United States. A loss? No. A humbling? Yes. And the international trade community had been scared out of their wits at the prospect of the pound becoming unavailable. The switch to the US dollar began in earnest. Check out this history by Jeff on the subject:

    2. daniel lowry

      Ben Hunt @epsilon theory says the US Dollar is king until the USA fights a world war and loses.

    3. Emil Kalinowski

      It is a matter of confidence, trust, institutions and rule of law that underpin the strength of the dollar. The US does not want to debase those indefinitely. According to the pioneering work of Neil Howe and William Strauss we can estimate that the US is approaching the nadir of its wanton behavior. Confidence, trust, institutions and rule of law are low but if Howe and Strauss are correct, they will be rising in the future. That suggests continued demand overseas BUT says nothing about the relative value of the currency. The currency can depreciate greatly but still be in demand (based on the assumption that its even worse overseas). Im not satisfied with the clarity of my answer but Im going to post it anyway. May the YouTube Deity forgive me.

  13. Pat Kenney

    Ha I like the outro music

  14. L G

    If theres a Boogie Man out there that would imply that something is going to break as in Defaults. But, you say there will be no defaults.

    So whats the Finking Problem Then? Are you saying Interest Rates will Climb? What. Say something helpful !

  15. Adapt 2020

    Fed is not build for handling global liquidity issue and thats why you have shadow system of dollars outside US .

  16. tverboon

    The worldwide debt bubble now is so much bigger than ‘08. Why would this shadow shadow run be smaller? Also trade is much lower, causing less flow. I think you are even more worried than you are showing. Thanks, this is really great, unique information. Thank you both.

  17. JR

    With all the foreign dollar denominated debt, these countries needed to raise $usd since global trade stopped they had no incoming $usd, so the plan was to liquidate bonds, which would raise rates here in US, so the Fed opened a pawn shop overseas and gave them a 6 month loan on their treasuries to avoid them selling… comments?

  18. Joseph Collins

    Its actually based on the Arabic الحمراء, meaning The Red (feminine) which definitely has a hard H and does not have a B. The Spanish were the ones who made the H silent because it is silent in Spanish and added the B.

    1. Emil Kalinowski

      @Joseph Collins Do you by any chance subscribe to Merriam-Websters daily Word of the Day podcast? If you dont, I think youll quiet enjoy it.

    2. Joseph Collins

      @Emil Kalinowski Phonology is fun-ology.

    3. Emil Kalinowski

      So in Arabic it has a hard H, in Spanish it does not and in American… oh jay-sus!


    Awesome video, thank you. Do you think it is possible for Fed to create some kind of different dollar, lets say Edollar, which will function as US dollar outside of the US ? Meaning in the US we use Dollar-Dollar, and everywhere else its Edollar ? Or the opposite create some kind of domestic dollar not exposed to the outside world and let everyone else run with existing dollar?

  20. mikedbarkerhotmail

    Thank God for you Emil! I believe what Jeff has been saying is critical but after reading him or listening to him I stumble away in a semifog. You are asking the questions that I would have asked him to clarify. Thanks for clearing the room a bit.

    1. Emil Kalinowski

      I just want people to know that I am very comfortable in receiving ubiquitous, unrelenting and undeserved praise. I promise it will not go straight to my head but will instead take a more leisurely year-long stroll before arriving there. I then intend to drink the classic YouTube-starlet witches brew of entitlement, drugs and tight pleather pants, all of which will be documented by the tabloids.

  21. Paul Rath

    We know that international trade is a key source for liquidity in the Eurodollar market. Your chart at 6:22 shows that reductions of trade go hand-in-hand with lack of liquidity. Two related questions – which is cause and which is effect (does lack of liquidity cause decline in trade or vice versa?) and also, in terms of total Eurodollars in the market, how much is connected to trade? Is it a large percentage, or just one of many components?

    1. prashanthigirl

      Emil Kalinowski great comment.

    2. Emil Kalinowski

      Hello Mr. Rath. Globalization is, at its core, a rising surplus of financial liquidity. The wellspring of globalization is the sudden surge of money, or forms of near-money, in the money centers of advanced economies of the day. This surplus can be brought about in a variety of ways but the key being that it is of such magnitude that local investment opportunities are soon saturated. The liquidity then flows towards riskier, higher returning investments that can be found in emerging markets and emerging technologies. Some of these opportunities cannot help but deliver positive results as the money continues to flow, constantly seeking entrepreneurs that can provide a return. That’s when the second order effects of globalization begin appearing: an increase in international trade, migration of people and innovation. The self-reinforcing cycle brings forth third order effects such as the intermingling of cultures, the sharing of ideas and improving cooperation among sovereign nations.

      An abundance of money. This core ingredient when it is present begets, in a self-reinforcing cycle, technological advances, the flow of goods and people, the sharing of ideas, rewards cooperative international relations and gives rise to a cosmopolitan culture. But when it is absent, this impressive interdependency disintegrates. Stripping the splendid aspects of globalization down to something as vulgar as money makes it much easier to understand why the process can reverse. Perhaps no part of human history repeats more readily and comparably than a financial boom and bust.

      Of the seven eras of globalization and de-globalization since 1800 that this YouTube disc-jockey is aware of, each began, and ended, with a secular waxing or waning of capital market liquidity.

      It used to be that this surplus of liquidity was very heavily driven by trade but that stopped being the case at the turn of the last century (1900).

      If youre interested in learning more about trade and its relationship to capital flows I recommend the work of Michael Pettis:

  22. crypto nite

    The funny intro made me like this

  23. Kirstin Strand

    Is not the Global Financial System the worlds Nightmare? How does the US created SWIFT SYSTEM fit into this mess?

  24. Jennifer Gonzalez

    How do we take advantage of a situation like this? How can we ride this wave?

    1. Jennifer Gonzalez

      Emil Kalinowski especially someone young. I’m 21 and have 10k to invest in. What can I possibly invest in with this?

    2. Emil Kalinowski

      Great question, Ill ask Jeff and put it in this weeks mailbag episode.

