SNB & CHF

What does neutrality even mean? Where does the world famous "chicken dance" come from? And why is Switzerland to blame? In our video we take a close look at the history of the famed Swiss neutrality and the diplomacy attached to it - and as always we have a reason to apologise! Suggestions for things Switzerland should apologise for? Send them to [email protected] "Switzerland Says Sorry" is written, performed and produced by Swiss comedian...

US GDP data was solidly - recessionary. There's no soft landing here; on the contrary it is following the established pattern. The economy isn't rebounding, it is highly unstable in the same way as what happened just prior to previous recessions. Looking into the report's details confirms the interpretation. Eurodollar University's Money & Macro Analysis Twitter: https://twitter.com/JeffSnider_AIP https://www.eurodollar.university https://www.marketsinsiderpro.com...

Government officials and politicians, even stock market "analysts", these are the last people you want to depend on for useful macro analysis. What is dependable has been unmistakable if you haven't been distracted. The damage has already been done, and it's just a matter of time. Even Jay Powell's former self says so. Eurodollar University's Money & Macro Analysis Near Term Forward Spread Data https://www.neartermforwardspread.com/ Twitter:...

Given that the debt-ceiling debate is likely to continue for a few months, examining the Constitution provides us with the reasons our nation has been plunged into this monetary morass.  Federal officials have now run up the federal government’s debt to more than $31.5 trillion. That’s a lot of money. And it’s also a lot of interest payments.  Too much debt is not a good thing, either for a family or a government. Even the big-spending members of Congress...

The liberal international order was a screen and a sham. But this does not mean that liberalism is lost. The following longform piece was an essay submitted in May 2022 to the Mont Pelerin Society for the Hayek Essay Contest on the topic of international order. Although rejected, the subject is important and of interest for our readers. An international authority which effectively limits the powers of the state over the individual will be one of the best safeguards...

In 2022, central banks will have purchased the largest amount of gold in recent history. According to the World Gold Council, central bank purchases of gold have reached a level not seen since 1967. The world’s central banks bought 673 metric tons in one month, and in the third quarter, the figure reached 400 metric tons. This is interesting because the flow from central banks since 2020 had been eminently net sales. Why are global central banks adding gold to their...

Pharmaceutical exports in nominal terms increased by 40% since the Ukraine war began. However, export volume increased only slightly. © Keystone / Christian Beutler Swiss exports of pharmaceuticals to Russia, which are not subject to sanctions, reached a 30-year record last year, buoyed by high prices. Roche, Novartis and the other Swiss pharma companies brought in CHF2.1 billion ($2.3 billion) from the export of pharmaceuticals to Russia in 2022. In 2021 the Swiss...

The Treasury's extraordinary measures to avoid breaching the debt ceiling includes winding down its TGA balance with the Fed. The unintended consequence is to raise the level of bank reserves at the same time the Fed is attempting to reduce them (QT). Will this end up restarting "inflation?" Unpacking TGA, QT, and QE with actual evidence, including the Fed's. Eurodollar University's Money & Macro Analysis FOMC May 1997 Meeting Presentation Materials...

Jeff Snider, Headmaster of Eurodollar University, joins the podcast to talk about the perverse complexities of the Eurodollar system. What even is a Eurodollar? Why was the system created? Keith and Jeff discuss the Eurodollar market and then give their hot takes in a hilarious lightning round. We hope you enjoy this insightful, whirlwind of an episode! Follow Jeff and @eurodollaruniversity Earn Interest on Your Gold and Silver with Monetary Metals 🏆 Gold Fixed Income...