Comments
Transcript
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DNBy this rationale there has no reason to be in the stock market since the GFC. What if smoke and mirrors works in Alice's world, where we live? That is, having gotten here, we won't leave it in our productive lifetimes...at least not in mine at age 67.
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JJAs always a great job by Jeff and RV
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PRlove Jeff, what a brain!
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jcwould like to hear Jeffrey Snider on a monthly bases, nice consolidation of market conditions
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ATJeff always great value for money. A good explainer. Please, keep him coming back.
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gjI have followed Jeffrey Snider for a few years and feel like I learn something from him. Would really, really like to have him 'in conversation' with Ed or Raoul. Could it happen?
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kejust straight up, no nonsense insights. Kind of refreshing.
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AHI should also add my compliments to Jeff Snider - he has very clear, concise thoughts expressed very well for viewers. Really appreciate his insights.
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AHYou should have Jeff Snider and Hugh Hendry have a conversation about the USD and Hugh's idea of Window Guidance. This would be a very useful and instructive conversation.
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PCCan you imagine an interview with Jeff and Zoltan? Oh my GAWD. RV time to follow up on CS compliance.
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DSInfrastructure fiscal stimulus will provide banks the ability to lend on a returnable loan. If the government accepts a three year bid to fix a bridge, a bank can reasonably loan to the company who won the contract. Simple concept. Major banks lend to hedge funds for market leverage with daily financial collateral. Not productive. Simple concept. DLS
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HvJeff is the GOAT for understandability paired with complexity. Please have him on again with Ed or Raoul. Thanks Jeff!
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PDSnider is one of the most insightful observers around on inflation, eurodollars, USD shortages and Fed monetary policy operations. In short, he deserves to be interviewed by one of RV's top people. Ed Harrison, Raoul Pal (who'd force Snider to speak English...as opposed to Fed-speak) or freelancer Brett Johnson would all do. Having the poor guy, who has been on RV 3-4 times, talk to a screen with voice-overs gives viewers the wrong idea of this guy's importance.
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NRA question for Jeff: You are now the Chairman of the Fed...assuming perfect freedom (yes, ridiculous) how would you restructure the philosophy and tactics of the institution to repair the damage inflicted from Post-Volcker neglect? Thanks
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RFGreat insight on bonds and the role of banks in the economy. My take-away: banks are not loaning into the real economy. No risk reward. And CBs cannot do much about it, if not even mess it up further. It looks bad.
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SNSnider's perspectives are unique and valuable. But I wish someone would ask questions interactively to help him concretely substantiate his claims and observations. I'm sure he has the data to back them up (his website and video series does that often). Few examples: Why is the fiscal stimulus not effective? When Fed buys bonds, what happens to the dollar it creates to buy them? How do those funds travel through the system to inflate risk assets. What exactly is "liquidity"? When Fed buys bonds, bond prices tend to go down and stocks go up. That is, QE is bearish for bonds. Why? Just market psychology? Is QE deflationary? Why? If the Congress is willing to amend the federal reserve act (to bring in MMT), could it succeed in making Fed "central" to the financial system? Like Richard Werner fears. I have gathered some answers to such questions. It would be good if someone poses them to Snider and get him to go a level deeper, but at the same time making sure he uses English and not too many jargons :)
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DMAlready looking forward to watching again. Thanks, guys.
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NICan bond market signals be relied upon? What would prevailing interest rates be if central banks weren't buying up bonds of all kinds?
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TRComprehensive, informative, convincing and well timed. Thank you JS & RV.
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GMVery, very good. Thank you 👏👏
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AAHe must only be referring to large multinational banks as far as not lending into the real economy. I’m a commercial lender at a regional bank and we are lending into the real economy. Somewhat conservative because of corona, but still putting loans on the books to quality borrowers. Issue with limited money creation is the amount of sub-par companies in the real economy that are not credit worthy for bank debt. They need factoring/mezz/equity capital based on their risk profile.
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LBGreat Guy sign him up on a regular schedule
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sS...and there was a little war after the 1930 depression, but we don’t wanna be to pessimistic...
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EMAwesome, as usual. Love Jeff's take on current situation! More of this please :)
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SWA Jeff Snider-Lacy Hunt conversation would be fantastic.
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MDThanks Jeff. A few simple powerful ideas which provide great insights. Great interview, really appreciated it. Thanks again.
