#067 Jeff Snider: Markets Are 'Screaming Bloody Murder' And Are Hedged For A 2008-Style Scenario

Jeff Snider (@JeffSnider_AIP) is an expert on the global monetary system, specifically the Eurodollar money system, and all aspects of its misunderstood inner workings and how they impact global markets, commerce, and the economy. His podcast Eurodollar University aims to educate the public on the evolution, nature, and nuances of the Eurodollar system and true monetary principles. He is a regular contributor to Real Clear Markets and a columnist for the Epoch Times and is active on Twitter as well as He has been a guest on countless programs, including MacroVoices, and Real Vision, for his insights into the Eurodollar system, LIBOR and repo/securities lending markets., etc. During episode 67, Jeff explains that since late last year, markets have been "screaming bloody murder" in a way that hasn't been since 2007. According to Jeff, markets are hedged for a 2008-style scenario. 0:00 Introduction 1:53 Welcome Jeff Snider 2:40 Macro picture is “all sorts of ugly” 3:29 Economy in 2021 was an “artificial high” 4:00 Not just about macro, also about monetary system too 4:40 Still in the beginning stages 5:11 The economy is looking worse in short to intermediate-term outlook 6:00 Base case is mass layoffs 6:33 A false sense of confidence about the unemployment rate 9:48 Unemployment 11:43 The market is screaming bloody murder 12:48 A 2008-style scenario 14:40 Something wrong in the global system 17:30 How’d we get here? 18:20 Misconceptions around money printing and interest rates 19:45 Suffering from a lack of credit growth 22:06 The Eurodollar story 26:00 The Fed doesn’t print money 27:50 Distortions in the economy 29:00 Fed is ‘smoke and mirrors’ 33:00 What is money? 34:34 Banking crisis 36:23 Monetary system has become incredibly fragile 37:33 Fragility of the monetary system 38:07 A shortage of good quality collateral 43:00 Treasury Bills 46:00 De-dollarization story 49:00 Shortage of dollars 49:37 The Eurodollar system will be replaced at some point 53:00 The shadow money system 55:00 Eurodollar system is a black hole 58:00 Digital currencies 1:01:37 What keeps Jeff up at night?