Audioburst Search

20 Burst results for "Zoltan"

"zoltan" Discussed on Odd Lots

Odd Lots

04:22 min | 3 months ago

"zoltan" Discussed on Odd Lots

"So I thought that was absolutely riveting conversation touched on so many of the sort of smaller technical scenes but also some of the big picture themes and what I really like about talking is alternate. Perry is that they always bring that real world perspective. This is what they're actually observing in financial markets at this moment in time or in the case of Perry this is how real world behavior can actually affect the flow of money is. That really was a treat getting to talk to both of them at the same time like that. I don't have too much to add because I think they said and I love Perry's analogy of this idea. We were building a bridge somewhere in that. Last mile of the bridge has been destroyed and until we know what the end of the what the what the new shore looks like. No wonder our things are so chaotic and unstable on financial markets. His until we have some view of what that looks like. How can you do anything? Yeah and I think the conversation really crystallize the idea that what we're seeing in markets right now is this cash shortage or a run on cash and a run dollars specifically so it really highlights the centrality of the dollar which is something that we've discussed in a bunch of previous awesome episodes now and it also highlights the power of the Fed right like the Federal Reserve right now is basically responsible for keeping the entire global financial system afloat and I take sultans point. That what they've done so far has been great but I. I guess my question is if this were to happen again in four years time or longer horizon would the Fed. Do the same thing can always rely on this one body to sort of inject as many dollars as needed into the financial system. Yeah you know thinking about past episodes. We've done one that I would recommend people listen to. Is David Beck worth? We talked to him last summer regarding that That Mark Carney speech Jackson hole last summer I got a lot of attention because he identified this exact issue which is that. We don't have a gold standard anymore. But we do have a dollar standard and essentially that everybody has do all around the world. I love I think it was as Perry put it. It's like keep European investors going to Brazil for dollar investments like that is the world we live in. Which is that no matter where you are. Essentially you're scrambling and looking for ways to acquire dollars or make money in dollars and we're really seeing that That sort of that need and demand. Sort of hyper speed over the last few weeks and the other one has got to be human suction from the bank for international settled talk. He's done so much research on us about specifically how a stronger dollar sort of feeds into the rest of the world. And that's certainly something that we're seeing again at this moment in time but and that would occur. I would encourage anyone if you're at home. D- chart of the dollar over the last three months and just look at the straight line up. It is really one of the most jaw-dropping charts relieve the stock market. Crash is jaw dropping chart but the straight lineup and the dollar is the sort of curious crystallization of this incredible demand for what is essentially the sole global currency. Yeah if you're stuck at home pull up the dollar chart and listen to a couple of all thoughts episodes about the dollar. That's that's a good use of time. It's a good way to pass the quarantine. Yeah exactly all right. This is another episode of the PODCAST. I'm Tracy alloway. You can follow me on twitter at Tracy alloway. I'm Joe Weisenthal. You could follow me on twitter at stalwart. Zoltin isn't on twitter but Perry is on twitter. Though he doesn't tweet enough and I hit tweets. A bit you should follow him on twitter at key Maryland and of course you should follow producer on twitter. Laura Carlson she's at Laura. Carlson followed the Bloomberg head of podcast. Francesca Levy at Francesca today. And you can check out all of the Bloomberg podcasts on twitter under the handle at podcasts. Thanks for listening..

Perry twitter Tracy alloway Laura Carlson Federal Reserve Mark Carney Francesca Levy David Beck Bloomberg Joe Weisenthal Brazil Maryland producer Zoltin
"zoltan" Discussed on Odd Lots

Odd Lots

08:17 min | 3 months ago

"zoltan" Discussed on Odd Lots

"Zoltan I'd love to hear your thoughts on the long term implications for the way the financial system works specifically since you've been writing about basically the lingering impact of what happened in two thousand eight on how the market. Wurzen and what it means when it clashes with the winding down of the Federal Reserve Balance Sheet. How do you see this playing out over the longer term? Well It's it's probably too Too early to say I mean. Obviously you know some of the basic questions. Is You know how long is this? Going to persist is just going to be recurring Rv kind of going to have to reorganize our economies and ray of lives and raise a finance around this. But I think I think the regulations are going to be standing place. Probably the regulations are going to be a bit stuffer. Because you know this is this is no different from Global warming and what it means to finance and stranded assets. And you know all the good work that The Bank of England under other Governor Carney as as highlighted in the past. You know this is just on that theme like viral outbreak. That's causing havoc across the financial system. Global warming could be that issue in a couple of years so I guess one thing that can come out of this. Is You know all these tail risks. That the talk about don't happen. They are very real they can happen so should be do anything over. And above basil tree to kind of forty five things. That's number one number two. I think longer term supply. Chains are going to be rethought because whether this is One hundred year or one in twenty years or one every two years or twice every year events. I think it was becoming very apparent. Is that the way the world around us doesn't really work I mean you can't have just one country produce everything and everybody being exposed To to that Lincoln chain. You know what the issue debt for is going to be thought about I think even the government can think about ways to kind of flip caps on. I Dunno stuck by back stuff like that because you know corporations should be taking a share of of making sure that when things like this happen you know they can they can. They can read to more efficiency. United Spare factory capacity and all of these things and I think you know when it comes to so we talked about the banks to talk about What their company. How companies are going to be running their supply chains but they can issue that for you know what's a reasonable amount of death low that you're gonNA run try. I mean a part of the reason we have to you know backstop the I g market is because a lot of depth that was issued was basically there to do financial engineering. You know buy stocks and they and all that stuff. So maybe or tolerance for that going forward is going to last than a third thing portfolio investing. I mean the only the only thing that's been driving those closes whereas you're the best you said you know I'll issuing dollars because my local yields are even higher and then I'll buy daughters because my local yields are zero. You know so so I think when you when you are a portfolio investor and And you know your government. And they're easy. Put Its foot and say all right all this yield chasing cross-border stuff. Let's put an end to it. And how we you know. Issue more sovereign debt. You buy that stuff and be spend the money on building more hospitals more dance. I don't know you know. Use your imagination but basically at a time of war finance which is the end we referred to earlier. I think the emphasis is going to be on financing stuff locally and And less less on the global theme so. I think this is just going to fracture The World of finance for sure GONNA change it and I think it's going to make the world onto you know separate items floating notion but they're not gonna be as connected at global as so both of you have mentioned this idea of maybe reorganizing supply chain so that one country isn't responsible for making one critical item and Zoltan new previously described the supply chain as basically payments chain. So I'm wondering what happens to the status of the dollar in international financial system. Do you think we might see a concerted effort to sort of move away from it? A little bit Perry I'd love to hear your thoughts on the navy's Olten. Well it's it's the Mo the mom. My view on these things is watch. What markets are doing and at the moment? Everyone wants dollars. You know that if they don't want gold they don't want you know this is. This is what money is internationally So I think that it is. An dollar is strong not not week. So I I. I don't see a move to a multi-currency System Zoltan story about Breaking up the Global Global System into individual nation states. I hope that doesn't go too far. Because there's a lot of productivity gains that come from distribution a division of labor internationally And it's a big productivity shock to to the globe If you if you break all that down So but I do think there's a there's a challenge to the globalization I think that financial globalization could continue Even if even if real side globalization is pulled is pulled back there are big efficiencies in having a single world currency for trading and for and for finance. And I think that we we`re. We're seeing that it does require somebody to manage it And that is if there's a particular if there's a particular country that's issuing currency That's what we're seeing that the. Us is sort of managing that And that's a responsibility and It is It's it's a good thing. It's a good thing to two things. I would have to that I mean I certainly agree with the productivity gains. We've had from you know specialization. And all but I guess that's precisely the problem that too efficient and specialized and you know if you went to business school you would learn about you know synergies and this and that and again limited locations and become have one company that makes reading machines in the world so I would. I would disagree with you Sherry so I think that is going to come under review but hopefully we are going to keep a lot of the good things about globalization in in in place. Just kind of recalibrate it. So let's put it that In terms of the dollar again you know I would have worried if the Fed doesn't do the right thing in terms of the swap lines but again they they did and so and so I think the dollar is going to probably come out stronger From all this because of it And and so that was That was a good thing. Okay well absolutely fascinating conversation. It was so good to have both of you on and I guess the next episode we do. We're going to have to get James Sweeney on and we'll have all three of you. The money market trio the three musketeers. Let's do it. Let's already looking forward to that. Is really a treat and an honor to get to talk about the view? So thank you for taking the time they say. Bye Bye.

