Tag Archive: newsletter

The Importance of Teleology in Understanding Economic Inequality

2026-08-25

by

2026-08-25

As long as the explanation for human behavior seems logical and fits their worldview, people can carry on mistakenly believing that they can identify causal relations from studying group disparities.

Read More »

Iran-linked Swiss oil trader hit by US sanctions

2026-08-25

by

2026-08-25

The Trump administration has extended sanctions against the sprawling network of Iranian oil trader Hossein Shamkhani, targeting his Wellbred group of commodities businesses as part of a wide-ranging set of measures intended to isolate Iran. The Treasury Department’s Office of Foreign Assets Control has sanctioned Singapore-based Wellbred Capital, United Arab Emirates-based Wellbred Trading FZCO and …

Read More »

Alex Pollock in the ‘Wall Street Journal’

2026-08-25

by

2026-08-25

From the Friday, August 21, 2026 print edition.

Read More »

TGA Could Turn A Small Buyback Into A Market Mover

2026-08-25

by

2026-08-25

The Treasury General Account (TGA) is Treasury's cash balance held at the Federal Reserve. Its balance is the net of cash inflows like tax receipts and outflows to pay the government's bills. On Monday, we learned that Treasury Secretary Scott Bessent may fund the expanded Treasury bond buyback program by tapping the TGA. Currently, as …

Read More »

Bessent’s Former Mentor Druckenmiller Slams Treasury Bond Buyback Plan

2026-08-25

by

2026-08-25

"Governments defending prices against fundamentals always lose," Druckenmiller wrote.

Read More »

Who Knew Genocide Could Be So Expensive?

2026-08-25

by

2026-08-25

" The debt is real. The murderous destruction of Gaza is real, and the costs to maintain that destruction and rebuild as an Israeli paradise, is unimaginable."

Read More »

One Bad Week

2026-08-25

by

2026-08-25



Read More »

Macroeconomic Data Is Really a Tool for Government Intervention

2026-08-24

by

2026-08-24

Murray Rothbard wrote that statistics are the lifeblood for government intervention. Based on certain presuppositions, statistics allow interventionists to identify “problems” to solve.

Read More »

Jeff Deist on the collapse of saving, sound money, and the case for a deflationary reset

2026-08-24

by

2026-08-24

I have been following the work and writings of my good friend Jeff Deist for many years, as I’ve always found his insights extremely illuminating. Just a few days ago, I had the pleasure of coming across one of his most recent speeches and I found every word of it truly compelling and remarkably timely. In this remarkable speech, Jeff takes what initially appears to be a straightforward economic question and turns it into something much broader:...

Read More »

The Greatest Cover-Up in Economic History: How Washington Hid Its Role in the 2008 Crash

2026-08-24

by

2026-08-24

By shielding Washington from accountability, the 2008 cover-up institutionalized systemic moral hazard and permanently crippled market discipline.

Read More »

Swiss engineering sector weathers geopolitical turmoil

2026-08-24

by

2026-08-24

Swiss precision and electrical engineering companies continue to show strong resilience despite the war in the Middle East and United States tariffs, according to industry association Swissmem. "The recovery in the Swiss technology sector is continuing. However, it remains fragile, unevenly distributed and has recently lost momentum," said Stefan Brupbacher, director of Swissmem. Business expectations …

Read More »

Roche snags rights to South Korean obesity treatment

2026-08-24

by

2026-08-24

Genentech, the Californian subsidiary of Swiss pharmaceutical giant Roche, has secured worldwide rights to develop, manufacture and market an experimental treatment for obesity from the South Korean company Hanmi Pharmaceuticals. The agreement excludes South Korea, Hanmi stated in a press release issued today. + Can Swiss pharma giant Roche reshape the obesity market? Hanmi stands …

Read More »

US -Canada Trade War Escalates, while US Seek to Choke the Iranian Economy

2026-08-24

by

2026-08-24

The US dollar is trading higher against nearly all the currencies. Equity markets are mixed and bond yields are lower alongside oil prices. There are two major developments.  First, the US and Canada trade talks broke down, and the risk is further escalation. Last week, President Trump has granted Canada a three-day grace period from …

Read More »

Central Banking: The Scourge of Civilization

2026-08-24

by

2026-08-24

Despite claims that the Federal Reserve System is a “stabilizing” force in the US economy, the truth is that the Fed is and has been the main engine of inflation for more than a century.

Read More »

Logistics billionaire Klaus-Michael Kühne has died

2026-08-24

by

2026-08-24

Logistics billionaire Klaus-Michael Kühne has died in the early hours of Monday morning at the age of 89. The Swiss company he helped to build into a global logistics heavyweight, Kühne+Nagel, announced the news. Kühne was a member of the board of directors and the majority shareholder of the group. His holding company also holds …

Read More »

Will Warsh Talk Down The Hawks At Jackson Hole?

2026-08-24

by

2026-08-24

Kevin Warsh delivers his first Jackson Hole speech as Fed Chair on Friday, August 28, at the Kansas City Fed's annual symposium in Wyoming. The meeting occurs less than three weeks before the September 16 FOMC decision. While the official topic is financial innovation in payments, Wall Street will primarily want to see whether Warsh …

Read More »

Swiss Partners Group exits bubble tea investment

2026-08-24

by

2026-08-24

Swiss private equity firm Partners Group will exit its private credit investment in Gong cha after Bain Capital bought the Taiwanese bubble tea brand from TA Associates this month. The Swiss-based company said it has entered an agreement to be fully repaid, according to a document seen by Bloomberg. Partners Group in 2019 had provided …

Read More »

Investor Psychology Is Sabotaging Your Returns (Chapter 2 of 5)

2026-08-24

by

2026-08-24

"Investor Psychology" is chapter 2 of a 5-part series examining the narratives around "investing for the long run." Chapter 1: Think Like An Investor In the first part of this series, I promised that the next enemy we would face is the one you cannot fire, mute, or unfollow, because it is "You." You can … Continue...

Read More »

Rothbard vs. the Conservatives on the American and French Revolutions

2026-08-24

by

2026-08-24

Contained within Rothbard's multi-volume history of the American Revolution, Conceived in Liberty, is an extended argument against the dominant conservative narrative on the American Revolution and the French Revolution.

Read More »

US price pressure ‘threatens new drugs’ in Switzerland

2026-08-24

by

2026-08-24

The pharmaceutical industry is the engine of the Swiss economy. If the pharmaceutical industry is struggling, Switzerland's tax revenues will decline, says René Buholzer, CEO of Interpharma, the association of research-based pharmaceutical companies. In an interview with Swiss public broadcaster SRF, Buholzer also warns that price pressure from the United States is preventing new drugs …

Read More »