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Switzerland


Vollgeld: What It Means for Fractional Reserve Banking in Switzerland

Backers of the Swiss Vollgeld suggest that if money is divorced from debt and if the government owns the banks' debt, then a run is impossible. Unfortunately, the real world is almost never so simple.

Rebalancing Global Trade: There is No Quick Fix

That global trade imbalances matter has been made abundantly clear by the ongoing global economic malaise. The likely path to more sustainable levels of trade deficits, however, remains far less clear.

Global Trade Imbalances Matter

A continuation of the sovereign debt crises of countries with large and rising trade deficits is not necessarily a fait accompli, but mitigation of the impact of these trade imbalances requires more than aggressive monetary policy alone.

Competitive Currency Devaluation: The Feeding Frenzy

That the world is grossly overindebted is perhaps an obvious point. But by how much — and why — are less clear. Today total global debt stands at approximately $150 trillion, or 194% of global gross domestic product. And… READ MORE ›

Competitive Currency Devaluation: The Feeding Frenzy

That the world is grossly overindebted is perhaps an obvious point. But by how much — and why — are less clear. Today total global debt stands at approximately $150 trillion, or 194% of global gross domestic product. And… READ MORE ›