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What In The World Just Happened In Switzerland?

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Swiss Francs - Public DomainCentral banks lie.  That is what they do.  Not too long ago, the Swiss National Bank promised that it would defend the euro/Swiss franc currency peg with the “utmost determination”.  But on Thursday, the central bank shocked the financial world by abruptly abandoning it.  More than three years ago, the Swiss National Bank announced that it would not allow the Swiss franc to fall below 1.20 to the euro, and it has spent a mountain of money defending that peg.  But now that it looks like the EU is going to launch a very robust quantitative easing program, the Swiss National Bank has thrown in the towel.  It was simply going to cost way too much to continue to defend the currency floor.  So now there is panic all over Europe.  On Thursday, the Swiss franc rose a staggering 30 percent against the euro, and the Swiss stock market plunged by 10 percent.  And all over the world, investors, hedge funds and central banks either lost or made gigantic piles of money as currency rates shifted at an unprecedented rate.  It is going to take months to really measure the damage that has been done.  Meanwhile, the euro is in greater danger than ever.  The euro has been declining for months, and now the number one buyer of euros (the Swiss National Bank) has been removed from the equation.  As things in Europe continue to get even worse, expect the euro to go to all-time record lows.  In addition, it is important to remember that the Asian financial crisis of the late 1990s began when Thailand abandoned its currency peg.  With this move by Switzerland set off a European financial crisis?

Of course this is hardly the first time that we have seen central banks lie.  In the United States, the Federal Reserve does it all the time.  The funny thing is that most people still seem to trust what central banks have to say.  But at some point they are going to start to lose all credibility.

Financial markets like predictability.  And gigantic amounts of money had been invested based on the repeated promises of the Swiss National Bank to use “unlimited amounts” of money to defend the currency floor.  Needless to say, there are a lot of people in the financial world that feel totally betrayed by the Swiss National Bank today.  The following comes from an analysis of the situation by Bruce Krasting

Thomas Jordan, the head of the SNB has repeated said that the Franc peg would last forever, and that he would be willing to intervene in “Unlimited Amounts” in support of the peg. Jordan has folded on his promise like a cheap suit in the rain. When push came to shove, Jordan failed to deliver.

The Swiss economy will rapidly fall into recession as a result of the SNB move. The Swiss stock market has been blasted, the currency is now nearly 20% higher than it was a day before. Someone will have to fall on the sword, the arrows are pointing at Jordan.

The dust has not settled on this development as of this morning. I will stick my neck out and say that the failure to hold the minimum rate will result in a one time loss for the SNB of close to $100B. That’s a huge amount of money. It comes to 20% of the Swiss GDP!

Most experts are calling this an extremely bad move by the Swiss National Bank.

But in the end, they may have had little choice.

The euro is falling apart, and the Swiss did not want to be married to it any longer.  Unfortunately, when any marriage ends the pain can be enormous.  The following comes from CNBC

How do you know you’re looking at a bad marriage?

Well if one or both of the spouses can’t wait to get out as soon as the smallest crack in the door opens, you have a pretty good clue.

Something like that just happened in Europe as we learned the real reason why so many traders were still invested in the euro: They had nowhere else to go.

As the Swiss National Bank unlocked the doors on its cap on trading euros for Swiss francs, the rush to exit the euro was faster than one of those French bullet trains.

But this move has not been bad for everyone.  In fact, for many of those that live in Switzerland but work in neighboring countries what happened on Thursday was very fortuitous

“I heard the news this morning. I’m so happy!” Vanessa, who refused to give her last name, told AFP outside of one of many mobbed exchange offices in Geneva.

She has reason to be extatic: she is one of some 280,000 people working in Switzerland but living and paying bills in eurozone countries France, Germany or Italy.

These so-called “frontaliers”, or border-crossers, are the biggest winners in Thursday’s Swiss franc surge, seeing their incomes jump 30 percent in the blink of an eye.

In normal times, things like this very rarely happen.

But in times of crisis, things can change very rapidly.  We are moving into a time of great volatility in global financial markets, and great volatility is often a sign that a great crash is coming.

