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All-Star Jeff Snider and Erik discuss:

  • Despite modern complexities in finance and money, the basic issue is old fashioned currency elasticity. Central banks are not suited for it, and the results are obvious now.
  • September's repo event said that money dealers when faced with irregularities would sit on the sidelines regardless of Fed action. They are definitely sitting on the sidelines.
  • Market liquidations come down to repo market - on the collateral side.
  • Stocks, rates, credit, gold, crude; all these asset classes joined by the same factor.
  • QE's are coming not because they work but because that's what central banks do. Bureaucracies care more for their routines than the results.  

Supporting Materials for Download

Jeff Snider Chartbook: Elasticity - But What is the Currency 

                                                                 Jeff Snider: Since 2008 major turning points in Gold have been punctuated by Eurodollar anomalies

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.