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Claudio Grass

Claudio Grass

Claudio Grass is a passionate advocate of free-market thinking and libertarian philosophy. Following the teachings of the Austrian School of Economics he is convinced that sound money and human freedom are inextricably linked to each other. He is one of the founders of GoldAndLiberty.com.

Articles by Claudio Grass

Germany in limbo: what lies ahead for savers and investors

16 days ago

The September 26 election was an extremely close race, with the eyes of the world fixed upon the country as it tried to find the successor of Angela Merkel, one the most influential and longest-serving leaders in Europe. But even after the results came in, the suspense was far from over. The two largest parties in the nation, the Social Democrats (SPD) and the center-right CDU/CSU are both scrambling to build a coalition government and they’re targeting the same smaller parties, the environmentalist and extremely left-leaning Greens and the Free Democrats (FDP), for that purpose. This process could take weeks, if not months, and only thing that’s clear as day at this point is that, no matter what party configuration emerges as the winner of this alliance-building race, Germany is set

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50 years since the closure of the “gold window”

19 days ago

Part IV of IV by Claudio Grass
The Nixon Shock: The way forward
President Nixon’s unilateral decision to sever the last link between the dollar and gold had wide ranging and long lasting consequences for the global economy and for the entire monetary system. The end of sound money facilitated and accelerated the concentration of power at the top and the ability to manipulate the currency allowed politicians and central planners to further expand the state’s reach and push ahead with populist, reckless and wasteful policies.
For decades, this trend seemed to be irreversible. The political advantages of fiat money have been consistently and increasingly abused, while at the same time, the government’s interference in people’s everyday lives, financial freedoms and

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50 years since the closure of the “gold window”

21 days ago

Part IV of IV by Claudio Grass

The Nixon Shock: The way forward

President Nixon’s unilateral decision to sever the last link between the dollar and gold had wide ranging and long lasting consequences for the global economy and for the entire monetary system. The end of sound money facilitated and accelerated the concentration of power at the top and the ability to manipulate the currency allowed politicians and central planners to further expand the state’s reach and push ahead with populist, reckless and wasteful policies.

For decades, this trend seemed to be irreversible. The political advantages of fiat money have been consistently and increasingly abused, while at the same time, the government’s interference in people’s everyday lives, financial freedoms and business

Read More »

50 years since the closure of the “gold window”

September 28, 2021

Part III of IV by Claudio Grass

The Nixon Shock: Where we stand today

A lot has been said and written about the inflationary effects that the closure of the gold window had on the real economy and on ordinary people’s lives. And rightfully so, as this has been among the most devastating consequences of the end of the gold standard and it affected countless workers and savers who have been seeing their incomes wither over time, thanks to the hidden tax of inflation.

However, there was another major shift that was triggered by the Nixon shock and it had very serious political and social implications, that we can still clearly observe today. The total removal of any real constraints on the dollar and other currencies has resulted in the unprecedented explosion of debt worldwide,

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50 years since the closure of the “gold window”

September 16, 2021

Part II of IV by Claudio Grass

The lasting impact of the Nixon Shock

The economic and monetary consequences of Nixon’s decision to end the convertibility of the US dollar to gold are as numerous as they are severe. It marked the start of five decades of monetary and fiscal insanity and it unleashed unprecedented borrowing and deficit spending sprees. Debt-fueled “growth” became the name of the game and currency manipulation came to define both political strategies and central bank mandates. 

The US, as well as most of its western peers, reached debt levels that were once thought to be simply impossible to sustain. Real purchasing power declined and official inflation figures were only kept in check thanks to crude but effective tampering with the CPI formula. Global financial

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50 years since the closure of the “gold window”

September 15, 2021

Part I of IV by Claudio Grass

What happened and why 

This year marked the 50th anniversary of President Nixon’s decision to unilaterally close the “gold window”. The impact of this move can hardly be overstated. It triggered a tectonic shift of momentous consequences and it changed not just the global economy and the monetary realities, but it also shaped modern politics and severely affected our society at large.

The Nixon Shock

In July 1944, representatives from 44 nations convened in the resort town of Bretton Woods, New Hampshire, to figure out how the global monetary system should be structured after the end of the war. The US took the clear lead during these talks, exploiting the considerable leverage it had over other countries devastated by WWII or even still

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The battle for control over the future of money

September 9, 2021

It’s no secret that governments and central planners of all stripes have long detested the rise of private money and independent digital currencies. They have tried to stifle the burgeoning crypto industry from the moment it attracted mainstream attention. For years, they have continued to add regulatory hurdles and threaten crypto holders and investors, as well as companies in this space, with unreasonable tax burdens and unrealistic disclosure requirements that come with hefty fines.
An existential threat 
The reason behind this hostility is plain as day. If a government can no longer force its citizens to exclusively use its own money, and if they are allowed to freely choose alternatives for themselves, it’s only a matter of time before they realize all the

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The battle for control over the future of money

September 7, 2021

It’s no secret that governments and central planners of all stripes have long detested the rise of private money and independent digital currencies. They have tried to stifle the burgeoning crypto industry from the moment it attracted mainstream attention. For years, they have continued to add regulatory hurdles and threaten crypto holders and investors, as well as companies in this space, with unreasonable tax burdens and unrealistic disclosure requirements that come with hefty fines. 