  25. sahhaf1234

    the recording is atrocious…

    1. Emil Kalinowski

      @sahhaf1234 Please excuse the long delayed response. Well, I would take each of those phrases and type them into Investopedia. Then, I would do the same with the BIS glossary ( Lastly, I would do the same in Googles advance search feature when you can search just Alhambra Investments to see what Jeff says about them. From those three perspectives youll be able to start building an understanding.

      However, I can help you directly with why does the curve go flat after 2008 because that is the essence of Jeffs work. The curve goes flat because private financial institutions (i.e. banks mostly) stopped expanding their balance sheets in 2008. They did so because it became apparent to them that it was too risky to do so. Unfortunately for us that means that the money that the global economy runs on – credit – is no longer being created at a rate that the world had become accustomed to. The world ran on credit – on trust. Now that trust is in shorter supply. Specifically, the derivatives were tools that the banks used to expand their balance sheets in a way that was risk-managed and regulator-friendly. Well, if youre not interested in expanding the balance sheet (i.e. no return, or at least too much risk) then you dont need to employ the tools. You will notice that these lines – these curves – are not precisely flat, but fluctuate with each of the four liquidity crises since 2007 (

      The Interest Rate Swaps (IRS) are tools used by banks to help manage the expansion of their balance sheet. Here is what Jeff says on the topic (

      I hope I was of some help and please forgive the long delay.

    2. sahhaf1234

      @Emil Kalinowski Actually, It will be magnificent if this graph is explained:

      what are notional, outstanding gross credit exposure and outstanding gross market values? And why the curve becomes flat after 2008?
      On a more basic level, what function do the IRSs play in todays market? I can understand how an IRS contract works, but I cannot see what impact do they have on the macro view. Also, who are the main players on this market?
      There is very little info on the internet on all these questions..
      Thanks again..

    3. sahhaf1234

      @Emil Kalinowski Thanks for your reply.. That will be really great.. But let me note that even te sentence ..the derivatives overlap the single asset in a chain of transactions…. is too complicated for me.. 🙂

    4. Emil Kalinowski

      @sahhaf1234 Great question, I have put it in the mailbag list of questions. I believe it is because the derivatives overlap the single asset in a chain of transactions. The end-user may be a manufacturer in Shenzen but the dollars may originate in New York. However long the chain may be (Hong Kong, Tokyo, Shenzen) there may be derivatives placed on that underlying loan each time. Ill ask Jeff! Thanks, good one.

    5. sahhaf1234

      ​@Emil Kalinowski Dear, Mr. Kalinowski, Ill of course come back even if you kick me out and dont want me 🙂 Actually, Im at episode 5 now…
      I guess the sound quality is related to skype or some other comm app. Maybe zoom is a better choice…
      Using this as an opportunity, let me ask a question…
      Q: Interest rate swaps.. How do they reach to such huge amounts? AFAIK, they are the exchange of fixed rate vs. variable rate interest payments on debt. According to IMF, total global debt is 188 Trillion. Total interest rate swaps is 640 trillion..How can this happen? If the total debt of the world is 188T, shouldnt the upper limit of IRS be also 188T?

  26. slawomir tomaszewicz

    What Jeff described then Fed is completely blind. They have no idea how control outside USA doloar liability. If outside dollar system is multiple bigger than USA ability to back this up, simply bc over the years USA became much less significant factor, some kind of monetary reset is absolutely necessary. What exactly would be the reserve that rest of currency floats against that? Its very black future ahead of us. Also that would be big challenge for our global economy. Really hard to find solutions to this issue. Looking forward to what Jeff thinks about solutions to that problem. Great interview.

    1. Emil Kalinowski

      Dzien dobry. What Jeff is describing is not new, thats very important to note. They had no idea how to control this outside dollar creation more than 40 years ago, if not 60. It is not a matter of the size of the US but a matter of the Leviathan network creating offshore dollars.

      In 1960 the Bretton Woods gold standard was broken by market prices necessitating the creation of the London Gold Pool. If you count Euro-dollar in the Feds meeting minutes in the 1960s youll see that it got their attention in late 1967. By 1968 the Pool collapsed.

      Here is a quote from Fed Vice Chair Mitchell in December 1974 stating that euro-dollars have made useless traditional measures of dollars: Mr. Mitchell said he could think of no time when the monetary aggregates were less useful for policy purposes than they were now. Another uncertainty in the interpretation of the monetary statistics arose in connection with Euro-dollars; he suspected that at least some part of the Euro-dollar-based money supply should be included in the U.S. money supply.

      In 1979 the NY Fed noted that eurodollars had been growing at 2.5-times the rate of regular dollars for the decade: The Euromarkets grew rapidly during the 1970s. All the measures of Euromarket size increased at annual rates above 25 percent. By comparison, a broad measure of the United States money supply that includes large negotiable certificates of deposit and time deposits grew at an annual rate of about 10 percent between 1970 and mid-1979, as did a broad measure of the German money supply.

      In 1984 Treasury official Roosa, Second, with offshore markets able to create dollars, reliance upon dollars generated within the United States to provide the world with a controlled supply of reserve currency (as a sort of governor of worldwide purchasing power) became impossible. For from the early sixties onward there was virtually no control over the worldwide supply and use of dollars.

      It doesnt have to be a black future at all! It is a natural process, a cycle of rebirth and regeneration. The phoenix rising from the ashes. A great golden age ahead of us once we establish the foundation for edifice to build on. (Yes, a little bit black and hard and not easy.)

  27. Karen Reddy

    Im really glad you guys are doing this. I first heard of Jeff Snider via George Gammons channel, and thought his argument and information was very logical and well reasoned. This knowledge really had to be put out there to gain a higher reach.
    You can count on me to spread it to folks I know.

    1. Emil Kalinowski

      Thank you Karen.

  28. Market Barometrix

    Reframing my understanding of the Fed as an institution whose primary function is to coddle the domestic banking system and not an authority on the Dollar is blowing my mind. . . though I feel I still have a ton of understanding to develop.

