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Peter Schiff: Swiss Surrender Wins Currency War
Submitted by Peter Schiff via Euro Pacific Capital,
By ending its three year currency peg to the weakening euro Switzerland has become the first major economy to surrender in the international currency war, and in so doing has given a long-delayed victory to the Swiss people. Contrary to the indignant reaction by the media and financial establishment, the decision is not a disaster for Switzerland. A continuance of an open-ended peg to the euro could have ultimately ruined the country. Its surprise move, perhaps prompted by the European Central Bank's recently announced intentions to unleash its own quantitative easing program, may be looked at in the future as the first significant counter-attack against our current global system of monetary insanity.
With a centuries-old legacy of economic independence, the Swiss initially had the good sense to avoid joining the monetary quagmire that became the Eurozone. But when the Swiss National Bank (SNB) decided to enforce a peg against the euro in 2011, the country de facto joined the currency union. The result was that the franc sank along with the euro and SNB's balance sheet ballooned. In order to maintain those levels, the SNB had to buy approximately $10,000 of euros per year per Swiss citizen! These are enormous sums, even for a rich country. The francs used to buy euros were taken out of the Swiss economy to effectively languish at the SNB. Although the Bank achieved its objective of creating a weak franc, its goal of printing its way to prosperity was far more elusive. In fact, the policy was doomed from the start. If continued indefinitely, the SNB's balance sheet would have stretched beyond its breaking point.
With the risk of full-blown European QE, bringing with it the prospect of having to back up the toboggan to buy an ever larger quantity of euros, the SNB had no choice but to pull the plug. The mistake was not ending this peg, but in adopting it in the first place. The franc has now rallied anyway (which contrary to conventional "wisdom" is a good thing for the Swiss). The Swiss once again have a strong currency with expanded purchasing power. But now Switzerland is stuck with tens of billions in losses on the SNB's bloated 500 billion franc foreign exchange reserves. In the meantime, enforcing the peg has led to economic and financial mistakes that market forces must now correct.
Ironically, without the support of the SNB, full-blown European QE may now be a far more remote possibility, and a euro rally against the dollar may not be too far off. Goldman Sachs notes the Swiss' message is that QE is going to be done and perhaps even larger than previously thought. But perhaps it will have the opposite effect, with tough love from Switzerland forcing the European Union to consider real economic reform rather than QE without Swiss support. In fact, the forces now in motion, accelerated by the SNB's move, may push the Fed that much closer to launching QE4.
Since the "long dollar, short euro" trade is predicated on the expectation of QE in Europe and rate hikes in the U.S., if we end up with QE4 in the U.S. and no QE at all in Europe, the fireworks in the foreign exchange market are just getting started.
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Peter, how to you reconcile the fact that the Swiss have public everything (education, healthcare, etc), with your correct observation that they have one of the world's strongest currencies?
Tomorrow could be interesting. Who wants to buy and hold over a 3 day weekend when any of these hedges could blow up.
How much Valium do I get?
I would recommend some smack instead.
Let's see... only the uber-rich hold large amounts of deposits in Swiss Francs. SNB gets the nod and voila! Swiss Francs are now worth 10% - 20% more overnight, not to mention anyone in the know enough to have the other side of the "mass losses suffered by fx hedgefund traders'" trade covered nine ways 'till Sunday, or make that Thursday. And the winners are? The uber-riche and their uber-richerer friends.
Well they do have a lot of nice paintings.
They win, by surrendering...what?
Wait, I get it, how do you say "fxck the EU" in Swiss?
I've never liked the terms "strong" and "weak" currency. A currency that accurately reflects the economy behind it (production and debt), whether it is strong or weak is a good currency. A currency that does not reflect the economy is usually being manipulated one way or another or is being boosted temporarily with influx of foreign currency. The franc is probably too strong for the Swiss economy now because the manipulation of the euro is messing with it. The manipulation of the franc by the SNB gives way to the indirect manipulation of the franc by the ECB. However, I agree with Schiff that decoupling the frank was a positive thing. It's better to cut the ties to the sinking euro ship even if it's painful. It's a small injection of reality into the euro bullshit mess.
Gold Referendum punishment?
DMT
DMT...The Businessman's LSD...
It has to be activated, however, with an antidepressant from what I have read.
I have also read that the duration is extremely short, like, what, 30 minutes?
Why would anyone bother?
