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Monthly Archive: February 2023

Why Mises’s Theory of Economic Calculation Still Is Relevant Today

2023-02-12

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2023-02-12

Until the publication in 1920 of Ludwig von Mises’s work on the problem of economic calculation in socialism, there was no scientifically useful analysis of the economics of the socialist economy. With that work , and its development in the comprehensive treatise Die Gemeinwirtschaft (1922 and 1932, published in English in 1951 as Socialism: An Economic and Sociological Analysis), Mises demonstrated that because of the absence of private ownership...

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Rekordzahlen ZKB: Das sagt die Kantonalbank zum CS-Effekt

2023-02-12

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2023-02-12

Die Zürcher Kantonalbank profitierte von der Krise der CS und machte im vergangenen Jahr Rekordgewinne. Das sagt die ZKB-Führung dazu.

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Week Ahead: US CPI to Begin Sharper Deacceleration through H1 23

2023-02-11

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2023-02-11

After selling off sharply in the past four months, the dollar rebounded. Since the FOMC meeting on February 1, it has enjoyed one of the strongest bounces since it topped out in late September/early October. The incredible US jobs data, sharp bounce in the January services ISM, speculation of BOJ Governor Kuroda's successor, and some easing of the euphoria over China's re-opening have been notable drivers.

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Federal Government Spending Is Out of Control and Unsustainable. Maine Shows a Way to Reduce Spending.

2023-02-11

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2023-02-11

The Biden administration has increased federal government spending by a record $3.4 trillion since January 2021. That includes such signature bills as the American Rescue Plan Act of $1.8 trillion, the Inflation Reduction Act of $50.6 billion, and the Infrastructure Investment and Jobs Act of $764.9 billion.

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Public sector workers strike in western Switzerland for higher wages

2023-02-11

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2023-02-11

Around 3,500 public sector workers in the western Swiss canton of Vaud took part in a strike on Thursday. They are calling for wage indexation to keep up with inflation and rising living costs.

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Erik Schön: The Art Of Strategy

2023-02-11

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2023-02-11

What is strategy, and is it useful for business? Business schools want you think it is the critical factor in competitive success or failure. They teach structured markets, divided up by market share, with boundaries and external and internal forces to be assessed and countered. “Where to play and how to win.” They see strategy through their lens of financialization and utilize fictitious economic calculations like discounted future cash flows and...

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Davos Man Will Fail, World Will Move Toward Decentralization

2023-02-10

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2023-02-10

I truly enjoyed the conversation with Hrvoje Morić. I hope you will enjoy it 2. Happy Weekend! In liberty, Claudio Claudio Grass, Hünenberg See, Switzerland This work is licensed under a Creative Commons Attribution 4.0 International License. Therefore please feel free to share and you can subscribe for my articles by clicking here

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A Day of Surprises

2023-02-10

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2023-02-10

(I am on a business trip and did not intend to post any analysis today. However, there have been a number of unexpected developments that warrant some commentary. Thanks for bearing with me.) Japanese press reports that the BOJ Deputy Governor Amamiya turned down the opportunity to become the next BOJ governor. Instead, next week, former BOJ board member Kazuo Ueda will be nominated. The market reacted dramatically, taking the yen sharply higher...

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Not enough clarity in recycling sector, Swiss oversight body says

2023-02-10

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2023-02-10

The Federal Audit Office says there needs to be more transparency around the various fees and taxes which fund Switzerland’s recycling system. The auditors wrote on Wednesday that CHF176 million ($192 million) in recycling taxes and fees were collected in 2019: these included state-organised prepaid disposal fees on glass and batteries, and voluntary, private sector-run contributions on PET packaging, aluminium, tin cans, electrical appliances and...

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This Will Be The Biggest Theft of This Century

2023-02-10

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2023-02-10

In 1983 a total of 6,840 gold bars were stolen from a high security vault in Heathrow in what is still considered to be ‘the crime of the century’. 40 years on and the gold heist is still the biggest single-theft of gold in history. What’s incredible is that the perpetrators never even expected to steal any gold. They were instead expecting to find around £3 million in cash. 

