How the US Dollar Shortage is Driving Global Instability with Jeff Snider

[@rlhernandez1]

Best interview of Jeff I have ever watched. The host has enough of an open mind and asks the right questions to give Jeff an opportunity to explain what he sees. Bravo!

[@RobertGillontheinterweb]

McCormack plays a great ‘I’m a regular guy explain it to me like I’m child’ interviewer

[@boyacaxa]

Jeff Snider is the goat! Hope to see him as a constant guest! Thanks!

[@goldspan5666]

JEFF SNIDER IS A FREAKING NITWIT. HE'S NOT SAYING ANYTHING.

[@brettharter143]

Love Jeff Snider and EuroDollar University. His analysis and search for the actual issues at play are second to none. Whether he is right or wrong he breaks down where he sees the problems and compares to historical issues.

[@sonekulla]

This really was one of the best deliveries of Jeff's thinking of the many dozens of videos I've seen him in. Kudos.

[@giorgioleoncini7813]

What a source of knowledge is Jeff Snider...The more I listen the more our economic system makes sense.

[@ivanchiriac2274]

Well done Peter. I must say this change of yours from talking to Bitcoin only people to actual economists is amazing. Check if you get Michael Green, I think he will be a great guest

[@deineintube]

Nice job Peter! I listen to a lot of Jeff but I don't think I ever feel like I get 50% of what he's thinking. Felt more like 75% on this one - thanks.

[@ivanjeremic]

Jeff is the king.Thank you Peter for bringing him here.

[@jamesdunham1072]

Since the last time JS was on, I became a huge fan... Thanx for having him back.... Great Show....

[@lightnow1]

The best and most consistent interview of Jeff ever.

[@rlhernandez1]

Was just thinking the same thing! Most other interviews of Jeff never seem to allow him to unpack his views. This was excellent.

[@RealCapitalNotes]

So great you are having Jeff Snider on regularly. Perfect complement to Lyn. I’ve been following Jeff for years and his views are always a fantastic out of the box complement to the traditional views of most macro commentators.

[@tomasfontes3616]

Excelent as always! Very rich conversation, had to go back several times throughout it in order to fully grasp Snider's mind-boggling yet racional arguments!

[@pierrejulienregnard1892]

Interviewed people amazing! Sound quality is the best on KZbin!

[@danielj3010]

One of the best interviews on the channel!

[@joemerino3243]

I listened to Jeff explain this multiple times, but only in this interview did I understand what he meant by 'dollar shortage.' Excellent interview.

[@theflipside2709]

Best Snider's talk I have seen.

[@95TurboSol]

This is incredible, it answered so many of my questions! But I have one I didn't understand, why would someone buy 10 year bonds at a lower rate when a 1 year is higher? Jeff said markets are betting on lowered interest rates which will change how bonds are valued but don't bonds have a fixed rate? So how would it be helpful to buy a 10 year at a lower rate now vs a 1 year at a higher rate? Do bonds have a yearly interest payout or something? I always thought a 10 year bond at 5% would net you 5% total at maturity but is it 5% per year?

[@KeystoneConservancy]

Jeff Snider and Robert Breedlove would make for one KILLER SHOW TOGETHER!!! The What is Money guy can meet the man who can’t define money but is enlightening us to all of money’s current problems!

[@mfer134]

I always like listening to Jeff, Guy knows his stuff.

[@XyukonR]

My biggest takeaway from going down the bitcoin rabbit hole is that I have learned more about the global financial system in general. I was introduced to Jeff Smith on your first interview with him and thanks for having him on again. Invaluable information.

[@matthewakey8508]

Best guest you've had. I watched the previous interview 3 times

[@dan2304]

Money is a virtual representation of energy. No activity economic or other happens without energy input. Debt is committing energy from the future at an unknown price or supply.

[@theguy9067]

Fiat, like the dollar is a documented contract of promises for future value (services, goods etc). When you have fiat saved, you don't have anything other than promises. Its no coincidence that I have described debt. Modern money IS debt, which is why it is created when debt is created. Inflation occurs when the promises represented by monetary value don't get fulfilled

[@michalbotor]

i am of similar opinion now, although i absorbed it from michael saylor, that money is to economy what energy is to physics. more precisely i would think of it as a potential energy. money lets you store your labour. and it comes in different "shapes and sizes" with cash being the most liquid but the least value-preserving while a house or land being one of the least liquid but the most value-preserving. this is why michael saylor loves bitcoin, because he believes that due to its innovative nature, its an exception to this rule: both highly liquid and highly value-preserving (though not yet, but in a decade or two when it matures). this is why he is stacking his sats like a madman.