This move by the Swiss National Bank is just the beginning.  Expect more desperate moves on the global economic chessboard in the days ahead.  But in the end, none of those moves is going to prevent what is coming.

And one of these days, another extremely important currency peg is going to end.  Right now, the Chinese have tied their currency very tightly to the U.S. dollar.  This has helped to artificially inflate the value of the dollar.  Unfortunately, as Robert Wenzel has noted, someday the Chinese could suddenly pull the rug out from under our currency, and that would be really bad news for us…

In other words, the SNB is no People’s Bank of China type patsy, where the PBOC has taken on massive amounts of dollar reserves to prop up the dollar.

Will the PBOC learn anything from SNB? If so, this will not be good for the US dollar.

So keep a close eye on what happens in Europe next.

It is going to be a preview of what is eventually coming to America.

  • Paul

    Michael thanks for writing such an informative article.
    On a different note Target is closing all 133 of its stores in Canada. Thus, 17,600 people are going to lose their jobs. Canada labor report also reported that 4300 jobs were lost in December. Home sales in Calgary dropped 25% from November to December. Finally Sony is closing all 14 of its stores within Canada within two months.
    I pray for our neighbors to the north.

    • Mondobeyondo

      Macy’s is also closing a number of its stores here in the U.S. And rumor has it that Radio Shack is teetering on the edge.

      • Mary Brown

        Not a rumor, RS stock is under $1

      • Zubb Tub

        There goes my cottage cheese. I won’t be able to buy it anymore.

        • Lorungee

          Cottage cheese costs three $ at my store, a big chain. I can’t see paying that for cottage cheese. You are not alone. I haven’t been able to buy it for quite some time.

          • Bill

            Must be misprint- CPI just dropped. Can’t you see the roses in the barn yard?

      • MadAsHellYankee

        Bottom Dollar Food just went bye bye, JC Penny is closing a bunch of stores too.

      • Hawkeye

        Macy’s, Sears, Kmart, JC Penny, Staples, Ambercrombie&Fitch, American Eagle, Circuit City, Aeropostale, ToysRus, on and on. But hey, we’re having a spectacular recovery and just look at the stock market as proof.
        Or is that, ….poof?

    • T.

      Texas already lost 2,300 oil drilling jobs in Oct 14′ and Karr Ingram of Texas Alliance of Energy Producers expects to see 40,000 jobs directly lost in the oil fields there. These are some of the best paying jobs produced in the U.S. over the last 5 years. It is estimated that 40 jobs directly related to oil/gas drilling are lost with each rig taken out of service.

      • chilller

        Schlumberger, the oil field support company, just announced they are cutting 9,000 jobs during this petroleum up-chuck event.

    • Hawkeye

      Sony closing all retail stores in Canada.

  • Donald Reid

    I won’t pretend to be smart enough to critique Michael’s analysis or prediction concerning this particular turn of events but, in my role as a high functioning geezer, I will offer the advice that for the foreseeable future it would be both sane and sensible to consider keeping some extra cash, food, water and other essentials always close at hand. As today’s events in the market for the Swiss Franc shows things often make big changes quite rapidly.

    • Guest

      Good advice, Donald. Today Bill Holter said the global reset has begun!

      • Mike Smithy

        It’s about time. The sooner this ponzi scheme implodes, the sooner we can get work at implementing substantive change for the better. Good medicine always tastes bad, but it’s what we need.

        • Oldphartbsa

          Totally agree…providing that both of us survive WW3 and the nukes hitting the major cities.
          In my case, prevailing winds should push the Los Angeles fallout over the ocean…but the carnage could alter the wind. So…
          See you on the backside…

          • Drud

            There is no surviving a nuclear war, Oldphart, at least for all but a tiny handful of humanity. Even a few hundred warheads detonating anywhere in the world would set off a global nuclear winter that would kill of almost all of the planet’s vegetation (and shortly thereafter all its people). in the event of a a full-scale nuclear exchange, many thousands would be detonated, all over the world, within a couple of hours. No, we the people of the global community MUST stop our governments from ever using these weapons.

