Category Archive: SNB

Weekly SNB Interventions and Speculative Positions: Hawkish ECB, less SNB interventions

Hawkish comments by Mario Draghi boosted the EUR against both USD and CHF. It also reduced the need for SNB interventions. The question is how long Draghi will remain hawkish, especially next winter, when headline inflation in the euro zone may fall...

Weekly SNB Intervention Update: Sight Deposits and Speculative Position

Hawkish comments by Mario Draghi boosted the EUR against both USD and CHF. It also reduced the need for SNB interventions. The question is how long Draghi will remain hawkish, especially next winter, when headline inflation in the euro zone may fall...

Worin die populäre Geldschöpfungskritik irrt – Teil 1

Eine Kritik ist im Aufwind. Was vor ein paar Jahren noch als Phantasterei verrückter Verschwörungstheoretiker abgetan wurde, beschäftigte jüngst sogar die Deutsche Bundesbank. Gemeint ist die Idee des Vollgeldes und der damit zusammenhängenden...

Moderne Portfoliotheorie bringt dem Anleger mehr Schaden als Nutzen

Die Bankiervereinigung zeigt in einer Studie (SBS) auf, dass einschränkende Anlagevorschriften für Pensionskassen kontraproduktiv sind. Dies deckt sich mit meinen jüngst propagierten Forderungen unter anderem in der NZZ nur scheinbar. Die SBS...

The Swiss National Bank Owns $80 Billion In US Stocks – Here’s The Catch

Switzerland is a small country of just 8 million people, but they make an outsized impact on economics and finance and money. Because Switzerland is considered a safe haven and a well-run country, many people would like to hold large amounts of their...

Banks in Switzerland 2016

Summary of the 2016 banking year. In 2016, 226 of the 261 banks in Switzerland reported a profit, taking total profit to CHF 11.8 billion. The remaining 35 institutions recorded an aggregate loss of CHF 3.9 billion. The result of the period for all...

Central Banks Buying Stocks Have Rigged US Stock Market Beyond Recovery

Central banks buying stocks are effectively nationalizing US corporations just to maintain the illusion that their “recovery” plan is working because they have become the banks that are too big to fail. At first, their novel entry into the stock market...

Wer trägt Risiko für SNB-Schuldenberg: Banken oder Volk? Darum gehts beim Staatsfonds.

Quengelware – wer kennt sie nicht? Ware, die an den Kassen der Einkaufszentren auf Augenhöhe unerzogener Kids aufgestellt ist, damit deren Quengeln Eltern zum Kaufen drängen. Ähnlich beim Schweizer Staatsfonds. Als Quengelpolitik könnte man nämlich die...

Weekly SNB Interventions Update: Slight Rise after Weeks of Near-Zero Interventions

The pro-European politician Macron has won the French elections. His success moved the EUR/CHF up to 1.0980, mostly caused by FX speculators. But "serious" investors (not FX speculators) did not follow the political event, but focus on monetary...

“It’s A Perfect Storm Of Negativity” – Veteran Trader Rejoins The Dark Side

After many months of fighting all the naysayers predicting the next big stock market crash, I am finally succumbing to the seductive story of the dark side, and getting negative on equities. I am often early, so maybe this means the rally is about to...

News conference Swiss National Bank, Thomas Jordan

It is a pleasure for me to welcome you to the Swiss National Bank’s news conference. I will begin by explaining our monetary policy decision and our assessment of the economic situation. I will then hand over to Fritz Zurbrügg, who will present this...

SNB Monetary Policy Assessment June 2017 and Comments

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, with the aim of stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB is to remain at –0.75% and the target range for the...

News conference Swiss National Bank 2017, Fritz Zurbrügg

In my remarks today, I will present the key findings from this year’s Financial Stability Report, published by the Swiss National Bank this morning. In the first part of my speech, I will look at the situation of the big banks, focusing on the progress...

Andréa M. Maechler: Introductory remarks, news conference

I will begin by reviewing the situation on the international financial markets. I will then address some developments on the Swiss money and foreign exchange markets – specifically the establishment of SARON as the leading reference rate for interest...

Key Events In The Coming Busy Week: Fed, BOJ, BOE, SNB, US Inflation And Retail Sales

After a tumultous week in the world of politics, with non-stop Trump drama in the US, a disastrous for Theresa May general election in the UK, and pro-establishment results in France and Italy, this is shaping up as another busy week ahead with...

Ist unser Geldsystem etwa doch teuflisch?

In seinem Standpunkt „Wie entsteht Geld“ (Inside Paradeplatz vom 31.5.2017) bekräftigt Marc Meyer seine These, dass die herrschende Geldschöpfungstheorie grundlegend falsch sei, weil sie auf Goethes Mephisto basiere. Schon vor vielen Jahren hat sich...

The SNB’s Currency Interventions

On the FT’s Alphaville blog, Matthew Klein reviews Swiss monetary policy over the last years and its effect on the real economy. He concludes that - it seems the SNB’s relentless accumulation of foreign assets has been pointless — at best. More likely,...

Wie entsteht Geld? Nicht so, wie Thomas Jordan uns weismachen will

Technik und Wissenschaften haben sich rasant weiterentwickelt. Nur die Volkswirtschaftslehre ist auf ihrem spätbarocken Niveau sitzengeblieben. Die heutigen Notenbanken betreiben eine spätbarocke Geldpolitik, basierend auf Goethes Faust. Mephisto, der...

Remembering A Still Falling Hero: Small Business

On this holiday weekend known here in the U.S. as Memorial Day, I would like to make a slight turn in the narrative that many give little to no attention too, yet, is one of the most important underlying principles or fundamentals which helped shape,...

Swiss National Bank releases updated banknote app

The Swiss National Bank (SNB) is releasing an app for mobile devices, designed to help the public familiarise themselves with the new banknotes. The app – an updated version of the ‘50-franc’ app launched last year to accompany the issue of the new...
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