SNB & CHF

Once upon a time, in a land known as Washington, DC, the experts wisely governed the people, and the people were happy. Everything from the nation’s nuclear arsenal to the Internal Revenue Service was run with precision and, most of all, trust. The happy people trusted the experts to always do the right thing which they did.But one day, all of that changed for the worse when the Bad People came to this happy land and turned everything upside down for no good reason...

In his great classic, Crisis and Leviathan, Robert Higgs explained how Franklin Roosevelt’s attacks on the gold standard ushered in “the age of inflation” that has now robbed generations of Americans through the inflation tax. The explanation begins with the goofy economic theory that was the basis for the first New Deal: The backwards belief that low prices caused the Great Depression; therefore, if government could force prices up by restricting...

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(Business travel disrupts the commentary for the next two days.  New monthly drops March 1.)  Overview: A growth scare, perhaps spurred by the Philadelphia Fed's non-manufacturing activity survey and the sharp drop in Conference Board's consumer confidence measure, sparked a sharp drop in US yields, a sell-off in US equities and a weaker US dollar. There is a fragile stability today. The greenback is firmer but mostly within yesterday's ranges against the G10...

(Business travel disrupts the commentary for the next two days.  New monthly drops March 1.)  Overview: A growth scare, perhaps spurred by the Philadelphia Fed's non-manufacturing activity survey and the sharp drop in Conference Board's consumer confidence measure, sparked a sharp drop in US yields, a sell-off in US equities and a weaker US dollar. There is a fragile stability today. The greenback is firmer but mostly within yesterday's ranges against the G10...

Daniel Dennett, the renowned philosopher of science, proposed four steps for critiquing an intellectual opponent: First, one should attempt to re-express the opponent’s position so clearly, vividly, and fairly that the opponent would say, “Thanks, I wish I’d thought of putting it that way.” Second, one should list any points of agreement, particularly those that are not widely acknowledged. Third, one should highlight anything learned from the opponent. Only after...

Daniel Dennett, the renowned philosopher of science, proposed four steps for critiquing an intellectual opponent: First, one should attempt to re-express the opponent’s position so clearly, vividly, and fairly that the opponent would say, “Thanks, I wish I’d thought of putting it that way.” Second, one should list any points of agreement, particularly those that are not widely acknowledged. Third, one should highlight anything learned from the opponent. Only after...

On Thursday, the Senate HELP Committee is set to vote on the nomination of Lori Chavez-DeRemer, Trump’s pick for Labor Secretary. Chavez-DeRemer was a Republican representative from Oregon who made a name for herself for being very pro-labor union compared to other members of her party.Trump’s nomination of Chavez-DeRemer is seen as one part of a broader political shift that now paints the GOP as a party chiefly concerned with the well-being of the American working...

On Thursday, the Senate HELP Committee is set to vote on the nomination of Lori Chavez-DeRemer, Trump’s pick for Labor Secretary. Chavez-DeRemer was a Republican representative from Oregon who made a name for herself for being very pro-labor union compared to other members of her party.Trump’s nomination of Chavez-DeRemer is seen as one part of a broader political shift that now paints the GOP as a party chiefly concerned with the well-being of the American working...

During Donald Trump's first term, some investors bought into the Trump 1.0 Put. The trade was based on the market's belief that Trump believed the stock market's performance was a referendum on his presidency. Accordingly, investors thought that Trump would do everything he could to backstop the stock market if it fell. Thus, some investors thought it worthwhile to sell puts, collect the proceeds, and sit back comfortably, not fearing losses. According to a...