That is like being on a vacation without a vacation? Catching up on chores while relaxing just a little bit more than normal?
No...No thanks. If I want to take a trip then I will actually go somewhere.
As for the SNB???
You did something right. Congratulations. Taking care of your own is what you need be doing.
Good vote on the proposed EU QE.
The Euro will collapse as well as the Globalist European Union. Fantastic news.
Odd that this occurs days after the much-hyped Swiss Gold Referendum apparently fizzles. A compromise?
It has to be activated, however, with an antidepressant from what I have read.
Completely false if taken via inhalation of combusted material, from what SWIM has experienced. Inhaled form is the infamous "Businessman's Trip," lasting 15 minutes; if ingested orally, it must be activated by being taken in tandem with an MAOI inhibitor, (a common OCD medication in synthesized form that exists as an organic plant compound as well, hence how South American Shamans have been doing this for centuries if not thousands of years,) and this trip is more akin to the 6-12 hour experience one is used to with hallucinogens.SWIM says it would be very unwise to compare the "Businessman's Trip" to anything else in the world of phsychedelia. Like a post-Dollar world, it's on a different plane of Reality entirely.
yup ... a lot of closeouts coming to you shortly. 3 day weekend in USofA. No liquidity ......
They don't have an army of niggers who think they deserve a free ride on the backs of everyone else.
You can have nice things if everyone thinks alike and has similar values.
i thought that was the borg?
Resistance is futile.
"You will be assimilated, resistance is futile"
No resistance; Swiss just simply de-assimilated.
TheMeatTrapper
Don't worry, their army of niggers is on the way as we comment on this. Most European countries are being flooded with deadwood from the third world and Switzerland is no exception. Swiss had their chance to stem the tide in last November's referendum along with their gold repatriation but I guess the boys at Deibold had other plans.
*Diebold (for those who wish to search not already in the know)
European NATO partners suffer the consequences of keeping the MENA poor, dumb, and violent, just as America suffers similar consequences with regard to her black/Latin American compatriots. Through ignorance the problem is created, through the power elite the problem is perpetuated...
Spinning room is sinking deep, indeed.
In another decade the US Employment Participation Rate will drop to 10%. Then everybody will be "free riders" and you won't say nigger anywhere because even the whites will beat the shit out of you.
"We're all niggers now" -- Richard Milhouse Nixon
You made that up.
No, wait, my mistake. I see what you did there.
Milton Friedman was the first to say "we are all Keynesians now" and Milhouse followed suit later, I believe.
Milhouse Van Houton?
Redpoll
Whites won't be hearing it from my lips. I will be long gone before that happens.
You could have phrased it a bit better, but I definitely agree about the similar values. A nation with a strong bond in it's ancestry, it's religion, it's core values and beliefs is just going to be healthier nation, in general.
When I hear one of those goddamn 'diversity is our greatest strength' zombies speak up... I just wanna cut their fucking tongues out.
Well said. Thank you.
Diversity is a Zionist Concept.
That is for everybody else except ... their tribe.
edit
"A nation with a strong bond in it's ancestry, it's religion, it's core values and beliefs is just going to be healthier nation, in general."
But, but, but our Liberal "elite" keep telling us that there is more health in diversity!!!
They don't have an army of niggers who think they deserve a free ride on the backs of everyone else. "
While I am no fan of niggers, they have actually been trained to believe in the "free ride" by your, and my, enemy, the DC US governmnet.
In reality, it is an "army of niggers," and many others, sustained and supported by the DC US' theft from you and me. Never forget that the banksters, and their violence-puppets, government, destroyed the opportunities, and economy, in the first place. They produced the "army of niggers," and many others, that they then now use as an excuse to steal from you and I to support.
Additionally, the amount of direct and indirect welfare to primarily white, and rural folks, dwarfs that to the urban niggers.
Welfare, and the welfare recipient, are NOT the enemy. The thieves, governmnet, that produces the recipient, and then supports the recipient is the enemy.
The banksters need to repay us.
Kill the welfare recipient, and they'll create more. Kill the thief that funds welfare, and welfare ends.
