Tag Archive: Switzerland

You cannot print your way to prosperity – Part II

2020-09-10

by

2020-09-10

Looking at the damage inflicted upon supply chains, production facilities and global trade in particular, how quickly could these operations snap back even if all COVID-related restrictions were lifted tomorrow? Do you think we’ll eventually get back to business as usual, or have we now experienced a permanent shift to a “new normal”?

Read More »

Gold doing what it does best – Part II

2020-08-19

by

2020-08-19

While the economic forces that drive this rush to precious metals are clearly understandable, there are other, deeper and less obvious factors that must also be taken into account. This “fear of uncertainty”, which pushes demand for gold higher as it has done so many times in the past, is different this time.

Read More »

“Unabhängigkeit der Nationalbank (Independence of the SNB),” FuW, 2020

2020-07-28

by

2020-07-28

Von verschiedenen Seiten werden Ansprüche an den Gewinn der Nationalbank gestellt. Es sollte in der Kompetenz der SNB liegen, zu entscheiden, welchen Teil ihrer Bilanz sie nicht zur Erfüllung ihrer Aufgaben benötigt.

Read More »

Weekly view – Fog warning

2020-07-23

by

2020-07-23

Coronavirus cases in the US are rising and high frequency data in the US such as retail foot traffic and employee working hours have flatlined. Meanwhile, in Q2 results, USD36 bn in trading and fixed-income revenues managed to make up for higher loan provisions for US banks.

Read More »

Weekly View – Reality check

2020-06-19

by

2020-06-19

The short-term pull-back in stock prices last week on the back of persistent virus concerns in the US and elsewhere shows the market remains jittery despite the massive run-up in prices since late March. May data from China showed a relatively fast rebound on the supply side of the economy, but a much slower take-off in consumption, suggesting a ‘reverse square root’ kind of recovery for economies rather than the ‘v’-shaped one markets have been...

Read More »

FX Daily, April 6: Glimmer of Hope Lifts Markets

2020-04-06

by

2020-04-06

Overview:  Reports suggesting that some of the hot spots for the virus contagion appear to be leveling off, and this is helping underpin risk appetites today.  The curve seems to be flattening in Italy, Spain, and France.  In the US, there are some early signs of leveling off in NY, and now, the number of states with infection rates above 20% is less than 10 from over 40 last week.

Read More »

Switzerland Peps Up SMEs

2020-03-28

by

2020-03-28

How Switzerland peps up SMEs: Banks are encouraged to extend credit (at 0%). The treasury guarantees the loans. The SNB refinances banks and accepts the guaranteed loans as collateral. Fast and efficient. Eventually, some of these loans will turn into grants of course. But that’s ok; the first-best response to a shock with asymmetric effects does involve transfers if markets are incomplete.

Read More »

The ECB’s “mea culpa”

2019-12-05

by

2019-12-05

Economists, conservative investors and market observers have been issuing stern warnings for years regarding the severe impact of the current monetary policy direction. In a recent statement, ECB Vice President Luis de Guindos warned of potential side effects and risks to the economy resulting directly from the central bank’s policies.

Read More »

FX Daily, October 21: Dollar Soft, but Stage is being Set for Turn Around Tuesday

2019-10-21

by

2019-10-21

Overview: The UK's departure from the EU remains up in the air as a new attempt to pass the necessary legislation through Parliament continues today. Many market participants seem to remain optimistic that Prime Minister Johnson's plan will ultimately succeed. After slipping to $1.2875 initially, sterling briefly pushed through $1.30, which had held it back last week.

Read More »

Is it platinum’s time to shine?

2019-09-12

by

2019-09-12

Global mine Production of Platinum, 2014 to 2018
Even with seasoned precious metals investors, it is often the case that platinum gets overlooked, while gold and silver dominate the conversation over which metal affords the best long-term protection of one’s wealth. Nevertheless, platinum has proved to be an excellent store of value, while it also offers a number of interesting advantages as a long-term investment that could play an important part in a conservative and proactive strategy.

Read More »

FX Daily, July 30: Sterling Pounded

2019-07-30

by

2019-07-30

Overview:  The prospect of a no-deal Brexit continues to pound sterling lower.  A little more than two months ago, it was testing $1.32.  Two weeks ago it was around $1.25.  Today it traded near $1.2120 before stabilizing.  On the other hand, the 10-year Gilt yield is below 65 bp, a new multiyear low, while the international-laden FTSE 100 is holding its own in the face of heavier equity prices in Europe.