    • RebelPatriot

      I’d also have some silver and gold to use for money.

    • Zubb Tub

      There goes the Port of Marc Dinger. It’s closing. Also Amtrak will be done with in 2016.

    • ResilientNews

      “my role as a high functioning geezer,” lol

    • alan

      I can relate to functioning geezer!

  • K

    Not surprising. All the rich folk, I have ever known, especially bankers all had one thing in common. Everything had a price. People, things, it did not matter. The moment that person or thing, cost them one penny. Over what they thought, they or it, was worth. Gone as fast as they could make it happen. When money is all that is important, in the long run, money is all you will have. What you have here is the beginning, all those who said they would hold the line. Will now start cutting each others throats.

    • RebelPatriot

      Nothing wrong with possession of money, it’s evil when it possesses people.

      • K

        Agreed. I have just not known any truly rich folks, who were not absolutely obsessed with it.

        • Hawkeye

          It’s known politely by those of us who are or have been employed by the 0.1% category as ‘the insanity of the rich’.

    • Zubb Tub

      I saw George Soros ugly face in my nightmare lastnight. I looking into the demintion of hell and I saw A huge portrate of George Soros in it.

    • Mike Smithy

      True. The people you are referring to have tendency to know the cost of everything, but know the value of nothing. It’s a hollow and short sided existence.

  • retired

    The global economy keeps taking “Black Swan”events as it wobbles more & more.This reminds me of a bronze bushing that goes bad under pressure on a high speed machine shaft.After it takes a slight initial amount of wear the erosion becomes more & more pronounced at a faster & faster rate.This quickly turns it’s interior diameter from a near perfect circle into an unusable oval which needs to be thrown away!
    It looks as though the Global Economy is quickly reaching the point where it no longer functions,…..it becomes oval!

    • chilller

      In the end…the gubmint gets the bronze bushing and we get the shaft.

      • Ian Beattie

        LOL

      • watchmanonthetower

        Sorry, chiller! Inadvertent down arrow – please ignore! Def not intentional. (mouse needs new batts)
        ~W

      • antonio

        You guys are so clever!

    • antonio

      Good imaginative imagery. Conveys the message so effectively.

    • Drud

      I read another analogy that compared the global economy to a spinning top…it spins and spins, and appears perfectly stable, then it wobbles (think 2008) but regains its stability..finally when all its momentum is spend it shoots off in a random direction and crashes into whatever wall happens to be there.

  • Bill

    I think events are beginning to happen faster than anyone can comprehend let alone write about.

    • Noah

      waiting Greece to exit euro & default billions of her loan. we still have a little time to be prepared, right?

      • Bill

        Better safe than sorry as they say—

      • elmcqueen3

        The government considers “Preppers” as Eco-Terrorists…Beware…Stock up on guns & ammo, gold & silver, water & survival food, and more…Join a neighborhood watch program or start one of your own…Prepare for an exit strategy if you must leave the big city…The life you save may be your own…To include your family!

        • Gomer Wumphf

          Unless you believe you can be a fortress it might be a better idea to develop skills applicable anywhere, get a second or third passport, desperse assets, build networks in multiple locations (countries) and travel light,

          • watchmanonthetower

            Sound advice; but unless you’re Ethan Hunt or Jason Bourne, we doubt you’ll get far…

            ~W

          • Gomer Wumphf

            The trick is to stay alert and aware and move before it hits the fan. Trying to make your home Fortress America won’t work unless you have A LOT of well armed friends in with you.

          • watchmanonthetower

            Agreed! Awareness, situational and otherwise, is the key.
            ~W

        • Hot Rain

          I maintain anonymity on all fronts. Visions of Germans screaming and pointing “Jew”. Now it will be Americans screaming and pointing “Prepper”..

        • Priszilla

          Already left the big city at unemployment. Got a job with less pay at a smaller town, but no transport costs, as walking and cycling distance for both of us, and lower heating costs.

