Category Archive: 5) Global Macro

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Sentiment v. Substance: Checking In On Collateral Via, Yes, The Fed

2022-01-13

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2022-01-13

The Federal Reserve, like other central banks around the world, it does lend out the securities it owns and holds. Sophisticated modern wholesale money markets are highly collateralized, so much so that collateral itself takes on the properties of currency.

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Conflict Of Interest (rates): 10-year Treasury Yield Highest in Almost Two Years

2022-01-12

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2022-01-12

The dollar was high and going higher. Emerging markets had been seriously complaining. In one, the top central banker for India outright warned, “dollar funding has evaporated.” The TIC data supported his view, with full-blown negative months, net selling from afar that’s historically akin to what was coming out of India and the rest of the world.

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The Real Threat to Democracy is Corrupting Wealth Inequality

2022-01-11

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2022-01-11

Try to find a developing-world kleptocracy in which the top few collect more than 97% of the income from capital. There aren't any that top the USA, the world's most extreme kleptocracy. We're Number 1. Imagine a town of 1,000 adults and their dependents in which one person holds the vast majority of wealth and political influence. Would that qualify as a democracy?

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Taper Discretion Means Not Loving Payrolls Anymore

2022-01-10

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2022-01-10

When Alan Greenspan went back to Stanford University in September 1997, his reputation was by then well-established. Even as he had shocked the world only nine months earlier with “irrational exuberance”, the theme of his earlier speech hadn’t actually been about stocks; it was all about money.The “maestro” would revisit that subject repeatedly especially in the late nineties, and it was again his topic in California early Autumn ’97.

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Why Don’t We Cut Out the Middleman and Just Elect Pfizer and Merck?

2022-01-10

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2022-01-10

If we no longer have the capacity to distinguish between moral legitimacy and self-serving corruption, then we might as well eliminate the Middleman and vote directly for Pfizer or Merck. There's a fancy word for cutting out the Middleman: disintermediation. Removing intermediaries who take a cut but neither produce nor add value makes perfect sense, reducing costs and increasing efficiency.

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Previewing Payrolls By PMIs

2022-01-09

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2022-01-09

With the monthly Friday Payroll Ritual lurking tomorrow morning, and having been focused on PMI estimates before it, a quick look at the ISM’s Non-manufacturing PMI especially its employment index to bridge the latter to the former. The update today for the month of December put the headline estimate at 62.0, down from 69.1 the month prior.Omicron?While a rather sharp and unexpected 7-point drop, other than the size of the decline at 62.0 there’s...

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As The Fed Seeks To Justify Raising Rates, Global Growth Rates Have Been Falling Off Uniformly Around The World

2022-01-08

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2022-01-08

Sentiment indicators like PMI’s are nice and all, but they’re hardly top-tier data. It’s certainly not their fault, these things are made for very times than these (piggy-backing on the ISM Manufacturing’s long history without having the long history). Most of them have come out since 2008, if only because of the heightened professional interest in macroeconomics generated by a global macro economy that can never get itself going.

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Jeff Snider joins The Financial Quarterback™ Josh Jalinski on Bitcoin Clubhouse (YouTube version)

2022-01-08

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The Financial Quarterback™ Josh Jalinski with guest Jeffrey Snider simulcast on Clubhouse Bitcoin, Deflation vs Inflation plus 2022 Outlook, Joe Carlasare, Ben Prentice and others

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How Many More Americans Might Have Quit Their Jobs Than The Huge Number Already Estimated, And What Might This Mean For FOMC Taper

2022-01-07

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2022-01-07

There were a few surprises included in the BLS JOLTS data just released today for the month of November (note: the government has changed its release schedule so that JOLTS, already one month further in arrears than the payroll report, CES & CPS, will now come out earlier so that its numbers are publicly available for the same monthly payrolls before the next CES & CPS get released).

