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What is New?
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Business group pushes for more streamlined farming sector
The main Swiss business federation has released its recommendations for the government’s sensitive reforms of the agriculture sector. Farmers’ groups reacted with cautious approval. Economiesuisse gave its appraisal of the government’s 2022 agricultural reform plans on Monday, an appraisal that mostly centred around the simplification and decentralisation of agricultural measures.
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Great Graphic: What is Happening to Global Equities?
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Now Back To Our Regularly Scheduled Economy
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Is the Canary in the Gold Mine Coming to Life Again?
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FX Daily, October 16: Semblance of Stability Returns
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Devil is in the details: Italian and French deficits are not quite comparable
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You Can’t Eat Gold – Precious Metals Supply and Demand
SNB and Central Banks
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Rückenwind für die SNB
Die Nationalbank hat die Schweizer Zahlungsbilanz für das zweite Quartal veröffentlicht. Damit bietet sich erstmals die Gelegenheit, nachzuprüfen, ob die viel zitierten Europaängste Fluchtkapital ins Land gespült haben. Zur Erinnerung: Im März wurde in Italien ein neues Parlament gewählt, die den beiden Europagegnern und Anti-Establishment-Formationen Movimento 5 Stelle und Lega eine Mehrheit bescherten.
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SNB appoints new delegate for regional economic relations for Central Switzerland
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Swiss Balance of Payments and International Investment Position: Q2 2018
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Le Conseil fédéral se moque des personnes âgées!
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Das Bad im Geldhaufen
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Monetary Policy Assessment of 20 September 2018
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Unsere Nationalbank befeuert Dax und Wallstreet statt SMI
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Gold,Bitcoin,Austrian Economics
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Is the Canary in the Gold Mine Coming to Life Again?
Back in late 2015 and early 2016, we wrote about a leading indicator for gold stocks, namely the sub-sector of marginal – and hence highly leveraged to the gold price – South African gold stocks. Our example du jour at the time was Harmony Gold (HMY) (see “Marginal Producer Takes Off” and “The Canary in the Gold Mine” for the details).
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You Can’t Eat Gold – Precious Metals Supply and Demand
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You Can’t Eat Gold, Report 14 Oct 2018
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Gold’s Best Day In 2 Years Sees 2.5 Percent Gain As Global Stocks Sell Off – This Week’s Golden Nuggets
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The Gold Standard: Protector of Individual Liberty and Economic Prosperity
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Swiss blockchain industry sees meteoric growth
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Fed Credit and the US Money Supply – The Liquidity Drain Accelerates
Swiss & European Macro
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Devil is in the details: Italian and French deficits are not quite comparable
Italy’s structural weakness explain higher level of concern around its deficit target.Each EU member state is currently preparing 2019 budget plans for formal submission to the European Commission (EC) before mid- October. Among them, France and Italy’s budget plans have been raising eyebrows. Why is the EC concerned about Italy’s proposed 2.4% GDP deficit target for 2019 and not France’s target of 2.8%?
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Swiss Producer and Import Price Index in September 2018: +2.6 percent YoY, -0.2 percent MoM
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Squaring off over the Italian budget
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German September PMIs surprisingly weak
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Swiss Consumer Price Index in September 2018: +1.0 percent YoY, +0.1 percent MoM
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Further consolidation of EUR/USD rate likely
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Chinese PMI data points to further growth moderation
Swiss Markets & News
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Business group pushes for more streamlined farming sector
The main Swiss business federation has released its recommendations for the government’s sensitive reforms of the agriculture sector. Farmers’ groups reacted with cautious approval. Economiesuisse gave its appraisal of the government’s 2022 agricultural reform plans on Monday, an appraisal that mostly centred around the simplification and decentralisation of agricultural measures.
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Top US bank keen on Swiss mortgage market
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One in three Swiss flights delayed
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Over 27percent of Swiss workers are stressed
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Swiss Public Broadcaster to Shed Fewer Jobs than Expected
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Swiss Divorce Rates Continue to Climb
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IMF raises Swiss economic growth forecast
FX Trends
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Great Graphic: What is Happening to Global Equities?
The decline in the global equity market is the most serious since the February and March spill. In this Great Graphic, the white line is the S&P 500. With the setback, it is up a little more than 8% for the year. It managed to recover fully from the sell-off earlier in the year.
