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Lets be Franc the Swiss Central Bank just went postal on the world
invite response
2015 Jan 15, 4:27am 1,584 views 6 comments
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Bellingham Bill
2015 Jan 15, 3:05pm
what's the world coming to when even the gnomes of zurich don't want your money . . .
Peter P said: Time to plan a European cruise.
As long as they accept US dollars in the ports of call (once we reach parity).
Bellingham Bill
2015 Jan 16, 12:56am
Certainly a buy here of the gold is not out of line.
If everyone prints, nobody prints.
And everyone's printing!
Maybe it's not expectation of low CPI inflation that is driving treasury prices up, it's simply supply (of funny money) and demand (narrowing deficits).
I was shocked to see our NIIP has fallen $5T since everything went to hell:
http://www.bea.gov/newsreleases/international/intinv/intinvnewsrelease.htm
And yet since the budget is basically on autopilot now, the deficit is down to $700B (since 1/15/2014)
Two years ago, at the height of the price of gold, the Swiss National Bank (SNB), Switzerland’s central bank, decided that it was necessary to cap the Swiss Franc exchange rate at 1.20 Euro to protect itself against what it described as “an extremely high level of uncertainty on the financial markets.” It also instituted a negative interest rate policy on sight deposit accounts setting the rate at -0.25%. Negative interest rates mean depositors pay to save their money rather than receive interest on their deposits.
Moments ago, the SNB discontinued the minimum exchange rate and lowered their deposit rate even further, to -0.75 percent. The move has surprised everyone, and I mean everyone. Nobody saw this coming.
http://www.globaldeflationnews.com/lets-be-franc-the-swiss-central-bank-just-went-postal-on-the-world/