Zoltan Lincoln chain Wurzen Olten Fed Governor Carney Sherry James Sweeney United Spare The Bank of England Perry
"zoltan" Discussed on Odd Lots

Odd Lots

10:04 min | 3 months ago

"zoltan" Discussed on Odd Lots

"The central banks are stepping up big time. That's that's a very strong message and So I just want to underline underlying that and the commercial paper facility as well. No we haven't talked about what's been happening in the in the money. Market Mutual Funds. And the way the way that this is really backstop for the Money Market Mutual Funds. Where there's this shift out of prime funds? Why because there's concern that the the bank credit and the and the corporate credit that are the assets of these funds may not be what we thought they were and and these prime funds are marked to market. So you have shifting advocate of a run on these prime money market. That's not happening bags. It's not having to beg. That's what Zoltan was saying and I'm just observing that it is happening To some extent in in prime money market mutual funds and is being backstopped buybacks. So just on that note another thing that's sort of come up once or twice is the notion of whether or not the. Fed has the right tools to solve something that sort of happening on the I hesitate to use the word shadow banking a side of things but we are talking about money. Market Mutual Funds. We're talking about some of the big a buy side players who are suffering in all of this we're talking about the repo market as well. Does the Fed have the right tools or is the Fed sort of Hamstrung by having to deal with banks as intermediaries? Well you know they have. They have the right tools I would say this is like you know sword. It's just a matter of how everybody can pick up and again you know. The scaffolding is in place And I think what needs to be done now is basically just you know calibration and making sure that The thinks it's a little bit Better together this shuttle banking point that you mentioned trading is basically what got us into trouble in two thousand eight you know. Perry's description of Kerry trading and shadow banking is money market funding capital market lending. And you know we talked about some of this stuff on on earlier episodes but you know when you talk about the curve inversion and the foreign has buyers hedging costs and all that stuff. I mean that's scary. Trading and. That's money market funding of capital markets lending because whoever comes to the US to buy dollar esser that are relatively better yielding than zero interest rates and a bunch of jurisdictions. And then you had your back. The dollar that has the data back to local currency. That's basically borrowing enrolling. Those dollars you borrow every three months in the fx market. So you know when you when you're looking for the rain coordination shadow banking system. That's what it is. You know it's It's not saves and it's not found rates and it's not credit hatched funds that invest in mortgages. But Rather. It's basically the post few weeks team. Which is that in. A bunch of jurisdictions You Know Europe Japan Scandinavia. You had the negative interest rates and pension funds with positive libraries in those jurisdictions came to the US was the highest yielding G. Seven economy where you could buy stuff and you know you bought treasuries You BOUGHT MORTGAGES. You bought investment. Great stuff you know. A lot of that stuff is basically companies issuing that to buy back their stock dividends. You had financed a large Private equity boom. She does all these. Things HAS BECK LOCAL CURRENCY. So you know. The Fed is essentially backstopping the shadow banking system again The only thing that's missing in this whole edifice is probably has less to do with the setting for the Fed. The extent was the extent of spotlights to jurisdictions other than the original five which Canada. Uk Europe Switzerland and Japan. Their responsibility now is with the local central banks that were given the new local. Central banks are giving access to these faultlines. Then you end the old central bankers that tax plans. It's just to kind of take the big step and go around the banks and land those dollars to end users directly right because what I mentioned about banks being asked to show forbearance to local businesses and households. You know that's a team in every country Where Where where we have an outbreak and so the banks are not going to have the balance sheets to take the dollars thrown Central Bank of the West five just mentioned it's very cheap very tight Even compared to the oil prices and pass it on at the same price to the end users because the banks had the balanced. That's right so when you commit balance-sheet to be an intermediary price at which you relentless dollars on his way higher and that's precisely what you see in the fx markets where you know implied yield are way bigger than a way five hundred we're talking about stuff like Hawaii's plus two hundred or one hundred fifty in some jurisdictions and that's a big spread is going to exist for as long as the central banks from the Fed make extensive and And start mending dollars onto end users. directing the would be local tension funds local. Life insurance companies. You know asset managers that run separate accounts for these life insurance companies and pension funds. So you know seeing that we've been emphasizing All these years in In some joints birth Harian James. Sweeney's that you know. The central banks should be backstopping. Markets not institutions. And so for now. We're still very institution specific in that everything we're trying to do trying to do through the balance sheet of a bank But again I think this is the time to the probably consider broadening. The entities do operations. I WANNA ask a question. Perry to you about what the post crisis landscape looks like because I remember. I think I was watching. Wanted your lectures on youtube and you described and one of them how the economy essentially consisted of all of us making these big Taking these big risks promising future obligations. I think you'd compare it to sort of building a bridge. We don't really know where the bridges going and anyone who has a mortgage has committed to making a monthly payment for the next thirty years of their lives. Despite the fact they really have no idea what's going to happen over the next thirty years of their lives between their employment stock market and everything else after we have this incredibly sharp severe shock to everyone's cashflows all at the same time this truly like traumatic global episode. You've a lot of economists that like okay we're GonNa have some sort of v-shaped recovery after we get the virus beat in Q. Two then we're GONNA get this Q. Three rebound everyone goes back to work in spending. But what is this look like to you when in terms of the future of people being willing to commit themselves to making long-term financial obligations after coming through an experience like this well that's the big one. Isn't it okay and this gets back to. It's back to what we were talking about. Twenty minutes ago okay about that. This is a shock that is that is changing the landscape K. And so as you're the that in terms of building this bridge we were building this bridge toward the future and the Last mile that bridge has just all collapsed. Okay and the shore that we thought we were building toward is not turns out. It's not there and so we need to build in another direction. K. and what that direction is will emerge from millions of decentralized decisions or guesses or or or views about that. There'll be some you know government guidance but just go back to two thousand and eight okay and observe that what what happened in terms of the expansion of credit since two thousand eight. It's really mostly a story. About the periphery about the emerging market economies. Okay expanding dollar borrowing okay. Zoltan said how you know. These pension funds in Europe are coming in buying assets in the United States. They're buying dollar assets in Brazil K. They're buying dollar assets All over all over the world. It's a it's it's the off sure. The system Really expanded and was the locomotive of the world economy After two thousand eight. I don't know that anyone expected that. Okay that was driven by the negative interest rates even in the in in Europe And the very positive strikes you know. In the periphery this dollar crisis. Yes it is okay. But what will emerge out of this? I think we don't know and it will It will be helpful to have some idea. at some point because once you see distantly the shore then you can start making promises right that you you know where you're building toward you know what you're building to a right now. I think we don't know what we're building toward. We're imagining that. A particular industries industries are definitely on hold. You know all the restaurants are shot. All the theaters are shot. You know the talking about New York City but presumably. That's not forever It's that's just a virus thing. But there are the supply chains the rebuilding of the supply chains or the dismantling of the. You know this story about on showing all of our all of our pharmaceutical production or things like that these these take time it dismantling part of the bridge that had been built and building the bridge and different in a different direction.

