Archive for August 23rd, 2018

Pope’s Army Gets Help From Ex-Central Banker for Vatican Revamp

August 23, 2018

Popery has long benefited from wisdom of top bankers of their times. Earlier Rothschilds would advise the Vatican over their mismanaged finances.

Catherine Bosley writes how the Vatican continues to take services of bankers. Just that it is a central banker this time and the services sought is not just financial:

Pope Francis’s guards need a new barracks and they’re getting help from a different kind of power — a central banker.

Former Swiss National Bank President Jean-Pierre Roth, who oversaw the 2008 bailout of UBS, is now chairman of a foundation working to refurbish the quarters of the Vatican-based unit famous for its Renaissance-style uniforms, including striped pantaloons and helmets festooned with feathers.

His advocacy for the Swiss Guards isn’t the path usually chosen by central bankers. Many have tended to go for think tanks and academia — such as former Federal Reserve Chair Janet Yellen and ex-Bank of England chief Mervyn King. Finance attracted Roth’s SNB successor Philipp Hildebrand, who is now vice chairman of BlackRock. Roth, who retired from the SNB in late 2009, also serves on the boards of both Nestle and Swatch Group.

The Pontifical corps, whose recruits even today must be unmarried Swiss Catholic men under the age of 30 and have “irreproachable reputations,” have served the Papacy since 1506 and look after the pontiff’s safety. But their accommodation is no longer fit for purpose and needs to be rebuilt.

“It’s not only that the buildings need an overhaul, but there’s also the need for more space,” Roth said in a telephone interview. “The number of guards will be expanded somewhat in coming years, and the rules on marriage were made more flexible. The 19th-century layout doesn’t work any more.”

Hmm..

The Digital Freedom Pass: Emancipation from digital slavery

August 23, 2018

We will soon need all kinds of treatment from digital slavery which is spreading thick and fast.

Dennis Snower President of Kiel Institute for World Economics gives a suggestion to emancipate from the slavery:

The last glassmakers of Kapadwanj (Gujarat)

August 23, 2018

I had written about a lone bell maker left in a Greece town which boasted of few hundreds at one point of time.

We have a similar story of a glassmaker in town of Kapadwanj in Gujarat:

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The problem with historical illustrations of Free-Banking Systems: We should welcome banking failures…

August 23, 2018

Jesús Huerta de Soto, professor of economics at King Juan Carlos University has a nice piece.

He says most of the discussions on free banking are around the fact that there were less banking failures and thus were safer compared to non-free banking era. But that is a wrong way to put things. Bank failures show that the cycle is continuing and should be welcome, The regulated banking systems prevent banking failures which is actually a sign of weakness and not strength:

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Venezuela’s currency and inflation troubles: New Sovereign Bolivar replaces Strong Bolivar

August 23, 2018

The currency name Bolivar is dedicated to hero of Latin American independence Simón Bolívar. I am sure he would not be one bit happy with the association given the repeated currency troubles in the country.

President Maduro has introduced a new currency named New Sovereign Bolivar to replace the old one named Strong Bolivar. This will knock off 5 zeroes from the older currency:

Caracas will begin issuing new banknotes after slashing five zeroes off the crippled bolivar.

The new sovereign bolivar, named as such to distinguish it from the current strong bolivar (which has proven to be anything but), will be anchored to Venezuela’s widely discredited cryptocurrency, the petro.

Each petro will be worth around $60 (£47), based on the price of a barrel of the country’s oil.

That will be 3,600 sovereign bolivars in the new currency, which signals a massive devaluation.

In addition, the minimum wage will be fixed at half a petro (1,800 sovereign bolivars) from Monday.

This is about $28 (£22), more than 34 times the previous level of less than a dollar at the prevailing black market rate.

Some more discussion here.

 

 


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