Goodbye starker Franken

Was die Schweizerische Nationalbank heute gemacht hat, ist ein Sündenfall erster Güte. Sie hat den Pfad der Tugend endgültig verlassen und ist von einem Inflationsziel zu einem Wechselkursziel übergegangen. schreibt dazu [Hervorhebungen durch mich]:

“[T]he Swiss National Bank has just announced that it is putting a ceiling on the franc’s appreciation against the euro… effectively abandoning its economic sovereignty and putting its future in the hands of woefully corrupt and incompetent bureaucrats.” […]

“The Swiss government has basically told the world that they will print as much money as it takes, and buy up as much crap sovereign debt as they can, to competitively devalue the currency.

This essentially puts Switzerland in the same sinking boat as Italy, Greece, and Portugal… with one key difference: Switzerland has 0% interest rates. In other words, you can now borrow in francs at 0% and buy government-backed euro garbage yielding 5%, 10%, 30%…. with absolutely no downside currency risk.

It’s free money, courtesy of the Swiss National Bank. […] Needless to say, this is utter madness and will absolutely hasten [=beschleunigen] the end game for Europe.

For all the talk of a pullback in gold, this is only further reason for a rise in precious metals. It’s true that nothing goes up (or down) in a straight line, but given that the world just lost nearly its last remaining safe haven currency, there are few other asset classes to turn to.

With so much money sloshing around the financial system, there is absolutely no sense of value anymore; people cannot invest with confidence given all the massive bureaucratic intervention.

This is just another example of a government making instant changes that pose dramatic risk over people’s lives and livelihoods.

Make no mistake, we can all wake up tomorrow to a new reality.”

…da gibt es wirklich nichts mehr anzufügen.

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