for the rebel capitalists, hope you're well.

I wanted to go over a report that I just heard about

from Dr. Lacey Hunt, one of my favorite economists.

Let's go right over to his website,

and this is actually a free PDF that you can download and I just heard him have a

conversation with my good buddy Adam Taggart and this is his quarterly review from second quarter of

2023 and the first thing I want to do is point out

this chart and let me zoom in this is the one that I use for the thumbnail and

this is something that I have never seen and according to this chart it hasn't happened going all the way back to 1952.

So what are we referring to specifically?

This is ODL or real ODL, which is a metric that I hear Dr.

L.

use all the time.

This is other deposit liabilities. So what are other? the or the H8 report, but the bottom line is savings accounts, checking accounts.

For the most part, for the most part.

So just think savings accounts and checking accounts.

So commercial bank liabilities,

assets of the private sector,

assets of the non-bank entities.

And what he does is he takes a three-year percentage change, this is quarterly, and then he also looks at the

velocity for this money metric specifically, where other velocity they're just using M2, he breaks it down to this ODL, which effectively checking accounts and savings accounts.

So he gets more granular there, which I think is important.

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