Current Macro Landscape w/ Jeff Snider - Fed Watch - Bitcoin Magazine

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In this episode of Bitcoin Magazine’s “Fed Watch” podcast, hosts Christian Keroles and Ansel Lindner welcomed back to the show Jeff Snider, head of global research at Alhambra Partners. Snider writes a great blog at Alhambra, is syndicated elsewhere and creates a very thought-provoking podcast with Emil Kalinowski called “Making Sense: Eurodollar University.”

Snider is the foremost expert on the eurodollar system, the large global financial system based around the off-shore dollar. The history and data he marshals to back his analysis of the monetary system is second to none. There is no other guest with his extensive and recallable knowledge of the Federal Reserve, so, he is the perfect guest for “Fed Watch.”

In this episode we started off by getting an update on the world of high-powered monetary plumbing, specifically we wanted to know if we are in a reflationary cycle. Some things look K-shaped, meaning certain populations have recovered, while remaining very bad for others, namely the poorest among us. An L-shaped recovery means there has been no discernible bounce in the recovery at all. Snider navigates through these distinctions and gives a great breakdown of the situation out there.

Next, we moved right into a discussion on central bank digital currencies (CBDCs). These are new forms of digital currency provided by the central domestic regulator of each currency, the central bank. Snider has been covering these developments more in his content recently. It is a large topic and here we only scratched the surface.

In the rest of our wide-ranging conversation, we covered the interest rate fallacy and tried to dissect “asset price inflation.” It is currently the case that any increase in price will be called inflation by the inflationists while ignoring all of the hidden wealth destruction and deflation. You really have to listen to this one. It is short but very dense.

The common theme to much of Snider’s content emphasizes how little we know about the functioning of the dollar system. We are trapped in a low-growth environment with pressures for further slow downs. Do not confuse high prices due to a shrinking economy with the inflationary effects of money printing.

Make sure to subscribe to the Fed Watch podcast feed wherever you listen to podcasts.
iTunes: https://podcasts.apple.com/us/podcast/fed-watch-bitcoin-and-macro/id1543640492
Youtube: https://www.youtube.com/channel/UCtOV5M-T3GcsJAq8QKaf0lg
Bitcoin Magazine: https://bitcoinmagazine.com
Alhambra Partners: https://alhambrapartners.com
Making Sense: Eurodollar University: https://www.youtube.com/channel/UCp8Xi-sPTL9VyZpHTPfLA-g

Follow Jeff on Twitter: https://twitter.com/JeffSnider_AIP

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Timestamps:

0:00 - 4:48 Intro
4:48 - 7:45 Updates on the macro landscape
7:45 - 9:11 Global factors that we need to consider
9:11 - 11:39 The Chinese credit impulse
11:39 - 13:04 The overarching forces in the monetary system
13:04 - 15:58 Consumers in western countries
15:58 - 18:41 The lack of relationship between money printing and stock prices
18:41 - 21:17 The things that you don't see that's deflationary
21:17 - 23:52 How deflation can drive wealth inequality
23:52 - 28:00 The bitcoiner position on monetary policy
28:00 - 31:23 Jeff's take on bitcoin
31:33 - 36:14 Central bank digital currencies
36:26 - 41:24 The interest rate fallacy
41:24 - 45:57 Comparing the goals of different central banks around the world
45:57 - 48:56 Central planning is the root of the problem
48:56 - 51:09 What's the chance that bitcoin is the answer to fixing the monetary system?
51:09 - 53:06 Closing comments

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