Fed United States Europe Zoltan Perry Japan youtube Canada New York City Harian James Uk Hawaii
"zoltan" Discussed on Odd Lots

Odd Lots

10:37 min | 3 months ago

"zoltan" Discussed on Odd Lots

"Well it's important to the details of of these facilities are still coming clear. But but so far as I can see. They're following the playbook of two thousand eight. Which is it's very important to appreciate that. The Fed is basically not taking credit. Risk okay That it that it is the treasury or some other body. Okay that is going to be taking. Credit risk of the Fed can expand its balance sheet. If there is essentially no limit. I mean you could put the entire financial system on the Fed's balance sheet and that's sort of what we do in wartime But I don't think we're we WANNA do that Because getting it back off the balance sheet is not so easy And so that's what we're trying to do is to be selective and And and and think about what comes after. Yeah I mean that maybe I can. I can share new anecdote that it's just. It's just remarkable how you know. The reflections of the market truly change because a lot of A lot of investors that they are buying that are buying credits From the world over alleged basis you know credit is cheap now because the Fed cut-rates zero hedging costs nor way cheaper so this is a great opportunity to kind of load off and You Know Old Habits die hard but I but I would agree one hundred percent that There will be some long term implications from you know what that is Bible and and and what is not and you know when you look at corporate Credit default sober over time. You know what you notice is that you always have sectors. That's we're hit by something unexpected And that they're doing so like Kodak in Rochester New York and out of the cigarette companies and and and all this stuff right so you always have these things and I think covert nineteen is is another one of those. Where if you have some long lasting changes to the wage people live. I may be no one's going to go to you. Know not that concerned sectors but you know you can you can let your imagination run free so you know and you know th there's going to be a lot of sectors within the I G University Investment Grade Universe that are are going to be subject to these changes and maybe some of that is going to be viable. The Fed is following this victim of you know lands freely against what's normally is good collateral and so in the current circumstances now that that includes credit but again what we have so far is a one page term sheet. You know it's unclear who can issue into it's It's unclear at what price they will take You know the the primary issue and it's unclear what price they will buy the secondary paper. It's helping the liquidity and kind of make sure that people are not having Castro problems. Assuming in a way that stuff is going to go away in six months if it doesn't I think that's become a completely different conversation and a much more complicated so since we're talking about credit risk and timelines here. I wanted to ask about banking regulations in the current scenario. Because even though we've seen this massive volatility we haven't really seen The bank's necessarily strain or at least not strained in the way they were back in two thousand eight. Lots of people are talking about how this is vindication for the regulators. For instance you know all the banks have to hold high quality liquid asset portfolios. Now that cover. I think it's a month's worth of outflows or something like that. So how have those measures helped in the current crisis in also how have they sort of played a role in what we've seen over the past few weeks while they have helped they have held a lot so I get that question a lot? You know shoot directs the eve and I would say absolutely not you know that would be a mistake. You know just for context in two thousand and eight. You know the way the The show the game used to work. Is You know someone will call the Fed on Fridays. While we don't have money began open up on Monday and then everybody has to go in. You know on the weekend to kind of figure stuff out for the Monday open and so you know in in my mind you know. The whole purpose of Basil Tree is kind of along that response time to thirty days. You know so. The reason why we managed to get this far without the banking crisis is because the banking system has been fortified by liquidity buffers by capital buffers By limits on balance sheets. Even on you know what banks can carry on their on their books. All these all these things and so that is a very important part of the picture. And that's why they don't have a viral outbreak with the banking crisis. You know if you had this outbreak in or wait We would have had a banking crisis because of this because of this outbreak. So you know that's a that's a good thing you know when you go into the finer detail you know you. You will realize that. Some jurisdictions already required their banks to match outflows in one currency with nick good assets in the same currency in some jurisdictions have not. So that's why you know when these donner started sleep away in certain parts of the world You know the victory problems showed up very quickly. Because you know you're heading your age group and the assets in local currency about your outlets happening dollars so you have to go into the export markets kind of rich the difference but but so you know the regulations were a good thing in in the current context in terms of this luxury thing to talk about try. The banks have finite amount of balance sheets. You know because you're being asked to provide more for the real economy you don't have as much balance market. Maki it should be eased. Erects for that no Because again you know. The the first and foremost goal of the regulator and the Fed in this in this and other central banks do in. This environment is to make sure that you know people. Don't take money out of the back okay. So so that's very important to keep all these things in face again. You know. The technology exists for central banks to become market makers in the repo market And in the fx spot work I mean repo market. Everybody can kind of landing on the margin and the Fed is doing now depots and that we have the swap lines with fifteen central banks. And you know those central banks are basically swapping currencies between each other banks dealers. Would you know whatever currency or banks in the local jurisdiction need? You could just give it to them to repo operations you know so so that the infrastructure is there to kind of backstop is Marketmaking mechanism that private banks normally do and so. I think that would be the preferred path that you see some extension in central bank balance sheets central banks becoming more active as market makers. Then you kinda deserve the banking system and the existing book of business. They have in this. You know Protective casing of Basel Tree and then over and above that. You know when you think about how how the banks should be kind of in this kind of Finance the war for Sperry Mentioned before I don't know I mean it's going to be a combination of probably. A government guarantees on loans. That you make in this environment and You know Central Bank funding of those loan books. And what not but I think you should. You should conceptually. Think about that as a separate book of business. You know your Kobe. Nineteen Book of business that you will be building over and above you know whatever your pre existing book of business was but again you know. Don't touch the rags because because that's where the more harm than good one of the things that you hear people say in terms of getting through this crisis and it goes to what you were just talking about with a forbearance but I think it's important is this like why can't we just put a pause on everything all payments stop. Nobody pays it has to pay their mortgage for the next three months. Nobody has to pay their rent etc. That keep cash in people's August while they're not working and so forth. Talk to us about either of you but Zoltan maybe consultant. Perry please than edit and your thought. Yeah what I'll take that one I'll take down. This is a this is a high level point yes. So here's here's the thing from the money view okay that one person's cash outflows or another person's cash inflows so that When you when you say well One way for me okay to build up my cash balances to make to match my my Diminished inflows to my Is Infectious to stop. Stop paying you know. Out of course spreads the virus right because then somebody else is going to have a diminished cash. Inflow so That's that's that's a concern k. And sort of. That's what Zoltan was hinting about about this forbearance right that so you WanNa make sure that you. You don't have a multiplier effect. That comes from that and you can do that. If you're using the government's balance sheet more generally not not the Fed here you know that. So it's that yes I'm not paying my mortgage but the government's paying the mortgage you know so then you then you stop that spread And that seems to be sort of what the idea is behind this fiscal package And in in multiple areas of the of of the economy the Fed is trying to keep the short term money markets operating. Okay notice it is. It is important. What's ultimate set to distinguish between that kind of thing and this fiscal operation the longer term war finance? That's a different story. Okay but but putting you know putting out these liquidity swaps at at twenty five basis points that that's a very tight spread okay. So that's tighter than it ever was in two thousand and eight. I think you know so. This is the central bank saying. Forget this cross currency basis swap saying. Okay that you've been desperately trying to. Do you know to facilitate global dollar funding. We'll.

Fed treasury Zoltan Kodak I G University Investment Grad Castro Basil Tree Basel Tree Rochester donner nick Sperry Perry consultant New York
"zoltan" Discussed on Odd Lots

