Yearly Archives: 2013

How The Swiss National Bank Went “All In”, Three Times And Counting

"The nation's central bank is printing and selling as many Swiss francs as needed to keep its currency from climbing against the euro, wagering an amount approaching Switzerland's total national output, and, in the process, turning from button-down conservative to the globe's biggest risk-taker. Switzerland's virtue is the root of its problem: broad confidence in the Swiss currency and economy has investors hungry for francs to escape euros, the currency of its shaky European neighbors." Continue reading →

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Sterling crisis looms as UK current account deficit balloons

"Some of the reasons for this need little explanation. Low growth has undermined attempts to reduce the fiscal deficit, which remains one of the highest in the OECD. This in turn is likely to lead to the loss of Britain’s prized triple A credit rating this year, making the UK comparatively less attractive to overseas investors. What’s more, capital flows from the eurozone to perceived 'safe havens' such as the UK are slowing as the crisis eases. There is also evidence of elevated concern among investors about Bank of England money printing." Continue reading →

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Britain should stay in European Union, says Obama administration

"The Obama administration issued a direct challenge to David Cameron over Europe, on Wednesday when it warned of the dangers of holding a referendum on Britain's membership of the EU. A senior US official questioned the merits of holding a referendum as the prime minister's campaign to reset the terms of Britain's EU membership also came under assault from Brussels and Dublin. With just weeks to go until Cameron delivers a landmark speech in which he is expected to promise to hold a referendum on a 'new settlement' for Britain in the EU, the US assistant secretary for European affairs warned that 'referendums have often turned countries inwards'." Continue reading →

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Critics object to Obama nominating ‘Mr. Drone’ John Brennan to CIA head

"The nomination of President Barack Obama’s top counter-terrorism advisor John Brennan to head the CIA has sparked outrage and concern about America’s growing drones programme and its use for targeted killings of suspected Islamic militants. Brennan has been a key architect of drones policy under Obama and many experts believe that the use of the unmanned robot planes in countries such as Afghanistan, Pakistan, Yemen and Somalia is likely to increase if he becomes America’s top spy." Continue reading →

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Colleges Lose Pricing Power

"Facing stagnant family income, shaky job prospects for graduates and a smaller pool of high-school graduates, more schools are reining in tuition increases and giving out larger scholarships to attract students. Moody's also attributed the enrollment decline at some public universities to a 'heightened scrutiny of the value of higher education' after years of tuition increases and stagnating family income. The credit-rating firm said in its report that more students are 'increasingly attending more affordable community colleges, studying part time, or electing to enter the workforce without the benefit of a college education.'" Continue reading →

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The Return of Mark Sanford?

If you ever needed a reminder of how worthless the Republican Party generally is, last week’s “fiscal cliff” vote saw a majority of Republicans joining with Democrats to increase taxes, push through pork-barrel spending, and add trillions to the national debt. This is what most Republicans do. It is what they have always done. They [...]

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