[@loujohnson6631]

Brilliant little offshoot of the comments here (Dan, the guy, Michal botor). I agree with all of the assertions in it. Am I missing something here when I come to the conclusion that it will/would be very helpful to have system(s) of money where people only assume the inherent risk of valuing promises when they actively choose to, but that the dfault is to have the money inextrictably tied to a real world resource (like BTC is tied to electricity expenditure) ? Put another way, is a root problem the fact that we are all beholden, and given no choice in the matter, to ever more disconnected from reality mechanisms of storing the value we create and/or control?

[@ml9372]

Great conversation. Jeff always does an excellent job of explaining complex topics in a very straightforward manner

[@yohan9747]

The best podcast on how money works. I'm still very far from being able to make my own mind about what is going on with money in the world but it helps tremendously to have such experts explaining as clearly as they can a system that I guess is designed to be opaque

[@sandymilne224]

Jeff is scary knowledgeable about the monetary system. Lyn is following in his footsteps and testing his ‘positions’, but Jeff is still in the lead on historical factors and ramifications.

[@MeMe-lm9bm]

Just like a professor, deliver is a gold nugget to the student

[@freiheit8573]

Jeff and Emil were the best sources for me to understand this mess. As a hardcore crypto holder I sold my Bitcoin when all the people screamed "hyperinflation", and "buy bitcoin" and Jeff was right, THIS is not Inflation. Yes Bitcoin and Gold will help when there is inflation or hyperinflation, but 2019,20,21,22 was NOT the time. It is not that Bitcoin is broken but this is simply not money printing.

[@brettharter143]

Same here

[@pran10000]

Sold it for what? Dollars?

[@dalejames486]

Yes! I've been waiting for Jeff's return, can't wait to listen

[@mlbonfox8199]

Dude; he gets it/ best guest so far

[@APC-pm2on]

This Jeff geeza is something to listen to 👌

[@tvogel1810]

Got my money with Steve and Jeff. Two of the smartest guys around!

[@S0vEr31gN_indvdl]

Amazing episode. Worthy of multiple listens.

[@mohlini1]

Am I the only who thinks he should be our chancellor here in the Uk? PS IS IT NOT OBVIOUS BY NOW THAT YOU GUYS SHOULD HAVE LYNN AND JEFF TOGETHER FOR A DEBATE. Ive done my homework they are top two out there now. and thansk for inviting him. Just love Jeff (and Lynn).

[@F_C...]

It seems like their biggest disagreement is how much power the fed and Central banks really have over the market and it is largely a semantic argument.

[@apc4884]

UK government jobs only go to those with no experience and no qualifications in that particular speciality.

[@XX-pl9wp]

@@apc4884 for now... Next election, we not going to see the same MP faces.

[@PatrickN.]

Ok, I made it through without getting too upset with Jeff! Thanks Peter for having him back. I'm always eager to listen to people even thought i dont agree on everything. He still is a little twisted in his thinking of what is wrong with the world economy in my opinion, BUT is on the verge of becoming a fervent bitcoin supporter any day now. In fact I believe he is ALREADY with everything he says and supports. He just doesn't know it yet.

[@cgroff1628]

Best content on the internets since spiral chart guy BTC = New Global T-Bond, LTC = New silver dollar, ETH = New NYSE

[@F_C...]

Only two people who have been consistently right this year are Brent Johnson and Jeff Snider. And while Brent is easier to follow, Jeff substantiates his theories with scientific rigor. Most macro personalities either make vague, low-risk predictions or don't make any predictions and focus on stuff that happened yesterday. Jeff makes confident predictions that others would not risk. And he explains why he thinks the way he does so there is no doubt in his methodology.

[@travishaines7410]

I love that you have my teacher on here 👍, keep getting him on

[@thejuddah]

Classy photo of Jeff in the KZbin feed for this interview.

[@user-me3np9cx2d]

YES get Lyn and Jeff together for a podcast!

[@3377ftw]

Jeff is amazing. Great interview.

[@nicholasdc]

One of the best you guys made

[@kryptoblogger1227]

More Jeff on the show! :D

[@mrgreen1633]

Jeff has fantastice knowledge.I watch all his daily shows

[@evanstair1547]

Jeff always gets my brain thinking. Jeff and lyn

[@juulsvern9961]

I keep coming back to this interview. Damn.

