PART 1: Offshore shadow money funds the global economy, but it lies in the shadows; it's off-balance sheet and off-the-regulatory-radar. A good place to get a sense of offshore shadow money is the Treasury International Capital report. Jeff Snider serves as our guide through July's data - and warnings.PART 2: Interest rate swap spreads are negative. These 'underwater' derivatives indicate very high market demand relative to money dealer supply. So, if bank balance sheet capacity remains constrained--available only at a premium--that means there's not enough 'money' in the world economy.PART 3: Will 2022-demand be strong enough to absorb 2021-supply surges? A review of the US inventory cycle and how global covid-related restrictions have convinced retailers, wholesalers and producers to surge goods orders. If demand isn't there, they will have over-ordered.-----SEE EPISODE 108------Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL-----HEAR EPISODE 100----Vurbl: https://bit.ly/3rq4dPnApple: 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----EP. 108 REFERENCES---Dollar Warning Update From The Islands Which Started It: https://bit.ly/3ESLFhIPracTICal Remainders and Reminders: https://bit.ly/3kBfpr0Hey Jay, Maybe Check The Swaps Before Committing to Taper: https://bit.ly/3ET9VjM(WSJ) Spread on 30-Year Treasury Swaps Turns Positive: https://on.wsj.com/2XNJLxrAll Eyes On Inventory: https://bit.ly/2Wg6ty8-----------WHO-------------Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins, grand marshal of editorial cartoons. Podcast intro/outro is "Digital Breath" by ELFL from Epidemic Sound.