Odd Lots

07:45 min | 3 months ago

"zoltan" Discussed on Odd Lots

"By creating more cash. That's what's happening On the balance sheet of the Fed basically because the banks themselves the Farther down the hierarchy Have been tapped out by these clients. Were tapping their their credit lines and so forth. And they're the risk of making markets in these in these instruments has made the private dealer community not so keen on absorbing the Treasury's in and and and and worked back securities that are being that are being liquidated And so the Fed is doing and so the Fed is doing it instead so the combination of kind of perfect storm where there's a dash for cash and there's an dealer community is feeling itself constrained In meeting those demands has meant that it has it has fallen upon the Fed and I would absolutely agree it has moved incredibly quickly And Tracy you said the last couple of weeks. Let's just remember. It was a week ago Sunday. Okay it was a week ago. Sunday in feels so much longer. I'm sorry I was just going to say one thing. We forgot to do that. We've been doing lately is reminding listeners. The date and time that we are recording all of these episodes because it's a poor in-depth that context because things are moving so fast reminder. We are recording this March. Twenty fifth and we started at eight. Am Eastern time where The point where we're specifying our because again of how fast things change so Perria continue with what you're continuing your thoughts So we've just really talked about this Liquidity problem and and we've talked about the way. The Fed has stepped in to basically enable people to switch out of their their. Their you know their best assets Reveries and so forth okay into cash. Okay the but it's a much larger market than that and the deeper problem. Okay that the dealer community is facing or I would say I'm imagining I'M GONNA ask Zoltan about this. Is that basically this whole shock? Tool the global supply chain is causing a repricing of assets. All over the world and that repricing is itself. A big challenge Nobody knows what value is and the disruption of the dealer community means that that price discovery okay is is impaired That prices are moving because of liquidity problems That people are mistaking for value for valuation problems And it's hard to sort those things sort those things out. Yes yes it's it's hard to sort them out. I mean certainly you have you. Have you have a new production shock? you had a service sector shock. You know the the what makes this episode of specialists. That usually services is very a cyclical and stable. You know there's a bunch of disciples all the time but the two never coincide and You know we've never had anything as deep as going through. Now you know. Certainly Daddy is hitting the valuation of credit because You know this time around. It's not mortgages. That are the problem. It's not treasuries that problem but it's credits. Because it's the corporate sector that is basically bearing the brunt of this fallout. And so you know that makes it very difficult value things Then when you when you come to the actual market making a price setting mechanism at the dealers usually provide you know they country to do that function either. Because you know it's not only the case that everybody's trying to kind of protect itself and making sure that you're there for your corporate customer. We have promised corporate credit lines to see of contractual obligations again. Need that but also you know keep in mind. Things have been moving very fast. The government is now asking the banks to show forbearance the small businesses households. Everybody in your in your in your home country and you know in English that means basically that you know. The banks are not going to be getting interest payments. They are not going to be getting practical payments. Because you are extending the time at which you go get those inflows. You're basically increasing your loan book so all these forbearance and all all the corporate credit getting drawn down. It's basically inflating banks and dealers balance-sheets It's adding a ton of risk weighted assets and you know balance. Sheet is like an ape for sheets of paper that you know you start to scribble on when you go to green market. I'm going to buy this and I'm going to buy that. Then when you run out of space you know you can't fried anymore so balance. Sheet is finite and because the balance sheet is finite. And you're being asked to do the right thing locally for people and businesses on the ground. There's a lot less balance sheets for you. Know less balance sheet for making markets in people less markets less balance she didn't make markets in the FX market less balance-sheets take on you know credit's assets as on your inventory to kind of smooth the pricing mechanism. So in all this market making stuff is becoming luxury as I said in a recent note and You know that's why it was so important and so good that the Fed stepped in as I mean I wouldn't even say they're like dealer a first resort because nobody is going to have the the the ability to kind of make markets. I'm scale so they said then and they are taking on some of this market making an price-setting process and Perry would say that the Fed is not making the outside spread. But that's basically what this is about that the private market making mechanism is I wouldn't say broken. It's just probably taking a little bit of a back seat because you have to provide so much on the ground yes I would. I would say that it is making the outside spread. That's right okay. But it but it's important to note that it's making its making this spread. It's making these markets in very specific core area of the market. Okay not the not the whole thank And that that will keep the wheels from falling off the entire wagon right but there is still going to be a