Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss:
- Collateral problems with gold in 2008
- Liquidity risk, not credit
- Basic Interbank Function – Basel ‘Conjuring’
- Larger issue of balance sheet capacity
- Management of the asset side – dark leverage
- Impaired assets and OTTI
- Negative swap spreads assaulting conventional financial sense
- Pro-cyclical positive monetary feedback loop
- Balance sheet capacity – the modern bank run
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Mr. Snider is Chief Investment Strategist and Head of Global Research at Alhambra Investment Partners. Through detailed and comprehensive investigation of the global monetary and banking system, he was one of the few analysts to sound the alarm during the run-up to the panic of 2008 and then to predict the rebound in 2009. His current commentary focuses on the global implications of the ongoing monetary deconstruction including the failure of Federal Reserve and central bank policy. Mr. Snider is published nationally at RealClearMarkets, NewsMax, David Stockman's Contra Corner, and other places.