Then when welfare ends, the 50% of the nation dependent on it go ape shit and burn everything to the ground and die in the subsequent after math. That "army of niggers" is going to die one way or another, and they have no earthly clue it's coming. I include all the white trash walmart shoppers, illegal etc. in that "army of niggers".
banker/hedge fund/wall street non-produciing fucks, all the presidents since and including nixon, the military, supposed 'christians', the CIA, the NSA, the Fed, and the uber-wealthy, etc... have done more to hurt this country & the middle class than the fucks on welfare.
i will have lost more wealth in my lifetime to the concept that inflation is GOOD (ala the Fed) than i will have to welfare recipients.
so for all you fucks who think that welfare is the main problem, PLEASE- i implore you PLEASE - stop fucking your mommys and sisters and other close family members. Seriously you need to stem the tide of inbreeding that is apparent in your inability to form cogent thoughts. i understand you douches are at a disadvantage, and just like those poor welfare recipients have been trained, you've been trained to be robe wearing, racist & bigoted fucks that like to have sex with close family members and think that using the word 'nigger' is cool. but don't fret - you have the opportunity to make an immediate contribution to the well being of your fellow man by shooting yourselves in the fucking head.
they were/are programmed to take, they deserve. ask acorn. you are the giver, so get the fuck to work, mutherfucker, we got shit to do on your dime. ps, thanks. 1/4 = 2 hours of your day is for someone else to do nothing and think you fucked them over. jeez, no apreciation whatsoever. mon o man. what am i doing wrong? give from your heart bitchez, cause it is the right thing to do, ha...
ahh..fuck it...............................you fuck-tard pussies who like to use the N word or code like Acorn from the safety of your jism-stained computer chair aren't even worth my ass-crack juice. seriously trying to reason with you is as painful as it must be when your own daddy fucks you up the ass without vaseline because ma done forgot to get it at the Wally Mart.
"Welfare, and the welfare recipient, are NOT the enemy. The thieves, governmnet, that produces the recipient, and then supports the recipient is the enemy."
Right on.
And exactly the same applies to virtually every other economic/social/foreign policy problem that exists. When you peel back the layers of obfuscation and get down to the underlying cause, it's almost always government. It has always been thus.
So true.
The axiom of governmnet, and their Zionist owners, and controllers, is: "It is always about money, power, and division."
The key is to: "Don't let them take it. Don't let them have it. And don't believe it."
The banksters need to repay us.
Well then, Switz needs to import an army of niggers. Its the 'diverse,' 'multicultural' thing to do!
Don't knock Peter, if you'd have invested with him, you'd only lost have your wealth by now.
And if you had taken the time to actually read what you typed, before hitting the Save button, you would have realized its "half your wealth' not "have your wealth". See, no one is perfect.
Is that a cat with cornflake disease? Anyone else see a correlation between cat photos on ZH and general douchebaggery?
I urge you to convert all your assets into US dollars and stock market mutual funds. Show us how wrong he is.
The Markets are a crime scene.
Peter made his money there.
I doubt (correct me if I'm wrong) he's ever produced anything of real value by himself.
Rich people always seem to think they are better than others and rely on people to believe the myth.
Not saying he's totally wrong on everything, just that he's one of the wealthy and doesn't really understand anything else.
He formed the great Euro Pacific (offshore) Bank. Allen St... I mean Peter, has great returns! Black box!
Peter has an offshore bank. Check it out, appears rather Ponzi-ish to me.
Like father like son
Peter Schiff has no affiliation with that \schiff banking family years ago.
Mako owned ur ass back in 2010............
http://www.zerohedge.com/article/marc-faber-and-peter-schiff-take-bond-b...
are you peter schiff? you only show up on the schiff posts??
It's called Euro Pacific Bank, and Peter has his name and stuff all over the Website.
Who says they have public education and healthcare? Someone who is wrong.
of course the Swiss have public education. and an excellent one, to boot
when it comes to healthcare, though, they have the original template of... ObamaCare
which is way more simpler then ObamaCare: there is a compulsion to have a healthcare insurance, though employers are completely banned from intruding in such private matters
and the Swiss federal state monitors and constantly adjusts the relation between healthcare insureds and the healthcare insurers
as a system, it's very liberal (in the european and Swiss sense of the word), and costs around 11.4% of GDP. see wiki Health_care_in_Switzerland
What is your point?
Not every country can be the world elite's bankers. Mexico, Argentina, and South Africa also have public education and healthcare
Some bankers are different than others.
Population of 8m....1000oz gold reserves...homogenous society.
