Episode 131

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Published on:

21st Jun 2022

ReSolve Riffs with Jeff Snider & Emil Kalinowski of Eurodollar University on Inflationary Market Signals

This week we had the pleasure of welcoming Jeff Snider (Head of Global Investment Research at Alhambra Investments) and Emil Kalinowski (enterprising investor, author and host of both a talk radio show and a podcast). Together, they co-host Eurodollar University podcast and shed light on the complexities of the global monetary system. Our conversation included:

  • Back to basics – how the global currency and monetary systems actually work
  • The origins of the Eurodollar system
  • Triffin’s Paradox and the breakdown of the Bretton Woods System
  • Interest rate targeting as a form of mass psychosis for capital markets
  • How banking reserves interact with the Eurodollar system
  • Different types of money – commodity-backed, high-powered and credit
  • Treasuries as the main form of balance sheet ballast for private investors
  • A different take on the Great Financial Crisis – a stampede towards prime collateral at all costs
  • Why central banks would compete to buy assets that are already scarce and in high demand
  • The true impacts of quantitative easing and why it’s ineffective in reducing interest rates
  • The importance of sentiment and why the main role of central banks is theatrical
  • Lacking the tools to unclog the system
  • How even China got caught in the ‘Eurodollar System Vortex’
  • Vast swathes of the real economy have been deprived of credit since 2008
  • REPO markets, unwilling primary dealers and backwards elasticity
  • Rehypothecation of collateral and other fundamental problems
  • Creation and intermediation of money should be done by separate institutions
  • And much more

This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.

 

*ReSolve Global Inc. refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

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About the Podcast

Resolve Riffs Investment Podcast
Welcome to ReSolve Riffs Investment Podcast, hosted by the team at ReSolve Global*, where evidence inspires confidence.
These podcasts will dig deep to uncover investment truths and life hacks you won’t find in the mainstream media, covering topics that appeal to left-brained robots, right-brained poets and everyone in between. In this show we interview deep thinkers in the world of quantitative finance such as Larry Swedroe, Meb Faber and many more, all with the goal of helping you reach excellence. Welcome to the journey.

*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.