What's New for Eurodollar University Members - Eurodollar University

Weekly Recap #173

Jeff Snider — Thu, 10 Sep 2026 03:02:13 +0000

Oil up again. Spreads high. Bonds mostly shrug. Flatness spreads. Payrolls blowout. HH Survey rebounds (w/LF). ADP. JOLTS. Construction. Canada jobs down. China cigs.

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Q&A #217

Jeff Snider — Thu, 10 Sep 2026 02:54:39 +0000

@gratefuldad327: Hi Jeff! September liquidity bottleneck shaping up at all? Thanks for doing these QAs. Always helpful. @gratefuldad327: Also- is it fair to say that the biggest source of volatility in equity markets is The Fed? Seems kinda ironic how much volatility they introduce. How different would it be if markets alone set rates? @Albertletoride-hz7oj: Hi Jeff. Apart from its research work, what purpose does the BIS serve ? Is it any relevant ? @Albertletoride-hz7oj: It seems most of the pioneering work on credit money was produced by figures from the British Empire in the XIXth and early XXth, with Alfred Mitchell-Innes perhaps being the most radical of them. @dubiousdandy904: Did cost overmanagement during the ongoing Silent Depression contribute to efficiency-focused supply chains that are very vulnerable to shocks? (e.g., concentrated industry, inventory overmanagement) @bestoflaughter: how much of a bump do you get for eurodollar university when you are on PBD.? @dariustata5636: Any knowledge of European Union pushing CBDC down Europeans throats to take private money to support public companies? @ryanm9371: If you were King, how would you redesign the monetary system? Thanks @dariustata5636: Lyn Alden is awesome. @dubiousdandy904: Any signs yet of a September Effect this year in this current context of bull steepening and Trichet risk interference? We know the window of that effect is between late August through of October. @donb46: Suppose a money market fund lends dollars on an overnight basis. Does the money market fund transfer the loan amount to the borrower? Or, does the money broker bookkeeper use his pen @Betto1uallTis: Do you have similar views like Ross Healy on this economy? @SelfRelianceOS: Just got here... What are your short and long term ideas about precious metals and how they'll react to the future happenings you see coming?

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Q&A #216

Jeff Snider — Fri, 04 Sep 2026 04:12:11 +0000

J-Hole hawk-fest? Jolt of Warsh jolted by JOLTS? Do emerging market currencies and economies ‘have’ to get crushed when the dollar goes higher? Can’t they just borrow locally to fill in the US$ funding gap? What did the Japanese and US Treasury really do during yen-tervention? Did it really fail already? Why can’t Japan control JPY? What’s going on with the copper-to-gold ratio? Is it showing reflation? Does that come from the AI boom? Is it the same thing as ‘soaring’ long bond yields? Are these related?

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Weekly Recap #172

Jeff Snider — Thu, 03 Sep 2026 03:16:42 +0000

J-Hole jolt. Warsh reasons. Flatter4eva. Long bond doesn’t soar. More energy shock. Spending flat. Xfers. China more ugly. European banks. Sell some govt bonds.

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Q&A #215

Jeff Snider — Thu, 27 Aug 2026 03:09:15 +0000

@Albertletoride-hz7ojHi Jeff. Do you know any good source to study the monetary system of Bronze age states (Egypt and Mesopotamia) ? Did you study in detail the pre XXth century monetary systems ? @justifiedmasagony3635: do you anticipate more demand destruction going forward? @dubiousdandy904: Is there any relationship between where we are in the private credit cycle and dynamism (or lack thereof) in the types and numbers of partners in financing deals? (e.g., the recent NVIDIA comedy 🤭). @ianrayner7522: Can Bessent's recent actions be viewed as nothing more than a corporate treasurer restructuring his firm's capital stack? @cmac855: Jeff the world has 9 billion engines they all run on the same fuel. There is not enough fuel for everyone to move their engine. How do we fix money so there is enough for every engine to move? @cmac855: Everything that happens in the world is just governments looking for new ways to create New liquidity. 🤷🏼‍♂️ @ianrayner7522: An article I read recently talked about the Fed's reserve management strategies in which it was implied there was a shortage of reserves - can that be true? @justifiedmasagony3635: man I learned so much from you these last 4 months following the channel @renaudadorno: I think MMT is nonsense, but Is the true mechanics of government spending like they describe where it spends first and taxation destroys it and TGA is just a ledger to reconcile what has happened? @piligrimius82: Jeff, when rates are going to go down by a lot and stay there? @Betto1uallTis: Hello Jeff. With many oil refineries out of commission around the world, how long do think the existing running refineries and repositioned companies be able to supply the world effectively?