  29. Maciej

    There is $ shortage at the moment but isnt it that when the DXY shoots to the stars then the $ will collapse? Maybe the Fed is not helping out the world on purpose? Knowing that the current system suffers to the Triffin Dilemma it seems to be a perfect opportunity to get out of it. But to get out in a proper way so that proper circles keep their wealth and get even richer. How could it play out? The dollar gets stronger and stronger while the EM get crushed. Whoever has dollars at that moment when the world economy is destroyed, can buy loads of companies, land and securities all over the world at very low prices. Fed decides who gets the dollars then – it can print them. So, in the end, some will buy very cheap assets using printed dollars!! 😀 … Then the world decides to get rid of the dollar as the reserve currency – just after half of the world is sold out to new owners…. A strong dollar is great for everyone who wants to buy cheap assets soon. Why on earth would FED help out the economies, if its associates want to become owners of these economies? How else could $ stop being the reserve currency without hurting US and the elites. How to sell the top before everyone else starts selling USD?… A perfect shift from owning fiat useless money to owning hard assets… Im not an expert in economy, Im just wondering if this is a possibility… If it is, then there is no point in thinking that FED will do anything about the dollar shortage. For now everything it does seems to make the problem worse (while were left to believe that they are trying to solve it…) and I find it impossible to believe that these people do not see the real issue here. They just plan to use it for their own interest. I start to understand why Brent Johnson (the one from milkshake theory) once said, that one day we will see how evil the US really is… I seriously hope he was wrong…

    1. Emil Kalinowski

      Hi Maciej. You said, How else could $ stop being the reserve currency without hurting US and the elites. That is two separate things. If the dollar stopped being the reserve currency it would HELP the US ( but hurt the elites in the US. Unfortunately the interests of the US people and the elites no longer align. Hopefully they will again soon.

      As for the broader point you make, it is a question of whether you believe that the people in positions of power are special and competent. If they are, then the scenario you describe seems entirely plausible. If you think them hapless, fumbling and being carried along by events then it seems unlikely they can pull off such a master plan.

  30. Dean R

    Excellent Q & A !!!

  31. Been to 40 countries

    HI, Emil, thanks for coming up with those great analogies. They really help us understand a very complex subject. Appreciate it !!!

  32. Aayush Patodia

    at 24:00 jeff states that in a systemic liquidity crisis the corporate bonds might trade at 60 cents on the dollar inspite of having no default risk. What is the reason for that?

    1. Aayush Patodia

      Richard Herrera wow, thanks a lot for such a prompt response, now talking from the context of the present scenario the situation seems a bit convoluted and please correct me if I am wrong in presenting the scenario. Currently most primary dealers have not been able to create liquidity in the system because they have been forced to take over a lot of US treasuries which they have been unable to create a secondary market for on account of lack of interest amongst clients, on account of this they are unable to take part in repo transactions inspite of yields of the overnight rates spiking. Is my syllogism incorrect?

    2. Richard Herrera

      @Aayush Patodia Because they are unsure of how well positioned the counter party is and what asset/liability mismatches they may have. They may have their own internal liquidity concerns as corporations are drawing on credit revolvers,. They may be taking losses on fx, fixed income, or equity exposure either directly or indirectly from counter parties who they fund and are now concerned about repayment, not just through repo but through term funded products like swaps etc.

    3. Aayush Patodia

      @Richard Herrera thanks a lot Richard for taking the time and effort to give an astute response, if possible can you please elaborate on what reasons the dealers might have for not taking collateral and letting go of some liquidity i.e how balance sheet capacity can be an issue and what can cause them to be unwilling, considering that repo transactions yield a lot higher returns

    4. Richard Herrera

      @Aayush Patodia There is another side of the inability to fund through repo which is balance sheet capacity/willingness of dealers. I would look at it more through this angle than perceived credit risk from collateral. Dealers could be rejecting collateral not because of what the collateral is but because they want to keep as liquid as possible.

      As far as the fed taking on toxic assets in shouldnt matter but they can only directly purchase government backed liabilites. The Fed created an SPV (special purpose vehicle) funded with 425 billion from the US Treasury department to purchase private securities, which the fed levers up by lending to it. If these securities default the US Treasury is on the hook and will take the loss.

    5. Aayush Patodia

      Ryder300b this is the most comprehensive and coherent explanation I could have received on the matter, thank you so much for taking the time and effort. Just a quick follow up, in context of the 2008 crisis which you correctly pointed out was a function of the liquidity which was sucked out of the system on account of the MBS not being considered a quality collateral to get funding in Repo markets to tackle this the Fed purchased these securities off of the books which were actually good quality securities as evidenced in the case of AIG, but in the present scenario what are the collateral which people are not able to get repo financing for and how can we be certain that these assets will turn out to be as pristine as the MBS once the fed takes them over? And also what is the recourse available to the fed once any securities on its balance sheet default…isn’t that in effect a debt jubilee? Also if possible please explain the impact such an event would have on its liabilities and reserves.

      Thanks a lot

  33. Sharam Danesh

    Emil, please ask Jeff about the timing of future events. Even though during GFC1 all QEs did not resolve the Eurodollar problems, it was followed by 12 years of “ calm” and stock market rising. Could we see another 12 years before the end game or are we facing the day of reckoning? Thx

    1. Emil Kalinowski

      That is very kind of you to say and I am very happy to share what little I know in the hopes of generating a conversation we can all learn from. I was going to say, I am well over 100 percent not real, but then remembered this quote from Douglas Adams book Mostly Harmless, and it obviously says it better:

      There were so many different ways in which you were required to provide absolute proof of your identity these days that life could easily become extremely tiresome just from that factor alone, never mind the deeper existential problems of trying to function as a coherent consciousness in an epistemologically ambiguous physical universe.

      Heres another delightful quote from the same book, Wocket-hunting types were dispersing, and thick, heavy, bull-necked, sluglike creatures with rocket launchers were, it seemed, sliding out of was usually called thin air. Thin air, as all experienced Galactic travelers well know, is in fact extremely thick with multidimensional complexities.