lot of disruption and that's because valuate value discovery is not so hard in treasuries. Okay because we know that the US government is going to survive this crisis Even if it has to borrow another two trillion dollars or whatever This is war finance. It's war the. Us will still be around. Whatever industries recover will pay taxes to the federal government? And that is that means that treasuries are are are are good assets. We're not however sure that all these industry industries are going to survive Or that they will remerged from this crisis in in the same form as they. They went into it okay. The the natural feeling is to imagine that. Somehow we'll just restart the economy like it was before that seems to me improbable okay and so the price discovery mechanism is also about the reallocation of capital This is a very big Real side shift And it's important to us the apparatus of government to facilitate that real side ship. That's not about the Fed. Okay that's the. Fed is just providing liquidity in core markets. Okay That's that's a bigger problem and the fiscal side of this is is where that's going to be dealt with. I would imagine.

Fed Treasury federal government US Zoltan Tracy Perry
Talking to kids about crisis

Native America Calling

05:06 min | 3 months ago

Talking to kids about crisis

"We're going to turn it over to our guests. Who's joining us from rapid city? South Dakota Peyton Braveheart. He's in the eighth grade. And a citizen of the northern Chilean tribe. My pleasure to meet him Payton. Welcome Hello How's it going? Their pain going good. Good good. And so you're a little bit of Maybe what we wanted to talk about today in just want attorney to you Knowing that there are a lot of things that are important we just met your mother and tell us a little bit about some of this transition. How things have been going at home. Well it's been pretty nice spending a lot of time with my family since we're pretty busy a lot with our business and stuff in school but I really miss my friends and like going to school and learning In pain no able to keep in contact with them social media texting things like that At the moment It's Kinda like trying to focus on my work this week. Wow one very proud of you. Peyton in talk to me a little bit about the hell. Things have changed when it comes to learning in school work. And maybe even discovering The more things you have to learn is an indigenous person. Anything you WANNA share. Go ahead Peyton So I then every day for me trying to learn for school. I've been checking my my homework. Calendar. See if there's any assignments on the and then my we just stay in prayer and pay for all the people around us and Peyton In Payton when you're doing some of this work In in you discover something new. How do you celebrate all high? So I I read it down in my journal but there's something really interesting got. I've learned very nice in pain. Your mom talked a little bit about how important it was that. Y'All are communicating in anything. You want to share. Maybe their parents out there who are wondering and haven't had that conversation with their children you know. How important is it that that adults around you are there with big old ears? And so I think it's important to tell your kids about what's going on but just try not to take over Jesuit things so they stay calm. Yeah I hear you in any concerns that you have about what you're hearing about. You know what is going on with the Co vid nineteen or maybe you call it corona virus. Any thoughts I just worry about the other people that can easily get exposed to it and I hope that people get shipments. So they're not sick. Serve long haul there with you. Peyton and what about siblings? This is more time with siblings to. What's that like it's Kinda it's Kinda crazy hanging out with much zoltan but I spend time with them. I even make painting from to see more of an interest. I usually interesting. You're you knew Lee new. I guess kind of more about them in a different way in Patan anything you want to tell your peers maybe even some of your friends who are listening or just other kids your age about making it through this time anything you want to tell him. I think at this time maybe should keep your mind occupied with year or maybe read some books organizing them cleaning up. It's pretty nice to like get stuff done around the house and Peyton. What are your book suggestions? What what should we all be reading? This book called the Fourth Agreement to Kinda just talks about faith and spirituality. It's pretty good book. Well thanks for the suggestion and Peyton anything else you WANNA share about. Maybe even having access to your culture a little bit more Than what you used to in a in a normal school day. Any thoughts It's Kinda cool to see to see Lake Howley like Get through it all you know. It's good we got a lot of teachings in a lot of people are gifted a lot to us while. Peyton thank you so much anything else you wanNA tell people I don't really have anything else but thanks for having me on. The show was really nice talking to you. Guys are right. Well we wish you the best Payton. Thank you for sharing with

Peyton Braveheart Payton Lake Howley Attorney Patan Zoltan LEE
"zoltan" Discussed on Family Ghosts

Family Ghosts

16:31 min | 1 year ago

"zoltan" Discussed on Family Ghosts

"Harry Potter and the sacred text in one of her darkest moments host Vanessa Zoltan turned to romance novels for comfort and joy the process of writing her own romance novel changed her life and now on hot and bothered Vanessa tweets romance novels as has feminist texts primarily written by women for women and about female pleasure the show treats writing romance novels as sacred practice throughout the series. He's Vanessa guides her friends through the work of writing their own romance novels listen as they create the gay fairytale..

