SNB & CHF

What changed in the economy is now nobody can afford to get by on working-class wages because there’s no longer any bargains. The economy has changed in many ways, and it’s difficult to track the glacial movements over decades. One change that few seem to recognize or discuss is the disappearance of bargains: cheap rent, cheap meals at hole-in-the-wall restaurants, cheap transport, cheap travel, cheap services–all gone. Back in the day, even stupidly expensive...

Our Ancient Faith: Lincoln, Democracy, and the American Experimentby Allen C. GuelzoAlfred A. Knopf, 2024; 247 pp. Allen Guelzo has been carried away by Abraham Lincoln’s magniloquent rhetoric. Guelzo, a historian who has written a number of books about Lincoln, would like very much to believe that his hero was a champion of individual rights and economic freedom. Lincoln’s ideal for America was of a nation with a large number of small businesses, allowing people to...

Die Sonderkommission des Schweizer Parlaments zur Untersuchung des Credit-Suisse-Debakels geht gegen Indiskretionen vor. Die Sonderkommission des Schweizer Parlaments zur Untersuchung des Credit-Suisse-Debakels geht gegen Indiskretionen vor. In den vergangenen zwei Wochen seien wiederholt Medienberichte über mutmassliche Inhalte vereinzelter Anhörungen erschienen, wie die Parlamentarischen Untersuchungskommission (PUK) am Freitag mitteilte. Als Reaktion habe der...

Prices will always increase, some small banks will fail, and the Fed was asleep at the switch when the run on Silicon Valley Bank occurred. Fed chair Jerome Powell admitted those three things in response to Scott Pelley’s questions on 60 Minutes. “But the overall price level doesn’t come down. It will fluctuate. And some . . . goods and services will go up, others will go down. But overall, in aggregate, the price level doesn’t tend to go down except in fairly...

Overview: Amid a light news stream, the dollar is mostly in narrow ranges against the G10 currencies. Leaving aside the Norwegian krone, the others in a +/- 0.15% against the dollar today. We note that the technical tone of the euro and sterling have improved withe the five-day moving averages crossing above the 20-day moving averages. On the other hand, the dollar is approaching the year's low set last week near JPY150.90. Emerging market currencies are mostly...

Earlier this month, The New York Post reported that the mayor of New York is giving away pre-paid cash cards—each carrying "up to $10,000"— to foreign nationals in New York. Most of these foreign nationals—i.e., "illegal immigrants"—have arrived in New York with no invitation, no employment prospects, and no plan for housing. But most of them plan on staying. And why shouldn't they? Upon arrival, thousands of them immediately went on the public dole in some way or...

Much of the developed world is slipping into a hyperregulated malaise. Growth rates are down across most major economies, and the developing countries are catching up to our errors almost as fast as they are growing. Increasingly, even in the US you would have to be outside the norm to afford a house by age forty. The median age of a first-time homebuyer in 2023 is the same as a repeat buyer in 1981. We’re not allowed to build and grow, but we’re told everything is...

Ryan McMaken and Tho Bishop talk with Jane Johnson about why the feds will never pay down the debt. Instead, they have two choices: rampant inflation or default.  Discussed on the Show  "The Federal Mega-Debt is Here to Stay" by Jane L. Johnson: Mises.org/RR_174_A Claim your free book: Mises.org/RothPodFree Be sure to follow Radio Rothbard at Mises.org/RadioRothbard. Radio Rothbard mugs are now available at the Mises Store. Get yours at Mises.org/RothMug...

Here are three news stories from Switzerland you shouldn't have missed this week. Tap the links below to find out more. 🇷🇺Neutrality trumps Navalny in measured Swiss criticism of Russia: https://www.swissinfo.ch/eng/foreign-affairs/neutrality-trumps-navalny-in-measured-swiss-criticism-of-russia/72855730 🚫Switzerland mulls five-year ban on Hamas as terror group: https://www.swissinfo.ch/eng/foreign-affairs/switzerland-mulls-five-year-ban-on-hamas-as-terror-group/72854570 💍Switzerland moves...

Reports on the death of the present cycle of politically motivated monetary easing, in the words of Mark Twain, grossly exaggerated. Contemporary market analyses are full of how the Fed and ECB are dialing back on previous hints of Spring 2024 rate cuts. In tune with this, commentators are lauding the central banks, especially the Fed, for a show of political independence as elections approach. The bigger picture though suggests otherwise. In the economic aftermath...