Tag Archive: newsletter

Yes, Taxation Is Theft

2019-11-17

by

2019-11-17

Libertarians think that taxation is theft. The government takes away part of your income and property by force. Your payments aren’t voluntary. If you think they are, try to withhold payment and see what happens. An influential book by Liam Murphy and Thomas Nagel, The Myth of Ownership, tries to show that this view of taxation is wrong. Many people, they say, foolishly resent taxes.

Read More »

QE’s and Rate Cuts: Two Very Different Sets of Sentiment Drawn From Them

2019-11-17

by

2019-11-17

IFO World Economic Climate Index, 2007-2019
The stock market’s dichotomy grows ever wider. On the one side, record high prices which are being set by the expectations of a trade deal plus renewed worldwide “stimulus.” Sure, officials everywhere were late to see the downturn coming, but they’ve since woken up and went to work.

Read More »

After Years of Decline, Competition in Banking Finally Grows Again

2019-11-17

by

2019-11-17

Recent Spike in FDIC Approvals, 2009-2019
US Banks are seeing a larger number of new entrants into the industry. Chime, a mobile-only bank, has opened two million online checking accounts and is adding more customers each month than Wells Fargo or Citibank. Firms from outside traditional consumer banking including Square, Goldman Sachs (Marcus), and Robinhood are entering the industry as well.

Read More »

‘We’re green enough’ says Swiss central bank 

2019-11-16

by

2019-11-16

The Swiss National Bank (SNB) is doing enough to mitigate climate damage with its investment policy, senior directors have stated. Switzerland’s central bank does not have the mandate to impose environmental conditions on the commercial banking sector.

Read More »

World’s Ultra-Rich Preparing For Market Crash, UBS Warns

2019-11-16

by

2019-11-16

S&P 500 Index, 2013-2021
A synchronized global slowdown, with no end in sight, has spooked some of the wealthiest investors around the world, according to a new survey from UBS Wealth Management, seen by Bloomberg. UBS polled wealthy investors, who are preparing for a significant stock market correction by the end of next year. 

Read More »

Gold Price Falls on Selling of Gold Futures Equal to 3 Million Ounces in 30 Minutes

2019-11-16

by

2019-11-16

Gold drops as more than 3 million ounces change hands
◆ Gold price falls to a three-month low as concentrated selling of COMEX gold futures contracts equal to over 3 million ounces are sold in 30 minutes◆ 33,596 contracts were aggressively sold in the 30 minutes between 10:00 and 10:30 a.m. New York time which is more than triple the 100-day average for that time of day

Read More »

Budget Deficits, not “Neoliberalism,” Are To Blame for Argentina’s Crisis

2019-11-16

by

2019-11-16

Argentinians are known for for slinging clever insults. Spaniards, for example, love Argentine "puteadas" so much that they created a website called “Curse like an Argentinian.” Now in the world of bad words, one stands out that, when received, mortally wounds the rival in the argument. It's hard to recover after such an attack. Curiously, this insult can be written without violating the rules of decorum.

Read More »

USD/CHF technical analysis: Bulls struggle to extend the recovery beyond 0.9900 handle

2019-11-15

by

2019-11-15

USD/CHF daily chart
Renewed US-China trade optimism helped regain some traction. The uptick lacked bullish conviction and warrants some caution. The USD/CHF pair stalled its recent pullback from levels beyond 200-day SMA and regained some traction on the last trading day of the week. Renewed trade optimism weighed on the Swiss franc's safe-haven status and led to a modest recovery, though bulls struggled to extend the momentum beyond the 0.9900 handle. 

Read More »

FX Daily, November 15: Market Runs with US Line that US-China Deal is Close

2019-11-15

by

2019-11-15

Comments by US presidential adviser Kudlow playing up the prospects of a trade agreement between the US and China, with other reports suggesting a key call be held today, is helping to underpin sentiment into the weekend. The MSCI Asia Pacific Index pared this week's loss today, with China the only main market not participating, despite the PBOC's unexpected injection of CNY200 bln of the Medium-Term Lending Facility.

Read More »

Andréa Maechler – SNB: Klimarisiken für die Stabilität der Wirtschaft sind «mässig»

2019-11-15

by

2019-11-15

Aufgabe der Nationalbank sei die Gewährleistung der Preisstabilität, sagte SNB-Direktorin Andréa Maechler. Es sei nicht wünschenswert, dass die SNB "spezifische struktur- oder gesellschaftspolitische Ziele anstrebe".

