The role of oil in our international monetary system is often underappreciated. Decarbonization of our economy would not only benefit the environment but also have a dramatic impact on the dollar’s function as an international reserve currency. Continue Reading
The combination of rapid deposit growth during a low-yield period, lack of lending opportunities, high share of non-insured deposits, and rapidly rising interest rates led to an unfortunate shortfall in risk-bearing capital for Silicon Valley Bank. The Fed might have to cut interest rates to contain contagion. Continue Reading
Central banks have been buying gold in quantities not seen since 1967. After decades of efforts to demonetize gold, why would the guardians of the monetary system suddenly invest large sums into a metal that demands crippling mining costs and offers little return? The answer is not so simple. Continue Reading
The current monetary system is unsustainable. The Bretton Woods gold standard system collapsed. Can another form of gold standard make a comeback? Continue Reading
To combat the persistent strength of its currency, the Swiss National Bank (SNB) expanded its balance sheet to more than $1.1 trillion (CHF 1.05 trillion; 1 US dollar = 0.94 CHF), earning the nickname “the world’s largest hedge fund.” Its attempt to influence exchange rates failed, and initial gains on its foreign investments have turned into massive losses, leaving the SNB’s credibility... Continue Reading
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