Vanessa Zoltan Harry Potter
"zoltan" Discussed on Family Ghosts

Family Ghosts

16:34 min | 1 year ago

"zoltan" Discussed on Family Ghosts

"Host Vanessa Zoltan turn to romance novels for comfort enjoy the process of writing her own romance novel changed her life and now on hot and bothered Vanessa tweets romance novels <music>.

Vanessa Zoltan
"zoltan" Discussed on Smashing Security

Smashing Security

02:00 min | 1 year ago

"zoltan" Discussed on Smashing Security

"Results in their insurance in above bluff. Mao as leader code lead currently of Zoltan cove. Yeah. He has trouble with that word trust me. I know. I know. I approve of this idea provided. We've got enough IT security data. Security doesn't fall into the hands of the Ming moles or some other country where they may try and exploit it right? Okay. Ming monks. Interesting turf. They're on the twin planet on the side of the right. Okay. Near the binary star system. Okay. Very well, listen. You're going to create a fictional universally. Keep up. Okay. So that will sense too. But this is this also good for the people or should I worry about that. Because I'm all right. You tell me. Right. So let me let me tell you what happened what the plan was in China. So the idea was to reward good law-abiding people so people that follow your rules and act with integrity, morality, they get a fight trust score. And that can really help the move ahead in the world. In terms of who they get hang out with where they work where they live, how they talk or see it's what everyone really wants and those that don't step into line, all without incarceration, or like legal entanglements, the system will just basically limit their freedoms, and negatively impact their social life to kind of push them into the right direction. One of the aims in one of the guides for, in China when they're developing this was allow the trustworthy to roam everywhere, under heaven will making it hard for the discredited to take a single step off terrifying at all. So, like so, for example, in China jaywalking, or you don't pay a court Bill play your music, too loud, on the train, you can lose certain rights, such as booking a flight or train ticket. And in fact, by March twenty nineteen China had blocked millions of discredited, quote unquote, travelers from buying plane or train tickets..

China Mao Zoltan cove
"zoltan" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:08 min | 1 year ago

"zoltan" Discussed on Bloomberg Radio New York

"Bloomberg's good morning. You sat in Thailand, a political party linked to exiled former prime. Mhm minister tuction watch could be dissolved my court late today. Bloomberg's around e thank night says this is for violating rules that prohibit using the Royal family in election campaigning. Dissolution could hurt efforts by toxins allies to maximize vote ahead of the March twenty four election, and it could boost a pushed by the titans to return as premier in Bangkok Randy tanto night. Bloomberg daybreak Europe in Hungary, Prime Minister Viktor opens party appears to be on track to be expelled from the European Union's largest political grave. Bloomberg's Zoltan Shimin reports Manfred Weber do European People's Party lead candidate in legislative elections said time was running out for or bound to prove he still wants to be part of the group is conditions include an apology from the liberal leader for running an anti you campaign in Budapest Zoltan Shimon, Bloomberg daybreak Europe in Canada, the political scandal surrounding prime minister Justin Trudeau continues to. Swell. Bloomberg's Josh Wingrove says acquaintances could threaten his hope of reelection a top aide to Justin Trudeau testified way to say about the former attorney general and the ongoing saga over whether she was pressured to help major construction company Gerald butts said he never knew minister Jodie Wilson rebelled had ruled out aid or that she was bothered by ongoing discussions until after she was shuffled out of her dream job in Ottawa. Josh Wingrove, Bloomberg daybreak Europe. And President Trump has said he would be very disappointed if North Korea is confirmed to be rebuilding a rocket launch site. Sounds like images published yesterday suggests Pyongyang is restoring a cited a pledge to scrap last year talks between Trump and North Korean leader Kim, Jon breakdown at a summit in Vietnam last week cable news, twenty four hours a day on Aaron at tick tock on Twitter, powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries and the guarantee this is Bloomberg Markus. Thanks so much leeann. Now, the sports news. With Joe Rawson,.

Bloomberg Bloomberg Markus Justin Trudeau Europe Josh Wingrove Prime Minister Viktor prime minister Zoltan Shimon Trump Jodie Wilson Thailand titans Joe Rawson Zoltan Shimin Bangkok European Union Pyongyang Gerald butts Manfred Weber Hungary
Saudi Arabia, Princess Reema Bint Bandarban Zoltan And Prince Khalid discussed on BTV Simulcast

BTV Simulcast

00:16 sec | 1 year ago

Saudi Arabia, Princess Reema Bint Bandarban Zoltan And Prince Khalid discussed on BTV Simulcast

"Saudi Arabia has named Princess Reema Bint Bandarban Zoltan. To the United States that makes her the kingdom's first woman to head a diplomatic mission. Saudi Arabia has also named prince Khalid bin Salman as deputy defence minister with the rank of

Saudi Arabia Princess Reema Bint Bandarban Prince Khalid United States Salman
"zoltan" Discussed on Software Engineering Daily

Software Engineering Daily

01:53 min | 1 year ago

"zoltan" Discussed on Software Engineering Daily

"Amount of value to your customers without necessarily being really polished really pretty than that. I would say, you know, these technologies let Graf natives are a really really good in fact, better than ever in terms of building that experience in getting a really low time to market for those type of you help launch Apollo graph Q L, and graph Q L is. Is having an impact on the front end. Or maybe you would say middle middle ware middleware between back in front end front end. What's your impression how graph Q L is impacting the software development world today? It's putting a lot of power in has a front engineers. And it's it's giving them the opportunity to move much faster than they could before whereas previously. They would need to go to vacuum team have sort of these custom implants written for them oftentimes for every little feature now with graph ya'll. They're not that that necessarily need to do that. So they can kind of get a feature built end to end without having to sort of work with any other teams internally. And so that's really speeding up the time. It takes to to build features for frontiers. And then on the back inside. We'll it's also freeing up back in people from having to write these barring almost boilerplate N plants that are just pulling together that the front end. Teens. I'd say technologies like Raphael have made made the lives of both front. End back end engineers a lot more pleasant in the day to day. And of also sped up applications for end users because they're loading mush less data that they used to requests. Okay. We'll Zoltan Olah. Thank you for coming out software. Nj daily it's been great talking to you. Yeah. My pleasure. Jeff anytime. Digital ocean is a reliable easy to.

