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Industrialization and Free Trade Are the Way out of Poverty

Progressive politicians repeatedly tell us that capitalism is a system rooted in the wealthy’s exploitation of the poor. To convey this in an emotionally resonant way, they employ images of "sweatshops" in the developing world. While some people labor away in factories, often in terrible conditions, the owners of Walmart and Nike rake in profits, enjoying their luxurious penthouses in Manhattan. Many find this compelling.

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Mises on Syndicalism

As political tactics Syndicalism presents a particular method of attack by organized labour for the attainment of their political ends. This end may also be the establishment of the true Socialism, that is to say, the socialization of the means of production. But the term Syndicalism is also used in a second sense, in which it means a sociopolitical aim of a special kind.

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FX Daily, August 28: Powell and Abe Drive Markets

After a confused and volatile reaction to the Federal Reserve's formal adoption of an average inflation target, it took Asian and European traders to embrace the signal and take the dollar lower. It is falling against nearly all the currencies and has slumped to new lows for the year against sterling and the Australian dollar.

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FX Daily, August 27: After much Build-Up, Could Powell be Anti-Climactic?

The strong rally in US equities yesterday, with the fifth consecutive gain in the S&P 500 and a big outside up day in gold, failed to spur follow-through buying today. Asia Pacific equities were mixed. China, Australia, and India rose while most of the rest of the regional markets fell.

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Not This Again: Too Many Treasuries?

Tomorrow, the Treasury Department is going to announce the results of its latest bond auction. A truly massive one, $47 billion are being offered of CAH4’s notes dated August 31, 2020, maturing out in August 31, 2027. In other words, the belly of the belly, the 7s.We’ve already seen them drop for two note auctions this week, both equally sizable.

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FX Daily, August 26: Hurricane Laura Lifts Oil Prices

A consolidative tone has emerged after US equity benchmarks reached new highs yesterday. The MSCI Asia Pacific Index had reached seven-month highs on Tuesday, but Japan, China, and Australian stocks saw modest profit-taking today. European shares are recouping yesterday's minor loss, and US shares are flat. 

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FX Daily, August 25: Stocks Extend Gains, while Yesterday’s Dollar Recovery Stalls

Soaring US stocks, optimism about a vaccine, and the affirmation of the US-China trade agreement are buoying global equities today. The MSCI Asia Pacific Index is near seven-month highs and was led today by more than 1% gains in the Nikkei and Kospi. 

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Welchen Schweizer Broker nutze ich?🇨🇭💰

Dieser Blog hat über die Jahre wirklich viele treue Leser gewonnen. Insbesondere in der Schweiz, denn ich befasse mich oft mit sehr Schweiz-spezifischen Themen, die meist weniger relevant sind für deutsche oder österreichische Leser.

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FX Daily, August 24: Markets Prove Resilient to Start New Week

New virus outbreaks in Europe and Asia are not adversely impacting the capital markets today. Global equities are firmer. Some reports suggesting the US ban on WeChat may not be as broad as initially signaled helped lift Hong Kong shares, but nearly all the markets in the region traded higher.

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The 4.0 percent Rule Is Dead. What Should Retirees Do Now?

The 4% Rule Is Dead. A recent article by Shawn Langlois via MarketWatch pointed out this sobering fact but is one we have discussed previously. Retirees have long counted on being able to retire on their assets and take out 4% each year. However, a little more than 20-years later, the “death of the withdrawal rate” has arrived. What should retirees do now?

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Was Mises a Fascist? Obviously Not.

Every once in a while, Mises is accused of having been a fascist by slanderers who are either ignorant or acting in bad faith—or even both.

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The Debt-Inflation Spiral Is Driving up the Demand for Gold

Measured in dollars, the current bull market for gold started in December 2015, since which its price in dollars has almost doubled. Other than the odd headline when gold exceeded its previous September 2011 high of $1,920, only gold bugs seem to be excited.

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Families face large differences in tax rates across Switzerland

A comparison of tax rates across different cantons and cities found that Zug – home to many multinational companies – offers the most attractive tax regime for families.

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FX Daily, August 14: Consolidation Featured Ahead of the Weekend

The equity rally is stalling ahead of the weekend. Most markets in the Asia Pacific region eased, though China and Australia advanced. Japanese shares were mixed. The Nikkei, though advanced for the fourth consecutive session, while the Topis slipped.

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FX Daily, August 13: Dollar Remains Offered

The poor price action on Tuesday in the S&P 500 was shrugged off, and new highs for the recovery were made as the record high nears. The dollar, on the other hand, seemed to find plenty of sellers against most of the major currencies. The yen was a notable exception.

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Silver Supply & Demand Still Strong at $29, 11 Aug

And, *bam!* Just like that, silver sells for $29. It seems so simple, so obvious, so black-and-white. Seeing the price chart in recent weeks, you wouldn’t know that silver speculators have been waiting for this moment since March, 2013 (when silver crossed the $29 line to the downside, and has not looked back until now).

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FX Daily, August 11: Gold and the Dollar are Sold while Stocks March Higher

A rotation of sorts seems to be unfolding. The euro posted its second back-to-back loss in over a month. The Canadian dollar, which has been an under-performer among the major currencies for the past six weeks, gained, while most fell. 

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FX Daily, August 06: Markets Consolidate

The Australian dollar powered to marginal news highs for the year as the move against the US dollar continued yesterday. The euro stopped a few hundredths of a cent below the high seen at the end of last week. However, neither sustained the upside momentum and have come back offered today.

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Why Keynes Was Wrong about Consumer Spending

As a result of the coronavirus pandemic, most experts are of the view that it is the role of the government and central bank to minimize the damage inflicted by the virus—and the policy response to it—on the economy.

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Horizon 2020: long-term investing in a world marked by pandemic

The sudden, violent recession triggered by this year’s covid-19 outbreak provides further impetus to pre-existing economic and market dynamics.

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