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5 episodes with eurodollars
5 episodes with eurodollars
3 episodes with eurodollars
2 episodes with eurodollars
2 episodes with eurodollars
2 episodes with eurodollars
2 episodes with eurodollars
2 episodes with eurodollars
2 episodes with eurodollars
What can a retired real estate mogul with $28 billion in AUM teach us about building enduring wealth, navigating downturns, and staying relevant in a digital world? In this episode of REady2Scale, we sit down with John S. Pennington, Jr., co-founder of Bridge Investment Group, who led the firm from its inception through an IPO and managed over 100 funds before retiring in 2021. He shares the hard-earned lessons of building a real estate empire, the value of long-term thinking, and how digital assets like Bitcoin could reshape the future of alternative investments. With a candid mix of storytelling and strategic insight, John breaks down the realities of fund structuring, economic cycles, succession planning, and risk. Key Takeaways: - The fund structure that allowed Bridge to scale and why general partnerships offer more control than public corporations. - Why 2008 was the best buying opportunity of his lifetime and how they positioned themselves early to take advantage. - How John evaluates risk today and why experienced managers with personal capital in the fund matter. - A comparison of 2025's macro landscape to past crisis years, and what it might signal for investors. - A primer on tokenization, Eurodollars, and the long-term challenge digital assets pose to traditional finance. - Succession planning insights from someone who transitioned out with intention and impact. - How personal discipline, family focus, and resisting lifestyle inflation created long-term security. - Why he still keeps 90% of his wealth in real estate-backed assets and the balance he strikes with Bitcoin and gold. - This conversation is a masterclass in how real estate, economics, and disciplined investing intersect and what it really takes to build something that lasts. Guest Info John S. Pennington, Jr.Co-Founder, Bridge Investment Group (Retired)Author of Dollars, Gold & Bitcoin: A Guide to Value in a Changing World LinkedIn: John S. Pennington, Jr. Website: www.johnspenningtonjr.com Timestamps 00:00 Introduction and Guest Background 01:37 John's Journey and Key Lessons 11:48 Navigating Financial Crises and Future Outlook 21:55 The Eurodollar System and Global Currency Dynamics 22:23 Balancing Real Estate and Digital Assets 24:47 Succession Planning and Retirement Insights Are you REady2Scale Your Multifamily Investments? Learn more about growing your wealth, strengthening your portfolio, and scaling to the next level at www.bluelake-capital.com. Credits Producer: Blue Lake Capital Strategist: Syed Mahmood Editor: Emma Walker Opening music: Pomplamoose *
We asked Ben Ashby, CIO of Henderson Rowe:What next for the S&P500?What is the Eurodollars market and why does it matter?Is Trump trying to accelerate a long term rebalancing of the global economy?Where could systemic risk emerge?What countries are vulnerable in a new era for foreign policy?
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by special guest Joe Weisenthal, co-host of Bloomberg's Odd Lots podcast, for a wide-ranging, unfiltered conversation. They dive into whether Bitcoin is becoming digital gold, why Ethereum's value might be leaking away, and how stablecoins are quietly reshaping global finance. Joe challenges the panel on NFTs, DePIN, and whether any of crypto's big promises have actually delivered. Plus, they debate the rise of MicroStrategy copycats, the failure of crypto social apps, and why Worldcoin's orb-pilled vision might actually make sense. Show highlights
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by special guest Joe Weisenthal, co-host of Bloomberg's Odd Lots podcast, for a wide-ranging, unfiltered conversation. They dive into whether Bitcoin is becoming digital gold, why Ethereum's value might be leaking away, and how stablecoins are quietly reshaping global finance. Joe challenges the panel on NFTs, DePIN, and whether any of crypto's big promises have actually delivered. Plus, they debate the rise of MicroStrategy copycats, the failure of crypto social apps, and why Worldcoin's orb-pilled vision might actually make sense. Show highlights
Vous ne savez pas dans quoi investir en Bourse ? Des gérants vous donnent des idées de valeurs, secteurs, matières premières ...
Заказывайте тест «Генетический паспорт» в Genotek со скидкой 66% по промокоду ANSWER: https://clck.ru/3GPJQm 18+ Реклама. ООО "Генотек", ИНН 7728760803, erid: 2W5zFGKzqpt — Подпишись на Telegram-канал RationalAnswer — https://t.me/RationalAnswer — Подпишись на email-рассылку RationalAnswer в Substack — https://rationalanswer.substack.com/ Бонусные посты от RationalAnswer: — Серия постов про хедж-фонды — https://t.me/RationalAnswer/1200 — Детально разбираемся с байбэками (обратными выкупами акций) – https://t.me/RationalAnswer/1224 — Заметка в Reminder про пассивный доход — https://t.me/justakindreminder/2260 Дополнительные материалы к выпуску: — Про конституционный кризис в США, Vox — https://www.vox.com/politics/399487/trump-musk-doge-constitutional-crisis-definition — Про конституционный кризис в США, New York Times — https://archive.is/2025.02.11-152815/https://www.nytimes.com/2025/02/10/us/politics/trump-constitutional-crisis.html — Игорь Котенков про реорганизацию OpenAI — https://t.me/seeallochnaya/2302 — Интервью недели: Odd Lots, The Hidden History of Eurodollars — https://www.youtube.com/watch?v=NqpzVlAwyb4 Текстовая версия выпуска со ссылками: https://habr.com/ru/articles/882954/ Посмотреть выпуск на YouTube: https://www.youtube.com/watch?v=_o2icVI-PJM Поддержи проект RationalAnswer и попади в титры: — Patreon (в валюте) – https://www.patreon.com/RationalAnswer — Boosty (в рублях) – https://boosty.to/RationalAnswer СОДЕРЖАНИЕ: 00:00 - Доллар по 89 после «звонка другу» 01:09 - Новости российского рынка: Ставка 21% и инфляция 9,99% 03:05 - Бешеный принтер 1: Англицизмы под запретом 05:37 - Бешеный принтер 2: Реестр воинского учета в 1С 07:15 - Лонгрид недели: Конституционный кризис в США 09:39 - Генетические тесты как опцион 11:10 - Новости искусственных интеллектов: Илон Маск хочет купить OpenAI 16:35 - Новости крипты: Мемкоины про собаков и президентов 18:58 - Статистика недели: Комиссии хедж-фондов 21:18 - Интервью недели: The Hidden History of Eurodollars 26:26 - Хорошая новость недели 27:09 - Бонусные посты
Today we are introduced to the world of Eurodollars and their critical role in shaping the global financial system. Our guide is Jeff Snider, of Eurodollar University - a street smart scholar and former investment manager. We begin by dispelling myths about the evolution of money from the gold standard to ledger-based systems, and discover how Eurodollars emerged as a dominant force in international trade and banking. We attempt to make sense of hazy ideas like global reserve currency, the impact of central banks, and orient ourselves toward the future of monetary systems. Stay tuned - this is the first of three planned conversations with Jeff. Next time, we will try to look at alternative explanations for the Global Financial Crisis and then we'll see what the future has in store in terms of monetary evolution. Sign up for our Patreon and get episodes early + join our weekly Patron Chat https://bit.ly/3lcAasB AND rock some Demystify Gear to spread the word: https://demystifysci.myspreadshop.com/ OR do your Amazon shopping through this link: https://amzn.to/4g2cPVV Jeff's website, Eurodollar U: https://www.eurodollar.university/ Jeff on YouTube: https://www.youtube.com/@UCrXNkk4IESnqU-8GMad2vyA (00:00) Go! (00:03:40) Understanding Money and Eurodollars (00:20:58) Evolution of Central Banks (00:22:09) Going off the Gold Standard (00:24:00) Rise of Ledger Money (00:26:12) Introducing the Eurodollar (00:28:48) Global Reserve Currency Dynamics (00:32:44) Expansion and Governance of Eurodollars (00:41:30) Economic Liquidation (00:44:01) Complexity of the Global Banking System (00:45:37) Evolution and Future of Monetary Systems (00:49:22) Cryptocurrency Adoption (00:53:07) US Dollar's Reserve Currency Status #sciencepodcast, #longformpodcast, #Eurodollar, #GlobalFinance, #MonetaryPolicy, #FinancialSystems, #GlobalEconomy, #BankingRevolution, #LedgerMoney, #CentralBanks, #GoldStandard, #Cryptocurrency, #BlockchainFinance, #ReserveCurrency, #USDollarDominance, #GlobalBanking, #EconomicHistory Check our short-films channel, @DemystifySci: https://www.youtube.com/c/DemystifyingScience AND our material science investigations of atomics, @MaterialAtomics https://www.youtube.com/@MaterialAtomics Join our mailing list https://bit.ly/3v3kz2S PODCAST INFO: Anastasia completed her PhD studying bioelectricity at Columbia University. When not talking to brilliant people or making movies, she spends her time painting, reading, and guiding backcountry excursions. Shilo also did his PhD at Columbia studying the elastic properties of molecular water. When he's not in the film studio, he's exploring sound in music. They are both freelance professors at various universities. - Blog: http://DemystifySci.com/blog - RSS: https://anchor.fm/s/2be66934/podcast/rss - Donate: https://bit.ly/3wkPqaD - Swag: https://bit.ly/2PXdC2y SOCIAL: - Discord: https://discord.gg/MJzKT8CQub - Facebook: https://www.facebook.com/groups/DemystifySci - Instagram: https://www.instagram.com/DemystifySci/ - Twitter: https://twitter.com/DemystifySci MUSIC: -Shilo Delay: https://g.co/kgs/oty671
