Jeffrey Snider, head of global investment research at Alhambra Investments, joins Real Vision’s Ed Harrison to break down the dollar and eurodollar system’s behavior during a meltdown, the rush by market participants to purchase “pristine collateral,” and the implications of the Fed’s recent actions. Snider explains his perspective of the Fed’s repo operations since September and why (as he dubbed it) the Fed’s “Greenspan Moon Cult” has caused even the brightest economists to justify the market’s behavior with any explanation other than risk aversion.