jsnider

About Jeffrey P. Snider

Jeff is the Head of Global Research at Alhambra. Though his work makes it sound like he is an economist, he is no such thing. Rather, through intense personal study he has developed a very different sense of especially the hidden inner workings of the global monetary system - beginning with the fact that it is a global money system. With a very unique starting point, Alhambra's research truly begins in a way that no one else's does.

Suddenly Stuck on Sideways: Banks, Not Babies Nor Bubbles

By |2019-03-18T12:58:13-04:00March 18th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

What is Japanification? There are all sorts of ways to explain what the term can mean. The simplest is a single word, which for me is “sideways.” We live in a non-linear world meaning one where compounding is the biggest factor. Albert Einstein probably never said compound interest is the most powerful force in the [...]

Chart(s) of the Week: Reviewing Curve Warnings

By |2019-03-15T19:53:37-04:00March 15th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Quick review: stocks hit a bit of a rough patch right during the height of inflation hysteria. At the end of January 2018, just as the US unemployment rate had finally achieved the very center of attention, global markets were rocked by instability. Unexpectedly, of course. Over the next several weeks, share prices sagged and [...]

The World Economy’s Industrial Downswing

By |2019-03-15T18:30:15-04:00March 15th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

As economic data for 2019 comes in, the numbers continue to suggest more slowing especially in the goods economy. Perhaps what happened during that October-December window was a soft patch. Even if that was the case, we should still expect second and third order effects to follow along from it. Starting with Europe first, Germany’s [...]

No Sign of Stimulus, Or Global Growth, China’s Economy Sunk By (euro)Dollar

By |2019-03-14T17:51:06-04:00March 14th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Najib Tun Razak was elected as Malaysia’s Prime Minister in early 2009. Taking office that April amid global turmoil and chaos, Najib’s first official visit was to Beijing in early June. His father, also Malaysia’s Prime Minister, had been the first among Asian nations to open formal diplomatic relations with China thirty-five years before. Celebrating [...]

The Fed Proposes A Repo Facility, QE5

By |2019-03-13T17:51:25-04:00March 13th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

QT. Bank reserves. Balance sheet normalization. They really are going through all the motions in 2019. It’s as if officials can sense something just isn’t quite right. This would amount to a serious setback, of course, having assured the public repeatedly how the financial system has been remade into “resilient.” Janet Yellen, call your current [...]

Greenspan’s Massacre Masterpiece

By |2019-03-13T13:16:33-04:00March 13th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

What most Economists “learned” from the Great Inflation was how important psychological factors had become. You would think that such a huge monetary disconnect would teach especially monetary officials the importance of monetary competence. However, as Upton Sinclair once wrote, paraphrasing, it’s difficult to get a central banker to understand money when his paycheck can [...]

Decaying Offshore Money Is A Lot More Than An Offshore Decay

By |2019-03-12T18:51:49-04:00March 12th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

During the first quarter of 2008, as Bear Stearns teetered on the edge of illiquidity, foreign holders of US$ financial assets contributed $9.3 trillion to US credit markets. According to the Fed’s Z1, the Financial Accounts of the United States, it tells us that’s the amount they held in possession from outside the American geographical [...]

Curve Crazy Again; Or, The ‘Dovish’ Turn Falls Apart, the Culprit Revealed

By |2019-03-12T16:39:44-04:00March 12th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Everyone went dovish after what happened in December. Convention assumes that central bankers take their cues from the NYSE. I don’t think that’s what shook everyone up, though. Curves, ladies and gentlemen. The bond market revolted and the stock market showed serious signs of catching its contagion. Since the mainstream had been expecting a booming [...]

What Is Missed Inflation

By |2019-03-12T12:34:44-04:00March 12th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

As an alternate member of the FOMC, Lorretta Mester has been sounding off on inflation. When the payroll report for the month of August 2018 was released early in September, Mester as President of the Cleveland Fed was widely quoted for her “hawkish” stance. Referencing the highest wage growth in a decade, speaking in Boston [...]

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