Josh Lipsky is the senior director of the Atlantic Council's GeoEconomics Center. Josh joins David on Macro Musings to talk about the tools of financial statecraft, how they have evolved over the years, and their implications for digital currencies moving forward. Specifically, David and Josh also discuss how financial statecraft would be applied to a possible conflict with China, the current state of the cross-border payments system, the future of wholesale CBDC in the US, and much more. Transcript for this week's episode. Josh's Twitter: @joshualipsky Josh's Atlantic Council profile David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Related Links: *Sanctioning China in a Taiwan Crisis: Scenarios and Risks* by Charlie Vest, Agatha Kratz, Juliana Bouchaud, Josh Lipsky, Kimberly Donovan, Charles Lichfield, and Niels Graham. *The Geopolitical Imperative to Upgrade the Dollar* by Jordan Bleicher and Josh Lipsky *Stablecoins and National Security: Learning the Lessons of Eurodollars* by Timothy Massad Timestamps: (00:00:00) – Intro (00:04:02) – The Russia Sanctions as an Example of Financial Statecraft (00:10:14) – The Financing of the Russia-Ukraine War (00:14:08) – The Delicacy of Legal Precedents and the REPO Act (00:19:10) – Breaking Down the Tools of Financial Statecraft (00:22:08) – Applying Financial Statecraft to a Possible China Conflict (00:28:52) – Cross-border Payments and the Global Status of the US Dollar (00:34:05) – Breaking Down the Development and Geopolitical Importance of mBridge (00:38:34) – The Future and Importance of Wholesale CBDC in the US (00:43:28) – Private Sector Alternatives to CBDCs (00:45:05) – Where is the CBDC Conversation Headed? (00:49:25) – Closing Thoughts: The 80th Anniversary of Bretton Woods and the Future of Dollar Dominance (00:52:48) – Outro
11th July: Crypto & Coffee at 8
Unfiltered Chat & Blockchain DXB & Society X - Podcast Show NotesHosts: RA George (Blockchain DXB) Markose Chentittha (Society X & Ort Foundation) Germany's Stance on Bitcoin Recent developments indicating Germany's opposition to Bitcoin. Mt. Gox Restructuring Plan Updates on the progress and implications of the Mt. Gox restructuring plan. Today's CPI Numbers - Inflation Data Release time: 08:30 am ET / 04:30 pm GST. Discussion on how the crypto market might react to these numbers. FOMC Meeting on July 31st Anticipations and potential impacts on the crypto market. IMF's Recommendations to the USA on Monetary Policy Analysis of the IMF's suggestions and their implications. Glassnode's Week on Chain Report (July 15th) Short Term Holder Losses: 2.8M BTC held by short-term holders are now in unrealized loss. Comparison with previous halving cycles, noting the current cycle as one of the worst-performing. Cardano's Chang Hard Fork Overview of the Cardano hard fork and Charles Hoskinson's AMA. Introduction of core governance features and advanced features like the DRep system and community-led treasury withdrawals. Discussion on whether Cardano could overtake Ethereum. Information about the Cardano Summit taking place on October 23rd-24th at the Intercontinental Hotel in Dubai Festival City. Crypto Market Trends Rise of memecoins but still lower than last month. Increase in DEX to CEX transactions above 24%. Low volume of stablecoins and the importance of checking this volume once CPI data is out. Volume of DEX. Hamster Kombat User Adoption Rapid growth of the service, reaching 239 million users in 3 months. Achievement of 100 million monthly users in 73 days, with 4-5 million new users daily. Announcement that Hamster's team will mint its token on TON. Regulatory Discussion: CFTC vs. SEC CFTC chair's statement that Bitcoin and Ethereum are commodities. Debate on who should be the regulating body: CFTC or SEC. Reference to Timothy Massad, former CFTC, who declared Bitcoin a commodity in 2024. Article Discussion: 'Stablecoins and National Security: Learning the Lessons of Eurodollars' Highlights and implications from a recent article on stablecoins and national security. UAE News Dubai Customs implementing blockchain for supply chain management and logistics. Discussion on whether it is an open or permissioned blockchain, and the transparency a centralized entity can offer. AI News from Saudi Arabia Updates on AI developments from Saudi Arabia, noting that 6 out of 8 AI news items on the Blockchain DXB podcast were from KSA. AI Event at DIFC Stablecoin Event Announcements and key points for the upcoming stablecoin event. Episodes Release on July 11th Episode on Interoperability scheduled for release by 10:00 am GST. Episode on Oracles is scheduled for release by 10:00 am GST. Stay tuned for more insights and updates on the latest in Crypto, Blockchain, AI, and Web3! Date: July 11th, 10:00 am GSTTopics of DiscussionUpdates from Markose / Society XUpdates from Blockchain DXB
With ETH spot ETFs now more likely than ever, Bits + Bips hosts James Seyffart, Alex Kruger, and Joe McCann delve into the reasons behind this shift, surmising that the reversal may have come from powers above the SEC—perhaps in the Biden administration. The three hosts surmise that ETH will likely reach all-time highs, discuss how this changes their election trading strategy and ponder where there is enough institutional demand for ether ETFs. They also look at whether the potential approval could sway the US elections. Plus, they share insights into stablecoins and how they strengthen the US's political power globally, dive into the debate on low float/high FDV coins, and also take a peek at what they think could be the potential next crypto spot ETF. Show highlights: Why the chances of an ETH ETF suddenly reversed What the "Coinbase premium" is and how Joe uses it for trading Why Alex believes that ETH is heading to all-time highs Whether there's institutional demand for spot ether ETFs The political pressure that led to this change Whether the ETH ETF will change the course of the US elections The broader macroeconomics conditions and how Alex thinks to trade the US elections How US dollar-pegged stablecoins promote USD hegemony The debate about high FDV, low float coins, and whether there is a solution Whether new crypto spot ETFs will be approved Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Links Ether ETF approval: Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security CoinDesk: Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources The Block: Fidelity files amended S-1 registration statement, removing staking rewards from prospective Ethereum ETF Unchained Podcast: Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday High FDV, low float coins: Unchained: Who's to Blame for the Underperformance of Low Float, High FDV Tokens? Timestamps: (00:00) Intro (01:40) Why the chances of an ETH ETF suddenly reversed (09:13) Why Alex believes that ETH is heading to all time highs (11:22) Whether there's institutional demand for ether (16:46) The political pressure that led to this change (28:46) The broader macroeconomics conditions and how Alex thinks he'll trade the US elections (35:51) How US dollar-pegged stablecoins promote USD hegemony and mirror the Eurodollars market (40:01) The debate about high FDV, low float coins, and whether there is a solution (49:52) Whether there are going to be new crypto spot ETFs being approved Learn more about your ad choices. Visit megaphone.fm/adchoices
Matt and Nic are back for another week of news and deals. In this episode: Dubai is underwater The Lummis Gillebrand stablecoin bill and its prospects Do stablecoins affect the US' ability to make sanctions? Avraham Eisenberg has been found guilty for the Mango markets hack Stablecoins as proto CBDCs Do stablecoins disintermediate commercial banks? What do the 13F filings tell us about ETF flows? Sponsor notes: Bitcoin's 4th Halving In Coin Metrics State of the Network Issue 255, we understand the significance of the Bitcoin halving, its impact on miners and potential effects on BTC's price as the 4th Bitcoin halving nears. Content mentioned in this episode: Timothy Massad, Stablecoins and national security: Learning the lessons of Eurodollars
In this episode, Derek McDaniel (@ratedisparity) joins Adam, Derek, and Ryan to discuss: Derek's Background: Transition from academics in mathematics and computer science to exploring economics and MMT.Journey into MMT: Early exposure to Austrian economics, online debates, and realization about the national debt.Current Stance on MMT: Emphasis on separating MMT into independent propositions like endogenous money, government finance, and price anchoring.Discussion on Endogenous Money: Explanation of endogenous money as creation of transaction mediums and the role of credit.Concept of Eurodollars: Exploration of Eurodollars and their impact on the economy.Rate Disparity in the Economy: Analysis of the wide range of wages and the implications of interest rates on inflation and economic cycles.Adaptive Equilibrium and Ecological Cycles: Connection between ecological cycles and economic cycles.Central Bank Policies and Econometrics: Challenges of interpreting central bank policies and skepticism about statistical models in economics.Interpreting Inflation Data: Discussion on the complexities of interpreting inflation data and economic policies.Turkey's Economic Situation: Brief discussion on Turkey's economy, neo-Fisherism, and the challenges in economic data interpretation.Public Understanding of MMT: Insights into the public's perception of MMT and the role of public finance.Find more from Derek on Twitter and his website, ratedisparity.com.AppliedMMT.comAppliedMMT on TwitterDouglas (@MMTmacrotrader) on TwitterDisclaimer: The content of this podcast is for informational purposes only and should not be construed as financial or investment advice. The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any associated employers or organizations. Listeners should consider their financial circumstances and consult with a professional advisor before making any investment decisions
