Articles and essays – Anson Funds

Interesting standalone items…

On par: A Money View of stablecoins – BIS 20231117
The amazing ‘moneyness’ of Treasuries – FT Alphaville 20231006
Liquidity Event – Fed Guy 20230918
The BRICS bank tries to get out from under the dollar – Daniel Neilson 20230831
The most important chart in the world – FT Alphaville 20230830
Money & Public Debt: Treasury Market Liquidity As A Legal Phenomenon – Menand & Younger 20230823
Bubbles Grow, Bailouts Ensue: The Tale of the Fed & LTCM – Barron’s 20230810
The new commodity superpowers – FT 20230808
QT flows: Money funds have moved from repo deposits to T-bills – Daniel Neilson 20230801
Euroclear: Walking the fine line of Russia sanctions – Daniel Neilson 20230720
Usage of the Fed’s ON RRP deposit facility has begun to contract – Daniel Neilson 20230707
Understanding the Modern Monetary System (Updated) – Cullen Roche 20230629
U.S. Has Every Reason It Needs to Drop Debt Ceiling – Brad Setser at CFR 20230608
A (very short) history of global reserve currencies – Michael Pettis in FT Alphaville 20230607
Back to 2019 – Fed Guy 20230606
Not Buying Central Banks’ Favorite Excuse – Project Syndicate 20230530
Account: monetary technologies #1 – Daniel Neilson 20230530
The Yuxi Circle and the Drums of War – Pacemaker Global 20230525
The Fed and its Lowest Comfortable Level of Reserves (“LCLoR”) – Fed Guy 20230515
Pozsar’s Writing Is Dense, Esoteric— And a Hit – WSJ 20230508
What’s Happening to the Banking System? – Cullen Roche 20230508
Schrödinger’s insolvency: Unrealized losses on global USD portfolios – Daniel Neilson 20220504
What Elon Musk gets right about entrepreneurs – FT 20230426
Black-Scholes at 50: how a pricing model for options changed finance – FT 20230426
Minsky & Kindleberger: Fellow travelers of financial instability – Perry Mehrling 20230424
Day by day: The Fed in the Long Pandemic – Daniel Neilson 20230424
Banking Crisis: All Clear – Fed Guy 20230424
The Sudan crisis and the Sahel gold rush – Adam Tooze 20230418
The ‘Extraterritorial’ US Dollar – Pacemaker Global 20230414
The Canary in the Fed’s Coal Mine – Law and Liberty 20230411
Primer: A Deposit’s Life – Fed Guy 20230410
Powell’s Duration Trap, Banks and the US Treasury – Institutional Risk Analyst 20230410
Securities Issued by the Fed: Not so crazy after all – Nathan Tankus 20230406
De-dollarization Has Begun – AIER 20230406
Monetary Policy Transmission & the Money Market Fund Industry – FRBNY 20230406
BoE working paper dissects gilts market crisis – Securities Finance Times 20230404
Giving Credit When Credit is Due – Michael Green 20230403
The Night They Re-read Zoltan Pozsar (in his absence) – Nathan Tankus 20230331
Ameridollars – Fed Guy 20230327
SVB’s Failure Highlights Systemically Combustible Conditions – Seth Levine 20230326
The Battle for the Treasury Market – Concoda 20230322
Too Small to Not Fail: Short History of the World – Danielle DiMartino Booth 20230322
Central banks are too powerful and they’re to blame for inflation – Fortune 20230322
Best books about the forces making the global money system – Mehrling 20230320
Magical Monetary Thinking at the Fed Killed SVB – Kelton and Wray 20230318
Preventing and responding to dysfunction in core markets – Dallas Fed 20230316
Lessons from the disaster engulfing Silvergate Capital – Frances Coppola 20230315
Hidden to Market – Fed Guy 20230313
Money Doesn’t Make America’s Economy Go Around – Dudley in Bloomberg Opinion 20230228
The Man Who Helped Make the Dollar the World’s Currency – INET 20230227
The Golden Age of Fraud in Finance – Jim Chanos in INET 20230223
How the Fed “Went Broke” – Lyn Alden 20230223
Macro-financial effects of int’l bank lending on emerging markets – Journal of Int’l Economics 20230223
Landings, Soft and Hard: Federal Reserve, 1965–2022 – Alan Blinder in JEP 20230221
QT: Hiking at $60b a Month – Fed Guy 20230213
The Silent Monetary Revolution (LIBOR to SOFR) – Concoda 20230208
Understanding the “Inconvenience” of U.S. Treasury Bonds – NY Fed 20230206
