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Switzerland sees surge in numbers of foreign workers

The number of new foreign workers moving to Switzerland on long-term contracts increased by a quarter last year compared to 2021, according to official statistics. In 2022, 166,919 foreign workers immigrated to Switzerland, comprising 76,286 people (+15%) for temporary work and 90,633 workers (+26%) on longer contracts. + Switzerland’s allure for wealthy foreigners The increase in longer-term stays was driven by job vacancies mainly in the industrial, construction...

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Why Ron Paul Is Right

The great Dr. Ron Paul has been right about all the major issues that confront the world today. He is right about the Fed, the Ukraine war, the FBI, and so much else. How has he managed to do that? What has given him wisdom unique on the political scene today? The answer is simple. He has consistently applied the teachings of the greatest political thinker of the twentieth century, Murray Rothbard. Ron Paul is a consistent Rothbardian. Let’s look at a few cases...

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Will AI Learn to Become a Better Entrepreneur than You?

Contemporary businesses use artificial intelligence (AI) tools to assist with operations and compete in the marketplace. AI enables firms and entrepreneurs to make data-driven decisions and to quicken the data-gathering process. When creating strategy, buying, selling, and increasing marketplace discovery, firms need to ask: What is better, artificial or human intelligence? A recent article from the Harvard Business Review, “Can AI Help You Sell?,” stated, “Better...

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Dramatic Swing in Sentiment Extends the Greenback’s Rally

Overview:  A series of strong US high-frequency data points after a poor finish to last year has spurred a dramatic shift in market expectations. And talk among a couple of (non-voting) FOMC members of a 50 bp hike has provided added fodder. The greenback is extending its recovery today against all the major currencies, with the Australian and New Zealand dollars hit the hardest. Emerging market currencies have also been knocked back. This is part of a larger risk...

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Hefty fines against Swiss pharma giants lifted

Age-related macular degeneration is an eye disease that can blur your central vision. It happens when aging causes damage to the macula — the part of the eye that controls sharp, straight-ahead vision. (Symbolic photo) Keystone / Martin Ruetschi An appeals court in France has overturned a record fine imposed by the French competition authority against the Swiss pharmaceutical companies Novartis and Roche. The verdict was announced by a court in Paris on Thursday....

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Joe Biden Calls for the FTC to Resurrect the Robinson Patman Act. It’s a Very Bad Idea

As former Federal Trade Commission (FTC) chairman Timothy J. Muris has recently noted, “President Biden rejects the economics-driven antitrust policies of the past 40 years.” In contrast, President Joe Biden “promised to return to earlier antitrust traditions.” Unfortunately, “those traditions were abandoned for good reason: they harmed consumers.” An important illustration Muris uses is the 1936 Robinson-Patman Act (RPA), which used to be a lynchpin of antitrust...

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Money versus Monetary Policy

With all due respect to Niall Ferguson, whom I’ve heard of, and Huw van Steenis, whom I’ve not, this tweet is quite preposterous.  I’ve personally met more than five people who understand money just in my own circles. What they mean is “monetary policy,” which is in fact very difficult to understand—given it effectively operates as a political program within the muddled field of macroeconomics. Monetary policy, unlike money per se, is ad hoc, highly technical,...

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Markets Catch Collective Breath

Overview:  On the heels of a dramatic jump in US job creation and firmer than expected year-over-year CPI, the US reported a larger than expected jump in retail sales and a strong recovery in manufacturing output. Few think that economic momentum that the recent data implies can be repeated, the "no landing" camp has gained adherents. We suspect that says more about psychology than the economy. The US two-year note is threatening to snap a five-day 20 bp advance...

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2023-02-16 – Markus K. Brunnermeier to hold the 2023 Karl Brunner Distinguished Lecture

The Swiss National Bank has named Markus K. Brunnermeier as the next speaker for its Karl Brunner Distinguished Lecture Series. Markus K. Brunnermeier is Professor of Economics at Princeton University and also Director of the Bendheim Center for Finance. His research focuses on the interaction between financial markets and the macroeconomy. His work on price bubbles in stock and real estate markets, systemic risks, liquidity crises and digital currencies is of great...

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