SNB & CHF

A gentleman who does work for us sent me a text recently saying the price of his supplies has increased 20 percent, so he wants to increase his monthly fee 10 percent. It was a nice way to ask, and I said sure, especially given that he’s willing to take a haircut on his labor to make the increase more palatable. Chairman Jerome Powell would be happy to hear this story, as the Federal Reserve prints mightily to push the CPI (Consumer Price Index) to 2 percent and...

Swiss Franc The Euro has risen by 0.05% to 1.1027 EUR/CHF and USD/CHF, March 2(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: A warning from China’s top banking regulator about the frothiness of foreign markets appeared to blunt the knock-on effect of yesterday’s largest rise in the S&P 500 since last June (~2.4%) and weighed on global equities. The large markets in the Asia Pacific region but India and...

The Japanese robot “Pepper”, which Lexi is based on, is used in schools, hotels and businesses. © Keystone / Urs Flueeler Covid-19 has accelerated the transition to online teaching, raising questions about the role of robots in classrooms. Switzerland is rolling out its own robot learning programs, but it’s still a long way off before they will replace teachers. “Hi everyone, I’m Lexi”, a humanoid robot greets a full house at the University of St Gallen. Sabine...

Any economy stupid enough to rely on the insane distortions of GDP “growth” as its primary measure will richly deserve a Darwin Award when it inevitably collapses in a putrid heap of squandered resources and capital. We’re told the gross domestic product (GDP) measures growth, but what it really measures is waste: capital, labor and resources that are squandered and then mislabeled “growth” for PR purposes. If we only manage what we measure, then we’re mismanaging...

Over the last few weeks we’ve been witnessing a historic surge in the Bitcoin price, a seemingly unstoppable ride that the mainstream media headlines can hardly keep up with. Especially following the news that Elon Musks’ Tesla bought $1.5 in the cryptocurrency, sending it to new record highs, most of the media coverage appears to be focused on all the wrong things. Part fear-mongering over the many “risks” of bitcoin, part pleading for governments to step in and...

Bund und Kantone kommen in den Genuss einer auf 6 Mrd. Fr. erhöhten Ausschüttung. (Bild: Shutterstock.com/Marekusz) Auch wenn der Gewinn 2020 der SNB von 20,9 Mrd. Fr. nicht an den Vorjahreswert von 48,9 Mrd. Fr. heranreicht, ist es im historischen Vergleich ein überdurchschnittliches, ja sehr üppiges Resultat. Der Gewinn der SNB korreliert stark mit dem Verlauf an den Finanzmärkten, und deren freundlicher Verlauf trug der Nationalbank auch im vergangenen Jahr hohe...

[These edited extracts, from an interview in the February 1973 issue of Reason magazine, first ran in the June 1999 issue of the Rothbard-Rockwell Report.] Q: Why, in your view, is isolationism an essential tenet of libertarian foreign policy? A: The libertarian position, generally, is to minimize state power as much as possible, down to zero, and isolationism is the full expression in foreign affairs of the domestic objective of whittling down state power. In other...

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Fedwire Breaks: Anomaly or Trigger? Fedwire, the interbank system that transmits billions between 9,000-plus members, broke on Wednesday. The Fed says, "operational error" implying mere technical trivia - an anomaly. Why do some breaks stay mere anomalies while others trigger volatile, systemic consequences? Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, dateless. Art by Winterfell resident, David Parkins. Topics & Time Codes...

Swiss Franc The Euro has risen by 0.45% to 1.1015 EUR/CHF and USD/CHF, March 1(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: Equities and bonds jump back. Most Asia Pacific markets advanced 1.5-2.5% after the regional MSCI benchmark dropped 3.65% before the weekend and 5.3% last week. The recovery in European stocks was even more impressive. The Dow Jones Stoxx 600 was up around 1.55% near midday, recouping...