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

2020-08-24

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2020-08-24

Interest Rates, 1998 - 2020
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.

2020-08-24

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2020-08-24

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

2020-08-20

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2020-08-20

Comex Gold, 2019-2020
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

2020-08-18

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2020-08-18

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

2020-08-14

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2020-08-14

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

2020-08-13

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2020-08-13

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

2020-08-12

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2020-08-12

Silver Basis, Silver Price, 10 August
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

2020-08-11

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2020-08-11

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

2020-08-06

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2020-08-06

EUR/BGN Currency Pair
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

2020-08-06

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2020-08-06

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

2020-08-05

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2020-08-05

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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There Are No Winners in the US-China “Tech War”

2020-07-29

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2020-07-29

Global Exports and Manufacturing
After unleashing a disruptive trade conflict with China, the Trump administration has also escalated the lingering “cold tech war” between the two rival powers. Over the last two years, the US has passed new rules limiting China’s investments in the US, restricting bilateral information and communications technology (ICT) trade and controlling exports of sensitive and emerging technology to China.

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A Tactical Update: Whither Goest The Dollar

2020-07-28

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2020-07-28

Our Fortress strategic asset allocation includes 5 distinct asset classes: The Fortress allocation has historically produced better risk-adjusted returns than the traditional 60% stocks/40% bonds allocation.

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The Myth of the Failure of Capitalism

2020-07-28

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2020-07-28

The nearly universal opinion expressed these days is that the economic crisis of recent years marks the end of capitalism. Capitalism allegedly has failed, has proven itself incapable of solving economic problems, and so mankind has no alternative, if it is to survive, than to make the transition to a planned economy, to socialism.

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New Opportunities for Marxists: Climate Change and Coronavirus

2020-07-26

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2020-07-26

In The Communist Manifesto (1848) Karl Marx (1818–83) and Friedrich Engels (1820–95) predicted that capitalism would lead to the impoverishment of the laboring class. Why? Well, to raise profit on capital invested, Marx and Engels argued, entrepreneurs (the capitalists) would exploit the workers.

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Swiss humanitarian trade deal with Iran faces delay, questions 

2020-07-25

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2020-07-25

Swiss “good offices” between Tehran and Washington have brought about a humanitarian aid channel allowing Swiss-based companies to send medicines and other vital goods to Iran despite US sanctions. But it remains to be seen to what extent the now-delayed deal will help the Iranian people versus Swiss political and economic interests. 

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FX Daily, July 21: Europe and Tech Lift Risk Appetites

2020-07-21

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2020-07-21

Overview: The continued domination of the tech sector and Europe's tentative agreement are lifting equities and risk assets more generally today.  Australia and Hong Kong's 2.3%-2.5% rally led Asia Pacific markets.  The Dow Jones Stoxx 600 is higher for a third session and above its 200-day moving average for the first time since February. 

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Welcome to the Crazed, Frantic Demise of Finance Capitalism

2020-07-20

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2020-07-20

The cognitive dissonance required to ignore the widening gap between the real economy and the fraud's basic machinery--speculation funded by "money" conjured out of thin air--has reached a level of denial that can only be termed psychotic.

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Krugman’s Keynesianism Has Made Him Wrong about Much More Than Economic Theory

2020-07-18

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2020-07-18

Let me tell you about Keynesian economists. They are different from you and me. They learn their mathematical models and aggregate terminology early and easily, and it does something to them, makes them proud and self-omniscient where the rest of us are circumspect, in a way that, unless you were born a Keynesian economist, is very difficult to understand.

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The Great Society: A Libertarian Critique

2020-07-13

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2020-07-13

The Great Society is the lineal descendant and the intensification of those other pretentiously named policies of twentieth-century America: the Square Deal, the New Freedom, the New Era, the New Deal, the Fair Deal, and the New Frontier. All of these assorted Deals constituted a basic and fundamental shift in American life—a shift from a relatively laissez-faire economy and minimal state to a society in which the state is unquestionably king.

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