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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

The ECB’s “mea culpa”

6 days ago

Economists, conservative investors and market observers have been issuing stern warnings for years regarding the severe impact of the current monetary policy direction.
The problems
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. He outlined how a decade of extremely aggressive monetary interventions have resulted in an erosion of financial stability and now pose a threat to the Eurozone’s economic outlook. While he defended the bank’s negative interest rate strategy as “supportive” of the overall economy, he did admit that, because of it, “we also note an increase in risk-taking which could, in the medium term, create financial-stability

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The ECB’s “mea culpa”

7 days ago

Economists, conservative investors and market observers have been issuing stern warnings for years regarding the severe impact of the current monetary policy direction.

The problems

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. He outlined how a decade of extremely aggressive monetary interventions have resulted in an erosion of financial stability and now pose a threat to the Eurozone’s economic outlook. While he defended the bank’s negative interest rate strategy as “supportive” of the overall economy, he did admit that, because of it, “we also note an increase in risk-taking which could, in the medium term, create financial-stability challenges”.

This

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The Evolution Of The Bank Run

14 days ago

There are numerous and wide-ranging reasons why someone may choose to invest in physical precious metals. A deep understanding of monetary history provides plenty of solid arguments, and so do the mounting geopolitical risks, the spiking probability of a recession and the long-term goal of many conservative investors to safeguard their financial self-determination. For me, while all of these reasons are important, there is also another argument that I find especially powerful and extremely relevant today. The vulnerability of the current banking system itself is a risk that is often overlooked or dismissed, as most mainstream investors, having short memories and a narrow attention span, tend to believe blindly in the banking sector’s ability to protect and

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“We don’t have to behead the king if we can just ignore him” – Claudio Grass

November 9, 2019

“Negative interest rates are unsustainable and once investors decide to stop paying for the privilege of holding government debt, a banking crisis could result, says James Grant.”
Returning SBTV guest, Claudio Grass, speaks with us about the unsustainable pensions, crumbling fiat currencies and a looming financial crisis in a world of insane central bank monetary policies.
Discussed in this interview:
01:31 A looming global recession ahead?
06:47 Money printing by central banks at its limits
08:18 Governments and central banks are out of control
11:14 Pensions are not sustainable especially with negative interest rates
15:46 No bright future for the dollar and euro
24:03 Lack of gold backing: Cause of economic woes
26:58 Digital world can offer freedom away from

Read More »

“We don’t have to behead the king if we can just ignore him” – Claudio Grass

November 8, 2019

“Negative interest rates are unsustainable and once investors decide to stop paying for the privilege of holding government debt, a banking crisis could result, says James Grant.”
Returning SBTV guest, Claudio Grass, speaks with us about the unsustainable pensions, crumbling fiat currencies and a looming financial crisis in a world of insane central bank monetary policies.
Discussed in this interview:
01:31 A looming global recession ahead?
06:47 Money printing by central banks at its limits
08:18 Governments and central banks are out of control
11:14 Pensions are not sustainable especially with negative interest rates
15:46 No bright future for the dollar and euro
24:03 Lack of gold backing: Cause of economic woes
26:58 Digital world can offer freedom away from centralization
28:50

Read More »

“We don’t have to behead the king if we can just ignore him” – Claudio Grass

November 8, 2019

“Negative interest rates are unsustainable and once investors decide to stop paying for the privilege of holding government debt, a banking crisis could result, says James Grant.”
Returning SBTV guest, Claudio Grass, speaks with us about the unsustainable pensions, crumbling fiat currencies and a looming financial crisis in a world of insane central bank monetary policies.
Discussed in this interview:
01:31 A looming global recession ahead?
06:47 Money printing by central banks at its limits
08:18 Governments and central banks are out of control
11:14 Pensions are not sustainable especially with negative interest rates
15:46 No bright future for the dollar and euro
24:03 Lack of gold backing: Cause of economic woes
26:58 Digital world can offer freedom away from centralization
28:50

Read More »

QE by any other name

November 6, 2019

“The essence of the interventionist policy is to take from one group to give to another. It is confiscation and distribution. “ – Ludwig von Mises, Human Action
In less than a year, we have witnessed an unprecedented monetary policy rollercoaster by the Federal Reserve, which began with a momentous U-turn in the central bank’s guidance in January, and has continued to escalate ever since. It is easy to forget that less than a year ago, all official statements and market expectations were aligned with sustained tightening, while repeated rate cuts were considered highly improbable, to say the least. Equity investors were almost coming to terms with the idea of policy normalization and the Fed was seen by conservative market observers and economists as one of the

Read More »

QE by any other name

November 6, 2019

“The essence of the interventionist policy is to take from one group to give to another. It is confiscation and distribution. “ – Ludwig von Mises, Human Action

