SNB & CHF

Trade appears to be booming in Germany and China, but a closer look reveals that the gains are concentrated in "price" and when we isolate "volume" of goods traded an entirely different, and ugly-ugly-ugly picture emerges. A reading, by Emil Kalinowski. ----------WHO---------- Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound. ----------WHAT---------- Global Trade and Global...

Einer Umfrage zufolge haben insgesamt rund 16 Prozent aller US-Amerikaner bereits Kryptowährungen wie Bitcoin oder Ether besessen. Eine am Donnerstag vom Pew Research Center veröffentlichte Umfrage ergab, dass etwa 16 Prozent der Amerikaner in irgendeiner Form in Kryptowährungen investiert, mit ihnen gehandelt oder sie verwendet haben. Die Zahl springt auf 31 Prozent für Menschen im Alter von 18-29 und sogar auf 43 Prozent für Männer in der gleichen Altersgruppe....

Dinge haben ihren Wert, genauso wie Geld. Angebot und Nachfrage regulieren üblicherweise den jeweiligen Preis bzw. Wert. Beim Geld als Tauschmittel kommt noch das Vertrauen hinzu. Im Laufe der Menschheitsgeschichte haben wir allen möglichen Dingen einen Wert beigemessen: Reis, Kuhfladen, sogar Zigaretten in Gefängnissen. Keines dieser Dinge ist “Geld” in dem Sinne, wie wir Fiat-Geld verstehen, z. B. die Scheine und Münzen, die unsere Regierungen uns zur Verfügung...

Switzerland joined the IMF in 1992 and is one of 24 members of the International Monetary and Financial Committee IMFC (Archive picture) Keystone/Stephen Jaffe/Handout The government seeks to renew its policy to support assistance measures by the International Monetary Fund (IMF). It asked parliament to approve plans to continue international monetary cooperation to the tune of CHF10 billion ($10.8 billion) by 2028. The existing legal basis expires in April 2023,...

With inflation running at over 6 percent and interest rates on savings near zero, the Federal Reserve is delivering a negative 6 percent real (inflation-adjusted) return on trillions of dollars in savings. This is effectively expropriating American savers’ nest eggs at the rate of 6 percent a year. It is not only a problem in 2021, however, but an ongoing monetary policy problem of long standing. The Fed has been delivering negative real returns on savings for more...

The latest quarterly filing statement of the Swiss National Bank (SNB) has been issued. Switzerland’s publicly traded central bank had a decrease in the value of its US stock holdings by around $5 billion in Q3 of 2021, ending the quarter with a value of $157 billion. SNB currently has a profit of over $40 billion for the 9 months ended in the year. Perhaps subjective, it looks like a banner year for an entity who turns a profit through currency manipulation. As for...

MacroVoices Erik Townsend and Patrick Ceresna welcome Alhambra Investments' CIO Jeffrey Snider to the show. Jeff gives the first truly credible counter-argument to date for the secular inflation thesis that so many of our previous expert guests have come around to in the last couple of years. 00:00 Intro 00:38 Market Wrap 13:38 Feature Interview with Jeff Snider 59:30 Postgame - Can the Trends Continue? Download Jeff's Charts ??https://bit.ly/3HxDIQ9 Find Making Sense Eurodollar University...

In this video, Jeff Snider breaks down exactly why banks won't lend even 12 years after the 2008 financial crisis. Could this lack of growth lead to another global depression like the 1870's & 1930's or, are we already there? Clip taken from our full length interview with Jeff Snider & Emil Kalinowski

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...

Given that political power in America is a pay-to-play auction in which the highest bidder wins, how this incomprehensibly lopsided ownership of wealth plays out is an open question. Wealth inequality easily falls into an abstraction unless we contextualize it in meaningful ways. I’ve annotated two St. Louis Federal Reserve (FRED) charts–the net worth of America’s top 1% and the net worth of America’s bottom 50% of households, roughly 66 million households–to show...