    2. Sharam Danesh

      Emil, thank you so much for your response. Another question: Are you for real? You must be the nicest, most gracious person to spend the time and educate someone you don’t know. I really appreciate it🙏

    3. Emil Kalinowski

      Hello Danesh. I will eat my keyboard if Jeff believes that the 12 years thereafter were calm. There were three more liquidity squeezes, two of which were shocks (Europe 2011-12, Emerging Markets 2014-16). Global trade barely grew. Foreign direct investment did not grow. Political radicals began to make regular appearances. The American labor force shrank (as a percentage). Markets from Japan to Europe became government utilities. The only calm was that of growth. But it was the wrong kind of calm. It was the doldrums. It was a dead calm. I am going to have my literary license pulled but here is a passage from The Rhyme of the Ancient Mariner showing how calm it was:

      Down dropt the breeze, the sails dropt down,
      Twas sad as sad could be;
      And we did speak only to break
      The silence of the sea!

      All in a hot and copper sky,
      The bloody Sun, at noon,
      Right up above the mast did stand,
      No bigger than the Moon.

      Day after day, day after day,
      We stuck, nor breath nor motion;
      As idle as a painted ship
      Upon a painted ocean.

      Water, water, every where,
      And all the boards did shrink;
      Water, water, every where,
      Nor any drop to drink.

  34. Jen Ny

    in 2008, the usd spiked as the stock market collapsed.. I see that youre saying that this is gonna happen again because the fed cant provide quick enough liquidity into the market…. The actually just set up 406 billion currency swaps with foreign central banks. I think this time theyre gonna gear up on the currency swap and make sure that usd is weakened. I feel this like this time theyre monitory the usd very closely.. as long as its above 100, they will keep injecting usd into the global market through currency swaps and all other programs. I doubt were gonna have a dollar shortage this time. Gold is still the best play here. Even if USD shortage were to happen, i think this time itll only be a short time period.

    1. Emil Kalinowski

      Federal Reserves dollar swaps with other central banks began Dec-07, peaked at $583 billion in Dec-08; but crisis lasted till Mar-09. The swaps did not seem to be useful in the prevention and/or de-escalation of the 2007-09 episode. The central bank reopened swaps in May-10 (only three months after wrapping the program up) which then peaked at $109B in Feb-12 in response to the European Sovereign Debt crisis. That crisis didnt end, such as it did, until ECB President Draghi said hed do, Whatever it takes, in late July 2012. This second episode was only open to six central banks. Now, here we are again, with re-expanded swaps in Mar-20 and already over $432B. I suppose that they can get it right this time and that the crisis is over but the track record puts the onus on them to prove, not on us to believe until proven otherwise.

  35. RedPillMale

    Thanks guys. Im learning a lot of about banking. They taught me nothing but crap in business school.

  36. Michael Dabrowski

    Excellent guys. So grateful

  37. Roy Wessbecher

    At some point the Fed (and its adjuncts) will get tired of riding to the rescue of this bankster money-creation/liquidity/derivatives zombie.
    It will take an example from crypto stablecoins (like USDT, USDC, PAX, etc.), create its own digital USD, bail out all depositors, and let the banks die. Good riddance to the banksters! Reboot! Wall Street will fight it tooth and nail, but so what? The real economy is more important. Let new banks emerge…

    1. Roy Wessbecher

      @Emil Kalinowski Maybe, maybe not. a) Nobody much is going to cry if the Wall Street (the banksters) go down. b) Yes, many folks might be upset that a non-democratic entity like the FED will take control of the money digitally/electronically, but many will also not care, and some might even feel secure about it. – Besides, new and better banks will emerge to provide financial services – or – if people want to have full control of their money, they can opt for Bitcoin. Choices – no more being captured by too big to fail banksters.

    2. Emil Kalinowski

      Mm, I believe that would require a political change with strong popular support.

  38. Healthy Growth

    Excellent channel thank you!!!

  39. S B

    Thank you for sharing your knowledge with us youtubers! Youre awesome!

  40. Kirstin Strand

    This is months old; COVID must be reeking havoc on most businesses, and the IMF., etcetera. Edit: Why are there so many layers for customers and banks to wade through? What do the FED and CENTRAL BANKS do? It seems they literally Fly By the Seat of their Pants!

  41. L G

    If there isnt going to be any defaults then there isnt a problem. Good God get the damn point of what the problem will be if not defaults.
    The Fed will Save the Damn Day Again even though theyre a private entity paying dividends to member banks.

  42. Aengrod

    Treasury is central to US dollar. Should treasury want to stop creation of dollars, it would be so.

    1. Emil Kalinowski

      The Treasury is central the US dollar if it has the political will to do so. The Treasury prints physical currency. The Mint engraves coins. The Fed puts in the order that informs them how many bills and coins it needs. But more to the point, the Treasury and Executive Branch can commandeer the Federal Reserve as a political act, especially during a national crisis. Congress and the President can throw up capital controls and implement policies of financial repression. They can inform the money center banks that they are now utilities. If the political leaders have the support of the people and a crisis (e.g. WW1, WW2) calls for emergency action then it would be so.

  43. blableka

    Emil makes the best questions ever to Jeff

  44. Justin Masuda

    why is JPM set up well? if everything around them gets blasted, arent they affected then too?

  45. Gaz newman

    So from my very limited understanding, the banks created all these junk bonds, sold them to all the investors, hedge funds and pension funds etc, and now those same banks who created all the junk are refusing to lend against that junk as collateral, because they know its junk. So instead theyve bailed themselves out at the expense of the people, fortified their own piles of money and are going to sit back and watch the world descend in to a liquidity vortex of death because they dont know what else to do. (yes ive been watching George Gammon too) 🙂
    p.s. Jeff Snider is a genius !

  46. s4sukesharingan

    what about the italian banks or deutsche bank?

  47. Jeff Knowlton

    I am already a huge fan of this channel, please keep going!

