On February 24, 2021 Fedwire broke down for several hours - it was the the feather that broke the economic recovery camel's back. Copper, gold, silver, the yuan, Kiwi dollar, Treasuries, swap spreads, OATs - even bitcoin - all saw their trajectories change for the worse.------EP. 196 TOPICS------00:00 INTRO: Fedwire broke for hours on February 24, 2021 and took recovery down with it.01:18 Many headlines in February 2021 suggest economic recovery and a boom was ahead.03:00 At 11:15 AM Fedwire, FedCash, FedLine, Check 21 all experienced disruptions.04:37 Fed's Treasury Market Practices Group says it was not a cyberattack; everything was fine.05:17 The IMF says they too do not know what happened; no details were provided.06:01 Fedwire's break resulted in a sea-change across global markets in risk perceptions.09:05 Headlines were positive in early 2021 but underneath there was rot in the world economy12:22 Lots of markets inflected away from recovery in response to the Fedwire blackout.16:00 OUTRO: Russia in 2022, like Covid in 2020, will be blamed for preexisting slowing.----EP. 196 REFERENCES----A Year Later, The Fact Fedwire Is Still There Tells Us Why Markets Have Done What They’ve Done: https://bit.ly/3srvhAgAlhambra Investments Blog: https://bit.ly/2VIC2wWlinRealClear Markets Essays: https://bit.ly/38tL5a7-----SEE ALL EPISODES-----Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR ALL EPISODES-----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/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: 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---------THE TEAM---------Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.------FIND THE TEAM-------Jeff: https://twitter.com/JeffSnider_AIPJeff: https://alhambrapartners.com/author/jsnider/Emil: https://twitter.com/EmilKalinowskiEmil: https://www.EuroDollarEnterprises.comDavid: https://DavidParkins.com/Terence: https://www.VisualFocusMedia.comLazer Boomerang: https://www.facebook.com/lazerboomerang/Lazer Boomerang: https://soundcloud.com/user-14207639