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Weekly Recap #171

Jeff Snider — Thu, 27 Aug 2026 02:58:35 +0000

Treasury buys back. QE lite? Yield Curve Control? One of the dumbest freakouts in a long time? Real rate story. Light macro. Central bank Trichet tide turning.

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Q&A #214

Jeff Snider — Fri, 21 Aug 2026 04:12:33 +0000

WTH Treasury Buybacks? Why does $40T national debt matter? Why doesn’t it for rates? Where is the ‘debt crisis’ really showing up? Is that EPB? Why isn’t the dollar doomed? What is the dollar’s ‘value’? So, how do we get out of the depression trap? Why not $ = ZERO? Where are we in the credit cycle? How can we tell? What does that mean?

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Weekly Recap #170

Jeff Snider — Thu, 20 Aug 2026 04:55:45 +0000

Long bond fever. What the curve is REALLY doing. TIPS. Spreads. CPI no seconds. Retail sales fall. China, where to start? Record loan drop. Spending down. Investment crashing.

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Q&A #213

Jeff Snider — Thu, 13 Aug 2026 02:15:41 +0000

@Albertletoride-hz7oj: Despite its simplistic views, MMT focuses on banks and balance sheets, unlike mainstream economics. Could it be a decent starting point for someone who doesn’t know anything about finance? @ianrayner7522: Hi Jeff - I have so many questions about the USD / Yen intervention and the interaction between the BOJ, Treaury, and the Fed. @ianrayner7522: First - what are the different levers the Fed and Treasury can pull and how do they act - does Treasury act directly or does the Fed act on their behalf? @dubiousdandy904: If the largest Japanese pension funds can meet their future yen liabilities with current nominal yields of JGBs, would that allocation negatively impact global eurodollar redistribution? @ianrayner7522: I have heard suggestions that the intervention was to help support the Yen without BOJ selling treasuries - what do you think of that idea? @jespitia88: Has the increased stress in private credit affected the repo market and collateral in any way? @ianrayner7522: I have also heard it suggested this was a stealth means of monetizing the debt which will lead to inflation - does that make any sense? @gratefuldad327: I'm assuming FIMA removes concern that Japan will sell USTs en masse because the have to? I heard someone say this why we intervened...to prevent UST selloff by Japan. @ianrayner7522: On the monetizing US debt issue - your answer makes sense to me, it just sounded like the usual "they're printing money" reflex @gratefuldad327: Patiently waiting for UST duration to pay. Seems like when the facade finally breaks, rates will go down. Wish I got better entries, but nice yield in the meantime...

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Weekly Recap #169

Jeff Snider — Thu, 13 Aug 2026 02:03:32 +0000

Flat Beveridge is back! Negative payrolls. Employment crashes more. Million LF dropouts. Mini-cycle in effect. China still grim. And bond bull. Japan yen-tervention (LOL).

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The Federal Reserve Part 2: Asleep at the Scissors

Jeff Snider — Fri, 31 Jul 2026 03:45:55 +0000

Part 2 of the Federal Reserve series explores the rise of private ledger money, the rapid expansion of bank deposits, and how America’s changing financial system challenged the young central bank in the years leading up to the Great Depression.

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Q&A #212

Jeff Snider — Thu, 30 Jul 2026 04:58:30 +0000

EDU 2.0 update, Fed2 Video @Carson369: With all the problems yen/carry , private credit, struggling consumer, it doesn’t seem like the economy is breaking, is it just that so much money has flooded in over the past decade ? @j.r.fordiii: hardly anyone can pay the mortgage on time. if at all. the banks are hiding this @haroldgrey134: Bitcoiners, goldbugs & BRICS-coiners all believe all US dollars originate from the Fed, Euros come from the ECB etc. They don’t get authorised depository institutions - banks can create money @MrEd-R: Following up on M2, yet there was a big M2 jump in 2021 and then we saw a lot of inflation. Was that unrelated then? @anamaxa-k1q: In Q&A #31 you responded that The Eurodollar System was a cartel, do you still think it's a monetary cartel and if not, what is it?

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Weekly Recap #168

Jeff Snider — Thu, 30 Jul 2026 04:53:39 +0000

Oil volatility. Gas elevated. Fed. ECB. Curves see Trichet. TIPS collapse. Swaps reject. Credit cracks. PMI roundup. European banks. UK CPI. Japan disinflation exposes BoJ.