In less than a year, we have witnessed an unprecedented monetary policy rollercoaster by the Federal Reserve, which began with a momentous U-turn in the central bank’s guidance in January, and has continued to escalate ever since. It is easy to forget that less than a year ago, all official statements and market expectations were aligned with sustained tightening, while repeated rate cuts were considered highly improbable, to say the least. Equity investors were almost coming to terms with the idea of policy normalization and the Fed was seen by conservative market observers and economists as one of the very few at least

Read More »

QE by any other name

November 6, 2019

“The essence of the interventionist policy is to take from one group to give to another. It is confiscation and distribution. “ – Ludwig von Mises, Human Action

In less than a year, we have witnessed an unprecedented monetary policy rollercoaster by the Federal Reserve, which began with a momentous U-turn in the central bank’s guidance in January, and has continued to escalate ever since. It is easy to forget that less than a year ago, all official statements and market expectations were aligned with sustained tightening, while repeated rate cuts were considered highly improbable, to say the least. Equity investors were almost coming to terms with the idea of policy normalization and the Fed was seen by conservative market observers and economists as one of the very few at least

Read More »

The Growing Opposition Against the ECB

October 23, 2019

Few investors and market observers were really surprised when Mario Draghi announced the ECB’s next massive easing package in mid-September. Cutting rates further into negative territory and the revival of QE were largely expected sooner or later, as the “whatever it takes” outgoing ECB President is now faced with a wide economic slowdown in the Eurozone. After all, over the last decade, the ECB has proved to be a “one-trick pony”, with negative rates and bond-buying being used as a cure-all and as the means to reach that ever-elusive 2% inflation target. Thus, the markets had already taken the new intervention for granted and that was reflected in the lukewarm reaction to its announcement. However, what was much less expected was the series of objections,

Read More »

THE GROWING OPPOSITION AGAINST THE ECB

October 21, 2019

Few investors and market observers were really surprised when Mario Draghi announced the ECB’s next massive easing package in mid-September. Cutting rates further into negative territory and the revival of QE were largely expected sooner or later, as the “whatever it takes” outgoing ECB President is now faced with a wide economic slowdown in the Eurozone. After all, over the last decade, the ECB has proved to be a “one-trick pony”, with negative rates and bond-buying being used as a cure-all and as the means to reach that ever-elusive 2% inflation target. Thus, the markets had already taken the new intervention for granted and that was reflected in the lukewarm reaction to its announcement. However, what was much less expected was the series of objections, challenges and even

Read More »

THE GROWING OPPOSITION AGAINST THE ECB

October 21, 2019

Few investors and market observers were really surprised when Mario Draghi announced the ECB’s next massive easing package in mid-September. Cutting rates further into negative territory and the revival of QE were largely expected sooner or later, as the “whatever it takes” outgoing ECB President is now faced with a wide economic slowdown in the Eurozone. After all, over the last decade, the ECB has proved to be a “one-trick pony”, with negative rates and bond-buying being used as a cure-all and as the means to reach that ever-elusive 2% inflation target. Thus, the markets had already taken the new intervention for granted and that was reflected in the lukewarm reaction to its announcement. However, what was much less expected was the series of objections, challenges and even

Read More »

A buying opportunity in precious metals

October 15, 2019

After a remarkable run over the past few months, gold and silver now appear to have entered a period of consolidation. Many speculators and short-term focused investors have sold their positions fearing a correction, while mainstream market commentators fuel these fears, with analyses that proclaim “the end of the road” for gold and silver.
Of course, nothing could be further from the truth. All the very serious concerns and the fundamental reasons that caused the metals to rise so aggressively in recent months are not only still intact, but they have grown, and spread, and find even more solid footing every time new data comes out of the Eurozone and the US. Recession fears among investors hit an all-time high in mid-September, according to a Bank of America

Read More »

A buying opportunity in precious metals

October 15, 2019

After a remarkable run over the past few months, gold and silver now appear to have entered a period of consolidation. Many speculators and short-term focused investors have sold their positions fearing a correction, while mainstream market commentators fuel these fears, with analyses that proclaim “the end of the road” for gold and silver.
Of course, nothing could be further from the truth. All the very serious concerns and the fundamental reasons that caused the metals to rise so aggressively in recent months are not only still intact, but they have grown, and spread, and find even more solid footing every time new data comes out of the Eurozone and the US. Recession fears among investors hit an all-time high in mid-September, according to a Bank of America Merrill Lynch survey, as

Read More »

A buying opportunity in precious metals

October 15, 2019

After a remarkable run over the past few months, gold and silver now appear to have entered a period of consolidation. Many speculators and short-term focused investors have sold their positions fearing a correction, while mainstream market commentators fuel these fears, with analyses that proclaim “the end of the road” for gold and silver.
Of course, nothing could be further from the truth. All the very serious concerns and the fundamental reasons that caused the metals to rise so aggressively in recent months are not only still intact, but they have grown, and spread, and find even more solid footing every time new data comes out of the Eurozone and the US. Recession fears among investors hit an all-time high in mid-September, according to a Bank of America Merrill Lynch survey, as

Read More »

A turning point in the bond market?