  48. Outdoorsman

    Would a mass selloff of US Treasuries not pump huge quantities of dollars into the system, with lots of free (very liquid) dollars chasing a limited range of “things”, particularly during the pandemic when there is a limited range of “things” to buy cause inflation on a massive scale?

  49. Luke Gastin

    Another great episode. Thanks guys

  50. dfoo75au

    90 Agentinas now and Turkey is not one of them.

    1. Emil Kalinowski

      It absolutely has to be, right? The Keeper of the Library of Mistakes, the Dean of Deflation, the Siren of Capital Controls Mr. Russell Napier has long identified Turkey as a likely trigger for a disorderly financial cascade across Europe. (To be fair to Mr. Napier, he is resigning as Dean of Deflation in the near future and strongly believes in LEGISLATED inflation. Great work, highly recommended.)

  51. Harold Grey

    Hey Harold 62053 that’s me! I have a question if any one can field it: where can I go to research my country’s banking system USD denominated liabilities, and also the real economy’s USD liabilities?

    1. Michael Kordek

      Hi Harold. Look up your nation’s central Bank website and go through their list of bulletins and publications. The answer may be in there. (I know it exists for the Reserve Bank if Australia, not sure about the others)

  52. Eystein Harsjøen

    When does the next episode coming out???

    1. Emil Kalinowski

      We will record again this Friday. Hazaa!

  53. Outdoorsman

    If the shadow system referred to is over leveraged massively with debt that needs to be repaid at some point and inflation occurred big time, would the shadow system not go under if interest rates rose to control inflation?

    1. Harold Grey

      Chris Humphries no because it’s really the shadow system that is setting interest rates, not the Fed or government. The shadow system will only increase interest rates if it foresees price inflation on the horizon, but as long as things continue the way they are, inflation is nowhere to be seen, and interest rates won’t rise.

  54. Richard Chen

    Go long handbaskets XDDDDDDDDDDDDDDDD

  55. Hushai A

    One of the best proofs that there is a global conspiracy against the revelation of the truth: the best financial videos on the internet totally underrated 🙂

    1. Hushai A

      @Emil Kalinowski Thank you for letting me know. You deserve it.

    2. Emil Kalinowski

      Thanks Hushai but I wouldnt say were totally underrated. This shows three episodes have garnered 21,00 views which puts us in the top 539,754 of YouTube videos released in the past three weeks right behind Doggy Bounce #1, Doggy Dance #5, In the Pound #37. And that aint bad.

  56. Jon Per

    continue doing a great job in educating us on the financial system

  57. Drew Cietek

    Love the content so far! You may want to decide if the podcast will be structured more like a back and forth or an interview format. Its clear Emil isnt always on the same page as Jeff and there are some awkward moments.

  58. Shane Empey PE

    Mr. Snider, Is it correct to say that the Euro Dollar is an offshore currency which is pegged to the US Dollar?

    1. Harold Grey

      @Shane Empey, PE Youre starting to get it. I would recommend starting from the very basics of banking to help support your knowledge as well

    2. Shane Empey PE

      @Ryder300b I think Im getting it: Banks have reserves (actual paper) by BORROWING from the public. This allows them to create money at the click of buttons with DEPOSITS into a borrowers account. In the same way, is this what the Fed Res is doing for the Banks; creating money with button click DEPOSITS into the accounts the Fed has for the Banks?
      And the US Treasury is the only entity which can create actual paper?
      Enter the ED problem which arises when banks stop lending (creating new EDs) and the sum of borrowers must produce the interest portion of the payment; without new EDs being created there becomes a desperate scramble for dollars. The domestic markets get hit with demand for the exporting of dollars. All of this is independent of whether we are experiencing inflation or deflation domestically.
      Does it sound like Im getting it? You two are great!

    3. Shane Empey PE

      ​@Harold Grey I think Im getting it: Banks have reserves (actual paper) by BORROWING from the public. This allows them to create money at the click of buttons with DEPOSITS into a borrowers account. In the same way, is this what the Fed Res is doing for the Banks; creating money with button click DEPOSITS into the accounts the Fed has for the Banks?
      And the US Treasury is the only entity which can create actual paper?
      Enter the ED problem which arises when banks stop lending (creating new EDs) and the sum of borrowers must produce the interest portion of the payment; without new EDs being created there becomes a desperate scramble for dollars. The domestic markets get hit with demand for the exporting of dollars. All of this is independent of whether we are experiencing inflation or deflation domestically.
      Does it sound like Im getting it? You two are great!

    4. Ryder300b

      @Shane Empey, PE Richard Werner (mentioned earlier) also has a book.

      There is also this by Perry Mehrling: 
      This on Werner ( this article also contains a link to a good short piece by Werner)

      Then this: which fleshes out Mehrling’s point and is a bit more involved. His basic point is that the expansion of the money supply occurs at the payment level of the system. The discipline, or contraction tends to occur when the payment is funded.

    5. Harold Grey

      @Shane Empey, PE No problem. Ill start from the start in case youre not familiar with the basics. In the old days of banking, banks had to keep a fraction cash in their vaults to back up the number of peoples deposits. But it was only a small amount, because the rest of the money was loaned out to earn a return from borrowers. Well this system works if only a small number of people need to withdraw their deposits at a time. If everybody tried to withdraw their money at once, thats called a bank run, the bank just doesnt have the cash – like in the movie Its a Wonderful Life.
      Well slowly but surely, as technology advanced, banks stopped carrying as much cash. More transactions were done over computer screens – including deposits and loans, and cash was required less and less. People trust that the digital money on their screens reflects what they can withdraw, or buy and spend using cards, at any time.
      At some point in time, it essentially all went digital, and now when banks transact with each other, nothing changes hands. Think about someone borrowing money to buy a house. The buyer borrows money from Bank A, to buy from the seller. The seller has a mortgage on his house with Bank B. When Bank A makes the loan, the money is spent and used to pay off the mortgage at Bank B. But no cash has changed hands. What has happened? Well it turns out Bank A opens a new account for the buyer with the loan amount, and transfers that digital money to Bank B. The money gets deposited in the sellers bank account at Bank B, and the title of the house can change hands. But the crazy thing is, Bank A just punched up numbers on its screen for the loan account of the buyer, and then Bank B punched up numbers on its screen for the deposit account for the seller. Voila – money was created out of nothing, and no physical bills like Jeffs $5 had to change hands.
      The only limit to the amount of money a bank can create comes from banking rules. These rules say ok we allow you to create this money out of nothing – numbers on a screen – but you must then go out in to the markets and find cash to hold on your balance sheet, to back up this newly created money – just like in the old days of bank vaults with cash on hand, you must have a small amount of digital reserves backing up this money.