Zoltan Olah Nj Raphael Jeff
"zoltan" Discussed on Software Engineering Daily

Software Engineering Daily

03:13 min | 1 year ago

"zoltan" Discussed on Software Engineering Daily

"Clients CEO's of the business people, and they can simply. Click that link in in their web browsers see the the the the live or the the next release feature end even kinda play with it, which is typically Severi difficult to do at the location level to saying storybook being used as Powell documentation to represent in. What's being worked on? In addition to what's available in the in the component line. So right. Yeah. That's okay. So story book has been around since December twenty fifteen that contributor bases evolved. Over time to help the open source project. Can you give me a history of how the open source project has matured? Yeah. So starring book was started by a guy cold air Noda way back when and he worked on it. He read a company at the time cold cathedra, and they plan to build a commercial product around storybook sign, which never eventuated are not moved on. He's not working at next Jay s a no sort of a vacuum there to to fill in terms of okay. Sauce maintenance, the project was already being used various companies. I would say it was already a thriving project and suddenly that was those danger that it would fall into into being sued if not maintained as a little bit themselves projects to a number of folks came along Norbert delaying in is one of them. My showman, Tom Kalman, and and many others. In fact, who abandoned together and began to maintaining and improving storybook book at that time. So I don't know if the tougher hard hardware that was maybe early two thousand seventeen late two thousand sixteen and since then it has become a thriving thriving community of contributors and core maintainers the push the project Fullwood, and one of the main things that's happened since then is a storybook is gain support for a whole bunch of you layers outside of react. Which was the original originally the view of that was supported so now you have angular we have. View have Mistral web components etcetera etcetera. So you're deeply familiar with the issues of developing the UI layer the UI layers getting easier to build, but there are still many many developer problems there. You started a company called Chroma? Explain what Chroma does to crime up Bill schools for front engine engineers. That's who we are criminal. And we started the company because we're seeing that there are these new viewers coming up new new paradigm for writing fund better. And there was a gap for tooling. So, you know, you have companies like adobe that exists for designers, and you have companies like get hub that exists for engineers and general, and we believe that the time was right to form a company building tools for specific type of engineers front engineers that have quite a different job than than say infrastructure engineer. So we founded Chroma. Or heavily involved in the open source storybook maintenance, I'm one of.

Chroma CEO Powell Noda Tom Kalman adobe Norbert Jay s Mistral engineer developer Bill
"zoltan" Discussed on WHO NewsRadio 1040 AM

WHO NewsRadio 1040 AM

02:22 min | 2 years ago

"zoltan" Discussed on WHO NewsRadio 1040 AM

"Lab george have viable extracted dna from the biblical giants and that's what we're seeing stephen it's amazing work terminated the end of man is near this sounds like a bad thing but is there anything positive onto this sure i think number one if your forewarned you can prepare for it an and intellectually it's only about this time through all the movies and all of the different i knowledge bases that are out there that are preparing people but there is a good news you know and the good news is is that and this is in my opinion good news but obviously in a trans humanists who wants to be god and one of the most famous transhumance zoltan sponse at all these guys wanna live forever well you can wanna live forever but there are also issues with that of living forever which is like yama but the i have details but the thing is critical that people understand these things do not become our friends they ultimately become our destroyer and so the good news is if you're warned about it and i'm telling you when jesus made this statement i know people you can't talk about jesus well i do because he made the statement if god himself didn't short in the days and you know how fast time is fine no flesh would be left alive and the littoral plan is to do away with the last vestige of humanity now i understand their people believe in evolution there there are those of us who are biblically and i would say historic christians that believe that there were two periods of of creation decrease of adam and eve took place after the destruction of a pre dam ix civilization obviously on the front page of drudge so the control of the release of this information will be put forth in order to deceive the entire he race and deception always has its root and some truth but it's a little bit of the live that catches everybody wait it's just like a i there are people if i said george do you believe is going to be achieved by simply data import into an artificial brain what will make that ai entity be able to have emotion.

george stephen zoltan sponse adam
"zoltan" Discussed on Pardon My Take

Pardon My Take

01:57 min | 2 years ago

"zoltan" Discussed on Pardon My Take

"And mr crabs was just like the pubic lice we really going to watch an episode all right next up we have talking soccer zoltan zoltan i want call slow zoltan i'm a big zoltan fan yeah this is all tan podcast so zoltan hit a huge shot in an melas game was watching he had a goal is oh i don't know if you know what that means but it's a loss owes it's like a spectacular goal it's a world classical it's a it's a it's a cracker it was a half volley difference a half all in full volley it was a cracker so usa cracker world class so zoltan is going to save soccer in america is he's the future of american he's thirty four and he's he's going to do it but that's okay but he's he actually is an unbelievable character head buckeye right he yeah yeah fifty now zoltan is great he took out at two in the la times that just said you're welcome to everyone because he's coming here he famously on his wife's birthday he got her a picture of himself he also had like an expm say and they're like did you ever get her like a prisoner something like and he said i am the present here's a good quote from they asked him if he was going to be too old to compete in the ep l when he went over to england he said i was born old i will die young don't worry about my age i went to england in a wheelchair i conquered england and three months yeah i was looking old quotes of his he had a slightly problematic one i guess there was a picture of him like slightly caressing teammate and don't ruin zoltan for him but it's funny it's it's like it's like the go back like see someone did like sublime is problematic now really fucking they ruin everything but anyway on someone date rape over.

soccer america la times england rape zoltan three months
"zoltan" Discussed on Pardon My Take

Pardon My Take

01:57 min | 2 years ago

"zoltan" Discussed on Pardon My Take

"And mr crabs was just like the pubic lice we really going to watch an episode all right next up we have talking soccer zoltan zoltan i want call slow zoltan i'm a big zoltan fan yeah this is all tan podcast so zoltan hit a huge shot in an melas game was watching he had a goal is oh i don't know if you know what that means but it's a loss owes it's like a spectacular goal it's a world classical it's a it's a it's a cracker it was a half volley difference a half all in full volley it was a cracker so usa cracker world class so zoltan is going to save soccer in america is he's the future of american he's thirty four and he's he's going to do it but that's okay but he's he actually is an unbelievable character head buckeye right he yeah yeah fifty now zoltan is great he took out at two in the la times that just said you're welcome to everyone because he's coming here he famously on his wife's birthday he got her a picture of himself he also had like an expm say and they're like did you ever get her like a prisoner something like and he said i am the present here's a good quote from they asked him if he was going to be too old to compete in the ep l when he went over to england he said i was born old i will die young don't worry about my age i went to england in a wheelchair i conquered england and three months yeah i was looking old quotes of his he had a slightly problematic one i guess there was a picture of him like slightly caressing teammate and don't ruin zoltan for him but it's funny it's it's like it's like the go back like see someone did like sublime is problematic now really fucking they ruin everything but anyway on someone date rape over.

