In 1937, like now, circumstantial evidence and biases of central bankers suggested the impending arrival of fierce inflation: huge government deficits, better economic statistics, rising bond yields and excess bank reserves. Yet the underlying condition was of depression and credit illiquidity.


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--EP #54: PART 03 TOPICS--
00:01 Large debt loads, accelerating deficits and rising interest rates - welcome to 1937
02:53 The US Treasury demanded The Fed fix / stop rates from rising further - welcome to 1937
05:42 How did the Federal Reserve's balance sheet change during the 1930s?
09:36 Why do central banks feel it is necessary to be ahead of inflation's appearance?
13:07 How did the private banking system's balance sheet change during the 1930s?
15:03 Why did the private economy pile into government bonds, including municipals in the 1930s
18:15 Monetary scholarship reached a low point in the 1920s. We've fallen into the same trap.


--------REFERENCES--------
There's Precedent for Yellen Demanding a Central Bank Rescue: [ Ссылка ]
Alhambra Investments Blog: [ Ссылка ]
RealClear Markets Essays: [ Ссылка ]


---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski. Art by Master Quillsman, David Parkins.

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