Daniel Neilson, professor of economics at Bard College at Simon's Rock and author of “Soon Parted,” returns to Forward Guidance to share findings from his seminal paper, “On par: A Money View of stablecoins.” Co-authored with Iñaki Aldasoro and Perry Mehrling as a working paper for the Bank For International Settlements (BIS), this paper compares on-chain currency (stablecoins) to Eurodollars to explore how they deal with issues of liquidity and par settlement. Filmed on December 8, 2023. Today's interview is brought to you by Sustainable Bitcoin Protocol, an environmental solution for bitcoin. Interested parties can find out more at https://bit.ly/46gFlgr _ BIS Paper, “On par: A Money View of stablecoins”: https://www.bis.org/publ/work1146.pdf Dan Neilson's newsletter, Soon Parted: https://www.soonparted.co/ Dan Neilson's book, “Minsky”: https://www.amazon.com/Minsky-Daniel-H-Neilson/dp/1509528504 Follow Dan Neilson on Twitter https://twitter.com/dhneilson Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ __ Use code FG20 to get 20% off Blockworks' Digital Asset Summit in March: https://blockworks.co/event/digital-asset-summit-2024-london __ Timestamps: (00:00) Introduction (01:34) Why Stablecoins? (04:46) The Issue Of Par (09:43) The Great Financial Crisis Of 2008 (12:12) Did The Fed's Rate Surge Halt The Stablecoin Boom? (22:06) Stablecoins, The New Eurodollars (24:20) The Need For Smooth Forward Markets (27:40) There's No Central Bank In Crypto (34:22) Silicon Valley Bank and Circle (49:43) Tether (01:02:20) The Role Of Zero Interest Rates (01:05:01) The Role Of Stablecoins: "Lots of Fireworks" __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
Cryptodollars are the new Eurodollars. What are Eurodollars, though? Well, we get into that in today's episode with 8-time repeat Bankless guest, Nic Carter. Nic is a partner at Castle Island Ventures, Fidelity alumni, co-founder and board member of Coin Metrics, and a prolific writer of editorials and academic articles alike, Nic is also a believer that the halvening is always priced in, he's a stablecoin connoisseur, an onchain wizard, and an unlicensed vespa driver. ------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-nic-carter-stablecoins There's over $10 trillion dollars worth of Cryptodollars out there and Nic believes that number could grow even bigger. Stablecoins are often called crypto's killer app, however, Nic thinks we aint seen nothing yet! -----
In today's episode of Empire Jason and Santi are joined by Crypto investor Nic Carter and Martin Carrina, founder of Mountain Protocol, to discuss the past and future of stablecoins. They compare stablecoins to the rise of Eurodollars, arguing they meet a real demand for dollar exposure and could ultimately strengthen US interests, yet also face hostility akin to offshore banking. The guests debate whether crypto yields rising above fiat rates or expanding use cases like high-yield accounts are needed to drive stablecoin growth. To close things out the team covers the endgame for stablecoins and the vectors for mass adoption. - - Follow Nic: https://twitter.com/nic__carter Follow Martin: https://twitter.com/mcarrica Follow Jason: https://twitter.com/JasonYanowitz Follow Santiago: https://twitter.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Planning to grant token awards for your team? Toku makes implementing global token compensation and incentive awards simple. With Toku, you get unmatched legal and tax support to grant and administer your global team's tokens. Toku navigates it across the lifecycle — from easy to use token grant award templates through tracking vesting to managing tax withholdings. Make it simple today, at https://www.toku.com/empire - - Bumper is an innovative DeFi protocol that protects the value of the crypto you hold from the downside & simultaneously preserves gains when the price climbs. - A superior alternative to crypto options for traders - 30% cheaper and more efficient than traditional tools - Liquidity providers earn 3-18% real yield on USDC - Get a share in $250,000 of BUMP rewards for Early Adopters Visit bumper.fi for more info! - - Timestamps: 00:00 Stablecoins Today 10:25 Efficiencies of Stablecoins 15:36 Emerging Markets & USDT on Tron 25:53 Time Horizon for Stablecoin Standard 30:42 Mobile Money Apps Powered by Stables 36:20 Bumper Ad 37:23 Toku Ad 38:36 Market Structure of Stables 41:32 Algorithmic Stablecoin Design 46:28 Peg Designs and Risks 50:20 Acceptance of US Dollars 56:40 SigNet Design and Fiat Speed Limits 01:03:28 Economic Outlook of US Dollar 01:15:04 Growth Catalysts for Stablecoins - - Resources Nic Carter Token2049 https://www.youtube.com/watch?v=MD2Au5JwhZ0 Mountain usdm https://mountainprotocol.com/ Articles Shared by Jason https://www.lanacion.com.ar/ https://twitter.com/BowTiedMara/statu... - - Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
We should not just be concerned about problems in the American banking system, but also about the proliferation of Eurodollars. Original Article: "Eurodollars as a Fractional Reserve Market"
We should not just be concerned about problems in the American banking system, but also about the proliferation of Eurodollars. Original Article: "Eurodollars as a Fractional Reserve Market"
We should not just be concerned about problems in the American banking system, but also about the proliferation of Eurodollars. Original Article: "Eurodollars as a Fractional Reserve Market"
Pre-Show Sam is back in jail (https://www.coindesk.com/policy/2023/08/17/sam-bankman-fried-is-now-in-jail/), it only took a few months of witness tampering to revoke his bail FTX's Sam Bankman-Fried sent to jail over witness tampering (https://www.cnbc.com/2023/08/11/us-judge-sends-sam-bankman-fried-to-jail-over-witness-tampering.html) News The bitcoin wallet, only affects seeds generated by libbitcoin library, MilkSad vulnerability is fascinating (https://milksad.info/) and ties into the history of bitcoin, some amazing personalities, the changes in bitcoin's culture over time Andreas is no longer updateing (https://github.com/aantonop) his books, not that its his fault, just part of the CF Bank of Ireland IT blunder (https://www.independent.ie/business/personal-finance/bank-of-ireland-it-blunder-allows-customers-who-have-no-money-get-access-to-cash-at-atms/a510070628.html) allows customers to withdraw more than account balances An etherium based ERC-20 USD stablecoin from PayPal? This is the future of finance (https://newsroom.paypal-corp.com/2023-08-07-PayPal-Launches-U-S-Dollar-Stablecoin) Watch PayPal Expects New PYUSD Stablecoin Use Throughout DeFi Ecosystem - Bloomberg (https://www.bloomberg.com/news/videos/2023-08-14/paypal-expects-new-pyusd-stablecoin-use-throughout-defi-video) Economics Zoltan Poszar has thought that our banking crisis would end up on the government's balance sheet (https://cepr.org/voxeu/columns/can-shadow-banking-be-addressed-without-balance-sheet-sovereign) for a decade China Evergrand, a massive residential property developer, has filed for bankruptcy (https://twitter.com/PeterZeihan/status/1689635894129840129), and it might be China's Lehman moment (https://twitter.com/wu_wei_invest/status/1692415479527457263) Altcoins Some NFT schadenfreude at OpenSea, an altcoin NFT marketplace, strips NFT creators of 'royalty' payments (https://archive.ph/6h1o9#selection-425.3-425.118) they likely thought were consensus enforced Bitcoin Education This bitcoin optech is FIRE (https://bitcoinops.org/en/newsletters/2023/08/16/), might be an entire epsisode Yes, there is a bitcoin trained LLM to answer your bitcoin questions (https://chat.bitcoinsearch.xyz/?author=holocat), epic Feedback Remember to get in touch bitcoindadpod@protonmail.com or @bitcoindadpod (https://mobile.twitter.com/bitcoindadpod) on twitter Consider joining the matrix channel (https://matrix.to/#/#bitcoin:jupiterbroadcasting.com) using a matrix client like element (https://element.io/get-started), details here (https://www.jupiterbroadcasting.com/community/matrix/) Thank you Boosters If you get some value from this show, please consider sending a boost. Hearing from you means a lot to us! Send a Boost via the Podcast Index web page. No Podcast app upgrade required. Install Alby (https://getalby.com/) Find the Bitcoin Dad Pod on the Podcast Index (https://podcastindex.org/podcast/5049889) Boost right from the page! Send a re-ocurring or one-off lightning boost to the show with no message at bdadpod@getalby.com or directly to Chris at chrislas@getalby.com Value for Value Podcasting 2.0 to support an indepenent podcasting ecosystem (https://podcastindex.org/) Recomended Podcasting2.0 apps: Fountain (https://www.fountain.fm/) podcast app (Android) Podverse (https://podverse.fm/) (Cross platform and self hostable) + Alby (https://getalby.com/) for boosts Castamatic (https://apps.apple.com/us/app/castamatic-podcast-player/id966632553) (Apple) Sponsors and Acknowledgements Music by Lesfm from Pixabay Self Hosted Show (https://selfhosted.show/) courtesy of Jupiter Broadcasting (https://www.jupiterbroadcasting.com/)
Matt and Nic return for another week of news and deals. In this episode: The problem with SEC SAB 121 Pickleball is driving up American healthcare costs Microstrategy buys some more Bitcoin Fidelity refiles their Wise Origin Bitcoin ETF Why the Prime Trust insolvency is so bad Will there be Prime Trust clawbacks? The SEC is slacking with their document retention policies How stablecoins are mirroring the development of eurodollars How Prometheum's listing strategy might pose a risk to certain cryptoassets The UK law commission determines that digital assets are a new kind of “thing” Content mentioned in this episode: SEC Staff Bulletin 121 Odd Lots, Josh Younger on the Surprising Origins of Eurodollars and Petrodollars Laura Shin Podcast, Paradigm debates Prometheum The UK Law Commission: Final Report on Digital Assets Sponsor notes: Coin Metrics' State of the Network: Bitcoin & the Rest In this issue of State of the Network, we assess Bitcoin's resurgence and gauge market sentiment amidst a rapidly evolving digital asset landscape marked by regulatory ambiguity and external macro events.