[@roberttheiss6377]

Thanks for imparting some knowledge on me Jeff, great insight.

[@cwspartan]

Jeff Snider is the goat

[@canaldrip2523]

Jeff is the best monetary tea leaf reader 🎉

[@bigbennydarts1230]

I would love to get Jeff's take on the prospect or plausibility of a BRICS currency. What threat is it to dollar hegemony and the technical aspects of such an undertaking? Great video guys.

[@5227444E5A]

Woah, would love to see him and Lyn together. Great podcast

[@royston6033]

Get in! Glad Jeff is now a regular

[@mc-kz8zn]

Great show! Thank you WBD, keep up the great content!

[@loganwallace911]

Brilliant discussion!

[@andynicholls9521]

Knowledge plus thanks Peter and Jeff Feeling dizzy

[@JohnDobbertin]

Jeff Snider 🐐

[@johngammon963]

Jeff Snider: the smartest guy in the room.

[@rkalla]

Holy shit what a good series with Jeff

[@kme8134]

I'm going to have to listen to this 3 times to understand a thing

[@djdos83]

great chat, i'm curious when we can listen to the Cathy Wood session? you posted a teaser photo several days ago...

[@rioc2012]

loving the production quality, guys. 👌 Well done

[@hamletwinston7239]

Weekly jeff snider + lyn alden pls 🎉

[@23uvas]

this guy reminds me of that character in Breaking Bad. The guy with the hummer and the baseball cards lol

[@rexparsons4944]

What a great show, thanks

[@chrism8052]

Fantastic podcast!

[@leemontoya1972]

If Bitcoin is a reserve asset, is it subject to capital gain/loss when used in payment for goods or services? Jeff is the best of the best.

[@pupfriend]

Yes, in the US, if your BTC has gone up in value relative to the dollar, and then you use BTC to buy a cup of coffee, you will have a capital gains tax owed to Uncle Sam. Outrageous, but true.

[@AniishAu]

Please do a show on producer-credit as an alternative to bank-credit, especially with regards to using crypto as a token for producer-credit

[@roshhashanah3705]

"Now you're a Bitcoiner" 😄😄

[@miketoms6440]

Money is whatever commodity a multiple of people agree holds value. On a desert Island, coconuts could be money, in a prison, cigarettes could be money. Gold became money because it was seen and agreed to as having value. The harder the commodity is to get, the "harder" the money is. That's the reason precious metals have been money for thousands of years & why bitcoin will be the future of sound, hard money.

[@2010COpall]

Jeff was asked how a dollar shortage materializes or expresses itself. Jeff answered with something to the effect, "When the banks in the eurodollar system become risk adverse, they start charging higher rates to small and medium size companies". So for me, since risk adversion changes the rates at which eurodollar banks lend, the quesiton should be, "what is causing the risk adversion"?

[@haroldgrey134]

A good primer to Jeff's way of thinking is Professor Perry Mehrling's free online university course on monetary economics - dealing in bank balance sheets, final settlement when writing cheques or paying by credit card, balance sheet expansion, reserve systems etc.

[@stuartporteous7762]

Agreed 👍🏻

[@goldspan5666]

Oh, I don't think JS knows anything, especially compared to Merhling. JS will tell you he's only read one historical economics book. He'll Merhling has written what 2,3 now 4. JS is a fraud

[@KyleDunnIt]

Jeff is so confident in his understanding that he "doesn't make predictions" or even disclose even a vague financial position or preparation strategy. In other words, he can never be proven incorrect in the future; a model of the very accountability void he rails against.

[@travismonk2804]

He's balls deep in safe assets that are liquid. So treasuries basically. Then yes, he can be proven incorrect.

[@VoodooD0g]

Central Banking 101 gives a good explanation of what money is.

[@ronaldmcdonald3965]

the interviewer did a good job asking questions us non-FX people can understand

[@DsynergyA]

This is random, but what's the purpose of both wearing headphones whilst sitting 5 feet apart? 😂

[@RB_Traj]

great interview

[@TheRealDerekS]

spent this last year following the eurodollar university and its finally starting to click, I always liked jeff because he was an "outlier"... BUT he also scared the shit out of me because in the back of my head I thought "oh shit, am I completely wrong about bitcoin?" hahaha god bless jeff for standing in the breach between tradfi and the emerging digital arena, I really think we need to do our best to understand where hes coming from. Theres something there we need to grasp. also, Danny > james McAvoy on "Split"

[@epistemocrat]

I can't believe a bitcoiner was able to give voice and evidence to those concepts and Jeff... well done Pete, well done indeed, thanks a lot!

