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A long time ago in a galaxy far, far away we wrote a series of articles arguing that bitcoin is not money and is not sound. Bitcoin was skyrocketing at the time, as we wrote most of them between July 30 and Oct 1 last year. Back in those halcyon days, volatility was deemed to be a feature. That is, volatility in the upward direction was loved by everyone who said that bitcoin is money, in their desire to make money. In...

Swiss Franc The Euro has fallen by 0.32% at 1.1378 EUR/CHF and USD/CHF, November 19(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: There is an uneasy calm in the global capital markets. Investors are digesting the weekend news, which includes the failure of APEC to issue a joint statement due to US-China tensions that we highlighted by dueling speeches by China...

Often, and apparently wrongly attributed to Mark Twain is the observation that it is not what we know that gets into trouble, but “what we know that just ain’t so.” Now though, investors suffer from a different problem. Several processes are in motion, and there is little confidence in their outcomes. Among these are Brexit, US-China trade, the trajectory of Fed policy, and the EC’s efforts to enforce the agreed-upon...

Diplomats and finance ministry officials have the highest travel-related expenses, The expenses of Swiss civil servants added up to CHF 121.7 million ($122 million) last year, according to the SonntagsBlick newspaper. Counting the 34,800 full-time positions in the federal administration in 2016, that level of spending amounts to almost CHF3,500 per civil servant. The biggest spender is the defence ministry, with an...

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Keith Weiner is a leading authority in the areas of gold, money, and credit and has made important contributions to the development of trading techniques founded upon the analysis of bid-ask spreads. He is the founder of DiamondWare, a software company sold to Nortel in 2008, and he currently serves as President of the Gold Standard Institute USA. He earned his PhD from the (non-accredited) New Austrian School of Economics. This speech was given at the Capitalism & Morality seminar in...

Keith Weiner is a leading authority in the areas of gold, money, and credit and has made important contributions to the development of trading techniques founded upon the analysis of bid-ask spreads. He is the founder of DiamondWare, a software company sold to Nortel in 2008, and he currently serves as President of the Gold Standard Institute USA. He earned his PhD from the (non-accredited) New Austrian School of Economics. This speech was given at the Capitalism & Morality seminar in...

Disappointing consumption numbers point to growth deceleration in early 2019, but government measures beginning to be felt. Hard data out of China for October was mixed. On the positive side, growth in infrastructure picked up, suggesting the government’s fiscal policy easing is taking effect in the real economy. Industrial production numbers stopped declining, and the mining sector has a particularly strong...

© Andrey Popov | Dreamstime.com A government commission looking at the rate, called for a reduction to 0.75%, while unions demanded a rise to 1.25%. In the end the Federal Council decided to take the middle road and leave the rate at 1% for 2019. The rate is the minimum pension funds must apply to employment related 2nd pillar pension assets in 2019. Some pension funds are concerned about the long term effect imposed...