SNB & CHF

Government-mandated money in the form of legal tender is a historical anomaly. For much of mankind’s history private monies and quasi monies competed alongside each other. Now, again, a new era of private money competition is resurging and reshaping our world. Money, finance, and banking are currently experiencing the “Great Unbundling.” Value chains within finance are being broken up across the spectrum. Customers or users are no longer obtaining their money...

In the wake of the extreme price explosion in GameStop stock, driven in large part by the subreddit WallStreetBets on Reddit, there is naturally a great deal of talk about “market manipulation” and related concerns. Many people are saying that hedge funds manipulate markets. Others are saying that the rich and powerful are now upset because “manipulation has been democratized.” The Secruities and Exchange Commission (SEC) is now monitoring the situation. Nancy Pelosi...

Verbier ski lift © Le News SARL According to a recent survey by Swiss media company Tamedia, 55% of the population is in favour of closing the country’s ski domains if the Covid-19 situation gets worse. reported the newspaper 20 Minutes. Ski resorts have been working hard to control crowds and police mask wearing. At Verbier, ‘Covid Angels’ are ever present, reminding people to pull masks up over noses and have relieved a number of the worst transgressors of their...

The wild action in the markets and the economic devastation on Main Street may have the spotlight for now, but with the current trajectory we’re on, modern industrial technological civilization will shut down... Killing fields will be the result of millions of people bugging out of the cities, and survivors will have to live off of the land. Only, there are several problems with that. The future is bleak, and it may sound like hyperbole, yet it’s inevitable, but thankfully,...

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The FOMC delivered a dovish hold, as we expected; we get our first look at Q4 GDP; Fed manufacturing surveys for January will continue to roll out; weekly jobless claims data will be closely watched The vaccination gap between the UK and the US vs. Europe continues to wide, and grievances against suppliers are getting worse; Germany January CPI will be reported; if inflation risks were rising , ECB officials wouldn’t be so concerned about the strong euro and its...

Global confirmed coronavirus cases surpassed 100 million this week. There is no denying that the coronavirus pandemic has caused tremendous hardship and loss. To mitigate new cases climbing further, stricter lockdown and travel restrictions are being announced and implemented, with the curfew in the Netherlands as an example. Lock-down fatigue, as evidenced by the riots against this implemented curfew, is growing. Through it all, hope is on the horizon as vaccine...

Swiss Franc The Euro has risen by 0.02% to 1.0764 EUR/CHF and USD/CHF, January 28(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: The steepest loss in US equities since last October is rippling through the capital markets in the form of de-risking. The rout is not over, and the S&P 500 is poised to gap lower.  Many of the largest markets in the Asia Pacific region were off around 2%. The nearly 1% loss in...

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...

That’s how Neofeudal systems collapse: the tax donkeys and debt-serfs finally rebel and start demanding the $50 trillion river of capital take a new course. The Great American Middle Class has stood meekly by while the New Nobility stripmined $50 trillion from the middle and working classes. As this RAND report documents, $50 trillion has been siphoned from labor and the lower 90% of the workforce to the New Nobility and their technocrat lackeys who own the vast...