It’s become increasing apparent: a Mar-a-Lago Accord exposes a bigger problem, Maturing Debt. America’s Twin Deficits (10.2% of GDP) approach levels seen during past Latin America blowups. Out muscling your opponent(s) in trade won’t help much to rollover $3 trillion in

The US dollar has fallen to a level which triggered the SNB back in 2015 to go negative with interest rate policy. It lasted 6 years and messed with a lot of preconceived notions, like banks charging their clients interest.

Hey Swiss people, we bought 36 of these failing F-35 rust buckets for CHF 5 billion. Coulda gone instead with our nextdoor neighbor’s sensible Rafale plus a ton of drones for the same money. Too late to cancel our now delayed order? Read on…

Congratulations bald men, we are the last generation. Our grandchildren’s grandchildren will look at our photos and wonder

Interviewed by French press, Macron called it “une chamaillerie” or a squabble. One of the most difficult words to pronounce for anglophones, if not the most absurd. Tough couple of weeks for the French president

Missing disruptor: air conditioning in 1902 / electric refrigeration in 1913

Switzerland will spend $300 million to prop-up 400 Geneva based NGOs like a placeholder? How do we see this playing out? bloomberg.com/news/articles/…

Swiss family offices- why own private equity? Is it laziness?

Philippines stock market is down over 40% the past 10 years. And PHP -25% vs USD / -40% vs CHF over that same period means, you would have lost most of your money here. Do they have a viable path to recovery? Given the corruption & bureaucracy, I don’t see it.

Switzerland!?

The number of BTC addresses with over 10,000 BTC is up the past couple of months. Who might that be?

Despite fresh political turmoil, Bulgaria joins the euro on January 1, 2026 to become the 21st EU Member to enter the currency union. Jan 1 also marks the euro’s 27th anniversary which originally began with 11 countries. Well done, I didn’t think it’d get this far.

An 5th Bitcoin Winter? Surely not. But drawdowns of -75% have appeared every 3 to 4 years. Another, if it comes, would take place sometime next year and imply a price target near $31k. That level hurts not just new TradeFi-type participants, but buries the likes of Saylor, miners

The VIX index made a new 2025 low on Christmas Eve. Is there any better indicator of bullishness this season?

The Geneva economy is going to get crushed. It has 750 international NGOs, excluding UN-related ones, and the US state department just announced it will circumvent the use of these “middlemen” and fund the causes directly.

gm

Gets bigger. Not just 750. The United Nations Framework Convention on Climate Change (UNFCCC) was listed as one of 31 UN-linked entities from which the US says it'll withdrawal funding. UNFCCC's website links to +2000 NGOs & spreads out like a web. What's the plan Geneva?