Today's special guest is a true expert in global money. Robert McCauley's life work on the international monetary system is authoritative and seminal, and he joins Jack Farley and Joseph Wang to answer questions such as: - how do Eurodollars actually work? - is the rest of the world long or short dollars? (the answer may surprise you) - how does the level of the dollar mechanically impact offshore dollar credit? McCauley confirms many rumors about Eurodollars (offshore dollars), as well as debunks several of their myths. He shares his view on the dollar's role in the future of global money, and he details the astronomically large sums in the FX swap market used to hedge dollar exposure. McCauley also asks Joseph Wang a question about the fall of LIBOR (London Inter-Bank Offered Rate) and the rise of SOFR (secured overnight financing rate). Filmed on June 21, 2023. Robert McCauley is the Senior Fellow at the Global Economic Governance Initiative at the Boston University Global Development Policy Center. He previously served as senior advisor to the monetary & economics department at the Bank for International Settlements (BIS), as well as at the New York Fed. -- Robert McCauley's Eighth Edition of “Manias, Panics, and Crashes”: https://www.bu.edu/gdp/2023/03/22/manias-panics-and-crashes-a-history-of-financial-crises/ On Amazon: https://www.amazon.com/Manias-Panics-Crashes-History-Financial/dp/303116007X Robert McCauley's papers referenced during the show: “The Global Domain of the Dollar: Eight Questions”: https://www.bu.edu/gdp/2021/02/09/the-global-domain-of-the-dollar-eight-questions/ “Dollar debt in FX swaps and forwards: huge, missing and growing”: https://www.bis.org/publ/qtrpdf/r_qt2212h.pdf “Seven decades of international banking”: https://www.bis.org/publ/qtrpdf/r_qt2109e.pdf “The International Economic and Financial Order After the Pandemic and War,” pages 123-128: https://media.iese.edu/research/pdfs/76606.pdf “London as a financial centre since Brexit: evidence from the 2022 BIS Triennial Survey”: https://www.bis.org/publ/bisbull65.pdf Joseph Wang's latest piece on SOFR (paywalled): https://fedguy.com/long-live-sofr/ -- Follow Joseph Wang on Twitter https://twitter.com/FedGuy12 Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ Joseph Wang's YouTube channel: https://www.youtube.com/@Fedguy12 -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://rb.gy/5weeyw Market commentary, charts, degen trade ideas, governance updates, token performance, can't-miss-tweets and more. Subscribe to the Blockworks Research “Daily Debrief” Newsletter: https://rb.gy/feusos -- Timecodes: (00:00) Introduction (01:33) Origin Of The Eurodollar System (19:46) Eurodollar Deposits Rarely Take Losses, But Silicon Valley Bank's Eurodollars Are In Limbo And May Be Lost (26:12) Can Non-U.S. Banks Print Dollar Deposits At Will? (39:50) Banking As A Percentage of GDP Peaked Many Years Ago (43:14) Is The Rest Of The World Long Dollars, Or Short Dollars? (53:49) Is The De-Dollarization Narrative Just A Lot Of Hot Air? (01:11:49) Who's Going To Buy U.S. Treasurys? (01:20:38) The Dollar's Role Does Not Give The U.S. An "Exorbitant Privilege" (01:24:29) $35 Trillion Dollar Hidden Debt Via FX Swaps (01:38:05) Robert McCauley's Question For Joseph Wang On SOFR & LIBOR -- Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
De-dollarization is all the rage right now, with lots of talk about whether the US currency will be able to maintain its dominant status in the global financial system. But regardless of what happens in the future, it's worth asking how we got to this point originally. How is it that the dollar came to dominate not just global trade flows but also became the currency of choice for things like buying oil? And why are there large pools of eurodollars sitting outside the United States? In this episode, we speak with Josh Younger, formerly of JPMorgan Chase and now a senior adviser at the Federal Reserve Bank of New York, about the surprising policy decisions that went into creating eurodollars and petrodollars, and why they matter now.See omny.fm/listener for privacy information.
Matt and Nic are back for another week of news and deals. In this episode: The debt ceiling debate is resolved What happened to Paxos' / Paypal's stablecoin? Offshore dollar stablecoins are growing while onshore stablecoins are shrinking Stablecoin policy in the US is backfiring USD stables issued out of Hong Kong Tether reaches a new all time high The bad boys are back SBF's defense will reportedly claim he got bad advice from Fenwick Farenheit wins the bid for the Celcius assets Why Celcius' mining operation was a big red flag What does CZ mean by 4? Sponsor notes: Coin Metrics STATE OF THE NETWORK - Zooming Out: A datonomy update In this issue of Coin Metrics' State of the Network, we leverage datonomy—a classification system for digital assets to zoom out and gauge the ecosystem and its underlying trends from a broader lens. Despite a slew of challenges over years, we explore how the market has shown resilience through an analysis of market returns, volatility and volumes across sectors.
Ce mardi 25 avril, Antoine Larigaudrie est revenu sur les performances des principaux marchés boursiers et les tendances du moment dans Morning Briefing, dans l'émission Good Morning Business, présentée par Laure Closier et Christophe Jakubyszyn, sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.
Matthew Mezinskis of Porkopolis / Crypto Voices joins me on the show to help explain the structure of the fiat fractional reserve system. Listen to this episode to get an understanding of the different monetary metrics and more: Monetary metrics, monetary base and more Fractional reserve in the fiat system Eurodollars and ‘crypto' eurodollars How the bitcoin system may evolve in future Why focusing on bottom up is key Links: Twitter: @crypto_voices Site: Porkopolis.io Sponsors: Swan Bitcoin CoinKite.com(code LIVERA) Mempool.space
Long-time Bitcoin advocate and Wall St. vetern Caitlin Long joins me for one of my favorite conversations in the history of this podcast. We try to come to grips with contradictory behavior from the Federal Reserve and the reasons why these moments are so critical to the future of not just money but humanity itself.Show Notes:Caitlin on TwitterCustodia BankCaitlin's WebsiteLuongo: Crypto Liquidity and the Lifecycle of Ponzi SchemesLuongo: FDIC Insurance, Credit Suisse and the Day the Fed Killed EuropeGGnG Podcast: Ep#133 Danielle Dimartino Booth
Jeff Snider ist Experte für Geldmärkte. Seine Ansichten sind interessant aber teilweise nicht einfach zu verstehen. In dieser Episode erklären und diskutieren wird fünf Thesen zu Eurodollars von Snider.
With the global indexing rate for the past century, LIBOR, coming to an end of its reign in just a few months, I brought Lynette Zang, Chief Market Strategist at ITM Trading on to discuss the what this shift from LIBOR could mean for capital markets.This is a complex issue involving trillions in collateral chains breaking across multiple continents and the question is, was this an intentional bomb planted at the heart of the system or a declaration of war between various factions of banksters?Tune in to find out.Show Notes:Lynette at ITM Trading
Jeff Snider is co-host of the Eurodollar University podcast and Head of Global Research at Atlas Financial Advisors. In this interview, we discuss the crazy possibility that nobody knows what money is, and as a result, nobody knows how to run or fix the economy. Central banks and governments are essentially engaged in a high-risk game of pretend. - - - - Every year around 800 million containers (categorised as Twenty-foot Equivalent Units, TEUs) are handled by ports every year. This represents around 80% of official global trade. Harvard has produced an incredible visualization of total global trade. They have populated the globe with the origin of exports of every type of product. Each tiny dot represents $100 million of exports. The globe is covered in a mass of tiny dots. This complex, interconnected and shadowy web of global trade, where final products, intermediate inputs and raw materials are exchanged on a massive scale, represents about 50-60% of global GDP. The rest is made up of all kinds of activities, business investment, personal consumption and government expenditure. The IMF predicts that the combined GDP of the world economies will exceed $100 trillion by the end of 2022. However, this is dwarfed by global wealth, which is estimated to be over $1,500 trillion. To put these numbers into context, US debt is currently estimated to be over $31 trillion, whilst global debt is reckoned to be over $300 trillion. Global finance, which helps manage and fuel global trade and debt, is expected to be valued at $25 trillion this year. These are obvious gigantic numbers. Yet, these figures aren't the thing that should give you pause for thought. What should stop you in your tracks is that nobody really understands the workings of this complex system, let alone is in control of the resultant global economy. Most of the global trade is conducted in Eurodollars, which is money generated outside of any control of the US or the nexus of other countries' Central Banking/Government institutional structures. Eurodollars are not understood by the major actors involved in oversight or management roles affecting global economics. That is why nobody knows how to fix the issues with the global economy. It's because nobody knows what money actually is.
“You have to understand what the Fed says in public is not what it says in private. You look at some of the academic studies, the literature, they know they have no idea what they're doing. But their job requires them to tell the public that they do.”— Jeff SniderJeff Snider is co-host of the Eurodollar University podcast and Head of Global Research at Atlas Financial Advisors. In this interview, we discuss the crazy possibility that nobody knows what money is, and as a result, nobody knows how to run or fix the economy. Central banks and governments are essentially engaged in a high-risk game of pretend. - - - - Every year around 800 million containers (categorised as Twenty-foot Equivalent Units, TEUs) are handled by ports every year. This represents around 80% of official global trade. Harvard has produced an incredible visualization of total global trade. They have populated the globe with the origin of exports of every type of product. Each tiny dot represents $100 million of exports. The globe is covered in a mass of tiny dots. This complex, interconnected and shadowy web of global trade, where final products, intermediate inputs and raw materials are exchanged on a massive scale, represents about 50-60% of global GDP. The rest is made up of all kinds of activities, business investment, personal consumption and government expenditure. The IMF predicts that the combined GDP of the world economies will exceed $100 trillion by the end of 2022. However, this is dwarfed by global wealth, which is estimated to be over $1,500 trillion. To put these numbers into context, US debt is currently estimated to be over $31 trillion, whilst global debt is reckoned to be over $300 trillion. Global finance, which helps manage and fuel global trade and debt, is expected to be valued at $25 trillion this year.These are obvious gigantic numbers. Yet, these figures aren't the thing that should give you pause for thought. What should stop you in your tracks is that nobody really understands the workings of this complex system, let alone is in control of the resultant global economy. Most of the global trade is conducted in Eurodollars, which is money generated outside of any control of the US or the nexus of other countries' Central Banking/Government institutional structures. Eurodollars are not understood by the major actors involved in oversight or management roles affecting global economics. That is why nobody knows how to fix the issues with the global economy. It's because nobody knows what money actually is. - - - - This episode's sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is herePacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022Ledger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultTexas Blockchain Summit - Nov 17-18, 2022 | Austin, TexasBCB Group - Global digital financial Services-----WBD568 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
Andrew, Matt and Kev chat advances in nanotubes and carbon capture, the Patagonia founder giving away his company, the Nord Stream sabotage, banking, money creation, and the mysterious Eurodollars. As well as Cogstate news, Silex Systems, and Family Zone Cyber Safety. Follow us on Twitter: @BabyGiantsPod-----1:32 - Good News: Nanotubes2:16 - Good News: Carbon Capture7:26 - Good News: Patagonia Founder9:25 - Nord Stream sabotage12:21 - Lebanon, banking and money creation17:00 - Eurodollars28:03 - Cogstate (ASX: CGS)35:39 - Silex Systems Ltd (ASX: SLX)44:08 - Family Zone Cyber Safety Ltd (ASX: FZO)
Ce mercredi 13 juillet l'affaire des "Uber files" ainsi que sur les implications de la parité euro-dollars franchie hier, a été abordée par Augustin Landier, professeur à HEC, Jean-Charles Simon, économiste et président de Stacian, et Mathieu Plane, directeur adjoint du département analyse et prévision de l'OFCE, dans l'émission Les Experts, présentée par Nicolas Doze sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.
