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The Fed’s Stunning Admission Of What Happens Next
The Fed’s Stunning Admission Of What Happens Next Following an epic global stock rout, one which has wiped out trillions in market capitalization, it has rapidly become a consensus view (even by staunch Fed supporters such as the Nikkei Times) that the Fed committed a gross policy mistake by hiking rates on December 16, so much […]
Switzerland’s Referendum on Fractional Reserve Banking
Switzerland’s Referendum on Fractional Reserve Banking A Warmed-Up “Chicago Plan” Many of our readers may be aware by now that a Swiss initiative against fractional reserve banking has gathered the required 100,000 signatures to force a referendum on the matter. Is is called the “Vollgeld Initiative”, whereby “Vollgeld” could be loosely translated as “fully covered […]
Opinion: The banking system faces an existential threat — and it’s not bitcoin
Opinion: The banking system faces an existential threat — and it’s not bitcoin A movement in Europe would require banks to fully back deposits John Michael WrightIn 1666, King Charles II put control of the money supply into private hands. The privatization of the money-creation process gave birth to the system we use today. Christmas did […]
Swiss Army Chief Warns Of Social Unrest, Calls Upon Citizens To Arm Themselves
Swiss Army Chief Warns Of Social Unrest, Calls Upon Citizens To Arm Themselves Swiss army chief André Blattmann warned, in a Swiss newspaper article on Sunday, the risks of social unrest in Europe are soaring. Recalling the experience of 1939/1945, Blattman fears the increasing aggression in public discourse is an explosively hazardous situation, and advises the Swiss people to […]
The Mystery Of Dubai’s Vaporized Gold: The Plot Thickens
The Mystery Of Dubai’s Vaporized Gold: The Plot Thickens Earlier this week, we told a fascinating story about an unprecedented, multi-year smuggling ring involving Turkey, Iran, and Dubai (as well as China, Russia and countless other nations) which saw corruption reaching to the very top of the political and financial establishment: from president Erdogan in Turkey, to […]
Switzerland To Vote On Ending Fractional Reserve Banking
Switzerland To Vote On Ending Fractional Reserve Banking One year ago (and just two months before the shocking announcement the Swiss Franc’s peg to the Euro would end, dramatically revaluing the currency, and leading to massive FX losses around the globe and for the Swiss National Bank) the Swiss held a referendum whether to demand that their […]
“Perverse, Unpredictable Effects” of Negative Interest Rates: Mortgage Rates Soar in Switzerland
“Perverse, Unpredictable Effects” of Negative Interest Rates: Mortgage Rates Soar in Switzerland The unintended consequences of NIRP. Negative interest rates – called “punishment interest” in Germany – have morphed from sheer impossibility to solid reality in Europe. Having seen how they work, the Bank of Canada has invoked them now, and Fed Chair Janet Yellen, has put them “on the […]
This Is What Happened The Last Time The Fed Hiked While The U.S. Was In Recession
This Is What Happened The Last Time The Fed Hiked While The U.S. Was In Recession Back on June 17, Bank of America started its 66-day countdown to the moment it was convinced the Fed would hike rates, September 17, 2015. We, correctly, said that “we disagree entirely” with BofA’s conclusion that the Fed would hike rates, and […]
Withdrawals Of Gold From NY Fed Jump To 20 Tons In September, Total 276 Tons Since 2014
Withdrawals Of Gold From NY Fed Jump To 20 Tons In September, Total 276 Tons Since 2014 First it was Germany who redeemed 120 tons of physical gold in 2014; then it was the Netherlands who “secretly” redomiciled 122 tons of gold; then this past May, we learned that Austria would be the third “core” European nation to repatriate most of […]
It’s Official: China Confirms It Has Begun Liquidating Treasuries, Warns Washington
It’s Official: China Confirms It Has Begun Liquidating Treasuries, Warns Washington On Tuesday evening, we asked what would happen if emerging markets joined China in dumping US Treasurys. For months we’ve documented the PBoC’s liquidation of its vast stack of US paper. Back in July for instance, we noted that China had dumped a record $143 billion in US […]