"homogenous society"? Switzerland? how that? Switzerland is about as "homogenous" as the EU. in fact, it's a bit like a small EU
in the north-east it has populations like in Austria, in the north like Germany, all speaking various Germanic dialects. further west it becomes more French-like, and they speak French
in the center you'll find various tribes, some speaking an old Romanic language, and in the South you'll find a mixture of Latins and Longobards speaking Italian
Switzerland is a confederation of semi-sovereign states, each one having a somewhat "homogenous" population that differs from the next state. and some of those states are confederation themselves
it's one the least "homogenous society" you can find
Sure but they don't really mingle. So being in say Lausanne you hear and see french not german not italian. And no colored people and/or poor people in sight.
in Lausanne you can hear German, Italian, and even Chinese, Russian and Arabic. lots of tourists, too
as often, a quite typical european situation like this can't - and there I agree with you - be used as a talking point for American politics
Ghordo
All those diverse people you mentioned are European in origin that mingled organically over the course of many thousands of years and have common values. The operative word here is "relatively" homogenous . Compare that to the current crop of "enlightened ones" being dumped in every European nation from places half way around the world. Political borders are always imperfect and I can't think of any European nation outside of Iceland that does not have minority populations within it.
Rand, how do you reconcile the fact that Detroit, South Chicago, and other liberal shit-stained cesspools had public everything....and everything got stolen and cities became feral?
Switzerland, like sweden, has avoided all major wars and thus has not seen its labor force weakened or its capital assets obliterated like other nations. Avoiding war buys the welfare state several extra decades before imploding.
That, and they get some decent in-flows from being a tax haven:
https://www.youtube.com/watch?v=WNYemuiAOfU
MarkertA
Sweden has completely given up any advantage of not being involved in any major wars in recent years by importing deadwood from the third world by the ship load. Sweden spends more on her welfare tourists, "asylum seekers", immigrants ect alone than she does on her military.
It is called culture.
Well for one thing, they don't have any black people. And for another thing, citizenship for immigrants is exceptionally difficult to get. Shit, do we have to connect the dots for you, or are you not completely retarded?
Last trip to Basel I saw enough groids to make me think I was still in Frankfurt.
Yeah, but they didn't have citizenship, so you missed the point.
"or are you not completely retarded?"
In his case, that.
Perhaps the lack of an expensive military boondoogle helps provide the two cornerstones of governemnt usefulness. Free healthcare and education.
"Peter, how to you reconcile the fact that the Swiss have public everything (education, healthcare, etc), with your correct observation that they have one of the world's strongest currencies?"
The Swiss have an extensive welfare state, but otherwise their economy is quite free (which is why its in relatively good shape).
They're in 4th place on the Economic Freedom Index.
Dairy products and light manufacturing are a very potent combination.
Landmass, population totals and Gnomes.
Yeah. This attitude that socialism is bad capitalism is good is simplistic and needs a good jolt of reality. The US has socialism for the rich ,bail out banks etc, but capitalism for the rest of the population, pay your own way for healthcare and education. A better society may result from capitalism for the rich, if it doesn't pay then let it fail, and socialism for the poor, everyone can expect some assistance with the basic requirements for life. This is simple humanity that if we lived in a village we would offer to our brothers.
the Swiss have public everything (education, healthcare, etc)
You might need to re-check and re-reconcile your own facts.
Which Switzerland are you talking about? The Switzerland that I know has no such thing as public everything. Healthcare is 100% private. Public transport is private. Education may be supported by the Kantons but it's certainlay not free as in many European countries. Government is small, most of the power (including the power to collect taxes) is with the Kantons and cities.
Greetings from Davos
the tower, you might want to look more in the details. healthcare is private, but compulsive insurance and state intervention in the health insurance market is there, too
public transport? most of it is federal or cantonal. public education? with the exception of the small fees on university, it's fully public
Thanks for the clarification. You told me all I needed to know.
<< .... is private, but compulsive .... >>
"Peter, how to you reconcile the fact that the Swiss have public everything (education, healthcare, etc), with your correct observation that they have one of the world's strongest currencies?"
Switzerland is filled with Swiss people, that's how.
The Swiss don't have military bases all over the world and don't pick fights with their neighbors. So the taxes they pay go to support their citizenry.
nice idea.
Public funding of social programs is done with tax dollars. Switzerland still runs a surplus each year.
They have no debt!
What does the 67 down tick count mean in this case? Is the chf one of the strongest currencies? Does Swiss have public edu and healthcare? Does the down tick suggest the opinion a country cannot be all three of the above? Please , i really don't understand the down ticks....comments?
