Can't stomach another $350 subscription this year on this grad school budget after buying Lyn's earlier with the expectation that your newsletter would remain free.
QE is a mechanism to allow the UST to deficit spend. So indirectly through the government, it is putting real dollars into the economy. I don't know why this isn't acknowledged more often.
Thanks for the article Alf. You seem to be saying that the pandemic QE program of '20/21 that purchased assets from non-banks for the first time, creating massive commercial deposits in parallel with reserves, those deposits are not the same as other commercial deposits? This is the first time I've heard of deposits that are "de facto reserves". My understanding is much of the reserves "cloned" into commercial deposits from non bank asset purchases went straight into stocks, driving the most recent stock price bubble.
Thanks for another great article! Ever since watching your Master Class with Axia Futures back in October, it's really been enlightening to learn more money and how it circulates within the real economy and the financial sector.
As you mentioned, everything we learned about this back in college is literally upside down or overly simplified.
I have to admit that I'm still playing catch up with the knowledge you've been sharing but it's been a great experience so far. Really glad to have found TMC!
Hi Alf, so first the safest to store is "at self"? Dollar Cash, gold coins at home, bitcoin cold storage..(?) Ofc a lot of cash does not work anymore, and according your model its not the time yet for gold & btc, which for now could be seen as insurance & risk on assets. So where is our digital money the safest? With the USA (FDIC/T Bills), yes maybe in this moment, but, what would happen if the CBDC process ends with a merge/bridge of the FED (Central bank) and the Government (Finance Department)? What if Financial Money and Commercial Money merge and will be programmable? As it seems we are slowly heading there (reading FED-Coin papers/trials running now with 12 banks & listening to "ideas" of Janet Yellen Treasurie liquidity solutions). I appreciate your guidance is always focused "on the now world", and this maybe maybe a bit to "ahead/conspiracy", but as Im paying now 995 euro for 2023, I dare to ask:), what's your opinion...? Thnx 4 all!
Great article! I have a question. What about the "leakage" of financial money in the form of withdrawals from RoE, bonuses, etc. that enter the real economy (buying real economy assets and services)? Maybe I missed a point. Thank you!
Hey Alf, if I was interested in upgrading from the first tier "long term investor" subscription into the second tier "all around investor" subscription, what steps do I follow?
I already paid for the first tier subscription and would only be interested in upgrading if paying the difference between the two using the TMC discount code
Can't stomach another $350 subscription this year on this grad school budget after buying Lyn's earlier with the expectation that your newsletter would remain free.
Your podcast/youtube will keep up though right?
Will miss this until next year.
QE is a mechanism to allow the UST to deficit spend. So indirectly through the government, it is putting real dollars into the economy. I don't know why this isn't acknowledged more often.
Fantastic Alf! You are the best macro-teacher around! Thanks
Great article. Did demand explode wirh the extra money. ? Or was the inflation due to supply shortages. I’m 80% supply.
Example used cars up 50%. Or new cars up double digits. New cars were impossible to get.
Nice article once again. How does this relate to M1, M2, M3 etcetera?
Thanks for the article Alf. You seem to be saying that the pandemic QE program of '20/21 that purchased assets from non-banks for the first time, creating massive commercial deposits in parallel with reserves, those deposits are not the same as other commercial deposits? This is the first time I've heard of deposits that are "de facto reserves". My understanding is much of the reserves "cloned" into commercial deposits from non bank asset purchases went straight into stocks, driving the most recent stock price bubble.
So either one:
1. CBs want to create asset bubble with QE...why?
2. CBs are stupid and believe QE will create lending (does not).
Which is correct 1 or 2?
Thanks for another great article! Ever since watching your Master Class with Axia Futures back in October, it's really been enlightening to learn more money and how it circulates within the real economy and the financial sector.
As you mentioned, everything we learned about this back in college is literally upside down or overly simplified.
I have to admit that I'm still playing catch up with the knowledge you've been sharing but it's been a great experience so far. Really glad to have found TMC!
Great post. Just moneyed up the new platform. Look forward to your 2023 content!
What will be your long-term ETF portfolios time frame, Alf?
Hi Alf, so first the safest to store is "at self"? Dollar Cash, gold coins at home, bitcoin cold storage..(?) Ofc a lot of cash does not work anymore, and according your model its not the time yet for gold & btc, which for now could be seen as insurance & risk on assets. So where is our digital money the safest? With the USA (FDIC/T Bills), yes maybe in this moment, but, what would happen if the CBDC process ends with a merge/bridge of the FED (Central bank) and the Government (Finance Department)? What if Financial Money and Commercial Money merge and will be programmable? As it seems we are slowly heading there (reading FED-Coin papers/trials running now with 12 banks & listening to "ideas" of Janet Yellen Treasurie liquidity solutions). I appreciate your guidance is always focused "on the now world", and this maybe maybe a bit to "ahead/conspiracy", but as Im paying now 995 euro for 2023, I dare to ask:), what's your opinion...? Thnx 4 all!
Why is the benefit of financial institutions accumulating reserves? What can they use reserves for?
Alf - Your content and perspectives are worth every penny. Glad to be aboard; haters will complain if it's $5/month.
Great article! I have a question. What about the "leakage" of financial money in the form of withdrawals from RoE, bonuses, etc. that enter the real economy (buying real economy assets and services)? Maybe I missed a point. Thank you!
I believe your Global Impulse graph is one of the most tools I've ever seen.
Hey Alf, if I was interested in upgrading from the first tier "long term investor" subscription into the second tier "all around investor" subscription, what steps do I follow?
I already paid for the first tier subscription and would only be interested in upgrading if paying the difference between the two using the TMC discount code