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Tag Archives: Swiss

What Can Kill a Useless Currency, Report 28 Oct 2018

There is a popular notion, at least among American libertarians and gold bugs. The idea is that people will one day “get woke”, and suddenly realize that the dollar is bad / unbacked / fiat / unsound / Ponzi / other countries don’t like it / <insert favorite bugaboo here>. When they do, they will repudiate it. That is, sell all their dollars to buy consumer goods (i.e. hyperinflation), gold, and/or whatever other...

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The Toxic Stew, Report 7 Oct 2018

Last week, we shined a spotlight on a crack in the monetary system that few people outside of Switzerland (and not many inside either) were aware of. There is permanent gold backwardation measured in Swiss francs. Everyone knows that the Swiss franc has a negative interest rate, but so far as we know, Keith is the only one who predicted this would lead to its collapse (and he was quite early, having written that in...

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Switzerland’s Economic Recovery gains momentum

Economic forecasts by the Federal Government’s Expert Group – Winter 2017/2018* The Federal Government’s Expert Group expects the Swiss economy to make a speedy recovery over the next few quarters. While only moderate GDP growth of 1.0% is anticipated in 2017 due to a weak first half of the year, the forecast for GDP growth in 2018 is strong at 2.3% in the course of the global economic upturn. A solid 1.9% growth is...

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Swiss economy resumes stronger growth

Economic forecasts by the Federal Government’s Expert Group – autumn 2017* – Because of the weak performance in the first half of the year, the Federal Government’s Expert Group anticipates only moderate GDP growth of 0.9% in 2017. Over the coming quarters, though, solid momentum in the global economy is set to support the export sector, while the domestic sector is also expected to gather pace. Sizeable GDP growth of...

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Indian arms dealer’s Swiss accounts under scrutiny

The Pilatus PC-7 is used by the Swiss Air Force as a training aircraft and for aerobatic shows (Keystone) Swiss authorities have received requests for information concerning possible Swiss bank accounts of Indian defence deals broker Sanjay Bhandari. He is under investigation for allegedly helping Swiss firm Pilatus secure an order for 75 training aircraft for the Indian Air Force in 2012. The decision on whether or not...

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Switzerland’s economic prospects remain positive

Economic forecasts by the Federal Government’s Expert Group – spring 2017*. Swiss economic growth turned out disappointingly weak in the second half of 2016. However, the leading indicators are pointing to a clear upward trend in early 2017 and the global economy is sending out positive signals. The Federal Government’s Expert Group is therefore expecting growth in gross domestic product (GDP) to accelerate to +1.6% in...

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Ex-Post FX Evaluation: Is the Swiss Capital Account Able to Neutralise the Persistent Current Account Surpluses?

 (post written originally in March 2013) We reckon that the Swiss National Bank (SNB) will have issues maintaining the EUR/CHF floor in the longer term, because the expected yields on Swiss investments abroad will not be sufficiently higher than the yield on investments in Switzerland. Because of this insufficient risk-reward relationship, outflows in the capital (now called  “financial”) account of the Swiss balance of payments will not cover the persistent Swiss current account...

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