October 2, 2019

We’ve recently seen a lot of coverage and even more “expert analyses” on the state of the bond market, to the extent that the average investor, or the average citizen for that matter, is likely to be overwhelmed and very confused about what it all means. Experts from the institutional side and defenders of the current monetary direction argue that it is all the result of policy choices, that’s it’s all under control and that we really shouldn’t worry about the extreme phenomena and distortions we now see in the debt markets. However, it hardly takes an economist or a monetary policy expert to spot the many faults of this position.
 
Reality check
To strike at the core of this issue, we only need to examine a very basic question: Would you lend me $100 and agree to

Read More »

A turning point in the bond market?

October 1, 2019

We’ve recently seen a lot of coverage and even more “expert analyses” on the state of the bond market, to the extent that the average investor, or the average citizen for that matter, is likely to be overwhelmed and very confused about what it all means. Experts from the institutional side and defenders of the current monetary direction argue that it is all the result of policy choices, that’s it’s all under control and that we really shouldn’t worry about the extreme phenomena and distortions we now see in the debt markets. However, it hardly takes an economist or a monetary policy expert to spot the many faults of this position.
Reality check
To strike at the core of this issue, we only need to examine a very basic question: Would you lend me $100 and agree to receive $90 in return?

Read More »

A turning point in the bond market?

October 1, 2019

We’ve recently seen a lot of coverage and even more “expert analyses” on the state of the bond market, to the extent that the average investor, or the average citizen for that matter, is likely to be overwhelmed and very confused about what it all means. Experts from the institutional side and defenders of the current monetary direction argue that it is all the result of policy choices, that’s it’s all under control and that we really shouldn’t worry about the extreme phenomena and distortions we now see in the debt markets. However, it hardly takes an economist or a monetary policy expert to spot the many faults of this position.
Reality check
To strike at the core of this issue, we only need to examine a very basic question: Would you lend me $100 and agree to receive $90 in return?

Read More »

“Our prosperity is temporary and illusory. “ – Jeff Deist

September 23, 2019

As we go through an important paradigm shift in politics, in the global economy, in equity markets, and of course in precious metals too, the fundamental economic principles we used to rely on seem to be increasingly under attack. Central bankers the world over are doubling down on reckless monetary policies, punishing savers and responsible, long-term investors.
In Europe, we have already seen the damage that negative interest rates and protracted QE have inflicted, and will continue to do so, as the European Central Bank recently confirmed its intentions to insist on cheap money policies. Now, as the Fed seems to be going down that same path and as the US President himself is calling for zero and even negative rates, the present challenges for conservative investors are only bound to

Read More »

“Our prosperity is temporary and illusory. “ – Jeff Deist

September 23, 2019

As we go through an important paradigm shift in politics, in the global economy, in equity markets, and of course in precious metals too, the fundamental economic principles we used to rely on seem to be increasingly under attack. Central bankers the world over are doubling down on reckless monetary policies, punishing savers and responsible, long-term investors.
In Europe, we have already seen the damage that negative interest rates and protracted QE have inflicted, and will continue to do so, as the European Central Bank recently confirmed its intentions to insist on cheap money policies. Now, as the Fed seems to be going down that same path and as the US President himself is calling for zero and even negative rates, the present challenges for conservative investors are only bound

Read More »

Is it platinum’s time to shine?

September 12, 2019

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.
Although it might not share gold’s illustrious history, having served as real money for millennia, platinum has certainly earned its place among the best precious metals investment options. Its very name, derived from the Spanish “platino”, translates to “little silver” and already gives some hints as to its past.
Having

Read More »

Is it platinum’s time to shine?

September 12, 2019

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.
Although it might not share gold’s illustrious history, having served as real money for millennia, platinum has certainly earned its place among the best precious metals investment options. Its very name, derived from the Spanish “platino”, translates to “little silver” and already gives some hints as to its past. Having entered the stage much later

Read More »

Is it platinum’s time to shine?

