Is the Banking Crisis Over or Has It Just Begun? | Jeff Snider

Hidden Forces

Demetri Kofinas

Government, Business

4.8 • 1.6K Ratings

🗓️ 20 March 2023

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

In Episode 302 of Hidden Forces, Demetri Kofinas speaks with Jeff Snider. Jeff is Chief Strategist for Atlas Financial and co-host of the Eurodollar University podcast where he untangles the inner workings of the global monetary and Eurodollar reserve currency system with implications for policymakers and investors.

Jeff Snider has been ringing the alarm bell in anticipation of a panic inducing event like the bank failures we experienced last week for more than a year. In his last appearance on the show he pointed to what he called an “increasing sense of dread” that he felt was reflected in credit and derivatives markets. Markets were “in a very technical sense,” according to Jeff “hedged for something,” perhaps even a deflationary event in the monetary system like a bank panic that would lead the Fed to prematurely pause its rate hikes and possibly even reverse its policy entirely to stave off another financial crisis.

Whether or not the Fed reverses course this week is less important than how the system itself — the banks, brokers, and other financial intermediaries who make up the international financial system — changes its own behavior as a result of recent events. What this means for asset prices, the prospects for economic growth, inflation, and government policy are all topics that Demetri and Jeff explore in depth during today’s episode.

In the second hour they zoom out to look at the bigger picture, specifically what the system itself ends up looking like coming out the other end of this crisis. Do we get more consolidation, centralization, and government control or is there a path for something else? And how does the international security environment make today’s crisis and its potential resolution look very different from what we experienced in 2008?

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Episode Recorded on 03/17/2023

Transcript

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0:00.0	What's up, everybody? My name is the Major Caffeinus and you're listening to Hidden Forces,
0:06.0	a podcast that inspires investors, entrepreneurs and everyday citizens to challenge consensus narratives
0:14.0	and to learn how to think critically about the systems of power shaping our world.
0:18.0	This past week has been one of the most insane news cycles that I've experienced
0:24.0	since at least the early days of the COVID-19 pandemic
0:28.0	where fear was spreading faster than the virus itself. There was an overnight explosion in Twitter accounts,
0:33.0	claiming expertise in epidemiology, and yet no one quite knew what to believe about anything.
0:40.0	I kept thinking back to my conversation with John Askenness about the fragmentation of the media ecosystem
0:45.0	and what it means in practice when a society loses its ability to form consensus truths
0:51.0	in the context of last week's events.
0:54.0	While the impact of this dynamic on government policy is not the focus of today's conversation,
0:59.0	it is an important backdrop that I want you all to keep in mind going forward
1:03.0	as we sort through the new cycle together and try and make sense of events as they unfold.
1:08.0	The reason I asked Jeff Snyder to come back onto the podcast today
1:12.0	is because he has been ringing the alarm bell in anticipation of a panic-inducing event
1:17.0	like the bank failure's we experienced last week for more than a year.
1:21.0	In his last appearance on the show, he pointed to what he called,
1:24.0	a quote, increasing sense of dread that he felt was reflected in credit and derivatives markets.
1:31.0	That market participants, in other words, were hedged for something,
1:35.0	perhaps even a deflationary event in the monetary system,
1:38.0	like a bank panic that would lead the Fed to prematurely pause its rate hikes
1:43.0	and possibly even reverse its policy entirely to stave off another financial crisis.
	...

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