          • Silver Savior

            Sometimes leaving the rat race is better overall. I am still in the rat race but been thinking about moving to the coast rent free. My parents have some land I could build a fortress on lol

          • Priszilla

            If you own your home, however small, that’s possible.

        • Dušan Radosavljević

          my plan is just to hunt families like yours :)

    • MeMadMax

      Lets look at it from another view however:
      At least the Swiss Bank knew when it was time to quit instead of spending itself and the country into oblivion trying to chase something that isn’t real…

      They get my respect X100 for that…

      Whereas on our side, they will keep on spending till the printing press can’t spit out money anymore…
      And they will just fix it and spend even more…

      Chasing something that isn’t real…

    • Silver Savior

      I believe it. Been buying up all the silver.

      • Lennie Pike

        I’ll accept it for payment when the shtf. Won’t be using their solution to the “money” (their paper) crisis.

    • Dušan Radosavljević

      look at the name of the blog, lol

  • Mondobeyondo

    That Swiss chocolate doesn’t taste quite as sweet anymore…

  • Rees Moerman

    The ‘swiss peg’ operated like a salvage tug, sent out to stabilize the huge oversized, unbalanced Euroliner that has been wounded below the water-line and dead-in-the water for long while now. This ‘monetary salvage’ operation pretended to work until the Euroliner kept sinking down below the waterline, and soon to take the tow line and panicked tug with it. The Swiss have finally signalled self-preservation at all costs despite the blowback. That is why the currency peg snapped. The Swiss tug did not want go down with the neo-titanic.

    • Mike Smithy

      Excellent analogy.

    • alan

      I think so, the jumped first to save themselves.

    • Ian Beattie

      I like that. If the Swiss are a tug, America must be a nuclear submarine.

      • watchmanonthetower

        Perhaps a nuclear sub with a core breach.
        ~W

        • bigdaddy

          … a nuclear submarine with screen doors

    • John Byde

      Perfectly and eloquently put, Rees!

  • Patrick O McCoy

    Its just money. It really doesn’t matter that much.

    • Drud

      I tend to agree with you from both and individual point of view and a really big picture point of view. However, the saying “money makes the world go ’round” has never been more true…the current system-as much as I truly despise it–relies entirely on the flowing or money/credit (These two things should NOT be synonymous, but in today’s world they are). I know that the system MUST collapse and WILL collapse, and even that sooner is better than later, but still it frightens me plenty to think of our huge, lazy, misinformed, spoiled and apathetic population suddenly having to live under an entirely new paradigm, not so dependent on money/credit.

  • An American

    Why is Switzerland always the bad guy? When it really comes down to it, Switzerland is probably the best country-and I am not Swiss, by the way.
    To be honest, Switzerland has been lavishing charity on the EU by supporting its currency with the peg. It’s not their fault that the other currencies can’t stand on their own.
    Switzerland has had enough of the EU fascism. Their actions were long in coming and based on an EU court decision Wednesday, actions of the EBC, the nasty treatment of Greece et al, and other BS going on all over the Eurozone.
    You watch, when the EU collapses, the Swiss will be blamed. Maybe the US will send in drones…

    • Hawkeye

      You neglected to note the failed (engineered) Swiss Gold Referendum of last November. Another straw on the proverbial camels back.

      • alan

        Yea, whats up with that. Kind of strange timing. I think there may be more to this story as usual.
        On the surface the Swiss dumped the Euro. But I have also read that this was forced and the purpose was to make the Swiss look bad in the banking arena.

  • Harry Lime

    Big freaking deal. What has Helvetia given us anyways, besides the cuckoo clock?

    • jehadi Fred

      Me likey me Breitling watch.

  • Roger Smith

    I wonder if any of this is related to the fact that the BIS is located in Switzerland. All the central bankers meet bi-monthly at the BIS for a big pow-wow. What do they talk about? If central banks lie, and we know they do, what could be more effective than coordinated lying?

  • Priszilla

    If all major currencies are falling, is there any that is rising, except gold and silver?

    • Stibbs11

      Boom, bulls-eye, dead-on, however you want to say it.
      The facts are scary, no gold standard = no connection to reality. Buy gold & silver in mass.

