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Tag Archives: Notes

For The Dollar, Not How Much But How Long Therefore How Familiar

Brazil’s stock market was rocked yesterday by politics. The country’s “populist” President, Jair Bolsonaro, said he was going to name an army general who had served with Bolsomito (a nickname given to him by supporters) during that country’s prior military dictatorship as CEO of state-owned oil giant Petróleo Brasileiro SA. Gen. Joaquim Silva e Luna is being installed, allegedly, to facilitate more direct control of the company by the federal government. With the...

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SNB Profit Distributions

The Federal Department of Finance and the SNB have agreed on a new scheme for the distribution of SNB profits. Agreement for the period 2020-2025, Explanations. Some comments in German (also available as PDF): Profitieren Bund und Kantone finanziell von den höheren SNB-Ausschüttungen? Höhere Gewinnausschüttungen in der Gegenwart bedingen tiefere in der Zukunft. In erster Näherung bleibt das Nettovermögen von Bund und Kantonen unverändert, denn es berücksichtigt auch den Wert der...

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Peter Bieri’s “Das Handwerk der Freiheit”

Goodreads rating 3.76. An inquiry into language and personal experience. Bieri analyzes notions of free will, their basis or vacuousness, and their consequences. A powerful dissection of language and experience. Wille ist bedingt durch Historie. Ein unbedingt freier Wille wäre nicht der Wille der Person; er wäre unberechenbar und zufällig — nicht das, nach dem sich Verfechter eines unbedingt freien Willens sehnen. Freier und unfreier Wille sind bedingt. Bedingt freier Wille hat...

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Comments on Geneva Report 23

Panel with Elga Bartsch, Agnès Bénassy-Quéré, Giancarlo Corsetti, Olivier Garnier, and Charles Wyplosz. Moderated by Tobias Broer. Elga Bartsch, Agnès Bénassy-Quéré, Giancarlo Corsetti, Xavier Debrun: Geneva Report 23 | It’s All in the Mix: How Monetary and Fiscal policies Can Work or Fail Together. Event at PSE. My comments on the report.

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Money vs. Savings: Gluts, Current Accounts, Triffin, Capital Flow Correlations

On bankunderground, Michael Kumhof, Phurichai Rungcharoenkitkul, and Andrej Sokol question that foreign savings is an important driver of US current account deficits: Consider how US imports can be paid for in the real world: first, by transferring existing domestic or foreign bank balances to foreigners, which involves no new financing. Second, by borrowing from domestic banks and transferring the resulting bank balances to foreign households, which involves domestic but not foreign...

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