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George Dorgan

George Dorgan

George Dorgan (penname) predicted the end of the EUR/CHF peg at the CFA Society and at many occasions on SeekingAlpha.com and on this blog. Several Swiss and international financial advisors support the site. These firms aim to deliver independent advice from the often misleading mainstream of banks and asset managers. George is FinTech entrepreneur, financial author and alternative economist. He speak seven languages fluently.

Articles by George Dorgan

Navigating Financial Frontiers: A Deep Dive into the World of Private Credit

December 8, 2023

Investors constantly seek new avenues for diversification and higher returns in the ever-evolving finance landscape. One such frontier that has gained significant attention in recent years is private credit. This alternative asset class offers unique opportunities and challenges, attracting institutional investors, high-net-worth individuals, and fund managers. In this comprehensive guide, we’ll explore the intricacies of private credit, examining its definition, characteristics, risk-return profile, and the factors driving its popularity.
Understanding Private Credit
Private credit refers to debt investments in privately held companies or projects not listed on public exchanges. Unlike public debt, which involves bonds traded on stock markets, private credit

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Tax Refunds Delayed? Here’s How an Emergency Loan Can Help

November 29, 2023

For many, tax refunds feel like a mini-windfall—a delightful surprise at the beginning of the year. A chance to cover old debts, splurge on something desired, or simply bolster savings. But what happens when this eagerly anticipated money doesn’t arrive on time? 
Delays can, unfortunately, throw a wrench in your financial plans, causing unnecessary stress. This is where a tax refund cash advance emergency loan might come into the picture as a potential savior.
Why Tax Refunds Get Delayed
Before we delve into solutions, let’s briefly touch on why you might be checking your bank account in vain. A few common culprits for delayed tax refunds include filing errors, IRS backlogs, or additional identity verification steps. Simple typos or mistakes in your filing can

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How To Ensure Better Operations Within Your Company’s Fleet

October 16, 2023

In today’s hyper-connected world, the efficient management of a company’s fleet is an imperative that can’t be overlooked. Businesses that rely on fleet operations must prioritize their management not only for financial prudence but also to ensure the safety and efficiency of operations. Whether you’re overseeing a fleet of delivery trucks, rental cars, or machinery, a streamlined approach can translate into significant cost savings and operational advantages. Let’s delve into the intricacies of fleet management and explore strategies to optimize operations.
Understanding the Importance of Fleet Management
Fleet management is no longer merely about knowing where your vehicles are; it’s about leveraging that knowledge to drive business outcomes. Proper fleet

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Geld sparen bei der Stromrechnung – so geht’s

October 13, 2023

Wahrscheinlich ist Ihnen schon aufgefallen, dass Ihre Gas- und Stromrechnungen teurer sind als früher. Falls Sie nach Möglichkeiten suchen, Ihre Stromkosten zu senken, gibt es viele einfache Maßnahmen, die Sie ergreifen können, um Ihre Energierechnungen zu senken – vom Ausschalten des Lichts bis hin zum kosteneffizienten Wäschewaschen. Hier finden Sie die 23 besten Möglichkeiten, um jetzt mit dem Sparen zu beginnen.
Lassen Sie Ihr Geschirr an der Luft trocknen
Schalten Sie den Hitzetrocknungszyklus Ihres Geschirrspülers aus. Stattdessen öffnen Sie die Tür und lassen Ihr Geschirr einfach an der Luft trocknen. Falls Ihr Geschirrspüler über eine Lufttrocknungsoption verfügt, sollten Sie diese anstelle des Hitzetrocknens verwenden. Das Lufttrocknen von Geschirr kann

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Exploring Self-Directed IRAs for Diversification

September 28, 2023

Finding the right retirement portfolio balance is an individual journey, especially in today’s ever-evolving environment. No two individuals are alike when it comes to investing and planning for financial security in retirement, which can make it daunting to find a suitable option that provides protection yet also offers growth potential. 
One less conventional alternative is opening a self-directed IRA through a custodian or trust company, seen as an increasingly attractive investment vehicle by investors who want more diversification and personal control within their portfolio. In this article, we will explore the ins and outs of self-directed IRAs so you can better understand how these accounts work and decide if they should be included in your overall

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Exciting Restaurant Management Software and Tech Emerging

August 11, 2023

In today’s fast-paced world, technological advancements are changing the game in almost every industry. Restaurants, a sector once considered traditional and manual, are no exception. With the increasing demands of the 21st-century customer, the integration of technology has become inevitable. In this article, we will explore emerging technologies in restaurant management software, the benefits it brings to businesses, and the transformative power of artificial intelligence and machine learning. We will also delve into inventory control and data analytics for informed decision-making.
Source:

The Evolving Landscape of Restaurant Management Software
The landscape of restaurant management software has transformed drastically in recent years. The sector was once

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Unveiling the Advantages of a Free Economic Model

August 9, 2023

In the realm of economic ideologies, a free economic model stands tall as a beacon of progress and prosperity. Championed by principles of minimal government intervention and open market competition, this model fosters growth, innovation, and individual freedom. The benefits of a free economy are manifold and can be observed across various sectors, promoting economic dynamism and enhancing the quality of life for citizens.
Fostering Entrepreneurship and Innovation
In a free economic model, entrepreneurs are encouraged to take risks and pursue innovative ideas without cumbersome bureaucratic barriers. This atmosphere of entrepreneurial freedom fosters a vibrant startup culture, stimulating the development of groundbreaking technologies, products, and services.

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The Effects of Electricity Deregulation on the State of Texas

August 8, 2023

Texas is not the only US state to have deregulated electricity. The states of Delaware, Connecticut, Maine, Massachusetts, and New Hampshire have several deregulated electricity zones as well. However, there are significantly more deregulated electricity sectors in Texas than in any other state. As per official reports, more than 26 million residents of the state live in 400+ deregulated zones, accounting for roughly 87% of the total state population.
Therefore, data from Texas is the most reliable at this time for observing the effects of deregulated electricity on a highly populated and large, industrialized location. The fact that electricity was first deregulated in the state 21 years ago makes the data even more reliable for gathering valuable, time-reliant

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Elevating Workplace Culture by Celebrating Employees

August 8, 2023

Celebrating individual and team successes and encouraging team bonding are among the best ways of improving workplace culture. Employees who feel appreciated regardless of the team they are in are more likely to be highly productive, ensure their team succeeds, and be more motivated and energetic in the workplace. Here are a few ways your business can celebrate successes, make employees feel appreciated, and elevate company culture.
Celebrate Milestones and Anniversaries
Celebrating specific milestones, such as a team completing a set number of projects and anniversaries, is an excellent way of showing employees they are appreciated and making them feel valued. It is also a great way to boost morale, productivity, and workplace culture.
There are many ways to

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How Successful Businesses Minimize Their Fleet Operating Costs

July 21, 2023

Source: Envato https://elements.envato.com/confident-businessman-driving-car-MYTUVNE
Fleet management is a critical aspect of any business that utilizes multiple vehicles for its operations. It’s an area of business operations that can often seem riddled with complexity and high costs, especially for businesses with a large fleet. However, successful businesses find ways to minimize these costs while maintaining optimal fleet operations. This article explores various strategies employed by successful businesses to minimize their fleet operating costs and presents these tactics as feasible solutions for other businesses in search of ways to streamline their fleet management and cut costs.
The Never-Ending Search For New Ways of Minimizing Fleet Operating Costs

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AstroPay as a Payment Method for Online Gambling in Australia: Is It Worth?

June 1, 2023

Year in and year out, online gambling continues to increase in popularity in Australia. With the industry’s growth, there has been a surge in the number of payment methods available to players. With the many payment options available, AstroPay stands out as one of Australia’s most secure and reliable online gambling options.
What is AstroPay?
AstroPay is a virtual prepaid card that allows Aussies to make online purchases and transactions, including deposits and withdrawals at online casinos. Users can purchase the card online or at specific businesses, and it comes in various denominations. The security of AstroPay is one of its key benefits. The company is wholly licensed and regulated, and the card uses 128-bit SSL encryption to protect users’ financial and

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Maximizing Tax Benefits with Life Insurance for Small Business Owners

May 11, 2023

As a small business owner, there are numerous benefits to taking advantage of the tax incentives associated with life insurance. It can provide you and your loved ones financial security and help you maximize profits for your business in the long run.

This article will explain the basics of life insurance for small business owners and how to leverage its many tax benefits over time. Investing in lifelong stability is one of the most critical steps to becoming an effective entrepreneur. Let’s dive into crucial considerations when using life insurance strategies for your small business.

What Life Insurance is and How it Can Help Small Business Owners
Life insurance is a crucial aspect of planning for the future for individuals and businesses. Life insurance can

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Financial Savvy Ways To Thrive In The Auto Market

May 8, 2023

The auto market can be challenging and unpredictable, but with the right strategies and insights, automotive business owners can thrive. This article will explore the financial savvy ways to succeed in the auto market, focusing on understanding the current landscape, saving money, using modern financial tools and AI, and navigating warranties and service contracts. By implementing these strategies, automotive entrepreneurs can build a solid foundation for long-term growth and success.
A Brief Overview of the Auto Market For Automotive Business Owners
The auto market is a complex and ever-evolving industry that is influenced by various factors such as technological advancements, economic trends, and changing consumer preferences. For automotive business owners,

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Which brokerage account is best for beginners in Singapore?

February 27, 2023

Are you looking to invest in Singapore but feeling overwhelmed by all the different options? Finding the correct brokerage account can be challenging, especially if you are not an experienced investor. That’s why we’ve broken down some of the top-rated brokers in Singapore, explaining the pros and cons each offers so you can choose which online trading platform is best for your needs.

Whether it’s low fees, advanced analytics tools, or a comprehensive education library that matters most, our guide will help ensure your hard-earned money works as hard as possible.

Saxo Markets
Investing can feel intimidating, especially for newcomers who’ve never looked into it before. When looking for the best trading platform in Singapore to get started with, you should be

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Swiss Trade Balance November 2022: pharmaceuticals weigh down exports

December 20, 2022

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners.
Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially true.
Recently Europeans started to increase their savings rate, while Americans reduced it. This has led to a rising trade and current surplus for the Europeans.
But also to a massive Swiss trade surplus with the United States, that lifted Switzerland on the U.S. currency manipulation watch list.
To

Read More »

Swiss Trade Balance October 2022: declining foreign trade

November 18, 2022

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners.
Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially true.
Recently Europeans started to increase their savings rate, while Americans reduced it. This has led to a rising trade and current surplus for the Europeans.
But also to a massive Swiss trade surplus with the United States, that lifted Switzerland on the U.S. currency manipulation watch list.
To

Read More »

Swiss Trade Balance 3nd quarter 2022: foreign trade remains in rise

October 20, 2022

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners.
Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially true.
Recently Europeans started to increase their savings rate, while Americans reduced it. This has led to a rising trade and current surplus for the Europeans.
But also to a massive Swiss trade surplus with the United States, that lifted Switzerland on the U.S. currency manipulation watch list.
To

Read More »

Interim results of the Swiss National Bank as at 30 June 2022

July 29, 2022

The increasing volatility of SNB Earnings
Annual results are not really definite. Given that the SNB accumulates foreign currencies with interventions, they have huge swings.
But the SNB may lose 50 billion in one year and win 60 billion in the next year or vice verse.
Low Inflation, Crashes and Central Bank Money Printing
The crisis caused by the Covid19 virus,is a typical crisis with low inflation (at least for now). During such a crisis, central bank money printing helps asset price to rise again.
This applies to all assets on the SNB balance sheet:
Government and corporate bonds
Stocks
Gold
The Corona crisis is just one of these low inflation crisis.
Therefore SNB profits have recovered; this time far more quickly than during the Financial Crisis. As

Read More »

Swiss Trade Balance 2nd quarter 2022: 8th consecutive quarterly increase

July 19, 2022

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners.
Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially true.
Recently Europeans started to increase their savings rate, while Americans reduced it. This has led to a rising trade and current surplus for the Europeans.
But also to a massive Swiss trade surplus with the United States, that lifted Switzerland on the U.S. currency manipulation watch list.
To

Read More »

Swiss Trade Balance May 2022: surge in imports towards a level record

June 22, 2022

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners.
Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially true. Recently Europeans started to increase their savings rate, while Americans reduced it. This has led to a rising trade and current surplus for the Europeans. But also to a massive Swiss trade surplus with the United States, that lifted Switzerland on the U.S. currency manipulation watch list.
To

Read More »

Interim results of the Swiss National Bank as at 31 March 2022

May 3, 2022

The increasing volatility of SNB Earnings
Annual results are not really definite. Given that the SNB accumulates foreign currencies with interventions, they have huge swings.
But the SNB may lose 50 billion in one year and win 60 billion in the next year or vice verse.
Low Inflation, Crashes and Central Bank Money Printing
The crisis caused by the Covid19 virus,is a typical crisis with low inflation (at least for now). During such a crisis, central bank money printing helps asset price to rise again.
This applies to all assets on the SNB balance sheet:
Government and corporate bonds
Stocks
Gold
The Corona crisis is just one of these low inflation crisis.
Therefore SNB profits have recovered; this time far more quickly than during the Financial Crisis. As

Read More »

Swiss Trade Balance Q1 2022: foreign trade chain record upon record

April 27, 2022

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners.
Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially true. Recently Europeans started to increase their savings rate, while Americans reduced it. This has led to a rising trade and current surplus for the Europeans. But also to a massive Swiss trade surplus with the United States, that lifted Switzerland on the U.S. currency manipulation watch list.
To