Ce mercredi 13 juillet, Nicolas Doze a reçu Augustin Landier, professeur à HEC, Jean-Charles Simon, économiste et président de Stacian, et Mathieu Plane, directeur adjoint du département analyse et prévision de l'OFCE, dans l'émission Les Experts sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.
Ce mercredi 13 juillet l'affaire des "Uber files" ainsi que sur les implications de la parité euro-dollars franchie hier, a été abordée par Augustin Landier, professeur à HEC, Jean-Charles Simon, économiste et président de Stacian, et Mathieu Plane, directeur adjoint du département analyse et prévision de l'OFCE, dans l'émission Les Experts, présentée par Nicolas Doze sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.
Ce mercredi 13 juillet, Nicolas Doze a reçu Augustin Landier, professeur à HEC, Jean-Charles Simon, économiste et président de Stacian, et Mathieu Plane, directeur adjoint du département analyse et prévision de l'OFCE, dans l'émission Les Experts sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.
#Bitcoin #economics #fiat #Debt #CentralBanks Matthew Mezinskis, host of the Crypto Voices podcast, & Luke Mikic, co-host of the Bitcoin Made Simple podcast, are back on my show to talk about: - CBDCs doomed to fail? - Gold-reserves shrouded in mystery - Eurodollars and its intransparency - Bank for International Settlements: 1% Bitcoin? - US Dollar- & Euro-parity -Nation-state Bitcoin adoption - Process of Hyperbitcoinization and much more! Follow Matthew & Luke on twitter: @crypto_voices / @LukeMikic21 If you loved this episode, give it a like & share it with your friends & family, and follow me on twitter: @keyvandavani. Share this episode with friends & family! Thank you for your support! Follow & subscribe! twitter: @keyvandavani If you like this episode, please, share it with your friends and family! Follow me on twitter and subscribe to my youtube-channel & Podcast. twitter: @keyvandavani Please, share, follow, and subscribe to my youtube-channel & Podcast-show! Share with your friends & family! Subscribe to my youtube-channel & Podcast-show #TheKeyvanDavaniConnection, like, follow, re-tweet, and - if you loved any of my episodes- I would appreciate a 5-star-review on i-tunes or Apple-Podcast. twitter: @keyvandavani If you wish to support my work with Satoshis. PayNym-ID (Samourai Wallet): +summerhall1f2 I would appreciate a positive rating & review on anchor.fm/keyvandavani or any other platform, if you have enjoyed my show. Subscribe to my Podcast-Show on: Apple Podcast: https://apple.co/2IA2dhV Google Podcast: https://bit.ly/31rSymq Spotify: https://spoti.fi/2wOfq1k Breaker: https://bit.ly/2IzhiQO Overcast: https://bit.ly/2R4nnbJ Castbox: https://bit.ly/34DbM97 Pocket-Casts: https://bit.ly/2XElbKv Radio Public: https://bit.ly/2I86iuH twitter: @keyvandavani Website: keyvandavani.com/podcast YouTube: youtube.com/keyvandavani Recommended Hardware-Wallets: Coldcard: https://bit.ly/3f6Vgq4 (or use discount-code: DAVANI) --- Bitbox: https://bit.ly/3ynppcs (or use discount-code: DAVANI) --- Keystone: https://bit.ly/3xyJlbx (use discount-code: DAVANI) --- Back up your Bitcoin Seeds with Cryptotag: https://bit.ly/3fqjgnb --- Bitcoin-sponsors are welcome! kd@keyvandavani.com Thank you for listening and your support! Keyvan Davani --- Send in a voice message: https://anchor.fm/keyvandavani/message
EUR/USD vicino alla parità, ai minimi dal 2002.La divergenza tra le politiche monetarie della FED e della BCE si è dimostrata fortemente nel tasso di cambio che sembra non avere toccato il bottom, dopo 1 anno di discesa.Che % di tassi d'interesse stanno scontando i mercati per la fine dell'anno in entrambe le economie? Te lo mostro con i futures del Eurodollars.Ho chiuso la mia ultima posizione short su EUR/USD, un trade costruito nei mesi precedenti e che mi ha dato molte soddisfazioni.Ti spiego come ho gestito la posizione attraverso gli update nella mia Trading Room.
HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP HOT SEAT: CARLEY GARNER, DECARLEY TRADING IN THIS EPISODE, WE DISCUSS NAT GAS, CRUDE OIL, SOYBEANS, LEAN HOGS, CATTLE, EURODOLLARS, RUSSELL 2000, AND MUCH MORE.
HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP HOT SEAT: CARLEY GARNER, DECARLEY TRADING IN THIS EPISODE, WE DISCUSS NAT GAS, CRUDE OIL, SOYBEANS, LEAN HOGS, CATTLE, EURODOLLARS, RUSSELL 2000, AND MUCH MORE.
HOST: Mark Longo, The Options Insider Radio Network HOT SEAT: Dan Gramza, Gramza Capital Management We take a deep dive into the energy complex (including crude oil, and nat gas). Then we discuss rates (Eurodollars) and equities (Russell 2000).
HOST: Mark Longo, The Options Insider Radio Network HOT SEAT: Dan Gramza, Gramza Capital Management We take a deep dive into the energy complex (including crude oil, and nat gas). Then we discuss rates (Eurodollars) and equities (Russell 2000).
If you enjoy this content please SUBSCRIBE, and REVIEW on iTunes, and SHARE! In this episode of Bitcoin Magazine's “Fed Watch'' podcast, Christian Keroles and I sit down with Jeff Snider, Head of Global Investment Research at Alhambra Investments and premier Eurodollar expert, for a conversation about the current and changing state of the global financial system. We cover LIBOR and SOFR, the Federal Reserve hawkish pivot, what we can learn from yield curves, and of course, bitcoin. Why LIBOR and SOFR are important Deep in the heart of the Eurodollar system was the London Interbank Offer Rate, known as LIBOR. It was the rate that banks charged each other to borrow money. Since it acted as a Fed Funds rate of sorts for the international Eurodollar system, it was the rate at which informed all the other rates above it. For years, the Federal Reserve and other central banks had been trying to get rid of LIBOR and it seems they might have done it this time. In 2022, “financial firms using LIBOR face legal, operational, credit, regulatory, and reputational risk,” according to a Congressional Research Service (CRS) document published on Dec 15, 2021. Jeff's comments were insightful around why it had taken so long to move away from LIBOR and that the transition will take until at least June 2023 when the last futures contracts using LIBOR expire. The replacement offered by the Federal Reserve is the Secured Overnight Financing Rate (SOFR), while private firms like Bloomberg are also offering alternatives. There is no clear winner at this time, and it might be that there isn't one for a prolonged period of time. LIBOR was an emergent market phenomenon that allowed Eurodollars contracts to eat the financial world. From the above document, in 2020, LIBOR was referenced in $223 trillion worth of contracts. That's a lot of unwinding, and Jeff mentioned that in stopping the market from using LIBOR, regulators opened up much more systemic risk and uncertainty. For my part, I think this a fantastic opportunity to observe how the system adapts to a fundamental change. One day, it will have to happen when they adopt bitcoin, so this experiment is one where we can get some data. Exploring Reasons for the Hawkish Fed Pivot I couldn't let Jeff come on the show and not ask him what his thoughts are on the recent Jerome Powell flip-flopping. His response centered around the Fed being worried that the confusion and discontent over the world “transitory” was going to filter through to longer run consumer and business inflation expectations. That's what the Fed has wanted since the Great Financial Crisis (GFC), but now they are worried inflation expectations will become too high. Jeff points out that inflation and growth expectations have actually been falling as the Fed has been pivoting hawkish (not after!). The 5y 5y forward is falling below 2% and the IMF has released their January updated GDP estimates for 2022, three months after their previous estimate, cutting US growth by 1.2% to 4 percent, and global growth to 4.4%. Next, we try to get into the head of the central banker and discuss other reasons Jerome Powell might have made this hawkish move, like to give room for future rate cuts and restarting of QE. What would the Fed do in the coming downturn if they were still at full throttle, rates at zero and QE at $120/month? That is the ECB's current situation by the way. Yield Curves look more like Japan than Recovery Jeff is a yield curve whisperer. I ask him specifically about one of his recent points he made about the US yield curve is more like Japan, in the lost two decade sense, than any sort of recovery. He launches into a great explanation. I'll quote at length because it's that good. What we would expect to see if things are going from very wrong, which means low nominal levels, to something better than very wrong, or even normal, we would expect the yield curve to first steepen way out, nominal rates, especially the longer end to rise much more rapidly than those at the short end. And that would tell us, “OK, maybe there's a regime change. Maybe we're getting away from this Japan deflationary scenario, it's something better.” It started to be the case early last year, late 2020 and early 2021, particularly January and February of 2021, when the yield curve did steepen out. The yield curve told us at that time, essentially because it was low still and not really transitioning all that much, but it was transitioning that the market was becoming a little bit more optimistic. If only relative to 2020. Which is not a very high standard for comparison. But it never really progressed much more than that. The yield curve always stayed low and flat, even though it had steepened out. Now ever since March of last year, it has remained essentially that way, but it has flattened even more, because now we have the Fed coming in with its with its rate hikes expected for this year, which has had the effect of boosting short term interest rates without boosting long term interest rates. Now we have a flattening yield curve at an incredibly low level that never really got outside the Japanese range, for lack of a better term, which means the yield curve is telling us not inflation, more deflationary risks. Jeff Snider's thoughts on Bitcoin Jeff has been on Fed Watch two previous times. Each time, we discussed bitcoin. He recently has been doing some different media where he gets to talk about bitcoin, so we were wondering if his opinions had changed at all. He is not anti-bitcoin. He likes bitcoin and wishes it luck, but doesn't fully embrace it. His main hurdle in fully embracing it is important, and bitcoiners would be well served by listening to him and trying to answer it instead of dismissing it. I personally disagree, but he is coming from a vast knowledge of the current system. The bottom line is he doesn't see a route to bitcoin being a transactional currency. He does see it as a store of value, but not able to get to a medium of exchange. The problem for Jeff is its lack of elasticity. Overall, it's a rational argument and worth engaging with. I think I'll write a future post for Bitcoin Magazine about precisely this criticism. Stay tuned. Thanks to Jeff Snider for coming on. It was a great conversation! If you enjoy this content please SUBSCRIBE, and REVIEW on iTunes, and SHARE!
