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Tag Archives: Featured

FX Daily September 9: Draghi Says Little, Door Still Open for More

[unable to retrieve full-text content]In the last two days, the euro moved upwards against CHF. Given that Swiss GDP was stronger than the one in the euro zone, this is surprising. But we must recognize that Draghi could be the reason. Inflation forecasts of 1.2% in 2017 and 1.8% in the euro zone would mean the ECB hikes rates maybe in 2018 or 2019. I personally do not believe it, given that wage inflation in Italy or Spain is clearly under 1%. This is lower than Swiss wage inflation of 0.8%.

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Our Selfie Society Is Incompatible with Democracy

[unable to retrieve full-text content]Now that the U.S. is a neoliberal selfie society, we have the worst of all possible worlds in terms of a failed, doomed democracy. Each individual's liberty to do whatever you want, be whatever you want, go wherever you want, etc. (within the legal boundaries set by the state) is the core of the American Dream. The individual's civil liberties and right to the unlimited pursuit of happiness is sacrosanct.

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How is Real Wealth Created?

[unable to retrieve full-text content]An Abrupt Drop. Let’s turn back to our regular beat: the U.S. economy and its capital markets. We’ve been warning that the Fed would never make any substantial increase to interest rates. Not willingly, at least. Each time Fed chief Janet Yellen opens her mouth, out comes a hint that more rate hikes might be coming.

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Swiss National Bank: Carl Menger Prize

[unable to retrieve full-text content]Despite her incredible money printing and FX purchases, the SNB has many roots in the Austrian School of Economics, a school that maintains that money printing leads to price inflation. One of the major Austrian economists was Carl Menger.

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The Swiss Begin To Hoard Cash

[unable to retrieve full-text content]While subtle, the general public loss of faith in central banking has been obvious to anyone who has simply kept their eyes open: it started in Japan where in February hardware stores were reported that consumers were hoarding cash, as confirmed by the spike in demand for safes, "a place where the interest rate on cash is always zero, no matter what the central bank does."

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UBS handed setback in $2 billion mortgage buy-back lawsuit

[unable to retrieve full-text content]A UBS Group AG unit was found by a federal judge to have violated some contracts with mortgage-backed securities trusts that hold loans, putting it at risk of having to buy back more loans or pay damages in a $2 billion lawsuit. U.S. District Judge Kevin Castel Tuesday ruled that UBS Real Estate Securities Inc. had breached warranties on 13 of 20 loans in the trusts that were introduced into evidence in a three-week trial in Manhattan in May.

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Swiss GDP +0.6 percent QoQ, +2.0 percent YoY

[unable to retrieve full-text content]Each quarter, the SECO estimates the GDP and its components. The main purpose of these estimations is to provide data that allow for an assessment of the cyclical development of the main macroeconomic aggregats in a timely adequate and credible manner.

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