Eurodollar University

The good news is the IRS is reporting about a 10% rise in average income tax refunds. However, the initial data is showing most Americans are just not spending the windfall. Understandably, they’re either saving the money or more often paying down debt. Those are certainly positive in their own way, helping struggling taxpayers repair their own fiscal balance sheets after years of limited income growth and jobs, but from the broader economic perspective it’s not what was hoped.  
Eurodollar University's Money & Macro Analysis
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In a world where markets swing on every headline, focus matters. That’s why Eurodollar University offers One Big Weekly Theme — a disciplined, thematic analysis you can count on. If you don’t have the time to go all the way to the depth of Eurodollar University’s comprehensive Deep Dive Analysis and want the next best thing, One Big Weekly Theme is for you. 
Visit https://eurodollaruniversity.substack.com
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Did the 2008 Tax Rebates Stimulate Spending?
https://pmc.ncbi.nlm.nih.gov/articles/PMC3522430/
Tax Refund Splurge for Many Americans Is Paying Down Debt
https://www.bloomberg.com/news/articles/2026-04-16/higher-2026-tax-refunds-help-us-households-pay-down-credit-card-student-debt
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

The IMF is getting nervous. Nervous to the point its chief economist just said the world is already drifting toward their newly minted adverse scenario. What does that mean? It means a collision course with the point of no return. And that point of no return is much closer than you’d think given how the world was in bad shape before the energy shock showed up. The difference between fragile and resilient makes all the difference. 
Eurodollar University's Money & Macro Analysis
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What if your gold could actually pay you every month… in MORE gold?
That’s exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.
Check it out here: https://monetary-metals.com/snider
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https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

You know who can’t stop talking about the private credit bust? The big bankers. Jamie Dimon is constantly in the media almost too happy to share his negative thoughts. Recently Goldman Sach’s David Solomon reminded everyone the credit cycle has not been repealed. But you know who hasn’t said a word? Life insurance execs. The companies that write retirement annuities. 2008 was about big banks. 2026 is about big insurance.  
Eurodollar University's Money & Macro Analysis
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What is a Eurodollar University membership? It’s where understanding the monetary world isn’t a mystery—it's a method. If you’re serious about your financial education and want clarity in a world of volatility and massive uncertainty, you’re in the right place.  Mainstream education has left so many massive gaps on the most foundational concepts, making sense of everything is practically impossible otherwise. 
With our memberships, we’ll fill in everything that you’ve been missing. 
https://eurodollar.university/memberships 
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Life Insurers’ Role in the Intermediation Chain of Public and Private Credit to Risky Firms
https://www.federalreserve.gov/econres/notes/feds-notes/life-insurers-role-in-the-intermediation-chain-of-public-and-private-credit-to-risky-firms-20250321.html
US insurance regulators pulling back the curtain on private credit
https://www.spglobal.com/market-intelligence/en/news-insights/articles/2026/3/us-insurance-regulators-pulling-back-the-curtain-on-private-credit-100049804
Insurers’ $1 Trillion Buildup in Private Credit Is Leaving Regulators in the Dust
https://www.wsj.com/finance/regulation/insurers-1-trillion-buildup-in-private-credit-is-leaving-regulators-in-the-dust-5f84cad8
The Rise Of Private Credit In Insurers' Investment Portfolios
https://www.spglobal.com/ratings/en/regulatory/article/the-rise-of-private-credit-in-insurers-investment-portfolios-s101643158
The Rise of Insurance-Linked Capital in Private Credit
https://www.abfjournal.com/the-rise-of-insurance-linked-capital-in-private-credit/
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

Chinese banks are now trapped which is why China has finally entered an era of full-blown extend and pretend. It’s been on the edge of it for some time, but recent data and information out of the country show the banking sector has crossed that threshold into the low-rate trap which has squeezed profitability and left banks to bleed cash. So, more grim lending and credit data from China’s central bank just confirms everything including the trap having been sprung.    
Eurodollar University's Money & Macro Analysis
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What if your gold could actually pay you every month… in MORE gold?
That’s exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.
Check it out here: https://monetary-metals.com/snider
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Underwater Mortgages Force China’s Banks to Get More Creative
https://www.bloomberg.com/news/features/2026-04-06/china-s-housing-crisis-forces-banks-to-confront-underwater-mortgages
China's largest banks' profits virtually flat as property slump continues
https://www.reuters.com/world/asia-pacific/chinas-icbc-worlds-biggest-bank-posts-1-profit-rise-2025-2026-03-27/
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

With talks between the US and Iran falling apart, there will be renewed focus this week on the Strait of Hormuz, getting it open and restoring traffic. Nearly all the focus so far as been on the energy part of the trade equation, the amount crude oil being able to transit the bottleneck. But there is another key set of commodities that are likewise being held back, and most people don’t realize just how big this is. Energy shock, yes, there is also a growing food shock.  
Eurodollar University's conversation w/Steve Van Metre
What is a Eurodollar University membership? It’s where understanding the monetary world isn’t a mystery—it's a method. If you’re serious about your financial education and want clarity in a world of volatility and massive uncertainty, you’re in the right place.  Mainstream education has left so many massive gaps on the most foundational concepts, making sense of everything is practically impossible otherwise. 
With our memberships, we’ll fill in everything that you’ve been missing. 
https://eurodollar.university/memberships 
Nations Race to Secure Enough Fertilizer and Prevent Food Crisis
https://www.youtube.com/watch?v=A-Dq0GSd_ck
It’s not just oil and gas. The Strait of Hormuz blockage is rattling another vital commodity
https://www.cnbc.com/2026/03/25/fertilizer-price-iran-war-food-security-inflation-urea-potash-nitrogen-farmers.html
FAO Chief Economist warns of severe global food security risks from disruption to Strait of Hormuz trade corridor
https://www.fao.org/newsroom/detail/fao-chief-economist-warns-of-severe-global-food-security-risks-from-disruption-to-strait-of-hormuz-trade-corridor/en

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU