SNB & CHF

This is how systems collapse: faith in the visible surface of abundance reigns supreme, and the fragility of the buffers goes unnoticed. I often discuss systems and systemic collapse, and I’ve drawn up a little diagram to illustrate a key dynamic in systemic collapse. The key concepts here are stability and buffers. Though complex systems are never static, but they can be stable: that is, they ebb and flow within...

See the introduction and the video for the terms gold basis, co-basis, backwardation and contango. Crude Oil Market Structure – Extremes in Speculative Net Long Positions On May 28, markets were closed so this Report is coming out a day later than normal. The price of gold rose nine bucks, and the price of silver 4 pennies. With little action here, we thought we would write 1,000 words’ worth about oil. Here is a chart...

Every year new members of the Swiss Guard take an oath to serve at the Vatican. At the moment there are enough applicants but it may be difficult to recruit new members in the future. Those responsible have started using social media to seek qualified recruits. (SRF/swissinfo.ch) --- swissinfo.ch is the international branch of the Swiss Broadcasting Corporation (SBC). Its role is to report on Switzerland and to provide a Swiss perspective on international events. For more articles,...

On June 10, the Swiss will vote on the 'sovereign money' initiative. We break down what the initiative is about, and what campaigners hope to achieve and why. Nouvo brings you short videos about Switzerland, Swiss current affairs and the wider world. Keep up to date and watch the videos wherever you are, whenever you like. --- swissinfo.ch is the international branch of the Swiss Broadcasting Corporation (SBC). Its role is to report on Switzerland and to provide a Swiss perspective on...

Did you know the most famous Swiss dish was the result of a marketing stunt? Nouvo brings you short videos about Switzerland, Swiss current affairs and the wider world. Keep up to date and watch the videos wherever you are, whenever you like. --- swissinfo.ch is the international branch of the Swiss Broadcasting Corporation (SBC). Its role is to report on Switzerland and to provide a Swiss perspective on international events. For more articles, interviews and videos visit swissinfo.ch or...

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! Le directoire de la BNS a réussi l’exploit de se fabriquer de toutes pièces des réserves monétaires en devises étrangères de...

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...

© Makasanaphoto | Dreamstime.com Recent statistics show that the average full-time employee in Switzerland worked 42.6 hours a week. This is slightly less than an average Icelander (42.9) – the longest working – but 13% longer than the average in leisurely France (37.4), the european nation putting in the fewest hours. Switzerland also came second on a broader measure: average hours worked per week by everyone 15 or...

Italian politics dominated Monday’s activity. Initially, the euro reacted positively in Asia to news that the Italian President had blocked the proposed finance minister. A technocrat government would be appointed to prepare for new elections. The euro reversed course by midday in Asia, several hours before European markets opened. The move accelerated and by midday in Europe, with London markets on holiday as well as...

Scrape all this putrid excrescence off and we’re left with a non-fantasy reality: everything is getting dicier by the day. If we look beneath the cheery chatter of the financial media and the tiresomely repetitive Russian collusion narrative (that’s unraveling as the Ministry of Propaganda’s machinations are exposed), we find that America in 2018 is dicier by the day. The more you know about the actual functioning of...