Tag Archives: Notes

Mark Dittli of the market NZZ interviews Russell Napier: … the power to control the creation of money has moved from central banks to governments. By issuing state guarantees on bank credit during the Covid crisis, governments have effectively taken over the levers to control the creation of money. … statistics on bank loans to corporates within the European Union since February 2020: Out of all the new loans in Germany, 40% are guaranteed by the government. In France, it’s 70% of all new...

The GNU Taler project: We are building an anonymous, taxable payment system using modern cryptography. Customers will use traditional money transfers to send money to a digital Exchange and in return receive (anonymized) digital cash. Customers can use this digital cash to anonymously pay Merchants. Merchants can redeem the digital cash for traditional money at the digital Exchange. As Merchants are not anonymous, they can be taxed, enabling income or sales taxes to be withheld by the...

Source IN THE SENATE OF THE UNITED STATES September 13, 2022 Mr. Lee (for himself and Mr. Braun) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Reserve Act to limit the ability of Federal Reserve banks to issue central bank digital currency. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act...

Carbon flow, stock and budget according to the recent Geneva Report on Climate and Debt: Annual global CO2 emissions from fossil fuel and industry: 40 gigatonnes. Cumulative historical emissions since 1850: 2400 gigatonnes. They are responsible for a temperature rise of 1 degree Celsius. Remaining carbon budget given 1.5 degree Celsius temperature rise cap: 300 gigatonnes.

Orell Füssli news release: Orell Füssli Ltd. Security Printing and AUGENTIC GmbH announced their partnership on a “Smart Banknote CBDC” solution including trustwise.io’s Distributed Ledger Technology (DLT) a week ago. A smart banknote is a physical banknote that interacts with a CBDC solution and acts as a transitional device between traditional and CBDC based payment systems. A smart banknote can be used like a classic banknote; however, the owner can redeem his cold wallet (physical...

In a Carnegie-Rochester paper from 1979, Robert Lucas reviews an earlier report to the OECD by a group of independent experts. Lucas views the report as vacuous, eclectic, and dangerous: … I know of no other way to convey the Report’s undisciplined eclecticism. It meanders through the long list of issues which have been defined in popular debate as “policy problems,” accepting all as equally suited to treatment by government action and equally amenable to economic expertise, offering...

In an NBER working paper John Cochrane concludes that … we have been guilty of playing with too-complex models when we don’t really understand basics, such as stability, determinacy, and the frictionless limit. … Given the state of actual agreed-on knowledge, central banks’ proclamations of detailed technocratic ability to manipulate delicate frictions is laughable. Figure 10 shows in chart form the Rube-Goldberg list of mechanisms the ECB thinks it understands and can manipulate....

Lost Prison Interview With Hermann Goering: The Nazi Reichsmarschall’s Revelations [embedded content]

My written statement for 20minuten: Anlageverluste der SNB sind schlecht für den Schweizer Steuerzahler, denn ihm gehört die SNB. Sie können aber auch Entwicklungen widerspiegeln, die ihre guten Seiten haben. Jetzt zum Beispiel führt die Frankenstärke zu Anlageverlusten, bremst aber auch die importierte Inflation. Die Diskussion um die Höhe der SNB-Ausschüttungen ist vielfach fehlgeleitet. In der Debatte geht vergessen, dass Gewinnausschüttungen das Reinvermögen von...

My written statement for 20minuten: Anlageverluste der SNB sind schlecht für den Schweizer Steuerzahler, denn ihm gehört die SNB. Sie können aber auch Entwicklungen widerspiegeln, die ihre guten Seiten haben. Jetzt zum Beispiel führt die Frankenstärke zu Anlageverlusten, bremst aber auch die importierte Inflation. Die Diskussion um die Höhe der SNB-Ausschüttungen ist vielfach fehlgeleitet. In der Debatte geht vergessen, dass Gewinnausschüttungen das Reinvermögen von Bund und Kantonen...