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Does Government Create a “Level Playing Field” or Does It Make the Field More Uneven?

2023-02-10

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2023-02-10

Bernie Sanders and other politicians have made socialism attractive to voters, especially young ones, because it promises to eliminate the injustices of capitalism. As to what socialism and capitalism mean, no one seems to care much, other than that by socialism, they mean a kinder, caring society without income extremes, whereas capitalism is the preferred system of ruthless exploiters who amass obscene fortunes while real workers struggle to...

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US Interest Rate Adjustment Post-Jobs is Over as the 2-Year Yield Backs Away from 4.50%

2023-02-09

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2023-02-09

Overview: The capital markets have shrugged off the more than 1% loss of the Nasdaq and S&P 500 yesterday and have jumped back into risk assets. The stocks and bonds have been bought and the dollar sold. Chinese and Hong Kong shares gained more than 1% today. Japan was mixed and Taiwan and South Korean equites saw minor losses. Europe's Stoxx 600 is up over 1%. Nasdaq futures are up nearly 1.2% while the S&P 500 is lagging slightly....

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The Case of Adani versus Hindenburg

2023-02-09

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2023-02-09

Between 2019 and 2022, the fortune of India’s Gautam Adani swelled from $9 billion to $127 billion. As the value of his seven publicly traded companies—providers of everything from natural gas to digital services—soared, he was briefly the world’s second-richest person.

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Yes, the US Government Has Defaulted Before

2023-02-09

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2023-02-09

The regime is trying to whip up maximum hysteria or the chances that the US government could default on its debts if the debt ceiling is not raised. Anyone whose been paying attention for a while, however, knows there's a 99.99 percent chance that the parties involved will soon raise the debt ceiling and the US will go back to adding to its $30-trillion-plus debt hoard as usual.

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Crypto Money Laundering Reaches New Heights; Totaled US$23.8B in 2022

2023-02-09

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2023-02-09

In 2022, cryptocurrency money laundering reached a new record, with illicit addresses sending US$23.8 billion worth of crypto, a figure which represents a 68% year-on-year (YoY) increase, new data from Chainalysis, an American blockchain analysis firm, show. Total cryptocurrency laundered by year, 2015-2022 Source: Chainalysis, Jan 2023 Just under half of the funds sent from these addresses traveled directly to centralized exchanges, making these...

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Markets Calm after Dramatic Swings on Powell’s Comments

2023-02-08

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2023-02-08

The US dollar is mostly trading with a downside bias today against the G10 and most emerging market currencies. It had begun the week extending the gains spurred by the dramatic jump in nonfarm payrolls and the strong ISM services survey. Market expectations for the trajectory of Fed policy in the first part of this year converged with the Fed's December dot plot. The market now leans toward two more quarter-point hikes this year.

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SWISS to resume regular passenger flights to China

2023-02-08

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2023-02-08

Swiss International Air Lines (SWISS) says it will resume passenger flights to the Chinese city of Shanghai early next month following an easing of travel restrictions.

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Another Recession Sign: Part-Time Work Is Growing Faster than Full-Time Work

2023-02-08

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2023-02-08

The Bureau of Labor Statistic (BLS) released new jobs data on Friday. According to the report, seasonally adjusted total nonfarm jobs rose 517,000 jobs, which was well above expectations. The words used by the media to describe the report included “stunner” and “wow.” President Joe Biden claimed the number proves his administration has delivered economic prosperity.

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Prepare to Be Bled Dry by a Decade of Stagflation

2023-02-08

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2023-02-08

Our reliance on the endless expansion of credit, leverage and credit-asset bubbles will have its own high cost. The Great Moderation of low inflation and soaring assets has ended. Welcome to the death by a thousand cuts of stagflation.

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The Price-Gouging State

2023-02-08

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2023-02-08

Friends and family are talking, on Facebook, about the rapid rise in the price of eggs. Their posts also report that there are plenty of eggs in the dairy sections of local grocery stores. A few people, along with some reporters, blame this rapid increase in the price of eggs on price-gouging corporations.

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