domenica 2 luglio 2017
SNB-BNS: Seigniorage rip-off in the Swiss Confederation
The Swiss National Bank Owns $80 Billion in US Stocks—Here’s the Catch
June 23, 2017
http://www.mauldineconomics.com/editorial/the-swiss-national-bank-owns-80-billion-in-us-stocks-heres-the-catch
Switzerland is a small country of just 8 million people, but they make an outsized impact on economics and finance and money.
Because Switzerland is considered a safe haven and a well-run country, many people would like to hold large amounts of their assets in the Swiss franc. This makes the Swiss franc intolerably strong for Swiss businesses and citizens.
So the Swiss National Bank (SNB) has to print a great deal of money and use nonconventional means to hold down the value of their currency. Their overnight repo rate is -0.75%.
That’s right, they charge you a little less than 1% a year just for the pleasure of letting your cash sit in a Swiss bank deposit.
Switzerland Is Buying US Stocks on an Enormous Scale
And the SNB is buying massive quantities of dollars and euros, paid for by printing hundreds of billions in Swiss francs.The SNB owns about $80 billion in US stocks today (June, 2017) and a guesstimated $20 billion or so in European stocks (this guess comes from my friend Grant Williams, so I will go with it).
They have bought roughly $17 billion worth of US stocks so far this year. And they have no formula; they are just trying to manage their currency.
Think about this for a moment: They have about $10,000 in US stocks on their books for every man, woman, and child in Switzerland, not to mention who knows how much in other assorted assets, all in the effort to keep a lid on what is still one of the most expensive currencies in the world.
Switzerland is now the eighth-largest public holder of US stocks. It has got to be one of the largest holders of Apple.
What Happens When There Is a Bear Market?
Who bears the losses?Print just more money to make up the difference on the balance sheet? Do we even care what the Swiss National Bank balance sheet looks like? More importantly, do they really care?
We all remember European Central Bank President Mario Draghi’s famous remark, that he would do “whatever it takes” to defend the euro. We could hear the Swiss singing from the same hymnbook soon.
Central Banks and Governments Exacerbate the Bubble
The point is that central banks and governments are flooding the market with liquidity all over the world.That’s showing up in the private asset markets, in stock and housing and real estate and bond prices. It creates an unquenchable desire for what appear to be cheap but are actually overvalued assets—which is what creates a Minsky moment.
Now, remember what Minsky said: When an economy reaches the Ponzi-financing stage, it becomes extremely sensitive to asset prices. Any downturn or even an extended flat period can trigger a crisis.
While we have many domestic issues that could act as that trigger, I see a high likelihood that the next Minsky moment will propagate from China or Europe. All the necessary excesses and transmission channels are in place.
The Great Reset Is Close
The hard part, of course, is the timing. The Happy Daze can linger far longer than any of us anticipate. Then again, some seemingly insignificant event in Europe or China—an Austrian Archduke’s being assassinated, or what have you—can cause the world to unravel.It’s a funny world.
Our central banks and governments exhibit unmistakable herd behavior and continue to do the same foolish things over and over. They never really intend to have the crisis that ensues.
Remember Farrell’s Rule 3: There are no new eras. The world changes, but danger remains. Gravity always wins eventually. It will win this time, too. And when it does, we will begin to undergo the Great Reset.
giovedì 29 giugno 2017
Rouble Nationalization – the Way to Russia’s Freedom
Nykolai Starikov
Rouble Nationalization – the Way to Russia’s Freedom
St.Petersburg: Piter, 2013. — 304 p.: pic.
http://lit.md/files/nstarikov/rouble_nationalization-the_way_to_russia's_freedom.pdf
Rouble Nationalization – the Way to Russia’s Freedom
St.Petersburg: Piter, 2013. — 304 p.: pic.
http://lit.md/files/nstarikov/rouble_nationalization-the_way_to_russia's_freedom.pdf
mercoledì 28 giugno 2017
UBS Whistleblower Offers Expert Consultation to UBS Clients
UBS Whistleblower Reveals the Secrets of Offshore Banking and Offers Expert Consultation to Help UBS and Swiss Bank Clients Get Their Rightful Compensation
Lucifer's Banker
07:00 ET
LONDON, June 28, 2017 /PRNewswire/ --
For decades, the now-defunct façade of Swiss banking secrecy has cheated worldwide clients who deposited money in Switzerland, alleges UBS Whistleblower and former banker, Bradley Birkenfeld. In his explosive book, Lucifer's Banker - The Untold Story of How I Destroyed Swiss Bank Secrecy, Birkenfeld details how UBS, one of the world's largest banks, helped the ultra-wealthy commit tax fraud. Now, a team of senior ex-UBS bankers and international lawyers are lending their expertise to help former Swiss bank clients get their rightful compensation from "kickbacks" taken.
For decades, the now-defunct façade of Swiss banking secrecy has cheated worldwide clients who deposited money in Switzerland, alleges UBS Whistleblower and former banker, Bradley Birkenfeld. In his explosive book, Lucifer's Banker - The Untold Story of How I Destroyed Swiss Bank Secrecy, Birkenfeld details how UBS, one of the world's largest banks, helped the ultra-wealthy commit tax fraud. Now, a team of senior ex-UBS bankers and international lawyers are lending their expertise to help former Swiss bank clients get their rightful compensation from "kickbacks" taken.
