Category Archive: SNB

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...

Weekly SNB Intervention Update: Sight Deposits and Speculative Position

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...

Weekly SNB Interventions and Speculative Positions: More Interventions at higher Euro rate

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...

A Problem Emerges: Central Banks Injected A Record $1 Trillion In 2017… It’s Not Enough

Two weeks ago Bank of America caused a stir when it calculated that central banks (mostly the ECB & BoJ) have bought $1 trillion of financial assets just in the first four months of 2017, which amounts to $3.6 trillion annualized, "the largest CB...

Weekly SNB Interventions and Speculative Positions: After French Elections

The centre-left politician Macron has won the French elections. His success moved the EUR/CHF up to 1.0960, mostly caused by FX speculators. But serious investors - i.e. not FX speculators - did not follow the political event. The SNB had to intervene...

“Mystery” Central Bank Buyer Revealed, Goes On Q1 Buying Spree

In the first few months of the year, a trading desk rumor emerged that even as institutional traders dumped stocks and retail investors piled into ETFs, a "mystery" central bank was quietly bidding up risk assets by aggressively buying stocks. And no,...

Digital Swiss Francs

The Swiss National Bank held its annual general meeting of shareholders (web TV). In response to one of the questions posed by shareholders Thomas Jordan suggested (2:58–2:59) that possibly a digital Swiss Franc might be introduced sometime in the...
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