The SNB pledged to enforce a “substantial and sustained weakening of the Swiss franc”, adding that it might move to an even lower exchange rate against the euro if needed.
“The current massive overvaluation of the Swiss franc poses an acute threat to the Swiss economy and carries the risk of a deflationary development,” said Switzerland’s central bank.
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Stacy Summary: In our first episode of 2011, currency volatility was one of the themes to watch for. And we’ve certainly had that! The Swiss franc soared by 6% only a few days ago and has now plunged by nearly as much. Forex traders LOVE this, of course, as it is in volatile markets that they make money; for exporters, manufacturers and others, however, it can lead to despair.
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Stacy Summary: Warren Buffett joins a long line of rich and powerful American men who have benefited from the bailout funds that were handed out after the same men threatened the taxpayer with apocalypse. Speaking of apocalypse, check out the stories on Iceland and on global currency wars . . .
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Rick Ackerman
Karl Denninger – Market Ticker The Big Picture Mish David Morgan King World News SmartKnowledge GoldCore Michael Krieger’s libertyblitzkrieg
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