      Heres another person explaining it as well – the professor on the left, Richard Werner explains how banks create new money out of nothing

  59. prashanthigirl

    This is incredible (in the good way!). Thank you so much.

  60. brady nields

    Are those old documents behind him in frames or did he frame old planned pieces of wood?

    1. Emil Kalinowski

      Everyone asks, nobody knows. Eclectic, mysterious.

  61. captainmaj

    Great work as usual…can you please ask Jeff to talk about the idea that CB foreign reserves are not as liquid as they seem. He had mentioned that significant parts of these foreign reserves are made up of derivatives and other securities that may not be as liquid as Treasuries. Is the idea of holding large reserves useless?? And what would he do (and what does he think they will do), if he was in the place of a Foreign Central Banker facing a dollar liquidity problem? Thanks!!!!!!

  62. Bhushan Manjarekar

    Population of the developed world has stayed pretty much the same at 1 billion since 1950s. On the other hand third world has grown from 1.5 billion in 1950 to 5.5 billion in 2020. May be this is the reason Fed cant support those 80 countries seeking dollar fundings, neither can IMF. China tried to create trade and financial capacity in the third world with its OBOR program and failed miserably.

    1. Bhushan Manjarekar

      @Emil Kalinowski Hello Emil, thank you for reply. Mr. Jeff Snider talks about Triffins paradox and what has changed from 1800s is the world has dropped gold standard. And yet it feels like the dollar is behaving like the same old gold, not enough. Im simply trying to relate what has changed since 1950s besides dropping the gold standard is exponential increase in peripheral population and thats where the dollar has become the new gold. Not only money from developed countries going back home but also there is this tremendous flight to safety from peripheral countries. Thank you.

    2. Emil Kalinowski

      Hello Bhushan. I do not believe it has to do with population. It is simply the relationship between the core money centers of the world and the periphery. Since at least 1800 global money centers invested in what we call emerging economies today and then yanked the capital back en mass when something happened back home. In the broadest sweep it has always been the events, for or against, in the money centers of the day that determined how much capital was sent to the developing world. I am certain that if there was profit to be made that the financial institutions would find a way to fund as many billions of people as need be.

  63. Goldspan

    “What matters is the lack of liquidity in the system to price everything in a rational normal way so things can operate on a dependable efficient basis.”  Jeff Snider 25:00 mark
    This is the kind of rationalization that drives me crazy.  This system is about as far away from reality and appears to be more of The Matrix, “we are slaves in our own minds”
    This is truly amazing for someone that is claiming to see everything that is wrong but never offers how the system is suppose look when the system is working correctly.

    Theres no such thing as a dollar shortage……or a shortage of any kind in any functioning free market.
    From Rothbards Mystery of Banking: “shortages are present when something cannot be purchased at the existing price”
    Rothbard goes on to make the point that price is the inverse of the “Purchasing Power of Money”. That the free market action quickly eliminates shortages by raising prices to the point where the market is cleared and demand and supply are again in equilibrium.

    So the speculators are wagging the dog by creating these long term positions that can only remain profitable if they get their short term funding at a certain price. If they had to truly finance them in the free market their deleveraging would crash the system, it would crash the entire Matrix. So the world is held hostage by a small group that provides no redeeming value to the world other then creating a highly leverage market for The States deficit and debt programs.
    Jeff just recently discovered the word “elasticity” and the role of the Central Bank. Its interesting to watch someone on their personal path to discovering the “truth”. The truth…..that central banks…..all central banks exist for one reason and one reason only,to facility the trade of The States debt. Soon….very soon Jeff will discover Herstatts Risk and Real Time Gross Settlement, then a whole different view will emerge and he will understand that the central banks of the world made a deal with devil that unleashed “wholesale funding”. Just like they did with securitization.
    This created 10,000 Long Term Capital Managements companies, all with very little equity and an endless appetite of highly leverage maturity transformation for unseemly private profits and socialized losses.

    I say liquidate them all…….Speculators in the interest rate market provide no value, 95% of the FX & Currency Swap positions are for speculation and only 5% support the productive economy. Speculators are not a bad thing in the free market of real commodities, they help to achieve price discovery. But in the “interest rate market” there is and will never be price discovery as long as the central authority sets the interest rate, they set the interest rate for The Matrix.
    The Goldspan

    1. Goldspan

      Yeah that is me, the one eyed man in a room full of blind people. I guess that makes me king!

    2. daniel lowry

      Goldspan I assume from your handle and Hayek quotes that you favor Austrian economics. Hard money man. Gold standard. Yes?

    3. prashanthigirl

      Goldspan sorry for the late reply. Didn’t see your comment until now. I’m not qualified to judge, but suspect you’re spot on about Snider’s fundamental outlook.
      I’m extremely private myself, so not sure if I’ll take you up on the offer of emailing. I hope you don’t mind. For the satisfaction of your curiosity, I’m an adult from outside the States.
      Hope to see more of your comments around the place. 🙂

    4. Goldspan

      Jeff is part of the problem and does not have any solution. How do I know this, because hes studying the bust looking for why we havent returned to the boom. The boom was the aberration. Thats what he should be looking at. He jumps from reason to reason which will always elude him because he doesnt understand the Economic Laws of Nature. In EU 4 hes now off on employment and R* he refers to it as r star. Its hard to believe he doesnt know R Star is an Economic Law of Nature….R* is the natural interest rate. I wrote a letter to my son when he graduated collage explaining to him what he didnt learn in collage. Itsdesribes how the natural interest rate is arranged and observed in the context of reality. If you would like to read this send me an e-mail to [email protected] I set this up for this specific reason. I will required you to disclose where you live, as in what state and your age, to know if I am talking to a student or an adult. I dont what anymore personal information then that, but I what to know whom I am talking with. I value my privacy too.