This is a SIE Exam Lesson 9 Free Quiz which is covering Money Market. Try it and see how you do if you need help listen to the lesson over. SIE SIE Exam Lesson 9 Free Quiz This is a SIE Exam Lesson 9 Free Quiz which is covering Money Market. Try it and see how you do if you need help listen to the lesson over. Questions covered include Below are questions based on the previous lesson. Choose the letter of the correct answer. To take the quiz online, click here. 1. Which of the following is an example of a money market instrument? A. treasury bills B. commercial paper C. banker's acceptance D. all of the above 2. Money market instruments mature in ___. A. one year or less B. two years C. five years D. ten years or more 3. This is the only type of banker's acceptance that the Federal Reserve buys. A. premium banker's acceptance B. primary banker's acceptance C. prime banker's acceptance D. The Federal Reserve does not accept banker's acceptance. 4. The price of repurchasing a security include a yield. A. True B. False 5. A reverse repurchase agreement is an agreement between two parties where one party agrees to sell a block of securities to another party with the agreement that those securities will be repurchased at a later date at a specific price. A. True B. False 6. The shortest repurchase agreement is ___. A. twelve hours B. overnight C. two days D. five days 7. Which is NOT a characteristic of a repurchase agreement? A. It has a liquidity risk. B. It has a purchasing power risk. C. Its interest rate can change overnight. D. Its interest rates are very low. 8. The reverse repurchase agreement is used primarily by the ___. A. Federal Reserve B. government agencies C. secondary market D. all of the above 9. A reverse repurchase agreement is also called a matched sale. A. True B. False 10. The Federal Reserve is owned by the government. A. True B. False 11. Which of the following does the President of the United States have authority to appoint in the Federal Reserve Board? A. chairman B. governors C. both the chairman and the governor D. neither the chairman nor the governor 12. The Federal Reserve having “open market operations” means ___. A. It accepts all kinds of financial instruments. B. It operates 24 hours a day, 7 days a week. C. It transacts even with those people outside the member banks. D. all of the above 13. How does the Federal Reserve create liquidity in the market? A. It buys fixed-income investments. B. It sells collateralized debt obligations. C. It sells fixed-income investments. D. all of the above 14. What does LIBOR stand for? A. Leicester Internal Bureau of Reserve B. Leicester International Bank Open Rate C. London Interbank Offered Rate D. London International Bank Official Rate 15. These are funds which a member bank of the Federal Reserve leaves on deposit at the Federal Reserve. A. Federal Asset B. Federal Deposits C. Federal Funds D. Federal Reserve Account 16. What is the Federal Fund rate? A. the overnight rate which is the daily average of the rates of most member banks B. the overnight rate which is the highest accounted rate of the day among the member banks C. the overnight rate which is the rate of the day of the Federal Reserve D. the overnight rate which is twice the rate of the day of the loaning bank 17. These are dollar-denominated deposits which are held in a bank branch outside the United States. A. Eurodollars B. Federal Funds C. Foreign Deposits D. all of the above 18. This is the rate for Eurodollars loaned overnight. A. Eurodollar Overnight Rate B. Eurodollar Standardized Rate C. Federal Fund Rate D. London Interbank Offered Rate 19. The London Interbank Offered Rate is the average of Eurodollar loan rates of five major banks which are all located in London. A. True B. False 20. Which of the following is NOT considered as eligible securitie...
Eurodollars are time deposits denominated in U.S. dollars at banks outside the United States, and thus are not under the jurisdiction of the Federal Reserve. Consequently, such deposits are subject to much less regulation than similar deposits within the U.S. The term was originally coined for U.S. dollars in European banks, but it expanded over the years to its present definition. A U.S. dollar-denominated deposit in Tokyo or Beijing would be likewise deemed a Eurodollar deposit (sometimes an Asiadollar). There is no connection with the euro currency or the eurozone. The offshore locations of Eurodollar make it exposed to potential country risk and economic risk. Since the Eurodollar market is not run by any government agency its growth is hard to estimate. However, the Eurodollar market is by a wide margin the largest source of global finance. In 1997, nearly 90% of all international loans were made this way. In December 1985 the Eurodollar market was estimated by J.P. Morgan Guaranty bank to have a net size of 1.668 trillion. As Chief Investment Strategist for Alhambra Investment Partners, Jeff directs the day-to-day investment processes and spearheads the investment research efforts while providing close contact to Alhambra's client base. Emil Kalinowski, CFA, is employed in the metals and mining industry writing about how socioeconomic and geopolitical trends affect the supply, demand, and price of base and precious metals. His present focus is on the 2007 malfunction of the monetary system and its continuing disorder
Eurodollars are time deposits denominated in U.S. dollars at banks outside the United States, and thus are not under the jurisdiction of the Federal Reserve. Consequently, such deposits are subject to much less regulation than similar deposits within the U.S. The term was originally coined for U.S. dollars in European banks, but it expanded over the years to its present definition. A U.S. dollar-denominated deposit in Tokyo or Beijing would be likewise deemed a Eurodollar deposit (sometimes an Asiadollar). There is no connection with the euro currency or the eurozone. The offshore locations of Eurodollar make it exposed to potential country risk and economic risk. Since the Eurodollar market is not run by any government agency its growth is hard to estimate. However, the Eurodollar market is by a wide margin the largest source of global finance. In 1997, nearly 90% of all international loans were made this way. In December 1985 the Eurodollar market was estimated by J.P. Morgan Guaranty bank to have a net size of 1.668 trillion. As Chief Investment Strategist for Alhambra Investment Partners, Jeff directs the day-to-day investment processes and spearheads the investment research efforts while providing close contact to Alhambra's client base. Emil Kalinowski, CFA, is employed in the metals and mining industry writing about how socioeconomic and geopolitical trends affect the supply, demand, and price of base and precious metals. His present focus is on the 2007 malfunction of the monetary system and its continuing disorder
As interest rates continue to show the most volatility, Pete and Frank go deep on Eurodollars and Treasuries for some rat-based strategies. The futures dudes buy December 2023 Eurodollars and 10YR Treasury yields with a long-term time horizon.
As interest rates continue to show the most volatility, Pete and Frank go deep on Eurodollars and Treasuries for some rat-based strategies. The futures dudes buy December 2023 Eurodollars and 10YR Treasury yields with a long-term time horizon.
The economy's fundamentals may not be as good as everyone believes they are, says Thirty Capital CEO Rob Finlay in Monday's CRE Capital Market Report. In the regular weekly meeting with his team of analysts, Rob commented on a range of numbers, including interest rates and some over-leveraging of assets, and indicated that the market could overheat in the near future. The corporate bond spreads are as tight as they've been since 2007 and, with the overall struggle to find decent yields for investors, an asset bubble could be on the horizon. Overall, the last week was quite on the data front, with very little change in interest rates. The ten-year closed last week at 1.56%. This week will be very busy, with durable goods stats being released on Monday. Tomorrow, consumer confidence figures will be issued, and on Wednesday a Fed meeting. Thursday sees GDP figures and initial jobless claims updates. On Friday, a lot of data will be released, including personal spending stats, Chicago PMI, PC deflator, and consumer sentiment. Comments Bryan Kern: “We've been rate-bound between around 1.55% and about 1.70% for the past three weeks now, so we'll see if some of this week's data changes any of that. “The other thing we want to look at is following the discussion around President Biden's capital gains tax.” Rob notes that it appears the Fed's stance is not to do anything on rates. “I've noticed the yield curves come back a little bit, it's gone down a little bit, as well. So I'm still not sure if we're going to get that big of a spike with the data that's coming out on the ten-year rates.” There has been a bit of pressure on short-term rates, with the lack of SPE issuance, and short-term issuance. Eurodollars are starting to price higher, which isn't inline with the Fed guidance. Observes Jay Saunder: “I think the market anticipates the Fed moving a little more quickly than what the Fed's are guiding towards.” April has been a busy month for Thirty Capital. Analyst Jeff Lee notes that the firm will probably complete double the monthly averages from the first quarter. “It's good to see, but how that sustains through 2021 will be interesting,” says Jeff. Rob ads: “CMBs are pricing wider. Fannie and Freddie deals are priced a little bit wider. But I think we're where the main hiccup is for all of those are just the, the underwriting constraints are pretty tough on those and on debt service reserve. Listen to the full episode for a comprehensive discussion on the economy, including what's happening in commercial real estate.
