Tag Archives: newsletter

The Fascist Boogeyman awakes again The threat of a far-right takeover has been around for at least three decades in Europe and Italy has been one of the best “candidates” for the “beginning of the end” since the last European crisis ten years ago. Back then it was the Lega, led by Salvini, that fueled the scaremongering campaigns of the mainstream press, labeling every conservative policy point as basically pure fascism. Of course, none of those grim...

Overview: The market is judging China's response to Speaker Pelosi's visit in a mild way and risk appetites returned. Equity markets are higher, even though Chinese shares weakened. Europe's Stoxx 600 is edging higher after two days of small loses, and US futures enjoy a firmer bias. The surge in US rates yesterday has calmed. The US 10-year yield is firm near 2.76% and the 2-year yield is up a couple of basis points near 3.07%. European yields are 4-5 bp higher and...

It’s almost time for the Social Security Administration to break out pencil and calculator to find out how much more it costs to live this year than it did last, and then decide how much of a raise Social Security beneficiaries will get in 2023. For 2022, the Social Security Cost of Living Adjustment (COLA) was 5.9%, the largest increase since 1982. Well, hang on to your hat boys and girls because, in the words of Bachman Turner Overdrive, “you ain’t see nuthin’...

After months of being portrayed as a villain or worse in the mainstream media, Joe Manchin suddenly has become a Democratic Party hero—all because he has declared he will support legislation that he and President Joe Biden claim will “reduce inflation” and give us better weather. Not surprisingly, the New York Times is leading the way in effusively praising the legislation, claiming the bill “would be the most ambitious action ever taken by the United States to try...

in 2021, about 40% of gas consumed in the European Union came from Russia. EU states accuse Russia of squeezing supplies in retaliation for Western sanctions over Moscow’s war in Ukraine. Keystone / Jens Buettner The energy crisis in Europe continues to make headlines in Switzerland. This was reflected in the Sunday press which focused on German pressure on Switzerland to implement a gas saving plan, a petition to speed up hydroelectric projects and a spike in Swiss...

Coercive covid-19 lockdown measures, vaccine mandates, the transition to green energy, and poorly thought out Western sanctions against Russia have all played significant roles in disrupting global food markets and supply chains. In May 2022, data from the UN Food and Agriculture Organization indicated that, relative to twelve months ago, “international wheat prices have increased 56 percent,” “cereal prices are up nearly 30 percent,” and “vegetable oils are 45...

A strong currency exports inflation to those nations which do not issue the currency. Though it’s difficult to be confident of anything in the current flux, I am pretty confident of three things: 1) price is set on the margins 2) currencies are the foundation of every economy 3) the financial forecasts issued to calm the public do not reflect operative geopolitical goals. Every national government has “global interests.” Governments naturally do whatever they can to...

In the case of Italy, it will take a whole lot more – Part I of II When the collapse of the Italian government was officially announced, on July 21, many political observers both in Europe and across the rest of the West, were aghast. If Mario Draghi, the central banking messiah of the entire Old World, the man, the legend, the hero who rescued the Eurozone and its precious made up currency from the brink of complete annihilation, failed to govern Italy,...

Overview: Speaker Pelosi's visit to Taiwan has added to the risk-off mood of the capital markets today. Most of the large Asia Pacific equities sold off, with Australia and India being notable exceptions. Europe's Stoxx 600 is off for the second consecutive session, and by the most (~0.60%) since mid-July. US futures are also weaker. Benchmark 10-year rates are lower. The 10-year Treasury is off a couple of basis points to below 2.55%, while European yields are...

Monero ist derzeit der populärste Anonymity-Coin des Marktes. Dies jedoch könnte sich bald ändern, denn der größte Mining-Pool Moneros hat angekündigt, seinen Betrieb einzustellen. Wird Monero dadurch seine Position im Markt verlieren oder wird diese sogar durch eine Dezentralisierung des Minings gestärkt werden? Crypto News: Größter Monero Mining Pool wird abgeschaltetBeim Mining-Pool handelt es sich um Minexmr. Der Pool hat derzeit eine Gesamt-Hashrate von 1,05...