Switzerland has nowhere near the population the USA has; check yer premises.
Gold thinks so anyway, for today.
Pretty quiet tonight....all that Carnage must have taken a toll on some folks.
coke and hookers...
Could a flight to quality help offset any losses the SNB incurred on the euro??? Just asking. I would think people would go ahead and buy swiss francs now and get it over with based on the continues dilution of the euro via printing. I never really understood all this FX stuff being a dumb country boy.
60 billion doesn't strike me as chump change but hey! He's Peter Schiff!
Never not had a bad market call!
booboo, that's what I am wondering. People with Big money [like all the African dictators, european PMs, ME Sheiks and upper level crooks...oops, I mean politicans] will scramble back into the strong swiss franc and absorb some of that fat balance sheet. yes?
It's true they made a couple of mistakes like pegging to the euro and failing to vote for the gold thingy. However, maybe they are turning over a new leaf and still have time to grab some gold before it heads back up to $2,000/oz and higher.
The SNBs balance sheet is loaded up with foreign assets. The more the frank appreciates, the bigger the hit to the balance sheet.
The Swiss just took a step back from the circular firng squad forming in Europe but they are still well within blast range. Everybody is try to cover their ass but the ship is sinking and the lifeboat leaks like a sieve. Greece is unhappy and so is Italy, Spain and France and Draghi will have hell trying to find enough buses to throw everybody under.
"It's a huge shit-sandwich and we're all gonna have to take a bite."
Just because the Titanic just broke in two doesn't mean you have been spared...
"The review for Shark Sandwich was just a two word review..."
$hit Sandwich
The more bread you have the less shit you'll taste.
Only one bus is needed. The one for Draghi.
There's a shit storm coming. Prepare. Only one thing to do. Buy lots and lots of toilet paper in the days ahead.
Or use your fiat.
This thing doesn't pop until teh CIA say so
Interesting take Mr. Schiff. How does this tie in with Russia cutting off gas to Europe and removing itself from the petrodollar?
Switzerland doesn't have any Bucky's either?
That "red t-shirt" should also read at the bottom...
Austria and Switzerland Friends of the Russian Federation
Long Term Business Partners No Matter What the Fuck the EU does!
May be to soon to tell, but the result in the recent Swiss referendum was correct.
What the Swiss did was simple and sublime, namely:
You have sold our gold and has no way to return.
So we foderemos you with our currency and our knives, watches, diamonds, chocolate, armed population.
Come! *
hehe.
* An old Swiss anecdote states that the German Prince Wilhelm Hohenzollern once when visiting Switzerland, was invited to attend one of the numerous military training that citizens of this country are subjected. At one point he asked the commander of the exercise: How many men under arms you possessed? He was answered: One million. The prince, later Kaiser of Germany, then asked: What would you do if my five million soldiers crossed its border tomorrow? And the Swiss commander replied: Each of my men would five shots and go home!
Dude...the Fed just broke the SNB...
Dude...the Fed just broke the SNB...
The problem with Peter Schiff is that he understands economics incredibly well. Then the Fed goes and screws with the system, skewing economics for a time. But, eventually everything returns to economic fundamentals.
The Swiss National Bank had been selling Francs and buying Euros. The SNB had at leaast 500 billion Euros which fell by at least 16%. So the SNB lost 80 billion Euros in 1 day or about $100 billion in just one day.
The population of Switzerland is 8 million. So their national bank lost $12,500 per citizen in just one day. Not to to mention the stock market collapsed. That's another big loss of at least $12,500 per citizen.
Nice going, SNB - you just blew $200 billion in one day or $25,000 per citizen. If you had bought gold instead, you could have had 20 ounces per citizen instead.
what gold? It's gone!
they just hedge it=)
And the Swiss still have 500 billion euros that they want to get rid of now in the worst way. I think that puts a pretty big overhang on the market.
But the increase in value of the CHF more than offsets the stock market losses (15% increase vs. 8% loss).
Furthermore, all the remaining CHF's in the posession of Swiss citizens have become far more valuable against all other world currencies.
The SNB could even get away with printing more CHF's into circulation and easily overcome that $100 billion deficit...
The only real losers in this move are Swiss companies who sell their products abroad.
No loss there either.
I'll still gladly by those products on equal basis of quality and general fucking principle.
I admire a country with some stones. Fuck it, I'll order a coo coo clock tomorrow.
