Switzerland

Preview Of Key Events In The Coming Week

The coming week brings multiple macro data releases for July, including inflation, trade data, retail sales, IP, credit and money supply. A relatively light US data calendar next week with retail sales the main release on Friday but also import and producer prices and Michigan sentiment coming up. Retail sales will be closely watched to assess consumer spending growth for 3Q.

White House Caught Secretly Airlifting $1.7 Billion US Taxpayer Cash To Tehran To Ensure Iran Nuclear Accord Success

What Donald Trump has proclaimed the worst deal ever made, may just have become worst-er. The shocking truth behind the US-Iran nuclear deal, as WSJ reports, is the Obama Administration airlifted $1.7bn of cash in 'compromise' payments (read - bribe) to Tehran to ensure the release of 4 captured sailors coincidentally the same weekend as the signing of the nuclear deal.

Central Banks Are In A Lose-Lose Situation: Low-Rate-Policy "Has Rendered The System Profoundly Fragile"

"...abandoning the low interest rate policy would likely trigger a severe recession... but, continuing this policy would distort and corrode the economic structure even more, which would jeopardize the business model of pension funds, insurers and banks, and further inflate the real estate and stock market bubbles. The low interest rate policy has rendered the system profoundly fragile, with central banks virtually in a lose-lose situation."

The Olympics As A Tool Of The New Cold War

The 6th Fundamental Principle of Olympism (non-discrimination of any kind, including nationality and political opinion) seems to be forgotten long ago. In ancient Greece the competition of best athletes was able to halt a war and serve as a bridge of understanding between two recent foes. But in the twentieth century the Olympics have become a political weapon.

Richard Koo: If Helicopter Money Succeeds, It Will Lead To 1,500% Inflation

"if businesses and households were to resume borrowing in earnest, the US money supply could balloon to 15 times its current size, sending inflation as high as 1,500%. The corresponding ratios are 28 times for Japan and Switzerland, five times for the eurozone, and 11 times for the UK. Once private-sector demand for loans recovers in these countries, confidence in the dollar, euro, and yen will plummet."

Global Stocks, Futures Continue Rise On Apple, Japan Stimulus; Yellen On Deck

The markets were following a rollercoaster night for the Japanese Yen, when after several media headlines Abe was said to have announced a stimulus package that would be more than JPY28 trillion, sending Japanese stocks higher 1.7% while the USDJPY spiked but well off overnight highs, pushing risk assets higher. Europe and US futs were also in the green on optimism from AAPL's earnings, but all eyes will be on today's FOMC announcement.

"An Extraordinary Development": Record Swiss Gold Flow Into The United States

There was a huge trend change in U.S. gold investment in May.  Something quite extraordinary took place which hasn’t happened for several decades.  While Switzerland has been a major source of U.S. gold exports for many years, the tables turned in May as the Swiss exported a record amount of gold to the United States.

"If You Can't Touch It, You Don't Own It"

The pending Brexit has, not surprisingly, caused a shakeup in the investment world, particularly in the UK. Of particular note is that, recently, asset management firms in Britain began refusing their clients the right to cash out of their mutual funds. Of the £35 billion invested in such funds, just under £20 billion has been affected. The lesson to take away here is that, if you can’t touch it, you don’t own it. Banks and fund management firms can freeze your wealth, so that you can’t access it. Governments and banks can confiscate your wealth. If you don’t have the power to put your hands on your wealth on demand, you don’t own it.