Eurodollars are pretty interesting and important, so let's talk about them!
Join us as we get into the weeds of Eurodollars, the Libor rigging scandal during the 2008-9 financial crisis, and the Libor replacement known as SOFR (the "secured overnight financing rate"). SOFR is supposed to be safe against manipulation that happened to Libor; but is it? We'll look at the mechanics of how Wall Street and London City bankers could still ruin wholesale credit for everyone, again, on Grubstakers CIA Paper on Soviet banks in the west in 1969: https://www.cia.gov/library/readingroom/docs/DOC_0000233857.pdf?fbclid=IwAR2GIP9__UuFi0eMddht7_xl83cplWQoW9oMspKNc7tD57WuzXNEvPkPhu8
On this week’s Long Reads Sunday, we look at two essays about stablecoins previously published on CoinDesk. The first is called “USD Stablecoins Are Surging, but Zero Interest Rates Complicate Business Model” by Hasu and was one of the first pieces to recognize that demand was coming not just from the crypto space but from emerging markets facing crisis time currency pressures. The second is “Hyper-Stablecoinization: From Eurodollars to Crypto-Dollars” from Pascal Hügli. The piece argues that stablecoins are likely to play an increasingly important role in the global economy. In effect, they are a better version of the critical eurodollar system.
Long Reads Sunday features two essays previously published on CoinDesk that show the trajectory of stablecoins in the global economy in 2020.This episode is sponsored by Bitstamp and Crypto.com.On this week’s Long Reads Sunday, we look at two essays about stablecoins previously published on CoinDesk. The first is called “USD Stablecoins Are Surging, but Zero Interest Rates Complicate Business Model” by Hasu and was one of the first pieces to recognize that demand was coming not just from the crypto space but from emerging markets facing crisis time currency pressures. The second is “Hyper-Stablecoinization: From Eurodollars to Crypto-Dollars” from Pascal Hügli. The piece argues that stablecoins are likely to play an increasingly important role in the global economy. In effect, they are a better version of the critical eurodollar system.
The latest Long Read is "Crypto Dollars and the Evolution of Eurodollar Banking" by Avi Felman and Max Bronstein. This piece covers: The Dollar Milkshake Theory Why the demand for the US dollar remains so high Why demand for dollars is increasing rather than decreasing What "eurodollars" are What the shadow banking system is How eurodollars and shadow banking contribute to USD demand How stablecoins and cryptodollarization could create demand for crypto
The Communist Manifesto was in response to the 1820-30s. Marxism's worldwide appeal in the 1930s was a consequence of the 1920s. And now, in response to the 2010s, it's ascendant again.
Tom welcomes Brent Johnson of Santiago Capital back to the program to discuss his controversial "Dollar Milkshake Theory." The name for this theory comes from the concept of extracting oil from a neighboring property by "drilling" a longer straw. The United States has this magic straw and regularly uses it to suck up the world's capital. His theory's controversial idea is that US equities are going to go to all-time highs along with a stronger US dollar at the expense of most foreign currencies. Brent believes there will be a pullback in equities around the election or early next year; his theory has yet to play out but will eventually, but he is prepared to be wrong. If the US provides dollars to the rest of the world, then his thesis will be invalid; however, he doesn't believe that will happen. He explains why the world's monetary system does not have a reverse gear if it contracts or slows down, it breaks, and the system begins to collapse. That is why central banks have to re-collateralize the system regularly. They are just trying to keep the system afloat, as debt-based currency is being created, it's also being destroyed. If you own gold or have US dollars, you will do well in the coming storm. Time Stamp References:0:40 - The Milkshake Theory3:30 - Recent update, equities higer and timing.7:50 - Confidence and being open to being wrong.12:30 - Two different dollar markets - Eurodollars.15:30 - Betting with Peter Schiff.17:00 - New dollars vs. more dollars.20:00 - Why the Fed is printing dollars.22:30 - Currency swaps how they work.26:45 - Hedging in this environment.29:30 - Miners and foreign currencies.32:30 - Why people need dollars.35:00 - Alternative investments. Talking Points From This Episode• The "Dollar Milkshake Theory."• The monetary system has not been fixed.• You want to have assets in physical gold or dollars.• How dollar swaps function bi-laterally. Guest Links:Website: http://www.santiagocapital.com/Twitter: https://twitter.com/SantiagoAuFund Brent Johnson brings over twenty years of experience in the financial markets to his position as CEO of Santiago Capital. Brent enjoyed more than nine years as a Managing Director at BakerAvenue, a $1.7 Billion Asset Manager and Wealth Management firm, with offices in San Francisco, Dallas and New York. He was the lead advisor for several of the firms largest clients. Before joining BakerAvenue, Brent spent nine years at Credit Suisse in their private client group. He got his start as part of the training program at Donaldson, Lufkin & Jenrette (DLJ) in New York prior to moving to San Francisco. He joined Credit Suisse in the fall of 2000 when the bank purchased DLJ. Earlier in his career, Brent was a financial auditor for Philip Morris Management Company in New York City where he performed audits at the company’s headquarters as well as subsidiaries in Germany, Hong Kong, and Richmond, Virginia. Brent regularly gives interviews and speaks at conferences regarding precious metals, currency markets & macroeconomic trends. His views have been quoted in numerous print, online and television outlets. He lives in San Francisco with his wife Mary and son Moses.
We talk about some of the basics to futures with the retail trend follower in mind using crude oil as an example market. Contract structure, sizing, expirations, and rolling from contract to contract is covered. If you would like a copy of the presentation leave your preferred email in the comments. We reference Eurodollars a couple of times in this video but decided to split that off into another video so be sure to check that one out for more info.https://youtu.be/pQI1ZL_zNoYhttps://www.youtube.com/playlist?list=PLiWGC9_PMsWPohL8S6ceoOn3WWoq__ZB3
Jeff Snider (@JeffSnider_AIP) and Emil Kalinowski (@EmilKalinowski) review three topics: repurchase agreement stresses, low interest rates signalling disorder and why LIBOR doesn't think the Fed's new program is the greatest liquidity event since Noah.
TWIFO 181: The Highs and Lows of 2019 HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CO-HOST: SEAN SMITH, MD OF DERIVATIVES LICENSING, FTSE RUSSELL CME HOTSEAT GUEST: RUSSELL RHOADS, HEAD OF DERIVATIVES RESEARCH, TABB GROUP WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS FOR THE YEAR? TOP 5 PALLADIUM: + 58% NASDAQ 100 EMINI: + 35.8% CLASS 3 MILK: +35.5% EURODOLLARS: 34.5% WTI: +31.5% EQUITIES TRADE WAR OPTIMISM LIFTING MARKETS, CRUSHING VOLATILITY VIX: 12.5 - DOWN 2 FROM LAST SHOW VVIX: 98.75 - DOWN 4.75 FROM LAST SHOW RVX: 14.25 - DOWN 2.75 FROM LAST SHOW VIX/RVX SPREAD: 1.75 - MUCH NARROWER FROM LAST SHOW DON'T LOOK NOW BUT SMALL CAPS ARE BREAKING OUT CRYPTO CME Bitcoin futures (BTC) turn two on Wednesday, December 18. FUTURES OPTIONS FEEDBACK QUESTION FROM AVAST!: What were your surprises for the year in fut-opts? QUESTION FROM ANGEL: Is there a level at which the rvx/vix trade becomes particularly attractive.
TWIFO 181: The Highs and Lows of 2019 HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CO-HOST: SEAN SMITH, MD OF DERIVATIVES LICENSING, FTSE RUSSELL CME HOTSEAT GUEST: RUSSELL RHOADS, HEAD OF DERIVATIVES RESEARCH, TABB GROUP WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS FOR THE YEAR? TOP 5 PALLADIUM: + 58% NASDAQ 100 EMINI: + 35.8% CLASS 3 MILK: +35.5% EURODOLLARS: 34.5% WTI: +31.5% EQUITIES TRADE WAR OPTIMISM LIFTING MARKETS, CRUSHING VOLATILITY VIX: 12.5 - DOWN 2 FROM LAST SHOW VVIX: 98.75 - DOWN 4.75 FROM LAST SHOW RVX: 14.25 - DOWN 2.75 FROM LAST SHOW VIX/RVX SPREAD: 1.75 - MUCH NARROWER FROM LAST SHOW DON'T LOOK NOW BUT SMALL CAPS ARE BREAKING OUT CRYPTO CME Bitcoin futures (BTC) turn two on Wednesday, December 18. FUTURES OPTIONS FEEDBACK QUESTION FROM AVAST!: What were your surprises for the year in fut-opts? QUESTION FROM ANGEL: Is there a level at which the rvx/vix trade becomes particularly attractive.
HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CME HOT SEAT GUEST: SEAN SMITH, MD OF DERIVATIVES LICENSING, FTSE RUSSELL WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS THIS WEEK? RATES Eurodollar EQUITIES MARKET BACK IN RALLY MODE. VIX: 13.90 - DOWN 1.1PTS FROM LAST SHOW VVIX: 92.5- DOWN 3.5 FROM LAST SHOW RVX: 17.75 - DOWN 4.15 FROM LAST WEEK VIX/RVX SPREAD: 3.8 - NEARLY A POINT WIDER THAN LAST WEEK NAT GAS AGS Wheat Oats Corn CRYPTO FUTURES OPTIONS FEEDBACK QUESTION FROM TWENTY9: Why is physically deliverable crypto such a big deal? QUESTION FROM DWITE: Have you guys talked about iron ore on the show? If not can you add it to the rotation since it's moving. Thanks so much. QUESTION FROM CHUCK MENDEZ: Why do you think there's so much downside put paper in russell 2000? QUESTION FROM ELE5: Why are there no more rvx options?
HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CME HOT SEAT GUEST: SEAN SMITH, MD OF DERIVATIVES LICENSING, FTSE RUSSELL WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS THIS WEEK? RATES Eurodollar EQUITIES MARKET BACK IN RALLY MODE. VIX 13.90 - DOWN 1.1PTS FROM LAST SHOW VVIX: 92.5- DOWN 3.5 FROM LAST SHOW RVX: 17.75 - DOWN 4.15 FROM LAST WEEK VIX/RVX SPREAD - 3.8 - NEARLY A POINT WIDER THAN LAST WEEK NAT GAS AGS Wheat Oats Corn CRYPTO FUTURES OPTIONS FEEDBACK QUESTION FROM TWENTY9: Why is physically deliverable crypto such a big deal? QUESTION FROM DWITE: Have you guys talked about iron ore on the show? If not can you add it to the rotation since it’s moving. Thanks so much. QUESTION FROM CHUCK MENDEZ: Why do you think there’s so much downside put paper in russell 2000? QUESTION FROM ELE5: Why are there no more rvx options?
In episode 171, we welcome back our guest from episode 46, Raoul Pal. Raoul and Meb start with a chat about one of Raoul’s tweets, “Buy Bonds. Buy Dollars. Wear Diamonds.” Raoul explains that he sees global growth slowing after the longest recovery in history, as well as a number of countries in or nearing recession. That presents an opportunity in US Treasuries and Eurodollars. The pair continue the conversation and get into how Raoul looks at the world. Raoul walks through his current view including his take on business cycle and yield curve indicators. Meb then asks Raoul to explain “The Doom Loop.” Raoul lays out the idea that corporate debt has increased at an alarming rate since 2009 relative to household and government debt. He discusses what he’s seeing now, and the risk this poses to the global economy and asset prices. As the conversation winds down, Raoul gets into some thoughts on gold and crypto. All this and more in episode 171, including the greatest macro trade Raoul has ever seen.
In this episode Mark is joined by Sean and Nick to answer your burning questions about: - Crude Oil - Gold - Equities - Eurodollars - Euro - USD - Crypto - and more...
TWIFO 136: Your Burning Questions About Crude, Eurodollars, Equities and More In this episode Mark is joined by Sean and Nick to answer your questions about: Crude Oil Gold Equities Eurodollars Euro - USD Crypto and more...
Eurodollars have nothing to do with the euro-dollar exchange rate. Instead, they're effectively a source of dollars that operates outside the control of the U.S. Jeff Snider, Head of Global Research at Alhambra, has a theory that recent market volatility might have its roots in some eurodollar drama.
10/12/2018 The Truth About Money-Fiat Vs Debt Currency & abandonment of Congress shall "...coin Money and regulate the value thereof...Only Gold & Silver...Sold out for Fiat Currency Excerpts from National Center For Constitutional Studies: Congress shall "...coin Money and regulate the value thereof. Our Founding Fathers had a near disastrous experience with a faulty money system. It gave them the frame of reference to correct their mistakes and lay the foundation for a whole new system as authorized in the Constitution-a system that, if followed, would forever avoid the pitfalls caused by fiat money and power-hungry politicians. The Founders learn valuable lessons about money During the Revolutionary War two things almost led to the defeat of the struggle for American independence. One was the inadequate system of constitutional government and the other was unsound money. Congress issued about $240 million in “Continentals” — referring to money of the Continental Congress. It was understood that this money would be redeemed in gold or silver by the states after the war. The states thought this was a great way to manufacture money so they issued vast quantities of their own paper currency. Even the enemy, the British, saw what was happening so they printed up bales of counterfeit “Continentals” and used them to buy supplies from Americans. Before long confidence in the Continentals had sunk so low that by 1780 they were not even worth one cent. No further paper money was issued by the United States for over eighty years. The American market had already accepted the Spanish dollar as its basic unit of value. It was minted in Mexico and called a “piece of eight,” or a peso. To make change, they would cut it into eight pieces or bits and small change began to be called two bits for a quarter, four bits for fifty cents, and six bits for seventy-five cents. In 1785, two years before the Constitution was written, the Congress accepted the Spanish dollar as the official unit of value for the United States and determined that all foreign coin would be evaluated in terms of the Spanish dollar. In 1786, the year before the Constitution was adopted, the Board of Treasury fixed the silver weight of the adopted dollar at 375 and 64/100s grains of fine silver. The value of gold coins or any other coins was to be calculated in terms of the silver dollar of this weight and fineness. It will be noted that three things had been established before the Constitution was adopted: That the official money of the United States would be precious metals-silver and gold. That the basic unit of value would be called a “dollar” and consist of 375 and 64/100s grains of fine silver. All other coins, both foreign and domestic, would be evaluated in terms of this official silver dollar. All of this was already part of the law of the land when the Constitution was adopted. Therefore the Founders wrote the following provisions in the Constitution concerning money based on the above statutes which had previously been adopted as the official monetary system. They wrote: “Congress shall have the power ‘to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures.'” (Article I, section 8, clause 5.) Paper Currency There are two kinds of paper currency which are not “money” but circulate as such: the first is debt money, which can be redeemed in silver or gold on demand, and the other is fiat (paper) money, which is designated by law as “legal tender” but cannot be redeemed for anything. The first draft of the Constitution during the Convention authorized Congress to “emit bills of credit.” This meant Congress could print debt money or currency which would be redeemed with gold or silver. After an extensive discussion the Founders decided it was too risky to give Congress the power to print any money even if it were redeemable in gold and silver, so they struck out the power to “emit bills of credit.” There would be no United States debt currency or bills of credit. As for fiat money, this was so abhorrent to the Founders they didn’t even discuss it. The Founders knew that people do not like to conduct business — except for minor transactions — with precious metal. Metal money is too heavy, too bulky, and in substantial amounts is dangerous to transport. It is much more convenient and safe to use paper currency. The Founders realized this, but expected the banks to issue notes (redeemable in gold or silver) which would fill this need. By the time of the Civil War there were thousands of banks issuing thousands of different kinds of bank notes. Furthermore, many banks had succumbed to the temptation of issuing far more notes than they had reserves. There was also a tremendous amount of counterfeiting. Before long the whole system began to falter. When the Civil War required vast new expenditures, the banks wanted extremely high rates of interest on any loans to the Union (15 to 36 percent), and so Congress felt compelled to issue fiat money. These “greenbacks” could not be redeemed in gold or silver and were limited somewhat in the things for which they could be spent. Their value soon dropped to around 35 cents. Finally, in 1878, Congress promised to redeem the greenbacks in gold. This changed the greenbacks from cheap fiat money to debt money, redeemable at face value. At first there was a run on gold as people traded in their greenbacks, but when they found they really could get the gold, then people didn’t want it. They returned the gold to the bank and took back paper money instead. This left the United States on the gold standard until 1933. Meanwhile, Congress phased out the bank notes issued by state banks by putting a tax on them, thereby discouraging their use. In 1863-64 the Congress passed a series of national bank acts which set up a system of privately owned banks chartered by the federal government. These national banks issued notes backed by U.S. government bonds, and these national bank notes became the country’s chief currency. When the greenbacks received gold backing in 1878 they also moved up to a par value with the national bank notes. In 1913 the Federal Reserve replaced the national bank system, and Federal Reserve notes were issued with a promise to redeem them in gold on demand. From 1914 to 1973 American currency went through the following erosion: From 1914 to 1934 every Federal Reserve note was redeemable in gold and silver. In 1934, Congress declared that Federal Reserve notes could no longer be redeemed in gold, only in silver. Between 1934 and 1963 all Federal Reserve notes promised to pay (or be redeemed) in “lawful money,” which meant silver. Then the wording on the Federal Reserve notes began to be changed to somewhat obscure language, which should have given Americans a warning that the government was planning something. In 1964 the government went off the silver standard, and Federal Reserve notes, which could no longer be redeemed in gold or silver, became fiat legal tender. By August 1971 many of the European countries had collected so many billions in Eurodollars (foreign aid, money spent by the U.S. military abroad, etc.) that European banks had begun to get nervous about redeeming their money in gold. A threatened run on the U.S. Treasury resulted in the American gold window being slammed shut. This resulted in a collapse of the dollar on the world market. Since then it has fluctuated on the world market like any other commodity, since it is no longer redeemable in precious metal and therefore has no intrinsic value. The world market immediately reflected serious erosion in the value of the American dollar. To buy an ounce of gold it took not $42.23 but $100, then $200. After that, it moved higher and higher until it required over $800 to buy an ounce of gold. Today the price of an ounce of gold is close to $1000 of paper or fiat money. Today the American economy operates under a monetary system which is completely outside the Constitution. Its fiat money is continually manipulated both in value and in quantity. This has had a devastating impact on its purchasing power, which is now down to about 3 percent of its 1933 value. It has eroded the value of savings, insurance policies, retirement funds, and the fixed incomes of the elderly.
Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey look at the evolution of Eurodollars. They explore what exactly are Eurodollars and where do they come from? They look at money as interbank liabilities and the transformation of banking into a wholesale model.
Lecture 12 begins with a description of Eurodollar futures contracts including calculation of profit or loss on and example contract. Professor Carter further discusses trade imbalance, politics, and international currency markets and valuation. He describes interest rate differentials and parity using the difference in U.S. and Canadian dollar values and interest rates. Interest rates, bonds and the cost of carry market.
Lecture 11 outlines the three types of financial futures and how they are priced. Professor Carter describes the characteristics of different debt instruments, bonds and eurodollars. The role of interest rates in debt instrument markets. He answers why financial futures have become so popular and how to read yield curves.
Lecture 10 presents the Theory of Normal Backwardation (Keynes) and the Theory of Price of Storage (Working) - explain how the prices for different delivery months are related and, in turn, the relationship to the spot price.
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