An existential threat 

The reason behind this hostility is plain as day. If a government can no longer force its citizens to exclusively use its own money, and if they are allowed to freely choose alternatives for themselves, it’s only a matter of time before they realize all the shortcomings and

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Swiss stocking up on gold!

August 31, 2021

How planning ahead and preparing for what lies ahead is a lesson everyone needs to learn  

Over the last couple of months, it has become clear from conversations with friends and partners from the gold industry that there is a marked increase in retail demand for physical gold from Swiss investors. The most interesting thing about this development is that the bulk of new orders is coming from smaller accounts, showing that it’s ordinary savers and citizens that are driving this trend, rather than professionals, speculators or larger investors. 

The Swiss mentality 

Given all that we have seen since the pandemic began, all the government excesses and all the economic devastation on a global scale, it is not at all surprising that the average Swiss citizen would turn to

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Switzerland: The safest of havens – Part II

August 12, 2021

Part II of II, by Claudio Grass, Hünenberg See, Switzerland

Why Switzerland?

There are many good reasons that could easily explain the flock of so many wealthy families and investors to Switzerland and all of them have been reinforced by the pandemic. For one thing, the local measures that were adopted to contain the virus were far less restrictive than those that were enforced in Germany, France, Italy or the UK. Business activity, freedom of movement, freedom of speech, all individual and civil rights were significantly less infringed upon compared to what we saw in other “Western democracies”. 

Furthermore, there are the long-standing advantages that Switzerland has to offer, like its tax regime. While this is not a new argument in favor of relocating, the aftermath of the

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Switzerland: The safest of havens

August 9, 2021

Part I of II, by Claudio Grass, Hünenberg See, Switzerland

The covid crisis, and especially the destructive governmental responses to it, have wreaked havoc with the global economy and with our societies. However, the chaos and the widespread uncertainty that prevailed over the last year and a half also served as a useful reminder of the importance of stability, legal predictability and limited state powers. 

A great number of High Net Worth Individuals (HNWIs) seem to have recognized the value of a jurisdiction that has a solid track record of demonstrating respect for private property rights and individual liberties. This why Switzerland has once again emerged as an immensely popular destination for the ultra-rich and their assets. 

Back on top

After the intense pressure

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The far-reaching implications of the amateur trading wave

July 29, 2021

[unable to retrieve full-text content]Part II of II by Claudio Grass, Hünenberg See, Switzerland

Case in point: Silver “apes” 

One of the most astounding elements of this shift in retail investing is the proof it offers for what many of us knew along: When people can freely and directly vote with their wallets and put their money where their mouth is, one gets a much clearer picture of what the public, the market or any other large group really thinks and really wants. In this case, we first saw the wrath against hedge funds, banks and institutional investors manifest itself through the so-called “meme stocks” and short squeezes. 

Countless small amateur investors came together online and coordinated voluntarily, without any force and with their own money at stake. They targeted

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The far-reaching implications of the amateur trading wave

July 29, 2021

Part II of II by Claudio Grass, Hünenberg See, Switzerland

Case in point: Silver “apes” 

One of the most astounding elements of this shift in retail investing is the proof it offers for what many of us knew along: When people can freely and directly vote with their wallets and put their money where their mouth is, one gets a much clearer picture of what the public, the market or any other large group really thinks and really wants. In this case, we first saw the wrath against hedge funds, banks and institutional investors manifest itself through the so-called “meme stocks” and short squeezes. 

Countless small amateur investors came together online and coordinated voluntarily, without any force and with their own money at stake. They targeted specific stocks that had

Read More »

The far-reaching implications of the amateur trading wave

July 27, 2021

Part I of II by Claudio Grass, Hünenberg See, Switzerland

2020 certainly was a year of a lot of “firsts”, most them extremely destructive to the economy, to our societies and to our everyday lives. However, there were a few positive developments too, among them being the fact that it was the year that ordinary people discovered and entered financial markets. 