And they who get their salary commissions converted monthly from USD to CHF.
I just took a 15% hit on my salary from the price before yesterdays Swissnado.
It's still higher than the rate I got last month though, so no biggy, just annoying they couldn't have waited a few more days!
It was time for them to cut their losses
what was that thing about
first out is right on?
http://forex.tradingcharts.com/chart/US%20Dollar_Swiss%20Franc.html
a repeat but worthy
who is the usa going to bomb now?
Je suis Suissè
Did I get that right?
No. You got it wrong but +1 for effort --- you certainly went out of your way.
I am no spelling nazi but you asked. Here is the answer: There is no accent on the "e" at the end of Suisse.
Not only that but there is no such word in French with an accented "è" at the end.
CORRECTION: <<Jésus is Suisse.>>
the swiss did what merkel wishes she could do with germany.
hit the nail on the head there. great point.
Do you mean Mutti would like to revert to the DM? And not peg it to the Euro?
When the Swiss refuse to comply with FATCA, we can start talking about their "economic independence".
Which leads me to believe that breaking the peg was "approved".
"... tough love from Switzerland forcing the European Union to consider real economic reform"
That's funnier than all the "Pope walks into a bar" jokes I've seen today!
Good summary from Peter Schiff, I will be waiting to see what the ECB does with their QE plans.
"But now Switzerland is stuck with tens of billions in losses on the SNB's bloated 500 billion franc foreign exchange reserves."
Jim Grant stated here (ff to 23:15) http://www.zerohedge.com/news/2014-12-06/jim-grant-sums-it-all-2-stunnin... that the SNB did create francs from nothing, bought euros with those francs, converted those euros to dollars, and consequently bought $27 billion worth of US equities. Now, the SNB still has hundreds of billions of euros still hanging around waiting to be put to use. Why do QE4, when the Swiss can swoop in and buy all sorts of US goodies with those converted francs? I wouldn't doubt it for a second that the enmass conversion to dollars is happening unabated.
wait, I thought no one wanted dollars... so confused
Good. I like the SUI when they are neutral and make good cheese.
So, just to be clear, are you saying that the good financial management by the Swiss could trigger financial profligacy by the U.S.?
Switzerland must be a swell coutnry. I mean, I see too-many-to-coount Mexicans, Nigerians, Pakis, Indians, Chinese, Vietnamese, Russians and even Swedes buying housing boxes all over here in the USA ... but never Swiss. Same with the Danish; never seen any buying overpriced crapola boxes here. They must really love their quality of life and be able to comfortably afford it over there.
so true, and the same goes for most all white western europeans.
Really, their nations make our nation look like crap, and the proof of that is that they are not coming here
Actually Denmark had/has a housing bubble problem:
http://www.bloomberg.com/news/2013-03-18/denmark-races-to-prevent-forecl...
Direct subsidies to Swiss exporters would have been a hell of a lot cheaper.
Basically the Swiss Centeral Bank just made a gigantic vote of no confidence in the Euro / European centrally planned economy.
Could Japan be next? Maybe Japan will stop trying to peg the Yen to zero? Naw, Japanese love to fall and die on their swords too much.
What the EU and fed really aren't going to like is... a repeat of Iceland. When the Swiss economy slowly but surely balances, and life is better for Swiss than other folks, a few more people might start to question "why do we tolerate insane banksters running the world"?
This. The Swiss dared to be choose the OTHER path. If it start to work for them, look for the CIA to start fomenting some off-piste action in several of the cantons.
Beware Beaks bearing cookies.
They also have very smart laws. Everyone has to have their own insurance. If you trip on the sidewalk you claim o f your insurance not the state. You must know how a car works before you get your licence and if you are caught speeding, breaking red lights in the first two years you start all over. Common sense laws! Wish other countries would adopt a few of those
We got a law that compels us to pay a tax for healthcare insurance that doesn't cover us for anything.
Totally fucking awesome.
and that law was copied (badly) from... Switzerland. wrote about that on this thread
QE4 is coming bitchez. BTFD
QE4 or 5 or what, sooner or later the smart players get tired of playing the same old game and take their ball home with them....
"But now Switzerland is stuck with tens of billions in losses on the SNB's bloated 500 billion franc foreign exchange reserves".
Errrr didn't it just print the francs it used to buy the billions of Euros it now has?
err
What does the SNB know, what we do not know (yet)?
SNB knows Comex is broken