SNB & CHF

Swiss Franc The Euro has risen by 0.03% to 1.1468 CHF. EUR/CHF and USD/CHF, September 18(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates The unexpected weakness in US retail sales and industrial production reported before the weekend did not prevent US yields and stocks from rising.  Asia followed suit, and with Japanese markets closed, the MSCI Asia Pacific Index rallied a...

 – Bitcoin price action shows cryptos vulnerable to commentary and government policies– Bitcoin falls to low of $2,980, down by $1,000 in week as China flexes muscles– Volatility major issue: In 3 days btc fell 40% before bouncing 25% off lows– BIS state risks of cryptos cannot yet be fully assessed and says technology still unproven– Apple and Google developing a payment API for cryptos – may give governments full...

Yes, this time it’s different: all the foundations of a healthy economy are crumbling into quicksand. The rallying cry of Permanent Bulls is this time it’s different. That’s absolutely true, but it isn’t bullish–it’s terrifically, terribly bearish. Why is this time it’s different bearish going forward? The basic answer is that nothing that is structurally broken has actually been fixed, and the policy “fixes” have...

In its first run, the Federal Reserve was actually two distinct parts. There were the twelve bank branches scattered throughout the country, each headed by almost always a banker of local character. Often opposed to them was the Board in DC. In those early days the policy establishment in Washington had little active role. Monetary policy was itself a product of the branches, the Discount Rate, for example, often being...

New Zealand holds elections at end the of next week as well. While the German contest does not appear close and the odds on the most likely scenario are a return of the Grand Coalition, in New Zealand, the center-right’s decade-long rule is being seriously challenged by a resurgent Labour Party. The New Zealand dollar fell by around 5.7% in August. The pullback was twice as deep and lasted twice as long the as the...

Swiss universities are known to be very international More than half of those doing a doctorate in Switzerland come from abroad, according to a new global education report. Foreign students are especially drawn to courses in the natural sciences. International students make up 17% of those studying at Swiss universities, said the Organisation for Economic Co-operation and Development (OECDexternal link) in its Education...

A tragedy… get the hankies out! ? [PT] The Instability Problem Bitcoin is often promoted as the antidote to the madness of fiat irredeemable currencies. It is also promoted as their replacement. Bitcoin is promoted not only as money, but the future money, and our monetary future. In fact, it is not. Why not? To answer, let us start with a look at the incentives offered by bitcoin. We saw a comment this week, which is...

A tragedy… get the hankies out! ? [PT] The Instability Problem Bitcoin is often promoted as the antidote to the madness of fiat irredeemable currencies. It is also promoted as their replacement. Bitcoin is promoted not only as money, but the future money, and our monetary future. In fact, it is not. Why not? To answer, let us start with a look at the incentives offered by bitcoin. We saw a comment this week, which is...

Princeton University economist Alan Krueger recently published and presented his paper for Brookings on the opioid crisis and its genesis. Having been declared a national emergency, there are as many economic as well as health issues related to the tragedy. Economists especially those at the Federal Reserve are keen to see this drug abuse as socio-demographic in nature so as to be absolved from failing in their primary...

Housing markets are one itsy-bitsy recession away from a collapse in domestic and foreign demand by marginal buyers. There are two attractive delusions that are ever-present in financial markets:One is this time it’s different, because of unique conditions that have never ever manifested before in the history of the world, and the second is there are no cycles, they are illusions created by cherry-picked data;...