The Trillion-Dollar Question: Could a Coin Save the Day? – NYT 20230202
BOJ and yield curve control – Daniel Neilson 20230131
Come Hell or High Water – Fed Guy 20230123
Great power conflict threatens USD’s exorbitant privilege – Zoltan Pozsar via FT 20230120
Multicurrency Mercantilism and the New International Economic Order – Tyson 20230120
Subsidiarity: credit, hierarchy, settlement – Daniel Neilson 20230116
The Rise of the Global Dollar System – Perry Mehrling via INET 20230111
The Cash Flows created by credit relationships – Daniel Neilson 20230109
Inflation Debate: Supply Shocks & Wealth Effects in a Multipolar World – INET 20230106
Financial Hierarchy – Daniel Neilson 20230105
Time Bomb in Global Finance – INET 20230104
Global Central Banker: Foreign Reserve Mgmt & U.S. Money Market Liquidity – KC Fed 20230103
Fed Repos Soar To $2.55 Trillion As US Treasury Yields Tank – Confounded Interest 20230103
The Fed’s balance sheet, 1914 to 1935 – Daniel Neilson 20221228
Trapped Liquidity – Fed Guy 20221219
Age of contraction – Daniel Neilson 20221206
Oil, Gold, and LCLo(SP)R – Zoltan Pozsar 20221205
NY Fed paper ties reverse repo surge to bank regulation change – Reuters 20221204
All They Told You About Money Printing Is Really, Really Wrong – Macro Compass 20221127
Along the curve: New York Fed’s securities lending facility – Daniel Neilson 20221125
Monetary Tightening: Stock and Flow – Fed Guy 20221121
Growing Pains: Charles P. Kindleberger and the Dollar System – Perry Mehrling 20221108
Combs & Mauboussin at Graham & Dodd Breakfast 2022 – IM Highlights 20221104
Quantitative Buybacks – Fed Guy 20221031
Yes, World War 3 has already started – Pippa Malmgren 20221026
The liquidity Nobel: Minsky & Kindleberger – David Neilson 20221013
Solvency Constraints – Fed Guy 20221010
Why the ‘market maker of last resort’ is a bad idea – Carolyn Sissoko 20221007
A system under strain – Daniel Neilson 20220929
Putin vs Europe – The Long War – Macro Compass 20220908
The Reserve Gap – Fed Guy 20220906
Central banks: a void at the center – Daniel Neilson 20220906
Bank of Japan: Three ways to draw balance sheets – Daniel Neilson 20220817
The Marginal Buyer (Treasury Buybacks) – Fed Guy 20220815
Repo: World’s Most Important Market – Macro Compass 20220804
Zoltan Pozsar: ‘Welcome To The War Economy’ – Heisenberg Report 20220801
In the fog: Two implicit monetary theories – Daniel Neilson 20220726
The Money Still Flows – Fed Guy 20220725
Understanding Balance Sheet Capacity – Maroon Macro 20220718
One Armed Fed – Fed Guy 20220718
Energy: The Area Under the Curve – Lyn Alden 20220718
Dollar Remains World Reserve Currency – Institutional Risk Analyst 20220714
Nothing Else (Except Macro) Matters – Macro Compass 20220714
From stagflation to debt crises – Vox EU
Don’t Fight The Fed – Fed Guy 20220711
What the Hell Is A Cross-Currency Basis Swap, And Why Do They Matter? – Deer Point Macro 20220711
From Leaks to Flood – Daniel Neilson 20220711
Those Predicting a ‘Fed-Induced Recession’ Misunderstand the Meaning of Recession – John Tamny in Forbes 20220711
The Fed As Derivatives Dealer of Last Resort? – Without Warning 20220629
Bank Liquidity & Quantitative Tightening (QT) – Institutional Risk Analyst 20220627
Chartbook #16: Evolution of US banking and money markets – DC’s Chartbook 20220626
Modern Monetary System: Repo as a Driver of Securitization – Maroon Macro 20220625
Modern Monetary System: Repo as a Liability Management Tool – Maroon Macro 20220615
Euro crisis II – Eric Lonergan 20220612
The true reason why central banks do QE – Macro Compass 20220609
Understanding Balance Sheet Capacity – Maroon Macro 20220607
Turbo tightening – Fed Guy 20220531
Closed circuit: overnight reverse repo facility reaches $2 trillion – Daniel Neilson 20220525
QT – the Fed’s Portfolio of Mortgage-Backed Securities – Maroon Macro 20220522
Quantitative Tightening – Maroon Macro 20220516
Stablecoins are banks – Daniel Neilson 20220513