Until last year, the world of trading and investing had long been closed to the average citizen, taxpayer, and saver. Wall Street was always seen as an exclusive club. Investing itself, as a concept, was widely seen as something only those at the top of the socioeconomic pyramid could engage in, and even then, never directly. Bankers, brokers, and other “gatekeepers” made sure that this very profitable arena would remain

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The far-reaching implications of the amateur trading wave

July 27, 2021

Part I of II by Claudio Grass, Hünenberg See, Switzerland
2020 certainly was a year of a lot of “firsts”, most them extremely destructive to the economy, to our societies and to our everyday lives. However, there were a few positive developments too, among them being the fact that it was the year that ordinary people discovered and entered financial markets.
Until last year, the world of trading and investing had long been closed to the average citizen, taxpayer, and saver. Wall Street was always seen as an exclusive club. Investing itself, as a concept, was widely seen as something only those at the top of the socioeconomic pyramid could engage in, and even then, never directly. Bankers, brokers, and other “gatekeepers” made sure that this very profitable arena

Read More »

Freedom Is Not Free You Have To Fight For It, The People Will Demand Decentralization

July 26, 2021

[unable to retrieve full-text content]Claudio begins his discussion with him taking a trip from Switzerland to Spain. On his travels he realized that the borders are open for cars and people were not asked for proof of vaccination. The people will begin to come together when they cannot function in everyday life because of inflation. People will look for decentralization because the globalist system does not work for the people.  Freedom is not free you have to fight for it.

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Freedom Is Not Free You Have To Fight For It, The People Will Demand Decentralization

July 25, 2021

Claudio begins his discussion with him taking a trip from Switzerland to Spain. On his travels he realized that the borders are open for cars and people were not asked for proof of vaccination. The people will begin to come together when they cannot function in everyday life because of inflation. People will look for decentralization because the globalist system does not work for the people.  Freedom is not free you have to fight for it.

All source links to the report can be found on the x22report.com site.

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War on Cash: EU steps up the fight

July 14, 2021

By Claudio Grass, Hünenberg See, Switzerland

The prolonged and repeated lockdowns, business closures and travel bans have caused widespread economic devastation and changed the way all of us live, work and interact with each other. These were the most obvious changes that the covid crisis brought with it, however, a lot more has been unfolding in the background. Governments in most advanced economies have grasped the opportunity of this crisis and all the fear and uncertainty that surrounds it and have taken bold steps to achieve further centralization of power and to expand their control and authority. 

A great example of such a shift is the escalation of the war on cash that started almost immediately after the virus began to make headlines. It began with scaremongering

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Precious metals outlook: This summer presents a rare entry point

July 6, 2021

By Claudio Grass, Hünenberg, Switzerland

It’s been an intense few weeks for precious metals investors, with gold and silver suffering setbacks and somewhat increased volatility. This has caused some observers and mainstream analysts to jump to gloomy conclusions and proclaim that gold’s bull run is over. Instead, they’re betting everything on the “great recovery” from the covid crisis and on an apparently imminent roaring comeback of the world economy. However, when one takes a closer look at the reality on the ground, at the state of the real economy and at the historical context of precious metals performance, arguments like that appear to be increasingly hollow and unconvincing. 

Naive optimism

Ever since the beginning of the year, politicians, central bankers and

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Monetary Climate Change and its implications for investors – Part II

June 24, 2021

Interview with Ronald-Peter Stöferle: Part II of II

Claudio Grass (CG): Even before the pandemic, there was a clear trend towards the politicization of central banks and monetary policy. Over the last year, however, we saw this accelerate considerably, to the point where the supposed independence of the Fed or the ECB looks like a thing of the past. Should investors, savers and ordinary citizens be concerned about this development?

Ronald Stöferle (RS): Yes, for several reasons. For one thing, central bankers increasingly see themselves as active supporters of political programs, and thus as financiers of the state, rather than as monetary guardians. Additionally, central banks raise their inflation targets. The Federal Reserve has already switched to average inflation

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Monetary Climate Change and its implications for investors

June 22, 2021

Interview with Ronald-Peter Stöferle: Part I of II

I’ve long been an avid and enthusiastic reader of the “In Gold We Trust” report (“IGWT”), as I believe countless other gold investors are, and I’ve always found great value in the insights, the analyses and all the astute commentary and elucidating charts it contains. 

However, I was particularly looking forward to this year’s IGWT report. So much had changed, so many shifts and shocks had taken place in 2020, that any conservative and rational investor would surely benefit from Incrementum’s insights. As I expected, it turned out to be an incredibly interesting read. 

