최고 Monetary Order 팟캐스트 (2024)

1
People are Desperately Losing Hope in the Labor Market 18:15

9h ago18:15

18:15

Americans continue to say they're alarmed about job prospects. That's what consumer confidence is truly about, not consumer spending. Workers see and understand labor market shifts before they show up in the major data sources. The latest income data show there is every reason to believe what consumers are seeing. Eurodollar University's Money & Ma…

1
Caste, Class and the Capital Order with Charles Derber & Yale Magrass 1:02:12

2d ago1:02:12

1:02:12

Steve’s guests are Charles Derber and Yale Magrass, authors of Who Owns Democracy: The Real Deep State and the Struggle Over Class and Caste in America. The concept of the deep state has been employed by different political ideologies, most recently the right under Trump. But its existence is real, and its service to the ruling class can be traced …

1
BREAKING: China Stimulus Changes Everything (Or Does it?) 19:29

3d ago19:29

19:29

Not content to leave it with the PBOC's Oprah-fest of rate cutting, China's central authorities announced what's being called a massive stimulus push. The response has been near-euphoria in Chinese and other stocks, but the opposite in more crucial markets and places. All the more curious given how much other "stimulus" is being offered around the …

1
Global Yield Curves Are Un-Inverting, Here's What You Need to Know 18:21

4d ago18:21

18:21

It's not just USTs. Rates are falling all over the world faster in shorter maturities than long. That means a global wave of un-inversions and bull steepening right as more and more central banks plan to accelerate their own rate cutting. All of it for the same reason. Globally synchronized. ***CHECK OUT EURODOLLAR UNIVERSITY's FALL SALE*** https:/…

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China Is Desperately Cutting Rates—is this the Start of a Global Crisis 18:34

5d ago18:34

18:34

Chinese authorities held a surprise press conference early this morning where PBOC Governor Pan Gongsheng did his best Oprah Winfrey impression handing out rate cuts to practically everyone. All that does is further expose the gravity of the situation: the more the central bank or any authority does, the worse you know it is since rate cuts never w…

1
Europe's Disaster Is About To Spread To The World 18:24

6d ago18:24

18:24

More confirmation that recession is coming back with a vengeance in Europe. The latest data indicates the dangers this time around including jobs and layoffs. This situation in Europe is hardly unique. This is why central bankers are out in force downplaying their own rate cuts; to the point a few policymakers are outright lying why they voted for …

1
OMG! You Won't Believe The New Jobs Data 18:39

7d ago18:39

18:39

The Fed just cut its benchmark rate by 50-bps even though jobless claims are among the lowest in their history. At the same time, CPI shelter prices have accelerated. Neither seems like it would warrant the Fed action yet there are good reasons to believe true unemployment is very different from claims and current market rents are plunging. Eurodol…

1
Here's What Happens to the Stock Market After the Fed Cuts Rates 18:52

8d ago18:52

18:52

FedEx's CEO admitted some truth about the Fed's rate cut this week, and the stock was immediately punished for it, dropping 15% on Friday. This raises a bunch of questions, starting with: what happens to stocks in general when the Fed cuts rates? The answer is not what you think. Eurodollar University's Money & Macro Analysis CNBC FedEx quarterly p…

1
Degrowth Through Social Movements with Erin Remblance 1:00:06

9d ago1:00:06

1:00:06

When people reject the concept of degrowth are they suggesting society continue to allow capital to ravage the earth? Are they saying the countries of the global North should continue exploiting and extracting from the global South? Are they pushing for more growth? Steve’s guest, Erin Remblance is an Australian researcher and activist who was spur…

1
You Won't Believe How Global Central Banks Responded To The Feds Rate Cuts 18:11

10d ago18:11

18:11

Now that the Fed has done it, everyone wants to get in on the act. They call it "undershooting" which is just a fancy word for "bonds were right." Switzerland, Canada, even the Europeans all thinking hefty and accelerated schedules. Leave it to the Brits to be the lone exception. Eurodollar University's Money & Macro Analysis Bloomberg Bank of Cana…

1
Profound Implications from Feds Rate Cut Decision 19:53

11d ago19:53

19:53

The Fed cut its benchmark rates by 50 bps in a panicky move to catch up to both the economy and the marketplace. Reaction in the latter was muted because this wasn't unexpected. All the FOMC did was confirm everything - and then deny that it did. Eurodollar University's Money & Macro Analysis Bloomberg Fed Minutes Show Officials Rally Around Higher…

1
New Data Suggest Hiring Has NEVER Been this Bad 16:59

12d ago16:59

16:59

People imagine a recession is when masses of people are being laid off and so consumer spending isn't just negative, it must be crashing. While those can happen in a downturn, they tend to show up at the end. So, if you're waiting for those to make a determination you'll be way too late. Evidence consistently and conclusively shows hiring not firin…

1
Americans Have Lost Hope in Their Economic Future 20:09

13d ago20:09

20:09

Americans' hopes and dreams of better opportunities have utterly crashed and burned over the past five months. This isn't about more price increases, rather how those in the past have combined with recession prospects to rob the future. The 2020s have taken the worst aspect of the 2010s and added more trouble on top. Eurodollar University's Money &…