Variation margin – Financial plumbing in commodities markets – Daniel Neilson 20220419
Fed’s Balance Sheet Run Off (Non-Bank Financial Institutions & Households) – FRBNY 20220413
Draining the RRP – Fed Guy 20220411
Lombard Street and Commodities – Zoltan Pozsar 20220404
Russia-Ukraine Crisis – Could China Be a Lifeline for Russia’s Banks? – Maroon Macro 20220327
Yes, But Which Yield Curve? – Macro Compass 20220321
The Great Steepening – Fed Guy 20220321
The Russia-Ukraine Crisis and its Ramifications for Global Payment Systems – Maroon Macro 20220314
An outside-spread moment – Daniel Neilson 20220311
Monetary policy in a disorganized economy – Daniel Neilson 20220308
Pozsar on the Great Commodities Collateral Crunch – Bloomberg Odd Lots 20220308
Breaking The System – Fed Guy 20220307
Bears are Knocking at The Door – Macro Compass 20220307
War in the monetary system – Daniel Neilson 20220304
The balance sheet of the Central Bank of Russia – Daniel Neilson 20220301
Understanding modern money: monetary tail wagging the real economy dog – Carolyn Sissoko 20220222
The Origins and Evolution of the Modern Monetary System – Maroon Macro 20220208
Quantitative hikes – Fed Guy 20220207
Repo Man – Daniel Neilson 20220204
Lawyer Perspective on U.S. Payment System & Money in the Digital Age – FEDS Notes 20220204
Mechanics of quantitative tightening – Daniel Neilson 20220201
The Yield Curve Inversion is Coming – Macro Compass 20220131
Does the Federal Reserve’s Quantitative Easing Really “Print Money”? – Maroon Macro 20220127
Macro accounting frameworks – Daniel Neilson 20220121
Repo Review: Sponsored Repo – Maroon Macro 20220118
The QT Timebomb – Fed Guy 20220118
Fed’s Latest Tool: A Standing Repo Facility – Liberty Street NY Fed 20220113
JPM Coin – Daniel Neilson 20220111
How the Fed’s monpol implementation framework has evolved – Liberty Street NY Fed 20220110
Milton Friedman’s Interest Rate Fallacy – Maroon Macro 20220110
Quantitative Tightening Step-by-Step – Fed Guy 20220106
The big picture; themes for 2022 – Daniel Neilson 20220104
Reimagining Demand Management & Price Stability – Nathan Tankus 202201
Still Flying Blind After All These Years – Levy Institute 20211231
The rise of private markets – BIS 20211231
Modern Monetary System: Liability Management, Negotiable CDs – Maroon Macro 20211208
The Only Two Pieces of Advice You’ll Ever Need – Tyler Cowen 20211207
The QE Afterparty – Fed Guy 20211206
Repo from first principles – Daniel Neilson 20211130
$2 Trillion Pandemic Savings – Fed Guy 20211115
Modern Monetary System: Eurodollar/Eurocurrency System – Maroon Macro 20211105
Crypto monetarism – Daniel Neilson 20211105
The Fed as global repo dealer – Daniel Neilson 20211102
Inflationary Hikes – Fed Guy 20211101
Mechanics of a Devaluation – Fed Guy 20211018
The US Repo Market – Maroon Macro 20211018
The Fed in the repo market – Daniel Neilson 20211005
Evolution of banks’ deposit liabilities since start of 2020 – Zoltan Pozsar Credit Suisse 20211004
Debt Ceiling Procedures – Fed Guy 20211004
Quadruple-entry accounting – Daniel Neilson 20211021
Wealth (Side)Effects – Fed Guy 20210927
Tapering Towards Neutral – Fed Guy 20210913
Pricing the global dollar – Daniel Neilson 20210910
Minsky moment for central banks – TS Lombard 20210909
Credit Creation and Growth in the Real Economy – Maroon Macro 20210903
Too Much Money – Fed Guy 20210830
The hierarchy of money – Maroon Macro 20210812
Market-based credit during the pandemic – Daniel Neilson 20210706
Central banks facing pandexit challenges – BIS 20210629
Corporate debt: post-GFC through the pandemic – BIS 20210607
Understanding how central banks use their balance sheets – Vox EU 20210601
Interest, Reserves, and Prices – NY Fed 20210601
Fed Prepares to Go Direct with Liquidity – Institutional Risk Analyst 20210521
Fed Cannot Fight Today’s Inflation – Fed Guy 20210517
The Right LIBOR Successor Emerges – Fed Guy 20210510
QE Zombifies Money Markets – Fed Guy 20210503
Does government debt matter any more? – Prospect 210503