Given the extreme disruptions, the extent of the damage and the unprecedented interventions in the global economy, it might seem shocking to many reasonable

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“Radical efforts seldom work if they are deprived of common sense” – Part II

June 10, 2021

Interview with Fernando del Pino Calvo-Sotelo: Part II of II

Claudio Grass (CG): In your analyses and articles on the issues around the covid crisis, you have adopted a very rational and calm approach, focusing on evidence and scientific facts. Why do you think it is that so many people, both among the governing and the governed, have failed to use these logical tools in dealing with this pandemic? Why does emotion prevail over logic so often?

Fernando del Pino (FdP): Pascal wrote nearly 400 years ago that “the heart has reasons that reason cannot understand”. We are human beings, and thank God we are not cold robots using reason alone. Man is a combination of head, heart and soul, meaning reason, emotion and spirituality, and it has been wonderfully created that way. When all

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“Radical efforts seldom work if they are deprived of common sense”

June 8, 2021

Interview with Fernando del Pino Calvo-Sotelo: Part I of II

Even from the early days of the covid crisis, most sensible observers were concerned that the risk of mass panic and of fear overtaking reason was going to be much higher and much more severe than the biological threat itself. As the weeks and months went on, those concerns were substantiated, as politicians and the media all over the world fueled the flames, bombarded the public with apocalyptic images and chose sensationalism and emotional appeals over rational analysis and responsible reporting. The impact of this approach soon became apparent: the majority of the population of most Western nations was paralyzed by fear, abandoned critical thinking and blindly trusted the authorities, the “experts” and the institutions,

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Inflation risk takes center stage – Part II of II

May 31, 2021

The hidden tax

A lot of people might be aware of historical cases of hyperinflation, like that of Hungary and the Weimar Republic, or even contemporary ones, like that of Venezuela. And yet, these are taught or reported like extreme cases, very far removed from the daily experience of most modern Western citizens. They are presented as though this sort of thing “could never happen here” and very often, the mechanisms and the conscious choices that led to these disasters are being downplayed. External circumstances, particular and unique conditions at the time, and other irrelevant factors are frequently used to disperse the blame and make it appear as though it wasn’t the out-of-control money creation alone that was the cause. This is why, in so many taxpayers’ and savers’ minds,

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Inflation risk takes center stage – Part II of II

May 31, 2021

The hidden tax
A lot of people might be aware of historical cases of hyperinflation, like that of Hungary and the Weimar Republic, or even contemporary ones, like that of Venezuela. And yet, these are taught or reported like extreme cases, very far removed from the daily experience of most modern Western citizens. They are presented as though this sort of thing “could never happen here” and very often, the mechanisms and the conscious choices that led to these disasters are being downplayed. External circumstances, particular and unique conditions at the time, and other irrelevant factors are frequently used to disperse the blame and make it appear as though it wasn’t the out-of-control money creation alone that was the cause. This is why, in so many

Read More »

Inflation risk takes center stage – Part I of II

May 27, 2021

Over the past couple of weeks, we’ve been seeing more and more mainstream headlines about inflation fears being on the rise, both in the US and in Europe. Central bankers on both sides of the Atlantic have been doing their best to assuage these concerns, promising that they have everything under control and that the situation will without a doubt normalize soon. Still, all these assurances have failed to convince the markets and many investors are starting to see the cracks in the much celebrated “recovery” from the covid crisis.

End of the road?

Even by the heavily biased and inaccurate metrics used by central bankers and mainstream analysts and economists, such as the CPI, inflation is certainly picking up and there are plenty of reasons to worry that it may not be easily

Read More »

Inflation risk takes center stage – Part I of II

May 27, 2021

Over the past couple of weeks, we’ve been seeing more and more mainstream headlines about inflation fears being on the rise, both in the US and in Europe. Central bankers on both sides of the Atlantic have been doing their best to assuage these concerns, promising that they have everything under control and that the situation will without a doubt normalize soon. Still, all these assurances have failed to convince the markets and many investors are starting to see the cracks in the much celebrated “recovery” from the covid crisis.
End of the road?
Even by the heavily biased and inaccurate metrics used by central bankers and mainstream analysts and economists, such as the CPI, inflation is certainly picking up and there are plenty of reasons to worry that it may

Read More »

A fork in the road: Digital Fiat vs. Decentralized Money

May 12, 2021

I have long thought about and written about the incredible opportunities that decentralized digital technologies have brought forward, especially when it comes to solving financial and monetary problems. The more these technologies and their applications develop and mature, the more I believe they hold many of the answers to some our most complex challenges. Chief among them is the future of money itself: the idea of a decentralized, robust and independent system of freely competing private currencies that protect their users’ privacy and allow for full financial sovereignty. 

However, this vision now appears to be under threat, as statist forces and old institutions have entered this same arena, began using the same tools and started developing their own structures, all pushing

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