      • Priszilla

        I don’t go to mass.

    • K2

      As the article said…the swiss currency.

      • Priszilla

        So, Swiss goods and services will become much more expensive?

        • K2

          Time will tell.

    • Ian Beattie

      Sea level….

    • watchmanonthetower

      The currency of Barter, maybe?

      We suspect a barter culture will emerge from the stresses of dwindling resources, products & services, and even everyday items made uncommonly unavailable by a calculated, squeezed economy, crafted middle-class destruction and rapidly rising desperation; a Bic lighter, tube of lip balm, a candy bar, a bottle of water, a clean pair of underwear…it’s a nearly endless list.

      Those who prepare now will be the new bankers with the new currency: food, water, needful items, skills, and hope.

      The rules by which we’ve been living are being changed with alacrity; we had better change as well, even if it means redefining the current set of rules for ourselves…for survival and eventual thrival*.
      (* used for rhyming purposes only.)

      ~Watchman

      • Priszilla

        Barter between China and Peru? Don’t think so.

        • watchmanonthetower

          “Barter between China and Peru?”
          Never say never, Pris. :)

          National currencies won’t mean a thing to us here on the ground when rampant hunger and fear are daily companions. The only currency that will have any relevance to the stricken population is what can be acquired for survival. A Ruble, a Nuevo Sol, a Dollar; these might be useful as tinder for starting a fire. Or brownie film.
          ~W

  • Stibbs11

    Inflation, no jobs, taxes etc have all drained the world economies. Nations are in dire distress, humanity is at a tipping point yet bumpkins on the net have only snide remarks.
    You know who the real traitors to humanity are each time they write A-hole comments.
    Buy silver as gold is too expensive (even with the dip in price) no-one can afford this, and that was the idea, steal the wealth through inflation & deflating the currencies.

    • Priszilla

      Buy land and a house. A proper, brick-built house. Even concrete houses that don’t blow away in storm. Better than gold and silver. Unless you prefer to be a refugee, then gold might be better, or maybe not as it is more easily stolen.

      People with stone homes stabilise the economy. Making it less volatile. No fancy air bubbles, just ugly, functional concrete. A place to sleep, have a family, to protect against the weather, storms and floods.

      Irrigate the land, or drain the land, and definitely plant hedges to keep in life stock and break the wind, and give a home to predators of pests.

      • Orange Jean

        Some of your advice makes sense… but the best type of house really depends on what natural hazards there are where you live.

        It’s true that if you live in a place with hurricanes and some other bad storms a brick or stone house can keep you safe. However, if you live in earthquake country… a stone or brick house can be a coffin in the making (especially unreinforced brick). When a big one comes, the brick and mortar vibrate at different rates causing them to separate and the whole shabang to come falling down on your head and it’s bye-bye to you!! In those places, a softer material is better…wood-frame houses will flex during ground shaking, and things like straw houses (or the old traditional Japanese houses) perform much better during an earthquake. And if they fall down on your head you are less likely to die from it.

        In places where there are major wildfire hazards it’s hard to say for sure. Stone or brick might seem like a good idea, but during the Cedar Fire (2003, San Diego County) in Cuyamaca there were several very old stone houses where the mortar (and also glass windows) simply MELTED from the heat and fell apart.

        It’s always important to understand the place you are living in and know how to manage whatever hazards are there.

        • Priszilla

          Wood houses burn better after an earth quake and gas pipe rupture.
          I agree, a brick building is not good. But my ideas (not advice) never works as one fits all.

          I just find it amazing to see all those carton houses go every year in America after a storm. I’ve been in Hong Kong and Japan, and there is hardly any damage from typhoons in Hong Kong, and only very big earth quakes damage the steel-reinforced concrete houses in Japan. And an earth quake in Hong Kong some years back only crated panic, no damage on buildings.

          • Orange Jean

            True (on burning) but your chance of getting out of a burning building are way better than your chance of surviving if a building collapses on you. About 97% of all deaths from earthquakes are due to building collapsing on someone’s head.