Why Are Banks Issuing So Much Debt? – Fed Guy 20210426
SLR Sets Size, But LCR Shapes Composition – Fed Guy 20210322
America’s banks have too much cash – Economist 20210320
Dollar funding of non-US banks through Covid-19 – BIS 20210301
U.S. Treasury’s cash drawdown – and why markets care – Reuters 20210222
How might the TGA drawdown impact markets? J.P. Morgan 20210219
Hierarchy of the offshore US dollar system – GDPC 20210201
Potential reform options for Money Market Funds – US Treasury 20201222
Enhancing Liquidity of the U.S. Treasury Market Under Stress – Brookings 20201216
Central bank swap lines and cross-border bank flows – BIS 20201214
Does the National Debt Matter? – St Louis Fed 20201204
An early stablecoin? The Bank of Amsterdam and the governance of money – BIS 20201110
Quantitative Easing Step-by-Step – Fed Guy 20200919
If 60/40 Keeps Working, Democracy Has Failed, McCulley Says – Bloomberg Odd Lots 20200903
Market Function Purchases by the Federal Reserve – Liberty Street FRBNY 20200820
The Fed’s Large-Scale Repo Program – Liberty Street FRBNY 20200803
The road to inflation – Dario Perkins 20200727
Revisiting the Ides of March, Part III: Scary Stories to Tell in the Dark – CFR 20200723
BIS international banking statistics at end-March 2020 – BIS 20200722
Scarcity of safe assets and global neutral interest rates – Fed Research 20200701
Global banks’ dollar funding needs and central bank swap lines – BIS 20200716
The Role Of (Il)liquidity In History’s Greatest Bear Market Rally – Heisenberg Report 20200703
US dollar funding: an international perspective – BIS 20200619
Central banks’ response to Covid-19 in advanced economies – BIS 20200605
Central Bank Digital Money Could Thwart Credit Creation – WSJ Central Banking 20200604
Critical macro-finance: A theoretical lens – Daniela Gabor 20200601
The day Coronavirus nearly broke the financial markets – WSJ 20200520
USD funding markets during the Covid-19 crisis; the MMF turmoil – BIS 20200514
The death of the central bank myth – Adam Tooze 20200513
What our post-pandemic future looks like – Bloomberg 20200512
The economic end scenarios of the Covid19 pandemic – Tuomas Malinen 20200504
How did Covid-19 disrupt the US Treasury debt? – Brookings 20200501
The Class Politics of the Dollar System – Phenomenal World 20200501
End of the myth of independent central banks – John Redwood, OMFIF 20200427
Excellent April 2020 update and charts – Blackrock 20200427
Shockwave: Adam Tooze on the pandemic’s consequences for the world economy – London Review of Books 20200416
To fight the COVID pandemic, policymakers must move fast and break taboos – Vox 20200406
The Booming Short-Volatility Bet That Lost 46% in a Single Month – Bloomberg 20200403
Leverage and margin spirals in fixed income markets during the Covid-19 crisis – BIS 20200402
Dollar funding costs during the Covid-19 crisis through the lens of the FX swap market – BIS 20200401
Not one emerging market crisis, but many – Brad Setser 20200331
Money in the time of coronavirus – Carolyn Sissoko 20200327
Addressing the Global Dollar Shortage: More Swap Lines? A New Fed Repo Facility for Central Banks? – Brad Setser 20200317
The collateral supply effect on monetary policy – Carolyn Sissoko 20200227
How To Write Usefully – Paul Graham 202002
Payment vs. Funding: The Law of Reflux for Today – Perry Mehrling 20200128
Money market funds, repo, and monetary policy: A mechanism design problem for the Fed by Carolyn Sissoko 20191211
Treasury debt and the pricing of short term assets – Vandeweyer 20191202
A Primer on Sponsored Repo – JPM 20190416
Liquidity changes everything – Perry Mehrling 20190312
Modern Monetary Theory: A Marxist Critique – Michael Roberts 2019
The real Goldfinger: the London banker who broke the world – Guardian 20180907
Elasticity and discipline in the global swap network – Perry Mehrling 20151119
The Wealth of Nations: A Financial Approach – Carolyn Sissoko 20130902
What Would Value Investing 101 Look Like – Geoff Gannon 20120227