1
Interest Rate Cuts Are Here, Here's What You Need To Know 17:36

14d ago17:36

17:36

Consumers can't afford groceries, so how is a lower reverse repo rate going to help them? Now that it is settled the Fed will cut rates next week, everyone wants to know by how much. The real story is what's behind the cuts in the first place and what that means for financial markets as well as the economy. It isn't the murder hornet rate. Eurodoll…

1
China's Economic Crisis Just Got a Whole Lot Worse 19:42

15d ago19:42

19:42

Authorities in China continue to do everything they can to derail the country's globally synchronized bond rally. It continues to hit record low yields anyway in spite of increasingly desperate government efforts. But why? More ugly data on banks, incomes, and Chinese jobs shows bonds are right, and not just about what's already happened to this po…

1
Euthanizing Rentier Capitalism with Daniel Conceição 48:51

16d ago48:51

48:51

**Find a transcript of each week’s episode on our Substack, where we also offer links to resources discussed in the interview. Subscribe now at https://realprogressives.substack.com/ Daniel Conceição is back to discuss the social damage of rentier capitalism and the potential to address it through the insights of Modern Monetary Theory. Rentier cap…

1
You Won't Believe What Europe's Central Bank Just Did 18:35

17d ago18:35

18:35

The ECB cut rates for the second time, as expected, though amidst a strong bond/bund market rally that has now completely un-inverted that yield curve. This comes at a time when major businesses like Volkswagen are thinking about closing down factories due to how much idle capacity they have. What links all of these together, what explains all the …

1
Bank Balance Sheet Reveals MASSIVE Systemic Stress 18:47

18d ago18:47

18:47

It was all banks all day yesterday. Basel rules foul-up. Warren Buffett continuing to dump BofA. Citi dumping on credit. Deutsche unloading CRE, or trying to. JP Morgan downgrading...itself. Most of all Ally Financial admitting unemployment is fast becoming a big problem and right on its balance sheet. Eurodollar University's Money & Macro Analysis…

1
Interest Rates Are COLLAPSING Causing Panic Across Global Markets 19:33

19d ago19:33

19:33

There's no September here as interest rates continue to plunge. The two-year UST is at a record low relative to the Fed. In the past when the two-year has dropped like this it has meant nothing good. Combined with the still ongoing crash in energy prices, we have a solid sense of what's coming next. And it isn't just a lot of rate cuts. Eurodollar …

1
China's Collapse Has Entered a Dangerous New Stage 18:31

20d ago18:31

18:31

Interest rates continue to collapse in China even outpacing US Treasuries. Commodities are being crushed as prospects for the world's two largest economies are getting worse by the week; by the day. Over the weekend, the Chinese reported negatives in consumer and more so producer prices, adding more evidence to what is shaping up in bond markets an…

1
Did the Fed Accidentally Leak Their Next Move?! 19:24

21d ago19:24

19:24

We know there are Fed rate cuts coming in September and that there is very good chance it will be 50 bps. Could policymakers also surprise by ending QT (not that it matters)? Might that be a first step toward the next QE? It's not as far-fetched as you may think; after all, some at the Fed were talking rate hikes just two months ago. Eurodollar Uni…

1
Everything Is Melting Down ALL At Once 19:23

22d ago19:23

19:23

More meltdowns across key markets, starting with the Treasury curve rapidly unwinding. Commodities are getting crushed, gasoline absolutely smoked. Swaps. Yen. The August payroll report only further confirmed the reasons why all this is happening. Eurodollar University's Money & Macro Analysis Bloomberg OPEC+ Pauses Oil Supply Hike in Effort to Rev…

1
Big Brother Is Watching with Nolan Higdon 57:16

23d ago57:16

57:16

**Join us Tuesday evenings for Macro ‘n Chill, an informal gathering where we listen to and discuss this podcast. Register here for our September 10th session https://events.teams.microsoft.com/event/29d4cc27-0123-4885-aaa8-6ff95947498d@7d53fbd0-6b43-4143-9400-6b0b36a25e55 Steve’s guest is Nolan Higdon, an author and expert in media literacy. They …

1
History Shows us this ALWAYS Ends Badly 19:04

24d ago19:04

19:04

Politicians always feel the need to do something even if they don't know why or what's actually wrong. That's all "price controls" really are since they sure don't control anything like prices. Unknown to most people, the US has already experimented with them running price and wage restrictions for several years. The results are conclusive. Eurodol…

1
Japan is PLUNGING and it’s Spreading to the Rest of the World 18:09

25d ago18:09

18:09

Carry trade is back! In reality, it never left. Not because of BoJ rates hikes or threats, rather all the growing evidence the US isn't at risk of recession, so many indications showing it's here. Oil and gasoline are crashing. Curves unwinding. Forward rates project...a total mess. In time for all of the fun, JOLTS shows job openings plunge and la…