    5. prashanthigirl

      Goldspan could not agree more! Great quote!!

  64. Pete Raska

    Genesis of the problem was when they went off gold to pure fiat money and then became the Reserve Currency. Repeal of Glass-Steagal & the repeal of anti bucket shop prohibitions allowed derivative markets to be traded by the banks with absurd leverage ratios. Chickens came home to roost.
    The small silver lining in FIMA is an expanding awareness by the FED that there is a real problem with the creation of UNLIMITED DOLLARS

    1. JR

      The problem are Central Banks, they are separated from government decision making we are controlled by Central Bankers

  65. Jennifer Christo

    These videos are incredible! PhD level education in things only the rare understand!

  66. Andarvid Avohits

    What Id love for you to explain is, how does your view of the possible implications of the Feds recent actions differ from what were being led to believe by the mainstream media or even (arguably) fringe news outlets such as Zero Hedge? I fully appreciate the academic value of your explanations and I do not expect you to make market predictions, but Id be thankful if you could point out the error(s) contained within the widely believed implications of current monetary policy actions. Also, Id suggest you (Jeff) write a book. You obiously have an in-depth understanding of the subject, an imaginative, compelling writing style and, of course, a well-formed opinion. With a little luck, you might inspire much needed change.

    1. Andarvid Avohits

      @Emil Kalinowski Thank you for your answer.

    2. Emil Kalinowski

      Thank you Andarvid for the book idea. Believe it or not I have the title already. Now I just need to work on the couple hundred pages part.

      This article by Jeff a bit over a week ago may go some way in answering your request for possible implications ( The implications are that, much like 2008, the Federal Reserves actions are unlikely to actually stop the monetary disorder from spreading, even if the most visceral upheaval has abated. Here are two more articles from his recent run: ( and (

      The Federal Reserve is a banking authority but not a central bank to money supply. Private banks are central to money supply. Those banks are and will likely to continue pulling back. The implication being that it will prevent an economic recovery and thus, introduce further volatility into the political and social realms (

  67. nicg1883

    Snider has given me a financial education worth the name.

  68. Robert Mathenge

    Good show.

  69. Jim Aylan

    This is far and above the best series I have ever listened to. Thank you both!

  70. Andrei Dumitrache

    Maybe Jeff can explain this better at some point: all these places that need to raise dollars … arent they selling reserves to get the dollars and arent those reserves usually US treasuries? Doesnt that mean that, aside from current time, very soon much fewer US treasuries will be held by others but be floating in the market so lower price. Isnt a US treasury just dollars in the future? So the future value of dollar is that much lower as there is more demand currently?

    1. Jim Aylan

      14:22 Jeff was saying they arent selling US treasuries, but instead they get funneled into the REPO market (the reason why would be talked about in a later episode). The US treasury is dollars in the future in a sane market, but in an illiquid market, a lot of things arent priced according to their value, but based on what is available (this is from my own thinking). Everyone could believe that the dollar is going to be worthless next year, but they still have to pay their US denominated debt today, and there arent many dollars available, so people pay an arm and leg for them anyway, because they need them. Just like a man dying of thirst paying a gold brick for a glass of water. So you cant use the price to infer what the market truly values the future dollar, because things arent priced right.

  71. Jack Ziegler


  72. inef85

    hahah ORDER the playlist to make it easier for people.
    PS thousands of thanks, you guys rock!

  73. Debra Glass


  74. Anna Phillips

    A shadow Shadow Bank 🏃

  75. Rico Caliente

    Great work again. I‘m learning a lot. Thank you.

  76. 123axel123

    getting slightly better. i wish you guys succeed.
    minor: emil get a jacket that isnt made for a body builder
    jeff: skip the white t-shirt so american

    1. Emil Kalinowski

      Give me a break, Ive just started to get my pump on. Going to fill that jacket out baby.

  77. darkbrian

    Its like Jared Vennett and Mark Baum having an extremely calm conversation.
    If youre following Jeff on twitter you know who is portraying Mr. Baum))

    1. Emil Kalinowski

      I am jacked to the tits to be the Jared Vennett of this relationship.

  78. Vincent Vanhee

    Keep it going

  79. Been to 40 countries

    What can we do to prepare for such a shadow shadow crisis? Thanks

  80. Fracer Hardrock

    Emil, love ur joke about being long hand baskets. What’s your and Jeff’s idea of the proverbial hand basket in case it all goes to hell? Anything other than gold?

    1. Emil Kalinowski

      @Fracer Hardrock The team at Hedgeye are great teachers in this area and I would recommend following them, watching their videos to see if they strike a chord with you.

    2. Fracer Hardrock

      Emil, thank you!
      I’m trying to build “Dragon portfolio” following Chris Cole recommendation (allegory of hawk and serpent paper). Still, wanted to know whether certain asset class deserve higher allocation during recession

    3. Emil Kalinowski

      I like Daniel Wants approach, you can see it here on page six ( Its an all-weather portfolio whose proportional weightings across four to five main categories fluctuates based on the context of the period. But importantly it never reduces one asset down to zero because one knows that its wrong/over-valued/whatnot.

  81. Leroy Brown

    Awesome, I’m learning more here than all of my years in college. Thanks guys

  82. W

    minute 30: in other words, Monetary Reform.

  83. L G

    As usual Jeff just talks in circles. If theyre not going to be any defaults then there will be no problem!

  84. Kevin V


  85. Sriram Padmanabhan

    Hi, thank you for this video. Why is federal reserve not paying attention and trying to take control of global dollar system? US is the reserve currency based on the brettonwood agreement, some where in the agreement there is no clause for it to take care of eurodollar type scenario?

