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The Fed thinks it controls the money supply. The eurodollar system proves it doesn't.
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Nobody on CNBC talks about repo markets or cross-currency basis swaps. That's exactly why they get the macro picture wrong.
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I predicted the September 2019 repo crisis months before it happened. The data was screaming. Nobody was listening.
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Inflation is a supply shock, not a monetary phenomenon this time. The deflationary forces in the global dollar system have not gone away.