Monetary Mechanics

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August 2022

Issue #55: The 1974 Failure of Bankhaus Herstatt and the Rise of Real-Time Gross Settlement (RTGS)
On a daily basis, trillions of dollars flow between financial market participants in securities, derivatives, and foreign exchange contracts. Moreover…
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Maroon Macro

July 2022

Issue #54: Understanding Balance Sheet Capacity
Part 2: A Deeper Dive
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Maroon Macro

June 2022

Issue #53: The Origins and Evolution of the Modern Monetary System
Part 9: "Securitization" – Repo as a Driver of Securitization
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Maroon Macro
Issue #52: The Origins and Evolution of the Modern Monetary System
Part 8: "Liability Management" – Repo as a Liability Management Tool
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Maroon Macro
Issue #51: Understanding Balance Sheet Capacity
Part 1: A General Overview
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Maroon Macro
7

May 2022

Issue #50: Trade Idea – Short stETH
In this issue of Monetary Mechanics, I am going to do something a little different. In September 2021, I released a trade idea, which was to short CNH…
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Maroon Macro
Issue #49: Quantitative Tightening: The Federal Reserve’s Portfolio of Mortgage-Backed Securities
In the previous issue of Monetary Mechanics, I offered a high-level overview of the various scenarios that could occur as the Federal Reserve begins to…
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Maroon Macro
2
Issue #48: Quantitative Tightening
Since the Federal Reserve is on the brink of beginning its quantitative tightening (QT) program, beginning June 1, I thought that I should dedicate an…
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3

April 2022

Issue #47: Consensus Mechanisms in Traditional Finance and Decentralized Finance
In Issue #36 of Monetary Mechanics, I introduced the idea that blockchain-based finance (i.e. decentralized finance a.k.a. DeFi) is a fundamental…
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Maroon Macro

March 2022

Issue #46: The Russia-Ukraine Crisis – Could China Be a Lifeline for Russia’s Banks?
In the previous issue of Monetary Mechanics, I provided an overview of the economic sanctions that have been placed upon Russia by the West, focusing…
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Maroon Macro
Issue #45: The Russia-Ukraine Crisis and its Ramifications for Global Payment Systems
On February 22, 2022, the United States imposed its first tranche of economic sanctions against Russia, after Vladimir Putin recognized two regions of…
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Maroon Macro
2
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