1
You Won’t Believe what Happened at the Discount Window 22:15

26d ago22:15

22:15

While the world was focused on financial volatility and liquidations at the start of August, something odd happened at the Federal Reserve's Discount Window (DW). Given everything else that has gone on since then, starting with the yield curve then considering now-cracking commodities, plus foreigners' dollar buffers and even US dealer banks' colla…

1
Gas Prices Are TANKING, Here's What That Means for the Economy 18:14

27d ago18:14

18:14

Wholesale gasoline prices plunged in August to their lowest since the start of the year. This sounds like a positive, both for consumers as well as Fed policymakers and the disinflationary impact on consumer prices. But refinery margins have crashed to their lowest in three and a half years which instead points to more and bigger trouble. Eurodolla…

1
Consumers Have NO MORE Savings... 18:32

28d ago18:32

18:32

The most significant macro data from the past week certainly wasn't GDP (it wasn't even the most important datapoint within its own series), instead it was personal savings. It is yet another confirmation of what we've been hearing from across the economy and markets. Consumers are tapped out, and they're out of money because of jobs and incomes. E…

1
BREAKING: GDP Explodes Higher (Unless You Look Beneath the Surface) 19:18

29d ago19:18

19:18

People keep saying the economy is in the toilet and the US government keeps raising its estimate for GDP. The general public isn't wrong, GDP is. How do we know? Because that's what GDP says - its other side. Not as well known, it should be because this is the one which is far more accurate during cyclical downturns. History, academic studies, cons…

1
The Conflict of Class, Democracy & Universal Basic Services with Tony from 1Dime 1:45:16

30d ago1:45:16

1:45:16

Macro N Cheese brings you another twist. A couple of months ago, Steve appeared as a guest on 1Dime Radio in a two-part series that we’re now presenting as a single episode. Tony has been on our podcast several times, now Steve is on his turf. The result is a productive meeting of the minds. He and Steve both view the world through a Marxist lens, …

1
New Data Shows the ENTIRE Service Economy Is Facing Collapse 17:45

1M ago17:45

17:45

New information from various sources all around the US service sector shows a downturn taking hold in that segment with employment signals turning more and more negative. It confirms the ongoing and more decisive bull steepening continuing to take shape in the Treasury market. Even mainstream sources are having to cover the fact there is something …

1
Germany Is in Full Blown "Crisis" Mode, Heres What that Means for the World 18:51

1M ago18:51

18:51

German observers are saying the economy has reached crisis proportions and the reason is what the US economy's weakness is doing to the rest of the world. Rather than recover as many in Europe had hoped, the situation has turned grim due to America's growing negatives. As one result, bulls are firmly in charge of all the curves. Eurodollar Universi…

1
Chinese Company PLUNGES 30% (This Confirms Everything) 18:02

1M ago18:02

18:02

Chinese e-commerce retailer Temu becomes the latest global consumer business to warn about the economy - exactly what bonds have been doing all year much to the growing frustration of authorities. They'd rather derail lower market rates at the same time as cutting their own? It actually does make a lot of sense as all these things are related. Euro…

1
The REAL Reason Interest Rates are TANKING 18:43

1M ago18:43

18:43

Just as low interest rates are being validated in every way, some Economists like Nouriel Roubini are alleging that yields are instead being held down by noted monetary genius Janet Yellen who has the Treasury Department engaged in a form of stealth QE. The problem is actually Economists who think interest rates are nothing more than tools to be ma…

1
Everything The Main Stream Media Missed at Jackson Hole 18:32

1M ago18:32

18:32

Jay Powell's Jackson Hole appearance and speech wasn't really about rate cuts. It was a sales job trying to sell you and as much of the world as possible on the Fed itself. Just making the pitch, however, means implicitly admitting the US economy just leapt out of the frying pan and into the fire. Powell says it's OK because he knows how to turn th…

1
Jerome Powell Bombshell Speech Reveals Everything You Need To Know About The Economy 21:49

1M ago21:49

21:49

It wasn't just a pivot, Powell admits the US economy is in trouble as unemployment has already started rising. While that's it's own can of worms, there are also more monetary and financial considerations related to what happened early in August. CLOs, collateral, stock market liquidations, all tied to what the Fed just agreed to. Eurodollar Univer…

1
The Poisoning of America with Jordan Chariton 1:08:20

1M ago1:08:20

1:08:20

Let us never become immune to shock and outrage over the US government’s failure to guarantee its citizens a safe clean water supply. We must be outraged by the power that private players hold over us all with the blessings and collusion of officials whose titles suggest they should protect us. Investigative journalist Jordan Chariton has been repo…

1
Central Banks Are Now Making Emergency Rate Cuts (Is the Fed Next?) 20:59

1M ago20:59

20:59

The economy really has deteriorated quickly, enough that what seemed highly unlikely if not impossible early in July was very near to happened at the end of the month. I said a July Fed rate cut was in play on the 3rd and now according to the FOMC's minutes...it was. That, along with panicky central bankers seeking to quicken the pace of cutting, i…

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