            Also, you noted that the concrete houses in Japan are steel-reinforced; it’s the unreinforced brick buildings that are the most hazardous (CA requires every community at risk for earthquakes to identify unreinforced masonry buildings and have a “plan” to fix them, but in some places like LA there are way too many old ones). And CA does not get the severe typhoons or hurricanes (only weak hurricanes) or tornadoes for the most part…. so that’s less of an issue there. Japan is very seismically active but pretty much has set the gold standard for mitigating earthquake risk, they use the best technology available and I respect that.

            Trust me… this stuff is what I did my MS thesis research on (community risks from high fatality earthquakes).

            It’s true the US allows some very flimsy buildings (especially trailers) in some areas that get bad storms and it’s a known risk. Tornadoes as well as hurricanes, it’s the worse place you could be. The problem is, trailers are cheap housing… the only way some people will ever be able to afford to “buy” a home, so they are attractive to some. But some people call them “tornado magnets”.

          • Priszilla

            I rented all my life. Always concrete with steel reinforced. Had several cat5 typhoons in Hong Kong and an earthquake. No damage. But living at the 28th floor it is scary when you feel the building sway in the storm.

  • alan

    The Swiss had a huge tumor on their back and got an ax and chopped it off? Be the first and get out unscathed.

    Then maybe tomorrow they will print.

    • Priszilla

      Good for those with Euro debt and foreign savings. Can get out of debt faster when the Euro falls to the bottom.

  • R

    The central bank also further lowered their interest rates from -0.25% to -0.75%. Effectively penalising those who rush to hold Swiss Francs… Suddenly putting money under the carpet or mattress makes a lot more sense.

  • XSANDIEGOCA

    Up jumped the Devil!

    • watchmanonthetower

      Ah, yes; a bad seed, indeed!

      ~W

  • Horiboyable .

    Also there has been a Bank Run in Greece and three of them have requested assistance.
    This is the starting gun for the economic collapse. Commodities have been collapsing which is a sure sign that we are entering an economic down turn. The European Banks have no where to go, interest rates are already low, banks are loaded to the gills from the bad debt they still have on their books from 2008. If they cause a panic in Europe, which they will. Then big money ( Hedge Funds, Pension Funds and Corps) will flee to safety to USD bonds causing the dollar to rise to new highs, then all that cheap USD, about 5 trillion that has infected the world will start to go off globally causing a world wide recession, going into a deflationary cycle for about 5 years. This will be bigger than 2008. When I see that the average house in Auckland NZ is nearly the same as an average house in London; there needs to be a market correction take place, Australia is the same along with many other areas of the world.

  • Horiboyable .

    Also the bond market is in bubble territory and there will begin to have sovereign defaults then big money will flee again into equities.
    Good luck everyone, I got off the grid back in 2012 when I saw this was heading.

    • Tim

      Don’t like the economy your in? Make your own. I do

  • Jack

    Is this the black swan that starts the other dominoes to fall. Copper, a benchmark commodity, is at a five year low, oil is below $50 per barrel, China’s growth has been cut in half. Whats next?

    • Akahcos

      Nato can invade Russia and all the US can sit around the tv watching it, eating popcorn like the Shock and Awe attack on Iraq where a million people died! Who says we gave up blood sports since Rome?

      • T.

        Wrong. NATO could and did invade Libya to take out Quadaffi – Putin and Russia are in whole different league my friend. The only war between NATO (U.S.) and Russia is FINANCIAL. It has been ongoing for almost a year and yes, we are losing.

        • Akahcos

          If you geniuses could read? Then you would understand the context of my sarcastic reply. Instead you take it as a rational argument!
          Good luck, you are easily confused and clearly have no comprehension!
          WRONG!!!!
          How can you be such an idiot?

          • T.

            My apologies. Should have figured sarcasm.

          • Akahcos

            :) Ive been dumber!

          • K2

            Dont be rude.

