Jun 5, 2020
The conventional wisdom is that
central banks are the most important economic actors in the world.
Markets hang on their every word.
Yet, what if that power has less
to do with actual monetary policy and more to do with how the
performance of that policy creates a self-fulfilling prophecy as
market actors respond to media coverage?
Jeff Snider is the head of
global research at Alhambra Investments. In this conversation, he
and NLW explore:
the Fed lost the ability to even determine what the money supply
the financialization in the 1980s exacerbated monetary
the most important force in the global economy isn’t central banks
but the eurodollar and shadow banking system.
the eurodollar and shadow banking sector creates a drag on real
the conventional wisdom and “central bank savior” narrative around
2008 was dead wrong.
problem with “survivor’s euphoria.”
“money printer go brr” is actually a flood myth.