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FX Daily, October 16: Semblance of Stability Returns
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Macro Cheat Sheet
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FX Daily, October 15: Monday Blues
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FX Weekly Preview: Forces of Movement
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FX Daily, October 12: Market Fever is Burning Itself Out Ahead of the Weekend
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FX Daily, October 11: Equity Swoon Takes Spotlight, Pushes Dollar to Backfoot
Global Macro & Emerging Markets
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Now Back To Our Regularly Scheduled Economy
The clock really was ticking on this so-called economic boom. A product in many economic accounts of Keynesian-type fantasy, the destructive effects of last year’s hurricanes in sharp contrast to this year’s (which haven’t yet registered a direct hit on a major metropolitan area or areas, as was the case with Harvey and Irma) meant both a temporary rebound birthed by rebuilding as well as an expiration date for those efforts.
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Here’s Why the Next Recession Will Spiral Into a Depression
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How Many Households Qualify as Middle Class?
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The Distortions of Doom Part 2: The Fatal Flaws of Reserve Currencies
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The Global Distortions of Doom Part 1: Hyper-Indebted Zombie Corporations
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A Few Questions From Today’s BOND ROUT!!!!
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Pensions Now Depend on Bubbles Never Popping (But All Bubbles Pop)
Markets
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You Can’t Eat Gold – Precious Metals Supply and Demand
You Actually Can Eat Gold, But Its Nutritional Value is Dubious. “You can’t eat gold.” The enemies of gold often unleash this little zinger, as if it dismisses the idea of owning gold and indeed the whole gold standard. It is a fact, you cannot eat gold. However, it dismisses nothing.
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Are Credit Spreads Still a Leading Indicator for the Stock Market?
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Special Edition: Markets Under Pressure (VIDEO)
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The Gold Standard: Protector of Individual Liberty and Economic Prosperity
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In Gold We Trust – Incrementum Chart Book 2018
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How Dangerous is the Month of October?
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US Stocks and Bonds Get Clocked in Tandem
CHF End of Peg
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Impressive Swiss Recovery After SNB Peg Removal
Retail data shows that the SNB peg removal in January 2015 as early as April 2015 with minimal adverse impact on the economy. Trade surplus showed that Switzerland had fully recovered its lost trade surplus in May and expectations crossed an important threshold into positive territory in June. CHF strengthened since May end, as the market caught wind of the Swiss recovery, and the Grexit would further strengthen the CHF if it were to occur.
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Q1/2015: Swiss Real GDP Rises by 15 percent … in Euro Terms
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Is the Swiss Franc Really so Expensive or is Swiss Consumption anemic?
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End of EUR/CHF Peg
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Colin Lloyd on the end of the EUR CHF peg
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Why did the Swiss franc spike? Lack of Capital Outflows
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What Caused The Swiss Financial Tsunami? Three Reasons, One Trigger, One Chain Reaction
The History of the Swiss Franc
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Swiss Franc History, 1970s: Due to US Stagflation CHF Strengthens Massively
We shows the massive appreciation of Swiss franc and German mark in the 1970s, the reasons were: stagflation and the wage-price spiral.
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Swiss Franc History, 2000-2007: The sale of the Swiss gold reserves
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Volckers Attack on Stagflation
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Swiss Franc History: The long-term view and the comparison with gold
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History of SNB Interventions
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Swiss Franc History: Volcker Shock, Oil Glut and the Breakdown of Gold and Emerging Markets
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Swiss Franc History: Volcker’s defeat of inflation strengthens dollar, weakens Swiss franc
Economic Theory
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Heterodox Economic Theories and GDP
Heterodox economic theories focus on the human desires to spend, to save, to obtain credit in order to anticipate spending and future earnings, to increase or to reduce debt or even to deplete existing savings, on human behaviour. Those theories neither think that humans are rational nor that markets are efficient.
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The World in Balance Sheet Recession, a 2012 update
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Supply Side Economics
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Monetarist and Austrian Critique against MMT
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7b) Major Schools of Economics
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Mainstream Economics, The Short Run
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Volckers Attack on Stagflation
Richard Koo and Sector Balances
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Weak Yen, Is it Really a Currency War?
Some journalists, like Ambrose Evans-Pritchard of the U.K.'s Telegraph and Michael Casey of the Wall Street Journal, have already claimed this to be a shot in the currency wars. Casey focuses exclusively on the BOJ activity and does not even mention GPIF. Evans-Pritchard spends most of his time talking about the bearish yen implications of the increased BOJ purchases, and mentions GPIF only at the very end of the his essay, and even then to...
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Richard Koo, Revitalizing the Eurozone without Fiscal Union, April 2012
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7d) Richard Koo’s and other Sector Balances
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How Long Will the U.S. Recovery Last? A Reminder: The False Japanese Recovery in 1998/1999
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Richard Koo: Balance Sheet Recessions
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Balance Sheet Recession becomes mainstream, four years too late
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Cultural Reasons for Japan’s Deflation: Can the U.S. Go into a Balance Sheet Recession?