  • DJohn1

    The King of Saudi Arabia has his entire family in Switzerland.
    When the SHTF I suspect he also will be in Switzerland under heavy guard. IF he survives to get there. He will have large amount of Swiss currency in a local Swiss Bank.
    What I see is Switzerland might be the next universal currency for international exchange as it is stable and everything else around it is not. The only reason the Dollar is used today is that it was stable after World War II when every other currency was not.
    What I do not understand is the export/import markets of Switzerland. Because the only valid reason to continue to exchange against confederate currencies is the business market model. If it cost to much in the exchange then cheap goods from China or India cannot get much of a foothold. There is no profit in it. Switzerland has a problem with the new exchange rate. That business model means no one can afford their goods.
    I do know that these bankers are extremely good at what they do.
    IF in 1950, I had put $1 in Swiss Currency it would be worth close to $3500 or more today. The currency has gone up that much in relation to the dollar. So if I had put a thousand dollars in 1950 into a Swiss currency it would have multiplied over 3500 times its original value.
    But they are a small country and their chief claim to fame is they harbor many a dictator that has lost his country but exited with large sums of money in a Swiss Bank Account.
    They are also heavily armed against invasion by anyone. Every Swiss citizen is trained to be an expert rifle shooter. The nature of the Swiss Mountains gives them an ideal way of defending themselves against invasion.
    The Swiss Banks have arrived at the conclusion that there is no way to defend themselves against the IRS in the United States. There solution was to tell everyone with a U.S. Passport to put their money somewhere else. There is no profit in them handling it against the bureaucracy of the IRS. Even so, many switched citizenship and continued to do business with them.
    I remember very clearly President Clinton giving a billionaire a pardon. I believe the person involved was worth 26 billion dollars mostly in Swiss Bank Accounts.
    If the rats are leaving the ship, then it is time to consider why are they leaving?
    Swiss Citizenship might be where they are going.

    • Priszilla

      The Swiss Franc is a world currency for many people for many decades already. Their service is to provide a safe haven for rich people’s money, and to keep quiet about it.
      Want to hide your bribe money, your loot? Store it in Switzerland. Even they take 30% as a fee, 70% of millions stolen is still a lot of money.

      The Nazis would trade in Switzerland, they’d store their loot there. All the cold war parties from East and West would deal in and with Switzerland. The colonial powers, dictators and victims. And always Switzerland would profit.

  • newsnose

    I always said the EURO was a stupid idea with a domino effect. I thing the banks planned this all along to break the economy of every country so they could assume full control. Watch the dollar is next.

  • Fireplace 1

    It is not possible to predict how long this will go on, but the dollar is appreciating. This has a tightening effect on economic activity which the Fed cannot overcome for now. Loan defaults could sky rocket.

  • Hot Rain

    And there is a bank run in Greece. Banks are requesting emergency liquidity as outflows grow.
    Now back to the 89 tips article..

  • Richard O. Mann

    Boom!!

  • Akahcos

    The zero hedge article is obviously wrong because if the gas supply was turned off days ago, then we would be seeing reports of the turmoil in Europe by now.
    I’m not here to quibble about if your dad can beat up my dad…these are opinion based assertions and do not clarify the underlying tensions.
    It’s interesting though that tiny Switzerland has disrupted so much with so little. We are seemingly then teetering on the edge!

    • T.

      Also, all of these countries have natural gas supplies in storage. So, since Russia cut off the supply – it will take some countries days and some weeks before they actually run out of supply.

      • Akahcos

        In the zero hedge article it also talked about Europe needing to build the necessary pipelines to supply the continent and the urgency of this work. You need to learn how to read…zero hedge is confused almost as much as you!

  • CharlesH

    I picture this ball rolling down the mountain and getting bigger and bigger as it rolls downward and picking up speed. At some point it will hit the bottom. I just see really dark, almost black, clouds forming on the horizon.

  • T.

