Tag Archive: newsletter

We Need a Free Market in Interest Rates

2018-09-26

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2018-09-26

We do not have a free market in interest rates today. We have not had one since the creation of the Fed in 1913. The Fed began buying bonds almost immediately, which pushes up the price and hence pushes down the interest rate. However, as I discuss in my theory of interest and prices, the Fed creates a resonant system with positive feedback loops.

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Immopreneur Kongress 2018 – Die Pflichtveranstaltung für innovative Immobilien-Investoren

2018-09-25

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SNB appoints new delegate for regional economic relations for Central Switzerland

2018-09-25

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2018-09-25

SNB in Bern
With effect from 1 October 2018, Gregor Bäurle will assume the function of Swiss National Bank (SNB) delegate for regional economic relations for the Central Switzerland region. He succeeds Walter Näf, who is taking on a new position, representing the SNB in the Swiss delegation to the OECD in Paris as of 1 January 2019.

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FX Daily, September 25: Greenback Remains at the Fulcrum

2018-09-25

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2018-09-25

The major currencies are mixed in quiet turnover. Most of the European currencies are firmer, while the dollar-bloc currencies, yen and Swiss franc are softer. Emerging market currencies are steady to higher, though there are a few exceptions in Asia, where the Indonesian rupiah and the Chinese yuan are off about 0.3%, while the Indian rupee and Malaysian ringgit are around 0.2% lower.

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Swiss Health Insurance Costs to Rise Further in 2019

2018-09-25

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2018-09-25

Health Insurance
More bad news for Swiss household budgets was released today for residents of all but three Swiss cantons. Health insurance premiums in 2019 will be on average 1.2% higher than in 2018 across Switzerland as a whole. However, within this figure there are significant cantonal variations.

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Monthly Macro Monitor – September 2018

2018-09-25

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2018-09-25

Alhambra Investments CEO Joe Calhoun shares his opinions of the economy and market based on the most recent economic reports.

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Why Are Wages So Low, Report 23 Sep 2018

2018-09-25

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2018-09-25

Income Inequality Infographic Workers Middle Class and CEOS get Compared
Last week, we talked about the capital consumed by Netflix—$8 billion to produce 700 shows. They’re spending more than two thirds of their gross revenue generating content. And this content has so little value, that a quarter of their audience would stop watching if Netflix adds ads (sorry, we couldn’t resist a little fun with the English language).

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Business Indicators Present a Contrasting Picture of the Euro Area

2018-09-24

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2018-09-24

Eurozone Composite PMI and Euro Area Real GDP, 2000 - 2018
Euro area flash composite PMI dipped slightly to in September and came in slightly below consensus expectations. Activity in services picked up and weakened further in manufacturing, which continued its decline since the start of the year, falling to 53.3 in September from 54.6 in August. New export orders failed to grow for the first time since June 2013.

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Thousands demonstrate in Bern for equal pay

2018-09-24

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2018-09-24

A national rally in favour of equal pay and against discrimination has taken place in the Swiss capital, attracting some 20,000 people, according to organisers. Unions, political parties and supporting organisations said in the run-up to the rally on Saturday that although equality was enshrined in the constitution 37 years ago and the law had been in force for 22 years, even today power and money are distributed differently among women and men.

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FX Weekly Preview: Next Week’s Drivers

2018-09-24

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2018-09-24

It is a testament to the Federal Reserves communication and the evolution of investors' understanding that we can say that the rate hike that the central bank will deliver is not as important as what it says. A rate hike is a foregone conclusion. According to the CME's model, there is about an 85% chance of December hike discounted as well.

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The Four Disastrous Presidential Policies That Are Destroying the Nation

2018-09-24

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2018-09-24

Bank Consolidation
It's admittedly a tough task to select the four most disastrous presidential policies of the past 60 years, given the great multitude to choose from. Here are my top choices and the reasons why I selected these from a wealth of policy disasters.

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Cut to Swiss inflation forecast

2018-09-23

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2018-09-23

Swiss Monetary Policy, 2005 - 2018
The Swiss National Bank has revised down its medium-term forecast for consumer inflation. We still expect a first SNB rate hike in September 2019. At the end of its quarterly monetary assessment meeting, the Swiss National Bank (SNB) left its main policy rates unchanged.

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Swiss CEOs still the best-off in Europe

2018-09-23

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2018-09-23

A report on the salaries of CEOs across Europe has found that Switzerland once again tops the table, ahead of Great Britain and Germany. The report also discovers that salaries have risen over the past year.

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When Does This Travesty of a Mockery of a Sham Finally End?

2018-09-23

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2018-09-23

S-curved of Rapid Expansion
Credit bubbles are not engines of sustainable employment, they are only engines of malinvestment and wealth destruction on a grand scale. We all know the Status Quo's response to the global financial meltdown of 2008 has been a travesty of a mockery of a sham--smoke and mirrors, flimsy facades of "recovery," simulacrum "reforms," serial bubble-blowing and politically expedient can-kicking, all based on borrowing and printing trillions of dollars,...

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Swiss investors launch $100m blockchain start-up factory

2018-09-22

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2018-09-22

A consortium of Swiss investors has launched a private equity vehicle that aims to collect up to $100 million with the long-term goal of getting 1,000 blockchain companies off the ground internationally every year. The Swiss company Crypto Valley Venture Capital (CV VC) launched its initial “Genesis Hub” incubator in Zug, home to Switzerland’s Crypto Valley, on Thursday.

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Portfolio Re-Balancing and the Dollar

2018-09-22

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2018-09-22

Boosted by tax reform, deregulation, and strong earnings growth, US equities have motored ahead, leaving other benchmarks far behind. As the Great Graphic here shows, most of the other benchmarks are lower on the year. The S&P 500 (yellow line) is up 8.8% for the year before the new record highs seeing seen now, while the Dow Jones Stoxx 600 from Europe (purple line) is still off 1.7%.

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Italian material deprivation rates still the worst among large euro area economies

2018-09-22

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2018-09-22

Latest poverty figures provide government with an argument for fiscal stumulus.Severe material deprivation rates gauge the proportion of people whose living conditions are severely affected by a lack of resources. According to Eurostat, “it represents the proportion of people living in households that cannot afford at least four of the following nine items: mortgage or rent payments, utility bills, hire purchase instalments or other loan payments;...

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Le Conseil fédéral se moque des personnes âgées!

2018-09-21

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2018-09-21

Le Conseil fédéral se distingue par 2 points tout compte fait complémentaires. Le premier est son soutien indéfectible à la politique expansionniste et ruineuse de la BNS, dont il a la responsabilité au plan constitutionnel. Celle-ci mobilise les richesses du pays, puis les convertit en monnaies étrangères, pour enfin les investir dans des actifs plus ou moins pourris, plus ou moins risqués, voire plus ou moins condamnés.

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FX Daily, September 20: The Mixed Performance Makes it Difficult to Talk about The Dollar

2018-09-21

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2018-09-21

Sometimes the dollar is the key mover, but sometimes, like today, it seems to be the fulcrum, reflecting disparate moves among other currencies.  While the euro is at two-month highs, the yen is near two-month lows.   The euro is bouncing off two-month lows and the 100-day moving average against sterling.   Most emerging market currencies are advancing against the dollar today. 

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