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Q&A #211

Jeff Snider — Thu, 23 Jul 2026 05:24:56 +0000

@Albertletoride-hz7oj: Hi Jeff : We are often told that only bank loans can create money. Do you assume that a dealer's repo lending also creates money? What if the lender is a shadow bank? @Albertletoride-hz7oj: Isn't moneyness, in fact, the extent to which an institution's zero-maturity liabilities are widely accepted and circulate? @tombrady7991: George Gammon covered some of Nick Nemeth's research into Insurance companies and Private credit today. Any thoughts on the threat there? Nick notes extreme leverage hidden within different layer @Akirsop: Jeff, The eurodollar system is having issues in Asia reminicent of the Asian financial crisis, is this locallized or is there the potential go systemic to europe or carry trade reversal? @pineapple2914: You're fearmongering for +3 years now, but nothing bad is happening. Corporate profits going up, unemployment stable. GDP is up. @igorpustsin: Legeeeeend love iiiit @JoeGo89: Hahahahhahahaha I love this Jeff @Carson369: With all the problems yen/carry , private credit, struggling consumer, it doesn’t seem like the economy is breaking, is it just that so much money has flooded in over the past decade ?@ADBSpartan: Why is there no perfect money? What qualities would be necessary to be a perfect money.@haroldgrey134: Perry Mehrling’s online course is also good to learn about the early Federal Reserve system and balance sheet mechanics@MrEd-R: On M2, I know that you said it no longer works because of new financing methods, like repo, etc. Yet individuals don't generally have access to those new financing methods so is M2 not useful?@haroldgrey134: Bitcoiners, goldbugs & BRICS-coiners all believe all US dollars originate from the Fed, Euros come from the ECB etc. They don’t get authorised depository institutions - banks can create money

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Weekly Recap #167

Jeff Snider — Thu, 23 Jul 2026 05:16:44 +0000

Oil on the move back to backward. Still zero inflation threat. Rates move with Warsh. Swaps more than agree. Retail sales, IP and macro in US and China. Canada’s CPI message.

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Weekly Recap #166

Jeff Snider — Thu, 16 Jul 2026 03:21:22 +0000

War’s back. WTI twists. Rates react. Then react to CPI. CPI drops most since ’20. Core RARE decline. Demand not inflation. China exports boom on AI. Everything else…

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Conundrum #4: Great China Proof

Jeff Snider — Tue, 14 Jul 2026 03:49:22 +0000

Here in Conundrum #4, we’re going to go beyond the Western capitalism boundaries to see if we can find depression economics in top-down, quasi-centrally planned Communist China. Though the study of economics can often lead to ambiguous results, this case leads to no such gray area. By the end, you’ll have no doubt what low rates truly mean.

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Weekly Recap #165

Jeff Snider — Thu, 09 Jul 2026 04:52:12 +0000

WTI hits contango [superseded by events]. Contango signal signals demand. Gasoline feather sticky. Rates up on Trichet. SOFR frowns on Trichet. Gold. Silver. TIPS tip.

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Q&A #210

Jeff Snider — Wed, 08 Jul 2026 14:28:22 +0000

@Albertletoride-hz7oj: To which extent do you think the race to the bottom between Gulf exporters contribute to the oil contango we saw those last days ? @ianrayner7522: In your webinar you outlined your 4 quadrant growth/inflation diagram. What are your preferred measures for the axes? You mentioned you actually subdivide it further, care to expand? @wpetersen1081: your take on emerging market returns like India and currencies in the long term against the USA? @ianrayner7522: Can we still sign up for the beta website? @dubiousdandy904: We have market prices, macro statistics, and then "valuations" (e.g., NAV). While inferred valuations from models is conventional practice, in big picture terms what led to this epistemological shift? @scottkennedy5768: where to be on the yield curve @ianrayner7522: why does it feel like bonds and stocks are moving together @dubiousdandy904: Continuing on my valuations question, I wonder if classroom videos on money dealing mechanics in private credit is in order. You already did some of the work (e.g., your explanations of VaR and SRTs).

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Q&A #209

Jeff Snider — Sun, 05 Jul 2026 01:36:56 +0000

EDU 2.0 update. @wpetersen1081: do you think Greenspan and Bernanke did good or terrible jobs? @jespitia88: What is going on with the physical oil market? @ADBSpartan: What’s keeping the Fed or central banks writ large from adopting some free market interest rate policy and focusing on compliance and regulatory enforcement? @TJ25-c9b: Thoughts on the long term bond market once everything pans out? TIPS market showing inflation will go down even though it’s inflated on the short term causing stagflation concerns currently

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