  86. Timmy Sweets

    Could the Fed and treasury pump trillions into the fx market to buy foreign currencies and weaken the dollar?

    1. Emil Kalinowski

      If the Fed has the will and the unified political backing of government then they can weaken (or strengthen) the dollar. Its just a matter of do they really want to do it? You see what I am saying? What are they prepared to do? Everything within the law? And then, what are you prepared to do? Its the Chicago Way. Its a matter of will.

  87. misterbacon

    Hi Emil & Jeff, you both are getting better and better. I follow you both closely.

  88. MrDoctorHofmann

    Great educational effort guys. Thank you! I have three questions for you. I hope it’s not too much. Perhaps you can do a video on these topics.

    1) Can you please explain why would banks prefer to have idle excess reserves as opposed to putting them to work given that the Fed would likely give them more reserves?
    2) Could you make a point that, yes QE does not work in the short term as banks don’t lend the excess reserves out, but it works in the medium term as banks start lending the money as they gain confidence and liquidity/credit concerns naturally dissipate?
    3) And lastly, could you illustrate us on the effects of the current type of expansive monetary policy on inflation and the Phillips curve? Why didn’t the QE in GFC1 lead to inflation and will it be different this time?

    I hope you can explain these topics in simple terms for the average investor. Thank you again.

    1. MrDoctorHofmann

      Emil Kalinowski thank you very mucho for the detailed answer (links included!!). You are awesome. Keep up the good work.

    2. Emil Kalinowski

      Hello Dr. Hofmann.

      1) Banks may not put those reserves to work because they do not feel it is worth the risk. The return is insufficient to compensate for the risk. What risk? In the past dozen years there have been four very serious liquidity, financial and economic crises: 2007-09, 2011-12, 2014-16 and 2018-??.

      2) Japan began QE in 2001 and have had 10 main QE programs with 24 variations ( after the latest increase last month ( I believe you are right, if the banks had confidence in their central bank, if they had confidence that it was staffed with competent market-oriented technocrats that offered a credible backstop they would start lending. But we are in Year 13 of a monetary malfunction and central banks keep offering the same idea, but louder.

      3) I think youll enjoy this article by Jeff from last week that explains why there was no inflation after QE in the 1930s, 2000s, and why he doesnt expect any this time (

  89. dasXperiment

    your quality is improving by leaps and bounds! its so much fun to watch you guys and learn about things no one else explains. thank you so much!

  90. Usukk Cocc

    There is hope for humanity! Thank you guys!

  91. dfoo75au

    Which idiot disliked this video? Must have been the Fed 😂

    1. Emil Kalinowski

      I routinely down-vote these videos as I am uncomfortable with praise.

  92. Traders Anonymous

    This is so underrated it’s ridiculous

  93. Slaap jy nog?

    How exactly does the Fed plan to socialize world debt?

  94. brady nields

    12:38 Does stock to flow relate to the velocity of money or is availability?

    1. Emil Kalinowski

      @brady nields Distributed ledger technology has arrived at the right time. It seems to me that if we go through a debt deflationary squeeze these alternative solutions will be given a chance.

    2. brady nields

      ​@Emil Kalinowski Money as confidence makes a lot of sense, it gets to the root of historical monetary value. People may think of those older forms of money as archaic but back then its where the people of those times placed their confident. After reading Felix Martin I began thinking of the bare bones of money as being transferable credits or units. True, confidence plays a huge role in its value but if the credits/units are not easily transferable couldnt that affect its abilities to fulfill the other characteristics of money? On the flip side, no matter how transferable the ownership is, if there is no confidence, there is no value. It seems like bitcoins value is currently lodged somewhere between these two concepts.

      Yikes, children and maidens as money-good does seem alarming but I guess those creating the instruments then were working with the best of what was available. Or they knew how the game the system. This is where I hope distributed ledger technology and crypto will help guide us to the next form of money. The confidence hurdle will be tricky as it is easier to draw on golds monetary value throughout history than it is to describe digital scarcity and how that translates to moving value over the internet.

    3. Emil Kalinowski

      @brady nields Thank you Sir. Money can be anything – cereal, cattle, cowrie, coin, cash, cheques, credit, crypto; anything that begins with the letter C really. Even children. Here is a delightful story about Thirty Maidens of Geneva acting as money ( Well, not exactly money, but still, they were money-good.

      Money is confidence. Do you, and a sufficient number of people with whom you transact with, have confidence in this thing to serve as money. If so, you are good to go. In modern day it is the ledger balance at a bank. Weird stuff.

    4. brady nields

      @Emil Kalinowski I appreciate you taking to time to break all that down. I think my wires crossed thinking about bitcoins stock to flow ratio. I started trying to figure out what money was a few years ago and now having found Jeff I feel like Im right back at the beginning again! Its crazy how many different monetary formats there are and how they can be built off one another. Or maybe its all an attempt to paper over the cracks. Hopefully crypto and digital assets will provide some solutions or at least act as a light at the end of the tunnel. Great job on the series, a lot of quality information for people to wrap their minds around. Keep it up!

    5. Emil Kalinowski

      I dont believe I am going to answer your question satisfactorily.

      The stock is the availability of it. The central banks are making one monetary format – bank reserves – exceedingly available in the hopes that the private banks will build off of this foundation to construct other monetary formats (e.g. credit, collateral, foreign exchange, swaps, options, etc.) to be distributed into the economy to fund various real economic activity. The flow is the velocity of the money.

      The central bank is counting on the legendary rapaciousness of the banker. It has been called one of the five fundamental forces of the Universe (well, this one at least): bankers seeking profit. But guess what, after the past dozen years that eagerness has been dulled. Furthermore, households dont want to take on debt. And non-financial corporations dont want to take on as much as before and, this is conjecture on my part, what they do take on is not for long-term investment, but shorter term financializataion. At least, a material proportion is.

Yoruma kapalı.