Read More »

Additional funds set aside for transalpine rail transport 

2019-11-15

by

2019-11-15

The Swiss government has decided to earmark CHF180 million ($182 million) as part of a package to promote the transfer of heavy-goods transport from road to rail. In its bill to parliament, the government foresees an extension of payments to transport companies using freight trains until 2026 and a decrease in so-called track access charges with CHF90 million each.

Read More »

Time limit to exchange old banknotes eliminated

2019-11-15

by

2019-11-15

Banknotes as old as 1976 can soon be traded in at the national bank following a decision by the federal government to eliminate the 20-year time limit. The Swiss National Bank (SNB) issues a new series of banknotes every 15 to 20 years and removes the old notes from circulation. Six months later, the old notes don’t have a legal tender and therefore can’t be used as a means of payment.

Read More »

Emerging Market Risk Map

2019-11-15

by

2019-11-15

BBH Risk MingMap
With year-end upon us, we review some of the key risks to EM assets and how we think they progress from here. In short, the two most significant downside risks would be a decisive improvement in Elizabeth Warren’s polling figures and an upset in the US-China trade negotiations.

Read More »

Why Friedman Is Wrong on the Business Cycle

2019-11-15

by

2019-11-15

According to an article in Bloomberg on November 5, 2019, Milton Friedman’s business cycle theory seems to be vindicated. According to Milton Friedman, strong recoveries are just natural after particularly deep recessions. Like a guitar string, the harder the string is plucked down, the faster it should come back up.

Read More »

Congressman Prods Attorney General on Gold, Silver Trading Questions Ignored by CFTC

2019-11-15

by

2019-11-15

A U.S. representative who has been pressing the Treasury Department, Federal Reserve, and Commodity Futures Trading Commission (CFTC) with questions about the gold and silver markets has asked Attorney General William P. Barr to try intervene and get answers from the commission. In a letter dated November 1 and made public today, the U.S. representative, Alex W. Mooney, Republican of West Virginia, commends Barr for the Justice Department's recent...

Read More »

Monetary Metals Leases Platinum to Money Metals Exchange

2019-11-14

by

2019-11-14

Monetary Metals
Scottsdale, Ariz, October 25, 2019—Monetary Metals® announced today that it has leased platinum to Money Metals Exchange® to support its U.S.-based business of selling precious metals at retail and wholesale. Investors earn 3% on their platinum, which is held in Money Metals’ inventory vault in the form of platinum coins, bars, and rounds. The lease fee is paid in gold.

Read More »

FX Daily, November 14: Unexpected German Growth Fails to Buoy the Euro

2019-11-14

by

2019-11-14

Overview: Rising trade anxiety and disappointing economic reports from the Asia Pacific region helped unpin the profit-taking mood in equities, while bond yields continued to pullback. The MSCI Asia Pacific Index and the Dow Jones Stoxx 600 are in the red for the fourth time in the last five sessions. Germany reported a surprise 0.1% expansion in Q3, but it has done little for the DAX or the euro.

Read More »

Swiss Labour Force Survey in 3rd quarter 2019: 0.3percent increase in number of employed persons; unemployment rate based on ILO definition rose to 4.6percent

2019-11-14

by

2019-11-14

Unemployed According to ILO, Q1 2014-Q3 2019
14.11.2019 - The number of employed persons in Switzerland rose by 0.3% between the 3rd quarter 2018 and the 3rd quarter 2019. During the same period, the unemployment rate as defined by the International Labour Organisation (ILO) increased from 4.4% to 4.6%. The EU's unemployment rate decreased from 6.5% to 6.2%. These are some of the results of the Swiss Labour Force Survey (SLFS).

Read More »

Swiss Producer and Import Price Index in October 2019: -2.4 percent YoY, -0,2 percent MoM

2019-11-14

by

2019-11-14

Switzerland Producer Price Index (PPI) YoY, October 2019
The Producer and Import Price Index fell in October 2019 by 0.2% compared with the previous month, reaching 100.9 points (December 2015 = 100). Compared with October 2018, the price level of the whole range of domestic and imported products fell by 2.4%.

Read More »

Swiss National Bank Now Owns Record $94 Billion In US Stocks After Q3 Buying Spree

2019-11-14

by

2019-11-14

Value of Swiss National Bank US Stock Holdings, 2014-2019
In the third quarter of 2019, one in which the global economy continued to cycle lower, global central banks across the world continued to slash interest rates and launched/expanded quantitative easing programs with very little success at troughing global growth. Still, US equity indices powered to new highs, climbing a wall of worry of President Trump's "trade optimism" tweets. 

Read More »