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Dead zones: how chemical pollution is suffocating the sea | The Economist

2022-01-06

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Parts of the ocean are being starved of oxygen by chemical pollution from land. These so-called “dead zones” not only decimate marine life, but are contributing to climate change. Film supported by Back to Blue https://backtoblueinitiative.com/ 00:00 - How “dead zones” threaten the ocean 00:52 - Why was there “sea snot” in Turkey? 03:20 - What causes low oxygen in the ocean? 05:50 - How nutrients pollute the ocean 06:37 - Why farming is one of the...

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The Economy / Market Look “Healthy” Until They Have a Seizure and Collapse

2022-01-06

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2022-01-06

So one index or asset or another hits a new high, wow, more proof everything is so robust and healthy, we never had it so good--right up to the seizure and collapse.

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As The Fed Tapers: What If More Rapid (published) Wage Increases Are Actually Evidence of *Deflationary* Conditions?

2022-01-05

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2022-01-05

Since the Federal Reserve is not in the money business, their recent hawkish shift toward an increasingly anti-inflationary stance is a twisted and convoluted case of subjective interpretation.

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What Will Surprise Us in 2022

2022-01-04

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2022-01-04

What seemed so permanent for 13 long years will be revealed as shifting sand and what seemed so real for 13 long years will be revealed as illusion. Magical thinking isn't optimism, it is folly. Predictions are hard, especially about the future, but let's look at what we already know about 2022.

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What will China do in 2022?

2021-12-30

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China’s Xi Jinping seems likely to have his third term in office ratified by the Communist Party Congress in 2022. What could that mean for China, and for the rest of the world? 00:00 What will China do in 2022? 02:38 Chinese nationalism is at an all time high 03:39 The death of private enterprise in China? 04:15 China’s relationship with the United States 05:50 Will China invade Taiwan? 07:12 Understanding China is our most important job. Read...

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Taper Rejection: Mao Back On China’s Front Page

2021-12-29

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2021-12-29

Chinese run media, the Global Times, blatantly tweeted an homage to China’s late leader Mao Zedong commemorating his 128th birthday. Fully understanding the storm of controversy this would create, with the Communist government’s full approval, such a provocation has been taken in the West as if just one more chess piece played in its geopolitical game against the United States in particular.No. The Communists really mean it. Mao’s their guy again....

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White-Hot Cycles of Silence

2021-12-28

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2021-12-28

We’re only ever given the two options: the economy is either in recession, or it isn’t. And if “not”, then we’re led to believe it must be in recovery if not outright booming already. These are what Economics says is the business cycle. A full absence of unit roots. No gray areas to explore the sudden arrival of only deeply unsatisfactory “booms.”

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The World Ahead 2022: five stories to watch out for | The Economist

2021-12-27

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What will be the biggest stories of 2022? As the pandemic continues to wreak havoc across the globe, President Xi will cement his power as leader of China, tech giants will coax more of us into virtual worlds and the space race reaches new heights. The Economist is back with its annual look at the top stories of the year ahead. Film supported by @TeneoCEOAdvisory 00:00 The World Ahead 2022 00:40 China revels in democracy’s failings 04:11 Hybrid...

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Watch the Top 5percent – They’re the Key to the Whole Economy

2021-12-26

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2021-12-26

Go ahead and become dependent on asset bubbles and the free spending of the top 5%, and optimize your economy to serve this "growth," but be prepared for the consequences when the costs of this optimization and dependency come due.

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The Historical Monetary Chinese Checklist You Didn’t Know You Needed For Christmas (or the Chinese New Year)

2021-12-25

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2021-12-25

If there is a better, more fitting way to head into the Christmas holiday in the United States than by digging into the finances and monetary flows of the People’s Bank of China, then I just don’t want to know what it is. Contrary to maybe anyone’s rational first impression that this is somehow insane, there’s much we can tell about the state of the world, the whole world and its “dollars”, right from this one key data source.

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Obsession

2021-12-24

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Obsession composition and first lead guitar by charles hugh smith, rhythm and second lead guitar by Jimi Juju.

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