Boss: The regime reader

What you get asked

1. Boss round, from the very beginning: where do most new euros actually come from?

   League 1's founding insight: most money is born as bank credit, not banknotes. That's why lending booms and busts move the whole economy.

2. Your savings account pays 6% while inflation runs at 4%. Roughly what is your REAL return, in %?

   Real ≈ nominal minus inflation: 6% − 4% = 2%. The sticker rate flatters you; the real rate is what your purchasing power actually earns.

3. Boss round: match each signal to its meaning

   Four gauges from across the whole course: the bond market, the mood switch, the options market and the physical world, all on one dashboard.

4. Why did stocks, bonds AND crypto all fall together in 2022?

   One discount rate, many victims: when the Fed sprinted from 0% past 4%, everything whose value lived in the future fell at once.

5. Supply shocks like 1973's oil embargo cause '___': inflation plus stagnation at once.

   The nastiest regime on the map, because the central bank's demand tools can't print oil. Every option hurts something.

6. The regime reader's creed, in one line:

   Three leagues of macro come down to this: know what weather you're in, position so any surprise is survivable, and leave the prophecies to the graveyard. Course complete. Go read the world. 🐜

The rest of this unit

CPI day, Fed day, jobs day: learn to read the week's big prints like the pros do.

• The big prints
• Expectations vs reality
• Positioning around events
• Building a macro dashboard