Read More »

Swiss Trade Balance Year 2021: exports climb to one record level

January 27, 2022

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners.
Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially true. Recently Europeans started to increase their savings rate, while Americans reduced it. This has led to a rising trade and current surplus for the Europeans. But also to a massive Swiss trade surplus with the United States, that lifted Switzerland on the U.S. currency manipulation watch list.
To

Read More »

SNB Sight Deposits: Inflation is there, CHF must Rise

January 10, 2022

Update January 10, 2021: 
Sight Deposits have risen by +1.9 bn CHF, this means that the SNB is intervening and buying Euros and Dollars.
We had finally arrived in the inflation scenario I was speaking about before.
Inflation is the period, when both the Swiss franc and gold must go up.
BUT :
U.S. CPI is at 5%, at the highest value since the year 1990 (excluding one outlayer in Summer 2008).
But European inflation has gone down to 1.9%., In particular prices of European services, that are mostly correlated with longer-term inflation, went down to +0.7% Hence Stock markets have recovered – after the initial fear.
Speculative Positioning: Speculators are long CHF against USD, Moreover they are long EUR position against USD, already over one year.

Read More »

Swiss Trade Balance October 2021: chemistry-pharma tarnishes the foreign trade table

November 18, 2021

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners.
Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially true. Recently Europeans started to increase their savings rate, while Americans reduced it. This has led to a rising trade and current surplus for the Europeans. But also to a massive Swiss trade surplus with the United States, that lifted Switzerland on the U.S. currency manipulation watch list.
To

Read More »

Interim results of the Swiss National Bank as at 30 September 2021

October 29, 2021

The increasing volatility of SNB Earnings
Annual results are not really definite. Given that the SNB accumulates foreign currencies with interventions, they have huge swings.
But the SNB may lose 50 billion in one year and win 60 billion in the next year or vice verse.
Low Inflation, Crashes and Central Bank Money Printing
The crisis caused by the Covid19 virus,is a typical crisis with low inflation (at least for now). During such a crisis, central bank money printing helps asset price to rise again.
This applies to all assets on the SNB balance sheet:
Government and corporate bonds
Stocks
Gold
The Corona crisis is just one of these low inflation crisis.
Therefore SNB profits have recovered; this time far more quickly than during the Financial Crisis. As

Read More »

Swiss balance of payments and international investment position: Q2 2021

September 23, 2021

In the second quarter of 2021, the current account surplus amounted to almost CHF 11 billion, CHF 7 billion higher than in the same quarter of 2020. The rise was mainly attributable to a higher receipts surplus in goods trade. This was counteracted by primary income, where the  expenses surplus increased compared to the same quarter in 2020 due to the fact that, in direct investment, expenses rose more strongly than receipts.
In the financial account, reported transactions for the second quarter of 2021 showed a net acquisition of financial assets (CHF 19 billion) and a net incurrence of liabilities (CHF 7 billion). On the assets side, several factors contributed to the net acquisition: Resident investors purchased collective investment schemes and debt securities

Read More »

SNB Sight Deposits: Inflation Fear Decreasing, SNB Selling Euros

September 20, 2021

Update September 20 2021: SNB Selling Dollars and Euros
Sight Deposits have fallen: The change is -0.2 bn. compared to last week, this means the SNB is selling euros and dollars.
We had finally arrived in the inflation scenario I was speaking about before.
Inflation is the period, when both the Swiss franc and gold must go up.
BUT :
U.S. CPI is at 5%, at the highest value since the year 1990 (excluding one outlayer in Summer 2008).
But European inflation has gone down to 1.9%., In particular prices of European services, that are mostly correlated with longer-term inflation, went down to +0.7%Hence Stock markets have recovered – after the initial fear.
Speculative Positioning: Speculators are long CHF against USD, Moreover they are long EUR

Read More »

Swiss Trade Balance Q2 2021: secondary sector rose sharply in 2nd quarter 2021

August 19, 2021

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners.
Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially true. Recently Europeans started to increase their savings rate, while Americans reduced it. This has led to a rising trade and current surplus for the Europeans. But also to a massive Swiss trade surplus with the United States, that lifted Switzerland on the U.S. currency manipulation watch list.
To

Read More »

Swiss Trade Balance Q2 2021: export record

July 20, 2021

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners.
Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially true. Recently Europeans started to increase their savings rate, while Americans reduced it. This has led to a rising trade and current surplus for the Europeans. But also to a massive Swiss trade surplus with the United States, that lifted Switzerland on the U.S. currency manipulation watch list.
To

Read More »