    Fiona the problem from the beginning is that the SNB should not have ever pegged the CHF to the EURO in the first place back in September 2011. There has not been one good thing to result for the Swiss people from that peg. The unpegging on Thursday cost your country about $80 Billion. Now, the CHF is very strong compared to the Euro and will hurt the export business of the Swiss people. Many businesses will fail and recession will set in for Switzerland. Also, the SNB knew on Nov 30th that they would unpeg in January while telling the Swiss people to vote NO on putting 20% of the CHF into Gold for a reserve. SNB told the people if they voted yes – It would crash their stock market and cause utter chaos in the financial markets. This is what the Swiss now have for believing the Banksters – Destruction everywhere and Euroland headed also into Depression. The Banksters have taken over Switzerland just like America and Europe and they are bringing us all DOWN.

    • Fiona

      I guess 2-3 years of a growing economy in Switzerland are more worth than just 80 billions.. and if they agreed the goldstandard the Franken would be worth even more now today. It would hurt us even more.

  • jakartaman

    Well it looks almost unanimous
    Is it safe to say its started?
    If it has – it is going to crash a lot faster than most will realize.
    No slow bleed out –

  • Terrible Ted

    Time to push your state reps into the 10th Amd nullification movement. The states must be ready to dissolve the Federal tyranny by ignoring its directives and arresting its agents. The states birthed the beast. And the states can abort it!

  • GSOB

    With these low gas prices, the extra money should be applied to stocking up on essentials.

    Recon the clearance shelves at Walmart, Target, Kmart, etc., etc.
    Dollar Tree

    Lot’s of good deals to be found.

    The Lord provides.

    So take care of your own. And some more to help others, so we all can pray, pull together and protect ourselves, if need be.

  • Smokeman

    In the past seven days, a Littman Jewelers store has closed in my local mall, and an American Eagle Outfitters store will be also be closed in the same mall within the next Seven days. That is not counting the mall retail locations that have closed with the past twelve months. There are also several vacant store fronts that have been closed for over a decade. We can also add in the smaller kiosks that come and go on a regular basis and only open four days a week. The majority of the disposable income in my town is concentrated in the beachfront communities which is a retirement home to many former Fortune 500 top tier people, and legacy wealth families.

  • LIBERALSareDISGUSTINGgarbage

    NIRP is ok if everything out there is NIRP’er

  • JailBanksters

    All I know is….
    I like it, I like it a lot

  • John Byde

    The Swiss aren’t afraid of the thuggish EU like Britain and most other member nations are. They will act in their own interest. Freedom still means something over here.

  • John Byde

    Who’s in charge of this show? Anyone know? Interesting and scary times ahead. God bless and protect you and your families, folks!

  • Peter

    The Chinese peg to the dollar, is so their currency doesn’t rise. As it rises, the US will be slowing bringing back manufacturing, The buying power would also diminish, so less, and less, people will buy all those Chinese goods. Why would you bite the hand that feeds you. These conspiracy nut jobs, have their tinfoil hat on too tight.

  • rentslave

    In Jan.1973,Switzerland withdrew from Bretton Woods,causing the disastrous economy of the 70’s.

  • Craig

    “…now that it looks like the EU is going to launch a very robust quantitative easing program…” I’m not an economist, but isn’t that the EU taking undo and even shameless advantage of the help they’ve been provided by the SNB?? On the face of it, I wouldn’t say the SNB “lied to” or betrayed anyone or anything. Looks to this reader like the EU betrayed the SNB.

  • Kochvilledi

    Go figure….countries spend and/or print a ton of money and eventually the poo hits the fan.

  • Silver Savior

    And yet people just walk around pretending the house of cards around them is not collapsing one side at a time.

  • Silver Savior

    At least I know which mushrooms are edible.

  • Silver Savior

    For sure. Plan to hold it for at least 30 years. If it gets really insane before then I might sell off 20% and that would only be the generic rounds.

  • gr8risrael

    And do not think that this collapse of the financial systems around the world is some sort of uncontrolled catastrophe. This is well planned, and is being well executed. The New World Order is taking a giant leap forward.

  • historyspeaks2016

    the sky is falling! WOLF! WOLF!

    it’s june 2016 and it looks like the world is still spinning and people are still buying goods and services all over the world.

    imagine that.

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