Read More »

In defense of Switzerland

2019-07-07

by

2019-07-07

An interview with Prof. Angelo M. Codevilla. Following decades of the propagation of a false historical narrative regarding Switzerland’s role during WWII, an entire generation, especially in the West, has grown up with a distorted version of events, based on unfounded and unsubstantiated claims.

Read More »

You Can’t Eat Gold, Report 14 Oct 2018

2018-10-15

by

2018-10-15

Gold and Silver Price
“You can’t eat gold.” The enemies of gold often unleash this little zinger, as if it dismisses the idea of owning gold and indeed the whole gold standard. It is a fact, you cannot eat gold. However, it dismisses nothing. This gives us an idea. Let’s tie three facts together. One, you can’t eat gold. Two, gold is in backwardation in Switzerland. And three, speculation is a bet on the price action.

Read More »

Sovereign Money Referendum: A Swiss Awakening to Fractional-Reserve Banking?

2018-06-12

by

2018-06-12

On Sunday 10 June 2018, Switzerland’s electorate voted on a referendum calling for the country’s commercial banks to be banned from creating money. In a country world-famous for its banking industry, this was quite an interesting turn of events. Known as the Sovereign Money Initiative or ‘Vollgeld’, the referendum was brought to the Swiss electorate in the form of a ‘Popular Initiative‘.

Read More »

Le bilan de la BNS, Une arme de destruction massive

2018-05-29

by

2018-05-29

Chers amis lecteurs, voici le drame de la Suisse. Il s’appelle « Politique monétaire non conventionnelle« . Une arme de destruction massive que personne n’ose approcher, ni même aborder! Elle consiste en l’art de se faire un bilan sans bases réelles et avec en contreparties de l’endettement!

Read More »

“Vollgeld – Was spricht dagegen? (Sovereign Money—What are the Problems?),” RABE, 2018

2018-05-19

by

2018-05-19

Die Vollgeld-Initiative will die Schweizer Geldpolitik komplett umkrempeln. Künftig soll nur noch die Nationalbank Geld herstellen dürfen, sowohl Banknoten und Münzen als auch das elektronische Geld. Die Schweizer Geschäftsbanken wie die UBS oder die CS, die heute 90% des elektronischen Geldes herstellen, soll das künftig verboten sein.

Read More »

“Was Vollgeld bringt – und was nicht (Sovereign Money—Pluses and Minuses),” SRF, 2018

2018-04-30

by

2018-04-30

Francs
Wer soll Franken herstellen dürfen? Nur die Schweizerische Nationalbank, oder auch die Geschäftsbanken wie UBS, CS oder die Kantonalbanken? Ginge es nach der Vollgeld-Initiative, über die wir am 10. Juni abstimmen, wäre künftig klar: Geld als gesetzliches Zahlungsmittel gäbe es nur von der SNB.

Read More »

Elektronisches Zentralbankengeld hat Vorteile

2018-04-13

by

2018-04-13

Cryptocurrencies
Die Schweizerische Nationalbank hat dem E-Franken eine Absage erteilt – zu Unrecht, sagt Dirk Niepelt im Interview mit finews.ch. Der Direktor des SNB-nahen Studienzentrums Gerzensee erklärt, warum digitales Geld Vorteile bringt. Vergangene Woche hat sich Andréa Mächler, Mitglied des dreiköpfigen Direktoriums der Schweizerischen Nationalbank (SNB), kritisch zur Einführung eines elektronischen Frankens durch die SNB geäussert, wie auch finews.ch...

Read More »

A Gold Guy’s View Of Crypto, Bitcoin, And Blockchain

2017-12-20

by

2017-12-20

Bitcoin Price, Oct - Dec 2017
Bitcoin was on my radar far back as 2011, but for years, I didn’t think much of it. It was a curiosity. Nothing more. Sort of like the virtual money you use in World of Warcraft or something. In 2015, looking deeper, I slowly (not the sharpest tool in the shed) arrived at that “aha” inflection point that most advocates of honest money arrive at. I realized that a distributed public ledger has the power to change, well, everything.

Read More »

Switzerland Is Well-Prepared For Civilizational Collapse

2017-12-19

by

2017-12-19

Swiss1
More than any other country, Switzerland’s ethos is centered around preparing for civilizational collapse. All around Switzerland, for example, one can find thousands of water fountains fed by natural springs. Zurich is famous for its 1200 fountains, some of them quite beautiful and ornate, but it’s the multiple small, simple fountains in every Swiss village that really tell the story. Elegant, yes, but if and when central water systems are...

Read More »