September 12, 2019

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.
Although it might not share gold’s illustrious history, having served as real money for millennia, platinum has certainly earned its place among the best precious metals investment options. Its very name, derived from the Spanish “platino”, translates to “little silver” and already gives some hints as to its past. Having entered the stage much

Read More »

“The Eurozone faces the worst combination of economic and systemic risk”

September 6, 2019

Eurozone faces the worst combination
Interview with Alasdair Macleod:
The past few months have been an exciting time for gold investors, as the precious metal has seen a spike in demand after serious economic concerns and geopolitical tensions unsettled the markets. Many mainstream analysts have pointed to a number of recent events, from the US-China trade war escalations to the inverted yield curve, to explain the recent gold rally. Although these developments certainly play a part in short-term price moves and are of great interest to speculators, for the long-term investor, who understands the true function of gold and the purpose of their physical precious metals holdings, the bigger picture is much more relevant.
To further examine the implications of this

Read More »

“The Eurozone faces the worst combination of economic and systemic risk”

September 3, 2019

Interview with Alasdair Macleod:
The past few months have been an exciting time for gold investors, as the precious metal has seen a spike in demand after serious economic concerns and geopolitical tensions unsettled the markets. Many mainstream analysts have pointed to a number of recent events, from the US-China trade war escalations to the inverted yield curve, to explain the recent gold rally. Although these developments certainly play a part in short-term price moves and are of great interest to speculators, for the long-term investor, who understands the true function of gold and the purpose of their physical precious metals holdings, the bigger picture is much more relevant.
To further examine the implications of this perspective, I turned to Alasdair Macleod, whose insights

Read More »

“The Eurozone faces the worst combination of economic and systemic risk”

September 3, 2019

Interview with Alasdair Macleod:
The past few months have been an exciting time for gold investors, as the precious metal has seen a spike in demand after serious economic concerns and geopolitical tensions unsettled the markets. Many mainstream analysts have pointed to a number of recent events, from the US-China trade war escalations to the inverted yield curve, to explain the recent gold rally. Although these developments certainly play a part in short-term price moves and are of great interest to speculators, for the long-term investor, who understands the true function of gold and the purpose of their physical precious metals holdings, the bigger picture is much more relevant.
To further examine the implications of this perspective, I turned to Alasdair Macleod, whose insights

Read More »

The Fed’s Capitulation: What It Means For Gold Investors

August 27, 2019

“Perhaps they think that they will exercise power for the general good, but that is what all those with power have believed. Power is evil in itself, regardless of who exercises it.” – Ludwig von Mises, Nation, State, and Economy

After the Federal Reserve’s monetary policy U-turn earlier this year and the central bank’s decision to cut interest rates for the first time in a decade, mainstream investors and analysts believe that holding rates lower and for longer will help keep stock markets afloat and the economic expansion alive. However, given the actual state of the economy, the fundamentals of most leading US companies, the unprecedented debt burden and spiking geopolitical risks, it is clear that these hopes are more akin to wishful thinking and that the Fed’s easing

Read More »

THE FED’S CAPITULATION: WHAT IT MEANS FOR GOLD INVESTORS

August 27, 2019

“Perhaps they think that they will exercise power for the generall good, but that is what all those with power have believed. Power is evil in itself, regardless of who exercises it.” – Ludwig von Mises, Nation, State, and Economy

After the Federal Reserve’s monetary policy U-turn earlier this year and the central bank’s decision to cut interest rates for the first time in a decade, mainstream investors and analysts believe that holding rates lower and for longer will help keep stock markets afloat and the economic expansion alive. However, given the actual state of the economy, the fundamentals of most leading US companies, the unprecedented debt burden and spiking geopolitical risks, it is clear that these hopes are more akin to wishful thinking and that

Read More »

THE FED’S CAPITULATION: WHAT IT MEANS FOR GOLD INVESTORS

August 27, 2019

“Perhaps they think that they will exercise power for the generall good, but that is what all those with power have believed. Power is evil in itself, regardless of who exercises it.” – Ludwig von Mises, Nation, State, and Economy

After the Federal Reserve’s monetary policy U-turn earlier this year and the central bank’s decision to cut interest rates for the first time in a decade, mainstream investors and analysts believe that holding rates lower and for longer will help keep stock markets afloat and the economic expansion alive. However, given the actual state of the economy, the fundamentals of most leading US companies, the unprecedented debt burden and spiking geopolitical risks, it is clear that these hopes are more akin to wishful thinking and that the Fed’s easing

Read More »

“More of the same” at the ECB increases gold’s appeal

August 22, 2019

“The intellectual leaders of the peoples have produced and propagated the fallacies which are on the point of destroying liberty and Western civilization.” Ludwig von Mises, Planned Chaos

It took multiple meetings and over 50 hours of official negotiations for EU leaders to reach an agreement on the appointments for the top jobs of the EU and the ECB, but in mid-July the results finally came in. The ECB was particularly in focus, as bad news keeps piling up for the Eurozone economy and markets increasingly look to the central bank for help. Thus, international headlines were dominated by the selection of Christine Lagarde as Mario Draghi’s successor at the helm of the ECB.
Lagarde: A politician in charge of the economy 
Due to succeed Mario Draghi this fall, the ex-IMF chief has

Read More »