In 2012, in a landmark Swiss Federal Supreme Court ruling in Zurich, Switzerland,
UBS was found guilty of knowingly taking "kickbacks" for years from
their global clients on structured products and asset management
activities.
Presently, every UBS client whether individual, corporation, endowment, foundation, trust and/or government entity can now demand all of their rightful "kickbacks" from UBS before October 2017. Birkenfeld, along with a group of senior ex-UBS private bankers and professional international law firms, have been assembled to assist every Swiss bank client to promptly file their rightful claims. To get the facts go to:
WWW.LUCIFERSBANKER.COM
UBS SCANDALS
UBS "Kickbacks"
Publicist: C.S. Lewis & Company Publicists
+1-845-679-2188 (Phone)
http://www.cslewispublicity.com
SOURCE Lucifer's Banker
Presently, every UBS client whether individual, corporation, endowment, foundation, trust and/or government entity can now demand all of their rightful "kickbacks" from UBS before October 2017. Birkenfeld, along with a group of senior ex-UBS private bankers and professional international law firms, have been assembled to assist every Swiss bank client to promptly file their rightful claims. To get the facts go to:
WWW.LUCIFERSBANKER.COM
UBS SCANDALS
UBS "Kickbacks"
Publicist: C.S. Lewis & Company Publicists
+1-845-679-2188 (Phone)
http://www.cslewispublicity.com
SOURCE Lucifer's Banker
Forum BCE sul central banking: lettera a Marco Buti sui cicli e la crisi
Mr. Marco Buti
Director-General
for Economic and
Financial Affairs
European Commission
B-1049 Bruxelles
Roma, 27 giugno 2017
Egregio,
domattina Lei
interverrà al panel sui cicli economici in Portogallo nell’ECB
Forum.
La crisi attuale è direttamente condizionata dalle pratiche
contabili bancarie che non considerano la creazione di liquidità
(Euro immateriale) all’attivo dei loro bilanci e che,
contemporaneamente, non segrègano i depositi della clientela dallo
Stato Patrimoniale. La creazione di nuova valuta FIAT che le banche
praticano quando fanno prestiti, investimenti o pagamenti di
fornitori, non risulta registrata nell'attivo dei flussi di cassa delle banche:
né della Banca Centrale, né delle banche commerciali. La BCE, come
ben sappiamo, risolve parzialmente il problema occultando al pubblico
il proprio Rendiconto Finanziario (Cash Flow Statement) – infatti
non lo pubblica. Nel caso delle banche commerciali, almeno in Italia,
il rendiconto finanziario viene pubblicato, ma senza indicare la
creazione di denaro. Stiamo parlando di cifre notevolissime (qui la
recente statistica pubblicata dalla Banca d’Italia:
https://seigneuriage.blogspot.
Se le banche
indicassero la quantità di denaro creato nell’ATTIVO del bilancio,
non si troverebbero esposte ai fragili bilanci che risultano oggi. E’
vero che la creazione di denaro a sua volta rappresenta una
PASSIVITÀ, ma indicandola come “valuta in circolazione”, nel
caso della BCE, o come “debiti verso clientela”, nel caso delle
banche commerciali, questa passività rimane irredimibile. Questa
passività – che attualmente lo è solo di nome – dovrebbe essere
inverata come “debito da signoraggio” e diventare una passività
riscuotibile da parte dei Tesori dei paesi membri della UE i quali, a
loro volta, dovrebbero aprire una voce attiva in bilancio denominata
“signoraggio da creazione di valuta FIAT”.
La corretta lettura
degli standard contabili internazionali impone di considerare la
creazione di denaro come un aumento delle attività delle banche.
Solo allora si potrà trovare una adeguata soluzione alla crisi
incomprensibile di banche che, sole, hanno il potere di creare il
denaro, e quindi alleviare le tensioni che oggi affliggono le
politiche comunitarie. La politica dello struzzo, di nascondere la
polvere sotto al tappeto, potrà forse far guadagnare tempo. Ma
quando i nodi verranno pubblicamente al pettine potrebbe essere
troppo tardi e troppo difficile per Mago Draghi trovare un nuovo
coniglio credibile da estrarre dal vecchio cilindro e, per la
Commissione Europea, sarebbe una perdita letale di credibilità.
La invito quindi
cordialmente a trasmettere al Forum la possibilità di adeguare finalmente la
stesura dei bilanci bancari agli standard contabili IAS-IFRS che, in
questo particolare caso, (IAS 7.6) trovano pure corrispondenza nelle
US-GAAP (US GAAP ASC 942-230-20) e quindi non dovrebbero occasionare
alcun attrito con gli Stati Uniti che, fino ad oggi, non hanno ancora
pensato a questa semplice soluzione.
Rimanendo a Sua
disposizione per i dettagli, Le porgo cordiali saluti,
Marco Saba
Contabile forense ed
economista
Skype: marcosabait
Tel +39 331 334 1239
Email:
marcosabait@gmail.com
Riferimenti:
- Cash Flow
Accounting in Banks— A study of practice, Ásgeir B. Torfason,
University of Gothenburg - 2014
- Cash Flow
Reporting by Financial Companies: A Look at the Commercial Banks By
Charles W. Mulford and Eugene E. Comiskey - 2009
domenica 25 giugno 2017
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