Category Archive: 1.) English Posts on SNB

SNB Sight Deposits: Inflation is there, CHF must Rise

Sight Deposits have risen by +0.2 bn CHF, this means that the SNB is intervening and buying Euros and Dollars.

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West Virginia Gov. Personally On The Hook For $700MM In Greensill Collapse

The collapse of Greensill Capital has been the biggest financial scandal of the year so far, having set off a massive public corruption scandal in the UK that has deeply embarrassed the ruling Conservative Party due to the close involvement of former PM David Cameron, who was on the Greensill.

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“Everything Is On Fire”

Authored by Egon von Greyerz via GoldSwitzerland.com,“Everything is on fire” – Heraclitus (535-475 BC)What Heraclitus meant was that the world is in a constant state of flux.But the big problem in the next few years is that the world will experience a fire of a magnitude never seen before in history.I have in many articles and interviews pointed out how predictable events are (and people).

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UBS Reportedly Re-Starts Layoffs After “Doubling” One Time Bonuses To Some Associates

On one hand, UBS seems hell bent on keep its new Gen Z employees who have recently been promoted to associate positions. After all, it was just hours ago that we wrote about how the bank was showering some newly promoted employees with one-time $40,000 bonuses.

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UBS, Desperate To Retain Talent, Now Offering $40,000 Bonuses To Newly Promoted Associates

It looks like the hiring (and retention) shortage isn't just for rank-and-file minimum wage jobs.UBS has now said that, amidst historic competition and a "retention crisis" in the investment banking world (which we noted weeks ago), it is going to pay a one time $40,000 bonus to its global banking analysts when they are promoted.

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Credit Suisse Hires Former Prime Brokerage Head To Restore Business After Archegos Blowup

After firing a raft of senior employees including its head of risk, Lara Warner, Credit Suisse has been struggling to move past a series of major risk-management failures that together could cost the bank $10 billion, or more, though the final tally of losses from the Archegos blowup isn't yet known as the bank weighs whether it should cover some client losses associated with the "low risk" trade-finance funds that collapsed earlier this year.

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Gold Is Laughing At Powell

Authored by Matthew Piepenburg via GoldSwitzerland.com,Recently, my colleague, Egon von Greyerz, and I had some unabashed yet blunt fun calling out the staggering levels of open hypocrisy and policy desperation unleashed by former Fed Chairman, Alan Greenspan.Poor Alan was an easy target of what I described as the “patient zero” of the reckless interest rate suppression and unbridled monetary expansion policies of the Fed which have always led to...

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The $3 Trillion Hidden Exposure Behind The Archegos Blowup

Authored by Nick Dunbar of Risky FinanceWhen the family office Archegos Capital abruptly imploded in late March, prompting $50 billion in block trades and $10 billion in losses at Credit Suisse, Nomura, UBS and Morgan Stanley, many bank analysts were taken by surprise. Last week, many of these analysts sounded frustrated listening to Credit Suisse’s earnings call in which senior management skirted round without giving any real detail about the...

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“Die Schattenseiten von Schuldenbremsen (The Dark Side of Debt Limits),” ifoSD, 2021

Was Schuldengrenzen aus politökonomischer Sicht besonders attraktiv erscheinen lässt – ihre vermeintliche Einfachheit und Klarheit – birgt also auch Risiken. Es führt dazu, dass Politiker und ihre Wähler die Solidität der Staatsfinanzen über Gebühr an expliziten Bruttoschulden messen.

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Credit Suisse Dumping Huge Archegos Blocks; Liquidating Millions In VIACS, VIPS And FTCH

Literally moments ago we said that the Archegos portoflio was being sold off all day on fears of "stealth" prime broker deleveraging, as tens of millions of shares were yet to be accounted for.

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Gold Could Offer A Way Out Of Switzerland’s Failing Inflationist Experiment

Authored by Brendan Brown via The Mises Institute,Never mind that the US Treasury’s indictment late last year of Switzerland as a currency manipulator rested on some flawed evidence and does not identify the crime.

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“Dirk Niepelt im swissinfo.ch-Gespräch (Interview with Dirk Niepelt),” swissinfo, 2020

Swissinfo, December 14, 2020. HTML, podcast. We talk about CBDC, the Swiss National Bank, whether CBDC would render it easier to implement helicopter drops, and how central bank profits should be distributed.

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SUERF Webinar Baffi Bocconi Libra 2 0 20200831

This SUERF Baffi Bocconi e-lecture hosted Katrin Assenmacher, ECB, and Dirk Niepelt, University of Bern, to discuss Libra 2.0 from a monetary policy and financial stability perspective and to set Libra 2.0 in relation to the concept of Central Bank Digital Currencies (CBDC).

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As Markets Crashed, The Swiss National Bank Went On A Tech Stock Buying Spree

It used to be a running joke among traders that when markets crash, central banks step in - either directly or in the case of the Fed indirectly via Citadel - and buy stocks to prop up the market and shore up confidence. That joke is now the truth.

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“Unabhängigkeit der Nationalbank (Independence of the SNB),” FuW, 2020

Von verschiedenen Seiten werden Ansprüche an den Gewinn der Nationalbank gestellt. Es sollte in der Kompetenz der SNB liegen, zu entscheiden, welchen Teil ihrer Bilanz sie nicht zur Erfüllung ihrer Aufgaben benötigt.

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“Monetäre Staatsfinanzierung mit Folgen (Monetary Financing of Government),” Die Volkswirtschaft, 2020

Die Volkswirtschaft, 24 July 2020. PDF. Clarifying the connections between outright monetary financing, QE, the distribution of seignorage profits, the relationship between fiscal and monetary policy, and central bank independence.

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Lecture Series (online): Prof. Dr. Niepelt – Digital Money and Central Bank Digital Currency

This lecture series is about “Digital Money and Central Bank Digital Currency” with Dr. Prof. Dirk Niepelt, Director of Study Centre Gerzensee, Foundation of the Swiss National Bank. Associate Professor University Bern. About Central banks already issue digital money, but only to a select group of financial institutions. Central bank digital currency would extend this …

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“Wenn die Notenbank den Staat finanziert (When the Central Bank Finances the State),” FAS, 2020

Monetary deficit financing is the norm—after all, central banks distribute their profits. Monetary financing occurs in the context of regular open market operations and QE and, hyper charged, with helicopter drops. The question is not whether monetary policy should finance the government, but why it does so, and to what extent. Fiscal and monetary policy are inherently connected; what constitutes monetary policy is defined by objectives.

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Switzerland Peps Up SMEs

How Switzerland peps up SMEs: Banks are encouraged to extend credit (at 0%). The treasury guarantees the loans. The SNB refinances banks and accepts the guaranteed loans as collateral. Fast and efficient. Eventually, some of these loans will turn into grants of course. But that’s ok; the first-best response to a shock with asymmetric effects does involve transfers if markets are incomplete.

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Jim Bianco: “This Is One Of The Biggest Moments Of Truth In Financial Market History”

To contain the economic and financial ramifications of the coronavirus pandemic, Central Banks are going all in. Jim Bianco, founder and chief strategist of Bianco Research, warns that this time, monetary policy might be unable to stop financial markets from collapsing.

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