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RGBest interview yet. I like this bloke
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TSGreat, clear thinking by Jeff. Interesting to compare and contrast opinions of Jeff with Brent Johnson and Lyn Alden. I'll though in the great Lacy Hunt for good measure. It seems clear that the banking system is completely broken. This is where I like Richard Werner's ideas on how to regulate banks: only allow them to make lo make loans on productive assets, not financials assets. Even though I am more and more an Austrian economics fan. Since it is always excess credit creation, debt, and leverage that gets us into trouble
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ZMI'm having a problem with the video player on this website and have heard other people with the same problem in the comments here. Sometimes the video doesn't play and an error is displayed on the video player. I think it would be a good improvement to the experience of this service if this was fixed.
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MRGreat as always "Snider for Fed. Chair."!!
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JOFantastic stuff. Been following Jeff for years and am convinced he is the foremost expert out there on the global dollar system and the economy. I like Brent Johnson a lot too but he doesn't have anywhere near the depth of knowledge that Jeff does. I hope Jeff is brought back soon but next time it needs to be an actual interview. I'd probably pay extra on top of what I do for this subscription just to see an hour + long conversation between Jeff and either Raoul or someone like Lacy Hunt.
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SAListening to Jeff for quite some time.. a true expert in his field.. More interviews with Mr. Snider would be greatly appreciated..
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FHSnider rules!
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ASReally enjoyed hearing this perspective.
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PMFantastic interview thanks guys
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eaJeff Snider has been one of the most insightful experts in this area for years, and I love seeing him on RV. But it can take time to understand his perspective, particularly since he brings knowledge of 100+ years of history to understanding Fed / CB policies, particularly why they can be so ineffective. His thoughts dovetail not only with the dollar discussion among Brent Johnson, Lyn Alden, and Raoul, but also with people like Richard Werner who are really focused on (and worried about) private banks -- how strong they are, what they are doing, and whether CB policies are really having much effect on banking at all, good or bad. What I like most about his view is that, aside from which prices may move up or down in the short term, Snider really cares about the underlying economy, and what it takes to get it working.
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MTThis was a great interview. I agree with just about everything he said. This always worries me though because I want to be mindful of confirmation bias, but like someone said, if it walks like a duck and quacks like a duck....
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arJS is always great. A non-Keynesian? (Gasp!) ;)
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TSBring back Jeff to talk with Lyn on the dollar. I like Brent Johnson but Jeff is the true reigning heavyweight champion.
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TS"gamesmanshit" - Must have been a freudian slip
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ATgreat
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DSI always like to hear from Mr. Snider. IMO the reason banks are not lending to the productive economy is simply pandemic, pandemic, pandemic. Small and medium size banks loan money to the real economy when banks can predict repayment of the loan with interest. With the pandemic in the early innings and the economy opening with thousands of new cases, who can predict any cash flows. Corporations and individuals are borrowing to maintain cash balances through the summer of 2021.; not to invest. New and old investors poured any free cash into a bubble market hoping to get out before reality sets in. All the systems were set up to keep the US voters happy until the election. Mortgage deferrals, rent deferrals, stimulus checks, excess unemployment checks have added to the unbridled Fed liquidity. The Fed and the government cannot solve the problem. Better treatments and vaccines will help remove the pandemic's effect on the economy. Make no mistake, however, it will take a long time to recover and the economy will not look the same. Be careful with your assets. DLS
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BNJS views are always extremely bright and insightful. Would love to know what he would consider “Meaningful Changes” to get us out of his base scenario. More lending to mom and Pop/Main street and what others? Excellent interview. Thanks RV and JS. B
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TGFantastic, bring him back more often.
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SSYes, I’m totally onboard with his recommendations.
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TJI just love listening to Jeff talk about the bond and eurodollar markets, He and Dr Lacy Hunt are the real bond kings in my opinion! Thank you RV,
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RMYes, the risk/reward in equities is upside down in 2020. Glad to hear optimism for the later 2020s. What happens if swap lines go to infinity? Will the global debt levels reach a more quiescent state?
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MCJeff is a key subject matter expert to have on RV as a recurring guest. His knowledge of the plumbing of the financial system and his understanding of financial history is thorough and extensive. What's better is that he has made his extensive work available to anyone who has the inclination and time to read and listen to it. He is clearly a Fed and Central Bank critic but he backs up his opinions with a truck load of analysis and facts. In fact his work is unique and eye opening in the way he lifts the veil on central bank smoke and mirrors. You wont find him on Twitter being sensationalist or talking up his book (if he has one). If anything structural changes in the financial system I am sure he will be one of the first to spot it and call it out.
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SSThank you.
Chapters
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Mixed Signals All Around
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Views on the Dollar
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Are the Available Tools Enough to Fix the Problems?
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Why Aren't Banks Taking Risk?
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Are We at Peak Debt?
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What Role Should Fiscal Policy Play in Growth Creation?
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Views on Inflation and Post WW2 Parallels
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Is the Bond Market a Lagging Indicator of Inflation?
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Summary and Takeaways