soccer america la times england rape zoltan three months
Theranos and its founder settle U.S. fraud charges

01:18 min | 2 years ago

Theranos and its founder settle U.S. fraud charges

"And lincoln m k z models from two thousand fourteen to twenty eight eighteen the founder of the blood testing startup company theranos will settle federal charges that she oversaw a major scam elizabeth homes is formerly giving up control of the company she'll be fine five hundred thousand dollars and surrender nearly nineteen million shares of stock the rondos claimed a revolutionary means of blood testing but the securities and exchange commission now says that it was a massive fraud on wall street today worries about tariffs and trade tensions with europe and china undermine the market the dow jones industrial average lost nearly two hundred forty nine points to close at twenty four thousand seven fifty eight the nasdaq fell fourteen points and the sp five hundred slipped fifteen and two passing of note renowned physicist stephen hawking died today after battling the muscle wasting disease for more than fifty years he was seventy six years old will look at his life later in the program and the famed pediatrician dr t berry brow zoltan died tuesday his parenting books have counseled generations of new parents berry brow zoltan.

Founder Theranos Elizabeth Homes Rondos Fraud Europe China Physicist Stephen Hawking Five Hundred Thousand Dollars Seventy Six Years Fifty Years
"zoltan" Discussed on Business & Biceps

Business & Biceps

01:43 min | 2 years ago

"zoltan" Discussed on Business & Biceps

"I do with personal trainer zoltan the biggest question i get is i got this job but i wanna do training how do i make the job in my question is how many clients you need at your rate to make the jump and most of the time they're even know now my so if you're not intently pushing 4 x amount of 12 clients you know get you with a lateral move of fifteen you're making more money you can make that jump but if you lose ten of them you won't starve like if you don't understand what all that means like you're just aimlessly like hey i wanna be a personal trainer hoped people want to train with me like that as fucking work so like i always try to tell people like you've got to have that focus in that strategy in every day when you're you know trying to create a relationship here alert from that person there or do this marketing thing here in this content there the intent around all that is to reach that goal of of walking from that side job to to do one person training as a fulltime gig in i i just think that a lot of people's brains just don't continually operate that way this morning on the way to the gym you know a recent nra texan yesterday and he somebody's listen an audio books constantly he's pushing us blah blah blah and i'm like well yeah because his competitive john's competitive we some competitive asthma the fighters on scott on his blog sa but is pushing everybody right to do better and so in this morning no no shit i was trying to learn some i'm like i'm bringing what is 530 i'm atelli listen to this one and enforce from back in the day i'm a dig of carnegie like the bush the minds fokker would have much often.

john scott bush nra
"zoltan" Discussed on 1410 WDOV

1410 WDOV

01:52 min | 3 years ago

"zoltan" Discussed on 1410 WDOV

"Can do their own that's very good says similarity zoltan i i never even thought of that way it's very deep way of thinking that film because i just thought to myself i gregory let me because i mean look like you don't think about it i mean i'm i'm not it's a it's a very it's very interesting concept zoltan williams say about that that the idea that the film you either in in the film her the characters carl joe portrayed was this area your sympathetic ai or os that he fell in love with but she was in love with so many other people at the same time bids kinda like yeah a god's love it you know she had love for all of the people she was touching well in in in many ways that was what geared you so much about the a is that it could carry on so many you know at least romantic loves a at the same time and and that really turn ecorse now you're talking about communal love maybe it's a different thing but that's not what you are the main character doddie thought this was like shutting vessel once a lump dynamically medically yeah it does kind of it does make you think about how god loves uh you know certainly not romantically because rhonepoulenc asked me about the old only of the story in any way right and that's the thing but it was kind of an interesting parallels to be drew i never thought of it that way zoltan romito thailand who you have you back to wipe who really thank you for being on the program tonight such short notice it's always a pleasure however you on the show oh i've had a great time any aren't thank you much take karen and good luck with your ron noble will get back with you talk more about what you're doing and what you're planning a of for your gubernatorial run in california appreciate it that sounds great you take care by zoltan his one with its than on on grounds or talking about this he's he's well known written several short stories and books about this subject and we're talking more about a coming up on grounds or your thoughts we wanna hear more of your thoughts of the show dialogue tonight eight six seven three thirty.

zoltan williams karen ron noble california carl joe
"zoltan" Discussed on KTRH

KTRH

01:51 min | 3 years ago

"zoltan" Discussed on KTRH

"Idea and we could have a big mistake with the what's going on with the i and the all brings up your religious language within ai tranche humid his view news of what are similar to dominion his views and so i want zoltan on the show and talk about this soltani as vets pleasure to have you on the show it's been awhile and my prayers my prayers and thoughts go out to your wife i know she she's not doing so well but i'm glad you're able to make on the show for at least an hour tonight oh thank you so much for avenue in okanya he just uh she didn't broker foot so it's not uh not the super huge thank you for your thought sure so i will there's a lot of talk right now and a lot of people are are like really jumping out of the subject about singularity and the idea the singgih lehrer d would be the very thing that will replace old time religion or at least the idea of a religious philosophy of an unseen god making way for technological god it has all of the omnipotence and omnipresence of a of a regular god which reminded me of jesus singularity which we've talked about before what are your thoughts on these do new new ideas that are being a thrown around in fact a lotta people have commented that many people who speak the thing you already in speaker transhumance them are sounding very much like theologians but in a different way well you know i think i'm from the outsiders perspective that can definitely be true um you know after all you know the one of the main points of religion crescenti whatever to islam is you give an afterlife and of course that's really one of the main goals of cramped humanism is to also make it so that you don't have to the ira are there about light here's indefinite through you know by on eggs or reverse the aging whatever so in that sense they hold corps uh of goal of religion as at the same but of course.

zoltan okanya ira