Jeffrey Snider: All Signs Point to Global Systemic Reset

TDC Note – The past several weeks we have been discussing the very real steps that are currently being taken, coupled with the rhetoric coming from the BIS and IMF, regarding the elimination of the U.S. dollar world reserve currency system. The upcoming G20 meeting should provide a glimpse as to the next, realistic, step that will be taken. The M-SDR Bond is now a reality and while its impact will take a several months, if not a couple of years to be felt, make no mistake about it the reality is in motion.

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Erik Townsend and Aaron Chan welcome Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss:

  • Rich equity valuations despite an on-going earnings recession
  • Off-track corporate cash flows and profits as evidence of a weakening economic environment
  • The mainstream misconception and myth that the Fed provides liquidity thereby levitating equity valuations
  • The chronic and acute dollar shortage as evidenced by the decaying post-2007 global eurodollar system
  • Global central banks resorting to sellng Treasuries as a means to filling dollar funding gaps
  • Milton Friedman’s Interest Rate Fallacy and how long-run low interest rates demonstrate tightness of money supply
  • How the tight-dollar environment manifests itself in the increasingly disorderly global repo market
  • The complete disconnect between inferred interest rate bearishness in eurodollar futures and QE as liquidity
  • TED-spread volatility and other wholesale financial measures suggesting central banks might be losing control
  • The Fed’s inadequate response to the structural contraction in the global eurodollar system
  • Wholesale eurodollar system not tracking with prior exponential growth and demonstrating permanent monetary disruption
  • How the preponderance of evidence necessitates a systemic reset
  • Why central bankers lack the answers by being married to an incongruent monetary framework
  • The potentially galvanizing catalyst between nations in lieu of a serious crisis

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Erik Townsend

Erik Townsend is a retired software entrepreneur turned hedge fund manager. Throughout his career, Erik has capitalized on his ability to understand complex systems and anticipate paradigm shifts far in advance of the mainstream.