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28 Brent Johnson and Jeff Snider (also ‘George Gobel’)


Brent Johnson, CEO of Santiago Capital, joins Jeff Snider to discuss central banks, public relations, modern monetary theory, politically-directed investment and whether the future ahead is a bright or dark one. Also, brown shoes.

In 1969 Johnny Carson was hosting The Tonight Show and in one particular episode Bob Hope was the headliner. After Carson was finished interviewing Hope he called out his next guest, George Gobel. To everyone's surprise the person that walked out on stage was most certainly not Gobel. It was the Italian crooner himself, Dean Martin. Now, as it was Martin's style in those days, he was already two cognacs in to the next day's hangover, which make for a jolly good show. Eventually Gobel did make it out on to the set. When he finally did, he complained to Carson. Having to come on last! Having to share the stage with legends! He turned to the cameras and asked, "Do you ever get the feeling that the whole world is a black tuxedo and you are a pair of brown shoes?" In this, the 28th episode of Making Sense, Jeff Snider and Brent Johnson talk political-economy while Emil Kalinowski.




01:21 What are bank reserves? Are they money? Are they a kind of money?
05:01 What do central banks actually do?
06:46 We are taught at school that the central bank is central to the monetary planetary system
10:49 Narrative, public relations expectations management, prestidigitation and central banking
13:57 Central banks are what we see but that which is vastly larger - shadow money - we don't
17:57 In a deflationary environment central bank actions are palliative, not stimulative
19:20 What does it mean when economic activity is non-linear?
22:24 What role does Modern Monetary Theory have or will have in our economy?
28:49 Growth miracle countries experience booms based on politically-driven investment
32:15 Did the Federal Reserve save the economy and financial system from a crash in March 2020?
34:08 Is there a common concern among Brent Johnson's many clients? A unifying concern?
40:05 Is the future a good one? Should we be optimistic or pessimistic of what lies ahead?

OK, Bank Reserves; Let’s Do This One More Time:
Taking You, The Fed’s Bank Reserves, And Banks’ Checkable Deposits For A Quick Stroll In The Monetary Zoo:
A Good Time For Some Q & A: Bank Reserves, Treasury Auctions, MMT, and the Monetary Resolve:
Alhambra Investments Blog:
RealClear Markets Essays:

Jeff Snider, Head of Global Investment Research for Alhambra Investments as Bob Hope. Brent Johnson, Chief Executive Officer of Santiago Capital as Dean Martin. And Emil Kalinowski, as George Gobel. Artwork by the Johnny Carson of the colored pencil, David Parkins.

#BrentJohnson #JeffSnider #CentralBanks #MMT #QE

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Jeffrey P. Snider
Jeffrey P. Snider is the head of Global Investment Research of Alhambra Investment Partners (AIP). Jeffrey was 12 years at Atlantic Capital Management where he anticipated the financial crisis with critical research. His company is a global investment adviser, hence potential Swiss clients should not hesitate to contact AIP
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