SNB & CHF

The recent themes in the foreign exchange market continued last week. On the one hand, the dollar-bloc currencies and Norwegian krona trended higher, while the euro, and especially the yen, traded heavier. On the other hand, although some critics argued that the Fed's 25 bp rate hike earlier this month was too timid, the Fed is signaling it could accelerate the pace. The interest rate adjustment continued in dramatic fashion. The Fed funds futures imply almost a...

Stocks don’t vanish when sold; somebody owns the shares all the way to the bottom. These owners who refuse to sell because they have convinced themselves the next dip will be the hoped-for resumption of the bullish trend are called “bagholders.” Trends are tricky. Humans anticipate the present conditions will continue on into the future. In economics and finance, we call this continuation a “trend.” Trends continue until something fundamental changes and the trend...

L’enfumage de la com occidentale dénoncé dans ce débat. Si la crise ukrainienne a détruit un espace, ce n’est pas le russe mais celui de l’UE. Ecoutez cet échange pour sortir de l’ignorance générée activement par la désinformation diffusée en boucles par certains médias. Transfert et privatisation de la création monétaire, délocalisation des outils de production et d’artisanat historiques, financiarisation des banques centrales et des activités de l’Etat en général,...

The Federal Reserve's rate hike increased the reverse repo program rate, the so-called rate "floor". But why then are the 4- and 8-week US Treasury Bills trading BELOW the floor? Because there's a collateral shortfall. A monetary deflation perhaps? ----EP. 207 REFERENCES---- The Fed Inadvertently Adds To Our Ironclad Collateral Case Which Does Seem To Have Already Included A ‘Collateral Day’ (or days): https://bit.ly/3wFfRv2 Alhambra Investments Blog:...

This year was supposed to be about the easing of the pandemic and the normalization of policy. Instead, Russia's invasion of Ukraine threw a wrench in the macroeconomic forecasts as St. Peter’s victories broke the brackets of the NCAA basketball championship pools. The war has pushed up the price of energy, metals, and foodstuffs, which seemed to be advancing prior to the conflict.  High-frequency economic data are important because of the insight generated about...

With inflation at a forty-year high, it is the topic on everyone’s mind. US core inflation has reached 7.5 percent year over year, and the prices of certain goods, such as used cars and steak, are up as much as 50 percent over the past year. This is a major threat to the current administration, with a recent poll showing that 70 percent of Americans disapprove of Joe Biden’s handling of inflation. Inflation is incredibly unpopular with voters, and there is a strong...

The phenomenon of currency devaluation and its consequences is a process that not only occurred in modern times, but has much deeper roots, going back to antiquity. With the collapse of the Roman Republic, Caesar’s grandnephew Gaius Octavianus, renamed Augustus, rose to power and soon implemented a far-reaching monetary reform for the Roman common market. The old republican trimetallic system of different denominations of silver, brass, and bronze became a new...

Governor Ron DeSantis hat angekündigt, Steuerzahlungen mit Bitcoin und anderen Cryptocoins für Amerikaner mit Wohnsitz in Florida zu ermöglichen. Schon jetzt wurden staatliche Institutionen im Bundesstaat damit beauftragt, die notwendigen Infrastrukturen zu schaffen. Bitcoin News: Florida ermöglicht Steuerzahlungen in BitcoinDie Nachricht kam im Zusammenhang mit einem Gesetz, welches Schulklassen verpflichtend macht, die Schülern finanzielle und ökonomische...

The US Treasury yield curve inversion is EXPANDING. It has now subsumed the 3-year note under a tide of negative economic expectations. This is the monetary system's warning claxon, but are the authorities listening? (No.) ----EP. 205 REFERENCES---- Inversion Is The Real March Madness, Just Don’t Take It Literally: https://bit.ly/3JF2lLt Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 -----SEE ALL EPISODES----- Alhambra...

Each century presents its unique set of problems for lovers of freedom, peace, and prosperity. While the great vanguards of liberty in the twentieth century dealt with the looming shadow of centralization and were engaged in a battle against socialists and statists who argued for centralization and adjudication of individual liberty for the sake of universal material opulence, free markets with the fall of the curtain on the twentieth century have definitely shown...