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Weekly SNB Interventions and Speculative Positions: Hawkish ECB, less SNB interventions

FX The EUR/CHF remained over 1.10 in the last week, thanks to hawkish comments from ECB president Draghi. Headlines Week July 17, 2017 On June 27, Draghi told the audience at the annual ECB Forum that transitory factors were holding back inflation. This has boosted the euro against both USD and CHF. Our opinion, however, is that this “transition” is very long, possibly comparable to the Japanese deflation/...

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Worin die populäre Geldschöpfungskritik irrt – Teil 1

Monetary System machine - Click to enlarge Eine Kritik ist im Aufwind. Was vor ein paar Jahren noch als Phantasterei verrückter Verschwörungstheoretiker abgetan wurde, beschäftigte jüngst sogar die Deutsche Bundesbank. Gemeint ist die Idee des Vollgeldes und der damit zusammenhängenden Abrechnung mit unserem modernen Geldsystem. Obschon als neuartige und revolutionäre Reformidee verkauft – und zu diesem Zweck mittels...

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Moderne Portfoliotheorie bringt dem Anleger mehr Schaden als Nutzen

- Click to enlarge Die Bankiervereinigung zeigt in einer Studie (SBS) auf, dass einschränkende Anlagevorschriften für Pensionskassen kontraproduktiv sind. Dies deckt sich mit meinen jüngst propagierten Forderungen unter anderem in der NZZ nur scheinbar. Die SBS argumentiert nämlich auf der Basis der modernen Portfoliotheorie (MPT), die volatilitätsarme alternative Anlagen angeblich als interessante Diversifikatoren...

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The Swiss National Bank Owns $80 Billion In US Stocks – Here’s The Catch

Authored by John Mauldin via MauldinEconomics.com, Switzerland is a small country of just 8 million people, but they make an outsized impact on economics and finance and money. Because Switzerland is considered a safe haven and a well-run country, many people would like to hold large amounts of their assets in the Swiss franc. This makes the Swiss franc intolerably strong for Swiss businesses and citizens. So the Swiss...

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Banks in Switzerland 2016

Results from the Swiss National Bank’s data collection Summary of the 2016 banking year In 2016, 226 of the 261 banks in Switzerland reported a profit, taking total profit to CHF 11.8 billion. The remaining 35 institutions recorded an aggregate loss of CHF 3.9 billion. The result of the period for all banks was thus CHF 7.9 billion. The aggregate balance sheet total rose by 2.5% to CHF 3,100.8 billion. On both the...

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Central Banks Buying Stocks Have Rigged US Stock Market Beyond Recovery

 The following article by David Haggith was first published on The Great Recession Blog: US Federal Reserve Eccles Building - Click to enlarge Central banks buying stocks are effectively nationalizing US corporations just to maintain the illusion that their “recovery” plan is working because they have become the banks that are too big to fail. At first, their novel entry into the stock market was only intended to...

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Swiss balance of payments and international investment position: Q1 2017

  Current account Switzerland has typically a weaker current account surplus in the winter months than in the other 3 quarters. Key figures: Current Account: +39% against Q1/2016 to +11.1 bn. CHF of which Trade Balance: +78%  to +10.5 bn. of which Services Balance: +21% to +5.5 bn. of which Investment Income: -50% to +2.8 bn. Financial account Net acquisition of financial assets The net acquisition of...

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Wer trägt Risiko für SNB-Schuldenberg: Banken oder Volk? Darum gehts beim Staatsfonds.

Quengelware – wer kennt sie nicht? Ware, die an den Kassen der Einkaufszentren auf Augenhöhe unerzogener Kids aufgestellt ist, damit deren Quengeln Eltern zum Kaufen drängen. Ähnlich beim Schweizer Staatsfonds. Als Quengelpolitik könnte man nämlich die Begehrlichkeiten vieler Politiker bezeichnen, die lauthals deinen solchen Fonds oder sonst etwas Unnützes fordern, um die Aufmerksamkeit der Wählerinnen und Wähler zu...

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Bond Yields – “You Ain’t Seen Nothin’ Yet”

If You Only Look At One Chart… Time is short, so here is one chart to get you thinking in a new direction. Velocity of Money (M2) M x V = P x T The chart that no central banker wants you to see Velocity and inflation will continue to fall as long as debt compounds faster than GDP growth. The secular low in bond yields is still ahead of us. *  *  * Right Here, Right Now The best trading ideas of the week from RVP...

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Weekly SNB Interventions Update: Slight Rise after Weeks of Near-Zero Interventions

Headlines Week June 19, 2017 The pro-European politician Macron has won the presidential elections and now also secured the parliament. He is a politician that promises economic improvements, more investment, more jobs. This is similar to Hollande four years ago and – by the way – similar to Trump. As opposed to Hollande, Macron also advocates limitations on salaries and less social protection for workers, to restore...

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