[@loopbasedzero]

thanks for posting this.

[@jasonbradley7365]

jeff is the man

[@Meta4Monky]

I used to think jeff was just an academic parrot, but seeing his opinions evolve and his metaphorical use of blackholes has evolved my opinion as well.

[@beschterrowley3749]

I've watched Jeff and Emin for awhile now but this seems to be a bit more digestible compared to the eurodollar university channel. Would be great if this could reach the masses and people could try to pick apart Jeff some more.. he always seems so rational but it's difficult for the average viewer to determine if such extraordinary claims on dollar shortages are within reason. Also, Jeff, no need to be so combative!! People just want to understand!

[@RobertGillontheinterweb]

Lol I don’t think he can help it

[@mdubore]

He is not a bitcoiner so I think in the mainstream macro circles he is an outlier and is used to having to be defensive. I don't think he quite realizes there is a whole new group of macro awakening people who are interested to hear his arguments.

[@emanuelrios4820]

Jeff need to write a book about banking

[@EJARNY]

Great discussion!

[@quietmind0zero]

I need a Jeff Snider T-shirt!

[@c.p.1090]

A great interview and channel

[@replyguy]

Who is the woman pictured ion the TV on the back wall. I feel like I saw her on TV once.

[@angusmcbraith]

Excellent

[@daniquederidder4663]

would it be really funny if they had changed cloth..? Jeff knows best, really like his point of view!

[@serget4693]

This video doesn't play on a brave browser on a mobile phone. Not sure why. Your other interviews play fine, but thus one you tube puts a link to download chrome.....strange google

[@PeterMcCormackShow]

Apologies. It's an issue with KZbin. They are looking into it and told us yesterday that it will be rectified within 24 hours. In the meantime, I know for people who enjoy the video it is a poor substitute, but the audio is working.

[@anesskattan6259]

Really enjoyed this. I was a critic of the last one but that was only due to one comment that really hit a nerve on me (which was: we haven't seen inflation the past 12 years, until covid). I feel like Jeff is not far away from being orange pilled to be honest. Well done lads, great show 👏

[@empireorganizing]

Fascinating thank you. Can’t believe the Eurodollar system can’t be accounted for in any way lmao

[@KidGlo]

why do i get “We’re processing this video. Check back later.” error on my phone? i can watch every other video just fine but its been nearly 24 hours and i still can’t watch :( edit: just tried on my xbox and also getting an error, the video is literally unwatchable for me

[@PeterMcCormackShow]

Apologies. It's an issue with KZbin. They are looking into it and told us yesterday that it will be rectified within 24 hours. In the meantime, I know for people who enjoy the video it is a poor substitute, but the audio is working.

[@danpate6807]

This guy seems to answer many of your questions by just switching words around from the question being asked. He talks about black box banking yet provides black box answers.

[@RobertGillontheinterweb]

Literally don’t bother with any other financial analyst. Just listen to Jeff

[@bradynields9783]

8:46 Because not everyone agrees to what money is we may want to start asking instead what money can be.

[@boisechampion]

When are you gonna get Tom Luongo on the podcast?

[@yaroncohen9513]

Peter should do "what is money " documentary!!

[@PeterMcCormackShow]

Have you checked out our "Follow the Money" films? We've had one on El Salvador. We're about to release another on the cost of living crisis in the UK. There are more in the pipeline, maybe we could do one on "What is Money?"!

[@blackstarmaster]

Why are long term treasury yields rising then? shouldnt be future eurodallars really scarse? under these dollarshortage conditions

[@OliviaNeyAccounts]

GOLD!

[@cavokmc]

I think your audience would have benefited more from this conversation if both Jeff and you used more specific terminology in a world based on a credit money hierarchy where one parties debt is another party's asset and a debt is also a credit. A world of assets and liabilities which is the balance sheet. Where liquidity is created in the banking system through debt maturity transformation. Creating liabilities which are a claim against your assets. Using words like money and dollars which creates ambiguity and confusion does not articulate what is mechanically happening with regard to the balance sheets of governments, central banks, commercial banks, non backs and the private sector.

[@ajstone2053]

Marshall plan worked only because us dollars provided liquidity. The difference we have now is us dollars are not backed by a sufficient system of economy (production, consumption, circulation and legitimate commercial banking).