PART 01: All of a sudden the Federal Reserve's Reverse Repo Program has exploded higher to half-a-trillion dollars. Why? The mainstream, orthodox narrative is that 'this is fine'; a response to 'too many bank reserves'. What does it really mean? Collateral scarcity. Systemic fragility. A warning.PART 02: Chile, one of the 20th-century's rare economic success stories - from a low level of development to just short of advanced - held an election to rewrite its constitution. The winners? Anti-capitalists. And why not? After all, if a decade-long depression is capitalism...PART 03: In the 15th century there was a Great Bullion Famine, which was solved by "ghost money".  In the 1950s there was a Dollar Shortage, which was solved by the "eurodollar".  In 2007 the Great Eurodollar Famine began (and hasn't ended!).  Will it be solved by crypto currencies?---------SEE IT-----------Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr--------REFERENCES--------Reserving Observations On The Reverse Repo Of Reserves: https://bit.ly/3c4hyXzNo Reserving Interpretation About Reverse Repo Collateral Connection(s): https://bit.ly/3usmxb7Chilling Global Wind Blowing Stronger: Chilly In Chile: https://bit.ly/3vy1Yv9We'll Continue Hearing About a Global Recovery That Isn't Real: https://bit.ly/3yW4TQzMonetary Wrongness Has Authored a Crypto Response: https://bit.ly/3uzLIZ4Enter the Ghost - Cashless Payments in the Early Modern Low Countries, 1500-1800: https://bit.ly/3fuagyCThe Vagaries of the Sea: Evidence on the Real Effects of Money from Maritime Disasters in the Spanish Empire: https://bit.ly/3fwXKyrAlhambra Investments Blog: https://bit.ly/2VIC2wWRealClear Markets Essays: https://bit.ly/38tL5a7 ---------WHO-----------Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "All Right" by William Benckert feat. Johan Tengholm, Jonas Bäckman at Epidemic Sound.