I wrote the above last January, fearing that Europe would see an acceleration of the massive demographic change already under away—the Great Replacement, to use a term coined by Renaud Camus: Oh, the Great Replacement needs no definition. It isn't a concept. It's a phenomenon, as obvious as the nose on your face. To observe... Read More
In a few days the Swiss people will go to the polls to decide whether the Swiss central bank is to be required to hold 20% of its reserves in the form of gold. Polls show that the gold requirement is favored by the less well off and opposed by wealthy Swiss invested in stocks.... Read More
On November 30th, voters in Switzerland will head to the polls to vote in a referendum on gold. On the ballot is a measure to prohibit the Swiss National Bank (SNB) from further gold sales, to repatriate Swiss-owned gold to Switzerland, and to mandate that gold make up at least 20 percent of the SNB's... Read More
Democracy can be so inconvenient. Take Switzerland, the closest thing the world has to a perfect democracy. Switzerland’s eight million citizens vote by referendum on all major issues. The Swiss cantons have made key decisions this way for over eight hundred years. Last week, Swiss voters decided by a razor-thin 50.3% to begin limiting immigration... Read More
“Most armed; most free.” So the renowned Italian thinker and strategist Niccolo Machiavelli described the Swiss five centuries ago. That was a time when the 30 ft pikes and deadly halbards (pole axes) of Switzerland’s fierce mercenary armies were the terror of Europe. The “furia Helvetica” ruled the battlefields until 1515 at Marignano when French... Read More
What impact on the European and U.S. economies may diversification of central bank reserves into euros have?
International Economy Diversification of central bank reserves into larger holdings of euros is much in the news these days. Quite apart from the widening U.S. trade and payments deficit, the Iraq war has created a backlash that has led some Arab and Islamic politicians to urge OPEC countries to price and sell their oil in... Read More